Tuesday Closing Livestock Market Update - Traders Remain Cautious About Being Overly Supportive

GENERAL COMMENTS:

All in all it was a quiet day throughout the livestock complex with not much developing to push the contracts one way or another. No cash cattle trade developed throughout the day, but asking prices are noted at $225 in the South. December corn is up 8 1/4 cents per bushel and December soybean meal is up $7.30. The Dow Jones Industrial Average is down 419.02 points and NASDAQ is down 271.12 points.

LIVE CATTLE:

Throughout the day the live cattle complex traded lower as the market simply didn't have enough support available to it to safely and confidently trade higher. October live cattle closed $0.60 lower at $212.07, December live cattle closed $1.20 lower at $213.37 and February live cattle closed $1.55 lower at $214.92. No cash cattle trade developed throughout the day, but asking prices were noted in the South at $225. It's likely that trade will be delayed until later in the week and given that packers have secured inventory in recent weeks, it's likely that prices will be steady at absolute best. 

Tuesday's slaughter is estimated at 106,000 head -- 1,000 head less than a week ago and 16,000 head less than a year ago.

Boxed beef prices closed higher: choice up $3.93 ($379.75) and select up $1.96 ($360.45) with a movement of 110 loads (78.57 loads of choice, 9.08 loads of select, 10.81 loads of trim and 11.07 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Lower. With packers sitting on plenty of inventory and supplies growing by the week, it's likely that prices will be lower again this week.

FEEDER CATTLE:

The feeder cattle complex also ended the day lower as traders didn't feel comfortable with the amount of support available in the complex and surely weren't going to advance the feeder cattle contracts when the live cattle contracts were trading lower. September feeders closed $1.10 lower at $320.35; October feeders closed $1.62 lower at $315.40 and November feeders closed $1.90 lower at $308.52. At OKC West Livestock Auction in El Reno, Oklahoma compared to last week and at their midsession point, steer calves over 500 pounds traded $5.00 to $10.00 higher, but under 500 pounds traded steady. Heifer calves weren't well comparable to last week's test, but a firm undertone was noted. Feeder cattle supply over 600 pounds was 21%. The CME feeder cattle index 8/31/2026: down $0.17, $329.14.

LEAN HOGS:

The lean hog contracts ended the day mixed with the market's nearby contracts still closing lower, while the deferred months managed to close slightly higher. More than anything it's the market's technical resistance that's become a barrier, and if trades are going to surpass that level, they'll need to see continued fundamental support. Thankfully pork cutout values did end the day higher, but traders still want more support. October lean hogs closed $0.02 lower at $83.65, December lean hogs closed $0.15 lower at $74.00 and February lean hogs closed $0.25 lower at $76.27. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.90 with a weighted average price of $91.63 on 8,385 head. Pork cutouts total 269.34 loads with 235.38 loads of pork cuts and 33.96 loads of trim. Pork cutout values: up $0.23, $97.90. Tuesday's slaughter is estimated at 472,000 head -- 2,000 head more than a week ago and 11,000 head less than a year ago. The CME lean hog index 8/28/2026: down $0.66, $90.86.

WEDENSDAY'S HOG CALL: Steady. There's a chance that prices could hold steady if not potentially trade even a little higher as pork demand is strong.

Tuesday Midday Livestock Market Summary - Cattle Dip Lower While Hogs Find Mild Support

GENERAL COMMENTS:

The livestock complex is again trading mixed into the day's noon hour as the cattle contracts continue to slide lower while the lean hog complex is being met with modest support. Asking prices are noted at $225 in Texas, but still no cash cattle trade has developed yet. December corn is up 8 1/4 cents per bushel and December soybean meal is up $6.20. The Dow Jones Industrial Average is down 362.86 points and NASDAQ is down 211.86 points.

LIVE CATTLE:

And once again today, the sideways chop continues in the live cattle complex as although the market hopes and desires to trade higher -- there simply isn't enough immediate fundamental support arising in the complex to confidently allow traders to push the contracts beyond the bounds of the market's current sideways trend. October live cattle are down $0.90 at $211.77, December live cattle are down $1.15 at $213.42 and February live cattle are down $1.42 at $215.05. No developments have surfaced yet in this week's fed cash cattle market, but asking prices are noted in Texas at $225.

Boxed beef prices are higher: choice up $2.20 ($378.02) and select up $2.17 ($360.66) with a movement of 59 loads (40.62 loads of choice, 4.21 loads of select, 8.73 loads of trim and 5.06 loads of ground beef.)

FEEDER CATTLE:

And in keeping with perfect alignment to the live cattle contracts, the feeder cattle contracts are also trading lower. September feeders are down $1.62 at $319.82, October feeders are down $2.12 at $314.80 and November feeders are down $2.22 at $308.20. And until more stability is seen throughout the complex, it's likely that this sideways/slightly lower trend will continue.

LEAN HOGS :

Meanwhile the lean hog contracts are trading mostly higher as trades are pleased to see midday pork cutout values higher -- even it is by a mere penny. October lean hogs are up $0.07 at $83.75, December lean hogs are up $0.10 at $74.25 and February lean hogs are down $0.05 at $76.47. So long as pork cutout values continue to trade higher, there's a chance that the contracts may be able to keep scaling higher as well. The projected lean hog index for 8/31/2026 is down $0.29 at $90.58 and the actual index for 8/28/2026 is down $0.66 at $90.86. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.99 with a weighted average price of $89.64, ranging from $80.00 to $96.00 on 3,475 head and a five-day rolling average of $90.26. Pork cutouts total 183.81 loads with 160.38 loads of pork cuts and 23.43 loads of trim. Pork cutout values: up $0.01, $97.68.

Tuesday Morning Livestock Market Update - Can Hog Strength Continue?

GENERAL COMMENTS:

Both feeder cattle futures and live cattle futures struggled with finding direction Monday, both closing slightly higher on the day. Sale barn reports have been all over the place with some still seeing strong buying interest and others leaving producers disappointed or choosing to "no sale" the cattle. Packers have a steady flow of cattle to slaughter currently, although placement numbers have many traders questioning the long-term availability of feeders.

Hog futures are finding some support to start the week off from a technical perspective. From a fundamental perspective, pork cutout values were higher Monday giving a little extra boost to the market.

	BULL SIDE		BEAR SIDE
1)	Increasing feed and fuel costs make producers less likely to feed to higher weights, giving a long-term bullish outlook due to the pounds of meat the market could be missing out on.	1)	Availability of cattle for slaughter is plentiful, putting packers in control.
2)	Lower placement numbers on the latest Cattle on Feed report bring concern for the longer-term number of cattle available for slaughter.	2)	Consumer distrust in imported beef may cause some tension when choosing a protein source in the grocery store.
3)	Pork cutout values find strength in the short term.	3)	Hog index values have been lower, along with price pressure from a lower Daily Direct Hog report.
4)	Hog futures are finding technical support in an oversold market.	4)	Heavier dressed weights offer plenty of pork to the market.

Monday Closing Livestock Market Update - Stronger Tones Follow the Contracts

GENERAL COMMENTS:

The livestock contracts were granted a day of higher closes across all three of the markets thanks to greater trader support. New showlists for the week are lighter in all the major feeding regions. December corn is up 1 1/4 cents per bushel and December soybean meal is down $3.60. The Dow Jones Industrial Average is down 295.15 points and the NASDAQ is down 56.77 points.

LIVE CATTLE:

Thanks to the support of traders, the live cattle contracts were able to end the day higher, with the extra support of trader interest helping push the contracts along. October live cattle closed $0.95 higher at $212.67, December live cattle closed $0.85 higher at $214.57 and February live cattle closed $0.95 higher at $216.47. No cash cattle trade developed throughout the day, and both bids and asking prices remain elusive at this point too. It is assumed that prices will be steady at best again this week as packers have regained leverage and have been able to build up inventory in recent weeks. Monday's slaughter is estimated at 104,000 head -- 6,000 head more than a week ago and incomparable to a year ago.

Last week Southern live cattle traded at mostly $222, which is $3.00 lower than the previous week's weighted average and Northern dressed cattle traded at $345, which is $10.00 lower than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 79,292 head. Of which 74% (58,409 head) were committed to the market's nearby delivery, while the remaining 26% (20,883 head) were committed to the market's deferred delivery option.

Boxed beef prices closed lower: choice down $0.41 ($375.82) and select down $2.59 ($358.49), with a movement of 162 loads (37.94 loads of choice, 12.88 loads of select, 101.34 loads of trim and 9.69 loads of ground beef).

TUESDAY'S CATTLE CALL: Lower. Given that packers have plenty of supply around them, it's likely that prices will be lower again this week.

FEEDER CATTLE:

Continuing to follow in the live cattle market's wake, the feeder cattle contracts also ended the day higher. September feeders closed $0.55 higher at $321.45, October feeders closed $0.50 higher at $317.02 and November feeders closed $0.50 higher at $310.42. And it's likely that throughout the remainder of the week, the market continues to closely mirror the live cattle market's behavior. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers under 800 pounds sold $10.00 to $15.00 lower. Weights over 800 pounds sold $10.00 lower to $2.00 higher. Feeder heifers sold from $5.00 lower to $3.00 higher. Feeder cattle supply over 600 pounds was 80%. The CME feeder cattle index 8/28/2026: down $3.49, $329.31

LEAN HOGS:

All in all, it was a winning day for the lean hog contracts as not only did the contracts end the day higher, but pork cutout values were also stronger, which gives the market a nice blend of technical and fundamental support. October lean hogs closed $1.77 higher at $83.67, December lean hogs closed $1.85 higher at $74.15 and February lean hogs closed $1.55 higher at $76.52. Pork cutouts totaled 254.05 loads, with 224.52 loads of pork cuts and 29.54 loads of trim. Pork cutout values: up $1.61, $97.67. Hog prices ended the day lower on the Daily Direct Afternoon Hog Report, down $0.84 with a weighted average price of $88.73 on 2,137 head. Monday's slaughter is estimated at 476,000 head -- 7,000 head more than a week ago and incomparable to a year ago. The CME lean hog index 8/27/2026: down $0.62, $91.52.

TUESDAY'S HOG CALL: Steady to somewhat higher. Given that pork cutout values were higher on Monday, there's a chance that packers may be more aggressive in Tuesday's market.