Tuesday Closing Livestock Market Update - Cattle Lower While Hogs Hold Higher

GENERAL COMMENTS:

The livestock complex ended the day mixed with the cattle contracts closing lower all while the lean hog contracts were able to end the day higher still thanks to trader support. Still no cash cattle trade has developed. December corn is down 6 1/4 cents per bushel and December soybean meal is up $2.30. The Dow Jones Industrial Average is down 185.14 points and NASDAQ is up 122.19 points.

LIVE CATTLE:

All in all it was a quiet and mundane day for the live cattle complex as the contracts gave up most of what Monday's market secured -- unable to keep the market elevated thanks to a lack of immediate fundamental support. October live cattle closed $2.17 lower at $218.77, December live cattle closed $2.55 lower at $219.45 and February live cattle closed $2.55 lower at $220.55. No cash cattle trade developed throughout the day and both bids and asking remains remain elusive at this point as well. It's likely that trade will again be delayed until Thursday or Friday. 

Tuesday's slaughter is estimated at 105,000 head -- 3,000 head less than a week ago and 14,000 head less than a year ago.

Boxed beef prices ended the day higher: choice up $2.54 ($378.89) and select up $2.08 ($357.85) with a movement of 106 loads (83.56 loads of choice, 6.35 loads of select, 4.96 loads of trim and 11.40 loads of ground beef).

WEDNEDSAY'S CATTLE CALL: Steady to somewhat higher. It's assumed that again this week prices will trade at least steady if not a tick higher.

FEEDER CATTLE:

And as to be expected, given that the live cattle contracts closed the day lower, so did the feeder cattle contracts. September feeders closed $0.20 lower at $337.27, October feeders closed $2.22 lower at $328.02 and November feeders closed $2.90 lower at $323.02. At Oklahoma National Stockyards in Oklahoma City, Oklahoma compared to last week feeder steers over 800 pounds sold steady to $4.00 higher but steers under 800 pounds traded steady to $4.00 lower. Feeder heifers sold mostly $1.00 to $5.00 lower. Steer calves over 500 pounds sold steady to $5.00 higher but those under 500 pounds were too lightly tested for an accurate report but weaker tones were noted. Heifer calves over 500 pounds sold steady, but heifers under 500 pounds traded $5.00 to $10.00 lower. Feeder cattle supply over 600 pounds was 65%. The CME feeder cattle index 9/21/2026: down $0.71, $338.74.

LEAN HOGS:

And even with afternoon pork cutout values closing lower, the lean hog contracts still ended the day higher thanks to continued trader support. October lean hogs closed $1.12 higher at $79.27, December lean hogs closed $1.20 higher at $71.00 and February lean hogs closed $1.20 higher at $72.55. Hog prices ended the day lower on the Daily Direct Afternoon Hog Report, down $0.45 with a weighted average price of $79.90 on 14,607 head. Pork cutouts total 298.53 loads with 265.36 loads of pork cuts and 33.17 loads of trim. Pork cutout values: down $0.92, $87.99. Tuesday's slaughter is estimated at 491,000 head -- 3,000 head more than a week ago and 14,000 head more than a year ago. The CME lean hog index 9/18/2026: down $0.60, $83.42.

WEDNESDAY'S HOG CALL: Lower. Packers were far more aggressive in Tuesday's market than they were earlier in the week, which could mean that they don't have to be as aggressive later this week. 

Tuesday Midday Livestock Market Summary - Cattle Contracts Dip Lower as Traders Long for Fundamental Support

GENERAL COMMENTS:

The livestock complex is trading mixed into Tuesday's noon hour as the cattle contracts are back to trading lower, but the lean hog complex continues to push onward. No cash cattle trade has developed yet and no bids or asking prices have been established at this point. December corn is down 3 cents per bushel and December soybean meal is up $4.20. The Dow Jones Industrial Average is down 234.81 points and the NASDAQ is up 54.75 points.

LIVE CATTLE:

Although the market initially opened stronger, a lack of immediate fundamental support has sent the live cattle contracts trading lower into Tuesday's noon hour. It is worth noting that boxed beef prices are higher once again, but there's yet to be any developments in today's fed cash cattle market. Both bids and asking prices remain elusive at this point and it's most likely that the week's trade will be delayed until later in the week. October live cattle are down $2.47 at $218.47, December live cattle are down $2.85 at $219.17 and February live cattle are down $2.55 at $220.55.

Boxed beef prices are higher: choice up $1.98 ($378.33) and select up $2.57 ($358.34) with a movement of 54 loads (42.65 loads of choice, 4.04 loads of select, zero loads of trim and 6.86 loads of ground beef).

FEEDER CATTLE:

And just as one would suspect, if the live cattle contracts are trading lower, you can almost bet on the fact that the feeder cattle contracts are trading lower too. October feeders are down $2.47 at $327.77, November feeders are down $3.02 at $323.07 and January feeders are down $3.15 at $315.00. Demand was still strong in sales on Monday, and if the board's regression doesn't become much sharper, it's likely that sales could remain strong despite the board's slip.

LEAN HOGS :

But while the cattle contracts trade lower, the lean hog complex is continuing to trade higher thanks to continued trader support. Unfortunately the market may be pressured to maintain this momentum as pork cutout values are lower at today's noon hour -- but for the meantime, trader support is sufficient and the contracts are trading higher. October lean hogs are up $1.22 at $79.37, December lean hogs are up $1.52 at $71.32 and February lean hogs are up $1.35 at $72.70. The projected lean hog index for 9/21/2026 is down $0.49 at $82.92 and the actual index for 9/18/2026 is down $0.60 at $83.42.

Hog prices are lower on the Daily Direct Morning Hog Report, down $0.55 with a weighted average price of $79.92, ranging from $73.00 to $84.00 on 10,575 head and a five-day rolling average of $80.78. Pork cutouts total 174.11 loads with 162.33 loads of pork cuts and 11.77 loads of trim. Pork cutout values: down $0.60, $88.31.

Tuesday Morning Livestock Market Update - Follow-through Strength Expected

GENERAL COMMENTS:

Traders reacted to the lower placements on the Cattle on Feed report. Some had thought that higher on-feed numbers and lower marketings would offset lower placements. However, traders generally react based on which side of the estimates the actual numbers fall. The reaction was violent, as futures gapped higher and short covering was triggered. There will likely be follow-through strength today, with prices potentially retesting the recent highs, but caution will be exercised as chart gaps generally are filled. Boxed beef was higher on Monday, with choice up $4.41 and select up $2.51. If the strength of boxed beef continues, a case could be made for higher cash trade this week.

Hog futures seemed to be beneficiaries of the strength in cattle. There was little reason for futures to increase on Monday other than the market being oversold. A higher open and stronger morning pork cutout values added to the support. Pork cutout values finished the day up $1.93. The National Daily Direct Afternoon Hog report did not share the same sentiment as the rest of the complex, with the weighted average price falling $1.41 to $80.35. The upside price potential may be limited unless further support in both cash and cutouts unfolds. The packers are expected to bid higher for hog today, but they are not expected to be aggressive.

	BULL SIDE		BEAR SIDE
1)	Follow-through buying should continue as further margin liquidation may take place. Traders held too many short positions into the report.	1)	There is no indication that packers will aggressively purchase cattle at higher prices just because futures may increase for a few days.
2)	Technical traders may try to push the cattle futures to the previous highs before the current strength runs its course.	2)	The gap left in cattle futures on the opening on Monday may be filled at some point.
3)	Hog futures may have been the recipient of spillover trade with the market now correcting from being oversold.	3)	Cash hogs did not follow the futures higher. The strength may be short-lived if the packers do not need to aggressively purchase hogs.
4)	Hog slaughter remains at a strong pace and higher than a year ago. This indicates demand is good.	4)	The fundamentals lack consistent support, which may limit the upside price potential.

Monday Closing Livestock Market Update - Traders Continue to Support the Complex

GENERAL COMMENTS:

All in all, it was a strong start to the week for the livestock complex as all three of the markets closed higher Monday afternoon. No cash cattle trade has developed yet and both bids and asking prices remain elusive at this point in time. December corn is up 15 1/2 cents per bushel and December soybean meal is up $9.80. The Dow Jones Industrial Average is up 392.14 points and the NASDAQ is up 608.54 points.

LIVE CATTLE:

It was a rallying type of day for the live cattle complex as the market successfully ended the day mostly $5.00 higher. But between noting the fact that feedlot managers were able to hold last week's fed cash cattle trade steady, and the record low number of placements for August on Friday's Cattle on Feed report, traders charged into the new week ready to push the contracts sharply higher. October live cattle closed $5.02 higher at $220.95, December live cattle closed $5.37 higher at $222.00 and February live cattle closed $5.75 higher at $223.10. No cash cattle trade developed throughout the day, and both bids and asking prices remain elusive at this point. Showlists for this week are lighter in Kansas and Nebraska, but larger in Texas. 

Monday's slaughter is estimated at 105,000 head -- 2,000 head more than a week ago and 4,000 head less than a year ago.

Last week Northern dressed cattle traded at mostly $350, which is steady with the previous week's weighted average and Southern live cattle traded at mostly $222, which is also steady with the previous week's weighted average.

Boxed beef prices closed higher: choice up $4.41 ($376.35) and select up $2.51 ($355.77), with a movement of 58 loads (40.11 loads of choice, 7.20 loads of select, 3.01 loads of trim and 7.18 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady to somewhat higher. Given that most of the cattle traded in the North last week were committed for delivery for either this week or next, it leads one to believe that packers are shorter bought than originally thought and that prices may be able to hold steady if not trade a tick higher again this week.

FEEDER CATTLE:

As traders noted in last Friday's Cattle on Feed report, and the sheer fact that August placements were the lowest on record, the feeder cattle complex soared higher throughout all of Monday's trade. September feeders closed $3.90 higher at $337.47, October feeders closed $6.75 higher at $330.25 and November feeders closed $8.10 higher at $326.10. At the Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers under 600 pounds sold $10.00 to $25.00 higher, but the heavier weights traded mostly steady. Feeder heifers under 550 pounds traded $5.00 to $25.00 higher, with the heavier weights trading $10.00 lower to $8.00 higher. Feeder cattle supply over 600 pounds was 74%. The CME feeder cattle index 9/18/2026: down $3.05, $339.45.

LEAN HOGS:

And with the help of stronger pork cutout values and trader support, the lean hog contracts were also able to end the day higher, thanks to a combination of support from both the market's fundamental and technical facets. October lean hogs closed $0.05 higher at $78.15, December lean hogs closed $1.25 higher at $69.80 and February lean hogs closed $1.20 higher at $71.35. Pork cutouts totaled 275.15 loads, with 253.72 loads of pork cuts and 21.43 loads of trim. Pork cutout values: up $1.93, $88.91. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.41 with a weighted average price of $80.35 on 3,091 head. Monday's slaughter is estimated at 493,000 head -- 11,000 head more than a week ago and 9,000 head more than a year ago. The CME lean hog index 9/17/2026: down $1.00, $84.02.

TUESDAY'S HOG CALL: Higher. With pork cutout values higher, there's a chance that the cash market could see more interest on Tuesday.