Friday Closing Livestock Market Update - Cattle Rally

GENERAL COMMENTS:

The livestock complex ended the day mixed, with the cattle contracts rallying energetically through the day's close, while the lean hog complex sank lower due to a lack of consumer support. The cash cattle market saw dressed cattle traded at $350, which is $5.00 to $6.00 higher, but no Southern cattle have traded yet. December corn is down 3 1/2 cents per bushel and December soybean meal is down $4.10. The Dow Jones Industrial Average is up 509.19 points and the NASDAQ is up 251.32 points.

From Friday to Friday, livestock futures scored the following changes: October live cattle up $6.73, December live cattle up $7.50; September feeder cattle up $13.00, October feeder cattle up $12.35; October lean hogs down $0.77.

LIVE CATTLE:

What a week it turned out to be. Spot October and nearby December live cattle contracts successfully closed above the market's 40-day moving average. This is something the October contract hasn't accomplished since early July. Adding to the bullish tone, the limited fed cash cattle market that has been tested has also seen higher prices. October live cattle closed $1.85 higher at $219.67, December live cattle closed $2.62 higher at $222.22 and February live cattle closed $2.85 higher at $224.00. The market has only seen dressed cattle trade in the North so far today, but those cattle have traded at mostly $350, which is $5.00 to $6.00 higher than the previous week's weighted average. Most of the cattle traded today in the North have been committed for delivery on the weeks of 9/21/2026 and 9/28/2026. There have been bids of $224 offered throughout the day in the South, but at this point in time, still no Southern live cattle have traded. 

Friday's slaughter is estimated at 106,000 head -- 9,000 head more than a week ago and 5,000 head more than a year ago. Saturday's slaughter is projected to be around 70,000 head. The week's total slaughter is estimated at 505,000 head, incomparable to both a week ago and a year ago.

Boxed beef prices closed mixed: choice down $2.43 ($375.94) and select up $1.07 ($353.13) with a movement of 104 loads (84.91 loads of choice, 6.57 loads of select, 4.16 loads of trim and 8.20 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Before we can accurately get an understanding of where next week's cash trade may go, we need to see where this week's market trades at. But seeing packers this aggressive in the market indicates that they may not be as secure on supply as one initially thought.

FEEDER CATTLE:

The feeder cattle complex ended the day higher too, feeling robustly supported by the live cattle market's higher trend, the strengthened demand in the countryside and the stronger tone that's stemming early from this week's fed cash cattle market. September feeders closed $5.25 higher at $337.82, October feeders closed $4.95 higher at $332.50 and November feeders closed $5.40 higher at $328.17. At the Oklahoma Weekly Cattle Auction Summary, compared to last week, feeder steers over 750 pounds sold $5.00 to $10.00 higher, while those under 750 pounds traded $5.00 to $7.00 lower. Feeder heifers over 700 pounds sold $10.00 to $15.00 higher, and those under 700 pounds sold $3.00 to $8.00 lower. Steer calves were very uneven. Heifer calves over 500 pounds sold $7.00 to $8.00 higher, and those under 500 pounds sold unevenly. Stocker type of cattle continues to trade lower, as there are limited grazing opportunities, which continues to hinder demand. Slaughter cows sold $2.00 to $7.00 lower. Slaughter bulls sold $4.00 lower. Feeder cattle supply over 600 pounds was 60%. The CME feeder cattle index 9/10/2026: up $2.26, $331.22.

LEAN HOGS:

The lean hog complex was the anticlimactic market for both the day and for the week, as it simply unfolded like this: the lean hog complex desired to trade higher, but without steady and secure demand from consumers, traders weren't willing to pressure the market's resistance. October lean hogs closed $1.62 lower at $81.52, December lean hogs closed $1.65 lower at $72.70 and February lean hogs closed $1.62 lower at $75.20.

Pork cutouts totaled 236.29 loads, with 210.33 loads of pork cuts and 25.96 loads of trim. Pork cutout values: down $2.01, $89.80. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.48 with a weighted average price of $85.38 on 580 head. Friday's slaughter is estimated at 486,000 head -- 77,000 head more than a week ago and 16,000 head more than a year ago. Saturday's slaughter is projected to be around 325,000 head. The CME lean hog index 9/9/2026: down $0.57, $88.22.

MONDAY'S HOG CALL: Lower. Packers rarely support the cash hog market aggressively on Mondays.

Friday Midday Livestock Market Update - Feedlot Managers Continue to Hold Out in Hopes of Better Prices

GENERAL COMMENTS:

The livestock complex is once again trading mixed, as the cattle contracts rally on the hope that this week's fed cash cattle market will trade higher, but meanwhile the lean hog contracts are trading lower. Bids are on the table in the cash market, but still no cattle have traded yet. December corn is down 4 cents per bushel and December soybean meal is down $2.20. The Dow Jones Industrial Average is up 525.28 points and NASDAQ is up 309.63 points.

LIVE CATTLE:

The tenacious spirit of feedlot managers in this week's fed cash cattle market has been enough to inspire traders to push the December live cattle contract above its 40-day moving average, and the spot October live cattle contract is currently trading just $0.09 below its 40-day moving average. October live cattle are up $1.65 at $219.47, December live cattle are up $2.32 at $221.92 and February live cattle are up $2.27 at $223.42. Bids are on the table in the fed cash cattle market but still no trade has developed as feedlot managers are hoping that packer demand will increase as time passes by. Currently beings of $224 are noted in the South, and bids of $342 in Western Nebraska and bids of $350 in Eastern Nebraska. Trade could shake out at any time now as packers have yet to secure any inventory in this week's trade. Grab your popcorn folks, this week's trade could be good watching!

Friday's WASDE report came as a grim finding for the beef and cattle markets of 2026. Beef production for 2026 is decreased by 90 million pounds as fed cattle marketings are light and so are cow slaughter speeds. Fed cash cattle prices for the remainder of 2026 and into 2027 are disappointing compared to August's estimates as fed cash cattle prices in the third quarter are now expected to average $230 (down $12.00), steers in the fourth quarter are expected to average $225 (down $20.00), steers in the first quarter of 2027 are expected to average $235 (down $10.00) and steers in the second quarter of 2027 are expected to average $235 (down $15.00). Beef exports for 2026 are increased by two million pounds as exports into Asia markets have increased. But the report specially noted that, "With the expansion of quotas allowing for reduced tariffs on beef through November, imports are raised in 2026 on stronger expected shipments from South America, but the import forecast is unchanged for 2027." Beef imports for 2026 increased by 73 million pounds.

Boxed beef prices are mixed: choice down $2.41 ($375.96) and select up $1.61 ($353.67) with a movement of 69 loads (56.76 loads of choice, 4.26 loads of select, 2.62 loads of trim and 5.04 loads of ground beef).

FEEDER CATTLE:

And upon seeing the eagerness of the live cattle complex, the feeder cattle contracts wasted no time trading higher either. It's been a refreshing week where not only have the feeder cattle contracts traded higher, but the countryside has seen an increase in demand as well which has reinvigorated the market's confidence. September feeders are up $3.40 at $335.97, October feeders are up $3.32 at $330.87 and November feeders re up $3.80 at $326.57.

LEAN HOGS :

The lean hog complex is continuing with it's lower trend in Friday's noon hour as traders simply aren't pleased with the market's lagging support. And while yes, midday pork cutout values may be higher, it's too little of support too late to help. October lean hogs are down $1.07 at $82.07, December lean hogs are down $1.25 at $73.10 and February lean hogs are down $1.25 at $75.57. The projected lean hog index for 9/10/2026 is down $0.85 at $87.94, and the actual index for 9/9/2026 is down $0.57 at $88.22. Hog prices are not available on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 463 head have traded and that the market's five-day rolling average now sits at $87.72. Pork cutouts total 140.62 loads with 126.62 loads of pork cuts and 14.00 loads of trim. Pork cutout values: up $0.30, $92.11.

Friday's WASDE report was a mixed report for the pork and hog markets of 2026. Pork production for 2026 was decreased by 105 million pounds as slaughter speeds have been light, and carcass weights have been lighter than expected as well. Quarterly price projects for 2026 and for the first two quarters of 2027 were increased from last month's estimates. Hogs in the third quarter of 2026 are expected to average $70 (up $1.00), hogs in the fourth quarter of 2026 are expected to average $59 (up $1.00), hogs in the first quarter of 2027 are expected to average $62 (up $1.00) and hogs in the second quarter of 2027 are expected to average $68 (up $1.00). Pork imports for 2026 fell by 10 million pounds, and pork exports for 2026 fell by 65 million pounds.

Friday Morning Livestock Market Update - Mixed Trading Activity Ahead of the Weekend

GENERAL COMMENTS:

Cattle futures found support, keeping the recent uptrend intact. Cash cattle have yet to trade for the week, leaving traders friendly but cautious. Futures may trade mixed as traders seem to have little appetite to remain overly exposed over a weekend as no one knows what news may develop. Feedlots may hold for no less than steady cash, and if it is not received, they will hold cattle over to next week. Cattle numbers are tight, and nothing definite has materialized from the large planned beef imports. Boxed beef prices were lower in both categories. Choice was down $2.40 and select down $0.28.

Hog futures traded within a range of about $1.00 on Thursday, with limited volatility expected Friday. Cash was lower on the National Daily Direct Afternoon Hog report, posting a loss of $0.39. Packers may not be aggressive Friday as they have completed most of their business for the week. Pork cutout values declined $1.82, eliminating Wednesday's gain. Bellies fell $11.79 with ribs down $5.11. The choppiness of cutout values continues to limit upside price potential. Traders need to see more price consistency to provide the confidence to establish long-term positions. The WASDE report Friday will provide USDA's estimates for pork production, pork supply and use and quarterly prices.

	BULL SIDE		BEAR SIDE
1)	Cattle futures maintain the uptrend as cattle supplies remain tight and the market recovers from the recent negativity.	1)	The expectation is for steady cash trade, but if lower prices develop, the market could come under pressure.
2)	Uncertainty around cattle prices and drought in many areas may discourage farmers and ranchers from rebuilding their herds. This will prolong tight cattle supplies.	2)	Boxed beef prices have been choppy and may be an indication of slower beef demand.
3)	Hog futures recovered from the earlier week's decline, with contracts holding a sideways pattern and support.	3)	Hog futures have been unable to move out of the recent sideways pattern, leaving the market vulnerable to renewed selling.
4)	The declining hog weights may indicate packer-owned supplies are being pulled forward due to lower market-ready hog supplies.	4)	Pork cutout values continue to remain choppy, providing little confidence to traders for higher prices.

Thursday Closing Livestock Market Update - Cattle Markets End Higher Thanks to Continued Trader Support

GENERAL COMMENTS:

By Thursday's close, the cattle contracts had successfully kept their higher position, but the lean hog complex ended the day lower. Still no cash cattle trade has developed. December corn is up 6 cents per bushel and December soybean meal is up $5.50. The Dow Jones Industrial Average is down 316.56 points and the NASDAQ is down 171.62 points.

LIVE CATTLE:

The live cattle contracts were pressured throughout the day, and at some points looked as though they might venture lower, but the market was able to sustain its higher position through Thursday's end thanks to traders' support. October live cattle closed $1.97 higher at $217.82, December live cattle closed $1.12 higher at $219.60 and February live cattle closed $0.82 higher at $221.15. The market still remains leery of challenging its 40-day moving average, and until something stronger develops fundamentally, traders will likely continue to dance just below that threshold, although the December live cattle contract did trade higher than that moving average for a little bit today. Still no cash cattle trade has developed, but bids of $340 to $348 were offered in Nebraska. But with packers able to gain more inventory last week, they aren't being as aggressive this week. 

Thursday's slaughter is estimated at 109,000 head -- 4,000 head more than a week ago and 10,000 head less than a year ago.

Boxed beef prices closed lower: choice down $2.40 ($378.37) and select down $0.28 ($352.06) with a movement of 114 loads (66.30 loads of choice, 9.88 loads of select, 18.40 loads of trim and 19.39 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. There's a chance that feedlot managers could hold the market steady as feedlots weren't overly aggressive about jumping at the bids offered on Thursday.

FEEDER CATTLE:

The feeder cattle contracts ended the day higher, feeling well supported by not only the market's stronger buyer demand in the countryside, but also upon seeing the live cattle contracts trading higher. September feeders closed $2.87 higher at $332.57, October feeders closed $1.72 higher at $327.55 and November feeders closed $1.42 higher at $322.77. At the Winter Livestock Auction in Pratt, Kansas, compared to last week, feeder steers weighing 650 to 1,000 pounds sold $15.00 to $30.00 higher. Not enough of a test was had on feeder heifers weighing 650 to 900 pounds for an accurate trend. Not enough steers and heifers under 650 pounds sold for an accurate trend either, but a steady to higher trend was noted. Slaughter cows and bulls sold $2.00 to $4.00 lower. Feeder cattle supply over 600 pounds was 73%. The CME feeder cattle index 9/9/2026: up $1.53, $328.96.

LEAN HOGS:

The lean hog complex continues to chop sideways, unable to break through the market's resistance thanks to a lack of fundamental support. And with pork cutout values lower again today, it's unlikely that traders will break that trend anytime soon. October lean hogs closed $0.07 higher at $83.15, December lean hogs closed $0.25 lower at $74.35 and February lean hogs closed $0.15 lower at $76.82. Pork cutouts totaled 308.85 loads, with 278.28 loads of pork cuts and 30.57 loads of trim. Pork cutout values: down $1.82, $91.81. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.39 with a weighted average price of $86.86 on 3,205 head. Thursday's slaughter is estimated at 493,000 head -- 37,000 head more than a week ago and 5,000 head more than a year ago. The CME lean hog index 9/8/2026: down $0.86, $88.79.

FRIDAY'S HOG CALL: Lower. It's likely that packers have fulfilled the vast majority of their needs already for the week.