Monday Midday Livestock Market Update - Traders Are Keeping Their Distance From Contracts at Week's Open

GENERAL COMMENTS:

The livestock complex is trading lower into Monday's noon hour as the cattle contracts slowly absorb all the developments that surfaced last Friday and the lean hog complex is being cautious as well. Showlists for the week are steady to somewhat higher, greater in Texas and Kansas, but steady in Nebraska. December corn is down 13 1/2 cents per bushel and December soybean meal is down $11.70. The Dow Jones Industrial Average is up 222.93 points and NASDAQ is down 63.95 points.

LIVE CATTLE:

Last Friday hit like a Mack truck. From having to absorb the monthly Cattle on Feed report, to seeing the bi-annual Cattle inventory report released, to late in the day being surprised to see an announcement come from U.S. Ag Secretary Brooke Rollins that the U.S. will begin to slowly reopen the border to Mexican cattle imports on Aug. 24th -- it was a whirlwind of a day. And given that today (Monday) is the first time traders have had the chance to react to any of those reports/announcements, it comes as no real surprise the market is trading lower. August live cattle are down $1.87 at $225.20, October live cattle are down $3.45 at $219.05 and December live cattle are down $4.42 at $217.85. Showlists for the week are steady to somewhat higher, greater in Texas and Kansas, but steady in Nebraska.

Last week Southern live cattle traded at $230 which is $7.00 to $8.00 lower than the previous week's weighted average and Northern dressed cattle traded at mostly $365 which is $12.00 to $15.00 lower than the previous week's weighted average.

Boxed beef prices are mixed: choice up $1.72 ($362.96) and select down $0.25 ($346.46) with a movement of 50 loads (29.15 loads of choice, 6.89 loads of select, 4.88 loads of trim and 9.23 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is taking last Friday's developments the hardest as its contracts are trading anywhere from $6.00 to $10.00 lower. August feeders are down $4.85 at $340.47, September feeders are down $6.42 at $335.07 and October feeders are down $9.05 at $326.95. With little support from the live cattle/fed cash cattle market, the additional pressure of not knowing the details of the border's reopen will likely weigh heavily on the feeder cattle market for awhile.

LEAN HOGS:

Although midday pork cutout values are higher, the lean hog complex is starting the week off in a cautious manner as well. August lean hogs are up $0.02 at $102.87, October lean hogs are down $1.42 at $87.60 and December lean hogs are down $1.90 at $78.42. More than anything a heavy weight has seemed to be cast across the livestock complex Monday morning, and if fundamental support prevails, traders will likely be able to shake the doggish energy later this week.

The projected CME Lean Hog Index for 7/24/2026 is up $0.32 at $98.23 and the actual index for 7/23/2026 is up $0.43 at $97.91. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 270 head have traded and the market's five-day rolling average now sits at $100.60. Pork cutouts total 138.40 loads with 123.20 loads of pork cuts and 15.20 loads of trim. Pork cutout values: up $2.29, $106.92.

Monday Morning Livestock Market Update - Cattle Imports From Mexico to Resume

GENERAL COMMENTS:

The Cattle on Feed report was neutral and may have limited influence on the market. Cattle on feed on July 1 was 102% and slightly below the average estimate of 102.2%. Placements in June were 97%, with the average estimate at 98.8%. Even though placements were lower, they were well within the estimated range. Cattle marketed in June were 97%, with an average estimate of 97%. The greater influence Monday will likely be the continued weakness of cash, boxed beef and the reopening of the Mexican border. Last week, Southern cattle traded $7.00 to $8.00 lower. Northern dressed cattle traded $12.00 to $15.00 lower. Boxed beef prices on Friday were lower, with choice down $1.63 and select down $2.04. Choice has now fallen to $361.24 and select to $346.71. The big news is that USDA is lifting a ban on live cattle imports from Mexico. Trade will restart at the Douglas, Arizona, port in about 30 days, with two more ports in New Mexico expected later. Rollins said the situation is under control and that Mexican feeder cattle will move through a disinfectant dip vat when entering a U.S. port of entry. It is uncertain how much of this is already factored into the market. The Commitment of Traders report showed the fund traders as net sellers of 22,454 live cattle futures, reducing their long position to 75,681. They were net sellers of 1,941 feeder cattle futures, reducing their net-long position to 9,345 contracts.

Hogs found further support on Friday, finishing a good week of higher prices. Futures moved to higher highs again as trader optimism remains. Cash was lower as packers had purchased most of their needs for the week. The National Daily Direct Afternoon Hog report was down $2.77 with light sales. Packers may begin the week somewhat aggressively as slaughter was low on Friday and demand remains strong. They will need to purchase hogs to maintain pork supplies. Pork cutouts on Friday were up $0.15. Traders remain bullish on the market with futures moving back to the highest level since May 20. The Commitment of Traders report showed the fund traders as net buyers of 15,390 futures contracts, reducing their short position to 27,791.

	BULL SIDE		BEAR SIDE
1)	The Cattle on Feed report was neutral. Now that the numbers are known, traders may be more confident to buy back into the market.	1)	The reopening of the U.S. border to Mexican cattle is likely to be viewed as negative to the market.
2)	The resumption of the importation of cattle from Mexico has been talked about and is not a surprise to the market. It may not push futures lower.	2)	Boxed beef prices continue to weaken as demand has slowed. High prices seem to have cured high prices.
3)	Hog futures pushed to new highs on Friday, keeping the uptrend intact.	3)	Hog futures are now overbought, and the market could correct at any time.
4)	The fund traders are liquidating their short positions in hogs and should continue to do so as cutout and cash improve.	4)	The October hog futures hold a significant discount to cash. Traders anticipate demand to slow over time.

Friday Closing Livestock Market Update - Higher Tones Keep with the Complex

GENERAL COMMENTS:

All in all it was a good day for the livestock complex as all three contracts closed higher. Some light cash cattle trade was reported in the South at $231, but otherwise no new trade was noted. December corn is steady and December soybean meal is steady. The Dow Jones Industrial Average is up 235.60 points and the NASDAQ is down 161.87 points.

From Friday to Friday livestock futures scored the following changes: August live cattle up $2.65, October live cattle up $1.80; August feeder cattle down $0.63, September feeder cattle up $2.10; August lean hogs up $1.20, October lean hogs up $1.08; September corn up $0.20, December corn up $0.20.

LIVE CATTLE:

Thanks to continued trader support, the live cattle complex was able to rally through Friday's close. August live cattle closed $1.67 higher at $227.07, October live cattle closed $1.12 higher at $222.50 and December live cattle closed $1.60 higher at $222.27. Throughout the day there were a few more cattle traded in the South at $231, which is $1.00 higher than the rest of the week's business. Otherwise there was no other new trade in the cash market. Throughout the week Southern live cattle traded for $230 to $231 which is $7.00 to $8.00 lower than the previous week's weighted average and Northern dressed cattle traded at mostly $365 which is $12.00 to $15.00 lower than the previous week's weighted average. 

Friday's slaughter is estimated at 103,000 head -- 14,000 head more than a week ago and 8,000 head more than a year ago. Saturday's slaughter is projected to be around 14,000 head.

Boxed beef prices closed lower: choice down $1.63 ($361.24) and select down $2.04 ($346.71) with a movement of 131 loads (75.44 loads of choice, 9.80 loads of select, 11.26 loads of trim and 34.87 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. There was rumor that one major packer in Nebraska may be running two shifts on Saturday -- which could mean that the cash market could see a little more interest next week -- but as always, time will tell.

FEEDER CATTLE:

With the help of the live cattle market's steady and stable support through Friday's end, the feeder cattle contracts were also able to end the day on a stronger note. And thankfully traders will be pleased to note that Friday's Cattle on Feed report was neutral. 

August feeders closed $1.55 higher at $345.32, September feeders closed $1.60 higher at $341.45 and October feeders closed $2.55 higher at $336.00. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers traded $15.00 to $25.00 lower and feeder heifers traded $1.00 to $15.00 lower. Steer calves over 450 pounds sold $20.00 to $30.00 lower, and those under 450 pounds traded $10.00 to $15.00 lower. Heifer calves traded $20.00 to $25.00 lower. Slaughter cows sold $2.00 to $3.00 higher. Slaughter bulls sold $2.00 higher. The sale report noted that, "receipts were limited this week due to triple digit heat across Oklahoma. CME futures appeared to stabilize after two weeks of sharp declines, but the cash market at sale barns continued to trend lower as buyers remained cautious and selective." The CME feeder cattle index 7/23/2025: down $1.07, $349.65.

LEAN HOGS:

The lean hog complex ended the day higher as traders were grateful for the consistent consumer support throughout the week. August lean hogs closed $0.70 higher at $102.85, October lean hogs closed $0.12 higher at $89.02 and December lean hogs closed $0.20 higher at $80.32. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.77 with a weighted average price of $102.25 on 1,535 head. Pork cutouts totaled 217.34 loads with 196.16 loads of pork cuts and 21.17 loads of trim. Pork cutout values: up $0.15, $104.63. Friday's slaughter is estimated at 393,000 head -- 42,000 head less than a week ago and 43,000 head less than a year ago. Saturday's slaughter is projected to be around 16,000 head. The CME lean hog index 7/22/2026: up $0.40, $97.48.

MONDAY'S HOG CALL: Steady. So long as consumer support remains supportive, the lean hog contracts should be able to continue to trade higher into next week.

Friday Midday Livestock Market Update - Traders Continue to Push Contracts Higher

GENERAL COMMENTS:

With ample trader support, all three of the livestock contracts are trading higher into Friday's noon hour. It will be a busy afternoon with both the monthly Cattle on Feed report and the bi-annual Cattle Inventory report set to be released at 2 p.m. CDT. December corn is down 1 3/4 cents per bushel and December soybean meal is up $1.60. The Dow Jones Industrial Average is up 347.16 points and NASDAQ is up 30.46 points.

LIVE CATTLE:

It's another mixed morning for the live cattle complex as the contracts are trading higher; but there's not been any more trade thus far in the cash market. It's likely with both the monthly Cattle on Feed report and the bi-annual Cattle Inventory report set to be released later this afternoon most of the week's trade could be done with besides a little bit of clean-up business. I will note one of our private sources did indicate a Nebraska packer may run two shifts this Saturday. That could be enlightening for feedlot managers as that may mean packers are going to need more cattle in the weeks ahead. But until we see the actual slaughter data, don't get too excited and put the cart before the horse. August live cattle are up $1.80 at $227.20, October live cattle are up $1.20 at $222.62 and December live cattle are up $1.52 at $222.20.

No new sales have developed following the business that transpired earlier this week. So far this week, dressed cattle are trading at mostly $365 (down $12.00 to $15.00 lower from last week's weighted average) and Southern live cattle are trading at mostly $230, which is $7.00 to $8.00 lower than last week's weighted average).

Boxed beef prices are mixed: choice up $0.45 ($363.32) and select down $0.64 ($348.11) with a movement of 92 loads (50.32 loads of choice, 4.70 loads of select, 7.66 loads of trim and 28.84 loads of ground beef).

FEEDER CATTLE

The feeder cattle contracts are also trading mildly higher heading into Friday's noon hour as the market continues to closely mirror the behavior of the live cattle complex. August feeders are up $1.45 at $345.22, September feeders are up $1.47 at $341.32 and October feeders are up $2.30 at $335.75. The market will likely keep with this slight rally through the day's end so long as support remains sufficient from the live cattle market.

LEAN HOGS:

In keeping in their recent trend, the lean hog complex is also trading higher into Friday's noon hour. This week has been a strong week for the lean hog complex as not only has the market seen greater consumer support, but mix that with ample trader support and it's the best of both worlds. August lean hogs are up $0.60 at $102.75, October lean hogs are up $0.15 at $89.05 and December lean hogs are up $0.27 at $80.40. The projected CME Lean Hog Index for 7/23/2026 is up $0.43 at $97.91, and the actual index for 7/22/2026 is up $0.40 at $97.48. Hog prices are lower on the Daily Direct Morning Hog Report, down $4.70 with a weighted average price of $97.06, ranging from $93.00 to $99.00 on 773 head and a five-day rolling average of $100.60. Pork cutouts total 139.22 loads with 125.43 loads of pork cuts and 13.79 loads of trim. Pork cutout values: up $1.06, $105.54.