Friday Midday Livestock Market Summary - Northern Dressed Cattle Begin to Trade at $372

GENERAL COMMENTS:

The livestock complex is trading mixed into Friday's noon hour as the cattle contracts are higher while the hog complex continues to scale lower. Some light cash cattle trade has been noted in the North at $372, which is steady with last week's weighted average. May corn is down 5 1/4 cents per bushel and May soybean meal is down $7.20. The Dow Jones Industrial Average is down 217.57 points and NASDAQ is down 227.85 points.

LIVE CATTLE:

Upon finding some minute stability in the futures complex, the live cattle contracts are comfortably trading slightly higher into Friday's noon hour. It also has helped that there's been a thin movement of cash cattle noted in the North at prices steady with last week's weighted average. Traders found peace of mind in the fact that prices didn't again slip lower this past week. But it is unfortunate the cattle sold in the North are committed to the deferred delivery option, which could pressure the market in the weeks ahead as packers are building up inventory. April live cattle is up $1.15 at $234.45, June live cattle is up $1.87 at $233.65 and August live cattle is up $2.02 at $231.12.

Some light cash cattle trade has been reported in Nebraska at $372 (set for delivery the weeks of April 6 and April 13) which is steady with last week's weighted average. Otherwise, the market hasn't seen any other cattle trade just yet, but bids are on the table in all regions. Asking prices are noted in the South at $238 to $240. And there is a chance the bulk of this week's trade could be delayed until after this afternoon's Cattle on Feed report is released.

Boxed beef prices are higher: choice up $0.12 ($400.42) and select up $0.33 ($392.78) with a movement of 67 loads (48.49 loads of choice, 4.40 loads of select, 6.85 loads of trim and 6.96 loads of ground beef).

FEEDER CATTLE:

Upon seeing the live cattle complex charge into the last trading day of the week with a tick more bullishness, the feeder cattle contracts have followed suit. March feeders are up $3.17 at $358.45, April feeders are up $3.45 at $351.20 and May feeders are up $3.35 at $346.77. So long as no major shift is seen in the live cattle contracts ahead of Friday's end, it's likely the feeder cattle contracts will keep this momentum through the day's end.

LEAN HOGS:

Although pork cutout values are higher, traders can't seem to give credence to the fundamental uptick in support as at this point it seems a little too late to add much value ahead of Friday's close to really help the contracts trade higher. April lean hogs are down $0.47 at $91.57, June lean hogs are up $0.04 at $104.80 and July lean hogs are up down $0.07 at $107.00. The market is nearing support in the spot June contract, which hopefully the market won't pressure ahead of the week's close as that could signal continued downward pressure.

Hog prices averaged $91.29 on the Daily Direct Morning Hog Report, ranging from $88.00 to $92.00 on 509 head and a five-day rolling average of $90.92. Pork cutouts totaled 163.91 loads with 149.64 loads of pork cuts and 14.27 loads of trim. Pork cutout values: up $2.84, $100.89.

Friday Morning Livestock Market Update - Further Selling Pressure May Unfold

GENERAL COMMENTS:

No cash cattle were traded, which was not a surprise for the report week. The attitude of the market changed with traders thinking cash may be lower again this week. The Cattle on Feed report will be released after the close. The average trade estimates for the Cattle on Feed report are on-feed numbers as of March 1 at 99.3%, placements in February at 100.3% and marketings at 92.4%. There is a wide range of estimates for placements. The range of estimates is from 96.3% to 105.0%. Analysts are trying to determine the impact on placements due to the Mexico border remaining closed and the increase in feeder cattle sales during February. If we were to see a placements figure of over 100%, it would mark the first such month since April 2025 that we had a placements figure over 100%. Boxed beef prices were lower, with choice down $1.45 and select down $3.72.

Hogs were unable to find support as selling pressure pushed futures below the previous low and triggered stops, causing the market to pancake lower. The weakness of cash on the National Daily Direct Afternoon Hog report, with a decline of $0.49, would not have triggered the selling. The weakness in pork cutouts also would not have triggered the selling. Cutouts were down $0.72. The summer contracts showed the greatest weakness and may retest the lows on Feb. 13.

	BULL SIDE		BEAR SIDE
1)	Cattle futures may have overcorrected ahead of the cash trade and the Cattle on Feed report.	1)	Traders turned negative on the market with the expectation for lower cash surfacing on Thursday.
2)	If the report shows on-feed and placement numbers below the trade estimates, the market may regain the losses when trading begins next week.	2)	If placements for February are above what they were a year ago, it will be viewed as negative to the market.
3)	Hog futures are nearing the lows of Feb. 13. This could be a level of support.	3)	The weakness of hog futures on Thursday may see follow-through selling today.
4)	There is a good chance that packers may need more hogs to finish out the week. Cash could be higher.	4)	If hog futures penetrate and close below the low of Feb. 13, further liquidation may take place.

Thursday Closing Livestock Market Update - Weaker Tones Follow Complex

GENERAL COMMENTS:

The livestock complex had a lackluster day, with little support developing, which consequently led the markets to a lower end. No cash cattle trade developed throughout the day either. May corn is up 6 1/2 cents per bushel and May soybean meal is up $10.80. The Dow Jones Industrial Average is down 203.72 points and the NASDAQ is down 61.73 points.

Thursday's export report shared that beef net sales of 3,200 metric tons (mt) for 2026 -- a marketing year low -- were down 87% from the previous week and 80% from the prior four-week average. The three largest buyers were Japan (3,800 mt), Hong Kong (1,600 mt) and Taiwan (800 mt). Pork net sales of 28,300 mt for 2026 were up 19% from the previous week and down 13% from the 4-week average. The three largest buyers were Mexico (7,500 mt), South Korea (5,700 mt) and China (3,500 mt).

LIVE CATTLE:

All throughout the day, the live cattle complex traded lower as the market simply doesn't have enough fundamental support to keep the contracts from doing otherwise. Still no cash cattle trade has developed, and at this point it's looking like the week's trade could be delayed until after Friday's Cattle on Feed report. A single bid of $368 was offered throughout the day in Nebraska, but no cattle traded. April live cattle closed $2.12 lower at $233.27, June live cattle closed $2.30 lower at $231.70 and August live cattle closed $2.50 lower at $229.10. 

Thursday's slaughter is estimated at 106,000 head, 1,000 head more than a week ago and 5,000 head less than a year ago.

Boxed beef prices closed lower: choice down $1.45 ($400.30) and select down $3.72 ($392.45) with a movement of 91 loads (60.26 loads of choice, 6.38 loads of select, 10.83 loads of trim and 13.89 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. I know that some believe the cash market could trade higher this week, but with boxed beef prices being pressured, I think trade at steady money is more likely.

FEEDER CATTLE:

And in keeping in rhythm with the live cattle complex, the feeder cattle contracts closed lower as well Thursday afternoon despite greater demand currently being seen in the countryside. March feeders closed $3.45 lower at $355.27, April feeders closed $6.07 lower at $347.75 and May feeders closed $6.45 lower at $343.42. Today's lower move was solely a technical decision as traders didn't feel comfortable moving the feeder cattle contracts higher while the live cattle contracts drifted lower. At the Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves sold moderately higher, with those weighing 400 to 450 pounds selling $20.00 to $30.00 stronger. Feeder steers weighing 600 to 750 pounds sold $6.00 to $8.00 higher. Heifer calves weighing 300 to 450 pounds were not well tested, but those weighing 450 to 600 pounds sold $7.00 to $20.00 higher. Feeder heifers traded $10.00 to $20.00 higher. The CME feeder cattle index 3/18/2026: up $2.37, $360.69.

LEAN HOGS:

The lean hog complex also closed lower as the market simply didn't see enough support to justify trading the complex higher throughout Thursday's trade. With both cash prices and pork cutout values ending the day lower, it's not surprising to see the contracts close moderately lower as well. April lean hogs closed $1.70 lower at $92.05, June lean hogs closed $2.77 lower at $104.75 and July lean hogs closed $2.60 lower at $107.07. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.49 with a weighted average price of $92.80 on 2,762 head. Pork cutouts total 337.93 loads with 300.88 loads of pork cuts and 37.05 loads of trim. Pork cutout values: down $0.72, $98.10. Thursday's slaughter is estimated at 492,000 head, steady with a week ago and 29,000 head more than a year ago. The CME lean hog index 3/17/2026: up $0.07, $91.93.

FRIDAY'S HOG CALL: Lower. At this point, packers have likely secured the vast majority of their needs in the cash market already.

Thursday Midday Livestock Market Summary - Complex Continues to Slide Lower While Waiting for Support

GENERAL COMMENTS:

The livestock complex is trading lower into Thursday's noon hour as the market simply doesn't possess the support it needs to trade higher. Again, a single bid is being offered in Nebraska, but no cattle have traded. May corn is up 3 1/2 cents per bushel and May soybean meal is up $12.20. The Dow Jones Industrial Average is down 353.91 points and NASDAQ is down 166.87 points.

Thursday's export report shared that beef net sales of 3,200 metric tons (mt) for 2026 -- a marketing year low -- were down 87% from the previous week and 80% from the prior four-week average. The three largest buyers were Japan (3,800 mt), Hong Kong (1,600 mt) and Taiwan (800 mt). Pork net sales of 28,300 mt for 2026 were up 19% from the previous week and down 13% from the 4-week average. The three largest buyers were Mexico (7,500 mt), South Korea (5,700 mt) and China (3,500 mt).

LIVE CATTLE:

Without any sizeable fundamental support having developed, the live cattle complex continues to trade lower. Traders have also noted the slight downturn in boxed beef prices -- which is likely stemming from pushback from retailers as they understand that the U.S. beef cowherd is low and prices are naturally going to creep higher as supplies are lower and demand is high. It's a balancing act that packers are going to have to manage when it comes to pricing the meat as they don't want to hinder demand. April live cattle are down $1.72 at $233.67, June live cattle are down $1.77 at $232.20 and August live cattle are down $1.72 at $229.87. Still no cash cattle trade has developed although bids have been offered in Nebraska. At this point it's looking like the bulk of this week's trade could be delayed until after Friday's Cattle on Feed report.

Boxed beef prices are lower: choice down $1.33 ($400.42) and select down $2.49 ($393.68) with a movement of 47 loads (28.38 loads of choice, 3.53 loads of select, 6.77 loads of trim and 8.80 loads of ground beef).

FEEDER CATTLE:

And once again the feeder cattle complex is following the live cattle contract's direction as it too is trading lower. That's not to say that demand has been strong for feeders in the countryside because demand has seen an uptick this past week; but instead this is a technical decision as traders don't want to move in the opposite direction against the live cattle contracts and its trend. March feeders are down $2.22 at $356.50, April feeders are down $4.82 at $349.00 and May feeders are down $5.45 at $344.42.

LEAN HOGS:

With cash volumes low and pork demand softening, it comes as no real surprise that the lean hog complex is trading lower. April lean hogs are down $0.92 at $92.82, June lean hogs are down $2.10 at $105.42 and July lean hogs are down $1.97 at $107.70. It's not likely the market is going to find the level of support it needs ahead of the week's end, and will likely keep with this sideways to slightly lower trend through Friday's close.

The projected CME Lean Hog Index for 3/18/2026 is up $0.11 at $92.04, and the actual index for 3/17/2026 is up $0.07 at $91.93. Hog prices are again unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see only 855 head have traded this morning and the market's five-day rolling average now sits at $91.26. Pork cutouts total 158.29 loads with 136.17 loads of pork cuts and 22.12 loads of trim. Pork cutout values: down $0.05, $98.77.