Monday Midday Livestock Market Summary - Traders Drive Contracts Higher

GENERAL COMMENTS:

The livestock complex is off to a bullish start to the week as all three of the markets are trading higher into Monday's noon hour. New showlists appear to be somewhat lower in Texas, Nebraska and Kansas. May corn is down 3 3/4 cents per bushel and May soybean meal is up $1.20. The Dow Jones Industrial Average is up 306.71 points and NASDAQ is down 26.41 points.

LIVE CATTLE:

Thus far it's been another prosperous day for the live cattle complex as the market is charging onward, full-speed ahead into Monday's noon hour. Fueled by a combination of strong support from traders and from the stability recently seen in boxed beef prices -- along with mostly steady tones in last week's fed cash cattle market -- the live cattle complex has finally regained its bullish sentiment. April live cattle are up $1.15 at $239.65, June live cattle are up $1.35 at $240.12 and August live cattle are up $1.27 at $237.32. New showlists appear to be somewhat lower in Texas and even smaller in Nebraska and Kansas.

Last week Northern dressed sales were marked at mostly $372, which is steady with last week's weighted average, and it wasn't until late in the day on Friday that some live cattle sales were reported in the South at $233 to $235 which is steady to $1.00 lower than the previous week's weighted average.

Boxed beef prices are higher: choice up $2.69 ($395.66) and select up $0.90 ($390.77) with a movement of 28 loads (14.47 loads of choice, 3.55 loads of select, 5.90 loads of trim and 3.57 loads of ground beef).

FEEDER CATTLE:

Keeping in perfect alignment with the live cattle complex, the feeder cattle contracts are also charging higher into Monday's noon hour. Aside from the multi-faceted support the live cattle complex is currently seeing, the feeder cattle contracts are seeing that demand plus more as buyers have been notably more aggressive in sale barns across the countryside in recent weeks. With turnout season to grass nearing, demand will likely only get stronger. April feeders are up $2.47 at $363.92, May feeders are up $2.00 at $361.82 and August feeders are up $2.57 at $360.37.

LEAN HOGS:

The lean hog complex is also rallying into Monday's noon hour as traders are pleased to see midday pork cutout values up again and the market is keeping with the upward trend established last week. June lean hogs are up $0.22 at $106.35, July lean hogs are up $0.32 at $109.15 and August lean hogs are up $0.32 at $108.85. Helping drive the midday carcass price higher is mostly the $3.74 jump in the picnic, and then the $2.28 increase in the belly.

The projected CME Lean Hog Index for 3/27/2026 is down $0.42 at $90.76 and the actual index for 3/26/2026 is down $0.29 at $91.18. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 1,355 head have traded and that the market's five-day rolling average now sits at $90.91. Pork cutouts totaled 121.98 loads with 105.22 loads of pork cuts and 16.76 loads of trim. Pork cutout values: up $1.89, $98.45.

Monday Morning Livestock Market Update - Hog Futures May See Follow-Through Strength

GENERAL COMMENTS:

Cash cattle traded steady for the week, which was enough to generate buying interest in futures. There had been a discount to cash, and that allowed room for futures to move higher. Slaughter increased from the previous week, running about 520,000 head. This is a good sign due to the Greeley plant remaining on strike. Slaughter is continuing despite the disruption. Slaughter and carcass weights will remain a big topic moving forward. The reduction in slaughter and record-large carcass weights have been favorable for packers. Cash business is expected to take place earlier this week due to the holiday-shortened trading week due to Good Friday. Boxed beef prices were mixed, with choice up $3.12 and select down $1.79. The Commitment of Traders report showed fund traders increasing their long live cattle position by 4,450 futures contracts to a net long of 107,593. They added 188 contracts to feeder cattle, increasing their net-long position to 19,562.

Hog futures gapped higher on the open on Friday, leaving a gap below the market. Traders digested the Hog and Pigs report and gained the confidence to buy aggressively, with the July and August contracts posting the greatest gains. Packers remained unaggressive to close out the week, as cash on the National Daily Direct Afternoon Hog report was down $0.37. However, pork cutouts were up $1.21. Traders will need to see greater consistency in both cash and cutouts to regain the losses of the past few weeks. Hog slaughter remains strong and above a year ago. Packers had not been aggressive the last half of the week, but should pay up for hogs today as they will attempt to accomplish business early due to the holiday-shortened week. The Commitment of Traders report showed fund traders were net sellers of 15,966 hog futures positions, reducing their long positions to 93,770 contracts.

	BULL SIDE		BEAR SIDE
1)	The strong rebound in cattle futures on Friday may see follow-through strength today.	1)	Cattle futures adjusted higher to move in line with cash, but no other specific reason triggered the strong rally.
2)	Cattle slaughter increased last week despite the continued strike at the JBS Greeley plant. Slaughter has been shifted to other plants.	2)	High cattle weights and reduced slaughter are providing leverage to packers. Cash is expected to be steady at best this week.
3)	Hogs closed higher as traders felt confident to buy into an oversold market and overdone to the downside.	3)	Hog futures left a chart gap on the open Friday that will be filled at some point. Weakness is needed to accomplish the task.
4)	Continued strong slaughter keeps the market current and may eventually tighten supplies and reduce runs.	4)	Traders will need to see consistent strength in cash and cutouts to regain the losses of the past few weeks.

Friday Closing Livestock Market Update - Traders Drive Contracts Sharply Higher

GENERAL COMMENTS:

Friday ended up being a fantastic day for the livestock complex, as the market finally found the support it was desiring and was able to keep the contracts trading higher through the day's end. May corn is down 5 cents per bushel, and May soybean meal is down $6.80. The Dow Jones Industrial Average is down 867.21 points, and the NASDAQ is down 488.70 points.

From Friday to Friday, livestock contracts scored the following changes: April live cattle up $4.45, June live cattle up $5.35; April feeder cattle up $10.28, May feeders cattle up $13.45; April lean hogs down $0.50, June lean hogs up $1.65; May corn down $0.04, July corn down $0.02.

LIVE CATTLE:

The week may have started out choppy for the live cattle complex, but low and behold, by Friday's end, the market closed substantially higher thanks to increased fundamental support from the cash sector and a slight improvement in boxed beef prices. April live cattle closed $3.40 higher at $238.50, June live cattle closed $3.97 higher at $238.77, and August live cattle closed $3.65 higher at $236.05. Friday's higher close pushed the spot June contract past its 40-day moving average and up to the market's resistance that it hasn't successfully traded over since last October.

On Thursday, some light dressed cattle sales were noted in the North at $372, which is steady with last week's weighted average. At the time of this writing, bids are on the table, but no cash cattle sales have been reported in the South. Bids remain unaccepted at $235, as feedlot managers are firm in their asking price of $238 to $240.

Friday's slaughter is estimated at 92,000 head -- 16,000 head more than a week ago and 15,000 head less than a year ago. Saturday's slaughter is projected to be around 16,000 head. The week's total slaughter is estimated at 520,000 head -- 17,000 head more than a week ago and 88,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $3.12 ($392.97) and select down $1.79 ($389.87) with a movement of 107 loads (60.64 loads of choice, 8.39 loads of select, 25.95 loads of trim and 11.94 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Before we can articulate what next week's trend may be, we need to see where the market lands this week.

FEEDER CATTLE:

Upon seeing ample fundamental and technical support arise in the cattle sector, the feeder cattle contracts jumped with joy and successfully rounded out the day anywhere from $4 to $8 stronger. April feeders closed $6.37 higher at $361.45, May feeders closed $8.07 higher at $359.82, and August feeders closed $7.42 higher at $357.80. With boxed beef prices seeing a slight increase at the end of the week and fed cash cattle prices also holding steady, the feeder cattle complex simply had all the support it wanted, as demand in the countryside was also steady to somewhat stronger for calves this week. The Weekly Oklahoma Cattle Auction Summary shared that compared to last week, feeder steers traded steady to $6 higher, and feeder heifers traded steady to $4 lower. Steer calves sold $10 to $15 higher, and heifer calves sold $2 to $7 stronger. Slaughter cows sold $1 to $2 higher, and slaughter bulls traded $3 stronger. Feeder cattle supply over 600 pounds was 69%. The CME feeder cattle index 3/26/2026: down $0.26, $362.98.

LEAN HOGS:

The lean hog complex also ran vigorously through the week's end, as the market had more than enough support to justify doing so. Between Thursday's quarterly USDA Hogs and Pigs report and the uptick in pork demand Friday afternoon, support was ample. April lean hogs closed $0.05 lower at $90.77, June lean hogs closed $1.82 higher at $106.12, and July lean hogs closed $2.12 higher at $108.82. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.37 with a weighted average price of $90.52 on 2,038 head. Pork cutouts totaled 338.53 loads with 300.96 loads of pork cuts and 37.58 loads of trim. Pork cutout values: up $1.21, $96.56. Friday's slaughter is estimated at 490,000 head -- 23,000 head more than a week and year ago. And Saturday's slaughter is projected to be around 58,000 head. The CME lean hog index 3/25/2026: down $0.19, $91.46.

MONDAY'S HOG CALL: Steady. Packers rarely are aggressive enough in the cash market on Mondays to drive the prices higher.

Friday Midday Livestock Market Summary - Traders Finally Receive Fundamental Support They Need

GENERAL COMMENTS:

The livestock complex is trading higher into Friday's noon hour as the market finally found the support it wanted to see. Bids are currently on the table in the South, but no more cash cattle trade has been noted. May corn is down 2 1/2 cents per bushel and May soybean meal is down $3.20. The Dow Jones Industrial Average is down 484.82 points and NASDAQ is down 305.69 points.

LIVE CATTLE:

With the aid of steady trade in the cash cattle complex and upon seeing midday boxed beef prices higher, the live cattle contracts are $2.00 to $3.00 higher ahead of Friday's noon hour. April live cattle are up $3.25 at $238.35, June live cattle are up $3.70 at $238.52 and August live cattle are up $3.60 at $236.00. Currently the spot June live cattle contract is trading above its 40-day moving average, which has been a challenging threshold for the market over the last week. Following the light business that developed in the North on Thursday at $372 (fully steady with last week's weighted average) there's been no more cash cattle trade noted yet. Bids are currently on the table in the South at $235, but feedlot managers are holding firm as their initial asking price was set at $238 to $240. More trade will need to develop throughout the day.

Boxed beef prices are higher: choice up $4.24 ($394.09) and select up $0.23 ($391.89) with a movement of 62 loads (43.96 loads of choice, 3.26 loads of select, 6.71 loads of trim and 8.01 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is loving all the support the cattle sector is receiving Friday morning and the contracts are mostly $5.00 to $6.00 higher headed into Friday's noon hour. April feeders are up $6.10 at $361.17, May feeders are up $6.90 at $358.72 and August feeders are up $6.42 at $356.80. Feeder cattle demand has also been stronger this week in sale barns across the country as buyers realize turn-out season is quickly approaching.

LEAN HOGS:

The lean hog complex has fully absorbed Thursday's Quarterly Hogs and Pigs report and is making the most out of it as the nearby contracts are more than $1.00 higher heading into Friday afternoon. April lean hogs are steady at $90.82, June lean hogs are up $1.52 at $105.82 and July lean hogs are up $1.87 at $108.57. Hopefully this sizeable move confirms there's been a short-term bottom established for the futures complex. The projected CME Lean Hog Index is delayed from the source. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.32 with a weighted average price of $90.60, ranging from $89.00 to $92.00 on 1,753 head and a five-day rolling average of $90.91. Pork cutouts total 236.48 loads with 212.43 loads of pork cuts and 34.05 loads of trim. Pork cutout values: up $3.15, $98.50.