Friday Closing Livestock Market Update - Cattle Close Lower, Waiting to See What Afternoon Revealed

GENERAL COMMENTS:

The livestock complex ended the day mixed. Cattle contracts were hesitant, not knowing what the cash cattle market or USDA Cattle on Feed report were going to amount to. But the lean hog complex closed higher, as traders have found some technical support and interest. March corn is up 1 3/4 cents per bushel, and March soybean meal is up $5. The Dow Jones Industrial Average is up 230.81 points, and the NASDAQ is up 203.34 points.

LIVE CATTLE:

The live cattle complex closed lower as traders were apprehensive to push the contracts higher ahead of seeing what the fed cash cattle market was going to do or before they could see what Friday afternoon's Cattle on Feed report revealed. The Cattle on Feed report turned out to be neutral to slightly bullish. And based on what cash cattle trade has developed, it's trend has been higher too. (Look for more on the Feb. 1 Cattle on Feed report in the DTN Ag News menu.)

At the time of this writing, only a handful of cattle had sold in the South, but prices were marked at $249, which was $1 higher than last week's weighted average. But Northern cattle had traded at mostly $388, which was $7 higher than last week's weighted average. Given that only a small handful of cattle had traded in the South, it wouldn't be surprising to see that price improve when more cattle begin to be traded, as feedlot managers are keenly aware of the market's limited supply of market-ready fats. 

Friday's slaughter is estimated at 89,000 head -- 3,000 head more than a week ago and 19,000 head less than a year ago. Saturday's slaughter is projected to be around zero head of cattle. The week's total slaughter is estimated at 516,000 head -- 25,000 head less than a week ago and 48,000 head less than a year ago.

Boxed beef prices are higher: choice up $1.53 ($366.70) and select up $0.95 ($360.74) with a movement of 106 loads (75.66 loads of choice, 4.41 loads of select, 21.32 loads of trim and 4.78 loads of ground beef).

MONDAY'S CATTLE CALL: Higher. With supplies thin, it's likely that the trend is going to continue to inch higher until later in the year.

FEEDER CATTLE:

The feeder cattle complex followed in the direction of the live cattle market, as traders weren't willing to push the contracts ahead of a big-hitting afternoon where the fed cash cattle market was still up for discussion. And the Cattle on Feed report was obviously released after the day's close, too. March feeders closed $2.25 lower at $368.02, April feeders closed $2.60 lower at $365.05 and May feeders closed $2.57 lower at $361. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week and throughout the entire state, feeder steers traded steady to $3 higher, and feeder heifers traded $2 to $8 higher. Steer calves over 450 pounds sold $4 to $5 higher, but steers under 450 pounds sold $15 to $20 higher. Heifer calves weighing over 450 pounds traded $4 to $9 higher, but heifers under 450 pounds sold $9 to $11 higher. Feeder cattle supply over 600 pounds was 64%. The CME feeder cattle index 2/19/2026: up $0.45, $377.37.

LEAN HOGS:

Although the cattle contracts had to be a tick cautious heading into Friday's closing, the lean hog complex was able to continue with its minor rally, as traders weren't up against any immediate resistance threshold. April lean hogs closed $0.22 higher at $93.67, June lean hogs closed $0.65 higher at $107.82, and July lean hogs closed $0.87 higher at $109.85. And again, on Friday afternoon, the market's support didn't come from strong fundamentals, as pork cash prices and pork cutout values closed lower. Hog prices are lower on the Daily Direct Afternoon Hog Report, down $2.08 with a weighted average price of $88.96 on 1,513 head. Pork cutouts total 254.64 load with 223.39 loads of pork cuts and 31.26 loads of trim. Pork cutout values: down $0.67, $95.61. Friday's slaughter is estimated at 460,000 head -- 14,000 head more than a week ago and 6,000 head less than a year ago. Saturday's slaughter is projected to be around 144,000 head. The CME lean hog index 2/18/2026: up $0.40, $87.59.

MONDAY'S HOG CALL: Lower. Packers rarely show much interest in the cash hog market on Mondays.

Friday Midday Livestock Market Update - Cattle Trade Lower

GENERAL COMMENTS:

The livestock complex is trading mixed into Friday's noon hour as the cattle contracts dip slightly lower ahead of seeing this afternoon's Cattle on Feed report and upon not seeing any fed cash cattle trade yet. Bids are currently on the table live at $245, but no cattle have sold. March corn is up 2 1/4 cents per bushel and March soybean meal is up $6.90. The Dow Jones Industrial Average is down 110.11 points and NASDAQ is up 87.11 points.

LIVE CATTLE:

The live cattle complex is trading mildly lower as the market continues to wait for some fed cash cattle trade to develop. Bids are currently on the table in both regions, with live prices being offered in both the North and the South at $245, but no cattle have traded yet. And there's a chance that feedlot managers may hold out until after this afternoon's Cattle on Feed report is released before they sell any cattle. In the meantime, the live cattle contracts are trading slightly lower as traders try to remain patient, but there's yet to be anything substantially developed from a bullish fundamental perspective to help boost the futures market moral. February live cattle are down $0.10 at $247.40, April live cattle are up $0.75 at $242.65 and June live cattle are up $0.55 at $238.32.

Boxed beef prices are higher: choice up $1.50 ($366.67) and select up $1.26 ($361.05) with a movement of 65 loads (54.27 loads of choice, 2.46 loads of select, 4.79 loads of trim and 3.66 loads of ground beef).

FEEDER CATTLE:

Keeping in alignment with the live cattle complex, the feeder cattle contracts are also trading lower into Friday's noon hour. March feeders are down $0.75 at $369.47, April feeders are down $1.07 at $366.57 and May feeders are down $0.87 at $362.67. And unless the direction of the live cattle contract's change, it's unlikely that the feeder cattle contracts will find much more support ahead of the afternoon's close, even though demand is strong for calves and feeders and the Cattle on Feed report is expected to be bullish.

LEAN HOGS:

The lean hog contracts continue to scale higher as traders are not currently up against any immediate fears of resistance pressure. April lean hogs are up $0.45 at $93.90, June lean hogs are up $0.77 at $107.95 and July lean hogs are up $0.92 at $109.90. And yes, pork cutout values are still lower, but traders don't feel like they need an abundance of fundamental support given that they're not challenging technical resistance pressure right now.

The projected lean hog index for 2/19/2026 is up $0.36 at $87.95, and the actual index for 2/18/2026 is up $0.40 at $87.59. Hog prices on the Daily Direct Morning Hog Report average $88.96, ranging from $86.00 to $92.00 on 1,353 head and a five-day rolling average of $88.96. Pork cutouts total 181.28 loads with 163.70 loads of pork cuts and 17.59 loads of trim. Pork cutout values: down $0.39, $95.89.

Friday Morning Livestock Market Update - Traders Cautious Ahead of Cash and the Cattle on Feed Report

GENERAL COMMENTS:

Traders had no direction from cash to determine the strength or weakness of futures. This resulted in mixed trade with nearby contacts, anticipating higher cash prices. However, the lack of definite movement in live cattle and lower prices for feeder cattle might have been influenced by the upcoming Cattle on Feed report to be released after the close today. The trade estimates cattle on feed on Feb. 1 at 98.5% of a year ago, with estimates ranging from 97.8% to 98.8%. Placements in January are estimated at 96.7% with a range of 92.7% to 99.5%. Marketings are estimated at 87.0% with a range of estimates from 86.7% to 88.0%. Despite traders remaining cautious ahead of the report, a bearish report may be short-lived as market fundamentals will override any bearish numbers. There would be an immediate reaction, but prices will correct to align with current fundamentals. Boxed beef prices were mixed again, with choice up $1.37 and select down $0.84.

Hog futures were able to rebound for the third consecutive day through the end of the year. Traders have not been enthusiastically buying back into the market, but it has been slowly trending higher. It was surprising to see the strength in the cash market. The National Daily Direct Afternoon Hog report was up $2.70. However, with the strong packer interest on Thursday, they have likely finished buying for the week. Pork cutout values were $0.72 higher. This combination should provide further support to the market today. The strong slaughter pace indicates continued strong pork movement.

	BULL SIDE		BEAR SIDE
1)	The Cattle on Feed report should be supportive with lower placements and a lower number of cattle on feed.	1)	The placement estimates have a large range again, and if the actual numbers are near the top of the range, selling would take place on Monday.
2)	The cash cattle trade is anticipated to be higher due to packers not having purchased many cattle ahead. They will need to pay more money to obtain them.	2)	Boxed beef prices cannot seem to find consistent support. This may indicate that demand might have reached a threshold.
3)	Traders are slowly stepping back into the market with long positions. The market was overdone to the downside and is now correcting.	3)	Hog futures may have difficulty regaining the losses of last week unless cash and cutouts find consistent support.
4)	Strong cash and higher cutouts on Thursday should provide further support to futures today.	4)	Packers are not expected to be aggressive today as they should have finished most of their purchases for the week.

Thursday Closing Livestock Market Update - Mixed Tones Follow Complex

GENERAL COMMENTS:

The livestock complex closed mixed, with the cattle contracts unable to collectively trade higher as they're skeptical do so before seeing what the cash market unveils this week. Still no cash cattle trade has developed and both bids and asking prices remain elusive. March corn is down 1 1/4 cents per bushel and March soybean meal is up $0.90. The Dow Jones Industrial Average is down 267.50 points and the NASDAQ is down 70.90 points.

LIVE CATTLE:

It was another mixed day for the live cattle complex as the market saw its nearby contracts maintain a slightly higher position, while the market's deferred contracts closed lower. More than anything, it seems as though traders soberly recognize the fact that fed cash cattle supplies will be thin well through the first quarter of the year, and potentially into the first part of the second quarter, which is likely why traders allowed the February through August 2026 contracts to close mildly higher while the rest of the deferred contracts closed lower. February live cattle closed $0.90 higher at $247.50, April live cattle closed $0.90 higher at $243.42 and June live cattle closed $0.45 higher at $238.87. Still no cash cattle trade has developed, and there's a chance that trade could be delayed until after Friday's Cattle on Feed report. 

Thursday's slaughter is estimated at 112,000 head, 3,000 head less than a week ago and 1,000 head less than a year ago.

Boxed beef prices are unavailable due to packer data submission issues.

FRIDAY'S CATTLE CALL: Higher. It's fully assumed that prices will be higher again this week when cattle do begin to trade.

FEEDER CATTLE:

The live cattle contracts may have been able to close slightly higher through Thursday's end, but the feeder cattle contracts weren't as fortunate, although their decline was minimal. March feeders closed $0.30 lower at $370.27, April feeders closed $0.35 lower at $367.65 and May feeders closed $0.65 lower at $363.57. At the Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves traded $5.00 to $15.00 higher, with instances even sharply higher; yearling steers traded $7.00 to $14.00 stronger. Heifer calves weighing 400 to 450 pounds traded $6.00 lower, while heifers weighing 450 to 600 pounds traded higher. Feeder heifers sold steady to $10.00 higher. Slaughter cows sold $2.00 to $4.00 higher and slaughter bulls traded $3.00 lower. Feeder cattle supply over 600 pounds was 38%. The CME feeder cattle index: not available at this time.

LEAN HOGS:

The lean hog complex had a mostly successful day, where the contracts were again able to inch slightly higher as they're no longer up against immediate resistance pressure. April lean hogs closed $0.90 higher at $93.45, June lean hogs closed $0.57 higher at $107.17 and July lean hogs closed $0.47 higher at $108.97. It was positive to note that pork cutout values closed stronger, which was mainly led by the butt's $4.41 increase. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.70 with a weighted average price of $91.04 on 4,390 head. Pork cutouts totaled 317.67 loads with 289.89 loads of pork cuts and 27.78 loads of trim. Pork cutout values: up $0.72, $96.28. Thursday's slaughter is estimated at 491,000 head -- 35,000 head more than a week ago and 21,000 head more than a year ago. The CME lean hog index 2/17/2026: up $0.06, $87.19.

FRIDAY'S HOG CALL: Lower. At this point, packers aren't likely to buy much more in the cash hog market this week.