Thursday Closing Livestock Market Update - Traders Lend Contracts Some Extra Support

GENERAL COMMENTS:

Thanks to a little extra trader support, the livestock contracts ended the day higher even though the market's fundamentals haven't improved. No new cash cattle trade developed throughout the day. December corn is down 3 cents per bushel and December soybean meal is up $1.60. The Dow Jones Industrial Average is up 70.55 points and the NASDAQ is up 369.17 points.

Thursday's export report shared that beef net sales of 9,200 mt for 2026 were down 1% from the previous week and 38% from the prior 4-week average. The three largest buyers were Japan (2,200 mt), South Korea (2,100 mt) and Taiwan (1,900 mt). Pork net sales of 38,700 mt for 2026 were up 42% from the previous week and 23% from the prior 4-week average. The three largest buyers were Mexico (22,700 mt), Japan (2,600 mt) and Colombia (2,200 mt).

LIVE CATTLE:

With the help of added trader support, the live cattle complex was able to end the day higher, not because of any riveting fundamental developments but simply because traders poured a little extra support into the market. October live cattle closed $2.15 higher at $212.92, December live cattle closed $2.22 higher at $214.80 and February live cattle closed $2.75 higher at $216.82. The fed cash cattle complex was idle throughout the day with no new sales being reported. Bids of $220 were offered throughout the day in Nebraska, but no trade developed. Earlier this week we saw some dressed cattle trade in Nebraska/Iowa for mostly $345 which is $10.00 lower than the previous week's weighted average -- but the market has yet to trade any Southern cattle. 

Thursday's slaughter is estimated at 105,000 head -- 5,000 head more than a week ago and 14,000 head less than a year ago.

Boxed beef prices closed lower: choice down $3.77 ($381.36) and select down $3.49 ($359.19) with a movement of 104 loads (77.70 loads of choice, 9.54 loads of select, 4.87 loads of trim and 12.31 loads of ground beef).

FRIDAY'S CATTLE CALL: Lower. The market may not see much more trade develop in the North ahead of the week's end, but the South has yet to trade cattle.

FEEDER CATTLE:

And just like the live cattle complex, the feeder cattle contracts were able to end the day on a stronger note thanks to added support from traders. September feeders closed $3.45 higher at $322.45, October feeders closed $3.82 higher at $318.07 and November feeders closed $3.97 higher at $311.47. At Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves sold lower except those weighing 450 to 500 pounds which traded $2.00 higher. Feeder steers traded $13.00 to $20.00 lower. Heifer calves and feeder heifers sold $8.00 to $17.00 lower. Slaughter cows sold $7.00 lower and slaughter bulls traded $10.00 lower. Feeder cattle supply over 600 pounds was 31%. The CME feeder cattle index 8/26/2026: down $0.80, $333.47.

LEAN HOGS:

The lean hog complex ended the day mostly higher as traders were willing to mildly support the complex through the day's end even without fundamental support. October lean hogs closed $0.27 lower at $80.62, December lean hogs closed $0.22 higher at $71.20 and April lean hogs closed $0.12 higher at $73.85. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.99 with a weighted average price of $89.76 on 4,254 head. Pork cutouts totaled 267.38 loads with 242.24 loads of pork cuts and 25.14 loads of trim. Pork cutout values: down $1.75, $93.80. Thursday's slaughter is estimated at 486,000 head -- 44,000 head more than a week ago and 1,000 head less than a year ago. The CME lean hog index 8/25/2026: down $0.23, $92.42.

FRIDAY'S HOG CALL: Lower. At this point packers have likely bought the vast majority of their cash needs for the week already.

Thursday Midday Livestock Market Summary - Traders Drive Contracts Higher

GENERAL COMMENTS:

The livestock complex is moving higher into Thursday's noon hour thanks to increased trader support. A single bid of $220 is currently being offered in Nebraska; otherwise the market has yet to see any more trade develop. December corn is down 4 cents per bushel and December soybean meal is up $1.70. The Dow Jones Industrial Average is up 179.63 points and NASDAQ is up 371.48 points.

Thursday's export report shared that beef net sales of 9,200 mt for 2026 were down 1% from the previous week and 38% from the prior 4-week average. The three largest buyers were Japan (2,200 mt), South Korea (2,100 mt) and Taiwan (1,900 mt). Pork net sales of 38,700 mt for 2026 were up 42% from the previous week and 23% from the prior 4-week average. The three largest buyers were Mexico (22,700 mt), Japan (2,600 mt) and Colombia (2,200 mt).

LIVE CATTLE:

After trading lower earlier in the week, the live cattle complex has finally found some support from traders which is helping the contracts move higher into Thursday's noon hour. October live cattle are up $2.55 at $213.35, December live cattle are up $2.72 at $215.30 and February live cattle are up $2.95 at $217.02. Nothing has changed fundamentally to incentivize traders to be more supportive of the futures -- but rather they see an opportunity to mildly advance the contracts without any major technical pressure looming. The fed cash cattle market remains idle with only a single bid renewed at this point in Nebraska at $220. Otherwise, the market remains quiet, with no new trade developed. The only confident test we've seen on the market thus far has been in the North where dressed cattle are trading at mostly $345, which is $10.00 lower than last week's weighted average.

Boxed beef prices are lower: choice down $1.66 ($383.47) and select down $2.55 ($360.13) with a movement of 58 loads (42.45 loads of choice, 4.55 loads of select, 3.48 loads of trim and 7.63 loads of ground beef).

FEEDER CATTLE:

Keeping perfect alignment with the live cattle contracts, the feeder cattle contracts are also trading higher into Thursday's noon hour. August feeders are up $1.05 at $333.80, September feeders are up $4.35 at $323.35 and October feeders are up $4.85 at $319.05. So long as the live cattle contracts continue to trade higher, it's likely the feeder cattle contracts will keep this momentum through the day's close.

LEAN HOGS :

The lean hog complex is also seeing modest trader support as we approach Thursday's noon hour. October lean hogs are down $0.35 at $80.55, December lean hogs are up $0.20 at $71.17 and February lean hogs are up $0.17 at $73.90. Again, this is solely a technical decision as the market's fundamentals aren't immediately gratifying with midday pork cutout values lower and cash prices too. The projected CME Lean Hog Index for 8/26/2026 is down $0.28 at $92.14 and the actual index for 8/25/2026 is down $0.23 at $92.42. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see only 2,715 head have traded and the market's five-day rolling average now sits at $91.57. Pork cutouts totaled 170.36 loads with 151.20 loads of pork cuts and 19.16 loads of trim. Pork cutout values: down $1.46, $94.09.

Thursday Morning Livestock Market Update - Futures Struggle to Find Support

GENERAL COMMENTS:

The outlook for cash cattle trade does not look positive again this week. Early light cash trade took place at lower prices than last week, likely setting the stage for the rest of the week. Packers have the upper hand and are using it to their advantage. They already have some cattle purchased ahead for deferred delivery and will likely continue that trend to maintain an adequate supply, eliminating the need to be aggressive in the cash market. Boxed beef prices fell, with choice down $3.40 and select down $6.30. Thursday is the last trading day for the August feeder cattle contract, with September becoming the lead month. It will be interesting to see whether President Trump listens to the voice of cattle associations and Farm Bureau to reverse the decision to allow imports of 300,000 metric tons of beef for 90 days. Concerns have also been raised about the ability to inspect the large volume of beef in a short period.

Hog futures found minor strength likely tied to short-covering as traders remain uncertain over how much further prices will drop. The market is oversold technically, but that is meaningless if fundamentals are not supportive. The strong slaughter pace is meeting with reduced demand, resulting in lower cash and cutout prices. The National Daily Direct Afternoon Hog report showed cash down $2.07, moving the weighted average price to $90.75, where it has not been for quite some time. Pork cutouts fell $2.12 as bellies fell $6.94 and picnics declined $4.96.

	BULL SIDE		BEAR SIDE
1)	The cattle herd will not rebuild anytime soon as ranchers see negative market signals at a time when decisions to retain heifer calves or market them are made.	1)	Early cash trade indicates the potential for substantially lower cattle prices this week.
2)	Lower cash and the border reopening have already been factored into the market. The market may bounce as some short positions are covered.	2)	The large decline in boxed beef on Wednesday may set a negative tone in the market.
3)	Hog futures are significantly below cash, and any stability in the cash market may increase trader buying interest.	3)	Weekly hog weights averaged 284.1 pounds, up 1.5 pounds from the previous week and 3.1 pounds above a year ago.
4)	Technically, hog futures should retrace somewhat as traders may not press the market much lower.	4)	Hog futures are oversold, but the trend is down. The market will need to prove itself before traders turn bullish.

Wednesday Closing Livestock Market Update - Traders Lend Cattle Contracts Additional Support

GENERAL COMMENTS:

The livestock complex ended the day higher as traders lent the cattle and lean hog contracts additional support ahead of Wednesday's close. No new cash cattle trade developed throughout the day, but bids were offered in both regions. December corn is up 13 cents per bushel and December soybean meal is up $10.10. The Dow Jones Industrial Average is down 113.52 points and the NASDAQ is down 21.10 points.

LIVE CATTLE:

The live cattle complex ended the day mostly higher, aside from the spot October contract, which closed just mildly lower. Nothing fundamentally changed for the better in the complex, but instead, traders lent the contracts a little bit more support ahead of the afternoon's close, which helped change their position from red to green before closing. October live cattle closed $0.17 lower at $210.77, December live cattle closed $0.45 higher at $212.57 and February live cattle closed $0.57 higher at $214.07. Following Tuesday's light business, packers offered bids in the cash market on Wednesday, but trade sat mostly idle as packers don't want to see prices advance, and obviously feedlot managers would like to see the market move higher. Bids were offered throughout the day in the South at $218 to $220, but Southern cattle are priced at mostly $223 to $225, and northern bids were offered throughout the day in Nebraska at $218 to $245. More trade will need to develop in the South, especially before the week is over. On Tuesday, Northern cattle traded at mostly $345, which is $10.00 lower than the previous week's weighted average. 

Wednesday's slaughter is estimated at 105,000 head -- 1,000 head less than a week ago and 13,000 head less than a year ago.

Boxed beef prices closed lower: choice down $3.40 ($385.13) and select down $6.30 ($362.68) with a movement of 119 loads (69.37 loads of choice, 19.95 loads of select, 7.69 loads of trim and 22.07 loads of ground beef).

THURSDAY'S CATTLE CALL: Lower. The market's trend this week is going to be lower.

FEEDER CATTLE:

The feeder cattle complex ended the day mostly higher, aside from its two nearby contracts which closed just mildly lower. Just like the live cattle complex, traders were willing to throw the market a bone ahead of closing, which helped the contracts end the day mostly higher. Nothing has changed with the market's fundamentals, making the outlook bullish for the immediate future. September feeders closed $0.27 lower at $319.00, October live cattle closed $0.92 higher at $314.25 and November feeders closed $1.80 higher at $307.50. At the Winter Livestock Auction in Dodge City, Kansas, compared to last week, steers over 800 pounds traded $5.00 to $10.00 lower and heifers over 700 pounds traded $5.00 to $10.00 lower as well. Stocker steer and heifer calves traded sharply lower. Boning utility slaughter cows traded $10.00 lower, while lean utility slaughter cows sold $5.00 lower. Feeder cattle supply over 600 pounds was 54%. The CME feeder cattle index 8/25/2026: down $1.19, $334.27.

LEAN HOGS:

And like the cattle contracts, the lean hog contracts finally found some technical support in Wednesday's market, which helped the contracts close higher, even with both pork cutout values ending the day lower and cash prices too. October lean hogs closed $0.45 higher at $80.90, December lean hogs closed $0.62 higher at $70.97 and February lean hogs closed $0.55 higher at $73.72. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.27 with a weighted average price of $90.75 on 11,391 head. Pork cutouts totaled 273.80 loads, with 236.35 loads of pork cuts and 37.45 loads of trim. Pork cutout values: down $2.12, $95.55. Wednesday's slaughter is estimated at 484,000 head -- 13,000 head more than a week ago and steady with a year ago. The CME lean hog index 8/24/2026: down $0.21, $92.65.

THURSDAY'S HOG CALL: Lower. With pork demand lower, it's unlikely that packers are going to advance the cash market at this point.