Monday Closing Livestock Market Update - Traders Remain Cautious When Handling Contracts

GENERAL COMMENTS:

The livestock complex ended the day lower as traders remain on edge, needing more market support before they'll likely push the contracts higher. New showlists for the week are lower in Texas and Kansas, but higher in Nebraska. December corn is down 5 1/4 cents per bushel and December soybean meal is down $11.6h. The Dow Jones Industrial Average is down 347.11 points and the NASDAQ is down 248.34 points.

LIVE CATTLE:

Without knowing exactly what's to come next in this week's trade, traders elected to play it safe through Monday's market and merely let the contracts chop sideways through Monday's close. October live cattle closed $1.42 lower at $217.45, December live cattle closed $1.35 lower at $220.80 and February live cattle closed $1.35 lower at $222.95. No bids or asking prices have been established yet this week, and it's likely that the week's trade will be delayed until later in the week. New showlists for the week are lower in Texas and Kansas, but higher in Nebraska. Monday's slaughter is estimated at 95,000 head -- 10,000 head less than a week ago and 17,000 head less than a year ago.

Last week Southern live cattle traded at mostly $222, which is steady with the previous week's weighted average and Northern dressed cattle traded at mostly $345 to $350, which is steady to $5.00 lower than the previous week's weighted average.

Boxed beef prices closed higher: choice up $1.65 ($380.48) and select up $2.47 ($358.23) with a movement of 105 loads (66.96 loads of choice, 12.10 loads of select, 13.43 loads of trim and 12.77 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady. Given that last week's trade was light, packers may need to be more aggressive this week.

FEEDER CATTLE:

And without the support of the live cattle complex, and upon seeing some sales trade in sale barns, the feeder cattle contracts were also pressured to end the day lower. October feeders closed $3.02 lower at $331.90, November feeders closed $2.70 lower at $329.27 and January feeders closed $2.37 lower at $321.97. At the Joplin Regional Stockyards in Carthage, Missouri, compared to last week and at their mid-session point, feeder steers under 700 pounds were trading steady to $5.00 lower with the exception of five-weight steers were trading $5.00 to $20.00 lower. Steers over 700 pounds were trading steady to $6.00 higher. Feeder heifers were selling steady to $10.00 lower. The CME feeder cattle index 9/25/2026: down $1.00, $337.79.

LEAN HOGS:

The lean hog complex kept with its recent downward trend as traders simply aren't confident that today's slight uptick in consumer demand is enough to really justify trading the contracts higher. If consumer demand remains strong throughout the week, then there's a chance that the board may trade higher, but it will take some due time. October lean hogs closed $0.02 higher at $78.25, December lean hogs closed $0.62 lower at $68.30 and February lean hogs closed $0.95 lower at $69.37. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.54 with a weighted average price of $79.22 on 426 head. Pork cutouts totaled 283.19 loads, with 256.08 loads of pork cuts and 27.11 loads of trim. Pork cutout value: up $1.06, at $87.80. Monday's slaughter is estimated at 491,000 head -- up 26,000 head from last week and up 3,000 head from a year ago. The CME lean hog index 9/24/2026: down $0.44, $81.76.

TUESDAY'S HOG CALL: Higher. Packers' interest in Monday's cash market was minimal, which could lead to greater interest on Tuesday.

Monday Midday Livestock Market Summary - Weaker Tones Take Over the Complex

GENERAL COMMENTS:

Thus far, it's been a rather uneventful start to the week as traders are letting the livestock contracts drift lower into midday Monday. New showlists for the week are lower in Texas and Kansas, but higher in Nebraska. December corn is down 6 cents per bushel and December soybean meal is down $10.10. The Dow Jones Industrial Average is down 194.17 points and the NASDAQ is down 129.23 points.

LIVE CATTLE:

Without having great confidence in whether or not fundamental support will arise this week, traders are merely letting the live cattle contracts chop sideways into midday Monday. October live cattle are down $0.75 at $218.12, December live cattle are down $1.25 at $220.90 and February live cattle are down $1.02 at $223.27. Currently, the spot December live cattle contract is hovering above its 40-day moving average, but in order for the market to maintain its position above that threshold, it will be imperative that fundamental support arises sometime this week. The cash cattle market remains quiet at midday Monday. No bids or asking prices have been established yet this week. New showlists for the week are lower in Texas and Kansas, but higher in Nebraska. Trade will likely be delayed until the later half of the week again.

Boxed beef prices are higher: choice up $2.71 ($381.54) and select up $1.86 ($357.62) with a movement of 46 loads (24.92 loads of choice, 7.79 loads of select, 7.95 loads of trim and 5.33 loads of ground beef).

FEEDER CATTLE:

And in keeping with the live cattle complex, the feeder cattle contracts are also trading lower. October feeders down $2.22 at $332.70, November feeders down $1.82 at $330.15 and January feeders down $1.17 at $323.17. October is commonly known as "dead calf month" as the seasonal weather changes impose immense stress on freshly weaned calves. It's common that these unweaned calves will see a discount at sale barns as buyers know that their risk is high on those purchases.

LEAN HOGS :

And the lean hog complex is keeping with its uneventful, bleak tone as again today its contracts are trading lower. October lean hogs are up $0.47 at $78.70, December lean hogs are down $0.17 at $68.85 and February lean hogs are down $0.30 at $70.02. And until traders see a noticeable change in consumer demand, it's likely that the complex may merely chop sideways. The projected lean hog index for 9/25/2026 is down $0.55 at $81.21, and the actual index for 9/24/2026 is down $0.44 at $81.76. Hog prices are unavailable on the Daily Direct Morning Hog report because of confidentiality. However, we can see that only 306 head have traded and that the market's five-day rolling average now sits at $79.72. Pork cutouts total 139.40 loads, with 129.70 loads of pork cuts and 9.70 loads of trim. Pork cutout values: up $0.52, $87.26.

Monday Morning Livestock Market Update - There is Little to Generate Strong Price Movement

GENERAL COMMENTS:

Cash cattle trade was limited before the market close. The cattle that had been traded were traded at steady money. Later trade showed some weakness, with live cattle sales in the North at $1.00 lower and dressed sales as much as $5.00 lower. Some of this had to do with the ICE enforcement action in Kansas packing plants that disrupted slaughter. According to USDA's daily slaughter reports, fed-cattle slaughter was down nearly 9% on Wednesday and 16% on Thursday. It is difficult to say whether this will be made up this week or if it will just be business as usual without much effort made to regain the losses under current fundamentals. Boxed beef prices were higher on Friday, with choice up $2.71 and select up $3.66. The Commitment of Traders report showed fund traders adding 1,394 live cattle futures contracts, bringing their net long position to 49,090. They increased their long position in feeder cattle by 794 contracts to a net long position of 8,005 contracts.

Hog futures could not find support during the second half of the week as futures lost the gains early in the week. Traders could not find anything bullish to increase their desire to buy the weakness. Pork cutouts were up $0.64, but that may not be sufficient to generate buyer interest to begin the week. The National Daily Direct Afternoon Hog report showed cash down $0.27. Fundamental support is limited, with a friendly Hogs & Pigs report last week failing to generate any desire to establish long-term positions in the market. The Commitment of Traders report showed fund traders as net sellers of 4,372 futures contracts, reducing their net short positions to 42,140.

	BULL SIDE		BEAR SIDE
1)	The packers in Kansas may make up for their reduced slaughter pace last week as a result of the ICE raids.	1)	Cash weakness is likely to keep the upside in cattle futures limited. The packers are monitoring the recent ICE situation in Kansas.
2)	Cattle futures seem to be finding support as traders anticipate cattle prices to hold.	2)	Cattle futures had a chart gap below the market that may be filled sooner rather than later.
3)	Hog slaughter continues to remain strong, indicating there is good demand, or packers would not maintain the increased slaughter pace.	3)	Hog futures are struggling to find support. It is difficult to say whether contract lows will hold.
4)	Technical buying may increase as hog futures retest support.	4)	Traders continue to implement short-term trades to attempt to take a profit and have little interest in establishing long-term positions.

Friday Closing Livestock Market Update - Fed Cash Cattle Market Continues to Hold Out

GENERAL COMMENTS:

All in all it was a quiet day for the livestock complex as the market still hasn't traded any sizeable volume yet in the fed cash cattle market. Thankfully the cattle contracts were able to keep their stronger position through the day's end even without knowing what the cash market was going to do this week. December corn is up 3/4 cent per bushel and December soybean meal is down $1.40. The Dow Jones Industrial Average is up 511.74 points and NASDAQ is up 157.80 points.

From Friday to Friday livestock futures scored the following changes: October live cattle up $2.95, December live cattle up $5.53; October feeder cattle up $1.35, November feeder cattle up $13.98; October lean hogs up $0.13, December lean hogs up $0.48; December corn up $0.01, March corn steady.

LIVE CATTLE:

With no strong developments surfacing in the fed cash cattle market, the live cattle contracts kept their mild advancement through the day's end, but not much more needs to be said as it was a rather uneventful day. October live cattle closed $0.20 lower at $218.87, December live cattle closed $1.05 higher at $222.15 and February live cattle closed $1.42 higher at $224.30. At the time of this writing, only a handful of cattle had sold earlier in the week in the North at $350 which is fully steady with the previous week's weighted average, but no Southern trade has developed. It's anyone's guess how this week's trade could shake out as initially it was assumed that the market would at least trade steady to somewhat higher, but with the production ramifications of the ICE raids in Kansas, packer demand may not be as strong.

Friday's slaughter is estimated at 87,000 head – 14,000 head less than a week ago and 4,000 head less than a year ago. Saturday's slaughter is projected to be around 8,000 head. The week's total slaughter is estimated at 484,000 head – 45,000 head less than a week ago and 74,000 head less than a year ago.

Boxed beef prices closed higher: choice up $2.71 ($378.83) and select up $3.66 ($355.76) with a movement of 112 loads (75.57 loads of choice, 6.68 loads of select, 7.76 loads of trim and 21.68 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Before we can speculate what next week's trade could amount to, we need to see what's accomplished in this week's trade.

FEEDER CATTLE:

Thanks to the continued support of buyers in the countryside, and the fact that the live cattle contracts closed higher – the feeder cattle contracts were able to keep their elevated position through Friday's close. October feeders closed $3.17 higher at $334.92, November feeders closed $3.90 higher at $331.97 and January feeders closed $3.70 higher at $325.35. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers traded steady to $3.00 lower, and feeder heifers traded $4.00 to $8.00 lower. Steer calves sold $5.00 to $10.00 higher and heifer calves sold unevenly steady. Slaughter cows traded $6.00 to $7.00 lower and lean cows traded $1.00 lower. Slaughter bulls sold $5.00 lower. Feeder cattle supply over 600 pound was 57%. The CME feeder cattle index 9/24/2026: up $1.72, $338.79.

LEAN HOGS:

Although pork cutout values may have closed a tick higher – traders deemed it too little of support, too late in the week to really do anything supportive for the market ahead of today's close. October lean hogs closed $0.97 lower at $78.22, December lean hogs closed $0.45 lower at $69.02 and February lean hogs closed $0.52 lower at $70.32. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.27 with a weighted average price of $78.68 on 1,272 head. Pork cutouts totaled 273.65 load with 234.41 loads of pork cuts and 39.24 loads of trim. Pork cutout values: up $0.64, $86.74. Friday's slaughter is estimated at 485,000 head – 8,000 head more than a week ago and 20,000 head more than a year ago. Saturday's slaughter is projected to be around 145,000 head. The CME lean hog index 9/23/2026: down $0.27, $82.20.

MONDAY'S HOG CALL: Lower. Packers rarely support the cash hog market on Monday's.