Monday Closing Livestock Market Update - Cattle Continue to Rally into the New Week

GENERAL COMMENTS:

The livestock complex ended Monday mixed, with the cattle contracts able to rally mildly while the hog contracts again closed lower thanks to weak demand. New showlists for the week are steady in Kansas, but slightly higher in Texas and Nebraska. December corn is down 1 cent per bushel and December soybean meal is down $5.90. The Dow Jones Industrial Average is up 146.42 points and the NASDAQ is up 214.04 points.

LIVE CATTLE:

With the hope that the market's strong fundamental underpinning will hold true throughout the week ahead, traders once again drove the live cattle contracts stronger throughout Monday. October live cattle closed $0.10 higher at $229.97, December live cattle closed $0.07 higher at $231.20 and February live cattle closed $1.00 higher at $234.35. No cash cattle trade developed throughout the day. New showlists for the week are steady in Kansas, but slightly higher in Texas and Nebraska. Monday's slaughter is estimated at 106,000 head -- 1,000 head more than a week ago and 3,000 head more than a year ago.

Last week Northern dressed cattle traded from $355 to $365, but mostly at $365, which is $15.00 higher than the previous week's weighted average, and Southern live cattle traded anywhere from $225 to $228, but mostly at $227, which is $3.00 higher than the previous week's weighted average.

Boxed beef prices closed higher: choice up $3.65 ($369.44) and select up $4.87 ($357.56) with a movement of 89 loads (53.91 loads of choice, 8.33 loads of select, 12.43 loads of trim and 14.13 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady to somewhat higher. Given that packers bought only 40,000 head in last week's market, prices are likely to stay steady, if not tick higher again, this week.

FEEDER CATTLE:

The feeder cattle contracts ended Monday stronger too, being fueled once again by strong trader support, and by the fact that ample fundamental support is helping rally the cattle complex right now. October feeders closed $1.57 higher at $349.90, November feeders closed $0.42 higher at $348.55 and January feeders closed $0.65 higher at $346.00. At the Joplin Regional Stockyards in Carthage, Missouri, compared to last week and at their mid-session point, feeder steers under 600 pounds were trading from $5.00 lower to $5.00 higher. Heavier weights were trading $5.00 to $12.00 higher. Feeder heifers were selling $4.00 to $13.00 higher. Feeder cattle supply over 600 pounds was 69%. The CME feeder cattle index 10/23/2026: up $3.46, $348.55.

LEAN HOGS:

Lean hog contracts ended the day lower as pork cutout values closed lower again. Demand continues to be the lean hog market's biggest hurdle, with traders simply unwilling to advance the contracts to any degree without stronger fundamental support. December lean hogs closed $0.90 lower at $64.67, February lean hogs closed $0.60 lower at $67.02 and April lean hogs closed $0.42 lower at $72.25. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $7.94 with a weighted average price of $59.64 on 3,675 head. Pork cutouts totaled 344.71 loads, with 303.65 loads of pork cuts and 41.06 loads of trim. Pork cutout values: down $0.29, $73.80. Monday's slaughter is estimated at 496,000 head -- 20,000 head more than a week ago and 6,000 head more than a year ago. The CME lean hog index 10/22/2026: down $1.09, $71.16.

TUESDAY'S HOG CALL: Steady. Given that pork demand remains null, it's likely that packer demand will be modest at best.

Monday Midday Livestock Market Summary - Cattle Inch Higher While Hogs Remain Hesitant

GENERAL COMMENTS:

The livestock complex is trading mixed into midday Monday as the cattle contracts rally thanks to last week's success, but the lean hog complex isn't as confident given that pork demand has been so finicky. New showlists for the week are steady in Kansas, but slightly higher in Texas and Nebraska. December corn is down 1/2 cent per bushel and December soybean meal is down $6.10. The Dow Jones Industrial Average is up 100.60 points and the NASDAQ is up 240.32 points.

LIVE CATTLE:

Following last week's bullish Cattle on Feed report, the live cattle complex is again trading higher into midday Monday. Although it feels odd to say, it's still unclear exactly where fed cash cattle prices landed last week as trade was light and didn't develop until late Friday and Saturday. But some live cattle trade was noted in the South at $230, and Northern dressed cattle were rumored to have traded anywhere from $358 to $362. But before we can say certainly where the week's weighted averages landed, we will have to see what the midday report unveils. Either way, the market is charging higher into midday Monday, grateful for strong fundamental support. October live cattle are up $0.02 at $229.90, December live cattle are steady at $231.12 and February live cattle are up $0.75 at $234.10. New showlists for the week are steady in Kansas, but slightly higher in Texas and Nebraska.

Boxed beef prices are higher: choice up $3.37 ($369.16) and select up $4.36 ($357.05) with a movement of 39 loads (22.21 loads of choice, 3.44 loads of select, 7.30 loads of trim and 5.86 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is again climbing higher into midday Monday as traders feel as though the market is well supported by ample fundamental support. October feeders are up $1.02 at $349.35, November feeders are up $0.25 at $348.37 and January feeders are up $0.47 at $345.80. And so long as the live cattle complex continues to trade higher, the feeder cattle complex will likely follow suit.

LEAN HOGS:

The lean hog complex is trading lower into midday Monday, as although midday pork cutout values are a tick higher, traders aren't willing to advance the contracts simply because prices are higher for a day. Pork demand has been a lingering issue for the hog complex, and it's not likely that the market is going to change its direction until there's greater confidence that consumers are going to show more interest. The projected lean hog index for 10/23/2026 is down $1.08 at $70.08, and the actual index for 10/22/2026 is down $0.99 at $71.16. Hog prices average $66.18 on the Daily Direct Morning Hog Report, ranging from $63.50 to $67.00 on 535 head and a five-day rolling average price of $66.99. Pork cutouts totaled 190.85 loads, with 171.32 loads of pork cuts and 19.53 loads of trim. Pork cutout values: up $1.31, $75.40.

Monday Morning Livestock Market Update - Lowest September Cattle Placements and Marketings

GENERAL COMMENTS:

The October Cattle on Feed report was released Friday afternoon, and it's expected to bring some fireworks to the futures market Monday. Total cattle on feed was 11.37 million head, 100% of last year. Placements were at 1.777 million head, only 88% of last year. Feeders should really react to such a large drop from last year. Fed cattle marketed were reported at 1.524 million head, 93% of the total from last year. Heifer inventories were 4.3 million head, down 1% from last year. The Cold Storage report was also released Friday afternoon with total beef stocks down 5,051,000 pounds from August, and down 2,954,000 pounds from one year ago.

The Cold Storage report had total pork inventories up 9% from 2025 at 427,813,000 pounds of pork. That is down 1% from September. The biggest changes were hams, up 28% from last year, pork bellies were up 7% from last year, however, down 12% from last month. Loins inventory is up 25% year over year and 5% higher than last month. While inventories are slightly lower than last month, most were quite a bit higher than last year. With the holidays coming, a slight drop in pork inventory can make a difference in price as most are trying to grow their inventories rather than cut. The market will watch cutout values this week to see if demand increases going forward.

	BULL SIDE		BEAR SIDE
1)	Placements at 88% are going to have the biggest impact on feeders but overall bullish for the cattle markets.	1)	Beef cutout values have been choppy lately, giving uncertainty to demand.
2)	Beef cold storage inventory is down 1% from last month and last year.	2)	High priced beef can cause damage to consumer demand as budgets drive purchases.
3)	Pork cold storage inventories are down 1% from last month.	3)	Pork inventories are up 9% from September 2025.
4)	Managed money bought 1,804 contracts back last week in lean hog futures.	4)	Lean hog futures continue to make new lows. From a technical perspective, they do not appear to have found a bottom yet.

Friday Closing Livestock Market Update - No Cash Cattle Trade has Developed Yet

GENERAL COMMENTS:

What a day it was. The Cattle on Feed report was extremely bullish with placements down 12%, and the fed cash cattle market has yet to trade any cattle as packers and feedlot managers go toe to toe. It will be interesting to pick up where this week left off on Monday. December corn is down 4 1/2 cents per bushel and December soybean meal is down $1.20. The Dow Jones Industrial Average is down 639.45 points and the NASDAQ is down 55.46 points.

From Friday-to-Friday livestock futures scored the following changes: October live cattle up $2.32, December live cattle up $2.78; October feeder cattle up $4.70, November feeder cattle up $6.23; December down hogs down $1.35, December corn down $0.18.

LIVE CATTLE:

Friday came and went and thankfully traders continued to support the live cattle contracts although no cash cattle trade has developed at the time of this writing. Thankfully the day's Cattle on Feed report was extremely bullish, but as I mentioned, no trade has developed yet in the cash sector. It's fully assumed that prices will trade at least steady this week, if not higher, but feedlot managers and packers have again gone toe-to-toe and so far no one has budged. Bids of $226 were offered throughout the day in Kanas, but no other bids were even noted. It's likely that we won't know until Monday's official USDA report comes out what happened over the week. But hats off to the feedlot managers that continue to hold the line, and push for stronger cash prices. October live cattle closed $0.12 higher at $229.87, December live cattle closed steady at $231.12 and February live cattle closed $0.10 lower at $233.35.

Friday's slaughter is estimated at 96,000 head -- 6,000 head less than a week ago and 16,000 head less than a year ago. Saturday's slaughter is projected to be around 20,000 head. The week's total slaughter is estimated to be 546,000 head -- 7,000 head less than a week ago and 27,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $3.68 ($365.79) and select up $2.28 ($352.69) with a movement of 124 loads (95.47 loads of choice, 8.35 loads of select, 10.16 loads of trim and 10.18 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Before we can anticipate what next week's market may do, we need to see what this week's trade amounts to.

FEEDER CATTLE:

The feeder cattle complex ended the day higher -- believing that the Cattle on Feed report would be bullish, and grateful for the continued support of the live cattle contracts and traders. And thankfully, Friday's Cattle on Feed report was extremely bullish with placements being down 12% compared to a year ago. October feeders closed $2.22 higher at $348.32, November feeders closed $1.20 higher at $348.12 and January feeders closed $1.35 lower at $345.32. The Oklahoma Weekly Cattle Auction summary shared that compared to a week ago, feeder steers throughout the state traded $10.00 to $20.00 higher, expect those weighing 700 to 800 pounds which traded $4.00 to $8.00 higher. Feeder heifers were unevenly steady. Steer calves traded $25.00 to $30.00 higher. Heifer calves over 500 pounds sold $7.00 to $10.00 higher, and those under 500 pounds traded $15.00 to $20.00 higher. Feeder cattle supply over 600 pounds was 55%. The CME feeder cattle index 10/22/2026: up $1.52, $345.09.

LEAN HOGS:

The lean hog complex was able to maintain its modest rally through Friday's close, as traders lent the complex some light technical support ahead of the week's close. Pork cutout values still closed lower, and the long-term problem of pork demand will again carry into next week's trade. December lean hogs closed $0.02 higher at $65.57, February lean hogs closed $0.20 higher at $67.62 and April lean hogs closed $0.22 higher at $72.67. Pork cutouts totaled 304.26 loads with 276.43 loads of pork cuts and 27.83 loads of trim. Pork cutout values: down $1.14, $74.09. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.92 with a weighted average price of $67.40 on 2,573 head. Friday's slaughter is estimated at 462,000 head -- 10,000 head less than a week ago and 4,000 head more than a year ago. Saturday's slaughter is projected to be around 202,000 head. The CME lean hog index 10/21/2026: down $0.67, $72.15.

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