Wednesday Midday Livestock Market Update - Weaker Tones Follow Complex

GENERAL COMMENTS:

The livestock complex is trading mostly lower into Wednesday's noon hour as traders desperately yearn to see increased fundamental support. Still no cash cattle trade has developed but asking prices are noted in Texas at $238 to $240. May corn is up 2 1/2 cents per bushel and May soybean meal is down $3.20. The Dow Jones Industrial Average is up 385.95 points and NASDAQ is up 232.78 points.

LIVE CATTLE:

Without any substantial fundamental support having developed, the live cattle complex is again trading lower into the noon hour. An interesting development, however, is the fact that on today's boxed beef report, choice cuts were down substantially while select cuts jumped higher to print $5.00 over the price of choice cuts. What a wild time it is that we live in a world where there is more readily available finished beef than there is lean beef available. Still no cash cattle trade has developed but asking prices are noted in Texas at $238 to $240 but otherwise the market remains quiet at this point. April live cattle are down $0.87 at $234.50, June live cattle are down $0.55 at $234.05 and August live cattle are down $0.37 at $231.72.

Boxed beef prices are mixed: choice down $7.91 ($392.00) and select up $2.53 ($397.03) with a movement of 85 loads (72.45 loads of choice, 2.98 loads of select, 3.33 loads of trim and 6.28 loads of ground beef).

FEEDER CATTLE:

Today the feeder cattle complex is following the direction of the live cattle market as most of its contracts are lower. April feeders are down $0.97 at $353.42, May feeders are down $0.50 at $350.20 and August feeders are down $0.95 at $349.27. Although demand has been good in the countryside, as the market continues to grow closer to the resistance at the 40-day moving average, traders yearn to see even more fundamental support before taking on such a resistance barrier.

LEAN HOGS:

The lean hog complex is trading mixed into Wednesday's noon hour. Although a few of the summer 2026 contracts have found mild support, the market still hasn't established enough support to justify turning the contracts higher. April lean hogs are down $0.27 at $90.77, June lean hogs are steady at $104.05 and July lean hogs are up $0.12 at $106.12. The market is anxious to see Thursday's Quarterly Hogs and Pigs report as it should give some clarity as to what to expect in regards to demand in the coming months.

The projected CME Lean Hog Index for 3/24/2026 is down $0.05 a t$91.65, and the actual index for 3/23/2026 is down $0.07 at $91.70. Hog prices on the Daily Direct Morning Hog Report average $91.27, ranging from $88.00 to $92.00 on 1,444 head and a five-day rolling average of $91.28. Pork cutouts totaled 213.92 loads with 181.91 loads of pork cuts and 32.01 loads of trim. Pork cutout values: up $0.23, $97.20.

Wednesday Morning Livestock Market Update - Markets Wait for Cash Direction

GENERAL COMMENTS:

The cattle market had little news to move the market significantly. Futures were moderately higher except for the June contract. Feeder cattle posted triple-digit gains, but the bounce from the uptrend line seemed to fuel buying interest. The strike at the JBS plant is old news, with little being reported about it and little impact seen on the market. On Tuesday, U.S. Secretary of Agriculture Brooke Rollins announced the launch of a national public awareness campaign to inform meat, poultry, and egg producers of the "Product of USA" voluntary labeling standard. This standard went into effect on Jan. 1. This campaign is to increase awareness of what the label means. Boxed beef prices were higher on Tuesday, with choice up $0.78 and select up $0.67.

Hog futures closed mixed, with traders finding little fundamental direction. The June and July contracts moved below support but did not trigger liquidation. Later contracts still maintain technical support. Futures may drift today as traders ponder the implications of the Quarterly Hogs and Pigs report to be released on Thursday. Trade estimates are for all hogs and pigs on March 1 at 100.9% of a year ago. Kept for breeding at 99.8% and kept for marketing at 101.0%. The February Cold Storage report showed total pork stocks at 8% below February 2025. Ham inventory was nearly even with a year ago. This report will have little influence on the market. The National Daily Direct Afternoon Hog report showed cash up $0.66. Pork cutout values fell by $2.63.

	BULL SIDE		BEAR SIDE
1)	Boxed beef may find some stability, which would provide further support to the market.	1)	Cattle futures have been in an uptrend recently but may struggle to see much further upside without stronger fundamental support.
2)	Steady cash cattle trade is anticipated this week, which could provide confidence to traders to add to their long positions.	2)	Packers may not be aggressive in the cash market this week and may be able to hold for lower prices because they have cattle purchased ahead.
3)	The June and July hog futures contracts did not come under liquidation when prices moved below support. This may indicate a lack of selling interest at these levels.	3)	The June and July Hog contracts closed below technical support, which could trigger further selling interest.
4)	The hogs kept for breeding on the upcoming report may indicate a potential for a tighter supply over time.	4)	Cash hogs are expected to trade lower today. Packers have been aggressive earlier and may hold back on bids.

Tuesday Closing Livestock Market Update - Lackadaisical Tone Keeps With Complex

GENERAL COMMENTS:

All in all, it was a quiet day for the livestock complex without much development and traders needing more fundamental support to develop. Still no cash cattle trade has developed, and trade will likely be delayed until the latter half of the week. May corn is up 3 cents per bushel, and May soybean meal is down $4.20. The Dow Jones Industrial Average is down 84.41 points, and the NASDAQ is down 184.87 points.

LIVE CATTLE:

The live cattle complex enjoyed a mostly fruitful day where the market quietly traded higher (other than in the spot June contract), and boxed beef prices closed higher as well. April live cattle closed $0.07 higher at $235.37, June live cattle closed $0.05 lower at $234.60, and August live cattle closed $0.35 higher at $232.10. More than anything, the spot June contract closed slightly lower, as traders decided that after advancing the contract above its 40-day moving average on Monday, it's going to need to see a tick more fundamental support before pushing it much higher. Still no cash cattle trade has developed. 

Tuesday's slaughter is estimated at 107,000 head -- 2,000 head more than a week ago and 18,000 head less than a year ago.

Boxed beef prices closed higher: choice up $0.78 ($399.91) and select up $0.67 ($394.50) with a movement of 92 loads (62.08 loads of choice, 6.51 loads of select, 9.22 loads of trim and 14.16 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady. Given that packers have some cattle committed to them already, I assume that prices will be steady at best this week.

FEEDER CATTLE:

The feeder cattle complex continued to scale higher through Tuesday afternoon, as the market was pleased to have support pouring into its sector from numerous sources. From the live cattle market's higher trend to stronger feeder cattle demand in the countryside, the feeder cattle complex had more than enough support to close higher Tuesday afternoon. March feeders closed $1.85 higher at $360.30, April feeders closed $1.97 higher at $354.45 and May feeders closed $2.35 higher at $350.70. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers and heifers sold unevenly steady from $8 lower to $10 higher. Feeder cattle supply over 600 pounds was 57%. The CME feeder cattle index 3/23/2026: up $0.26, $361.59.

LEAN HOGS:

The lean hog complex closed mixed Tuesday afternoon with the nearby contracts ending the day mostly lower, while the deferred months were able to close mostly higher. April lean hogs closed $0.25 higher at $91.05, June lean hogs closed $0.35 lower at $104.05, and July lean hogs closed $0.52 lower at $106. With pork cutout values down this afternoon, traders simply didn't see enough immediate support in the market to justify trading the nearby contracts higher. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.66 with a weighted average price of $92.62 on 8,075 head. Pork cutouts totaled 349.47 loads with 312.38 loads of pork cuts and 37.10 loads of trim. Pork cutout values: down $2.63, $96.97. Tuesday's slaughter is estimated at 495,000 head -- 1,000 head less than a week ago and 7,000 head more than a year ago. The CME lean hog index 3/20/2026: down $0.17, $91.78.

WEDNESDAY'S HOG CALL: Steady. With pork demand mixed, cash prices will likely be steady on Wednesday.

Tuesday Midday Livestock Market Summary - Cattle Trade Higher and Hogs Trade Lower

GENERAL COMMENTS:

The livestock complex is again trading mixed as the cattle contracts continue to scale higher while the lean hog contracts are trading slightly lower. Still no cash cattle trade has developed and won't likely until Thursday at the earliest. May corn is up 3 1/4 cents per bushel and May soybean meal is down $4.80. The Dow Jones Industrial Average is up 141.34 points and NASDAQ is down 75.81 points.

LIVE CATTLE:

The live cattle complex wasn't confident about its position at the day's start, but upon seeing midday boxed beef prices stronger, the market has gained some momentum and is currently trading fully higher into Tuesday's noon hour. April live cattle are up $0.60 at $235.90, June live cattle are up $0.62 at $235.27 and August live cattle are up $0.92 at $232.67. Still no developments have surfaced yet in the fed cash cattle market, and it's likely that the day's trade will be delayed until the later part of the week. But at this point in time, both bids and asking prices remain elusive.

Boxed beef prices are higher: choice up $1.07 ($400.20) and select up $2.47 ($396.30) with a movement of 53 loads (34.92 loads of choice, 3.25 loads of select, 5.11 loads of trim and 9.62 loads of ground beef).

FEEDER CATTLE:

In keeping alignment with the live cattle complex, the feeder cattle contracts are trading higher into Tuesday's noon hour as well. Not only are traders pleased to see the slight improvement in the live cattle sector and in boxed beef prices, but they're also pleased to see greater interest again this week in the countryside for feeder cattle. March feeders are up $2.70 at $361.15, April feeders are up $4.00 at $356.50 and May feeders are up $4.32 at $352.67.

LEAN HOGS:

The lean hog complex continues to scale lower as the market needs to see greater fundamental support before it will be able to establish a technical bottom for the market's current move. April lean hogs are down $0.02 at $90.77, June lean hogs are down $0.62 at $103.77 and July lean hogs are down $0.67 at $105.85. Thankfully, again today, midday pork cutout values are slightly higher, but traders need to see consistent and stable support before they'll likely lend any aid to the complex.

The projected lean hog index for 3/23/2026 is down $0.07 at $91.70 and the actual index for 3/20/2026 is down $0.18 at $91.77. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However we can see that 245 head have traded and that the market's five-day rolling average now sits at $91.29. Pork cutouts total 171.77 loads with 158.76 loads of pork cuts and 13.01 loads of trim. Pork cutout values: up $0.83, $100.43.