Monday Midday Livestock Market Summary - Cattle Sink Lower Amid External Pressure

GENERAL COMMENTS:

The cattle complex is seeing a lot of pressure Monday morning thus far as external factors are driving the futures lower. But with a slight uptick in pork demand, the lean hog complex continues to scale higher. New showlists appear to be mixed, lower in Kansas and Texas, but higher in Nebraska/Colorado. The Down Jones Industrial Average is down 819.11 points and the NASDAQ is down 289.93 points.

LIVE CATTLE :

The live cattle complex is trading mostly lower as traders cautiously enter the new week, hoping fundamental support will again surface and help guide the contracts higher. But thus far throughout Monday's trade the complex has traded lower, as caution remains the underlying theme. April live cattle are down $2.45 at $239.55, June live cattle are down $2.10 at $235.52 and August live cattle are down $1.72 at $233.25. The pressure seems to stem from a number of different sources, as traders have noted the downturn in the equity markets, are aware of the uptick in the grain complex, and are also mulling around last Friday's Cattle on Feed report. Nevertheless, it seems as though the market will likely keep its mundane attitude through Monday's close. New showlists appear to be mixed, lower in Kansas and Texas, but higher in Nebraska/Colorado.

Last week Northern dressed cattle traded anywhere from $380 to $388.50, but mostly at $388, which is $7.00 higher than the previous week's weighted average. Southern live cattle traded at mostly $249, which is $1.00 higher than the previous week's weighted average.

Boxed beef prices are higher: choice up $1.28 ($367.98) and select up $3.09 ($363.83) with a movement of 51 loads (26.85 loads of choice, 4.38 loads of select, 8.94 loads of trim and 10.48 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also lower as traders aren't willing to advance the feeder cattle market at a time live cattle contracts are lower and grain prices are seeing a modest jump. March feeders are down $4.15 at $363.87, April feeders are down $4.30 at $360.75 and May feeders are down $3.62 at $357.37. And at this point it's very unlikely the market will change its direction and turn higher ahead of the day's close as a doggish attitude is currently overwhelming the market.

LEAN HOGS:

The cattle contracts may be trading lower, but the lean hog complex is keeping with its current trend and continuing to trade higher as traders are pleased with the morning uptick in pork demand, and once again aren't up against immediate pressure of hitting technical resistance. April lean hogs are up $0.65 at $94.32, June lean hogs are up $0.95 at $108.77 and July lean hogs are up $0.90 at $110.72.

The projected CME Lean Hog Index is delayed from the source. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.65 with a weighted average price of $89.61, ranging from $87.00 to $92.00 on 1,776 head and a five-day rolling average of $89.33. Pork cutouts total 165.65 loads with 143.52 loads of pork cuts and 22.13 loads of trim. Pork cutout values: up $2.26, $97.87.

Monday Morning Livestock Market Update - Cattle Futures Are Expected to Open Higher

GENERAL COMMENTS:

Cattle futures closed lower despite ongoing positive fundamentals. Traders decided to err on the side of caution ahead of the cash trade and the Cattle on Feed report. Surprisingly, traders were cautious despite some light trading ahead of the close, indicating higher cash trade. History has shown that even a negative Cattle on Feed report has had a negative reaction of limited duration. Yet, traders were cautious. Cash cattle traded higher, with Southern cattle $1.00 to $2.00 higher. Northern dressed cattle traded $6.00 higher. The Cattle on Feed report was neutral to slightly bullish, with Cattle on Feed at 98% of a year ago, placements at 95%, and marketings at 87%. The on-feed and marketings were close to expectations, while placements were 1.7% below expectations, providing the bullish aspect of the report. Cattle futures should trade higher today as traders focus on the fundamentals. Boxed beef prices were higher, with choice up $1.53 and select up $0.95. The Commitment of Traders report showed the fund traders adding 8,413 live cattle futures contracts, bringing their net-long position to 115,052. Traders added 797 long feeder cattle futures contracts, bringing their net-long positions to 18,766.

Hog futures closed higher as the market slowly regains the losses. It was expected that cash would be lower as packers showed little interest on Friday. However, that was viewed by traders as temporary and that packers were going to retain higher slaughter speeds and may be more aggressive this week. The National Daily Direct Afternoon Hog report showed cash down $2.08. Pork cutout values declined by $0.67. Hog futures may follow the strength that is expected in the cattle market, as continued high beef prices should support pork demand. The Commitment of Traders report showed the fund traders selling 17,245 futures positions, reducing their net long to 111,218 contracts.

	BULL SIDE		BEAR SIDE
1)	Placements in January were below the average trade expectation and 5% below a year ago. On-feed numbers were slightly below the average expectation.	1)	Cattle marketings in January were 3% below a year ago. This was in line with expectations and reflects the slower slaughter pace.
2)	Cash cattle traded higher as packers needed to step up to purchase what they needed. This will give traders confidence to buy into the market.	2)	Cattle futures may maintain a sideways pattern for the time being despite the neutral to friendly report.
3)	The hog market has been trending higher, regaining some of the losses of the recent downturn. Traders have been regaining confidence to buy into the market.	3)	Cash hogs continue to struggle to move above and maintain a cash price above $90.00.
4)	Hog futures should gain support from a higher cattle market, as higher beef prices should stimulate higher pork demand.	4)	The higher slaughter pace has not tightened the hog supply. Packers have little difficulty purchasing what they need without being too aggressive.

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.