Wednesday Closing Livestock Market Update - Mixed Tones Follow Complex

GENERAL COMMENTS:

Again this afternoon, the livestock complex closed mixed as traders desired to see the livestock contracts close higher but weren't confident that the market possessed enough support to make that happen. No cash cattle trade developed throughout the day. May corn is up 9 1/4 cents per bushel and May soybean meal is up $10.00. The Dow Jones Industrial Average is down 768.11 points and the NASDAQ is down 327.11 points.

LIVE CATTLE:

The live cattle complex came around and eventually found enough support in the marketplace to close higher ahead of the day's end. But the market will likely be faced with the same leeriness of traders on Thursday when the market opens, as there hasn't been any sizeable fundamental support developed this week. April live cattle closed $0.17 higher at $235.40, June live cattle closed $0.30 higher at $234.00 and August live cattle closed $0.27 higher at $231.60. It is worth noting that boxed beef prices closed lower this afternoon, and that the day's movement was extremely thin, which likely indicates that retailers are pushing back on the high price of beef. Bids were offered throughout the day in Nebraska at $232 live and $368 dressed, but no cattle traded. Asking prices are noted in Texas at $238 to $240, but otherwise are not established in other regions. 

Wednesday's slaughter is estimated at 105,000 head, 1,000 head less than a week ago and 14,000 head more than a year ago.

Boxed beef prices closed lower: choice down $1.56 ($401.75) and select down $0.55 ($396.17) with a movement of 66 loads (38.09 loads of choice, 9.98 loads of select, 5.27 loads of trim and 12.81 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady. The week's trade will likely be delayed until Friday, as feedlot managers would ideally like to see prices strengthen, but packers would ideally like to see the opposite happen.

FEEDER CATTLE:

Even though the live cattle complex grew stronger throughout the day, the feeder cattle contracts rounded the day out softer as traders weren't as willing to gamble on the feeder cattle contracts. March feeders closed $1.07 lower at $358.72, April feeder cattle closed $0.97 lower at $353.82 and May feeders closed $0.75 lower at $349.87. The market continues to trade between its 100-day and 40-day moving averages, and it's likely going to keep with that trend for the near future. At the Cattlemen's Livestock Auction in West Point, Mississippi, compared to last week, feeder steers sold $12.00 to $30.00 higher, and feeder heifers traded $11.00 to $18.00 higher. Slaughter cows sold steady to $2.00 higher and slaughter bulls traded steady. Feeder cattle supply over 600 pounds was 16%. The CME feeder cattle index 3/17/2026: not available at this time.

LEAN HOGS:

The lean hog complex closed mixed as traders yearn to push the complex higher but aren't confident there's enough support in the market to do so right now. April lean hogs closed $0.02 higher at $93.75, June lean hogs closed $0.25 lower at $107.52 and July lean hogs closed $0.12 lower at $109.67. And the market's fundamentals were mixed as cash prices did close higher, but demand weakened again. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.11 with a weighted average price of $93.29 on 5,985 head. Pork cutouts totaled 281.97 loads with 249.87 loads of pork cuts and 32.09 loads of trim. Pork cutout values: down $1.07, $98.82. Wednesday's slaughter is estimated at 498,000 head, 2,000 head more than a week ago and 141,000 head more than a year ago. The CME lean hog index 3/16/2026: not available at this time.

THURSDAY'S HOG CALL: Lower. At this point, packers have likely secured the vast majority of their cash needs for the week.

Wednesday Midday Livestock Market Summary - Complex Trades Weaker

GENERAL COMMENTS:

The livestock complex is back to trading lower as traders yearn to see greater fundamental support before they advance the contracts any further. Yes, some bids have surfaced in Nebraska, but still no cash cattle trade has developed. May corn is up 7 3/4 cents per bushel and May soybean meal is up $4.80. The Dow Jones Industrial Average is down 395.57 points and NASDAQ is down 131.01 points.

LIVE CATTLE:

After trading higher over the last two days, the live cattle complex is trading lower into Wednesday's noon hour as the market longs to see affirming fundamental support before it will likely push the contracts any higher. April live cattle are down $0.47 at $234.75, June live cattle are down $0.40 at $233.30 and August live cattle are down $0.27 at $231.05. Some bids have surfaced in Nebraska at $232 live and $368 dressed -- but at this point no cattle have traded. Asking prices are noted in Texas at $238 to $240 but are not fully established in other regions. Trade will likely be delayed for another day or two and, depending on how confident feedlot managers feel, trade could be delayed until after Friday's Cattle on Feed report.

Boxed beef prices are lower: choice down $0.78 ($402.53) and select down $0.19 ($396.53) with a movement of 49 loads (26.55 loads of choice, 7.47 loads of select, 4.64 loads of trim and 9.85 loads of ground beef).

FEEDER CATTLE:

To no one's surprise, the feeder cattle complex is also trading lower as the market continues to mirror the actions of the live cattle market. March feeders are down $1.65 at $358.15, April feeders are down $1.72 at $353.07 and May feeders are down $1.70 at $348.92. Even though demand was noticeably stronger in sales on Tuesday, the market will likely continue to respect the direction of the live cattle market despite the fact that buyers are being more aggressive in the countryside as traders don't want to overdo anything.

LEAN HOGS:

Although pork cutout values are up slightly, the lean hog complex continues to trade lower as traders yearn to see greater fundamental demand. April lean hogs are down $0.15 at $93.57, June lean hogs are down $0.50 at $107.27 and July lean hogs are down $0.25 at $109.55. The market seems to be establishing a bottom for its current move, but it doesn't possess enough support to rally beyond a steady/mildly lower position. The projected CME Lean Hog Index is delayed from the source. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see 5,185 head have traded and the market's five-day rolling average now sits at $91.36. Pork cutouts total 162.90 loads with 135.10 loads of pork cuts and 27.80 loads of trim. Pork cutout values: up $0.07, $99.96.

Wednesday Morning Livestock Market Update - Traders Become More Optimistic

GENERAL COMMENTS:

Feeder cattle provided support to the cattle complex with substantial gains. Prices remain strong at auctions as feedlots want cattle. The wildfires in Nebraska have reduced some of the feed available for cattle. This is both bullish and bearish. Bullish from the standpoint that some cattle herds may be reduced due to the lack of feed, and bearish as more cattle may be available for packers, reducing the need to bid up for them. Of course, this comes at a time when packer margins have improved significantly, likely leading to increased slaughter to capitalize on the higher margins. The strike at the JBS plant has not had the negative impact many had anticipated -- at least not yet. Boxed beef prices continue to improve with choice up $0.65 and select up $2.21. The average trade estimates for the Cattle on Feed report are on-feed numbers as of March 1 at 99.3%, placements in February at 100.3%, and marketings at 92.4%.

Hog futures closed higher after rejecting the lows as buying interest surfaced. Fund traders may defend their long positions and use the recent decline to add to those positions. The National Daily Direct Afternoon Hog report showed cash up $1.45 as packers stepped up to purchase a good volume of hogs. They may remain aggressive today as they need to satisfy strong demand. Unfortunately, pork cutouts were down $0.55 with the average price just below $100 at $99.89.

	BULL SIDE		BEAR SIDE
1)	Cattle futures have rebounded despite some bearish expectations at the end of last week. Tight cattle supplies continue to provide support.	1)	Packers may not be aggressive with cash purchases this week as more cattle may be available for purchase.
2)	Boxed beef prices continue to rise, prompting packers to increase slaughter. They should become more aggressive in the cash market.	2)	The rebound may be limited as traders remain cautious of the impact of the JBS strike and whether more cattle will move to the market due to the wildfires.
3)	Hogs reversed from Tuesday's lows, which may indicate traders took advantage of the recent decline to add to their long positions.	3)	Hog futures bounced nicely from the lows on Tuesday, but that may not signal that the weakness has subsided.
4)	Cash hogs may be higher again today as packers need to purchase hogs to maintain higher slaughter speeds.	4)	Increased hog slaughter has not tightened supplies. Hog production remains steady, providing sufficient pork for demand.

Tuesday Closing Livestock Market Update - Traders Help Keep Complex Higher

GENERAL COMMENTS:

All in all, it was a successful day for the livestock complex as all three of the markets closed higher. No cash cattle trade developed throughout the day and there's a chance trade could be delayed until after Friday's Cattle on Feed report. May corn is steady and May soybean meal is down $0.50. The Dow Jones Industrial Average is up 46.85 points and NASDAQ is up 105.35 points.

LIVE CATTLE:

The live cattle complex continued to trail higher throughout Tuesday as more than enough technical support was evident throughout the day. The market continues to trade comfortably between the 100-day and 40-day moving averages and that's where most of the contracts found themselves at Tuesday's close. April live cattle closed $1.97 higher at $235.22, June live cattle closed $1.82 higher at $233.70 and August live cattle closed $1.65 higher at $231.32. It is anyone's call at this point what's going to happen in this week's fed cash cattle market. However, it is helpful from a fundamental standpoint that boxed beef prices are trading higher which is again a product of limited supply and now being exacerbated by the reduction in throughout as the strike continues in Colorado and as a couple other plants have cut production this week for cooler cleanings. No trade has developed in the fed cash cattle market yet and could be delayed until after Friday's Cattle on Feed report. 

Tuesday's slaughter is estimated at 109,000 head -- 1,000 head more than a week ago and 13,000 head less than a year ago.

Boxed beef prices closed higher: choice up $0.65 ($403.31) and select up $2.21 ($396.72) with a movement of 107 loads (78.86 loads of choice, 7.40 loads of select, 9.44 loads of trim and 10.93 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady. Some are speculating cash cattle prices could be higher this week as packer margins have improved, but time will tell.

FEEDER CATTLE:

The feeder cattle complex also closed higher Tuesday afternoon as traders were pleased to not only see the uptick in the live cattle market, but to also see improved demand in the countryside for feeders. March feeders closed $4.35 higher at $359.80, April feeders closed $4.95 higher at $354.80 and May feeders closed $5.07 higher at $350.62. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week feeder steers under 650 pounds traded $10.00 to $30.00 higher but the heavier weights traded anywhere from $5.00 lower to $12.00 higher. The CME Feeder Cattle Index 3/16/2026: up $1.26, $358.31.

LEAN HOGS:

The lean hog complex ended the day stronger as traders finally threw the market a bone and let it close higher after a consistent downward spiral. Unfortunately, it's tough to say whether the market will be able to maintain a stronger trend into Wednesday market as, yes cash prices were higher and packers were more aggressive in the cash sector, but pork cutout values closed lower. April lean hogs closed $0.22 higher at 93.72, June lean hogs closed $0.52 higher at $107.77 and July lean hogs closed $0.47 higher at $109.80. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.45 with a weighted average price of $92.18 on 9,597 head. Pork cutouts totaled 270.03 loads with 253.79 loads of pork cuts and 16.24 loads of trim. Pork cutout values: down $0.55, $99.89. Tuesday's slaughter is estimated at 496,000 head -- 1,000 head more than a week ago and 5,000 head more than a year ago. The CME Lean Hog Index 3/13/2026: up $0.16, $91.76.

WEDNESDAY'S HOG CALL: Steady. Packers were more aggressive in Tuesday's market and whether they need more inventory will dictate price.