Wednesday Closing Livestock Market Update - Cattle Close Lower While Hogs Rallied Slightly

GENERAL COMMENTS:

The livestock complex ended the day mixed again with the cattle contracts now concerned that not enough fundamental support is going to develop in this week's market, but the lean hog contracts closed mildly higher. Some light cash cattle trade developed in Nebraska at $355 to $356 dressed. December corn is up 10 cents per bushel and December soybean meal is up $6.80. The Dow Jones Industrial Average is up 119.65 points and the NASDAQ is up 41.38 points.

LIVE CATTLE:

With very little support developing from the market's fundamentals, the live cattle contracts ended the day lower. August live cattle closed $1.47 lower at $223.42, October live cattle closed $1.70 lower at $217.22 and December live cattle closed $2.05 lower at $217.15. Some cash cattle trade was noted throughout the afternoon in mostly Nebraska, where dressed cattle traded at mostly $355, but some sales were also marked at $356, and a handful of live cattle traded in Nebraska at $255. Most of the cattle were noted for delivery on the week of September 9. Otherwise, the cash cattle market was quiet throughout the day, with bids being offered in other regions but no sales noted. Asking prices are noted at $230 in Texas but not established in other regions. 

Wednesday's slaughter is estimated at 106,000 head -- steady with a week ago and 9,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $3.84 ($394.99) and select down $2.12 ($364.17) with a movement of 87 loads (52.42 loads of choice, 17.94 loads of select, 4.13 loads of trim and 12.49 loads of ground beef).

THURSDAY'S CATTLE CALL: Lower. With the board softer, and with packers able to secure more inventory in recent weeks, it's likely that this week's trade will be lower.

FEEDER CATTLE:

The feeder cattle contracts ended the day lower as traders simply didn't have enough support in the complex to justify soundly trading the contracts higher. August feeder cattle closed $2.37 lower at $336.85, September feeders closed $4.22 lower at $329.12 and October feeders closed $4.27 lower at $322.05. At the Winter Livestock Auction in Dodge City, Kansas, compared to last week, heifers weighing 650 pounds or more sold $5.00 to $9.00 lower. Stocker steers and heifers weighing 300 to 550 pounds traded $10.00 to $20.00 higher. Feeder steers weren't well tested, but a weaker undertone was true. Feeder cattle supply over 600 pounds was 80%. The CME feeder cattle index 8/18/2026: down $1.19, $342.36.

LEAN HOGS:

It was another day where technical support carried the lean hog contracts higher through the day's close, as both cash prices and pork cutout values were disappointing. October lean hogs closed $0.77 higher at $81.50, December lean hogs closed $0.50 higher at $71.42 and February lean hogs closed $0.25 higher at $74.25. Until core fundamental support improves, and mainly in the for of stronger consumer demand, it's likely the contracts won't find tremendous upward range. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.27 with a weighted average price of $92.10 on 4,752 head. Pork cutouts totaled 295.29 loads with 252.30 loads of pork cuts and 43.00 loads of trim. Pork cutout values: down $1.54, $97.58. Wednesday's slaughter is estimated at 476,000 head -- 8,000 head less than a week ago and 1,000 head less than a year ago. The CME lean hog index 8/17/2026: down $0.69, $94.78.

THURSDAY'S HOG CALL: Lower. With pork cutout values being lower, it's unlikely that packers will eagerly support the cash market on Thursday.

Wednesday Midday Livestock Market Update - Traders Remain Leery of Overly Supporting Cattle Contracts

GENERAL COMMENTS:

The livestock complex continues to trade mixed but now it's the cattle contracts that are lower while the lean hog contracts are higher. Some bids have surfaced in the fed cash cattle market, but no trade has developed yet. December corn is up 7 3/4 cents per bushel and December soybean meal is up $5.10. The Dow Jones Industrial Average is up 215.92 points and NASDAQ is up 164.73 points.

LIVE CATTLE:

The live cattle contracts are mostly lower into Wednesday's noon hour as traders are reluctant to believe enough fundamental support is going to develop this week to help move the contracts much higher. No cash cattle trade has developed yet in the fed cash cattle market, but packers are beginning to offer up bids. Bids of $225 live and $355 dressed are currently being offered in Nebraska and Iowa and bids of $225 live are on the table in Texas as well. Asking prices of $230 are noted in Texas, but are not well established for the other regions. August live cattle are down $0.92 at $223.97, October live cattle are down $1.00 at $217.92 and December live cattle are down $1.12 at $218.07.

Boxed beef prices are mixed: choice up $4.13 ($395.28) and select down $1.50 ($364.79) with a movement of 49 loads (28.92 loads of choice, 9.17 loads of select, zero loads of trim and 10.85 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts are trading lower into Wednesday's noon hour as well as the market not only desires to trade in alignment with the live cattle contracts, but it's also not seeing grandiose support in the countryside as feeder cattle prices have been softer in recent weeks. August feeders are down $2.07 at $337.15, September feeders are down $3.35 at $330.00 and October feeders are down $3.55 at $322.77. But with the live cattle contracts trading lower and the cash market not expected to trade higher it is likely this sideways to somewhat lower chop will continue in the feeder cattle market.

LEAN HOGS:

Following Tuesday's dive lower, the lean hog contracts have found some technical support in Wednesday's market. Unfortunately it's likely the support won't go that far as both cash prices and pork cutout values are lower -- but at this point any support is support. October lean hogs are up $0.62 at $81.35, December lean hogs are up $0.52 at $71.45 and February lean hogs are up $0.30 at $74.30. The projected CME Lean Hog Index for 8/18/2026 is down $0.82 at $93.96 and the actual index for 8/17/2026 is down $0.69 at $94.78. Hog prices are lower on the Daily Direct Afternoon Hog Report, down $2.13 with a weighted average price of $92.24, ranging from $90.00 to $94.00 on 3,510 head and a five-day rolling average of $93.07. Pork cutouts total 190.93 loads with 168.48 loads of pork cuts and 22.44 loads of trim. Pork cutout values: down $0.76, $98.36.

Wednesday Morning Livestock Market Update - Strong Boxed Beef May Provide Support

GENERAL COMMENTS:

The resumption of processing at the Fort Morgan plant and the exceptional strength in boxed beef on Monday resulted in cattle futures opening higher and trading in positive territory on Tuesday, but the early strength waned, resulting in limited price gains by the close. Boxed beef prices were exceptionally higher again on Tuesday, with choice up $11.58 and select up $2.03. Boxed beef prices are regaining ground very quickly. It is difficult to say whether the strength in boxed beef will be sufficient for packers to bid aggressively for cattle this week or if they will hold and try to improve their margins further. The Cattle on Feed report will be released on Friday and may limit futures movement ahead of the report. Cash trade may also be delayed until then.

Hog futures could not find footing after the open, resulting in triple-digit losses by the close. Bullish traders have been unable to find positive fundamentals, resulting in the path of least resistance being lower. The National Daily Direct Afternoon Hog report showed cash up $0.90 with a substantial volume of hogs traded. Pork cutouts were up $0.37. Both of these gains may have limited influence on the market Wednesday. Packers will need to purchase more hogs, but they are unlikely to be aggressive given the available supply of market-ready hogs.

	BULL SIDE		BEAR SIDE
1)	The exceptional strength of boxed beef prices so far this week indicates demand has increased and may continue to do so.	1)	The cattle market has not reacted much to the recent bullish news as traders remain cautious about the overall impact.
2)	There may be limited downside potential in cattle prices as cattle supplies are low and there is little rebuilding of the beef herd.	2)	Packers have cattle purchased for deferred delivery and may not need to be aggressive in the cash market this week.
3)	Hogs fell significantly and may be overdone to the downside. Short covering may take place.	3)	New contract lows in hogs provide little reason for traders to be bullish. Support remains elusive.
4)	Lower prices will cure lower prices. Demand for pork should improve as consumers stretch their food dollar.	4)	Packers have had little reason to become aggressive in the cash market as hog supplies remain plentiful.

Tuesday Closing Livestock Market Update - Mixed Tones Follow the Contracts

GENERAL COMMENTS:

The livestock complex ended the day mixed, as cattle contracts rallied while lean hog contracts fell. No cash cattle trade developed throughout the day. December corn is down 1 1/2 cents per bushel and December soybean meal is up $0.10. The Dow Jones Industrial Average is down 116.38 points and the NASDAQ is down 355.20 points.

LIVE CATTLE:

With bullish support from news that broke late Monday afternoon regarding the Cargill plant in Colorado, and a noticeable uptick in boxed beef prices, the live cattle contracts ended the day higher. August live cattle closed $0.35 higher at $224.90, October live cattle closed $0.15 higher at $218.92 and December live cattle closed $0.80 higher at $219.20. No cash cattle trade developed throughout the day, and both bids and asking prices remain elusive at this point. Late Monday afternoon, news broke that workers at the Cargill plant in Fort Morgan, Colorado, have agreed to come back to work after the union voted to ratify a contract that will increase wages. The plant has been closed since May but hopes to be processing cattle the week of Sept. 7. The plant has historically employed around 2,000 workers and has the capacity to process more than 4,000 head per day. This news has obviously come as a breath of fresh bullish air to the marketplace and is helping drive the cattle contracts higher. 

Tuesday's slaughter is estimated at 106,000 head -- 2,000 head less than a week ago and 12,000 head less than a year ago.

Boxed beef prices closed higher: choice up $11.58 ($391.15) and select up $2.03 ($366.29) with a movement of 118 loads (75.24 loads of choice, 11.81 loads of select, 12.53 loads of trim and 18.85 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Lower. Given that packers have been able to secure more supply in recent weeks, it's likely that this week's cash cattle trade will be lower.

FEEDER CATTLE:

And in keeping in perfect alignment with the live cattle complex, the feeder cattle contracts also ended the day higher. Unfortunately, that wasn't reflected in sales in the countryside as prices were softer for calves again today, especially for unweaned calves. August feeders closed $0.75 lower at $339.22, September feeders closed $0.40 higher at $333.35 and October feeders closed $0.97 higher at $326.32. At the OKC West Livestock Auction in El Reno, Oklahoma, steer and heifer calves traded $15.00 to $25.00 lower on light test in most weight classes. The sale report did note that 48% of the calves were unweaned. The CME feeder cattle index 8/17/2026: down $0.88, $343.55.

LEAN HOGS:

The lean hog complex ended the day lower as traders simply aren't comfortable with the level of support the market is currently seeing from its fundamentals. And while, yes, today support was almost abundant as both cash prices and pork cutout values closed higher. That's not been the market's norm here lately. December lean hogs closed $1.60 lower at $70.92, February lean hogs closed $1.77 lower at $74.00 and April lean hogs closed $1.62 lower at $79.40. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.90 with a weighted average price of 93.52 on 10,290 head. Pork cutouts totaled 264.23 loads, with 237.25 loads of pork cuts and 26.98 loads of trim. Pork cutout values: up $0.37 to $99.12. Tuesday's slaughter is estimated at 476,000 head -- 3,000 head more than a week ago and 3,000 head less than a year ago. The CME lean hog index 8/14/2026: down $0.21 to $95.47.

WEDNESDAY'S HOG CALL: Steady/somewhat lower. Packers may need some more supply, but, likely, they won't drive the market much higher.