Monday Closing Livestock Market Update - Weaker Tones Follow Livestock Contracts

GENERAL COMMENTS:

The livestock complex ended the day mostly lower, as traders are reluctant to be overly supportive of the contracts amid shaky fundamental support. New showlists for the week are lighter in Texas and Kansas, but slightly higher in Nebraska. December corn is up 7 cents per bushel and December soybean meal is up $2.80. The Dow Jones Industrial Average is up 140.15 points and the NASDAQ is down 200.26 points.

LIVE CATTLE:

It was a grim day for the live cattle complex as traders were well aware of the fact that the border reopened today for Mexican cattle imports into the U.S. However, the limited knowledge of what kind of cattle, how many cattle and where those cattle would immediately end up in the supply chain had the market on edge throughout the day. October live cattle closed $4.32 lower at $213.60, December live cattle closed $4.30 lower at $214.20 and February live cattle closed $3.72 lower at $215.60. No cash cattle trade developed throughout the day, and both bids and asking prices remain elusive at this point. New showlists for the week are lighter in Texas and Kansas, but slightly higher in Nebraska. Monday's slaughter is estimated at 98,000 head -- 1,000 head more than a week ago and 10,000 head less than a year ago.

Last week Northern dressed cattle traded at mostly $355 to $356, which is $9.00 to $10.00 lower than the previous week's weighted average. Southern live cattle traded at $225, which is $3.00 lower than the previous week's weighted average, but the Southern Plains didn't move very many cattle.

Boxed beef prices closed mixed: choice steady ($385.69) and select up $3.70 ($365.02) with a movement of 79 loads (47.06 loads of choice, 12.04 loads of select, 8.69 loads of trim and 11.29 loads of ground beef).

TUESDAY'S CATTLE CALL: Lower. With packers possessing the lion's share of the market's leverage, prices will likely be lower again this week.

FEEDER CATTLE:

The grim nature that was cast across the cattle complex took its biggest toll on the feeder cattle contracts, as most of them closed $4.00 to $5.00 lower. More than anything, the feeder cattle complex is concerned that buyer demand is softening, and that supplies may increase with the border reopening. September feeders closed $4.80 lower at $324.22, October feeders closed $5.37 lower at $318.27 and November feeders closed $5.27 lower at $310.97. At the Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers traded $4.00 to $10.00 lower, but there were instances where steers traded $15.00 lower on those over 900 pounds. Feeder heifers sold $2.00 to $8.00 lower. Steer and heifer calves sold $5.00 to $15.00 lower. The sale report did note that "demand was moderate but buyers were a little more selective for kind and condition." The CME feeder cattle index 8/21/2026: down $2.53, $338.47.

LEAN HOGS:

The lean hog complex ended the day lower as traders remain hesitant to be overly supportive of the market. Thankfully, pork cutout values ended the day higher, which may lend some additional support to the market later in the week, but even so, traders weren't overly aggressive in Monday's market. October lean hogs closed $0.25 higher at $81.12, December lean hogs closed $0.05 lower at $71.47 and February lean hogs closed steady at $74.42. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $4.87 with a weighted average price of $89.40 on 500 head. Pork cutouts totaled 253.86 loads, with 239.01 loads of pork cuts and 14.85 loads of trim. Pork cutout values: up $1.97 to $99.93. Monday's slaughter is estimated at 490,000 head -- 6,000 head more than a week ago and 39,000 head more than a year ago. The CME lean hog index 8/20/2026: down $0.46, $93.26.

TUESDAY'S HOG CALL: Higher. Packers may be slightly more aggressive in Tuesday's market given that pork cutout demand was higher on Monday.

Monday Midday Livestock Market Summary - Cattle Trade Lower as Mexican Imports Resume

GENERAL COMMENTS:

With Mexican cattle imports resuming at the Douglas, Arizona, port Monday (Aug. 24), the cattle contracts are checked up and trading lower in hesitant action. New showlists for the week are lighter in Texas and Kansas, but slightly higher in Nebraska. December corn is up 13 1/2 cents per bushel and December soybean meal is up $3.70. The Dow Jones Industrial Average is up 147.22 points and NASDAQ is down 96.45 points.

LIVE CATTLE:

Although the live cattle complex opened Monday initially higher, the market has now changed direction and is trending lower as traders are currently keeping their distance. The contracts are falling anywhere from $2.00 to $3.00 lower into Monday's noon hour. October live cattle are down $3.90 at $214.02, December live cattle are down $3.75 at $214.82 and February live cattle are down $3.27 at $216.05. More than anything it's likely the complex is weaker Monday morning as the market is soberly aware of the fact that Mexican cattle imports are going to resume today at the Douglas, Arizona, port of entry. It's also likely that again this week fed cash cattle prices will be challenged as packers continue to hold the lion's share of the market's leverage at this point. New showlists for the week are lighter in Texas and Kansas, but slightly higher in Nebraska.

Last week Northern dressed cattle traded at mostly $355 to $356, which is $9.00 to $10.00 lower than the previous week's weighted average. Southern live cattle traded at $225, which is $3.00 lower than the previous week's weighted average; but the Southern Plains didn't move very many cattle.

Boxed beef prices are mixed: choice down $0.84 ($384.85) and select up $3.34 ($364.66) with a movement of 41 loads (24.85 loads of choice, 6.23 loads of select, 2.84 loads of trim and 6.69 loads of ground beef).

FEEDER CATTLE:

Knowing that Mexican feeder cattle are likely walking across the border right now as we speak has the feeder cattle contracts trading anywhere from $4.00 to mostly $5.00 lower into Monday's noon hour. September feeder cattle are down $5.30 at $323.72, October feeders are down $5.37 at $318.27 and November feeders are down $5.15 at $311.10. It's likely the market will keep with this lower trend through Monday's end given there's so much unknown about the border crossings right now.

LEAN HOGS:

The lean hog complex is trading mixed into Monday's noon hour with most of the contracts mildly higher, but a few of the furthest deferred contracts are lower. It's helpful that morning pork cutout values are higher, which is something the market desperately needs to continue to see if prices are going to keep with a stronger trend. October lean hogs are up $0.32 at $81.20, December lean hogs are up $0.35 at $71.82 and February lean hogs are up $0.27 at $74.70. The projected CME Lean Hog Index for 8/21/2026 is down $0.40 at $92.86 and the actual index for 8/20/2026 is down $0.46 at $93.26. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 155 head have traded and the market's five-day rolling average now sits at $93.58. Pork cutouts total 156.61 loads with 147.43 loads of pork cuts and 9.18 loads of trim. Pork cutout values: up $1.93, $99.89.

Monday Morning Livestock Market Update - Cattle Futures May Show Volatile Trade

GENERAL COMMENTS:

Cash cattle traded lower for the week. Northern dressed cattle were as much as $10.00 lower while Southern live cattle traded as much as $3.00 lower than the previous week. Cash had fallen around $35.00 over the past number of weeks, moving some feedlots into the red. The news on Friday of President Trump announcing the elimination of all quotas on imported beef as well as tariffs had already been anticipated; there was an actual number associated with it. Trump indicated he will sign an executive order to import 300,000 metric tons of beef over the next 90 days and promised to reduce ground beef prices by 25%. There is no indication as to where the beef will come from. Boxed beef prices fell on Friday with choice down $4.24 and select down $2.42. The Cattle on Feed report was neutral to bullish but may not have much impact. On feed as of Aug. 1 was 102.0% with an average estimate of 102.5%. Placements in July were 89.0% with an estimate of 93.5%. Marketings in July were 93.0% with an estimate of 92.5%. The Commitment of Traders report showed fund traders as net sellers of 2,982 live cattle futures contracts, reducing their long position to 62,967. They were net sellers of 641 contracts in feeder cattle, reducing their net-long position to 10,261.

Hog futures posted a higher close on the likelihood that short-covering took place ahead of the weekend. Traders have not been taking long-term positions, and those holding short positions did not want to hold them over a weekend during which unexpected news could develop. Both cash and cutouts were higher on Friday, which could provide support to begin the week. The National Daily Direct Afternoon Hog report was up $1.93 on good volume. Pork cutouts were up $1.47. The Commitment of Traders report showed fund traders as net sellers of 4,634 futures contracts, increasing their net-short position to 28,997.

	BULL SIDE		BEAR SIDE
1)	Placements in July were 11% below a year ago and 4.5% below the trade estimates.	1)	More beef imports to increase the supply of ground beef and lower prices may further negatively impact cash cattle prices.
2)	Cattle futures reversed on Friday after a gap-lower opened, then closed higher and near the highs in most contracts. Bearish news may be factored in.	2)	Packers paid lower prices for cattle and were able to purchase some for deferred delivery.
3)	Both cash hogs and pork cutouts closed higher on Friday. It is not usual to see packers being aggressive at the end of the week.	3)	The strength in hog futures on Friday may just have been the result of short-covering and not a change in trend.
4)	Hog futures are oversold, and traders may not be willing to press the market lower.	4)	Traders increased their net-short position in the hog market, according to the Commitment of Traders report. The overall attitude remains bearish.

Friday Closing Livestock Market Update - Contracts End Higher

GENERAL COMMENTS:

Although it was a busy, chaotic day for the cattle complex, at least the futures ended the day higher and so did the lean hog contracts. Some light cash cattle trade developed in the South throughout the day at $225, which is $3.00 lower than the previous week's weighted average. Do note this coming Monday, the border is set to reopen to Mexican cattle imports at the Douglas, Arizona, port of entry. December corn is up 5 cents per bushel and December soybean meal is up $2.00. The Dow Jones Industrial Average is up 520.06 points and NASDAQ is up 108.57 points.

From Friday-to-Friday livestock futures scored the following changes: August live cattle down $0.57, October live cattle down $0.95; August feeder cattle down $6.07, September feeder cattle down $5.52; October lean hogs down $14.53; September corn up $0.25, December corn up $0.25.

LIVE CATTLE:

Talk about a wild day. Talk about a disappointing week. To kick Friday morning off, President Trump announced over the next 90 days the U.S. will allow up to 300,000 metric tons (mt) of product for ground beef to be imported with no quota tariff. He also stated the administration has a commitment that this beef will be sold at 25% below current prices. This news weakened the futures complex right off the bat, but luckily ahead of the day's end the market was able to recover mostly. Even so, yet another level of complexity has entered the marketplace, the cattle complex is highly volatile and subject to change at any second. October live cattle closed $0.07 lower at $217.92, December live cattle closed $0.22 higher at $218.50 and February live cattle closed $0.42 higher at $219.32. Throughout the week, Northern dressed cattle traded at mostly $355 to $356 which is $9.00 to $10.00 lower than the previous week's weighted average. At the time of writing, the Southern Plains had only traded a small volume of cattle that were mostly $225, which is $3.00 lower than the previous week's weighted average. It is also worth noting that a lot of the cattle traded in the North were committed for delivery for the week of Sept. 7. 

Friday's slaughter is estimated at 99,000 head -- 1,000 head less than a week and year ago. Saturday's slaughter is projected to be around 15,000 head. The week's total slaughter is estimated at 523,000 head -- 6,000 head more than a week ago and 32,000 head less than a year ago.

Boxed beef prices closed lower: choice down $4.24 (385.69) and select down $2.42 ($361.32) with a movement of 91 loads (48.07 loads of choice, 8.96 loads of select, 25.36 loads of trim and 8.41 loads of ground beef).

MONDAY'S CATTLE CALL: Lower. As packers continue to gain more leverage in the marketplace, fed cash cattle prices will likely continue to trade lower.

FEEDER CATTLE:

The feeder cattle complex was able to close mostly higher Friday, although it was bombarded with news from the president and the monthly Cattle on Feed report. September feeders closed $0.10 higher at $329.02, October feeders closed $0.95 higher at $323.65 and November feeders closed $1.37 higher at $316.25. As assumed, Friday's Cattle on Feed report was the same usual story of greater on-feed totals, but lighter placements and lighter marketings. 

The Oklahoma Weekly Cattle Auction Summary shared that, compared to last week, feeder steers over 900 pounds traded steady to $2.00 lower, but steers under 900 pounds sold $7.00 to $11.00 lower. Feeder heifers traded $8.00 to $16.00 lower. Steer calves weighing over 500 pounds sold $12.00 to $15.00 lower, and those under 500 pounds traded $20.00 to $30.00 lower. Heifer calves sold $10.00 to $20.00 lower. Slaughter cows sold $5.00 to $7.00 lower and slaughter bulls traded $6.00 softer. Feeder cattle supply over 600 pounds was 65%. The CME Feeder Cattle Index 8/20/2026: down $0.85, $341.00.

LEAN HOGS:

The back-and-forth nature continues in the lean hog complex as following Thursday's lower close, the lean hog contracts were able to end the day mildly higher on Friday thanks to trader support. October lean hogs closed $0.65 higher at $80.87, December lean hogs closed $0.77 higher at $71.52 and February lean hogs closed $0.60 higher at $74.42. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.93 with a weighted average price of $94.27 on 3,410 head. Pork cutouts totaled 357.22 loads with 326.61 loads of pork cuts and 30.61 loads of trim. Friday's slaughter is estimated at 454,000 head -- 34,000 head more than a week ago and 1,000 head more than a year ago. Saturday's slaughter is projected to be around 39,000 head. The CME Lean Hog Index 8/19/2026: down $0.24, $93.72.

MONDAY'S HOG CALL: Lower. Given that packers bought hogs late in the week, it's likely they won't be aggressive in Monday's cash market.