Wednesday Midday Livestock Market Summary - Hogs Find Late Week Support

GENERAL COMMENTS:

The livestock complex ended the day mixed with the cattle contracts still trading lower but the lean hog contracts found some mild support ahead of the week's close. Some light cash cattle trade developed throughout the day in the South at $222 which is $3.00 lower than last week's weighted average. December corn is up 3 cents per bushel and December soybean meal is up $8.00. The Dow Jones Industrial Average is down 9.45 points and NASDAQ is down 138.93 points.

From Friday-to-Friday livestock futures scored the following changes: August live cattle off $3.80, October live cattle off $6.20; September feeder cattle down $13.85, October feeder cattle down $7.12; October lean hogs up $1.03, September corn up $0.28, December corn up $0.28.

LIVE CATTLE:

The live cattle contracts continued with their sideways to somewhat lower chop through Friday's close. October live cattle closed $1.20 lower at $211.72, December live cattle closed $1.07 lower at $213.72 and February live cattle closed $1.30 lower at $215.52. Throughout the day some Southern live cattle traded at $222 which is $3.00 lower than the previous week's weighted average, and Northern dressed cattle traded at $345 which is $10.00 lower than the previous week's weighted average. 

Friday's slaughter is estimated at 103,000 head -- 4,000 head more than a week and year ago. Saturday's slaughter is projected to be around 24,000 head. The week's total slaughter is estimated at 542,000 head -- 19,000 head more than a week ago and 24,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $5.13 ($376.23) and select up $1.89 ($361.08) with a movement of 108 loads (87.88 loads of choice, 5.47 loads of select, zero loads of trim and 15.12 loads of ground beef).

MONDAY'S CATTLE CALL: Lower. With packers back in control of the market now that they've got enough supply committed to them, it's likely that prices are going to continue to trend lower as supplies seasonally continue to build.

FEEDER CATTLE:

The feeder cattle complex also ended the day lower as nothing fundamentally developed to help trades push the contracts higher ahead of the week's end. September feeders closed $1.55 lower at $320.90, October feeders closed $1.55 lower at $316.52 and November feeders closed $1.55 lower at $309.92. At Oklahoma National Stockyards in Oklahoma City, Oklahoma compared to past week feeder steers traded $10.00 to $15.00 lower and feeder heifers sold $2.00 to $6.00 lower. Steer and heifer calves traded $15.00 to $20.00 lower. Slaughter cows sold $7.00 to $12.00 lower and slaughter bulls sold $11.00 lower. Feeder cattle supply over 600 pounds was 62%. The CME feeder cattle index 8/27/2026: down $0.67, $332.80.

LEAN HOGS:

The lean hog complex ended the day with more gusto as the slight rally in pork demand helped traders push the contracts higher into the weekend. October lean hogs closed $1.27 higher at $81.90, December lean hogs closed $1.10 higher at $72.30 and February lean hogs closed $1.12 higher at $74.97. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.19 with a weighted average price of $89.57 on 2,319 head. Pork cutouts totaled 218.71 loads with 189.77 loads of pork cuts and 28.93 loads of trim. Pork cutout values: up $2.26, $96.06. Friday's slaughter is estimated at 447,000 head -- 7,000 head less than a week ago and 12,000 head less than a year ago. Saturday's slaughter is projected to be around 29,000 head. The CME lean hog index 8/26/2026: down $0.28, $92.14.

MONDAY'S HOG CALL: Lower. Packers rarely show the cash hog market much interest on Mondays.

Friday Midday Livestock Market Summary - Southern Live Cattle Trade at $222

GENERAL COMMENTS:

The livestock complex is trading mostly lower into midday Friday as it's simply been a disappointing week where not enough fundamental support has appeared. Some light cash cattle trade is developing in the South at $222, which is $3.00 lower than last week's weighted average. December corn is up 4 1/2 cents per bushel and December soybean meal is up $9.60. The Dow Jones Industrial Average is down 23.75 points and the NASDAQ is down 110.49 points.

LIVE CATTLE:

The live cattle complex is trading lower as traders don't see much reason to support the contracts at this point in the week. Unfortunately, the lack of fundamental support this week has been a big hindrance, and the contracts are continuing to trade lower. October live cattle are down $1.57 at $211.35, December live cattle are down $1.67 at $213.12 and February live cattle are down $1.70 at $215.12. The cash cattle market is finally seeing some Southern trade develop at $222 live, which is $3.00 lower than the previous week's weighted average. Bids are also on the table in Nebraska at $218 live and $345 dressed. At this point, the bulk of this week's trade is likely done.

Boxed beef prices are mixed: choice down $4.97 ($376.39) and select up $2.81 ($362.00) with a movement of 81 loads (69.57 loads of choice, 3.70 loads of select, zero loads of trim and 7.30 loads of ground beef).

FEEDER CATTLE:

The live cattle complex is also trading lower as it's late in the week and support has simply failed to develop. October feeders are down $1.52 at $316.55, November feeders are down $2.42 at $309.05 and January feeders are down $2.52 at $301.40. And it's highly unlikely at this point in the week that trades are going to change their mind and advance the contract ahead of Friday's close.

LEAN HOGS :

The lean hog complex is trading mixed into midday Friday, with most of the nearby contracts trading lower while the deferred months are trading slightly higher. October lean hogs are down $0.25 at $80.37, December lean hogs are down $0.27 at $70.92 and February lean hogs are down $0.25 at $73.60. While yes, pork cutout values are higher, it's too little support, too late in the week to add any meaningful support. The projected lean hog index for 8/27/2026 is down $0.62 at $91.52, and the actual index for 8/26/2026 is down $0.28 at $92.14. Hog prices on the Daily Direct Morning Hog Report average $89.65, ranging from $85.50 to $94.00 on 2,112 head, with a five-day rolling average of $90.63. Pork cutouts total 159.56 loads, with 141.11 loads of pork cuts and 18.46 loads of trim. Pork cutout values: up $1.36, $95.16.

Friday Morning Livestock Market Update - Limited Strength in Futures Is Expected

GENERAL COMMENTS:

Cattle futures found strength on Thursday from an oversold market and the need for the August contract to move closer in line with cash. Monday is the last trading day for the August live cattle contract, with October taking over as the lead month and is currently carrying a significant discount. No cash cattle trading activity took place on Thursday, with feedlots hoping packers will raise their bids. Earlier trade this week showed the potential for significantly lower prices again. Higher bids are not likely due to further significant weakness in boxed beef. Boxed beef prices on Thursday showed choice down $3.77 and select down $3.49. Feeder cattle prices have been lower at auctions following the beef market. Calf prices have been decreasing, impacting beef-on-dairy prices and an income stream for dairy farms.

Hog futures clawed out minor gains in all but the October contract. The market continues to face headwinds as fundamental weakness prevails. The National Daily Direct Afternoon Hog report showed cash down $0.99. Pork cutouts fell $1.75. It has been a steady slide for cash and cutouts. Apparently, demand has slowed while slaughter remains elevated. Packers are trying to protect their margins and are likely done purchasing for the week, leaving little hope for higher cash and market support.

	BULL SIDE		BEAR SIDE
1)	Further short-covering may unfold in cattle futures heading into the weekend as traders may be uncertain over weekend news.	1)	Cash cattle are expected to trade sharply lower again this week. Packers will not be aggressive with the weakness in boxed beef prices.
2)	October live cattle futures hold a significant discount to the soon-to-expire August contract. The discount may be reduced.	2)	Increased beef imports may actually reduce beef demand as consumers may be concerned over the quality and safety of the imported beef.
3)	Hog futures may be building support as they have been choppy for more than a week.	3)	Without cash or cutouts support, hog traders see little reason to be bullish on the market.
4)	Hog futures are oversold and may exhibit short-covering ahead of the weekend.	4)	Lower pork prices have not been able to increase demand sufficiently to reduce the available pork supply.

Thursday Closing Livestock Market Update - Traders Lend Contracts Some Extra Support

GENERAL COMMENTS:

Thanks to a little extra trader support, the livestock contracts ended the day higher even though the market's fundamentals haven't improved. No new cash cattle trade developed throughout the day. December corn is down 3 cents per bushel and December soybean meal is up $1.60. The Dow Jones Industrial Average is up 70.55 points and the NASDAQ is up 369.17 points.

Thursday's export report shared that beef net sales of 9,200 mt for 2026 were down 1% from the previous week and 38% from the prior 4-week average. The three largest buyers were Japan (2,200 mt), South Korea (2,100 mt) and Taiwan (1,900 mt). Pork net sales of 38,700 mt for 2026 were up 42% from the previous week and 23% from the prior 4-week average. The three largest buyers were Mexico (22,700 mt), Japan (2,600 mt) and Colombia (2,200 mt).

LIVE CATTLE:

With the help of added trader support, the live cattle complex was able to end the day higher, not because of any riveting fundamental developments but simply because traders poured a little extra support into the market. October live cattle closed $2.15 higher at $212.92, December live cattle closed $2.22 higher at $214.80 and February live cattle closed $2.75 higher at $216.82. The fed cash cattle complex was idle throughout the day with no new sales being reported. Bids of $220 were offered throughout the day in Nebraska, but no trade developed. Earlier this week we saw some dressed cattle trade in Nebraska/Iowa for mostly $345 which is $10.00 lower than the previous week's weighted average -- but the market has yet to trade any Southern cattle. 

Thursday's slaughter is estimated at 105,000 head -- 5,000 head more than a week ago and 14,000 head less than a year ago.

Boxed beef prices closed lower: choice down $3.77 ($381.36) and select down $3.49 ($359.19) with a movement of 104 loads (77.70 loads of choice, 9.54 loads of select, 4.87 loads of trim and 12.31 loads of ground beef).

FRIDAY'S CATTLE CALL: Lower. The market may not see much more trade develop in the North ahead of the week's end, but the South has yet to trade cattle.

FEEDER CATTLE:

And just like the live cattle complex, the feeder cattle contracts were able to end the day on a stronger note thanks to added support from traders. September feeders closed $3.45 higher at $322.45, October feeders closed $3.82 higher at $318.07 and November feeders closed $3.97 higher at $311.47. At Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves sold lower except those weighing 450 to 500 pounds which traded $2.00 higher. Feeder steers traded $13.00 to $20.00 lower. Heifer calves and feeder heifers sold $8.00 to $17.00 lower. Slaughter cows sold $7.00 lower and slaughter bulls traded $10.00 lower. Feeder cattle supply over 600 pounds was 31%. The CME feeder cattle index 8/26/2026: down $0.80, $333.47.

LEAN HOGS:

The lean hog complex ended the day mostly higher as traders were willing to mildly support the complex through the day's end even without fundamental support. October lean hogs closed $0.27 lower at $80.62, December lean hogs closed $0.22 higher at $71.20 and April lean hogs closed $0.12 higher at $73.85. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.99 with a weighted average price of $89.76 on 4,254 head. Pork cutouts totaled 267.38 loads with 242.24 loads of pork cuts and 25.14 loads of trim. Pork cutout values: down $1.75, $93.80. Thursday's slaughter is estimated at 486,000 head -- 44,000 head more than a week ago and 1,000 head less than a year ago. The CME lean hog index 8/25/2026: down $0.23, $92.42.

FRIDAY'S HOG CALL: Lower. At this point packers have likely bought the vast majority of their cash needs for the week already.