Wednesday Closing Livestock Market Update - Cattle Rally Thanks to Trader Support

GENERAL COMMENTS:

The livestock complex ended the day mixed with the cattle contracts ending the day higher while the lean hog contracts closed lower. Some light cash cattle trade again developed in the North, but not enough cattle have traded to say that any sort of a trend has been established yet for the week. December corn is down 21 1/4 cents per bushel and December soybean meal is down $2.10. The Dow Jones Industrial Average is down 443.87 points and the NASDAQ is up 63.52 points.

LIVE CATTLE:

Trader support remained ample through Wednesday's close as traders continue to be hopeful that fundamental support will arise later this week and lend the market the extra shot of encouragement that it needs. October live cattle closed $1.45 higher at $218.67, December live cattle closed $1.90 higher at $222.70 and February live cattle closed $2.15 higher at $225.07. Throughout the day some light trade developed in the North again at mostly $350 -- but the trade was extremely light so it's too early to say that any sort of a trend has been established for the week. Asking prices are noted in the North at $360, but are not yet established in the South. 

Wednesday's slaughter is estimated at 98,000 head -- 4,000 head more than a week ago and 19,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $0.13 ($382.79) and select down $3.89 ($360.59) with a movement of 108 loads (55.61 loads of choice, 13.16 loads of select, 11.86 loads of trim and 27.62 loads of ground beef).

THURSDAY'S CATTLE CALL: Higher. Given that last week's trade was light and that the board is supportive, it's likely that feedlot managers will be able to at least hold the market steady, if not push it a tick higher.

FEEDER CATTLE:

The feeder cattle complex was also able to maintain its rally through the day -- feeling well supported by traders and the uptick in the live cattle complex. The spot November contract is nearing resistance at its 100-day moving average, which will likely require support like what the market saw today in order to conquer. October feeders closed $2.77 higher a $336.42, November feeders closed $3.40 higher at $334.30 and January feeders closed $4.27 higher at $327.67. At Bassett Livestock Auction in Bassett, Nebraska compared to the last sale two weeks ago, there was only a limited number of steers weighing 1,000 to 1,050 pounds but they traded $2.00 to $11.00 higher, while those weighing 950 pounds to 1,000 pounds sold $3.00 to $6.00 lower. Feeder cattle supply over 600 pounds was 100%. The CME feeder cattle index 9/29/2026: up $0.26, $338.03.

LEAN HOGS:

With trader support null and pork cutout values closing lower yet again, the lean hog contracts ended the day lower. October lean hogs closed $0.65 lower at $78.72, December lean hogs closed $0.27 lower at $69.42 and February lean hogs closed $0.45 lower at $70.17. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.02 with a weighted average price of $77.72 on 3,583 head. Pork cutouts total 354.81 loads with 313.84 loads of pork cuts and 40.97 loads of trim. Pork cutout values: down $2.82, $84.95. Wednesday's slaughter is estimated at 486,000 head -- steady with a week ago and 3,000 head more than a year ago. The CME lean hog index 9/28/2026: down $0.27, $80.94.

THURSDAY'S HOG CALL: Lower. At this point it's likely that packers have the vast majority of their needs already out of the cash market. 

Wednesday Midday Livestock Market Summary - Cattle Scale Higher While Hogs Dip Lower

GENERAL COMMENTS:

The livestock complex is again trading mixed as traders are helping drive the cattle contracts higher, but the lean hog contracts are trading lower. Bids have surfaced in Nebraska at $345, but given that asking prices are noted at $360, it's unlikely that trade will develop soon. December corn is down 20 1/2 cents per bushel and December soybean meal is down $0.10. The Dow Jones Industrial Average is down 52.32 points and NASDAQ is up 254.77 points.

LIVE CATTLE:

Even though midday boxed beef prices are mixed and we've yet to see much trade in the fed cash cattle market, the live cattle contracts are trading higher into Wednesday's noon hour. October live cattle are up $2.22 at $219.45, December live cattle are up $2.45 at $223.25 and February live cattle are up $2.52 at $225.45. Still no new trade has developed in the fed cash cattle market, but some early bids and asking prices have surfaced ahead of Wednesday's noon hour. Asking prices are noted in eastern Nebraska at $360, and some bids have also surfaced in Nebraska at $345. But given that there's quite a difference between the two prices, it's likely that trade will be delayed until later in the week.

Boxed beef prices are mixed: choice up $0.01 ($382.67) and select down $2.41 ($362.07) with a movement of 70 loads (37.07 loads of choice, 7.15 loads of select, 7.64 loads of trim and 18.41 loads of ground beef).

FEEDER CATTLE:

Thankfully with the added support of the live cattle contracts trading higher, the feeder cattle contracts are also pushing a substantial $4.00 rally into Wednesday's noon hour. October feeders are up $3.55 at $337.20, November feeders are up $4.00 at $334.90 and January feeders are up $4.65 at $328.05. Given that the board's support is significant, it's likely that feeder cattle prices may even see a tick more support from buyers Wednesday.

LEAN HOGS :

Meanwhile the lean hog complex continues to be stuck in a sideways, choppy trading range as traders aren't seeing enough support. And with midday pork cutout values lower, it's likely that this lower trend will be kept through the afternoon. October lean hogs are down $0.42 at $78.95, December lean hogs are down $0.15 at $69.55 and February lean hogs are down $0.32 at $70.30. The projected lean hog index for 9/29/2026 is up $0.01 at $80.95 and the actual index for 9/28/2026 is down $0.27 at $80.94. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.55 with a weighted average price of $77.46, ranging from $69.00 to $79.00 on 1,908 head and a five-day rolling average of $78.10. Pork cutouts totaled 177.49 loads with 153.61 loads of pork cuts and 23.88 loads of trim. Pork cutout values: down $0.28, $87.49. 

Wednesday Morning Livestock Market Update - Cash Cattle May Trade Higher This Week

GENERAL COMMENTS:

Live cattle traders played a tug-of-war on Tuesday, with the end result being futures showed little change. Feeder cattle showed significant volatility and posted triple-digit gains. With boxed beef prices stronger this week, traders think cash prices may turn out better than previously thought. Packers seem to show a willingness to obtain some cattle at least at steady money, if not higher, as they have already tipped their hand with early bids. Usually, they wait until later in the week. Boxed beef prices jumped on Tuesday, with choice up $2.18 and select up $6.25. Feedlots may gain the confidence to hold for more money this week due to stronger beef prices.

Hog futures found strength likely from short-covering after four days of weakness. Support held in the October and December contracts while later contracts initially made new lows before reversing to trade higher. The strength was not fundamentally driven, as cash and cutouts remain unable to find solid support. Packers were aggressive with their hog purchases on Tuesday; unfortunately, the National Daily Direct Afternoon Hog report showed a decline of $0.48. Pork cutouts slipped $0.03. Packers have no difficulty finding sufficient hogs to maintain the higher slaughter pace. Hog weights continue to increase with a gain of 1 pound to an average of 286.9 pounds.

	BULL SIDE		BEAR SIDE
1)	Packers seem to be somewhat anxious to purchase cattle this week, as they already posted bids. They may be short bought.	1)	Cattle futures have been unable to break out above technical resistance. This may limit gains and impact packer bids.
2)	Even steady cash cattle this week should support futures as they hold a discount to cash.	2)	A sharp rise in boxed beef prices may be met with consumer resistance as they continue to face higher food and fuel prices.
3)	Hog futures rebounded on short-covering, which may continue Wednesday as the market follows through to the upside.	3)	Weekly hog weights increased by one pound to average 286.9 pounds. This is just 0.1 pound below a year ago.
4)	The hog slaughter pace remains strong as packers continue to process hogs to meet demand. This may eventually tighten supplies.	4)	Pork cutouts remain unable to find solid support. Demand is good, but hog supplies are plentiful.

Tuesday Closing Livestock Market Update - Mixed Tones Follow the Livestock Complex

GENERAL COMMENTS:

Mixed tones ran throughout the livestock complex through Tuesday's close as traders continue to yearn for stronger fundamental support. Bids of $350 were offered throughout the day in Nebraska but no cattle traded. December corn is down 1 cent per bushel and December soybean meal is down $0.40. The Dow Jones Industrial Average is down 131.59 points and NASDAQ is down 22.84 points.

LIVE CATTLE:

The live cattle complex ended the day mixed as the market's nearby contracts ended slightly lower, but the deferred contracts were still able to end the day a touch higher. More than anything traders need and want to see greater fundamental support before they'll likely allow the contracts to trade any higher. October live cattle closed $0.22 lower at $217.22, December live cattle closed steady at $220.80 and February live cattle closed $0.02 lower at $222.92. Throughout the day bids of $350 were offered in Nebraska – but no cattle traded. It is interesting to noted, however, that bids surfaced as early as Tuesday. That could indicate that following last week's light trade that packers are shorter bought that what they're necessarily comfortable with. Still, asking prices remain elusive and trade isn't expected to develop until later in the week. 

Tuesday's slaughter is estimated at 108,000 head – 8,000 head more than a week ago and 12,000 head less than a year ago.

Boxed beef prices closed higher: choice up $2.18 ($382.66) and select up $6.25 ($364.48) with a movement of 112 loads (71.73 loads of choice, 8.25 loads of select, 12.53 loads of trim and 19.24 loads of ground beef).

WEDNEDSAY'S CATTLE CALL: Higher. Given that bids have already developed this week, it leads one to believe that packers are short bought and in need of more cattle.

FEEDER CATTLE:

Although the live cattle complex saw some push back in its nearby contracts, the feeder cattle complex was able to keep with it's moderate rally through the day's end. If the contracts continue with their mild upward trend, at some point the market's nearing resistance at the 100-day moving average is going to pose some resistance pressure. October feeder cattle closed $1.75 higher at $333.65, November feeder cattle closed $1.62 higher at $330.90 and January feeder cattle closed $1.42 higher at $323.40. At Oklahoma National Stockyards in Oklahoma City, Oklahoma compared to last week feeder steers traded mostly steady to $3.00 lower. Feeder heifers sold unevenly steady. Demand was noted as good for feeder cattle. Steer calves traded $5.00 to $15.00 lower and heifer calves sold $2.00 to $8.00 lower. Feeder cattle supply over 600 pounds was 63%. The CME feeder cattle index 9/28/2026: down $0.20, $337.77.

LEAN HOGS:

Although pork cutout values closed the day a touch softer, traders still allowed the contracts to rally through the day's end and keep within the market's sideways trading range. October lean hogs closed $1.12 higher at $79.37, December lean hogs closed $1.30 higher at $69.70 and February lean hogs closed $1.25 higher at $70.62. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.48 with a weighted average price of $78.74 on 12,715 head. Pork cutouts totaled 327.13 loads with 300.88 loads of pork cuts and 26.24 loads of trim. Pork cutout values: down $0.03, $87.77. Tuesday's slaughter is estimated at 493,000 head – 11,000 head more than a week ago and 17,000 head more than a year ago. The CME lean hog index 9/25/2026: down $0.55, $81.21.

WEDNESDAY'S HOG CALL: Lower. Given that packers bought over 12,000 in Tuesday's market likely means that they won't have to participate much in the cash market for the remainder of the week.