Tuesday Midday Livestock Market Summary - Cattle Trade Higher and Hogs Trade Lower

GENERAL COMMENTS:

The livestock complex is again trading mixed as the cattle contracts continue to scale higher while the lean hog contracts are trading slightly lower. Still no cash cattle trade has developed and won't likely until Thursday at the earliest. May corn is up 3 1/4 cents per bushel and May soybean meal is down $4.80. The Dow Jones Industrial Average is up 141.34 points and NASDAQ is down 75.81 points.

LIVE CATTLE:

The live cattle complex wasn't confident about its position at the day's start, but upon seeing midday boxed beef prices stronger, the market has gained some momentum and is currently trading fully higher into Tuesday's noon hour. April live cattle are up $0.60 at $235.90, June live cattle are up $0.62 at $235.27 and August live cattle are up $0.92 at $232.67. Still no developments have surfaced yet in the fed cash cattle market, and it's likely that the day's trade will be delayed until the later part of the week. But at this point in time, both bids and asking prices remain elusive.

Boxed beef prices are higher: choice up $1.07 ($400.20) and select up $2.47 ($396.30) with a movement of 53 loads (34.92 loads of choice, 3.25 loads of select, 5.11 loads of trim and 9.62 loads of ground beef).

FEEDER CATTLE:

In keeping alignment with the live cattle complex, the feeder cattle contracts are trading higher into Tuesday's noon hour as well. Not only are traders pleased to see the slight improvement in the live cattle sector and in boxed beef prices, but they're also pleased to see greater interest again this week in the countryside for feeder cattle. March feeders are up $2.70 at $361.15, April feeders are up $4.00 at $356.50 and May feeders are up $4.32 at $352.67.

LEAN HOGS:

The lean hog complex continues to scale lower as the market needs to see greater fundamental support before it will be able to establish a technical bottom for the market's current move. April lean hogs are down $0.02 at $90.77, June lean hogs are down $0.62 at $103.77 and July lean hogs are down $0.67 at $105.85. Thankfully, again today, midday pork cutout values are slightly higher, but traders need to see consistent and stable support before they'll likely lend any aid to the complex.

The projected lean hog index for 3/23/2026 is down $0.07 at $91.70 and the actual index for 3/20/2026 is down $0.18 at $91.77. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However we can see that 245 head have traded and that the market's five-day rolling average now sits at $91.29. Pork cutouts total 171.77 loads with 158.76 loads of pork cuts and 13.01 loads of trim. Pork cutout values: up $0.83, $100.43.

Tuesday Morning Livestock Market Update - Hog Futures Need to Find Support

GENERAL COMMENTS:

The bearishness of the placement number on the Cattle on Feed report was not a concern for traders on Monday, as the focus was on the overall market and not just a report. The dryness in the Western regions, the wildfires in Nebraska, and high calf prices do not bode well for herd rebuilding anytime soon. Why raise them when you can get exceptional prices for calves? A lower showlist of cattle may mean feedlots are willing to hold for higher prices. Feedlots are feeding cattle to heavier weights. Boxed beef prices were mixed, with choice down $0.98 and select up $0.89. The February Cold Storage report will be released today, showing the level of beef inventory. The March feeder cattle contract will go off the board on Thursday, with the April contract taking over as the lead month.

Hog futures tried to regain some of the losses, but ran out of steam on Monday. The April contract closed below support, while the later contracts held support for now. It will be crucial for contracts to remain above support, or another leg down is possible. Packers were aggressively looking for hogs on Monday. The National Daily Direct Afternoon report showed cash up $1.58 on relatively light volume. They may remain aggressive today as they intend to buy early in the week and maintain the increased level of slaughter. Pork cutouts were higher, posting a gain of $0.40.

	BULL SIDE		BEAR SIDE
1)	The bearish Cattle on Feed report was taken in stride and had little impact on the market. Traders are looking at the bigger fundamental picture.	1)	Boxed beef prices have turned choppy, which may impact the willingness of packers to pay more for cattle in the near term.
2)	Showlists are lighter so far this week, which may indicate the feedlots will hold for higher prices.	2)	Packers were able to purchase cattle for deferred delivery as far out as the second week in April. This may leave them less aggressive in the cash market.
3)	Hog futures have held technical support and may garner buyer interest if that support holds.	3)	Cash hogs and pork cutouts continue to remain choppy. Traders need to see consistency to support the market.
4)	Easter demand is just around the corner, and that should support cutouts with hams providing the strength.	4)	If hog futures fall below technical support, further liquidation may take place.

Monday Closing Livestock Market Update - Cattle Close Higher Thanks to Trader Support

GENERAL COMMENTS:

The livestock complex ended the day mixed, with the cattle contracts seeing modest growth throughout the day, but the lean hog contracts fell lower throughout the day's close. New showlists appear to be somewhat lower in Nebraska/Colorado and much lower in Kansas and Texas. May corn is down 6 cents per bushel, and May soybean meal is down $1.40. The Dow Jones Industrial Average is up 631.00 points, and the NASDAQ is up 299.15 points.

LIVE CATTLE:

The live cattle complex had a semi-fruitful day. The futures complex was not only able to close higher, but the spot June contract even closed above the market's 40-day moving average. April live cattle closed $1.25 higher at $235.30, June live cattle closed $1.22 higher at $234.65 and August live cattle closed $0.92 higher at $231.75. The reason I say "somewhat fruitful" is because boxed beef prices closed mixed, and it's still anyone's guess on how this week's fed cash cattle market is going to pan out. But with next week being a holiday-shortened week for Easter and packers able to buy some cattle last week for the deferred delivery option, I tend to believe steady prices may be the best-case scenario that the cash market can pull off. New showlists appear to be somewhat lower in Nebraska/Colorado and much lower in Kansas and Texas. Monday's slaughter is estimated at 105,000 head -- 7,000 head more than a week ago and 12,000 head less than a year ago.

Last week, Northern dressed cattle traded at mostly $372, which is steady with the previous week's weighted average, and Southern live cattle traded at mostly $235, which is also steady with the previous week's weighted average.

Boxed beef prices are mixed: choice down $0.98 ($399.13) and select up $0.89 ($393.83) with a movement of 73 loads (50.60 loads of choice, 10.81 loads of select, 3.00 loads of trim and 8.76 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady/somewhat lower. With boxed beef prices being choppy and demand lagging, I tend to believe that prices will trade steady at best this week.

FEEDER CATTLE:

The feeder cattle complex again followed in the same direction as the live cattle contracts, as it was pleased to see not only some technical support but continued fundamental support from strong feeder cattle sales in the countryside. March feeders closed $0.70 higher at $358.45, April feeders closed $1.30 higher at $352.47 and May feeders closed $1.97 higher at $348.35. With turnout to grass pastures quickly approaching, it's likely that the demand for grass-type cattle will continue to be seen in the countryside and potentially help keep demand strong. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week and at their midsession point compared to last week, feeder steers were trading mostly steady, but steer calves were trading $5 to $15 higher. Both feeder heifers and heifer calves were trading steady to $5 higher. Grazing-type steers were selling steady to $5 higher, but grazing-type heifers were trading sharply higher -- up to $25 higher on some sales. Feeder cattle supply of over 600 pounds was 77%. The CME feeder cattle index 3/20/2026: down $0.73, $361.33.

LEAN HOGS:

The lean hog complex wasn't met with the same level of support as the cattle contracts were, and once again, the market scaled lower throughout the day. April lean hogs closed $0.47 lower at $90.80, June lean hogs closed $0.07 lower at $104.40 and July lean hogs closed $0.17 lower at $106.52. And, yes, you may be quick to point out the fact that pork prices closed slightly higher. But before traders are going to confidently rest in that fundamental win, they need to see it consistently play out for a number of days. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.58 with a weighted average price of $91.96, ranging from $87 to $93 on 2,388 head and five-day rolling average of $92.47. Pork cutouts totaled 299.19 loads of pork cuts and 39.87 loads of trim. Pork cutout values: up $0.40, $99.60. Monday's slaughter is estimated at 492,000 head -- 99,000 head more than a week ago and 21,000 head more than a year ago. The CME feeder cattle index 3/19/2026: down $0.09, $91.95.

TUESDAY'S HOG CALL: Higher. Packers didn't show the cash market much interest on Monday, but they may be slightly more aggressive by Tuesday.

Monday Midday Livestock Market Summary - Traders Drive Cattle Contracts Higher

GENERAL COMMENTS:

The livestock complex is trading mostly higher into Monday's noon hour as traders again seem committed to advancing the contracts higher. New showlists appear to be somewhat lower in Nebraska/Colorado and much lower in Kansas and Texas. May corn is down 4 cents per bushel and May soybean meal is down $1.80. The Dow Jones Industrial Average is up 601.09 points and NASDAQ is up 248.66 points.

LIVE CATTLE:

The live cattle complex is trading mostly higher into Monday's noon hour, although a couple of the late 2026 contracts are trading slightly lower. More than anything, it's likely the note of steady on-feed numbers has traders concerned there may be more supply available in the later part of 2026 than originally anticipated, which could be partly driving down those contracts Monday morning. April live cattle are up $0.17 at $234.22, June live cattle are up $0.25 at $233.67 and August live cattle are up $0.02 at $230.85. It's likely the market will continue to chop sideways between its 100-day and 40-day moving averages until something drives the market one way or another. New showlists appear to be somewhat lower in Nebraska/Colorado and much lower in Kansas and Texas.

Last week, Northern dressed cattle traded at mostly $372, which is steady with the previous week's weighted average, and Southern live cattle traded at mostly $235, which is also steady with the previous week's weighted average.

Boxed beef prices are mixed: choice down $0.61 ($399.50) and select up $0.62 ($393.56) with a movement of 35 loads (25.11 loads of choice, 4.00 loads of select, 3.00 loads of trim and 2.84 loads of ground beef).

FEEDER CATTLE:

Friday's Cattle on Feed report hasn't added much of a hiccup to Monday's market as the feeder cattle contracts are also trading higher. March feeders are up $1.17 at $358.92, April feeders are up $0.20 at $351.37 and May feeders are up $0.87 at $347.25. Demand was stronger last week in sale barns across the countryside as green grass is just around the corner for most producers, and that was evident in sales as grass calves were bringing more money. It's likely that trend will continue this week, especially if the board remains encouraging.

LEAN HOGS:

After plummeting lower late last week, the lean hog complex is now trading mixed into Monday's noon hour with its nearby contracts mostly higher while the deferred contracts continue to scale lower. April lean hogs are down $0.37 at $90.90, June lean hogs are up $0.17 at $104.65 and July lean hogs are up $0.07 at $106.77. In order for the nearby contracts to continue to trade higher this week, it will be imperative that pork demand improves. The projected CME Lean Hog Index for 3/20/2026 is down $0.18 at $91.77 and the actual index for 3/19/2026 is down $0.09 at $91.95. Hog prices are unavailable on the Daily Direct Morning Hog report because of confidentiality. However, we can see that only 738 head have traded and the market's five-day rolling average now sits at $91.94. Pork cutouts total 180.57 loads with 154.80 loads of pork cuts and 25.77 loads of trim. Pork cutout values: up $0.80, $100.00.