Friday Closing Livestock Market Update - Weakness Follows Contracts

GENERAL COMMENTS:

The livestock complex ended Friday softer as fundamental support was hard to come by this week. A few live cattle sales were noted at $228, which is $7.00 lower than last week's weighted average. December corn is up 11 1/4 cents per bushel and December soybean meal is up $2.30. The Dow Jones Industrial Average is down 107.58 points and NASDAQ is down 73.87 points.

From Friday-to-Friday livestock futures scored the following changes: August Live cattle down $8.07, October Live cattle down $6.40; August Feeder cattle down $10.83, September Feeder cattle down $10.68; August Lean hogs down $0.10, October Lean hogs down $0.47.

ANALYST'S NOTE REGARDING TYSON FOOD'S ANNOUNCEMENT:

Tyson's announcement of their plant closures in Joslin, Illinois, and Eagle Mountain, Utah, along with their intent to sell the plant in Pasco, Washington, proves one, very clear thing: The cattle complex is changing, and this is by no means the same marketplace cattlemen had a year ago, five years ago or even back in 2015.

From an immediate perspective, Tyson's announcement helps clarify why the board has been alarmingly soft over the last two trading days, as news travels fast and keeping headline news such as this under wraps rarely happens. It also solidifies the likeliness that the fed cash cattle market will trade lower in the upcoming weeks, which could also affect feeder cattle prices.

From a long-term perspective, Tyson's announcement becomes a much more difficult topic to table as it's multifaceted. On one hand, one must understand the plants built in the 1960s are simply not as efficient as the plants entering the marketplace today, like the Sustainable Beef Plant in North Platte, Nebraska, (opened in May 2025) or like the Producer Owned Beef plant currently under construction in Amarillo, Texas. Given the historically low cow herd the U.S. sits with, it's no secret that ensuring a profit in the packing sector has been a difficult endeavor over the last two years and could remain challenging until domestic supplies increase. Secondly, from a grassroots perspective, this is eerie news to stomach as keeping enough shackle space open for however large the U.S. cow herd builds back to remains a pressing issue for cattlemen who are considering growing their herds.

Regardless of where you operate in the supply chain -- whether you're a cow-calf operator in the grasslands of Montana, a stocker in Kansas, or a fellow packer -- this announcement grabs your attention and demands consequential thought. But there's one major theme that continues to live on and is embedded in the cattle complex of our day and age: The business is chock full of risk and is subject to nauseating headlines that can gravely derail the market's trajectory and stability. 

LIVE CATTLE:

All in all it was a depressing day for the live cattle complex as the contracts drifted lower through Friday's end as they found virtually no fundamental support in the market this week. It was a rough week for the live cattle complex as not only did the futures market trade lower, but fed cash cattle prices did too and Tyson announced they'd be closing two beef plants (Joslin, Illinois, and Eagle Mountain, Utah) and intend to sell the plant in Pasco, Washington; all of which put significant down pressure on the market. August live cattle closed $2.60 lower at $223.62, October live cattle closed $1.17 lower at $218.87 and December live cattle closed $1.07 lower at $218.37. At the time of this writing only a handful of cattle had traded in the South, but Southern live cattle were marked at $228 which is $7.00 lower than the previous week's weighted average and Northern dressed cattle traded at mostly $365 throughout the week which is $5.00 lower than the previous week's weighted average. 

Friday's slaughter is estimated at 100,000 head -- 5,000 head more than a week ago and 17,000 head more than a year ago. Saturday's slaughter is projected to be around 1,000 head. The week's total slaughter is estimated at 517,000 head -- 8,000 head more than a week ago and 18,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $0.60 ($375.30) and select up $2.00 ($351.24) with a movement of 76 loads (53.34 loads of choice, 4.32 loads of select, 7.72 loads of trim and 10.76 loads of ground beef).

MONDAY'S CATTLE CALL: Lower. With packers gaining more control in the marketplace, it's likely that prices are going to be lower in the upcoming weeks.

FEEDER CATTLE:

The feeder cattle contracts kept with their lower trend through Friday's end as the market came up short in finding the support it desperately needed. August feeders closed $2.00 lower at $340.82, September feeders closed $2.65 lower at $334.55 and October feeders closed $3.37 lower at $325.42. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week feeder steers and heifers traded unevenly steady. Steer calves over 450 pounds sold steady, but those under 450 pounds traded $10.00 to $12.00 higher. Heifer claves sold steady to $4.00 lower. Slaughter cows sold steady to $3.00 lower and slaughter bulls traded $1.00 lower. Feeder cattle supply over 600 pounds was 63%. The CME Feeder Cattle Index 8/13/2026: down $3.43, $348.50.

LEAN HOGS:

While, yes, consumer demand may have improved slightly throughout Friday, that was simply too late in the week for the support to add much to the complex. October lean hogs closed $0.37 lower at $81.75, December lean hogs closed $0.62 lower at $72.47 and February lean hogs closed $0.47 lower at $75.77. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $4.07 with a weighted average price of $93.30 on 610 head. Pork cutouts totaled 352.75 loads with 324.89 loads of pork cuts and 27.87 loads of trim. Pork cutout values: up $0.98, $99.90. Friday's slaughter is estimated at 420,000 head -- 35,000 head more than a week ago and 39,000 head less than a year ago. Saturday's slaughter is projected to be around 18,000 head. The CME Lean Hog Index 8/12/2026: down $0.02, $95.87.

MONDAY'S HOG CALL: Lower. Given that demand was soft throughout most of the week, it's likely packers won't be aggressive early in the week.

Friday Midday Livestock Market Summary - Weaker Tones Dominate Complex

GENERAL COMMENTS:

Thus far it's been a grim and uneventful Friday for the livestock complex as the contracts continue to scale lower and fundamental support simply isn't available in the marketplace. Bids of $233 live in Kansas and $351 dressed in Nebraska are currently on the table, but there is yet to be any new trade. December corn is up 8 1/2 cents per bushel and December soybean meal is up $0.50. The Dow Jones Industrial Average is down 117.03 points and NASDAQ is down 84.48 points.

ANALYST'S NOTE REGARDING TYSON FOOD'S ANNOUNCEMENT:

Tyson's announcement of their plant closures in Joslin, Illinois, and Eagle Mountain, Utah, along with their intent to sell the plant in Pasco, Washington, proves one, very clear thing: The cattle complex is changing, and this is by no means the same marketplace cattlemen had a year ago, five years ago or even back in 2015.

From an immediate perspective, Tyson's announcement helps clarify why the board has been alarmingly soft over the last two trading days, as news travels fast and keeping headline news such as this under wraps rarely happens. It also solidifies the likeliness that the fed cash cattle market will trade lower in the upcoming weeks, which could also affect feeder cattle prices.

From a long-term perspective, Tyson's announcement becomes a much more difficult topic to table as it's multifaceted. On one hand, one must understand the plants built in the 1960s are simply not as efficient as the plants entering the marketplace today, like the Sustainable Beef Plant in North Platte, Nebraska, (opened in May 2025) or like the Producer Owned Beef plant currently under construction in Amarillo, Texas. Given the historically low cow herd the U.S. sits with, it's no secret that ensuring a profit in the packing sector has been a difficult endeavor over the last two years and could remain challenging until domestic supplies increase. Secondly, from a grassroots perspective, this is eerie news to stomach as keeping enough shackle space open for however large the U.S. cow herd builds back to remains a pressing issue for cattlemen who are considering growing their herds.

Regardless of where you operate in the supply chain; whether you're a cow-calf operator in the grasslands of Montana, a stocker in Kansas, or a fellow packer -- this announcement grabs your attention and demands consequential thought. But there's one major theme that continues to live on and is embedded in the cattle complex of our day and age: The business is chock full of risk and is subject to nauseating headlines that can gravely derail the market's trajectory and stability. 

LIVE CATTLE:

The live cattle complex is trading lower into Friday's noon hour as a lack of fundamental support, mixed with Thursday's announcement that Tyson Foods plans to close two beef plants and sell another, is weighing heavily on the market. August live cattle are down $5.32 at $220.90, October live cattle are down $3.90 at $216.15 and December live cattle are down $3.62 at $215.82. This week's fed cash cattle market has traded only a handful of cattle in the North, and there's yet to be any sizeable trade noted in the South. Packers are expected to participate less in this week's market given they purchased over 104,000 head last week. But some trade will still likely need to develop in the South before the week's over. Bids of $233 live are currently being offered in Kansas and bids of $351 dressed are on the table in Nebraska.

Boxed beef prices are lower: choice down $1.17 ($374.73) and select down $0.13 ($349.11) with a movement of 62 loads (46.77 loads of choice, 1.42 loads of select, 4.80 loads of trim and 9.25 loads of ground beef).

FEEDER CATTLE:

Again Friday, without enough support from the live cattle contracts, the feeder cattle complex is trading lower. August feeder cattle are down $3.77 at $339.05, September feeder cattle are down $5.60 at $331.60 and October feeder cattle are down $6.62 at $322.17. A lower close is expected for the complex as it's highly unlikely the futures turn higher ahead of Friday's close.

LEAN HOGS:

Although midday pork cutout values are higher, traders simply don't see one day's worth of mild support from consumers as enough to justify trading the contracts higher at this point in the week. October lean hogs are down $0.90 at $81.22, December lean hogs are down $0.87 at $72.22 and February lean hogs are down $0.77 at $75.47. The projected CME Lean Hog Index for 8/13/2026 is down $0.19 at $95.68, and the actual index for 8/12/2026 is down $0.02 at $95.87. Hog prices are lower on the Daily Direct Morning Hog report, down $4.25 with a weighted average price of $93.03, ranging from $90.00 to $94.50 on 445 head and a five-day rolling average of $96.63. Pork cutouts total 258.10 loads with 240.16 loads of pork cuts and 17.94 loads of trim. Pork cutout values: up $1.53, $100.45.

Friday Morning Livestock Market Update - Negative News Pressures the Market

GENERAL COMMENTS:

Cattle were hit with negative news Thursday as Tyson announced the closure of their beef processing facility in Joslin, Illinois. This facility employs 2,500 people and can process nearly 3,000 animals per day. This announcement was made without warning and most employees' last day was Thursday. Not only this facility, but Tyson is putting their Pasco, Washington, facility up for sale and are phasing out the Eagle Mountain, Utah, case-ready facility. Packers have been running in the red for quite some time and measures are being taken to reduce the losses. This increases the negativity in the maket. This is not supportive of cash prices. This news may have been factored in due to the weakness of the past two days. Boxed beef prices were mixed on Thursday with choice up $3.62 and select down $0.57.

Hog futures exhibited similar weakness Thursday, but for different reasons. Packers have positive margins as they have been able to purchase hogs at lower prices relative to cutout values. Although they were more aggressive in the cash market on Thursday, they have paid lower prices overall this week for hogs. The National Daily Direct Afternoon Hog report showed cash up $1.56 as they wanted to finish up buying for the week. Pork cutout values fell $1.23. The August contract ceases trading Friday, with October taking over as the lead contract.

	BULL SIDE		BEAR SIDE
1)	The Tyson news may already be factored in after the past two days of weakness. Short-covering may take place ahead of the weekend.	1)	The Tyson plant closings and restructuring may mean less buying interest from packers and lower prices.
2)	Cattle supplies are tight and will remain that way for some time to come.	2)	Cattle futures may retest the lows from late July as negative news weighs on the market.
3)	Hog futures closed chart gaps on Thursday. Technical traders may buy into the market on the expectation of a price bounce.	3)	If hog futures are unable to hold support, further liquidation may unfold as traders will exit long positions.
4)	Futures held support on Thursday. If support holds early in the trading day, short-covering may occur.	4)	Packers have seen no shortage of market-ready hogs available, even though slaughter continues to run strong. They have not had to be aggressive in the cash market.

Thursday Closing Livestock Market Update - Lack of Support Sends Contracts Lower

GENERAL COMMENTS:

The livestock complex had a tough day where support was hard to come and so the contracts drifted lower. Some more trade was noted in Nebraska -- but otherwise the cash market was quiet. December corn is down 8 3/4 cents per bushel and December soybean meal is down $1.10. The Dow Jones Industrial Average is up 69.72 points and the NASDAQ is up 214.54 points.

Thursday's export report shared that beef net sales of 14,400 mt for 2026 were down 27% from the previous week but up 10% from the prior four week average. The three largest buyers were South Korea (5,300 mt), Japan (3,000 mt) and Hong Kong (1,100 mt). Pork net sales of 36,300 mt for 2026 were up 33% from the previous week and 29% from the prior four week average. The three largest buyers were Mexico (14,200 mt), Japan (6,400 mt) and South Korea (4,100 mt).

LIVE CATTLE:

All in all it was a disappointing day for the live cattle complex as the contracts closed lower and it's most likely that this week's fed cash cattle market is going to be lower too. The only large volume sales to be reported thus far this week have been in Nebraska where live cattle traded at $228 to $230 and dressed cattle traded at $362 to mostly $365 but otherwise there's yet to be a sizeable test in any other region. But with packers able to gain inventory last week -- everyone's agreed that it's most likely that prices are going to be lower this week regardless of the region. And for a lot of the cattle sold in Nebraska -- delivery dates for the week of August 24 and August 31 were noted. August live cattle closed $4.35 lower at $226.22, October live cattle closed $3.75 lower at $220.05 and December live cattle closed $3.35 lower at $219.45. 

Thursday's slaughter is estimated at 106,000 head -- 1,000 head less than a week ago and 9,000 less than a year ago.

Boxed beef prices closed mixed: choice up $3.62 ($375.90) and select down $0.57 ($349.24) with a movement of 113 loads (65.35 loads of choice, 24.80 loads of select, 12.29 loads of trim and 10.18 loads of ground beef).

FRIDAY'S CATTLE CALL: Lower. With the board trading lower and with packers able to gain inventory last week -- prices are most likely going to be lower.

FEEDER CATTLE:

And again this afternoon, the feeder cattle contracts followed the live cattle market lower through Thursday's end. August feeders closed $3.52 lower at $342.82, September feeders closed $2.15 lower at $337.20 and October feeders closed $1.60 lower at $328.80. At Winter Livestock Auction in Pratt, Kansas compared to last week not enough feeder steers and heifers weighing 700 to 950 pounds traded for an accurate market test, but a steady to slightly lower trend was noted. Not enough market test on those weighing under 700 pounds either. Slaughter cows and bulls sold $2.00 to $5.00 lower. Feeder cattle supply over 600 pounds was 96%. The CME feeder cattle index 8/12/2026: down $3.44, $351.93.

LEAN HOGS:

The lean hog complex ended the day lower as it too is struggling to find the support it yearns for. And while yes, cash prices may have been up this afternoon, that's still not enough support to offset the lower trend of consumer demand. October lean hogs closed $1.42 lower at $82.12, December lean hogs closed $1.60 lower at $73.10 and February lean hogs closed $1.70 lower at $76.25. Hog prices closed higher on the Daily Direct Afternoon Hog report, up $1.56 with a weighted average price of $97.37 on 3,125 head. Pork cutouts totaled 209.43 loads with 177.90 loads of pork cuts and 31.53 loads of trim. Pork cutout values: down $1.23, $98.92. Thursday's slaughter is estimated at 484,000 head -- 2,000 head more than a week ago and 9,000 head more than a year ago. The CME lean hog index 8/11/2026: down $0.05, $95.89.

FRIDAY'S HOG CALL: Lower. At this point it's likely that packers have secured the vast majority of their needs already from the cash market and that price will be softer on Friday.