Tuesday Closing Livestock Market Update - Traders Push Contracts Higher

GENERAL COMMENTS:

Tuesday ended up being the supportive push that the livestock complex was hoping for. But with traders willing to advance the contracts in hope that fundamental support will develop later this week, all three of the livestock markets ended the day higher. December corn is down 3 1/4 cents per bushel and December soybean meal is down $5.30. The Dow Jones Industrial Average is down 566.84 points and the NASDAQ is down 77.08 points.

LIVE CATTLE:

All in all it was a supportive day for the live cattle complex as the contracts continued to rally, springboarding off of last week's momentum, and hoping that support will continue to build in the upcoming week. October live cattle closed $4.07 higher at $217.02, December live cattle closed $4.50 higher at $219.22 and February live cattle closed $3.87 higher at $220.45. No cash cattle trade was noted throughout the day, and both bids and asking prices remain elusive at this time. But it is assumed that prices will trade steady at best this week. 

Tuesday's slaughter is estimated at 109,000 head -- 3,000 head more than a week ago and 11,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $1.40 ($377.57) and select down $0.48 ($355.39) with a movement of 83 loads (58.48 loads of choice, 17.03 loads of select, zero loads of trim and 7.34 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady. Given that packers have plenty of supply available to them, it's likely that prices will be steady at best this week.

FEEDER CATTLE:

And upon seeing plenty of support from the live cattle complex, trader felt as although it was easy decision to push the feeder cattle contracts higher too. September feeders closed $4.05 higher at $328.87, October feeders closed $5.30 higher at $325.45 and November feeders closed $5.72 higher at $320.45. The market is nearing it's 40-day moving average, which could pose as a technical barrier unless fundamental support is strong enough to surpass that threshold. The CME feeder cattle index 9/7/2026: down $0.60, $326.98.

LEAN HOGS:

The lean hog complex was also able to rally through Tuesday's close, thanks to the continued support of traders. It was disheartening to see pork cutout values close lower, which will need to be stronger later this week if the market is going to continue to trade higher and surpass the resistance threshold at $75.00. October lean hogs closed $1.95 higher at $84.25, December lean hogs closed $2.57 higher at $75.05 and February lean hogs closed $2.42 higher at $77.65. Hog prices on the Daily Direct Afternoon Hog Report averaged $86.35, ranging from $76.00 to $89.50 on 3,840 head. Pork cutouts total 264.38 loads with 240.21 loads of pork cuts and 24.18 loads of trim. Pork cutout values: down $1.09, $91.77. Tuesday's slaughter is estimated at 483,000 head -- 11,000 head more than a week ago and steady with a year ago. The CME lean hog index 9/3/2026: down $0.54, $90.54.

WEDNESDAY'S HOG CALL: Steady to somewhat higher. Packers weren't very aggressive in Tuesday's market which likely means that they'll need to participate more in Wednesday's market.

Tuesday Midday Livestock Market Summary - Stronger Tones Start the Livestock Complex Off

GENERAL COMMENTS:

The livestock complex is trading fully higher into the noon hour of Sept. 8, as traders are willingly pushing the contracts higher to start the week off. No cash cattle trade has developed yet and both bids and asking prices remain elusive at this point. December corn is down 3 1/2 cents per bushel and December soybean meal is down $5.40. The Dow Jones Industrial Average is down 587.47 points and NASDAQ is down 55.83 points.

LIVE CATTLE:

The live cattle complex is charging higher into the noon hour of Sept. 8 as the market is hopeful for greater fundamental support this week. Luckily traders are willing to support the upward trend right now, but if fundamental support doesn't arise later this week – the effort could fall flat. October live cattle are up $2.92 at $215.87, December live cattle are up $3.20 at $217.95 and February live cattle are up $2.75 at $219.32. No cash cattle trade has developed yet, and it's likely that trade will be delayed until later in the week. No bids or asking prices are currently noted.

Last week Northern dressed cattle traded at mostly $344 to $345 which is steady to $1.00 lower than last week's weighted average, but Southern live cattle traded anywhere from $219 to $223, but mostly at $222 to $223 which is steady to $1.00 higher than the previous week's weighted average.

Boxed beef prices are higher: choice up $1.30 ($377.47) and select up $1.07 ($356.94) with a movement of 37 loads (27.60 loads of choice, 6.21 loads of select, zero loads of trim and 2.91 loads of ground beef).

FEEDER CATTLE:

And upon seeing the live cattle contracts trading higher – the feeder cattle complex wasn't going to waste any time missing out on the action. September feeders are up $2.82 at $327.65, October feeders are up $4.14 at $324.40 and November feeders are up $4.57 at $319.30. The spot October feeder cattle contract is close to reaching it's 40-day moving average, which could pose as a resistance barrier.

LEAN HOGS :

The lean hog complex has rallied into the noon hour Sept. 8 as well, hoping that the robust fundamental support in which the market is currently seeing from consumers will remain strong and carry through the rest of the week. If that is indeed the case, there's a chance that traders may be able to break through the resistance threshold which limited the market just last week. The biggest reason why the carcass price is over $7.00 higher this morning is because of the $24.80 jump in the belly. October lean hogs are up $1.60 at $83.90, December lean hogs are up $2.35 at $74.82 and February lean hogs are up $2.07 at $77.27. The projected lean hog index for 9/7/2026 is down $0.89 at $89.65 and the actual index for 9/3/2026 is down $0.54 at $90.54. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 25 head have traded this morning and that the market's five-day rolling average now sits at $89.35. Pork cutouts totaled 120.77 loads with 107.37 loads of pork cuts and 13.41 loads of trim. Pork cutout values: up $7.31, $100.17.

Tuesday Morning Livestock Market Update - A Cautious Start to the Week

GENERAL COMMENTS:

Cattle contracts closed lower on Friday as traders may have positioned themselves ahead of a longer weekend. It seems that you can never tell what news will develop from one day to the next, much less over an extended weekend. Contracts held support but didn't give traders much to get excited about. Cash cattle may finally have reached a level that packers need to maintain, as Southern dressed cattle averaged about $2.00 lower. Some cash sales actually took place $1.00 higher. Northern dressed cattle averaged $1.00 lower. Boxed beef prices were mixed, with choice down $0.73 and select up $5.15. The Commitment of Traders report showed fund traders as net sellers of 10,878 live cattle contracts, reducing their long position to 48,851. They were net sellers of 450 contracts in feeder cattle, reducing their net-long position to 8,436 contracts.

Hog futures had a tough day, posting triple-digit losses in the end and eliminating much of the gains for the week. Hog futures continue to struggle to find solid support. Both cash and cutouts continue to remain variable. The National Daily Direct Afternoon Hog report showed limited volume, resulting in the packer not releasing any prices due to the light trade. Pork cutout values gained $1.74 to $92.86. Packers may be aggressive Tuesday as it is a shorter week, and they may step up early to procure the hogs they need for the week. The Commitment of Traders report showed the fund traders as net buyers of 1,407 contracts, reducing their net-short position to 34,691.

	BULL SIDE		BEAR SIDE
1)	It seems the weakness of cash cattle may be subsiding, with the possibility of finding support.	1)	A break below support could trigger significant selling in cattle futures.
2)	Cattle futures have been holding support over the past 1 1/2 weeks as the bearish news seems to have been factored into the market.	2)	The variability in the boxed beef prices may keep packers from bidding higher in the cash market. They intend to preserve their margins.
3)	The extended weekend may have influenced the market negatively as traders liquidated some long positions.	3)	The price weakness in hog futures on Friday may be difficult to regain with traders remaining cautious over cash and cutouts this week.
4)	Traders may be unwilling to push the market much lower as much of the bearishness of the market has been factored in.	4)	The demand for pork is lacking, and sufficient hogs remain available for slaughter. This is not a supportive combination.

Friday Closing Livestock Market Update - Weaker Tones Keep With the Complex

GENERAL COMMENTS:

All in all, it was a lackadaisical Friday where little developed in the livestock complex aside from a little more cleanup trade in the South. More than anything, traders simply let the contracts drift lower through the day's end, hoping that better support will develop next week. December corn is down 4 cents per bushel and December soybean meal is down $0.40. The Dow Jones Industrial Average is down 322.93 points and the NASDAQ is down 92.65 points.

From Friday to Friday, livestock futures scored the following changes: October live cattle down $6.30, December live cattle up $1.00; September feeder cattle up $3.93, October feeder cattle up $3.63; October lean hogs up $0.40; September corn steady, December corn steady.

**The CME futures market will be closed on Monday, Sept. 7. Regular DTN commentary will resume on Tuesday, Sept. 8.**

LIVE CATTLE:

The livestock complex ended the day mostly lower, although a few of the furthest deferred contracts were able to keep their mildly higher position. October live cattle closed $1.35 lower at $212.95, December live cattle closed $1.40 lower at $214.72 and February live cattle closed $1.15 lower at $216.57. This week's fed cash cattle trade was better than I originally assumed it was going to be, as all in all, prices traded steady. In the North, dressed cash cattle prices were marked at $344 to $345, which is steady to $1.00 lower than the previous week's weighted average, but Southern live cattle prices had a wide range of $219 to $223, which is $3.00 lower to $1.00 higher. It will be imperative to see where USDA reports come out on the exact weighted average for the week.

Friday's slaughter is estimated at 97,000 head -- 6,000 head less than a week ago and 22,000 head less than a year ago. Saturday's slaughter is projected to be around 17,000 head. The week's total slaughter is estimated at 526,000 head -- 16,000 head less than a week ago and incomparable to a year ago.

Boxed beef prices closed mixed: choice down $0.73 ($376.17) and select up $5.15 ($355.87) with a movement of 94 loads (60.50 loads of choice, 9.22 loads of select, 11.37 loads of trim and 13.21 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady-somewhat lower. This week's trade was able to come out mostly steady, but with growing showlists, feedlots will be pressured by packers to sell cattle cheaper.

FEEDER CATTLE:

The feeder cattle complex ended the day mixed as traders simply didn't find enough immediate support in the market to keep the nearby contracts higher, but the deferred contracts were still able to keep their slightly higher position through the day's end. September feeders closed $1.02 lower at $324.82, October feeders closed $0.95 lower at $320.15 and November feeders closed $0.57 lower at $314.72. The Oklahoma Weekly Cattle Auction Summary shared that, compared to a week ago, feeder steers and heifers traded $5.00 to $10.00 lower. Steer and heifer calves sold $5.00 to $10.00 lower. Slaughter cows traded $3.00 to $8.00 weaker, and lean cows sold $13.00 lower. Slaughter bulls traded mostly $8.00 lower. Feeder cattle supply over 600 pounds was 58%. The CME feeder cattle index 9/3/2026: up $0.53, $328.80.

LEAN HOGS:

Without stronger fundamental support, especially in the form of greater consumer demand, the lean hog contracts ended the day lower. October lean hogs closed $1.15 lower at $82.30, December lean hogs closed $1.45 lower at $72.47 and February lean hogs closed $1.37 lower at $75.22. Hog prices weren't available on the Daily Direct Afternoon Hog Report because of confidentiality. However, we were able to see that only 593 head traded and that the market's five-day rolling average now sits at $90.15. Pork cutouts totaled 240.43 loads, with 225.57 loads of pork cuts and 14.86 loads of trim. Pork cutout values: down $1.74, $92.86. Friday's slaughter is estimated at 424,000 head -- 23,000 head less than a week ago and 47,000 head less than a year ago. Saturday's slaughter is projected to be around 19,000 head. The CME lean hog index 9/2/2026: down $0.23, $91.08.

TUESDAY'S HOG CALL: Lower. Packers rarely support the cash market aggressively early in the week.