Wednesday Midday Livestock Market Update - Traders Push Contracts Higher

GENERAL COMMENTS:

The livestock complex is rallying into Wednesday's noon hour as technical support is ample right now. A single bid is on the table in the cash cattle market, but no cattle have traded yet. May corn is down 4 1/4 cents per bushel and May soybean meal is down $3.80. The Dow Jones Industrial Average is up 270.87 points and NASDAQ is up 301.98 points.

LIVE CATTLE:

The live cattle complex is charging full steam ahead into Wednesday's noon hour as the market is currently trading $2.00 to $3.00 higher into the afternoon. April live cattle are up $3.37 at $237.60, June live cattle are up $3.75 at $234.42 and August live cattle are up $3.62 at $232.52. Pinpointing what's driving the rally in the cattle sector is somewhat challenging, but more than anything it seems as though traders have reignited their bullish sentiment toward the market and are now giving the complex more technical support. There's a single bid currently on the table in Nebraska at $375, but otherwise no cattle have traded yet in the cash market.

Boxed beef prices are higher: choice up $0.78 ($388.83) and select up $1.79 ($380.37) with a movement of 52 loads (40.57 loads of choice, 4.68 loads of select, 2.56 loads of trim and 4.11 loads of ground beef).

FEEDER CATTLE:

Upon seeing the live cattle complex rally aggressively, the feeder cattle contracts have jumped into action as well as most of the contracts are sizeable $4.00 to $5.00 increases. March feeders are up $5.30 at $362.50, April feeders are up $5.72 at $358.97 and May feeders are up $5.82 at $355.17. The 40-day moving average seems to be giving the complex a little bit of resistance, but if the live cattle complex continues to trade higher traders may elect to conquer it later in the week.

LEAN HOGS:

With a slight uptick in pork demand, the lean hog contracts are also rallying into Wednesday's noon hour. April lean hogs are up $1.10 at $96.85, June lean hogs are up $1.62 at $111.10 and July lean hogs are up $1.42 at $112.82. So far this week the market has chopped mostly sideways as traders haven't wanted to push the contracts any higher without increased fundamental support. But the slight uptick in pork demand has traders willing to advance the contracts at this point in time.

The projected CME Lean Hog Index for 3/3/2026 is up $0.34 at $90.18 and the actual index for 3/2/2026 is up $0.15 at $89.84. Hog prices are unavailable on the Daily Direct Morning Hog report because of confidentiality. However, we can see that 995 head have traded and that the market's five-day rolling average sits at $91.29. Pork cutouts total 151.94 loads with 124.41 loads of pork cuts and 27.53 loads of trim. Pork cutout values: up $0.63, $99.13.

Wednesday Morning Livestock Market Update - Volatility May Dominate the Market Again Today

GENERAL COMMENTS:

The uncertainty in the outside markets had a negative influence on cattle futures on the opening. As the day progressed, traders became more comfortable with focusing on the market fundamentals. Futures may have a difficult time regaining the losses of last week due to the influence of the outside markets, as well as the potential for cash cattle to trade no better than steady this week. Packers have not surrounded themselves with many cattle and continue to slow the slaughter pace to rein in the cash price. However, that can only be maintained for a time before they will need to step up more aggressively again. Boxed beef prices jumped on Tuesday, with choice up $6.71 and select up $0.37. The impact of the U.S. and Israel-Iran conflict on consumer prices for goods may impact beef demand.

Hog futures were mixed with little fundamental direction. Nearby contracts have seen some pressure, giving the impression that the uptrend has run its course while later contracts continue to make new highs. The strength in the deferred contracts is from continued optimism over demand, as it is too early to be influenced by the current cash market. Higher slaughter continues to put more pork on the market, keeping increasing demand satisfied. Packers were not as aggressive in the cash market on Tuesday, with the National Daily Direct Afternoon report showing cash down $0.46. Pork cutout values were steady with the day, something that is very seldom seen.

	BULL SIDE		BEAR SIDE
1)	Boxed beef prices have been increasing steadily, indicating demand remains strong.	1)	Higher consumer prices due to the U.S. and Israel-Iran conflict and shipping disruptions may affect beef demand as consumers adjust.
2)	Packers have not surrounded themselves with many cattle. They eventually will need to step into the cash market aggressively.	2)	Cash cattle are anticipated to be steady or lower this week as packers continue to reduce slaughter.
3)	Hog futures are holding in the nearby contracts and making new highs in deferred contracts. Traders are optimistic about prices.	3)	Nearby hog futures may have run into price resistance as the uptrend has stalled and weakness has developed.
4)	Hog runs are expected to shorten as increased slaughter works through the supply of market-ready hogs.	4)	Packers purchased a substantial amount of hogs on Monday and Tuesday, possibly leaving them less aggressive the rest of the week.

Tuesday Closing Livestock Market Update - Mixed Tones Follow the Complex

GENERAL COMMENTS:

The livestock complex closed mixed as traders remain cautiously optimistic about the complex amid looming pressures. Still no cash cattle trade has developed, and trade will likely be delayed until Thursday or later. May corn is up 3/4 cent per bushel and May soybean meal is up $1.80. The Dow Jones Industrial Average is down 403.51 points and the NASDAQ is down 232.17 points.

LIVE CATTLE:

The live cattle complex had a stellar day where reinvigorated trader support allowed the spot April contract to close above its 100-day moving average. More than anything, traders seem more confident in the market's position following the retreat of last week, as the market is no longer pressuring resistance levels. April live cattle closed $1.02 higher at $234.12, June live cattle closed $1.02 higher at $230.67 and August live cattle closed $0.72 higher at $228.90. Still no cash cattle trade has developed. 

Tuesday's slaughter is estimated at 109,000 head, 2,000 head less than a week ago and 12,000 head less than a year ago.

Boxed beef prices closed higher: choice up $6.71 ($388.05) and select up $0.37 ($378.58) with a movement of 90 loads (58.02 loads of choice, 9.85 loads of select, 9.93 loads of trim and 12.35 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady to somewhat lower. Packers will still likely try to push this week's trade lower even though the board is trading mildly higher.

FEEDER CATTLE:

The feeder cattle complex wasn't as confident in its ability to close higher, which is why the market took a mixed approach to the day, where the nearby contracts closed slightly lower while the deferred months closed a tick higher. March feeders closed $0.07 lower at $357.20, April feeders closed $0.02 lower at $353.30 and May feeders closed $0.12 lower at $349.35. If the live cattle complex trades higher on Wednesday, then there's a chance that the market could see stronger upward momentum later in the week. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers under 550 pounds sold $10.00 to $30.00 lower, with heavier weights trading mostly $2.00 to $8.00 lower. Feeder heifers under 650 pounds sold steady to $10.00 lower, with the heavier weights traded $5.00 to $20.00 lower. Feeder cattle supply over 600 pounds was 71%. The CME feeder cattle index 3/2/2026: down $2.23, $369.59.

LEAN HOGS:

The lean hog complex closed mixed as traders are leery to push the contracts any higher without seeing improved pork demand. And it's likely going to require more than a mild $0.25 increase before traders will willingly push the contracts upward. April lean hogs closed $0.17 higher at $95.75, June lean hogs closed steady at $109.47 and July lean hogs closed $0.20 lower at $111.40. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.46 with a weighted average price of $91.41 on 9,860 head. Pork cutouts totaled 325.21 loads with 293.49 loads of pork cuts and 31.72 loads of trim. Pork cutout values: steady, $98.50. Tuesday's slaughter is estimated at 484,000 head, 5,000 head less than a week ago and 4,000 head more than a year ago. The CME lean hog index 2/27/2026: up $0.25, $89.69.

WEDNESDAY'S HOG CALL: Lower. Packers were fairly aggressive in Tuesday's market, which could mean that they'll be less active in the cash sector later in the week.

Tuesday Midday Livestock Market Summary - Mixed Tones Follow the Complex

GENERAL COMMENTS:

The livestock complex is trading mixed into Tuesday's noon hour as plenty of pressure still looms, but some of the markets have found modest technical support. Still no cash cattle trade has developed. May corn is down 1/2 cent per bushel and May soybean meal is down $1.00. The Dow Jones Industrial Average is down 590.83 points and NASDAQ is down 322.80 points.

LIVE CATTLE:

The live cattle complex is back to trading higher as traders have seemed to have found some technical support throughout the day's trade. April live cattle are up $0.80 at $233.90, June live cattle are up $0.50 at $230.15 and August live cattle are up $0.12 at $228.30. Today's slight uptick in price doesn't mean that the pressures (both external and internal) have merely disappeared, because they haven't, but rather instead that traders believe enough downside regression has been seen in the near term and that it's both acceptable and safe for the complex to trade mildly higher. No cash cattle trade has developed yet.

Boxed beef prices are higher: choice up $6.60 ($387.94) and select up $1.53 ($379.74) with a movement of 54 loads (34.97 loads of choice, 4.66 loads of select, 3.63 loads of trim and 11.11 loads of ground beef).

FEEDER CATTLE:

And in keeping in unison, most of the feeder cattle complex is following the live cattle market's direction and is also trading slightly higher. March feeders are down $0.12 at $357.15, April feeders are up $0.02 at $353.27 and May feeders are down $0.17 at $349.30. The live cattle contracts are trading higher in a somewhat stable fashion, but the feeder cattle complex is much more sporadic about its trade this morning, bouncing back and forth throughout the vast majority of the morning.

LEAN HOGS:

And without the support of stronger pork demand, the lean hog complex is trading slightly lower into Tuesday's noon hour. April lean hogs are down $0.22 at $95.32, June lean hogs are down $0.35 at $109.12 and July lean hogs are down $0.40 at $111.20. And at this point, a sideways lower trend is expected to continue in the lean hog complex until fundamental support improves.

The projected lean hog index for 3/2/2026 is up $0.15 at $89.84, and the actual index for 2/27/2026 is up $0.25 at $89.69. Hog prices on the Daily Direct Morning Hog Report average $91.84, ranging from $88.00 to $93.00 on 4,480 head and a five-day rolling average of $91.49. Pork cutouts total 195.11 loads with 175.84 loads of pork cuts and 19.27 loads of trim. Pork cutout values: down $0.91, $97.59.