Friday Closing Livestock Market Update - Fed Cash Cattle Market Continues to Hold Out

GENERAL COMMENTS:

All in all it was a quiet day for the livestock complex as the market still hasn't traded any sizeable volume yet in the fed cash cattle market. Thankfully the cattle contracts were able to keep their stronger position through the day's end even without knowing what the cash market was going to do this week. December corn is up 3/4 cent per bushel and December soybean meal is down $1.40. The Dow Jones Industrial Average is up 511.74 points and NASDAQ is up 157.80 points.

From Friday to Friday livestock futures scored the following changes: October live cattle up $2.95, December live cattle up $5.53; October feeder cattle up $1.35, November feeder cattle up $13.98; October lean hogs up $0.13, December lean hogs up $0.48; December corn up $0.01, March corn steady.

LIVE CATTLE:

With no strong developments surfacing in the fed cash cattle market, the live cattle contracts kept their mild advancement through the day's end, but not much more needs to be said as it was a rather uneventful day. October live cattle closed $0.20 lower at $218.87, December live cattle closed $1.05 higher at $222.15 and February live cattle closed $1.42 higher at $224.30. At the time of this writing, only a handful of cattle had sold earlier in the week in the North at $350 which is fully steady with the previous week's weighted average, but no Southern trade has developed. It's anyone's guess how this week's trade could shake out as initially it was assumed that the market would at least trade steady to somewhat higher, but with the production ramifications of the ICE raids in Kansas, packer demand may not be as strong.

Friday's slaughter is estimated at 87,000 head – 14,000 head less than a week ago and 4,000 head less than a year ago. Saturday's slaughter is projected to be around 8,000 head. The week's total slaughter is estimated at 484,000 head – 45,000 head less than a week ago and 74,000 head less than a year ago.

Boxed beef prices closed higher: choice up $2.71 ($378.83) and select up $3.66 ($355.76) with a movement of 112 loads (75.57 loads of choice, 6.68 loads of select, 7.76 loads of trim and 21.68 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Before we can speculate what next week's trade could amount to, we need to see what's accomplished in this week's trade.

FEEDER CATTLE:

Thanks to the continued support of buyers in the countryside, and the fact that the live cattle contracts closed higher – the feeder cattle contracts were able to keep their elevated position through Friday's close. October feeders closed $3.17 higher at $334.92, November feeders closed $3.90 higher at $331.97 and January feeders closed $3.70 higher at $325.35. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers traded steady to $3.00 lower, and feeder heifers traded $4.00 to $8.00 lower. Steer calves sold $5.00 to $10.00 higher and heifer calves sold unevenly steady. Slaughter cows traded $6.00 to $7.00 lower and lean cows traded $1.00 lower. Slaughter bulls sold $5.00 lower. Feeder cattle supply over 600 pound was 57%. The CME feeder cattle index 9/24/2026: up $1.72, $338.79.

LEAN HOGS:

Although pork cutout values may have closed a tick higher – traders deemed it too little of support, too late in the week to really do anything supportive for the market ahead of today's close. October lean hogs closed $0.97 lower at $78.22, December lean hogs closed $0.45 lower at $69.02 and February lean hogs closed $0.52 lower at $70.32. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.27 with a weighted average price of $78.68 on 1,272 head. Pork cutouts totaled 273.65 load with 234.41 loads of pork cuts and 39.24 loads of trim. Pork cutout values: up $0.64, $86.74. Friday's slaughter is estimated at 485,000 head – 8,000 head more than a week ago and 20,000 head more than a year ago. Saturday's slaughter is projected to be around 145,000 head. The CME lean hog index 9/23/2026: down $0.27, $82.20.

MONDAY'S HOG CALL: Lower. Packers rarely support the cash hog market on Monday's. 

Friday Midday Livestock Market Summary - Traders Continue to Yearn for Greater Fundamental Support

GENERAL COMMENTS:

The livestock complex continues to trade mixed as traders seek greater fundamental support in Friday's trade. Some light interest has developed in the cash market, but still no new sales have developed. December corn is down 1 1/2 cents per bushel and December soybean meal is down $2.40.

The Dow Jones Industrial Average is up 413.70 points and NASDAQ is up 137.50 points

LIVE CATTLE:

The live cattle complex is on pins and needles -- waiting to see what develops in this week's fed cash cattle market. Traders remain hopeful that given that trade has waited to develop until late in the week that there's a chance that price could be higher, if not at least steady -- but as always, time will tell. October live cattle are down $0.27 at $218.80, December live cattle are up $0.40 at $221.52 and February live cattle are up $0.75 at $223.62. Some light interest has developed in the fed cash cattle market, but no new trade has developed yet today. Heading into Friday's noon hour, bids of $220 are on the table in both Texas and Kansas, and bids of $345 have been renewed in Nebraska. Trade could cut loose and begin to develop at any minute. Asking prices are noted in the South at $228.

Boxed beef prices are higher: choice up $1.97 ($378.09) and select up $3.15 ($355.25) with a movement of 73 loads (47.79 loads of choice, 3.79 loads of select, 4.77 loads of trim and 16.85 loads of ground beef).

FEEDER CATTLE:

While the live cattle complex chops mildly higher, the feeder cattle complex is stepping into Friday's noon hour with more confidence as the contracts are currently supporting a $2.00 to $3.00 advancement. Demand has been both strong and stable in the countryside this week for feeder cattle and calves, and traders continue to hope that the fed cash cattle market will trade cattle higher this week too -- which would just be the icing on the cake for a strong week in the cattle sector. October feeder cattle are up $2.32 at $334.07, November feeders are up $3.05 at $331.12 and January feeders are up $2.87 at $323.52.

LEAN HOGS :

Without enough fundamental support, traders have merely decided that their safest option is to allow the contracts to drift lower into Friday's afternoon. October lean hogs are down $0.52 at $78.67, December lean hogs are down $0.52 at $68.95 and February lean hogs are down $0.32 at $70.52.

The projected lean hog index for 9/24/2026 is down $0.44 at $81.76 and the actual index for 9/23/2026 is down $0.27 at $82.20. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.18 with a weighted average price of $79.19, ranging from $78.00 to $84.00 on 961 head and a five-day rolling average of $79.84. Pork cutouts total 179.33 loads with 153.68 loads of pork cuts and 25.66 loads of trim. Pork cutout values: down $0.21, $85.89. 

Friday Morning Livestock Market Update - Short-covering Likely Ahead of the Weekend

GENERAL COMMENTS:

Live cattle futures showed pressure on Thursday as the market continued its one-day up and one-day down pattern. The cash market saw limited trade on Thursday following the lead of steady cash, which developed on Wednesday. Feedlots hoped to see stronger boxed beef prices and higher futures to provide leverage on the packers, but that has not been the case. The packers are unlikely to bid up for cattle due to the weakness of boxed beef and light cash trade already having developed at steady cash with last week. Boxed beef prices were lower on Thursday, with choice down $1.19 and select down $0.24. The packers continue to reduce slaughter in the hopes of improving margins. Feeder cattle futures were lower, but held up considerably well with a higher high and higher low despite the weakness.

Hog futures closed the chart gap with ease and may retest last week's lows on a technical basis. However, support may be found from a bullish Quarterly Hogs & Pigs report. All hogs on September 1st were 2% lower than a year ago. Hogs kept for breeding were down 1%, and hogs kept for marketing were down 2% from a year ago. Each weight category was 2% lower than a year ago. Farrowing intentions were also 2% to 3% lower. The June through August pig crop was 2% lower. It has been some time since we have seen lower numbers in all categories. However, offsetting that is the continued weakness of cash and cutouts. The National Daily Direct Afternoon Hog report showed cash down $0.70. Pork cutout values declined $0.72.

	BULL SIDE		BEAR SIDE
1)	Steady cash cattle prices this week should provide support to the market.	1)	Boxed beef prices have been under pressure much of the week. Beef demand is slower than anticipated. Futures may have difficulty finding support.
2)	The recent pattern of choppiness should continue with traders likely short-covering ahead of the weekend.	2)	Beef export sales totaled 9,400 MT and were 34% lower than the previous week.
3)	Pork export sales totaled 35,300 MT and were 17% higher than the previous week.	3)	Hog fundamentals are not supportive, as both cash and cutouts continue to show weakness.
4)	Hog futures have a chart gap remaining above the market from last week that may be filled.	4)	The packers continue to see a plentiful supply of market-ready hogs at higher weights, leaving them less aggressive.

Thursday Closing Livestock Market Update - Weaker Tones Take Over the Complex

GENERAL COMMENTS:

The livestock complex ended the day mostly lower as the cattle contracts grew anxious waiting for cash trade to develop, and the lean hog complex grew nervous waiting for the afternoon's Quarterly Hogs and Pigs report to be published. Bids of $350 were offered throughout the day but no large volumes sold. December corn is down 1 1/2 cents per bushel and December soybean meal is up $1.80. The Dow Jones Industrial Average is down 161.61 points and the NASDAQ is up 3.33 points.

LIVE CATTLE:

The live cattle complex tried to hold its position but without seeing immediate support from this week's fed cash cattle market, the nearby contracts ended the day lower, but some of the deferred months were able to hang onto their stronger position. October live cattle closed $1.85 lower at $219.07, December live cattle closed $1.25 lower at $221.10 and February live cattle closed $0.77 lower at $222.87. Bids of $350 were offered throughout the day, and some light trade was again noted in Nebraska at that price, but no large volumes have traded yet. With feedlot managers hoping to see the market advance this week -- they're trying to hold out and hope that packer interest improves on Friday. 

Thursday's slaughter is estimated at 90,000 head -- 17,000 head less than a week ago and 25,000 head less than a year ago.

Boxed beef prices closed lower: choice down $1.19 ($376.12) and select down $0.24 ($352.10) with a movement of 116 loads (79.03 loads of choice, 13.88 loads of select, 5.43 loads of trim and 18.08 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady to somewhat higher. Given that we've already seen some light trade at steady prices, it's mostly likely that when trade does develop on Friday it's either at steady money if not a tick higher.

FEEDER CATTLE:

Try as it might, the feeder cattle complex wasn't able to hold its elevated position through Thursday's end without the support of seeing the live cattle contracts trade higher too. October live cattle closed $1.57 lower at $331.75, November feeders closed $1.42 lower at $328.07 and January feeders closed $1.02 lower at $320.65. At Torrington Livestock Auction in Torrington, Wyoming, compared to last week, feeder steers and heifers traded $2.00 to $6.00 higher. Steer calves sold $3.00 to $12.00 higher with instances up to $20.00 higher and heifer calves sold $2.00 to $7.00 higher. The CME feeder cattle index 9/23/2025: up $0.09, $337.07.

LEAN HOGS:

Ahead of seeing Thursday's Quarterly Hogs and Pigs report, the lean hog complex ended the day lower, but there's a chance that the market may trade higher into Friday's open given that the report was mostly supportive. October lean hogs closed $0.67 lower at $79.20, December lean hogs closed $0.85 lower at $69.47 and February lean hogs closed $1.17 lower at $70.85. Unfortunately, until traders see greater consumer support -- it's unlikely that the contracts will trade much higher. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.70 with a weighted average price of $78.95 on 930 head. Pork cutouts total 254.25 loads with 231.27 loads of pork cuts and 22.98 loads of trim. Pork cutout values: down $0.72, $86.10. Thursday's slaughter is estimated at 489,000 head -- 20,000 head more than a week ago and 5,000 head more than a year ago. The CME lean hog index 9/22/2026: down $0.45, $82.47.

FRIDAY'S HOG CALL: Lower. Packers have likely filled most of their cash needs already for the week.