Friday Closing Livestock Market Update - Cattle Futures Close Lower While Hogs Maintain Their Stronger Position

GENERAL COMMENTS:

It ended up being a mixed day for the livestock complex as the cattle contracts closed lower but the lean hog market kept its upward momentum through the day's end. Southern live cattle traded at $240, which is $4.00 lower than last week's weighted average, and Northern dressed cattle traded at $380, which is $3.00 lower than last week's weighted average. May corn is up 7 cents per bushel and May soybean meal is up $7.90.

The Dow Jones Industrial Average is down 453.19 points and NASDAQ is down 361.31 points.

From Friday to Friday, livestock futures scored the following changes: April live cattle up $2.35, June live cattle up $2.32; March feeder cattle up $0.20, April feeder cattle up $0.43; April lean hogs down $0.10, June lean hogs up $1.03; March corn up $0.08, May corn up $0.12.

LIVE CATTLE:

Simply put, it was a disappointing day for the live cattle complex. The board closed lower and the fed cash cattle market traded $3.00 to $4.00 weaker. So the bullish energy that's been alive and well through most of 2026 was hard to find at Friday's close. April live cattle closed $3.95 lower at $234.57, June live cattle closed $3.80 lower at $231.47 and August live cattle closed $4.15 lower at $229.25. Throughout the day Northern dressed cattle traded at $380, which is $3.00 lower than last week's weighted average, and Southern live cattle traded at $240, which is $4.00 lower than last week's weighted average. More than anything, the technical pushback the market saw as traders tried to face off against the 40-day moving average was simply too much for traders to bear at this time and consequently had an negative effect on the cash sector as well. 

Friday's slaughter is estimated at 88,000 head -- 1,000 head less than a week ago and 20,000 head less than a year ago. Saturday's slaughter is projected to be around zero head. The week's total slaughter is estimated at 521,000 head -- 2,000 head more than a week ago and 58,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $0.33 ($387.22) and select down $1.66 ($378.95) with a movement of 65 loads (43.86 loads of choice, 5.48 loads of select, 6.57 loads of trim and 9.41 loads of ground beef).

MONDAY'S CATTLE CALL: Lower. With packers able to secure inventory at cheaper prices two weeks in a row, there's a chance next week's trade could be lower too.

FEEDER CATTLE:

Unfortunately, the notably lower close in the live cattle complex had a grave effect on the feeder cattle market as most of its contracts closed $7.00 lower Friday afternoon. But with the bulk of the market's support evaporated, traders felt desperate throughout Friday and merely elected to wash their hands of the market before the closing bell. March feeders closed $6.97 lower at $355.62, April feeders closed $7.37 lower at $351.62 and May feeders closed $7.45 lower at $348.07. The Oklahoma Weekly Cattle Auction Summary shared that throughout the state and when compared to last week, steers and heifers traded $2.00 to $8.00 lower but steer and heifer calves sold $10.00 to $20.00 lower. Feeder cattle supply over 600 pounds was 72%. The CME Feeder Cattle Index 3/5/2026: down $1.27, $367.32.

LEAN HOGS:

The lean hog complex was the only rallying force for the livestock complex at Friday's end as the market closed mildly higher. April lean hogs closed $0.05 lower at $95.62, June lean hogs closed $0.67 higher at $110.57 and July lean hogs closed $0.60 higher at $112.70. More than anything it seemed as though the slight uptick in cash prices amid a commitment from traders to keep the complex trading at least steady served the market well as traders remained active through the week's bitter end. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.95 with a weighted average price of $91.69 on 4,709 head. Pork cutouts totaled 194.64 loads with 174.65 loads of pork cuts and 19.99 loads of trim. Pork cutout values: down $0.95, $98.27. Friday's slaughter is estimated at 470,000 head -- 7,000 head less than a week ago and 11,000 head less than a year ago. Saturday's slaughter is projected to be around 83,000 head. The CME Lean Hog Index 3/4/2026: up $0.37, $90.55.

MONDAY'S HOG CALL: Higher. If packers had to be modestly aggressive in the cash sector on Friday, there's a chance that they're still short bought and could need more hogs on Monday. 

Friday Midday Livestock Market Summary - Cattle Dip Lower Amid Weaker Cash Sales and Technical Pressure

GENERAL COMMENTS:

The livestock contracts continue to trade mixed as the cattle contracts wane lower while the hog contracts are trading higher. Some light cash cattle trade has been noted in the North at $380, which is $3 lower than last week's weighted average. May corn is up 3 1/4 cents per bushel and May soybean meal is up $6.30. The Dow Jones Industrial Average is down 531.90 points and NASDAQ is down 182.29 points.

LIVE CATTLE:

The live cattle complex started the day off trading lower, and upon seeing some fed cash cattle trade develop at lower prices, it's likely that the market will keep with this trend through the day's close. April live cattle are down $0.85 at $237.67, June live cattle are down $1.25 at $234.02 and August live cattle are down $1.27 at $232.12. Today's weakness seems to be stemming from a number of different areas. Technically speaking, the market's 40-day moving average seems to pose as too much of a technical barrier for traders to challenge at this point. From a fundamental sense, seeing prices trade $3 lower in the North doesn't send the market warm and fuzzy feelings either. Some light trade has begun to develop in the North at $380, which is $3 lower than last week's weighted average. Bids are currently on the table in the South, but no Southern trade has been noted yet. Packer interest will continue throughout the day as more cattle need to trade in both regions.

Box beef prices are mixed: choice up $0.18 ($387.07) and select down $0.54 ($380.07) with a movement of 45 loads (33.29 loads of choice, 2.74 loads of select, 3.44 loads of trim and 5.71 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading lower as the market is currently seeing its contracts fall anywhere from $1 to $3 lower. More than anything, the weakness seen in the live cattle complex amid a lower trade in the fed cash cattle market doesn't give the feeder cattle complex much support to rally around. March feeders are down $1.67 at $360.92, April feeders are down $2.37 at $356.62 and May feeders are down $2.97 at $352.55. It's likely that the complex will keep with a lower trend through the day's end.

LEAN HOGS:

The cattle contracts may be trading slightly lower, but the lean hog complex is keeping with a slightly higher trend as traders remain committed to keeping a sideways/somewhat higher trend in the hog sector. Today's support largely gets attributed to trades as the market's fundamentals aren't helping drive the ship higher. April lean hogs are up $0.72 at $96.40, June lean hogs are up $0.57 at $110.52 and July lean hogs are up $0.67 at $112.77. Hog prices average $90.33 on the Daily Direct Morning Hog Report, ranging from $90.00 to $91.00 on 1,034 head. Pork cutouts total 137.41 loads with 121.85 loads of pork cuts and 15.56 loads of trim. Pork cutout values: down $0.44, $98.78. The projected lean hog index for 3/5/2026 is up $0.19 at $90.74 and the actual index for 3/4/2026 is up $0.37 at $90.55.

Friday Morning Livestock Market Update - Cattle Markets Grapple With Uncertainty

GENERAL COMMENTS:

Cash cattle have not yet traded, keeping traders uncertain over the strength of cash. Boxed beef prices were mixed, with choice down $1.68 and select up $0.26. The potential JBS plant strike is a cloud hanging over the market. As if the beef industry does not have enough uncertainty to grapple with, the "Family Grocery and Farmer Relief Act" was introduced on Thursday. It would require meat companies with product lines from more than one species to divest and limit their production to one species. Sen. Chuck Schumer, D-N.Y., introduced the bill on Thursday. Any foreign-owned meatpacking company would be required to sell its operations. The bill also would limit the number of cattle a packer could slaughter from a feedlot of more than 24,000 head to a maximum of 10% per day. At first glance, it seems this could increase beef prices to consumers rather than reduce them. This may heighten uncertainty and increase volatility.

Packers did not release any price change in the National Daily Direct Afternoon Hog report. This may continue the uncertainty in the nearby hog contracts. The April through July contracts eliminated the gains of Wednesday. The August and later months established new contract highs. Pork cutout values were up $0.60. Packers may not be aggressive in the cash market today as they likely have most of their needs purchased for the week. Weekly pork export sales were good at 36,100 metric tons, with Mexico being the largest buyer.

	BULL SIDE		BEAR SIDE
1)	Packers do not seem to have many cattle on hand and may need to be more aggressive in the cash market today.	1)	The potential for a strike at the JBS plant remains a possibility, and now the uncertainty over the "Family Grocery and Farmer Relief Act" bill may put pressure on futures.
2)	Boxed beef prices have increased significantly this week, indicating continued strong demand from consumers.	2)	Liquidation may take place ahead of the weekend due to the uncertainty of fundamental developments.
3)	Deferred hog contracts continue to make new highs as there is optimism over continued strong demand.	3)	The inability of nearby hog futures to extend gains on Thursday indicates prices may have a difficult time moving above resistance.
4)	Pork cutouts are beginning to find consistent overall support, which is supporting an uptrend.	4)	Deferred hog futures are becoming overbought and may be retraced at any time.

Thursday Closing Livestock Market Update - Mixed Tones Follow the Livestock Complex

GENERAL COMMENTS:

The livestock complex closed mixed Thursday afternoon as traders helped push the live cattle contracts higher, but both the feeder cattle and lean hog contracts were met with some opposition. No cash cattle trade developed throughout the day. May corn is up 9 3/4 cents per bushel and May soybean meal is down $0.60. The Dow Jones Industrial Average is down 784.67 points and the NASDAQ is down 58.49 points.

Thursday's export report shared that beef net sales of 11,200 metric tons (mt) for 2026 were down 14% from the previous week and 29% from the prior four-week average. The three largest buyers were Japan (3,300 mt), South Korea (2,300 mt) and Mexico (1,700 mt). Pork net sales of 36,100 mt for 2026 were down 15% from the previous week but up 8% from the prior four-week average. The three largest buyers were Mexico (22,400 mt), Japan (3,800 mt) and South Korea (2,500 mt).

LIVE CATTLE:

The live cattle complex closed mildly higher as traders wanted to continue to support the market and see the contracts scale higher, but were cautious in doing so as they understand that advancing the market far beyond its 40-day moving average without fundamental support is risky. And given that the market hasn't seen any test yet in the cash sector, it's anyone's guess on how the chips will fall on Friday when inevitably some cash trade does develop. April live cattle closed $0.17 higher at $238.52, June live cattle closed $0.10 higher at $235.27 and August live cattle closed $0.17 higher at $233.40. 

Thursday's slaughter is estimated at 111,000 head, 8,000 head more than a week ago and 12,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $1.68 ($386.89) and select up $0.26 ($380.61) with a movement of 96 loads (64.64 loads of choice, 7.40 loads of select, 16.35 loads of trim and 7.80 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady/somewhat higher. Given that the board is trading higher, there's a chance that, although cash prices softened last week, traders will be able to either push the market slightly higher on Friday or at least hold it steady.

FEEDER CATTLE:

The feeder cattle complex wasn't as confident as the live cattle sector was throughout the day and ultimately ended the day a tick lower. March feeders closed $1.32 lower at $362.60, April feeders closed $1.75 lower at $359.00 and May feeders closed $1.47 lower at $355.52. More than anything, the technical resistance at the market's 40-day moving average was simply too much for traders to bear without seeing continued fundamental support at this time. At Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves weighing 400 to 500 pounds traded $10.00 higher, and those weighing 550 to 600 pounds sold $8.00 higher, while those weighing 500 to 550 pounds traded $10.00 lower. Heifer calves weighing 450 to 500 pounds were $10.00 higher, while heifers weighing 550 to 600 pounds sold $8.00 stronger. Feeder cattle supply over 600 pounds was 61%. The CME feeder cattle index 3/4/2026: down $0.34, $368.69.

LEAN HOGS:

The lean hog complex closed mixed Thursday afternoon as the nearby contracts remained slightly skeptical, but the deferred months were able to close mildly higher. April lean hogs closed $1.40 lower at $95.67, June lean hogs closed $1.30 lower at $109.90 and July lean hogs closed $0.85 lower at $112.10. More than anything, traders need to see robust fundamental support if they're going to pressure the market's resistance any further. Hog prices averaged $89.74 on the Daily Direct Afternoon Hog Report, on 968 head and a five-day rolling average of $91.20. Pork cutouts totaled 327.03 loads, with 283.51 loads of pork cuts and 43.52 loads of trim. Pork cutout values: up $0.60, $99.22. Thursday's slaughter is estimated at 491,000 head, 2,000 head less than a week ago and 11,000 head more than a year ago. The CME lean hog index 3/3/2026: up $0.34, $90.18.

FRIDAY'S HOG CALL: Lower. At this point, packers have likely bought the vast majority of the hogs they needed for the week.