Friday Midday Livestock Market Update - Packers are Offering Bids, But Feedlot Managers Want More Money

GENERAL COMMENTS:

The livestock complex is again trading mixed into the day's noon hour as the cattle contracts keep moving higher but the lean hog complex is weaker. Bids are on the table in the cash cattle market, but trade has yet to cut loose. December corn is down 6 1/2 cents per bushel and December soybean meal is down $3.10. The Dow Jones Industrial Average is up 236.14 points and NASDAQ is up 147.92 points.

LIVE CATTLE:

Although there's yet to be a solid movement in this week's fed cash cattle market, the live cattle futures continue to scale higher as we head into Friday's noon hour. August live cattle are up $0.57 at $231.80, October live cattle are up $0.22 at $227.67 and December live cattle are up $0.55 at $227.27. But with midday boxed beef prices higher, feedlot managers will likely try to wait the week out until the bitter end in hopes of getting prices improved this week. Bids have resurfaced and packers are offering $365 to $368 in Nebraska, but still no new trade has developed. Asking prices are firm at $235-plus in the South and $370 in the North.

Boxed beef prices are higher: choice up $1.03 ($361.53) and select up $5.82 ($347.15) with a movement of 51 loads (32.59 loads of choice, 7.04 loads of select, 5.79 loads of trim and 5.66 loads of ground beef).

FEEDER CATTLE:

It's been a refreshing week for the feeder cattle complex. The continued support of the live cattle contract's higher trend is likely to lift the feeder cattle futures to a stronger close. August feeders are up $1.10 at $347.57, September feeders are up $1.47 at $343.92 and October feeders are up $1.92 at $335.95. Demand has been steady at best in the countryside, so this week's advancement on the board has solely been a technical decision by traders.

LEAN HOGS:

After the last two days where the lean hog contracts tumbled lower thanks to a lack of consumer support, the market has found some trader support Friday which is helping keep the contracts stabilized and trading higher. August lean hogs are up $0.65 at $99.07, October lean hogs are up $1.62 at $84.97 and December lean hogs are up $1.40 at $75.92. Unfortunately, consumer support hasn't improved Friday and that could cause more heartache and downward pressure for the contracts in upcoming days.

The projected CME Lean Hog Index for 7/30/2026 is down $0.21 at $98.23 and the actual index for 7/29/2026 is down $0.01 at $98.44. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.03 with a weighted average price of $100.49, ranging from $98.00 to $102.50 on 1,596 head and a five-day rolling average of $101.14. Pork cutouts total 215.31 loads with 201.49 loads of pork cuts and 13.83 loads of trim. Pork cutout values: down $0.18, $101.46.

Friday Morning Livestock Market Update - Selling in Hog Futures May Have Run Its Course

GENERAL COMMENTS:

Cattle futures continued to rebound from their oversold technical position Thursday. The rebound in futures gave rise to the potential for higher cash cattle trade. Light cash activity took place on Thursday with live prices in the North marked at $232 to $234, which is $1.00 to $4.00 higher than last week. Dressed cattle were as much as $5.00 higher. This may carry over Friday, as the strength in cattle futures this week may have changed the market landscape. Various estimates of death losses continue to circulate and are likely providing some of the support. However, the overriding bearishness is the weakness of boxed beef. Choice boxed beef on Thursday declined $2.93, with select down $1.08.

It was incredible to see hog futures erase much of July's gains in just two days. The violent correction from being overbought seems to be a bit overdone, but such is the case when stops are triggered and the market pancakes lower. The rebound from the lows Thursday may indicate technical selling has subsided. The National Daily Direct Afternoon Hog report showed cash down $0.74 at $101.05. Pork cutout values declined $0.14 to $101.64. Even at these levels, prices are higher than they were in early July, indicating the market has fallen too far.

	BULL SIDE		BEAR SIDE
1)	Cash cattle are expected to trade higher as feedlots try to leverage the strength of futures.	1)	The weakness in boxed beef continues, indicating slower demand limiting upside price potential.
2)	The uncertainty of the amount of death losses due to the recent hot weather and deteriorating pasture conditions may continue to support the market.	2)	Dry conditions may result in more cattle moving to the market rather than trying to maintain heavy weights and hold for higher prices.
3)	Hog futures have corrected from being overbought and now appear overdone to the downside.	3)	Traders may short-cover, but new buying interest might be limited ahead of the weekend.
4)	Even though cash hogs traded lower on Thursday, they remain higher for the week.	4)	The weakness of pork cutouts may keep some pressure on the market.

Thursday Closing Livestock Market Update - Cattle Complex Continues to Run Higher

GENERAL COMMENTS:

The livestock complex ended the day mixed, with the cattle complex flush with support, but the lean hog contracts still struggling as consumer support has softened. With the week's cash cattle trade thin thus far, it's expected that more business will develop on Friday. December corn is down 3 1/4 cents per bushel and December soybean meal is down $0.70. The Dow Jones Industrial Average is up 613.92 points and the NASDAQ is up 679.24 points.

LIVE CATTLE:

The live cattle contracts were again able to end the day higher, continuing to thrive and prosper on strong trader support. August live cattle closed $3.32 higher at $231.22, October live cattle closed $3.47 higher at $227.45 and December live cattle closed $3.40 higher at $226.72. It will be interesting to see where this week's weighted average lands for cash cattle prices, because although there have been runs of trade here and there, cattle have been slow to trade, and prices have been scattered as feedlot managers are hoping to hold out for more money. So far this week Southern live cattle have traded at mostly $231 to $232, and Northern dressed cattle have traded at mostly $365. But there's no doubt, with feedlot managers seeing improvement on the board, and with there being hope that the Cargill plant in Fort Morgan, Colorado, may be processing again soon, as next week they'll hold their ratification vote, more cattle will likely be needed in the market. 

Thursday's slaughter is estimated at 102,000 head -- 6,000 head less than a week ago and 5,000 head less than a year ago.

Boxed beef prices closed lower: choice down $2.93 ($360.50) and select down $1.08 ($341.33) with a movement of 130 loads (91.13 loads of choice, 15.37 loads of select, 13.53 loads of trim and 9.60 loads of ground beef).

FRIDAY'S CATTLE CALL: Higher. Given that the week's movement has been thin thus far, more trade will need to develop on Friday following last week's thin movement. And with the board's support, it's fully assumed that prices are going to be higher this week.

FEEDER CATTLE:

The feeder cattle complex also rallied through Thursday's end as it too is pleased by the increased support from traders, and it is going to continue to closely mirror the mannerisms of the live cattle market. August feeders closed $2.20 higher at $346.47, September feeders closed $3.80 higher at $342.45 and October feeders closed $4.40 higher at $334.02. The CME feeder cattle index 7/29/2026: down $0.22, $347.69.

LEAN HOGS:

With consumer support unstable in this week's market, traders have pulled away from the lean hog contracts and let the market drift mostly $2.00 lower through Thursday's end. August lean hogs closed $2.25 lower at $98.42, October lean hogs closed $2.35 lower at $83.35 and December lean hogs closed $2.67 lower at $74.52. And until demand improves, the market's trajectory will likely be lower. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.74 with a weighted average price of $101.05 on 2,363 head. Pork cutouts totaled 250.41 loads with 233.28 loads of pork cuts and 17.13 loads of trim. Pork cutout values: down $0.14, $101.64. Thursday's slaughter is estimated at 485,000 head – 6,000 head more than a week ago and 17,000 head more than a year ago. The CME lean hog index 7/28/2026: up $0.10, $98.45.

FRIDAY'S HOG CALL: Lower. At this point, packers have likely secured the vast majority of their needs from this week's cash market already.

Thursday Midday Livestock Market Update - Cattle Continue to Scale Higher; Hogs Under Pressure

GENERAL COMMENTS:

The livestock complex is mixed heading into Thursday's noon hour with the cattle contracts still seeing modest trader support while the lean hog contracts are trading lower. Bids are on the table in Nebraska, but no new sales have been reported yet Thursday morning. December corn is down 1 cent per bushel and December soybean meal is up $0.90. The Dow Jones Industrial Average is up 458.34 points and NASDAQ is up 599.19 points.

LIVE CATTLE:

The live cattle complex is continuing to move higher as traders are committed to advancing the complex following the massive erosion seen during the past month. The market's upward momentum is solely technically driven at this point as the cash market has yet to really break loose and trade cattle this week. Boxed beef prices have been mixed. August live cattle are up $1.95 at $229.85, October live cattle are up $1.75 at $225.72 and December live cattle are up $1.65 at $224.97. Bids are beginning to surface again in the fed cash cattle market. Currently packers are offering $235 live and $365 dressed. Asking prices remain at $234 to $235 in the South and at $370 in the North, and more trade is expected to develop throughout the day.

Boxed beef prices are lower: choice down $0.85 ($362.58) and select down $0.54 ($341.87) with a movement of 60 loads (38.45 loads of choice, 8.10 loads of select, 9.39 loads of trim and 3.89 loads of ground beef).

FEEDER CATTLE:

Again Thursday, with the support of live cattle futures higher trend, the feeder cattle contracts are higher. August feeders are down $0.37 at $343.90, September feeders are up $0.32 at $338.97 and October feeders are up $0.85 at $330.47. With the brutal heat that's spread this week across much of the U.S., feeder cattle sales have been mostly lower, even though the board is trading higher.

LEAN HOGS:

The lean hog contracts are continuing to break substantially lower as the market is heavily relying on consumer support and, although midday pork cutout values are slightly higher, they have shown some weakness in the recent trading sessions. August lean hogs are down $1.82 at $98.85, October lean hogs are down $2.62 at $83.05 and December lean hogs are down $3.10 at $74.10. Hopefully consumer support will strengthen and put an end to the pressure currently being seen.

The projected CME Lean Hog Index for 7/29/2026 is down $0.01 at $98.44 and the actual index for 7/28/2026 is up $0.10 at $98.45. Hog prices are lower on the Daily Direct Morning Hog report, down $1.13 with a weighted average of $100.52, ranging from $92.00 to $102.50 on 1,668 head and a five-day rolling average of $100.93. Pork cutouts total 124.53 loads with 116.64 loads of pork cuts and 7.89 loads of trim. Pork cutout values: up $0.61, $102.39.