Friday Closing Livestock Market Update - Cattle Close Lower but Hogs Ran Higher

GENERAL COMMENTS:

The cattle contracts ended the day lower as traders' ambitions ahead of the week grew weary and although Southern live cattle were able to trade higher, traders did also note the weaker tone in boxed beef prices later in the week. Throughout the week Southern live cattle were marked at $226 which is $4.00 higher than last week's weighted average and Northern dressed cattle sold anywhere from $345 to $350 which is steady with last week's weighted average. December corn is down 4 1/2 cents per bushel and December soybean meal is down $5.80. The Dow Jones Industrial Average is up 258.43 points and the NASDAQ is up 321.11 points.

From Friday to Friday livestock futures scored the following changes: October live cattle down $0.03, December live cattle down $0.68; October feeder cattle down $0.30, November feeder cattle down $0.82; October lean hogs down $0.35, December lean hogs up $1.10.

LIVE CATTLE:

The live cattle contracts simply ran out of momentum and gusto ahead of Friday's close. And while yes, it was terrific to see Southern live cattle trade $4.00 higher in the South, traders simply grew weary ahead of Friday's end and weren't willing to advance the contracts outside of their current trading range ahead of Friday's close. October live cattle closed $0.45 lower at $218.85, December live cattle closed $1.70 lower at $221.47 and February live cattle closed $2.30 lower at $223.15. Throughout the week Southern live cattle were marked at $226 which is $4.00 higher than last week's weighted average and Northern dressed cattle sold anywhere from $345 to $350 which is steady with last week's weighted average.

Friday's slaughter is estimated at 100,000 head -- 13,000 head more than a week ago and 3,000 head more than a year ago. Saturday's slaughter is anticipated to be around 38,000 head. The week's total slaughter is estimated at 548,000 head -- 64,000 head more than a week ago and 19,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $2.60 ($374.19) and select up $1.60 ($354.49) with a movement of 119 loads (80.91 loads of choice, 8.12 loads of select, 11.55 loads of trim and 18.59 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Feedlot managers will likely again try to advance the market next week as they will be able to successfully do so in the South this week.

FEEDER CATTLE:

With the weaker undertone seen in the live cattle complex, the feeder cattle contracts also ended the day lower. October feeders closed $4.25 lower at $334.62, November feeders closed $5.20 lower at $331.15 and January feeders closed $5.15 lower at $324.55. The decline in the spot November contract did pull the market back below its 100-day moving average. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week feeder steers over 700 pounds traded steady to $5.00 higher but steers under 700 pounds sold $7.00 to $12.00 lower. Feeder heifers over 750 pounds traded $2.00 to $7.00 stronger, while those under 750 pounds traded $2.00 to $4.00 lower. Steer calves sold unevenly steady, but heifer calves traded $5.00 to $10.00 lower. Demand was called good for heavier weight feeder, but just moderate for calves and stockers. Feeder cattle supply over 600 pounds was 52%. The CME feeder cattle index 10/1/2026: down $2.13, $336.84.

LEAN HOGS:

The lean hog complex was lent some trader support late in the week which successfully helped the contracts close higher by Friday's end. October lean hogs closed $0.37 higher a $77.87, December lean hogs closed $1.20 higher at $70.12 and February lean hogs closed $1.57 higher at $71.32. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.30 with a weighted average price of $77.23 on 739 head. Pork cutouts totaled 295.53 loads with 243.18 loads of pork cuts and 52.35 loads of trim. Pork cutout values: down $0.81, $84.48. Friday's slaughter is estimated at 489,000 head -- 4,000 head more than a week ago and 7,000 head more than a year ago. Saturday's slaughter is projected to be around 137,000 head. The CME lean hog index 9/30/2026: down $0.24, $80.71.

MONDAY'S HOG CALL: Lower. Packers rarely show much interest in the cash hog market on Mondays. 

Friday Midday Livestock Market Update - Cattle Dip Lower While Hogs Rally

GENERAL COMMENTS:

Some light trade has been noted this morning in Texas at $226, and bids are on the table currently in Kansas at $226. But even with the moderate support of the fed cash cattle market trading higher in the South -- the cattle contracts are trading lower into Friday's noon hour. December corn is down 5 1/2 cents per bushel and December soybean meal is down $6.30. The Dow Jones Industrial Average is up 177.50 points and the NASDAQ is up 326.95 points.

LIVE CATTLE:

Heading into Friday's noon hour the live cattle complex is trading mostly lower, as traders seem unwilling to advance the contracts any more ahead of the weekend even though fed cash cattle prices in the South are trading higher. October live cattle are down $1.05 at $218.25, December live cattle are down $1.50 at $221.67 and February live cattle are down $2.00 at $223.42. There's been some trade noted this morning in Texas at $226, which is $4.00 higher than last week's weighted average. Bids of $226 are currently on the table in Kansas, and bids of $221 live and $345 are on the table in Nebraska. More trade will likely develop ahead of the day's close, but it's looking like the week's trend may be set at this point -- steady in the North and $4.00 higher in the South.

Boxed beef prices are mixed: choice down $2.43 ($374.36) and select up $0.47 ($353.36) with a movement of 79 loads (60.70 loads of choice, 2.82 loads of select, 6.82 loads of trim and 8.42 loads of ground beef).

FEEDER CATTLE:

And the combination of seeing the live cattle complex trade lower and growing nervous about being above the market's 100-day moving average, has also sent the feeder cattle contracts trading lower into Friday's noon hour. October feeders are down $4.10 at $334.77, November feeders are down $4.85 at $331.50 and January feeders are down $4.82 at $324.87. Unless the live cattle complex makes a surprising turn around ahead of the day's close, it's most likely that the complex will end the day moderately lower.

LEAN HOGS:

The lean hog complex is trading higher into Friday's noon hour as traders have noted the slight uptick in consumer demand, and are willing to extend some light support to the market ahead of the week's end. October lean hogs are up $0.45 at $77.95, December lean hogs are up $0.92 at $69.85 and February lean hogs are up $1.15 at $70.90. The projected lean hog index for 10/1/2026 is down $0.51 at $80.20 and the actual index for 9/30/2026 is down $0.24 at $80.71. Hog prices average $77.25 on the Daily Direct Morning Hog Report, ranging from $69.00 to $81.00 on 719 head and a five-day rolling average of $77.85. Pork cutouts total 152.28 loads with 136.22 loads of pork cuts and 16.06 loads of trim. Pork cutout values: up $0.81, $86.10.

Friday Morning Livestock Market Update - Higher Cash Cattle Trade Unlikely

GENERAL COMMENTS:

Cattle futures closed higher on the idea that cash cattle would trade steady to higher. Cash trading activity took place on Thursday at steady money. However, the hope for higher cash may have been taken off the table by the weakness of boxed beef on Thursday. Choice boxed beef fell $6.00, with select plummeting $7.70. This certainly will not help to foster higher cash trade. Feeder cattle posted nice gains, possibly solidifying a head-and-shoulders bottom. The November feeder cattle contract closed above the 100-day moving average for the first time since July 6.

Hog futures closed higher in contracts after the second half of next year. However, all contracts made new contract lows at some point during the day. The market has been unable to find support. Without consistent strength in cash and cutouts, there has been little reason for traders to buy into the market for the long term. Traders continue to trade short-term in an attempt to make a quick profit. Packers paid less for hogs again on Thursday and showed limited interest with light volume. The National Daily Direct Afternoon Hog report showed cash down $0.79. Pork cutout values were up $0.34, but that will provide little incentive to buy the market. The fund traders likely added to their net-short positions again this week.

	BULL SIDE		BEAR SIDE
1)	The November and later feeder cattle contracts closed above the 100-day moving average. This and a head-and-shoulders bottom could generate greater buying interest.	1)	The extreme weakness in boxed beef on Thursday does not bode well for the market. High food and fuel prices may reduce demand.
2)	Cash may be no worse than steady this week. This should support futures as they hold a discount to cash.	2)	Cash cattle may not trade any better than steady this week. It may be a disappointment to traders.
3)	Hog futures are oversold and could see a bounce ahead of the weekend.	3)	New contract lows in hog futures on Thursday do not bode well for the market. Technical traders continue to sell into the market.
4)	Low prices cure low prices, and hogs certainly have moved to a level at which demand should improve.	4)	There are plenty of hogs ready to come to the market. Packers remain less aggressive and have been able to purchase the hogs they need to maintain a strong slaughter pace.

Thursday Closing Livestock Market Update - Cattle Continue to Trade Mildly Higher

GENERAL COMMENTS:

The livestock complex ended the day mixed, with cattle contracts able to maintain their higher position through the day's end, and the nearby lean hog contracts pressured to trade lower. Some light cash cattle trade was noted throughout the day in the North at $345 to $348. December corn is up 1 1/2 cents per bushel and December soybean meal is down $3.60. The Dow Jones Industrial Average is up 20.51 points and the NASDAQ is up 10.54 points.

LIVE CATTLE:

The live cattle complex was able to maintain its slightly higher position through Thursday's end as traders continue to believe that the fed cash cattle market could lend some support late this week. Some light cash cattle trade was noted throughout the day in Nebraska at $345 to $348, which is mostly steady with last week's trading range, which was $345 to $350. But most of the cattle sold today were marked for delivery for the week of Oct. 11. Bids of $226 were offered throughout the day in Kansas and Texas, but no Southern trade was disclosed. October live cattle closed $0.62 higher at $219.30, December live cattle closed $0.47 higher at $223.17 and February live cattle closed $0.37 higher at $225.45. 

Thursday's slaughter is estimated at 109,000 head -- 19,000 head more than a week ago and 3,000 head less than a year ago.

Boxed beef prices closed lower: choice down $6.00 ($376.79) and select down $7.70 ($352.89) with a movement of 117 loads (82.40 loads of choice, 12.90 loads of select, 6.19 loads of trim and 15.24 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady to somewhat higher. Given that the North has been able to keep prices steady this week (where there's more market-ready cattle available), it's likely that the South will be able to do that as well, if not trade the market a tick higher.

FEEDER CATTLE:

With the added support of the live cattle market's stable and steady trend, the feeder cattle contracts were also able to round out the day higher. It is worth noting that the spot November feeder cattle contract did close above its 100-day moving average, which the contract hasn't done since early in July. October feeders closed $2.45 higher at $338.87, November feeders closed $2.05 higher at $336.35 and January feeders closed $2.02 higher at $329.70. At the Winter Livestock Auction in Pratt, Kansas, compared to last week, feeder steers weighing 800 to 975 pounds sold $3.00 to $10.00 higher, with places up to $17.00 higher. A lower trend was noted, however, on steers weighing less than 800 pounds. Not enough heifers were sold to find an accurate test. Feeder cattle supply over 600 pounds was 77%. The CME feeder cattle index 9/30/2026: up $0.94, $338.97.

LEAN HOGS:

The lean hog complex ended the day mixed, with its nearby contracts ending the day slightly lower while the deferred contracts closed higher. More than anything, the inconsistent support is likely what has the nearby contracts troubled at the time being. October lean hogs closed $1.22 lower at $77.50, December lean hogs closed $0.50 lower at $68.92 and February lean hogs closed $0.42 lower at $69.75. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.79 with a weighted average price of $76.93 on 614 head. Pork cutouts totaled 264.82 loads, with 233.13 loads of pork cuts and 31.70 loads of trim. Pork cutout values: up $0.34, $85.29. Thursday's slaughter is estimated at 493,000 head -- 4,000 head more than a week ago and steady with a year ago. The CME lean hog index 9/29/2026: up $0.01 to $80.95.

FRIDAY'S HOG CALL: Lower. It's most likely that packers have bought the vast majority of their cash needs out of the market already.