Friday Closing Livestock Market Update - Traders Drive Contracts Sharply Higher

GENERAL COMMENTS:

Friday ended up being a fantastic day for the livestock complex, as the market finally found the support it was desiring and was able to keep the contracts trading higher through the day's end. May corn is down 5 cents per bushel, and May soybean meal is down $6.80. The Dow Jones Industrial Average is down 867.21 points, and the NASDAQ is down 488.70 points.

From Friday to Friday, livestock contracts scored the following changes: April live cattle up $4.45, June live cattle up $5.35; April feeder cattle up $10.28, May feeders cattle up $13.45; April lean hogs down $0.50, June lean hogs up $1.65; May corn down $0.04, July corn down $0.02.

LIVE CATTLE:

The week may have started out choppy for the live cattle complex, but low and behold, by Friday's end, the market closed substantially higher thanks to increased fundamental support from the cash sector and a slight improvement in boxed beef prices. April live cattle closed $3.40 higher at $238.50, June live cattle closed $3.97 higher at $238.77, and August live cattle closed $3.65 higher at $236.05. Friday's higher close pushed the spot June contract past its 40-day moving average and up to the market's resistance that it hasn't successfully traded over since last October.

On Thursday, some light dressed cattle sales were noted in the North at $372, which is steady with last week's weighted average. At the time of this writing, bids are on the table, but no cash cattle sales have been reported in the South. Bids remain unaccepted at $235, as feedlot managers are firm in their asking price of $238 to $240.

Friday's slaughter is estimated at 92,000 head -- 16,000 head more than a week ago and 15,000 head less than a year ago. Saturday's slaughter is projected to be around 16,000 head. The week's total slaughter is estimated at 520,000 head -- 17,000 head more than a week ago and 88,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $3.12 ($392.97) and select down $1.79 ($389.87) with a movement of 107 loads (60.64 loads of choice, 8.39 loads of select, 25.95 loads of trim and 11.94 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Before we can articulate what next week's trend may be, we need to see where the market lands this week.

FEEDER CATTLE:

Upon seeing ample fundamental and technical support arise in the cattle sector, the feeder cattle contracts jumped with joy and successfully rounded out the day anywhere from $4 to $8 stronger. April feeders closed $6.37 higher at $361.45, May feeders closed $8.07 higher at $359.82, and August feeders closed $7.42 higher at $357.80. With boxed beef prices seeing a slight increase at the end of the week and fed cash cattle prices also holding steady, the feeder cattle complex simply had all the support it wanted, as demand in the countryside was also steady to somewhat stronger for calves this week. The Weekly Oklahoma Cattle Auction Summary shared that compared to last week, feeder steers traded steady to $6 higher, and feeder heifers traded steady to $4 lower. Steer calves sold $10 to $15 higher, and heifer calves sold $2 to $7 stronger. Slaughter cows sold $1 to $2 higher, and slaughter bulls traded $3 stronger. Feeder cattle supply over 600 pounds was 69%. The CME feeder cattle index 3/26/2026: down $0.26, $362.98.

LEAN HOGS:

The lean hog complex also ran vigorously through the week's end, as the market had more than enough support to justify doing so. Between Thursday's quarterly USDA Hogs and Pigs report and the uptick in pork demand Friday afternoon, support was ample. April lean hogs closed $0.05 lower at $90.77, June lean hogs closed $1.82 higher at $106.12, and July lean hogs closed $2.12 higher at $108.82. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.37 with a weighted average price of $90.52 on 2,038 head. Pork cutouts totaled 338.53 loads with 300.96 loads of pork cuts and 37.58 loads of trim. Pork cutout values: up $1.21, $96.56. Friday's slaughter is estimated at 490,000 head -- 23,000 head more than a week and year ago. And Saturday's slaughter is projected to be around 58,000 head. The CME lean hog index 3/25/2026: down $0.19, $91.46.

MONDAY'S HOG CALL: Steady. Packers rarely are aggressive enough in the cash market on Mondays to drive the prices higher.

Friday Midday Livestock Market Summary - Traders Finally Receive Fundamental Support They Need

GENERAL COMMENTS:

The livestock complex is trading higher into Friday's noon hour as the market finally found the support it wanted to see. Bids are currently on the table in the South, but no more cash cattle trade has been noted. May corn is down 2 1/2 cents per bushel and May soybean meal is down $3.20. The Dow Jones Industrial Average is down 484.82 points and NASDAQ is down 305.69 points.

LIVE CATTLE:

With the aid of steady trade in the cash cattle complex and upon seeing midday boxed beef prices higher, the live cattle contracts are $2.00 to $3.00 higher ahead of Friday's noon hour. April live cattle are up $3.25 at $238.35, June live cattle are up $3.70 at $238.52 and August live cattle are up $3.60 at $236.00. Currently the spot June live cattle contract is trading above its 40-day moving average, which has been a challenging threshold for the market over the last week. Following the light business that developed in the North on Thursday at $372 (fully steady with last week's weighted average) there's been no more cash cattle trade noted yet. Bids are currently on the table in the South at $235, but feedlot managers are holding firm as their initial asking price was set at $238 to $240. More trade will need to develop throughout the day.

Boxed beef prices are higher: choice up $4.24 ($394.09) and select up $0.23 ($391.89) with a movement of 62 loads (43.96 loads of choice, 3.26 loads of select, 6.71 loads of trim and 8.01 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is loving all the support the cattle sector is receiving Friday morning and the contracts are mostly $5.00 to $6.00 higher headed into Friday's noon hour. April feeders are up $6.10 at $361.17, May feeders are up $6.90 at $358.72 and August feeders are up $6.42 at $356.80. Feeder cattle demand has also been stronger this week in sale barns across the country as buyers realize turn-out season is quickly approaching.

LEAN HOGS:

The lean hog complex has fully absorbed Thursday's Quarterly Hogs and Pigs report and is making the most out of it as the nearby contracts are more than $1.00 higher heading into Friday afternoon. April lean hogs are steady at $90.82, June lean hogs are up $1.52 at $105.82 and July lean hogs are up $1.87 at $108.57. Hopefully this sizeable move confirms there's been a short-term bottom established for the futures complex. The projected CME Lean Hog Index is delayed from the source. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.32 with a weighted average price of $90.60, ranging from $89.00 to $92.00 on 1,753 head and a five-day rolling average of $90.91. Pork cutouts total 236.48 loads with 212.43 loads of pork cuts and 34.05 loads of trim. Pork cutout values: up $3.15, $98.50.

Friday Morning Livestock Market Update - Steady Cash Cattle Trade May Again Develop This Week

GENERAL COMMENTS:

Cattle futures regained the losses of Wednesday but had little else to show for it. Another day of weakness for boxed beef may have a negative influence on the market today. Boxed beef prices declined in both categories, with choice down $1.84 and select down $3.83. Fortunately, some light dressed cattle trade took place in the North at even money with last week. This may have set the stage for cash trade today for dressed cattle, but the jury is still out for live prices. Packers may not pay more for live cattle due to the recent decline of boxed beef. The March feeder cattle contract ceased trading on Thursday, with the April contract moving to the lead month, and is holding over an $8.00 discount to the index.

Hog futures closed higher in all contracts except for April. Most of the movement may have been in preparation for the release of the Quarterly Hogs and Pigs report. The overall report was neutral and may not have much influence on the market. All hogs and pigs on March 1 were up slightly, but as 100% of last year. Kept for breeding was slower than the average trade expectations at 99%. The trade was looking for 99.8%. Kept for marketing was 101% and right where the trade estimated. The hog weight breakdown was at 100% of a year ago for hogs under 50 lbs., 50 to 119 lbs., and 120 to 179 lbs. These were all below the trade expectations. Hogs over 180 lbs. were 102%, above a year ago and higher than expectations. Farrowing intentions were either at or below those of a year ago. The National Daily Direct Afternoon Hog report showed cash down $0.76. Cash may be higher today as packers need to finish purchases for the week. Pork cutout values declined $1.05.

	BULL SIDE		BEAR SIDE
1)	Steady cash trade for cattle should be supportive to the market, giving traders confidence to hold long positions.	1)	A steady cash cattle trade may be a disappointment to some traders, and selling on futures may develop ahead of the weekend.
2)	Live cattle futures regain the losses of Wednesday despite a further decline in choice boxed beef.	2)	Choice boxed beef fell $10.06 over the past two trading days. This does not bode well for the packer margins.
3)	The neutral Hogs and Pigs report may provide the confidence for traders to add to their long positions as they look ahead to increased demand.	3)	The mostly neutral Hogs and Pigs report may not trigger strong buying interest in hog futures.
4)	Hog futures may be developing a level of support and a double bottom on the charts that could increase buying interest.	4)	Both cash hogs and pork cutout prices remain choppy. Traders need to see more consistent, higher prices to regain the recent losses in futures.

Thursday Closing Livestock Market Update - Traders Help Keep the Livestock Contracts Higher

GENERAL COMMENTS:

All in all, it was a good day for the livestock complex, as the contracts closed higher, and the fed cash cattle market saw some light trade develop at steady prices. Throughout the day, there was a thin movement in the North at $372, which is steady with last week's weighted average. May corn is down 1/4 cent per bushel, and May soybean meal is up $2.30. The Dow Jones Industrial Average is down 469.38 points, and the NASDAQ is down 521.75 points.

Beef net sales of 10,700 metric tons (mt) for 2026 were up noticeably from the previous week, but down 19% from the prior four-week average. The three largest buyers were Japan (2,900 mt), Taiwan (1,600 mt) and South Korea (1,600 mt). Pork net sales of 40,300 mt for 2026 were up 43% from the previous week and 23% from the prior four-week average. The three largest buyers were Mexico (14,100 mt), China (9,700 mt) and Japan (5,800 mt).

LIVE CATTLE:

The live cattle complex was able to close slightly higher thanks to some stable support found in the cash market. A few dressed deals have been marked at $372 in eastern Nebraska, which is fully steady with last week's weighted average. And given that, in recent weeks, packers have been able to secure some inventory and boxed beef prices have been pressured lately, it was anyone's guess as to where cash prices would land this week. But thank goodness the light test that the market has seen thus far has lent the complex some much-needed fundamental support. April live cattle closed $0.67 higher at $235.10, June live cattle closed $0.95 higher at $234.80 and August live cattle closed $0.80 higher at $232.40. Asking prices are noted at $238 to $240 in the South, and bids were offered throughout the day, but at this point in time, no Southern live cattle have traded yet. 

Thursday's slaughter is estimated at 97,000 head -- 9,000 head less than a week ago and 23,000 head less than a year ago.

Boxed beef prices closed lower: choice down $1.84 ($389.85) and select down $3.83 ($391.66) with a movement of 93 loads (65.58 loads of choice, 6.96 loads of select, 8.09 loads of trim and 12.56 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. Given that some light trade has developed in the North at steady, it's likely that prices would trend lower at this point.

FEEDER CATTLE:

The feeder cattle complex was trading higher throughout the day, but once the market saw the live cattle contracts begin to trade higher, the feeder cattle market's confidence grew, and the contracts ended the day stronger. April feeders closed $1.72 higher at $355.07, May feeders closed $1.70 higher at $351.75 and August feeders closed $1.15 higher at $350.37. At Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves weighing 300 to 500 pounds sold lower, but steers weighing 500 to 550 pounds traded $15 to $22 higher. Feeder steers weighing 600 to 900 pounds sold $7 to $19 lower, while steers weighing 900 to 950 pounds traded $9 higher. Heifer calves sold lower with heifers weighing 500 to 550 pounds traded $15 to $25 lower. Feeder heifers were steady to $15 lower. Slaughter cows sold $6 to $10 higher and slaughter bulls traded $6.00 stronger. Feeder cattle supply over 600 pounds was 45%. The CME feeder cattle index 3/25/2026: up $1.46, $363.24.

LEAN HOGS:

The lean hog complex closed mostly higher Thursday afternoon as traders were hopeful that the quarterly USDA Hogs and Pigs report was going to be fruitful. And by in large, the report was found to be mixed, as there was a slight decline in the breeding herd, but market-ready supplies of pigs could be burdensome. 

April lean hogs closed $0.07 lower at $90.82, June lean hogs closed $0.17 higher at $104.30 and July lean hogs closed $0.52 higher at $106.70. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.76 with a weighted average price of $90.89 on 2,490 head. Pork cutouts totaled 319.09 loads with 273.62 loads of pork cuts and 45.47 loads of trim. Pork cutout values: down $1.05, $95.35. Thursday's slaughter is estimated at 492,000 head -- steady with a week ago and 3,000 head more than a year ago. The CME lean hog index 3/24/2026: down $0.06, $91.65.

FRIDAY'S HOG CALL: Lower. At this point, it's most likely that packers have secured the vast majority of their cash needs for the week.