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

GENERAL COMMENTS:

Mixed tones ran throughout the livestock complex through Tuesday's close as traders continue to yearn for stronger fundamental support. Bids of $350 were offered throughout the day in Nebraska but no cattle traded. December corn is down 1 cent per bushel and December soybean meal is down $0.40. The Dow Jones Industrial Average is down 131.59 points and NASDAQ is down 22.84 points.

LIVE CATTLE:

The live cattle complex ended the day mixed as the market's nearby contracts ended slightly lower, but the deferred contracts were still able to end the day a touch higher. More than anything traders need and want to see greater fundamental support before they'll likely allow the contracts to trade any higher. October live cattle closed $0.22 lower at $217.22, December live cattle closed steady at $220.80 and February live cattle closed $0.02 lower at $222.92. Throughout the day bids of $350 were offered in Nebraska – but no cattle traded. It is interesting to noted, however, that bids surfaced as early as Tuesday. That could indicate that following last week's light trade that packers are shorter bought that what they're necessarily comfortable with. Still, asking prices remain elusive and trade isn't expected to develop until later in the week. 

Tuesday's slaughter is estimated at 108,000 head – 8,000 head more than a week ago and 12,000 head less than a year ago.

Boxed beef prices closed higher: choice up $2.18 ($382.66) and select up $6.25 ($364.48) with a movement of 112 loads (71.73 loads of choice, 8.25 loads of select, 12.53 loads of trim and 19.24 loads of ground beef).

WEDNEDSAY'S CATTLE CALL: Higher. Given that bids have already developed this week, it leads one to believe that packers are short bought and in need of more cattle.

FEEDER CATTLE:

Although the live cattle complex saw some push back in its nearby contracts, the feeder cattle complex was able to keep with it's moderate rally through the day's end. If the contracts continue with their mild upward trend, at some point the market's nearing resistance at the 100-day moving average is going to pose some resistance pressure. October feeder cattle closed $1.75 higher at $333.65, November feeder cattle closed $1.62 higher at $330.90 and January feeder cattle closed $1.42 higher at $323.40. At Oklahoma National Stockyards in Oklahoma City, Oklahoma compared to last week feeder steers traded mostly steady to $3.00 lower. Feeder heifers sold unevenly steady. Demand was noted as good for feeder cattle. Steer calves traded $5.00 to $15.00 lower and heifer calves sold $2.00 to $8.00 lower. Feeder cattle supply over 600 pounds was 63%. The CME feeder cattle index 9/28/2026: down $0.20, $337.77.

LEAN HOGS:

Although pork cutout values closed the day a touch softer, traders still allowed the contracts to rally through the day's end and keep within the market's sideways trading range. October lean hogs closed $1.12 higher at $79.37, December lean hogs closed $1.30 higher at $69.70 and February lean hogs closed $1.25 higher at $70.62. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.48 with a weighted average price of $78.74 on 12,715 head. Pork cutouts totaled 327.13 loads with 300.88 loads of pork cuts and 26.24 loads of trim. Pork cutout values: down $0.03, $87.77. Tuesday's slaughter is estimated at 493,000 head – 11,000 head more than a week ago and 17,000 head more than a year ago. The CME lean hog index 9/25/2026: down $0.55, $81.21.

WEDNESDAY'S HOG CALL: Lower. Given that packers bought over 12,000 in Tuesday's market likely means that they won't have to participate much in the cash market for the remainder of the week. 

Tuesday Midday Livestock Market Summary - Traders Help Drive Contracts Higher

GENERAL COMMENTS:

The livestock complex is trading mostly higher into Tuesday's noon hour as traders remain hopeful that fundamental support will arise later in the week. Currently there's a single bid on the table at $350 in Nebraska, but still no cattle have traded yet. 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 292.71 points and NASDAQ is down 27.65 points.

LIVE CATTLE:

The live cattle complex is keeping within its current sideways chop, thankfully trading higher following Monday's lower close, but unwilling to break outside of the market comfortable current trading range. October live cattle are up $1.32 at $218.77, December live cattle are up $1.25 at $222.05 and February live cattle are up $1.17 at $224.27. No trade has developed yet in the fed cash cattle complex, but a single bid is currently being offered in Nebraska at $350 by a regional packer. It's early for any bids to have surfaced already, which could indicate that packers are short bought after only lightly participating in last week's trade. No asking prices have surfaced yet.

Boxed beef prices are higher: choice up $2.80 ($383.28) and select up $4.18 ($362.41) with a movement of 63 loads (35.91 loads of choice, 4.44 loads of select, 10.42 loads of trim and 11.80 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading higher – hoping that fundamental support will arise later this week and continue to allow the contracts to scale higher. October feeders are up $1.60 at $333.50, November feeders are up $1.87 at $331.12 and January feeders are up $1.85 at $323.82. The market is nearing resistance at its 100-dya moving average, which traders will obviously need unwavering support to conquer that threshold.

LEAN HOGS :

The lean hog complex is trading higher following Monday's lower close likely because of the slight uptick in pork demand and because of continued trader support. October lean hogs are up $0.95 at $79.20, December lean hogs are up $1.30 at $69.70 and February lean hogs are up $1.10 at $70.47. The projected lean hog index for 9/28/2026 is down $0.27 at $80.94 and the actual index for 9/25/2026 is down $0.55 at $81.21. Hog prices on the Daily Direct Morning Hog Report average $78.01, ranging from $78.00 to $78.25 on 7,270 head and a five-day rolling average of $78.47. Pork cutouts total 193.42 loads with 185.33 loads of pork cuts and 8.09 loads of trim. Pork cutout values: up $2.79, $90.59. 

Tuesday Morning Livestock Market Update - Hog Futures May See Some Short-covering

GENERAL COMMENTS:

Early anticipation is for cash cattle to trade steady again this week. It appears that the reduced slaughter of last week, with some disruption due to ICE in Kansas packing plants and uncertainty over further disruption, may keep the packers cautious with purchases this week. The intent of duty-free imports of beef is to lower ground beef prices. However, little impact on retail ground beef prices has been realized. Market uncertainty may have more impact on beef prices, at least at the farm level. Reduced slaughter may increase boxed beef prices and keep retail prices high. Boxed beef prices were higher on Monday, with choice up $1.65 and select up $2.47.

Hog futures closed with new contract lows. This maintains the market's bearish posture, with lower lows over the past four consecutive trading days. Bottom-picking traders continue to be run over, with stops being hit, resulting in further pressure. The positive aspect of Monday's trade was that cash was higher on the National Daily Direct Afternoon Hog report, posting a gain of $0.54. Pork cutout values were also higher, up $1.06. The only category in cutouts showing a loss was bellies. With the packers aggressive with purchases and only a limited volume of hogs purchased, they should be aggressive today.

	BULL SIDE		BEAR SIDE
1)	If cash cattle trade steady this week, live cattle futures should reduce some of the discount to cash they currently hold.	1)	Live cattle futures have been unable to break out of their recent sideways trading pattern. Traders could liquidate recent long positions in case of further negative news.
2)	Higher boxed beef prices may increase the packers' desire to purchase cattle and increase slaughter.	2)	Feeder cattle continue to see some weakness at auctions as buyers remain less aggressive due to market uncertainty.
3)	Hog futures have had four consecutive days of weakness. This may trigger short covering as traders may not want to push futures much lower.	3)	New contract lows in hog futures on Monday do not bode well for the market. The path of least resistance is down.
4)	High cash hogs on Monday with limited purchases may result in further aggressiveness today as the packers need to maintain the higher slaughter pace.	4)	Traders continue to implement short-term trades to attempt to take a profit and have little interest in establishing long-term positions.

Monday Closing Livestock Market Update - Traders Remain Cautious When Handling Contracts

GENERAL COMMENTS:

The livestock complex ended the day lower as traders remain on edge, needing more market support before they'll likely push the contracts higher. New showlists for the week are lower in Texas and Kansas, but higher in Nebraska. December corn is down 5 1/4 cents per bushel and December soybean meal is down $11.6h. The Dow Jones Industrial Average is down 347.11 points and the NASDAQ is down 248.34 points.

LIVE CATTLE:

Without knowing exactly what's to come next in this week's trade, traders elected to play it safe through Monday's market and merely let the contracts chop sideways through Monday's close. October live cattle closed $1.42 lower at $217.45, December live cattle closed $1.35 lower at $220.80 and February live cattle closed $1.35 lower at $222.95. No bids or asking prices have been established yet this week, and it's likely that the week's trade will be delayed until later in the week. New showlists for the week are lower in Texas and Kansas, but higher in Nebraska. Monday's slaughter is estimated at 95,000 head -- 10,000 head less than a week ago and 17,000 head less than a year ago.

Last week Southern live cattle traded at mostly $222, which is steady with the previous week's weighted average and Northern dressed cattle traded at mostly $345 to $350, which is steady to $5.00 lower than the previous week's weighted average.

Boxed beef prices closed higher: choice up $1.65 ($380.48) and select up $2.47 ($358.23) with a movement of 105 loads (66.96 loads of choice, 12.10 loads of select, 13.43 loads of trim and 12.77 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady. Given that last week's trade was light, packers may need to be more aggressive this week.

FEEDER CATTLE:

And without the support of the live cattle complex, and upon seeing some sales trade in sale barns, the feeder cattle contracts were also pressured to end the day lower. October feeders closed $3.02 lower at $331.90, November feeders closed $2.70 lower at $329.27 and January feeders closed $2.37 lower at $321.97. At the Joplin Regional Stockyards in Carthage, Missouri, compared to last week and at their mid-session point, feeder steers under 700 pounds were trading steady to $5.00 lower with the exception of five-weight steers were trading $5.00 to $20.00 lower. Steers over 700 pounds were trading steady to $6.00 higher. Feeder heifers were selling steady to $10.00 lower. The CME feeder cattle index 9/25/2026: down $1.00, $337.79.

LEAN HOGS:

The lean hog complex kept with its recent downward trend as traders simply aren't confident that today's slight uptick in consumer demand is enough to really justify trading the contracts higher. If consumer demand remains strong throughout the week, then there's a chance that the board may trade higher, but it will take some due time. October lean hogs closed $0.02 higher at $78.25, December lean hogs closed $0.62 lower at $68.30 and February lean hogs closed $0.95 lower at $69.37. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.54 with a weighted average price of $79.22 on 426 head. Pork cutouts totaled 283.19 loads, with 256.08 loads of pork cuts and 27.11 loads of trim. Pork cutout value: up $1.06, at $87.80. Monday's slaughter is estimated at 491,000 head -- up 26,000 head from last week and up 3,000 head from a year ago. The CME lean hog index 9/24/2026: down $0.44, $81.76.

TUESDAY'S HOG CALL: Higher. Packers' interest in Monday's cash market was minimal, which could lead to greater interest on Tuesday.