Tuesday Midday Livestock Market Update - Traders Happily Push Contracts Higher

GENERAL COMMENTS:

The livestock complex is trading higher into midday Tuesday as the cattle complex is delighted to note the $4.00 advancement in last week's cash market, and the lean hog contracts have finally found some technical support. New showlists appear to be mixed, higher in Nebraska/Colorado, about steady in Kansas, and lower in Texas. March corn is down 4 1/4 cents per bushel and March soybean meal is down $2.70. The Dow Jones Industrial Average is down 40.63 points and the NASDAQ is down 69.81 points.

LIVE CATTLE:

It's been a wildly successful day thus far for the live cattle complex as the market is seeing immense support from traders, which is helping the contracts scale well over $1.00 higher into midday Tuesday. More than anything, the robust fundamental support from last week's cash cattle market, mixed with the bullish long-term trajectory, seems to have traders' full attention this morning. February live cattle are up $3.07 at $246.15, April live cattle are up $1.90 at $242.52 and June live cattle are up $1.95 at $238.10. New showlists appear to be mixed, higher in Nebraska/Colorado, about steady in Kansas, and lower in Texas.

Last week, Southern live cattle were marked at mostly $248, which is $4.00 higher than the previous week's weighted average and Northern dressed cattle traded at mostly $382, which is also $4.00 higher than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 59,651 head. Of that 95% (56,657 head) were committed to the market's nearby delivery, while the remaining 5% (2,994 head) were committed to the market's deferred delivery option.

Boxed beef prices are mixed: choice up $0.86 ($366.91) and select up $0.14 ($361.37) with a movement of 62 loads (45.85 loads of choice, 5.50 loads of select, 3.48 loads of trim and 6.86 loads of ground beef).

FEEDER CATTLE:

Upon noting the strength of last week's fed cash cattle trade and seeing how traders are energetically supporting the live cattle contracts, it's been an easy decision for traders to push the feeder cattle contracts higher. March feeders are up $4.15 at $370.30, April feeders are up $3.97 at $367.42 and May feeders are up $3.97 at $363.40. So long as the live cattle complex continues to trade higher through the day's close, the feeder cattle contracts will likely follow in the same direction.

LEAN HOGS:

After a tumultuous downturn over the last seven trading days, the lean hog complex has finally found some technical support as traders potentially believe that the contracts have created enough space from the contract highs scored in early February. April lean hogs are up $0.95 at $92.22, June lean hogs are up $1.35 at $105.90 and July lean hogs are up $1.55 at $107.80. Pork cutout values are a tick lower this morning, but that doesn't seem to be affecting traders at this point.

The projected lean hog index for 2/16/2026 is up $0.08 at $87.13 and the actual index for 2/13/2026 is up $0.13 at $87.06. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 205 head have traded this morning and that the market's five-day rolling average now sits at $87.58. Pork cutouts total 141.07 loads with 127.40 loads of pork cuts and 13.67 loads of trim. Pork cutout values: down $1.43, $95.42.

Tuesday Morning Livestock Market Update - Traders May Be Aggressive Buyers of Cattle Futures

GENERAL COMMENTS:

Cash cattle traded as much as $4 higher late on Friday. With the markets closed on Monday, traders were not able to react to the higher cash. This may bring bullish traders into the market aggressively today. Even with packers reducing slaughter, it is not backing up cattle and lowering prices. Feedlots continue to hold for higher cash with record weights not having an impact. The February live cattle price is below cash and likely will move in line with the cash market. Boxed beef prices were mixed on Monday, with choice up $3.30 and select down $2.19. The Commitment of Traders report showed fund traders reducing their net-long live cattle long futures positions by 5,132 contracts to 106,639. The long positions in feeder cattle futures were increased by 34 contracts to 17,959.

Hog futures saw further weakness on Friday, with contracts falling to the lowest level in a month. The correction of the oversold condition has been fast and severe. With contracts closing near the lows on Friday, there may be some follow-through selling today. However, after correcting from being overbought, traders may be willing to be aggressive buyers after the three-day weekend. The National Dairy Direct Afternoon Hog report on Monday showed cash up $0.02. Packers may be more aggressive today. Pork cutout values increased by $1.69. The combination of higher cash, higher cutouts, and a correction from overbought conditions may give traders confidence to buy back into the market. The Commitment of Traders report showed the fund traders adding 5,067 long futures positions to increase their net-long position to 128,463.

	BULL SIDE		BEAR SIDE
1)	Higher cash trade last week indicates continued strong demand for beef, requiring packers to remain aggressive buyers.	1)	Both live and feeder cattle futures have not been able to break through resistance. Traders may remain cautious.
2)	Live cattle futures are below cash and will need to move higher to reduce the discount.	2)	At some point, high beef prices may reduce consumer demand enough to impact the market.
3)	Hog futures have corrected the overbought condition, with the market back to a neutral technical position. Buyers may step back in more confidently.	3)	Hog futures closing near the lows on Friday suggest follow-through selling could take place at the beginning of trading.
4)	Packers are expected to purchase hogs more aggressively as they intend to obtain the numbers they need earlier in the week.	4)	The supply of market-ready hogs remains sufficient, leaving packers less aggressive in the cash market.

Friday Closing Livestock Market Update - Cash Cattle Trade $4.00 Higher

GENERAL COMMENTS:

It was a mixed day for the livestock complex as the futures market closed mostly lower, but the cash cattle complex saw some positive momentum ahead of the week's end. Northern dressed cattle traded at mostly $382, which is $4.00 higher than last week's weighted average and Southern live cattle traded at $248, which is also $4.00 higher than last week's weighted average. March corn is up 1/2 cent per bushel and March soybean meal is up $1.30. The Dow Jones Industrial Average is up 48.95 points and the NASDAQ is down 50.48 points.

From Friday to Friday, livestock futures scored the following changes: February live cattle up $5.33, April live cattle up $3.38; March feeder cattle down $1.27, April feeder cattle up $0.65; April lean hogs down $6.68, June lean hogs down $6.05; March corn up $0.01, May corn up $0.03.

**The markets will be closed on Monday, Feb. 16, for Presidents Day. Regular DTN commentary will resume on Tuesday, Feb. 17.**

LIVE CATTLE:

The live cattle contracts closed lower as traders weren't willing to allow the contracts to scale higher without first seeing what the fed cash cattle market was going to accomplish. Luckily, stronger trade developed in the cash sector shortly after the market closed. Northern dressed cattle traded at mostly $382, which is $4.00 higher than last week's weighted average and Southern live cattle traded at $248, which is also $4.00 higher than last week's weighted average. 

Friday's slaughter is estimated at 86,000 head, 1,000 head more than a week ago and 15,000 head less than a year ago. Saturday's slaughter is estimated to be around 1,000 head. The week's total slaughter is estimated at 541,000 head, 5,000 head more than a week ago and 19,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $0.37 ($364.47), select up $0.39 ($363.42) with a movement of 60 loads (37.38 loads of choice, 7.83 loads of select, 9.56 loads of trim and 4.79 loads of ground beef).

TUESDAY'S CATTLE CALL: It's likely again, next week, fed cash cattle prices will trade higher.

FEEDER CATTLE:

The feeder cattle complex closed mixed, with the furthest deferred months maintaining a stronger position, but the market's nearby contracts were fearful to hold their higher position ahead of the day's close as the live cattle contracts closed lower. March feeders closed $0.42 higher at $366.15, April feeders closed $0.17 lower at $363.45 and May feeders closed $0.47 higher at $359.42. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers over 800 pounds sold $2.00 to $4.00 lower, but steers under 800 pounds traded $5.00 to $10.00 higher. Feeder heifers over 700 pounds sold steady to $5.00 lower, and steers under 700 pounds traded $2.00 to $7.00 higher. Steer and heifer calves traded unevenly steady. The cattle market was mixed this week and struggled to establish a consistent trend. Grazing-type cattle were the exception, as demand from grass accounts remained very strong. Feeder cattle supply over 600 pounds was 69%. The CME feeder cattle index 2/12/2026: up $0.04, $373.91.

LEAN HOGS:

The lean hog complex closed mostly lower Friday afternoon, as the market is fearful of an overabundance of supply and was disappointed to see pork cutout values close lower, too. April lean hogs closed $0.55 lower at $91.27, June lean hogs closed $1.00 lower at $104.55 and July lean hogs closed $1.10 lower at $106.25. Unfortunately, it's tough to tell when the downward trend may end, as traders are quickly pulling the contracts away from the highs established last week. Pork cutout values tipping lower could cause more downward pressure, too. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.73 with a weighted average price of $85.22 on 1,229 head. Pork cutouts total 253.58 loads with 212.81 loads of pork cuts and 40.78 loads of trim. Pork cutout values: down $0.49, $95.16. Friday's slaughter is estimated at 446,000 head, 44,000 head less than a week ago and 35,000 head less than a year ago. Saturday's slaughter is projected to be around 129,000 head. The CME lean hog index 2/11/2026: up $0.37, $86.89.

TUESDAY'S HOG CALL: Lower. Packers won't likely show significant interest in the cash market on Tuesday.

Friday Midday Livestock Market Summary - Cattle Futures Move Lower While Waiting for Cash Cattle to Trade

GENERAL COMMENTS:

The livestock complex is trading lower into Friday's noon hour as the lean hog market simply doesn't have the support it needs fundamentally or technically and the cattle complex is waiting for cash cattle to trade. A single bid is currently on the table in Nebraska, but otherwise nothing has surfaced in the cash sector. March corn is up 1/2 cent per bushel and March soybean meal is down $0.50. The Dow Jones Industrial Average is up 210.80 points and NASDAQ is up 128.04 points.

LIVE CATTLE:

The live cattle complex has drifted slightly lower as traders try to remain patient, waiting for cash cattle to trade. It's fully assumed prices will be higher later Friday when trade develops, but the real question is: How much higher? February live cattle are steady at $242.50, April live cattle are down $0.67 at $239.97 and June live cattle are down $0.45 at $235.90. A single bid is currently on the table in Nebraska at $238, but otherwise no news has developed. Asking prices remain firm in Texas at $245 to $247, but aren't clearly established elsewhere.

Boxed beef prices are mixed: choice down $0.45 ($364.39) and select up $0.26 ($363.29) with a movement of 30 loads (24.05 loads of choice, 2.18 loads of select, zero loads of trim and 3.48 loads of ground beef).

FEEDER CATTLE:

Keeping in alignment with the live cattle contracts, the feeder cattle complex is trading slightly lower as well. March feeders are down $0.02 at $365.70, April feeders are down $0.72 at $362.90 and May feeders are down $0.95 at $358.95. Demand has mostly higher this week in the countryside for both feeders and calves, but there has been notable interest in the heavier weight feeders that will make grass cattle in a few months.

LEAN HOGS:

In keeping with its lower trend, the lean hog complex continues to lose position as the market anticipates more supply to be working its way into the system, which causes traders some fear that pork cutout values could weaken. Not to mention, just a little over a week ago the market did reach new all-time highs in the futures complex which put heavy pressure on the market's technical side. April lean hogs are down $0.30 at $91.52, June lean hogs are down $0.75 at $104.80 and July lean hogs are down $0.87 at $106.47.

The projected CME Lean Hog Index for 2/12/2026 is up $0.04 at $86.93 and the actual index for 2/11/2026 is up $0.37 at $86.89. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 409 head have traded this morning, and that the market's five-day rolling average sits at $86.91. Pork cutouts total 174.97 loads with 140.53 loads of pork cuts and 34.44 loads of trim. Pork cutout values: down $0.78, $94.87.