Friday Midday Livestock Market Update - Cattle Fall Lower, While Hogs Keep Rallying

GENERAL COMMENTS:

The livestock complex is keeping with its mixed trend through Friday's as the cattle contracts are still sinking lower while the hog complex rallies mildly. No new cash cattle trade has developed and it's looking like the bulk of this week's business is done. December corn is up 2 cents per bushel and December soybean meal is down $2.90. The Dow Jones Industrial Average is down 145.93 points and NASDAQ is down 315.95 points.

LIVE CATTLE:

Yes, midday boxed beef prices may be a tick higher; but that's simply not enough support to mean much to the cattle complex at this point. August live cattle are down $2.10 at $224.97, October live cattle are down $2.05 at $221.22 and December live cattle are down $2.37 at $220.82. No new action has developed in the fed cash cattle market and it looks like business is essentially done for the week. Throughout the week, Northern dressed cattle have traded from $370 to $385, but most at $377 to $380, which is $12.00 to $15.00 lower than the previous week's weighted average. Southern live cattle have been traded at mostly $237 to $238, which is $10.00 to $11.00 lower than last week's weighted average.

Boxed beef prices are higher: choice up $0.31 ($368.69) and select up $0.66 ($356.35) with a movement of 74 loads (40.23 loads of choice, 6.39 loads of select, 9.73 loads of trim and 17.97 loads of ground beef).

FEEDER CATTLE:

In keeping alignment with the week's trend, the feeder cattle contracts are yet again trailing lower. August feeders are down $1.15 at $345.45, September feeders are down $2.10 at $338.25 and October feeders are down $3.17 at $331.27. At this point -- with the futures market still trading lower and the fed cash cattle market trading significantly lower -- there's very little chance prices improve before Friday's close.

LEAN HOGS:

The lean hog complex is continuing to grind higher -- pleased with continued support from consumers and thankful enough trader support has worked its way into the market to conquer resistance levels. August lean hogs are up $1.40 at $101.67, October lean hogs are up $1.05 at $87.97 and December lean hogs are up $0.70 at $78.65. With the next resistance point far off in the horizon, it's likely the contracts will be able to keep with their rally through the week's end.

The projected CME Lean Hog Index for 7/16/2026 is up $0.55 at $95.65, and the actual index for 7/15/2026 is up $0.50 at $95.10. Hog prices are lower on the Daily Direct Morning Hog Report, down $3.49 with a weighted average price of $96.68, ranging from $96.00 to $97.00 on 542 head and a five-day rolling average of $99.80. Pork cutouts total 178.26 loads with 166.75 loads of pork cuts and 11.50 loads of trim. Pork cutout values: up $2.85, $105.27.

Friday Morning Livestock Market Update - Hog Futures to Maintain Renewed Suppor

GENERAL COMMENTS:

Cattle futures made a paltry attempt to rebound with a slightly higher opening on Thursday, but buyers were overwhelmed by the bearish market. Live cattle fell below support, opening the way for further liquidation of longs. The August live cattle contract has not posted a higher close since June 26. The weakness of cash cattle put pressure on the market. Dressed cattle continued to trade as much as $10.00 lower with live cattle as much as $11.00 lower than last week. Feedlots are selling to avoid the potential for further losses next week. Boxed beef remained weak, with choice down $2.90 and select down $3.49. The U.S. has implemented a 25% tariff on Brazilian imports. However, some items have been exempted, such as beef, coffee, rare earth minerals, and energy products. The price of certain weight classes of feeder cattle has been holding well, but that may come to an end as pressure mounts on the cattle complex.

Most hog contracts close higher, extending the strength from Wednesday. Stronger fundamentals are supporting the market. Demand has been strong as it has been swallowing up the increased number of hogs slaughtered at higher weights than a year ago. Packers have been paying more for hogs as they take advantage of better pork prices. The National Daily Direct Afternoon Hog report showed cash down $0.40 on Thursday, but higher for the week and above $100. Pork cutouts have increased each day this week, with values up $0.88 on Thursday at $102.34. Although packers may not be aggressive Friday, futures may see further gains as bullish sentiment continues.

	BULL SIDE		BEAR SIDE
1)	Cattle futures are significantly oversold with the market ripe for a price retracement. This could take place ahead of the weekend.	1)	Cattle futures are in a solid downtrend as fund traders continue to liquidate their long positions with near-term fundamentals bearish.
2)	The August cattle contract maintains a steep discount to cash. Any stability in cash cattle trade should result in a rebound.	2)	The weakness in boxed beef indicates consumers have significantly reduced beef consumption. Increased beef imports are also weighing on prices.
3)	Hog futures are in an uptrend and should maintain that trend as fundamental support is evident.	3)	There may be a limit to the upside price potential of hogs as lower beef prices could weigh on pork demand.
4)	The strength of pork cutouts indicates improving demand. Consumers are increasing their knowledge about the value of pork.	4)	Hog weights remain higher than a year ago, keeping sufficient tonnage available to the market due to the higher slaughter pace.

Thursday Closing Livestock Market Update - Cattle Continue to Melt Lower While Hogs Rally

GENERAL COMMENTS:

It was another day where the hog complex found mild support, but the cattle contracts were pressured to trade lower. Some light cash cattle trade developed throughout the day but it's most likely that the week's business is done with. December corn is down 5 1/2 cents per bushel and December soybean meal is up $2.40. The Dow Jones Industrial Average is down 280.16 points and the NASDAQ is down 498.94 points.

Thursday's export report shared that beef net sales of 8,000 mt for 2026 were down 43% from the previous week and 45% from the prior 4-week average. The three largest buyers were Japan (2,400 mt), Canada (1,900 mt) and Mexico (1,200 mt). Pork net sales of 21,600 mt for 2026 were up 22% from the previous week but down 12% from the prior four-week average. The largest buyers were Mexico (9,100 mt), Japan (7,100 mt) and Canada (1,400 mt).

LIVE CATTLE:

It was another day of much the same business in which the cattle complex has grown used to over the last three weeks: the futures market closed lower, cash cattle traded lower, and boxed beef prices closed lower too. August live cattle closed $3.05 lower at $227.07, October live cattle closed $2.72 lower at $223.27 and December live cattle closed $2.35 lower at $223.20. Throughout the day some light cash cattle trade developed in Kansas at $237 to $238 which is $10.00 to $11.00 lower than the previous week's weighted average, and some sales were marked in Texas at $237. At this point it's likely that the vast majority of this week's business is done with. 

Thursday's slaughter is estimated at 109,000 head -- 3,000 head less than a week ago and 8,000 head less than a year ago.

Boxed beef prices closed lower: choice down $2.90 ($368.38) and select down $3.49 ($355.69) with a movement of 139 loads (111.17 loads of choice, 12.18 loads of select, 7.81 loads of trim and 7.40 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. If any more trade develops on Sunday it will likely be at the week's weighted average and keep with the trend.

FEEDER CATTLE:

The feeder cattle complex ended the day lower as traders simply weren't shown enough support in the market to do anything different with the contracts. August feeders closed $3.35 lower at $346.60, September feeders closed $4.02 lower at $340.35 and October feeders closed $4.40 lower at $334.45. At Clovis Livestock Auction in Clovis, New Mexico compared to last week steer calves and feeder steers sold lower except those weighing 450 to 500 pounds traded steady, and those weighing 650 to 700 pounds sold $13.00 higher. Heifer calves and feeder heifers were lower with the exception of those weighing 400 to 450 pounds which traded $15.00 higher. Slaughter cows sold $1.00 to $2.00 lower and slaughter bulls traded $6.00 lower. The CME feeder cattle index 7/15/2026: down $3.55, $365.52.

LEAN HOGS:

The lean hog complex kept with its rallying nature through Thursday's end the day on a stronger note thanks to continued trader support and strong consumer demand. August lean hogs closed $0.05 lower at $100.27, October lean hogs closed $0.20 higher at $86.92 and December lean hogs closed $0.57 higher at $77.95. The big boost in today's cutout stems from the belly's $4.16 rally -- the rest of the cuts saw mild gains/losses. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.40 with a weighted average price of $100.26 on 2,455 head. Pork cutouts totaled 206.08 loads with 172.49 loads of pork cuts and 33.59 loads of trim. Pork cutout values: up $0.88, $102.34. Thursday's slaughter is estimated at 479,000 head -- 1,000 head less than a week ago and 8,000 head more than a year ago. The CME lean hog index 7/14/2026: down $0.27, $94.60.

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

Thursday Midday Livestock Market Update - Cattle Keep Trading Lower While Hogs Rally Around Support

GENERAL COMMENTS:

The livestock complex is keeping with its recent trend as the cattle contracts are trading lower, but the lean hog contracts continue to inch higher. December corn is down 6 cents per bushel and December soybean meal is up $2.00. Some light cash cattle trade is currently being reported in Kansas at $237 to $238, but otherwise the cash market is idle elsewhere. The Dow Jones Industrial Average is down 69.59 points and NASDAQ is down 264.74 points.

Thursday's export report shared that beef net sales of 8,000 mt for 2026 were down 43% from the previous week and 45% from the prior 4-week average. The three largest buyers were Japan (2,400 mt), Canada (1,900 mt) and Mexico (1,200 mt). Pork net sales of 21,600 mt for 2026 were up 22% from the previous week but down 12% from the prior four-week average. The largest buyers were Mexico (9,100 mt), Japan (7,100 mt) and Canada (1,400 mt).

LIVE CATTLE:

The live cattle complex is trading lower as traders continue to be disappointed in the lack of fundamental support available this week in the market. August live cattle are down $3.67 at $226.47, October live cattle are down $3.40 at $222.60 and December live cattle are down $3.25 at $222.30. Aside from some cash cattle trade developing in Kansas at $237 to $238, which is $10.00 to $11.00 lower than last week's weighted average, the market is idle at this point elsewhere. There could be a few more sales noted throughout the week, but the vast majority of the week's trade is likely done with. So far this week Northern dressed cattle have traded at mostly $377 to $380, which is $12.00 to $15.00 lower than the previous week's weighted average.

Boxed beef prices are lower: choice down $1.94 ($369.34) and select down $1.22 ($357.96), with a movement of 58 loads (41.89 loads of choice, 6.63 loads of select, 5.74 loads of trim and 3.80 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading lower as traders aren't going to move the market higher when there's simply not enough support available and when the live cattle contracts are trading lower. August feeders are down $5.40 at $344.55, September feeders are down $5.52 at $338.85 and October feeders are down $5.67 at $333.17. Demand remains mixed to mostly lower this week in the countryside as some buyers are busy putting up hay, and as the board has negatively affected the cash market too.

LEAN HOGS:

The lean hog complex is trading mostly higher into Thursday's noon hour as the market continues to be fueled by excellent consumer demand. August lean hogs are down $0.05 at $100.27, October lean hogs are up $0.42 at $87.12 and December lean hogs are up $0.80 at $78.17. And so long as demand remains consistent, it's likely that the contracts will continue to trade higher. The projected lean hog index for 7/15/2026 is up $0.50 at $95.10 and the actual index for 7/14/2026 is up $0.73 at $94.60. Hog prices are not available on the Daily Direct Morning Hog Report because of packer submission issues. Pork cutouts total 138.03 loads with 115.83 loads of pork cuts and 22.18 loads of trim. Pork cutout values: up $2.83, $103.84.