Wednesday Midday Livestock Market Summary - Hogs Move Higher, While Cattle Dip Lower

GENERAL COMMENTS:

The livestock complex is mixed heading into Wednesday's noon hour as the cattle contracts are keeping with their normal downward trend, but the lean hog contracts are rallying above their resistance threshold right now. Bids are on the table in Nebraska, but no more cash cattle have traded. December corn is up 8 cents per bushel and December soybean meal is up $2.20. The Dow Jones Industrial Average is down 56.21 points and NASDAQ is down 25.70 points.

LIVE CATTLE:

Without any support from market fundamentals the live cattle contracts continue to scale lower. The spot August contract is hitting a support plane at the $230.00 mark, which hopefully will keep the market from trading much lower. But if fundamentals don't improve, that's a big wish. August live cattle are down $1.35 at $230.07, October live cattle are down $1.90 at $225.75 and December live cattle are down $2.07 at $225.22. Some bids are currently on the table in Nebraska at $238 to $240 live and $375 dressed; but no trade has developed following Tuesday's thin movement. On Tuesday some cattle traded in Nebraska at $380, which is $12.00 lower than last week's weighted average, but some cattle were also sold in Iowa at $385, which is $6.00 lower than the previous week's weighted average. At this point it's anyone's guess where the cash market trend will land this week.

Boxed beef prices are lower: choice down $0.49 ($373.46) and select down $2.33 ($362.08) with a movement of 66 loads (50.06 loads of choice, 7.89 loads of select, 3.30 load of trim and 5.14 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is trailing lower as traders simply don't have enough support readily available to them to keep the prices from moving any other direction. August feeders are up $0.30 at $349.10, September feeders are down $0.95 at $343.90 and October feeders are down $1.75 at $338.77. Demand has been mixed again this week in sale barns, which isn't lending the market as much support as traders would hope to see either.

LEAN HOGS:

The cattle contracts may be continuing to suffer, but it's a break-out day for the lean hog contracts as the spot August contract is attempting (and at this point successfully managing) to trade above the market's resistance at $100.00. August lean hogs are up $1.72 at $100.17, October lean hogs are up $1.85 at $86.22 and December lean hogs are up $1.95 at $76.85. It's been helpful, again this week, that packers have been buying large quantities of hogs in the cash market and pork cutout values have been mostly supported.

The projected CME Lean Hog Index for 7/14/2026 is up $0.73 at $94.60 and the actual index for 7/13/2026 is up $0.76 at $93.87. Hog prices are higher on the Daily Direct Morning Hog Report, up $3.83 with a weighted average price of $100.70, ranging from $95.50 to $101.00 on 14,485 head and a five-day rolling average of $98.78. Pork cutouts total 157.68 loads with 136.24 loads of pork cuts and 21.44 loads of trim. Pork cutout values: up $0.27, $101.48.

Wednesday Morning Livestock Market Update - Cattle May See Continued Liquidation

GENERAL COMMENTS:

Traders see little to get excited over in the cattle market. The continued weakness of boxed beef and the potential for lower cash again this week is weighing on the market. Another concern developing is the potential for more cattle to move to feedlots and to the market due to decreasing pasture conditions in many areas of cattle country. This will be bullish longer term as the nation's cattle herd will not be rebuilt. Just how long the current liquidation of cattle futures will continue will depend on demand and whether packers will be able to operate in the black. Cash cattle trade is expected to be lower this week with no trade having been reported so far. Boxed beef prices were lower, with choice down $1.66 and select down $0.76.

Hog futures diverged as the nearby months continue in an uptrend supported by better demand fundamentals. Later contracts initially eliminated all of the gains of last week before futures rebounded to close with minimal losses. This may have set the stage for increased buying interest. Today (July 15) is the last trading day for July futures, with August becoming the lead month. It holds about a $3.00 premium to July, but is trading in line with cash. The National Daily Direct Afternoon Hog report showed cash down $0.22 with a large volume of hogs purchased. Even though cash was lower, it was encouraging to see a minimal decline due to the large volume. Pork cutout values declined $0.34. Slaughter continues to increase, with numbers usually higher than the previous week and a year ago.

	BULL SIDE		BEAR SIDE
1)	Increasing dry conditions in cattle country will limit or eliminate the rebuilding of the cattle herd. This remains bullish long term.	1)	Cattle futures are entrenched in a downtrend with fund traders liquidating long positions. A break below support would trigger further liquidation.
2)	Both live cattle and feeder cattle futures are nearing technical support. Traders may be interested in stepping back in to buy in anticipation of a rebound.	2)	Cash cattle trade is expected to be lower again this week. Packers have been able to surround themselves with cattle through the end of the month, limiting their need to be aggressive.
3)	Nearby hog futures remain in an uptrend as the current demand fundamentals remain friendly.	3)	The deferred hog contracts are struggling to hold gains. The longer-term prospect for demand and increased cash prices will keep futures at a discount.
4)	Both cash and cutouts have been trending higher and are expected to continue that way for a time.	4)	Pigs per litter are higher, which will keep the market well supplied with hogs.

Tuesday Closing Livestock Market Update - Weaker Trends Continue to Consume the Complex

GENERAL COMMENTS:

The livestock complex ended the day mostly lower again, as the market continues to struggle to find fundamental support. Still no trade has developed in the cash market but bids were offered in Nebraska. December corn is down 2 3/4 cents per bushel and December soybean meal is up $1.30.

The Dow Jones Industrial Average is up 9.63 points and the NASDAQ is up 233.83 points.

LIVE CATTLE:

It was another downward spiraling day for the live cattle complex as the market simply hasn't found enough support to stop the market's downward bleed. August live cattle closed $3.30 lower at $231.42, October live cattle closed $2.97 lower at $227.65 and December live cattle closed $3.10 lower at $227.30. Some bids were noted in Nebraska at $380, but feedlot managers let that bid sit idle. Asking prices are noted at $248 in Texas, but are not established elsewhere. 

Tuesday's slaughter is estimated at 111,000 head -- 1,000 head more than a week ago and 7,000 head less than a year ago.

Boxed beef prices closed lower: choice down $1.66 ($373.95) and select down $0.76 ($364.41) with a movement of 90 loads (65.21 loads of choice, 8.50 loads of select, 8.56 loads of trim and 7.92 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Lower. Given the lower trend of the board and of boxed beef prices -- it's likely that the cash market will trade lower this week too.

FEEDER CATTLE:

Although there was some light interest in the countryside for feeder cattle -- until the feeder cattle contracts see that there's greater support from traders and that the live cattle contracts are trading higher, it's likely that the board will continue to trade lower. August feeders closed $5.55 lower at $348.80, September feeders closed $5.97 lower at $344.85 and October feeders closed $6.32 lower at $340.52. At Oklahoma National Stockyards in Oklahoma City, Oklahoma compared to their last full test two weeks ago, feeder steers traded mostly steady, but feeder heifers traded steady to $4.00 higher. Steer calves sold steady to $3.00 lower and heifer calves sold $2.00 to $5.00 higher. Feeder cattle supply over 600 pounds was 73%. The CME feeder cattle index 7/13/2026: down $2.20, $370.32.

LEAN HOGS:

Mixed tones kept with the lean hog complex through Tuesday's close as the nearby contracts felt confident with the increased support from packers in the cash market to keep their contracts higher, but the deferred contracts closed lower. It's been incredible to see this much demand in the recent weeks from packers -- as it's evident that they're short bought. And while yes, prices in the cash market closed lower -- today's volume of over 11,000 head is incredible. August lean hogs closed $0.35 higher at $98.45, October lean hogs closed $0.10 higher at $84.37 and December lean hogs closed $0.25 lower at $74.82. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.22 with a weighted average price of $98.56 on 11,325 head. Pork cutouts total 288.57 loads with 270.42 loads of pork cuts and 18.15 loads of trim. Pork cutout values: down $0.34, $101.21. Tuesday's slaughter is estimated at 483,000 head -- 4,000 head more than a week ago and 20,000 head more than a year ago. The CME lean hog index 7/10/2026: up $0.42, $93.11.

WEDNESDAY'S HOG CALL: Steady. Until packers have secured enough supply, prices could trade higher.

Tuesday Midday Livestock Market Summary - Pressure Continues to Build in Futures

GENERAL COMMENTS:

Mostly lower tones have taken over the livestock complex as there's simply not enough fundamental support in the market for traders to confidently push the contracts higher. Asking prices are noted at $248 in Texas; but otherwise nothing has developed in the cash cattle market. December corn is down 2 3/4 cents per bushel and December soybean meal is up $1.10. The Dow Jones Industrial Average is down 88.02 points and NASDAQ is up 223.81 points.

LIVE CATTLE:

With nothing seeming to develop in a positive manner from the market's fundamentals, traders have felt the technical side of the market's pressure long enough to decide that the day's only option is to trade lower -- sharply lower. August live cattle are down $2.92 at $231.80, October live cattle are down $2.57 at $228.05 and December live cattle are down $2.82 at $227.57. With the continued weakness in the complex, it's likely this week's cash market will trade lower too. No bids are on the table at this point but asking prices are noted at $248 in Texas. Otherwise the cash market remains quiet.

Boxed beef prices are mixed: choice down $0.01 ($375.60) and select up $0.70 ($365.87) with a movement of 51 loads (37.88 loads of choice, 4.58 loads of select, 3.73 loads of trim and 5.22 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts are also trading lower as traders simply don't have a leg to confidently stand on right now. With there yet to be any test in the fed cash cattle market, lower tones seen in sale barns across the U.S., and the live cattle futures trading lower -- it's only logical the feeder cattle contracts would trade lower too. August feeders are down $5.00 at $349.22, September feeders are down $5.32 at $345.50 and October feeders are down $5.62 at $341.22.

LEAN HOGS:

The lean hog complex is trading mixed with its nearby contracts continuing to push a minor rally, while the rest of the contracts trade below steady prices. If midday pork cutout values were a tick stronger, then there's a chance prices may move higher; but traders need strong, unwavering fundamental support if they're going to trade around or above market resistance at $100.00. August lean hogs are up $0.05 at $98.15, October lean hogs are down $0.50 at $83.77 and December lean hogs are down $0.65 at $74.42.

The projected CME Lean Hog Index for 7/13/2026 is up $0.76 at $93.87 and the actual index for 7/10/2026 is up $0.42 at $93.11. Hog prices on the Daily Direct Morning Hog report average $96.87, ranging from $96.00 to $100.00 on 4,100 head and a five-day rolling average of $96.91. Pork cutouts total 160.33 loads with 150.99 loads of pork cuts and 9.34 loads of trim. Pork cutout values: down $0.10, $101.45.