Tuesday Midday Livestock Market Summary - Weaker Tones Have Contracts Trailing Lower

GENERAL COMMENTS:

Following Monday's modest rally in the cattle complex, traders are being a bit more cautious on Tuesday. Asking prices are noted at $230 in Texas but still no cash cattle trade has developed. December corn is up 2 3/4 cents per bushel and December soybean meal is down $4.30. The Dow Jones Industrial Average is down 141.40 points and NASDAQ is down 51.40 points.

LIVE CATTLE:

And without robust support from traders, and no cash cattle trade having developed yet this week the live cattle contracts are trading lower into Tuesday's noon hour. The only positive fundamental gesture shining through the market right now is the fact that midday boxed beef prices are higher. October live cattle are down $0.52 at $224.22, December live cattle are down $0.72 at $225.87 and February live cattle are down $1.12 at $228.47. No bids are on the table in the fed cash cattle market, but asking prices are noted in Texas at $230. Feedlot managers have been able to regain some moderate leverage in recent weeks, and it's likely again that this week trade will be delayed until the later half of the week as feedlot managers hope to hold the market steady at least.

Boxed beef prices are higher: choice up $0.98 ($376.54) and select up $1.55 ($355.68) with a movement of 68 loads (56.09 loads of choice, 3.08 loads of select, 3.06 loads of trim and 6.12 loads of ground beef).

FEEDER CATTLE:

Without continued support of the live cattle contracts, the feeder cattle complex is trading lower into Tuesday's noon hour. October feeders are down $1.75 at $341.72, November feeders are down $1.62 at $339.47 and January feeders are down $0.87 at $334.87. And until the live cattle complex turns higher again -- a slightly lower trend will likely continue in the feeder cattle market.

LEAN HOGS:

And even though midday pork cutout values are up slightly, traders are being a tick more cautious in Tuesday's market and are allowing a lower trend to take the lean hog contracts lower into the afternoon. December lean hogs are down $0.52 at $67.85, February lean hogs are down $0.95 at $69.35 and April lean hogs are down $1.05 at $74.02. The projected lean hog index for 10/12/2026 is down $0.57 at $75.94, and the actual index for 10/9/2026 is down $1.10 at $76.51. Hog prices on the Daily Direct Morning Hog Report average $71.36, ranging from $65 to $78 on 5,343 head and a five-day rolling average of $71.89. Pork cutouts total 163.02 load with 149.38 loads of pork cuts and 13.64 loads of trim. Pork cutout values: up $0.08, $83.05. 

Tuesday Morning Livestock Market Update - Beef and Pork Cutout Values Higher

GENERAL COMMENTS:

Beef cutout values saw a $2.21 jump for choice to start off the week, while select fell 17 cents. The Feeder Cattle Index also saw $1.55 gain at $338.62. Live cattle futures saw some small gains in the deferred contracts Monday while the nearby contracts were 0.225 to 0.45 cents lower.

Hog futures saw a small bounce Monday after Friday's lows. With pork cutout prices $2.47 higher on Monday, there is hope that the futures market will find support here. Friday's Commitment of Traders report showed a net change of 9,131 contracts as managed money finally lifts some of their shorts. The previous week's net-short position of 50,635 contracts was the record net short.

	BULL SIDE		BEAR SIDE
1)	Friday's corn prices fell dramatically after a disappointing World Agricultural Supply and Demand Estimates (WASDE) report, helping margins for cattle producers and supporting bids for feeder cattle.	1)	The October feeder cattle contract is currently at a $4.85 premium to the Feeder Cattle Index, which is a red flag for nearby futures.
2)	Technicals for both live cattle and feeder cattle are strong and supportive for higher price action.	2)	Mexican feeder cattle imports continue to grow with 31,700 head estimated to have crossed through the Douglas/Santa Teresa ports so far this year.
3)	Managed money has begun lifting some of their record net-short positions in the hog market, reducing pressure on futures market.	3)	Hog slaughter remains above last year's levels leaving more pork supply available to consumers.
4)	Pork cutout values increased again Monday, giving relief to the futures market.	4)	CME Lean Hog Index was lower, along with Daily Direct Hog reported prices, which will suppress market friendliness until these begin to improve as well.

Monday Closing Livestock Market Update - Traders Continue to Hope Fundamental Support Will Help Keep Contracts Elevated

GENERAL COMMENTS:

By Monday's close, both the live cattle and lean hog contracts were able to round out the day mostly higher, while the feeder cattle contracts still closed lower. New showlists for the week are lighter in Texas and Kansas, but steady in Nebraska. December corn is up 3 1/4 cents per bushel and December soybean meal is up $3.10. The Dow Jones Industrial Average is up 168.59 points and the NASDAQ is down 116.22 points.

LIVE CATTLE:

Although a couple of the nearby live cattle contracts still ended the day lower, all in all, it ended up being a mostly supportive day again for the live cattle contracts, as most of the contracts ended the day higher. As traders continue to believe in the market's strong underlying fundamentals, they remain hopeful that again this week fed cash cattle prices may be able to trade steady if not a tick higher. October live cattle closed $0.22 lower at $224.75, December live cattle closed $0.45 lower at $226.60 and February live cattle closed $0.10 higher at $229.57. No cash cattle trade developed throughout the day, and both bids and asking prices remain elusive at this point. New showlists for the week are lighter in Texas and Kansas, but steady in Nebraska. Monday's slaughter is estimated at 106,000 head -- 4,000 head more than a week ago and 3,000 head more than a year ago.

Last week Northern dressed cattle traded at mostly $345, which is steady with the previous week's weighted average. Last week Southern live cattle traded at mostly $222, which is steady to $2.00 higher than the previous week's weighted average. Some live trade was even marked as high as $226! Last week's negotiated cash cattle trade totaled 67,701 head. Of that, 79% (53,354 head) were committed to the market's nearby delivery option, while the remaining 21% (14,347 head) were committed to the deferred delivery option.

Boxed beef prices closed mixed: choice up $2.21 ($375.56) and select down $0.17 ($354.13) with a movement of 80 loads (46.41 loads of choice, 11.44 loads of select, 6.91 loads of trim and 15.71 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady. Given that packers seem more short bought than originally assumed, there's a chance that prices could hold steady again this week.

FEEDER CATTLE:

Although most of the live cattle contracts were able to end the day higher, the feeder cattle complex wasn't able to join the party before the day's close, as most of its contracts ended the day lower. October feeders closed $0.37 lower at $343.47, November feeders closed $0.85 lower at $341.10 and January feeders closed $0.60 lower at $335.75. At the Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week and at their mid-session point, feeder steers over 750 pounds traded steady to $3.00 higher, but those under 750 pounds traded $5.00 to $10.00 higher. Feeder heifers were trading $2.00 to $7.00 higher. Steer calves were trading $10.00 to $20.00 higher. Heifer calves over 500 pounds were trading $4.00 to $8.00 higher, and those under 500 pounds were selling $10.00 to $20.00 higher. Feeder cattle supply over 600 pounds was 68%. The CME feeder cattle index 10/9/2026: up $1.55, $338.62.

LEAN HOGS:

Thankfully, Monday lent the lean hog complex some much-needed relief as the contracts rounded out the day fully higher. And with the uptick in pork demand, traders may elect to continue to support the contracts later this week. October lean hogs closed $0.55 higher at $75.60, December lean hogs closed $0.55 higher at $68.37 and February lean hogs closed $1.05 higher at $70.30. Pork cutouts totaled 271.81 loads, with 251.63 loads of pork cuts and 20.18 loads of trim. Pork cutout values: up $2.47, $82.97. Hog prices ended the day $3.24 lower on the Daily Direct Afternoon Hog Report, with a weighted average price of $71.02 on 687 head. Monday's slaughter is estimated at 498,000 head -- 5,000 head more than a week ago and 11,000 head more than a year ago. The CME lean hog index 10/8/2026: down $0.80, $77.61.

TUESDAY'S HOG CALL: Higher. With there being a tick more interest in pork demand early this week, there's a chance that packers could be more aggressive in the market on Tuesday.

Monday Midday Livestock Market Summary - Traders Gingerly Enter the New Week

GENERAL COMMENTS:

Take a more cautious approach to Monday's market following the big gains seen late last week in the cattle complex; both the live cattle and feeder cattle contracts are trading lower into midday Monday. New showlists for the week are lighter in Texas and Kansas, but steady in Nebraska. December corn is up 3 3/4 cents per bushel and December soybean meal is up $2.70. The Dow Jones Industrial Average is up 257.80 points and the NASDAQ is down 59.98 points.

LIVE CATTLE:

Following last week's bold rally on Friday, fueled by the excitement and hope that the fed cash cattle market may be able to hold steady, the live cattle contracts are now trading lower as traders hope that some fundamental support will arise this week to complement the move. October live cattle are down $0.72 at $224.25, December live cattle are down $0.97 at $226.10 and February live cattle are down $0.45 at $229.02. New showlists for the week are lighter in Texas and Kansas, but steady in Nebraska. No cash cattle trade has developed yet this week, and it's most likely that trade will be delayed until later in the week.

Boxed beef prices are higher: choice up $1.93 ($375.28) and select up $0.47 ($354.77) with a movement of 42 loads (23.22 loads of choice, 5.43 loads of select, 5.77 loads of trim and 7.44 loads of ground beef).

FEEDER CATTLE:

Following last Friday's powerful rally, which pushed the feeder cattle contracts mostly $7.00 higher, the feeder cattle contracts are taking a more cautious approach to Monday's open as traders would like to see some fundamental support to ensure them that they made a sound decision late last week. October feeder cattle are down $1.82 at $342.02, November feeder cattle are down $1.97 at $339.97 and January feeder cattle are down $0.97 at $335.37. And unless the live cattle contracts turn higher, it's unlikely that the feeder cattle contracts will change their direction later this afternoon.

LEAN HOGS:

Following last week's descent, the lean hog contracts have found some light trader support in Monday's market. October lean hogs are up $0.27 at $75.32, December lean hogs are up $0.77 at $68.60 and February lean hogs are up $1.00 at $70.25. But it is worth noting that pork cutout values are up over $4.00 this morning – which has been the market's Achilles' heel as traders yearn to see stronger consumer demand. The projected lean hog index for 10/9/2026 is down $1.10 at $76.51 and the actual index for 10/8/2026 is down $0.80 at $77.61. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 362 head have traded and that the market's five-day rolling average sits at $74.79. Pork cutouts total 149.30 loads, with 136.36 loads of pork cuts and 12.95 loads of trim. Pork cutout values: up $4.72, $85.22.