Thursday Closing Livestock Market Update - Weaker Tones Take Over the Complex

GENERAL COMMENTS:

The livestock complex ended the day mostly lower as the cattle contracts grew anxious waiting for cash trade to develop, and the lean hog complex grew nervous waiting for the afternoon's Quarterly Hogs and Pigs report to be published. Bids of $350 were offered throughout the day but no large volumes sold. 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 161.61 points and the NASDAQ is up 3.33 points.

LIVE CATTLE:

The live cattle complex tried to hold its position but without seeing immediate support from this week's fed cash cattle market, the nearby contracts ended the day lower, but some of the deferred months were able to hang onto their stronger position. October live cattle closed $1.85 lower at $219.07, December live cattle closed $1.25 lower at $221.10 and February live cattle closed $0.77 lower at $222.87. Bids of $350 were offered throughout the day, and some light trade was again noted in Nebraska at that price, but no large volumes have traded yet. With feedlot managers hoping to see the market advance this week -- they're trying to hold out and hope that packer interest improves on Friday. 

Thursday's slaughter is estimated at 90,000 head -- 17,000 head less than a week ago and 25,000 head less than a year ago.

Boxed beef prices closed lower: choice down $1.19 ($376.12) and select down $0.24 ($352.10) with a movement of 116 loads (79.03 loads of choice, 13.88 loads of select, 5.43 loads of trim and 18.08 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady to somewhat higher. Given that we've already seen some light trade at steady prices, it's mostly likely that when trade does develop on Friday it's either at steady money if not a tick higher.

FEEDER CATTLE:

Try as it might, the feeder cattle complex wasn't able to hold its elevated position through Thursday's end without the support of seeing the live cattle contracts trade higher too. October live cattle closed $1.57 lower at $331.75, November feeders closed $1.42 lower at $328.07 and January feeders closed $1.02 lower at $320.65. At Torrington Livestock Auction in Torrington, Wyoming, compared to last week, feeder steers and heifers traded $2.00 to $6.00 higher. Steer calves sold $3.00 to $12.00 higher with instances up to $20.00 higher and heifer calves sold $2.00 to $7.00 higher. The CME feeder cattle index 9/23/2025: up $0.09, $337.07.

LEAN HOGS:

Ahead of seeing Thursday's Quarterly Hogs and Pigs report, the lean hog complex ended the day lower, but there's a chance that the market may trade higher into Friday's open given that the report was mostly supportive. October lean hogs closed $0.67 lower at $79.20, December lean hogs closed $0.85 lower at $69.47 and February lean hogs closed $1.17 lower at $70.85. Unfortunately, until traders see greater consumer support -- it's unlikely that the contracts will trade much higher. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.70 with a weighted average price of $78.95 on 930 head. Pork cutouts total 254.25 loads with 231.27 loads of pork cuts and 22.98 loads of trim. Pork cutout values: down $0.72, $86.10. Thursday's slaughter is estimated at 489,000 head -- 20,000 head more than a week ago and 5,000 head more than a year ago. The CME lean hog index 9/22/2026: down $0.45, $82.47.

FRIDAY'S HOG CALL: Lower. Packers have likely filled most of their cash needs already for the week.

Thursday Midday Livestock Market Update - Mixed Tones Keep with the Complex

GENERAL COMMENTS:

The livestock complex is trading mixed into Wednesday's noon hour with the cattle contracts seeing excellent support -- but the hog contracts are back to trading lower. Bids are currently on the table in Nebraska but no trade has been noted yet. December corn is down 8 1/2 cents per bushel and December soybean meal is down $0.40. The Dow Jones Industrial Average is down 311.06 points and the NASDAQ is down 299.72 points.

LIVE CATTLE:

The live cattle complex is trading mixed into Thursday's noon hour. As traders remain hopeful that fundamental support will shine through the fed cash cattle market later this week, but the nearby contracts are trading lower as traders know better than to count their eggs before they hatch. October 2026 through February 2027 are trading lower, but the rest of the deferred months are all trading higher. October live cattle are down $1.12 at $219.80, December live cattle are down $0.50 at $221.90 and February live cattle are down $0.05 at $223.60. Heading into Thursday's noon hour, the fed cash cattle market still hasn't seen much progress. Currently there are bids being offered again in Nebraska at $350, and a few more sales have been noted at that price, but no large volumes have been traded today. And there's yet to be any developments in the Southern plains. It's looking like the vast majority of the week's trade could be delayed until Friday.

Boxed beef prices are lower: choice down $2.28 ($375.03) and select down $0.05 ($352.29) with a movement of 66 loads (45.98 loads of choice, 8.81 loads of select, zero loads of trim and 10.75 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is trading higher into Thursday's noon hour as demand this week in the countryside has been strong for feeder cattle and calves, and as traders remain hopeful that come later this afternoon or tomorrow the fed cash cattle market could trade higher. October feeders are up $0.47 at $333.80, November feeders are up $0.75 at $330.25 and January feeders are up $1.30 at $322.97. So long as the live cattle complex doesn't turn much lower, it's likely that the feeder cattle contracts may be able to keep their elevated position even though some of the live cattle contracts are trading lower.

LEAN HOGS :

In anxious anticipation ahead of this afternoon's Quarterly Hogs and Pigs Report, the lean hog complex is trading lower into Thursday's noon hour. October lean hogs are down $0.55 at $79.32, December lean hogs are down $0.80 at $69.52 and February lean hogs are down $1.10 at $70.92. And while yes midday pork cutout values are up slightly, it's not enough of an increase to really lend the market much more support. The projected lean hog index for 9/23/2026 is down $0.27 at $82.20 and the actual index for 9/22/2026 is down $0.45 at $82.47. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.32 with a weighted average price of $79.01, ranging from $78.00 to $83.00 on 870 head and a five-day rolling average of $79.93. Pork cutouts total 134.62 loads with 121.29 loads of pork cuts and 13.34 loads of trim. Pork cutout values: up $0.18, $87.00. 

Thursday Morning Livestock Market Update - Mixed Trade For Cattle Futures

GENERAL COMMENTS:

There have been rumors about the potential of banning beef exports to reduce domestic prices. This has been couched in the talk of a ban on diesel and fertilizer exports. None of this has come to fruition, but it provides uncertainty to the market. When the market operates outside fundamentals, it creates uncertainty and volatility. Live cattle futures regained the losses of Tuesday, while feeder cattle regained their losses and then some. The port in Santa Teresa, New Mexico, will reopen for cattle imports today. It is expected that 700 head of cattle will cross into the U.S. Boxed beef prices reversed course on Wednesday, with choice down $1.58 and select down $5.51. Some light cash cattle trade took place on Wednesday at a steady price with last week. Today is the last trading day for September feeder cattle, with October taking over as the lead month.

Hog futures showed further pressure, with contracts closing the chart gaps from earlier in the week. The exception was the February contract, as the gap remains open. The October contract was the only one that closed higher as traders try to keep it in line with cash as it moves closer to expiration. The National Daily Direct Afternoon Hog report was down $0.25 on a moderate hog movement. Pork cutout values declined $1.17. The market is struggling to regain the losses since the beginning of September, but has been unable to find long-term buying interest. Weekly hog weights increased to 286.9 pounds.

	BULL SIDE		BEAR SIDE
1)	Steady cash cattle prices should provide support to futures as they hold a discount.	1)	Cattle futures are expected to remain choppy as uncertainty again dominates the market.
2)	A ban on beef exports is unlikely. If it were to happen, it would be detrimental to trade relationships and likely not reduce domestic prices.	2)	Another port opens to cattle imports from Mexico. This will add more cattle to feedlots.
3)	Hog futures are oversold, and closing the chart gap in tbh February contract could trigger short covering ahead of the weekend.	3)	Weekly hog weights increased 1 pound to average 286.9 pounds. This is just 0.1 pound below a year ago.
4)	Weekly hog weights are near the same level as a year ago when hog prices were higher. Slaughter continues to run higher, indicating good demand.	4)	The February hog contract has yet to fill the lower chart gap. This could be accomplished today.

Wednesday Closing Livestock Market Update - Cattle Rally Aggressively While Hogs Weaken

GENERAL COMMENTS:

The livestock complex ended the day mixed with the cattle contracts able to secure a strong advancement, but meanwhile the lean hog contracts fell lower. Some light cash cattle trade was noted in the North at $350 but not enough cattle have sold to say that an accurate trend has developed yet this week. December corn is down 7 3/4 cents per bushel and December soybean meal is down $0.10. The Dow Jones Industrial Average is down 352.10 points and the NASDAQ is down 308.24 points.

LIVE CATTLE:

It ended up being a fruitful day for the live cattle complex as the market secured another $2.00 to $3.00 rally by Wednesday's close. October live cattle closed $2.15 higher at $220.92, December live cattle closed $2.90 higher at $222.35 and February live cattle closed $3.10 higher at $223.65. Thankfully with today's rally the market was able to maintain its position above its 40-day moving average. Some light dressed cattle sales were noted in Nebraska at $350 which is steady with last week's weighted average but not enough cattle have traded to say that any sort of a trend has been established yet for the week. Packer demand should improve more on Thursday, but with feedlot managers hoping to advance the market again this week -- trade could be delayed until Friday. 

Wednesday's slaughter is estimated at 94,000 head -- 8,000 head less than a week ago and 27,000 head less than a year ago.

Boxed beef prices closed lower: choice down $1.58 ($377.31) and select down $5.51 ($352.34) with a movement of 98 loads (54.12 loads of choice, 14.37 loads of select, 12.26 loads of trim and 17.22 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady to somewhat higher. It's fully assumed that this week's market will trade at least steady, but if the board continues to trade higher there's a chance that prices could also scale higher.

FEEDER CATTLE:

The feeder cattle complex had a robust day with a $6.00 advancement looking almost easy for the market. But between the board's support and stronger demand in the countryside for feeder cattle -- traders had more than enough support to help push the contracts higher. October feeders closed $5.30 higher at $333.32, November feeders closed $6.30 higher at $329.50 and January feeders closed $6.92 higher at $321.67. At Beaver Livestock Auction in Beaver, Oklahoma, compared to last week feeder steers and heifers traded $10.00 to $15.00 higher on better quality. Steer and heifer calves sold $8.00 to $15.00 higher. Demand was strong and quality was good on the day's offering. Feeder cattle supply over 600 pounds was 47%. The CME Feeder Cattle Index 9/22/2026: down $1.76, $336.98.

LEAN HOGS:

The lean hog complex ended the day lower as traders weren't willing to advance the contracts any higher without improved demand. And, with the Quarterly Hogs and Pigs report set to be released on Thursday, that could have pressured the market as well. October lean hogs closed $0.60 higher at $79.87, December lean hogs closed $0.67 lower at $70.32 and February lean hogs closed $0.52 lower at $72.02. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.25 with a weighted average price of $79.65 on 3,843 head. Pork cutouts totaled 322.64 loads with 287.31 loads of pork cuts and 35.34 loads of trim. Pork cutout values: down $1.17, $86.82. Wednesday's slaughter is estimated at 486,000 head -- 2,000 head less than a week ago and steady with a year ago. The CME lean hog index 9/21/2026: down $0.50, $82.92.

THURSDAY'S HOG CALL: Lower. Without seeing an improvement in demand, and with Tuesday's purchase being large in volume, it's likely that packers are mostly done buying in this week's cash market.