Wednesday Midday Livestock Market Summary - Cattle Rally Thanks to Bullishness in the Marketplace

GENERAL COMMENTS:

The livestock complex is trading mixed, with the cattle contracts still able to rally thanks to bullish undertones, but the lean hog complex is trading lower. Asking prices have surfaced in the Southern Plains at $232 but are not established yet in the North. December corn is down 1/2 cent per bushel and December soybean meal is down $2.30. The Dow Jones Industrial Average is up 147.55 points and the NASDAQ is up 276.30 points.

LIVE CATTLE:

With the prevailing belief that fundamental support will develop later this week from hopefully both the fed cash cattle market and from Friday's Cattle on Feed report, the live cattle contracts continue to charge higher. October live cattle are up $1.75 at $231.20, December live cattle are up $1.75 at $231.92 and February live cattle are up $1.62 at $234.72.

The other factor that is undoubtedly adding some bullishness to the cattle complex is that late Tuesday night, U.S. Ag Secretary Brooke Rollings made an announcement regarding the USDA's Agricultural Marketing Service (AMS) Livestock Mandatory Reporting for cash cattle. The goal is to bring more transparency to the marketplace, given that the market is no longer seeing prices being reported in the South due to a decline in the negotiated cash cattle trade. Hopefully more details of the agenda surface shortly. No cash cattle trade has developed yet, but asking prices are noted at $232 in the Southern Plains, and remain unestablished in the North at the time. Trade will likely be delayed until after Friday's Cattle on Feed report.

Boxed beef prices are mixed: choice up $0.28 ($373.58) and select down $6.04 ($355.50) with a movement of 59 loads (40.37 loads of choice, 7.08 loads of select, 5.68 loads of trim and 6.12 loads of ground beef).

FEEDER CATTLE:

And upon seeing the live cattle contract rally in a bullish manner, the feeder cattle contracts have willingly followed suit. October feeders are up $1.67 at $347.57, November feeders are up $3.10 at $349.40 and January feeders are up $4.17 at $346.80. And so long as the live cattle contracts continue to trade higher, it's likely that the feeder cattle contracts will as well.

LEAN HOGS:

Meanwhile, with yet another day of weaker pork cutout values, the lean hog contracts are trading lower into Wednesday's noon hour. December lean hogs are down $1.27 at $65.87, February lean hogs are down $0.97 at $68.20 and April lean hogs are down $0.90 at $72.95. And until market fundamentals improve, this lower trend is likely to remain the market's theme. The projected lean hog index for 10/20/2026 is down $0.20 at $72.82 and the actual index for 10/19/2026 is down $0.38 at $73.02. Hog prices are higher on the Daily Direct Morning Hog Report, up $1.87 with a weighted average price of $68.01, ranging from $63.00 to $75.00 on 4,299 head and a five-day rolling average of $67.88. Pork cutouts total 173.41 loads, with 152.08 loads of pork cuts and 21.33 loads of trim. Pork cutout values: down $1.42, $77.11. 

Wednesday Morning Livestock Market Update - USDA Updates Cash Cattle Market Reports

GENERAL COMMENTS:

Both live cattle futures as well as feeder cattle futures were higher Tuesday as traders position themselves ahead of Friday's Cattle on Feed report. Cash trade has been quiet this week as expected since packers bought a large quantity last week. Average carcass weights were 897 pounds this week, up 9 pounds from last week and 13 pounds from last year. Corn prices falling will be supportive for feeder cattle; however, if they continue to fall post-harvest, it could lead toward higher slaughter weights again. Beef cutouts were higher on Tuesday.

Lean hog futures were mixed Tuesday with the nearby markets higher and the deferred contracts for spring and summer lower. Pork cutouts were lower again Tuesday, with a bright spot under the pork belly category, which was up $2.74/cwt on Tuesday. For market news to change the current outlook of the lean hog contracts or pork prices, we have some reports set to be released this week. Thursday will be the release by NASS of Commercial Slaughter data and Friday will be the Cold Storage report. A change in inventory of pork could give the market some new direction.

	BULL SIDE		BEAR SIDE
1)	Cash trade has been strong despite the number of cattle currently available in the north.	1)	Cattle on Feed expectations are bullish, and the market has traded higher ahead of Friday. Should the report be unchanged or placements higher than expected, market could react sharply.
2)	Technicals are supportive for cattle markets as October and December traded and closed above the 200-day moving average.	2)	As beef prices climb, consumers may be looking for other protein alternatives at a more competitive price.
3)	Pork belly prices are still strong despite other cutout prices drifting lower.	3)	The long-term lean pork chart from a technical perspective is still trending lower.
4)	Managed money is short a near record number of lean hog contracts, and any market news could quickly cause them to lift positions, giving a boost to futures.	4)	A large managed money position is difficult to overcome as they short the hog market.

Tuesday Closing Livestock Market Update - Cattle Rally Hoping Fundamental Support Will Come Later This Week

GENERAL COMMENTS:

The livestock complex ended mixed again Tuesday, with cattle contracts rallying but lean hog contracts mostly lower. Still no cash cattle trade has developed. December corn is down 5 cents per bushel and December soybean meal is down $6.10. The Dow Jones Industrial Average is up 529.85 points and the NASDAQ is down 6.07 points.

LIVE CATTLE:

Although traders may have acted skeptical about where they should take the market throughout Tuesday's trade, by the day's end there was no question the market was going higher and in a confident manner. October live cattle closed $1.95 higher at $229.45, December live cattle closed $2.15 higher at $230.17 and February live cattle closed $2.17 higher at $233.10. Traders continue to hope that later this week the market will be well supported by two strong fundamental facets: a bullish Cattle on Feed report, and at least steady trade in the fed cash cattle market. At this point in time, no trade has developed yet, and both bids and asking prices remain elusive too. 

Tuesday's slaughter is estimated at 112,000 head -- 2,000 head more than a week ago and 4,000 head less than a year ago.

Boxed beef prices closed higher: choice up $1.72 ($373.30) and select up $1.63 ($361.54) with a movement of 98 loads (61.60 loads of choice, 11.30 loads of select, 9.05 loads of trim and 15.73 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady to somewhat higher. With packers running slightly more aggressive slaughter speeds, it's likely they'll need to secure more inventory this week too, which could push prices higher in the cash sector.

FEEDER CATTLE:

And upon seeing the live cattle contracts turn higher and rally throughout the day, it didn't take much convincing to entice the feeder cattle contracts to follow suit. October feeders closed $1.47 higher at $345.90, November feeders closed $2.37 higher at $346.30 and January feeders closed $2.70 higher at $342.62. At the Joplin Regional Stockyard in Carthage, Missouri, compared to last week, heavy four weights and light five weight steers sold $30.00 to $60.00 higher. Heavy five weights up to eight weight steers sold steady to $8.00 lower. Heavier weights traded $2.00 to $7.00 lower. Feeder heifers sold from $10.00 lower to $8.00 higher. Feeder cattle supply over 600 pounds was 76%. The CME feeder cattle index 10/19/2026: down $1.29, $342.16.

LEAN HOGS:

And with both cash prices and pork cutout values ending weaker, most of the lean hog contracts did too. December lean hogs closed $0.80 higher at $67.15, February lean hogs closed $0.52 higher at $69.17 and April lean hogs closed steady at $73.85. And until there's more consistent demand from traders, the market will likely continue to chop in this sideways trading manner. Hog prices closed lower on the Daily Direct Afternoon Hog report, down $3.66 with a weighted average price of $65.94 on 11,325 head. Pork cutouts total 296.59 loads, with 267.59 loads of pork cuts and 29.00 loads of trim. Pork cutout values: down $0.86, $78.53. Tuesday's slaughter is estimated at 493,000 head -- 3,000 head less than a week ago and 11,000 head more than a year ago. The CME lean hog index 10/16/2026: down $0.79, $73.40.

WEDNESDAY'S HOG CALL: Steady to somewhat lower. With pork demand being null, it's unlikely packers are going to dive aggressively into the cash market.

Tuesday Midday Livestock Market Summary - Traders Keep Pushing the Cattle Contracts

GENERAL COMMENTS:

The cattle complex continues to trade higher as traders remain hopeful that even though there's a Cattle on Feed report set to be released on Friday, that fundamental support will prevail still through this week's fed cash cattle market. No cash cattle trade has developed yet and both bids and asking prices remain elusive at this point. December corn is down 5 3/4 cents per bushel and December soybean meal is down $5.50. The Dow Jones Industrial Average is up 441.99 points and the NASDAQ is up 14.90 points.

LIVE CATTLE:

Although the live cattle complex opened hesitantly, the market is back to rallying as traders have regained hope that the week's fundamental support will improve as the week traders onward. It is also helpful for the time being as traders wait for something to develop in the fed cash cattle market that Tuesday's midday boxed beef prices are higher. October live cattle are up $1.75 at $229.25, December live cattle are up $1.75 at $229.77 and February live cattle are up $1.75 at $232.67. No trade has developed yet in the fed cash cattle market, and both bids and asking prices remain elusive at this point. Trade will likely be delayed until Thursday or Friday.

Boxed beef prices are higher: choice up $2.56 ($374.14) and select up $1.77 ($361.68) with a movement of 59 loads (37.41 loads of choice, 6.15 loads of select, 6.47 loads of trim and 9.02 loads of ground beef).

FEEDER CATTLE:

And upon seeing the live cattle complex trade higher, the feeder cattle market hasn't wasted any time following the live cattle market's direction. October feeders are up $0.20 at $344.62, November feeders are up $1.47 at $345.40 and January feeders are up $1.95 at $341.87. And thankfully both last week and at the start of this week, the board's stronger nature has helped encourage higher prices at sale barns across the country.

LEAN HOGS:

And although midday pork cutout values are up slightly, the lean hog complex remains hesitant and it's not confident about the market's fundamentals at this point. December lean hogs are up $0.50 at $66.85, February lean hogs are up $0.27 at $68.92 and April lean hogs are down $0.05 at $73.80. The projected lean hog index for Oct. 19 is down $0.38 at $73.02 and the actual index for Oct. 16 is down $0.79 at $73.40. Hog prices are lower on the Daily Direct Morning Hog report, down $5.85 with a weighted average price of $66.14, ranging from $59 to $75 on 4,205 head and a five-day rolling average of $68.23. Pork cutouts total 149.46 loads with 137.93 loads of pork cuts and 11.53 loads of trim. Pork cutout values: up $1.17, $80.56.