Friday Closing Livestock Market Update - Higher Tones Keep with the Complex

GENERAL COMMENTS:

All in all it was a good day for the livestock complex as all three contracts closed higher. Some light cash cattle trade was reported in the South at $231, but otherwise no new trade was noted. December corn is steady and December soybean meal is steady. The Dow Jones Industrial Average is up 235.60 points and the NASDAQ is down 161.87 points.

From Friday to Friday livestock futures scored the following changes: August live cattle up $2.65, October live cattle up $1.80; August feeder cattle down $0.63, September feeder cattle up $2.10; August lean hogs up $1.20, October lean hogs up $1.08; September corn up $0.20, December corn up $0.20.

LIVE CATTLE:

Thanks to continued trader support, the live cattle complex was able to rally through Friday's close. August live cattle closed $1.67 higher at $227.07, October live cattle closed $1.12 higher at $222.50 and December live cattle closed $1.60 higher at $222.27. Throughout the day there were a few more cattle traded in the South at $231, which is $1.00 higher than the rest of the week's business. Otherwise there was no other new trade in the cash market. Throughout the week Southern live cattle traded for $230 to $231 which is $7.00 to $8.00 lower than the previous week's weighted average and Northern dressed cattle traded at mostly $365 which is $12.00 to $15.00 lower than the previous week's weighted average. 

Friday's slaughter is estimated at 103,000 head -- 14,000 head more than a week ago and 8,000 head more than a year ago. Saturday's slaughter is projected to be around 14,000 head.

Boxed beef prices closed lower: choice down $1.63 ($361.24) and select down $2.04 ($346.71) with a movement of 131 loads (75.44 loads of choice, 9.80 loads of select, 11.26 loads of trim and 34.87 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. There was rumor that one major packer in Nebraska may be running two shifts on Saturday -- which could mean that the cash market could see a little more interest next week -- but as always, time will tell.

FEEDER CATTLE:

With the help of the live cattle market's steady and stable support through Friday's end, the feeder cattle contracts were also able to end the day on a stronger note. And thankfully traders will be pleased to note that Friday's Cattle on Feed report was neutral. 

August feeders closed $1.55 higher at $345.32, September feeders closed $1.60 higher at $341.45 and October feeders closed $2.55 higher at $336.00. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers traded $15.00 to $25.00 lower and feeder heifers traded $1.00 to $15.00 lower. Steer calves over 450 pounds sold $20.00 to $30.00 lower, and those under 450 pounds traded $10.00 to $15.00 lower. Heifer calves traded $20.00 to $25.00 lower. Slaughter cows sold $2.00 to $3.00 higher. Slaughter bulls sold $2.00 higher. The sale report noted that, "receipts were limited this week due to triple digit heat across Oklahoma. CME futures appeared to stabilize after two weeks of sharp declines, but the cash market at sale barns continued to trend lower as buyers remained cautious and selective." The CME feeder cattle index 7/23/2025: down $1.07, $349.65.

LEAN HOGS:

The lean hog complex ended the day higher as traders were grateful for the consistent consumer support throughout the week. August lean hogs closed $0.70 higher at $102.85, October lean hogs closed $0.12 higher at $89.02 and December lean hogs closed $0.20 higher at $80.32. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.77 with a weighted average price of $102.25 on 1,535 head. Pork cutouts totaled 217.34 loads with 196.16 loads of pork cuts and 21.17 loads of trim. Pork cutout values: up $0.15, $104.63. Friday's slaughter is estimated at 393,000 head -- 42,000 head less than a week ago and 43,000 head less than a year ago. Saturday's slaughter is projected to be around 16,000 head. The CME lean hog index 7/22/2026: up $0.40, $97.48.

MONDAY'S HOG CALL: Steady. So long as consumer support remains supportive, the lean hog contracts should be able to continue to trade higher into next week.

Friday Midday Livestock Market Update - Traders Continue to Push Contracts Higher

GENERAL COMMENTS:

With ample trader support, all three of the livestock contracts are trading higher into Friday's noon hour. It will be a busy afternoon with both the monthly Cattle on Feed report and the bi-annual Cattle Inventory report set to be released at 2 p.m. CDT. December corn is down 1 3/4 cents per bushel and December soybean meal is up $1.60. The Dow Jones Industrial Average is up 347.16 points and NASDAQ is up 30.46 points.

LIVE CATTLE:

It's another mixed morning for the live cattle complex as the contracts are trading higher; but there's not been any more trade thus far in the cash market. It's likely with both the monthly Cattle on Feed report and the bi-annual Cattle Inventory report set to be released later this afternoon most of the week's trade could be done with besides a little bit of clean-up business. I will note one of our private sources did indicate a Nebraska packer may run two shifts this Saturday. That could be enlightening for feedlot managers as that may mean packers are going to need more cattle in the weeks ahead. But until we see the actual slaughter data, don't get too excited and put the cart before the horse. August live cattle are up $1.80 at $227.20, October live cattle are up $1.20 at $222.62 and December live cattle are up $1.52 at $222.20.

No new sales have developed following the business that transpired earlier this week. So far this week, dressed cattle are trading at mostly $365 (down $12.00 to $15.00 lower from last week's weighted average) and Southern live cattle are trading at mostly $230, which is $7.00 to $8.00 lower than last week's weighted average).

Boxed beef prices are mixed: choice up $0.45 ($363.32) and select down $0.64 ($348.11) with a movement of 92 loads (50.32 loads of choice, 4.70 loads of select, 7.66 loads of trim and 28.84 loads of ground beef).

FEEDER CATTLE

The feeder cattle contracts are also trading mildly higher heading into Friday's noon hour as the market continues to closely mirror the behavior of the live cattle complex. August feeders are up $1.45 at $345.22, September feeders are up $1.47 at $341.32 and October feeders are up $2.30 at $335.75. The market will likely keep with this slight rally through the day's end so long as support remains sufficient from the live cattle market.

LEAN HOGS:

In keeping in their recent trend, the lean hog complex is also trading higher into Friday's noon hour. This week has been a strong week for the lean hog complex as not only has the market seen greater consumer support, but mix that with ample trader support and it's the best of both worlds. August lean hogs are up $0.60 at $102.75, October lean hogs are up $0.15 at $89.05 and December lean hogs are up $0.27 at $80.40. The projected CME Lean Hog Index for 7/23/2026 is up $0.43 at $97.91, and the actual index for 7/22/2026 is up $0.40 at $97.48. Hog prices are lower on the Daily Direct Morning Hog Report, down $4.70 with a weighted average price of $97.06, ranging from $93.00 to $99.00 on 773 head and a five-day rolling average of $100.60. Pork cutouts total 139.22 loads with 125.43 loads of pork cuts and 13.79 loads of trim. Pork cutout values: up $1.06, $105.54.

Friday Morning Livestock Market Update - Traders Look Ahead to the Cattle on Feed Report

GENERAL COMMENTS:

Traders were covering some of their short positions ahead of the Cattle on Feed report that will be released Friday. It did not seem to make much difference that cash cattle traded lower, as that was not the focus. The reality of lower cash may have an influence later Friday or at the beginning of next week. Southern live cattle traded as much as $8.00 lower while dressed cattle traded $12.00 to $15.00 lower. Feedlots have not been able to gain the upper hand over the past three weeks, with cash plummeting more than $30.00 in some cases. Boxed beef prices again closed lower, with choice down $0.63 and select down $1.82. The average trade estimates for the Cattle on Feed report are for on-feed numbers as of July 1 at 102.2% with a range of 101.1% to 103.3%. Placements in June at 98.8% with a range of 93.7% to $106.0%. Marketings in June at 97.0% with a range of 94.9% to 98.0%. Analysts are uncertain about the number of placements, with the range being exceptionally wide. This is likely due to the uncertainty of how many have been pulled from poor pasture conditions and moved into feedlots.

Hog closed mixed on Thursday as traders assess whether fundamentals will continue to support the market. Packers were aggressive, with the National Daily Direct Afternoon Hog report up $1.06, increasing the weighted average price to $102.14. There was a moderate volume of hogs traded, with packers likely having most of their needs purchased. Pork cutout values increased $0.98. Lower supplies of market-ready hogs, lower weights and strong demand have been working together to support the market. This may not change in the near term.

	BULL SIDE		BEAR SIDE
1)	A bullish Cattle on Feed report will be needed to support the market after the recent bearishness.	1)	Cattle futures made lower highs and lower lows again on Thursday, keeping the market in a bearish grip.
2)	There remains good demand for feeder cattle at auctions as cattle supplies remain lower and prices are expected to rebound at some point.	2)	The exceptional weakness in cash trade this week will not provide support to the market.
3)	Both cash hogs and cutouts remain supported, indicating good demand. Packers may remain aggressive and bid higher to purchase to meet demand.	3)	Hog futures are overbought, and some liquidation could take place ahead of the weekend.
4)	Hog futures traded in a limited range on Thursday, but managed to close near the highs. This keeps the market in an uptrend.	4)	Packers are not expected to be aggressive in the cash market Friday as they have purchased much of what they require. Lower cash trade is expected.

Thursday Closing Livestock Market Update - Traders Push Contracts Higher

GENERAL COMMENTS:

The livestock complex ended the day on a high note as traders poured support into the marketplace through the day's end. Do note that on Friday both the bi-annual Cattle inventory Report is set to be released, and so is the monthly Cattle on Feed report. December corn is up 2 3/4 cents per bushel and December soybean meal is down $1.00. The Dow Jones Industrial Average is down 506.93 points and the NASDAQ is down 553.21 points.

LIVE CATTLE:

It was a refreshing day for the live cattle complex as, though the market's fundamental support remains minimal, the market was able to still close higher thanks to continued trader support. August live cattle closed $2.20 higher at $225.40, October live cattle closed $2.17 higher at $221.37 and December live cattle closed $1.87 higher at $220.67. Some light cash cattle trade has developed thus far this week where dressed cattle are trading at mostly $365 (down $12.00 to $15.00 lower from last week's weighted average and Southern live cattle are trading at mostly $230, which is $7.00 to $8.00 lower than last week's weighted average). Some more cleanup trade could happen on Friday, but the week's price range is likely set. 

Thursday's slaughter is estimated at 108,000 head -- 1,000 head less than a week ago and 9,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.63 ($362.87) and select down $1.82 ($348.75) with a movement of 124 loads (89.03 loads of choice, 9.80 loads of select, 12.37 loads of trim and 13.01 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. At this point the week's prices are likely set and will keep with the week's trend.

FEEDER CATTLE:

The feeder cattle complex rallied through Thursday's end, keeping right in line with the live cattle market's trend. August feeders closed $2.60 higher at $343.77, September feeders closed $3.65 higher at $339.85 and October feeders closed $3.60 lower at $333.45. At Clovis Livestock Auction in Clovis, New Mexico, compared to last week steer calves and heifer calves sold lower, and feeder cattle did as well. Slaughter cows sold $4.00 to $6.00 lower but slaughter bulls traded $2.00 to $4.00 higher. Feeder cattle supply over 600 pounds was 30%. The CME feeder cattle index 7/22/2026: down $2.40, $350.72.

LEAN HOGS:

The lean hog complex ended the day mostly higher -- with all but a few of the spring 2027 contracts closing higher. Thanks to the continued support of both pork cutouts and cash prices -- traders feel confident continuing to push the contracts higher. August lean hogs closed $0.70 higher at $102.15, October lean hogs closed $0.55 higher at $88.90 and December lean hogs closed $0.30 higher at $80.12. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.06 with a weighted average price of $102.14 on 3,225 head. Pork cutouts totaled 338.75 loads with 315.50 loads of pork cuts and 23.25 loads of trim. Pork cutout values: up $0.98, $104.48. Thursday's slaughter is estimated at 479,000 head -- 29,000 head more than a week ago and 17,000 head more than a year ago. The CME lean hog index 7/21/2026: up $0.44, $97.08.

FRIDAY'S HOG CALL: Lower. At this point packers have likely secured the hogs they need for the week.