Wednesday Closing Livestock Market Update - Traders Continue to Push Contracts Higher

GENERAL COMMENTS:

With more than enough technical support backing the complex, the livestock contracts were able to successfully rally through Wednesday's close. Still no cash cattle trade has surfaced. May corn is up 3 1/2 cents per bushel and May soybean meal is up $7.40. The Dow Jones Industrial Average is up 307.65 points and the NASDAQ is up 288.40 points.

LIVE CATTLE:

The live cattle complex ended the day stronger as traders were able to push the contracts modestly higher through the day's end. We still haven't heard any official news on whether or not a strike could happen at the JBS plant in Greeley, Colorado, but today that didn't seem to be as big a burr under traders' saddles as it was on Tuesday. April live cattle closed $1.17 higher at $240.27, June live cattle closed $1.15 higher at $236.70 and August live cattle closed $1.07 higher at $234.60. Still no cash cattle trade has developed and both bids and asking prices remain elusive at this point. 

Wednesday's slaughter is estimated at 110,000 head, 3,000 head less than a week ago and 12,000 head less than a year ago.

Boxed beef prices closed higher: choice up $1.80 ($379.23) and select up $1.06 ($367.07) with a movement of 99 loads (60.22 loads of choice, 7.73 loads of select, 17.33 loads of trim and 14.05 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady/somewhat higher. If a strike does indeed happen, there's a chance prices may hold steady, but if no strike occurs, feedlot managers will again aim to see prices trade higher.

FEEDER CATTLE:

With the live cattle market's stronger support, the feeder cattle contracts were able to close higher as well Wednesday afternoon. March feeders closed $1.20 higher at $366.30, April feeders closed $1.82 higher at $364.02 and May feeders closed $2.17 higher at $360.65. The market will likely run into some resistance pressure around $370, which could cause traders to hold the market steady or push it slightly lower at that point. At Creston Livestock in Creston, Iowa, compared to their last feeder cattle auction two weeks ago, feeder cattle traded steady, but a higher tone was noted on the heavier yearlings, cattle weighing 850 to 900 pounds sold $3.00 to $5.00 higher. Heifers weighing 500 to 700 pounds sold steady, but those weighing heavier traded $3.00 to $5.00 stronger. Feeder cattle supply over 600 pounds was 94%. The CME feeder cattle index 2/24/2026: down $0.62, $374.79.

LEAN HOGS:

Without having any concern about resistance pressure currently, the lean hog complex was able to continue with its rally through Wednesday's close. April lean hogs closed $0.40 higher at $96.20, June lean hogs closed $0.15 higher at $110.17 and July lean hogs closed $0.27 higher at $112.05. It was exciting to see the $3.45 jump in the rib, and the $3.21 jump in the belly, both of which helped push the carcass price higher Wednesday afternoon. Hog prices on the Daily Direct Afternoon Hog Report averaged $91.21, on 7,605 head, and a five-day rolling average of $91.01. Pork cutouts totaled 280.56 loads with 233.28 loads of pork cuts and 47.28 loads of trim. Pork cutout values: up $0.67, $97.62. Wednesday's slaughter is estimated at 492,000 head, 9,000 head more than a week ago and 7,000 head more than a year ago. The CME lean hog index 2/23/2026: up $0.18, $88.35.

THURSDAY'S HOG CALL: Lower. At this point, packers have been very active in the cash market this week, and prices could trend lower later in the week.

Wednesday Midday Livestock Market Summary - Prices Trend Higher

GENERAL COMMENTS:

Thus far Wednesday has been fruitful for the livestock complex as all three of the markets are higher. Still no cash cattle trade has developed, and it's likely trade will be delayed until Friday again this week. May corn is up 4 1/4 cents per bushel and May soybean meal is up $6.90. The Dow Jones Industrial Average is up 245.49 points and NASDAQ is up 261.58 points.

LIVE CATTLE:

Although we still haven't heard whether or not there will be a union strike at the JBS plant in Greeley, Colorado, traders seem comfortable advancing the contracts Wednesday morning. April live cattle is up $2.02 at $241.12, June live cattle is up $2.00 at $237.55 and August live cattle are up $1.92 at $235.45. Still no cash cattle trade has developed and it's most likely trade will be delayed until Friday. If a plant strike does happen in Colorado, then there's a chance prices may trade steady as opposed to higher as not as many cattle would be needed in the immediate future.

Boxed beef prices are higher: choice up $1.92 ($379.35) and select up $0.75 ($366.76) with a movement of 59 loads (34.16 loads of choice, 4.69 loads of select, 8.08 loads of trim and 11.88 loads of ground beef).

FEEDER CATTLE:

Upon seeing the live cattle complex step out and comfortably trade higher, the feeder cattle contracts are logging a sizeable rally ahead of Wednesday's noon hour. March feeders are up $2.90 at $368.00, April feeders are up $3.45 at $365.65 and May feeders are up $3.77 at $362.25. So long as nothing sends the live cattle contracts tumbling lower, the feeder cattle contracts will likely be able to sustain this rally through the afternoon.

LEAN HOGS:

The lean hog complex is continuing to trade higher, keeping with what is now a seven-day rally as traders continue to drive the market higher upon the technical interest they've recently found. It's been interesting to watch the market's fundamentals play out over the last seven trading days as pork cutout values have been mostly mixed, but packer interest in the cash market has been better. April lean hogs are up $0.55 at $96.35, June lean hogs are up $0.30 at $110.32 and July lean hogs are up $0.40 at $112.17.

The projected CME Lean Hog Index for 2/24/2026 is up $0.36 at $88.71 and the actual index for 2/23/2026 is up $0.18 at $88.35. Hog prices on the Daily Direct Morning Hog Report average $91.85, ranging from $85.00 to $93.00 on 4,920 head and a five-day rolling average of $90.87. Pork cutouts total 189.01 loads with 160.07 loads of pork cuts and 28.94 loads of trim. Pork cutout values: up $1.50, $98.45.

Wednesday Morning Livestock Market Update - Uncertainty Remains in the Cattle Market

GENERAL COMMENTS:

The February live cattle contract is heading for completion and will end trading on Friday. It may show limited volatility as the contract winds down. Cash cattle have not traded, but the overall sentiment is for higher prices. The union at the JBS Greeley plant is hosting a three-day registration event for the strike, with the last registration day on Thursday. Union workers must sign up to take part in a potential strike that has not yet occurred. This potential strike is keeping traders cautious as it is uncertain what impact it would have on the market. The current slaughter continues to run at a slower pace than a year ago. The slower slaughter pace may have finally done what packers have been hoping for -- increased boxed beef prices. On Tuesday, choice cuts jumped $8.21 and select increased $1.70.

Hog futures pushed higher with nearby April leading the way. The December and later contracts made new contract highs with six days of consecutive gains in all contracts. The strong cash price on Monday was unusual and indicated that packers needed hogs and aggressively bid for them. It seems odd that packers did not submit prices on Tuesday on the National Daily Direct Afternoon Hog report despite a volume of 11,211 hogs traded on a negotiated basis. No price change was reported nor a weighted average price. Pork cutouts declined $0.45. The slaughter pace continues to exceed that of a year ago and most often the previous week.

	BULL SIDE		BEAR SIDE
1)	Cash cattle are anticipated to trade higher this week and futures will need to move in line with cash.	1)	The uncertainty of the impact of a strike at the JBS Greeley plant may keep traders cautious and unwilling to push futures higher.
2)	Boxed beef had an incredible jump in the choice price on Tuesday. The slower slaughter pace is not due to reduced demand.	2)	Packers were able to purchase some cattle ahead of last week. They may not need to be as aggressive this week, with steady cash as a possibility.
3)	Hog futures regained more of the recent loss with the December and later contracts making new highs.	3)	Hog futures have regained most of what was lost in the recent decline. It may be difficult to see more upside without further fundamental support.
4)	Increased slaughter indicates improved pork demand. More consumers are turning to pork.	4)	Packers purchased quite a few hogs so far this week. They may be less aggressive the rest of the week in the cash market.

Tuesday Closing Livestock Market Update - Most Livestock Contracts Close Higher

GENERAL COMMENTS:

Although some of the live cattle contracts were pressured to trade lower earlier Tuesday, by the afternoon's close most of the live cattle contracts closed higher, along with the feeder cattle and lean hog contracts too. Still no cash cattle trade has developed. March corn is up 1/4 cent per bushel and May soybean meal is up $1.90. The Dow Jones Industrial Average is up 378.64 points and NASDAQ is up 243.33 points.

LIVE CATTLE:

The live cattle complex had a change of tune throughout Tuesday as initially the nearby contracts were concerned with the idea of trading higher as that may be biting off too much risk. However, as the day moved onward, traders grew more confident and eventually allowed the nearby live cattle contracts to join the deferred contracts in an upward trend. Aside from the spot April contract, the rest of the live cattle complex was able to close higher Tuesday afternoon as traders were pleased to note the uptick in boxed beef prices. April live cattle closed $0.15 lower at $239.10, June live cattle closed $0.10 higher at $235.55 and August live cattle closed $0.17 higher at $233.52. Still no trade has developed in the fed cash cattle market and no bids or asking prices have surfaced either. It's most likely trade will be delayed until Thursday or Friday. 

Tuesday's slaughter is estimated at 111,000 head -- 4,000 head less than a week ago and 11,000 head less than a year ago.

Boxed beef prices closed higher: choice up $8.21 ($377.43) and select up $1.70 ($366.01) with a movement of 102 loads (71.17 loads of choice, 10.13 loads of select, 5.18 loads of trim and 15.80 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Higher. Even though packers were able to get a sizeable volume bought and committed to the nearby delivery option last week, they'll still need to remain engaged and active in the market to ensure they've got enough inventory for the weeks ahead.

FEEDER CATTLE:

The feeder cattle complex was able to round out the day higher as the live cattle contracts changed their direction and closed mostly higher too. Traders simply felt the market was in a safe enough position to justify a slightly higher end to the day regardless of what the live cattle contracts did. March feeders closed $0.80 higher at $365.10, April feeders closed $0.85 higher at $362.20 and May feeders closed $0.50 higher at $358.47. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week feeder steers and heifers traded steady to $3.00 lower, and those weighing 600 to 700 pounds traded $10.00 to $15.00 higher. Steer calves traded steady to $5.00 higher and heifer calves sold up to $25.00 higher. Feeder cattle supply over 600 pounds was 70%. The CME Feeder Cattle Index 2/23/2026: down $0.39, $375.41.

LEAN HOGS:

Without fear of running into immediate resistance pressure, the lean hog complex continues to rally day after day. This push seems to be a technical rally as, although cash prices have been higher, pork cutout values have been a tick softer. April lean hogs closed $2.10 higher at $95.80, June lean hogs closed $1.70 higher at $110.02 and July lean hogs closed $1.42 higher at $111.77. The biggest deterrent in this afternoon's cutout report was the $2.64 decline in the picnic, and the $2.49 decline in the ham -- both of which pulled the carcass price lower. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.32 with a weighted average price of $91.28 on 5,601 head. Pork cutouts total 337.86 loads with 292.56 loads of pork cuts and 45.30 loads of trim. Pork cutout values: down $0.45, $96.95. Tuesday's slaughter is estimated at 489,000 head -- 6,000 head more than a week ago and 5,000 head more than a year ago. The CME Lean Hog Index for 2/20/2026: up $0.22, $88.17.

WEDNESDAY'S HOG CALL: Steady/somewhat lower. Given that packers have bought fairly aggressively early this week, there's a chance they're still short bought and could need more hogs, or are mostly done buying for the week.NES