Wednesday Closing Livestock Market Update - Cattle Question if Enough Support is Going to Develop this Week

GENERAL COMMENTS:

The livestock complex again ended the day mixed with the cattle contracts questioning if enough support is going to develop throughout the week to justify pushing the contracts higher, but the lean hog contracts closed a tick stronger. Some light cash cattle trade developed in Nebraska at $350 to $352. December corn is up 3 cents per bushel and December soybean meal is up $1.10. The Dow Jones Industrial Average is up 97.53 points and the NASDAQ is up 72.04 points.

LIVE CATTLE:

With concerns rising that the market may not see the level of fundamental support which the complex saw last week -- traders grew anxious throughout the afternoon and allowed the contracts to fade lower. October December live cattle closed $3.52 lower at $227.32, February live cattle closed $3.07 lower at $230.50 and April live cattle closed $3.02 lower at $232.70. Some light cash cattle trade developed this afternoon in North at $350 to $352, and while it's early in the week to say that any sort of a trend has developed yet -- a lower trend is obvious in that price range. Bids of $226 were offered throughout the day in Kansas, but no Southern trade was noted. Given that feedlot managers carried more supply into this week's trade, there's a chance that prices could indeed be lower. 

Wednesday's slaughter is estimated at 109,000 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 $3.22 ($369.00) and select down $3.60 ($355.25) with a movement of 107 loads (63.57 loads of choice, 16.65 loads of select, 10.08 loads of trim and 16.40 loads of ground beef).

THURSDAY'S CATTLE CALL: Lower. Given that the market has already seen some lower trade develop, it's likely that the week's trend will be weaker.

FEEDER CATTLE:

And as to be expected, the feeder cattle contracts closed lower too upon seeing a weakening trend in the live cattle contracts. October feeders closed $1.37 lower at $351.42, November feeders closed $3.27 lower at $346.75 and January feeders closed $5.00 lower at $342.10. At Beaver Livestock Auction in Beaver, Oklahoma, compared to last week feeder steers over 600 pounds traded $5.00 to $15.00 lower, but those weighing 800 to 1,000 pounds traded steady to $2.00 higher. Feeder heifers over 700 pounds sold $10.00 to $20.00 higher, but those weighing 600 to 700 pounds traded $15.00 lower. Steer and heifer calves sold $5.00 to $15.00 higher. Feeder cattle supply over 600 pounds was 73%. The CME feeder cattle index 10/27/2026: up $0.33, $351.00.

LEAN HOGS:

And although pork cutout values again ended the day lower, traders lent the lean hog complex some modest support which allowed the contracts to close higher. Following the grave decline in which the market has seen over the last three months, any help from traders is warmly welcomed even if it's just for a day's higher end. December lean hogs closed $3.42 lower at $58.60, February lean hogs closed $0.75 lower at $64.17 and April lean hogs closed $0.30 higher at $70.62. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.38 with a weighted average price of $56.56 on 6,663 head. Pork cutouts totaled 338.15 loads with 287.11 loads of pork cuts and 51.04 loads of trim. Pork cutout values: down $0.64, $72.45. Wednesday's slaughter is estimated at 490,000 head -- steady with a week ago and 5,000 head more than a year ago. The CME lean hog index 10/26/2026: down $0.70, $69.36.

THURSDAY'S HOG CALL: Lower. With pork cutout values trending lower, it's unlikely that packers are going to jump aggressively in the cash market. 

Wednesday Midday Livestock Market Summary - Mixed Tones Continue to be Seen in the Livestock Complex

GENERAL COMMENTS:

The livestock complex is again trading mixed as the cattle contracts drift lower while the lean hog complex has found some mild technical support. No cash cattle trade has developed yet but bids have surfaced in Kansas and Nebraska. December corn is up 2 3/4 cents per bushel and December soybean meal is down $0.40. The Dow Jones Industrial Average is up 139.70 points and the NASDAQ is down 4.16 points.

LIVE CATTLE:

Without any fed cash cattle trade having developed yet, and with morning boxed beef prices being lower, it doesn't come as a real surprise to see the live cattle contracts trading lower. October live cattle are down $2 at $228, December live cattle are down $2.57 at $228.35 and February live cattle are down $2 at $231.57. Some bids have surfaced in the fed cash cattle complex, but no trade has been reported just yet. Bids of $350 are currently on the table in Nebraska, and bids of $226 are being offered in Kansas - but feedlot managers have thus far passed on those bids as they hope to see cattle trade higher later this week.

Boxed beef prices are lower: choice down $2.51 ($369.71) and select down $1.71 ($357.14) with a movement of 72 loads (39.82 loads of choice, 7.78 loads of select, 9.70 loads of trim and 14.94 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading lower as trader desire to see greater fundamental support before they will likely advance the contracts any higher. October feeders are down $0.67 at $352.15, November feeders are down $2.62 at $347.45 and January feeders are down $4.22 at $342.92. Today's slight pull back isn't traders saying, "we regret pushing the market to this level," but rather instead that they desire to see greater support before they can confidently push the contracts any higher.

LEAN HOGS:

And although a couple of the nearby lean hog contracts are trading lower, most of the market is trading higher as traders have lent the market some mild support following the week's earlier decline. December lean hogs are down $2.12 at $59.90, February lean hogs are down $0.35 at $64.55 and April lean hogs are up $0.42 at $70.75. The projected lean hog index for 10/27/2026 is down $1.06 at $68.30, and the actual index for 10/26/2026 is down $0.70 at $69.36. Hog prices are lower on the Daily Direct Morning Hog Report, down $6 with a weighted average price of $55.82, ranging from $45 to $67 on 4,028 head and a five-day rolling average of $59.40. Pork cutouts total 190.70 loads with 161.79 loads of pork cuts and 28.92 loads of trim. Pork cutout values: up $3.11, $76.20. 

Wednesday Morning Livestock Market Update - Another Mexican Cattle Port Opens

GENERAL COMMENTS:

Live cattle traded both higher and lower throughout Tuesday with the final bell showing small gains on the soon expiring October contract and the deferred contracts 35 to 77.5 cents/cwt lower. Feeder cattle had a strong close with the October contract up $2.90 and the November contract up $1.475 at settlement. The Feeder Cattle Index was estimated at $350.67 Tuesday, the first time above 350 in over two months. Beef cutout values had another large increase on Tuesday afternoon with choice up $2.78 and select $1.29 higher. 620 head of Mexican feeder cattle crossed at the Columbus, New Mexico, port on its first day back in operation, with an estimated 150,000 head total of Mexican imports expected by the end of the year.

Lean hog futures continue to be under pressure as futures fell anywhere from $2.65 nearby to $1.925 lower on the April contract. The December contract made another new contract low today by trading 61.625. Fundamentals have not changed and it is expected that managed money will continue to sell lean hog futures until the demand picture changes or slaughter numbers decrease. Smithfield Foods reported lower sales forecast for 2026, adding to the overall bearish tone to the market. Pork cutouts fell again on Tuesday, down another 71 cents on the carcass and as much as $3.19 lower on the belly or $2.28 lower on the loin. Picnic cuts have improved since Monday at $2.56 higher.

	BULL SIDE		BEAR SIDE
1)	Low placements will continue to support the feeder cattle market.	1)	Another Mexican cattle port opened this week, with the first day of operation already at 50% of the typical volume seen before closure.
2)	Beef cutouts have been increasing steadily since last week, showing improved demand.	2)	As chicken and pork prices decline, beef will eventually price itself out of demand with cheaper protein alternatives.
3)	In four out of the last five years, pork cutout values peaked for fourth quarter in October. Holiday demand is still something for the market to look forward to.	3)	Lean hogs hit another contract low on the December contract Tuesday.
4)	The U.S. hog herd is down 2% from September 2025.	4)	Pork cutout values have declined over 30% from their summer peak.

Tuesday Closing Livestock Market Update - Weaker Tones Follow the Livestock Complex

GENERAL COMMENTS:

The livestock complex ended the day lower with traders desiring to see greater fundamental support. No cash cattle trade developed throughout the day and both bids and asking prices remain elusive at this point. December corn is down 6 1/4 cents per bushel and December soybean meal is down $5.60. The Dow Jones Industrial Average is up 15.99 points and the NASDAQ is up 308.43 points.

LIVE CATTLE:

The live cattle complex ended the day mostly lower as traders simply didn't see enough immediate support in the day's trade to justify pushing the contracts any higher for the time being. October live cattle closed $0.02 higher at $230.00, December lean hogs closed $0.35 lower at $230.85 and February live cattle closed $0.77 lower at $233.57. No cash cattle trade developed throughout the day and both bids and asking prices remail elusive at this point. Trade will likely be delayed until Thursday or Friday. 

Tuesday's slaughter is estimated at 110,000 head -- 2,000 head less than a week ago and 9,000 head less than a year ago.

Boxed beef prices closed higher: choice up $2.78 ($372.22) and select up $1.29 ($358.85) with a movement of 120 loads (78.09 loads of choice, 12.85 loads of select, 9.90 loads of trim and 18.81 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Higher. Given that packers only bought 40,000 head in last week's market likely means that they'll need to be more aggressive this week.

FEEDER CATTLE:

And even though the live cattle complex closed lower, the feeder cattle contracts powered onward throughout the day, keeping their mild rally through Tuesday's close thanks to continued support in the countryside. October feeders closed $2.90 higher at $352.80, November feeders closed $1.47 higher at $350.02 and January feeders closed $1.10 higher at $347.10. At Roswell Livestock Auction in Roswell, New Mexico compared to last week steer calves weighing 300 to 500 pounds sold $12.00 to $25.00 higher but those weighing 500 to 600 pounds traded $2.00 to $10.00 lower. Feeder steers weighing 600 to 700 pounds traded $12.00 to $17.00 higher. Heifer calves weighing 350 to 450 pounds were either, but the heifers weighing 450 to 500 pounds traded $8.00 to $10.00 lower and those weighing 500 to 600 pounds traded steady. Feeder cattle supply over 600 pounds was 19%. The CME feeder cattle index 10/26/2026: up $2.12, $350.67.

LEAN HOGS:

Unfortunately, the lean hog complex's sharp decline continued through Tuesday's end. December lean hogs closed $2.65 lower at $62.02, February lean hogs closed $2.10 lower at $64.92 and April lean hogs closed $1.92 lower at $70.32. And until the demand outlook changes for the hog complex -- a lower trend may continue to be the market's theme. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.52 with a weighted average price of $57.94 on 8,561 head. Pork cutouts totaled 366.19 loads with 321.94 loads of pork cuts and 44.25 loads of trim. Pork cutout values: down $0.71, $73.09. Tuesday's slaughter is estimated at 493,000 head -- 5,000 head more than a week ago and 10,000 head more than a year ago. The CME lean hog index for 10/23/2026: down $1.10, $70.06.

WEDNESDAY'S HOG CALL: Lower. Packers bought a moderate volume in Tuesday's trade, and with the sharp decline in the futures market, it's likely that cash prices won't be higher anytime soon with pork cutout values trending lower.