Friday Closing Livestock Market Update - Cattle Rally Thanks to Support from the Cash Market

GENERAL COMMENTS:

The livestock complex ended the day stronger thanks to some added fundamental support late in the week. At the time of this writing, only a handful of trades developed in the fed cash cattle market, but trade was higher. December corn is down 3 3/4 cents per bushel and December soybean meal is down $2.70. The Dow Jones Industrial Average is down 175.99 points and the NASDAQ is down 573 points.

From Friday to Friday, livestock futures scored the following changes: October live cattle up $2.58, December live cattle up $1.30; October feeder cattle down $0.23, November feeder cattle down $0.05; December lean hogs down $0.90, December corn down $0.06.

LIVE CATTLE:

Lo and behold, the trader's belief that the fed cash cattle market would shine through and lend the complex support ended up being true! And although at the time of this writing there's only been a small trade develop the trade that has been reported has been higher indeed. So far this week, Southern live cattle have traded at mostly $228, which is $5 higher than last week's weighted average and Northern dressed cattle have been marked anywhere from $350 to $355, but mostly at $355, which is $10 higher than last week's weighted average. October live cattle closed $1.60 higher at $227.55, December live cattle down $1.10, higher at $228.35 and February live cattle closed $1.25 higher at $230.87. 

Friday's slaughter is estimated at 102,000 head -- 4,000 head more than a week ago and 9,000 head more than a year ago. Saturday's slaughter is projected to be around 21,000 head. And the week's total slaughter is estimated to be around 553,000 head -- 18,000 head more than a week ago and 13,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $1.67 ($372.31) and select up $0.43 ($353.05) with a movement of 135 loads (103.34 loads of choice, 5.36 loads of select, 15.43 loads of trim and 11.22 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Before we can anticipate what next week's trade may do, we need to see what the weighted averages of this week's trade amount to.

FEEDER CATTLE:

Although the feeder cattle complex didn't rally as aggressively as the live cattle complex did, it was still able to end the day higher. October feeders closed $0.25 higher at $343.62, November feeders closed $0.05 lower at $341.90 and January feeders closed $0.37 higher at $338.27. Ahead of the weekend, it is worth noting that the spot November contract is trading at its highest price point since mid-July. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers traded unevenly steady, but feeder heifers traded $6 to $9 higher. Steer calves over 450 pounds sold unevenly steady, but those under 450 pounds traded $5 to $15 higher. Heifer calves sold $5 to $15 higher. Feeder cattle supply over 600 pounds was 61%. The CME feeder cattle index Oct. 15, 2026: up $0.90, $343.54.

LEAN HOGS:

And with the late-week rally in pork demand -- even the lean hog contracts were able to end the day higher. December lean hogs closed $0.35 higher at $66.92; February lean hogs closed $0.77 higher at $69.22 and April lean hogs closed $1.25 higher at $74.67. The biggest advancements seen this afternoon on the pork report were the $11.17 rally in the rib and the $7.81 rally in the belly. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $4.61 with a weighted average price of $67.09 on 1,605 head. Pork cutouts totaled 273.44 loads, with 257.69 loads of pork cuts and 15.75 loads of trim. Pork cutout values: up $3.00, $80.55. Friday's slaughter is estimated at 472,000 head -- 5,000 head less than a week ago and 27,000 head more than a year ago. Saturday's slaughter is projected to be around 110,000 head. The CME lean hog index Oct. 14, 2026: down $0.66, $75.09.

MONDAY'S HOG CALL: Steady. On most Mondays, packers don't show the market much interest, but given that pork demand is stronger, they may pay the market a tick more interest.

Friday Midday Livestock Market Update - Early Tests in the Cash Cattle Market Are at $228 Live in the South

GENERAL COMMENTS:

Some light trade has developed in Texas this morning at $228, which is $6 higher than last week's weighted average, but that was only on a light test. More trade will need to develop ahead of the day's end if packers want to secure more inventory. December corn is down 3 cents per bushel and December soybean meal is down $2.00. The Dow Jones Industrial Average is down 93.99 points and the NASDAQ is down 390.25 points.

LIVE CATTLE:

What a day it has been for the live cattle complex. Not only is the futures market rallying, but thanks to feedlot managers' dedication and willingness to wait and be patient, some light trade has been noted at $228 in Texas, which is $6 higher than last week's weighted average. Traders believed the fed cash cattle market would trade higher this week, and lo and behold, the early tests of the market thus far have been higher indeed. Bids of $225 live and $350 dressed are currently on the table in Nebraska, and bids of $228 live are being offered in Kansas. Given that only a handful of cattle have traded thus far this week, packers will need to get more aggressive as the afternoon trades on in order to secure the inventory they need. October live cattle are up $1.37 at $227.32, December live cattle are up $1.10 at $228.35 and February live cattle are up $1.20 at $230.82.

Boxed beef prices are mixed: choice down $0.79 ($373.19) and select up $0.41 ($353.03) with a movement of 103 loads (83.83 loads of choice, 3.57 loads of select, 8.98 loads of trim and 6.59 loads of ground beef).

FEEDER CATTLE:

With the added support of seeing both the live cattle and fed cash cattle markets trading higher, the feeder cattle complex is also seeing a slightly higher trend as the market heads into Friday's afternoon. But I must say, I am slightly surprised to see that the feeder cattle contracts are rallying less than a dollar. Based on the market's behavior as of late, one would logically expect the market to be trading much higher with the support its currently seeing. But then again, the spot November contract is trading at its highest level since mid-July. October feeders are up $0.37 at $343.75, November feeders are up $0.10 at $342.05 and January feeders are up $0.52 at $338.42.

LEAN HOGS:

The lean hog complex is trading higher into Friday's noon hour as traders have taken note of the day's $5 advancement in pork cutout values. Weak pork demand has been the market's biggest hinderance as of late, so seeing an increase in demand is fantastic, let alone a $5 advancement. December lean hogs are up $0.45 at $67.02, February lean hogs are up $0.82 at $69.27 and April lean hogs are up $1.12 at $74.55. The projected lean hog index for 10/15/2026 is down $0.90 at $74.19 and the actual index for 10/14/2026 is down $0.66 at $75.09. Hog prices are lower on the Daily Direct Morning Hog Report, down $2.06 with a weighted average price of $70.35, ranging from $61.00 to $70.35 on 640 head and a five-day rolling average of $70.60. Pork cutouts totaled 180.60 loads with 169.44 loads of pork cuts and 11.16 loads of trim. Pork cutout values: up $5.12, $82.67. 

Friday Morning Livestock Market Update - Upcoming Cattle on Feed Expectations

GENERAL COMMENTS:

Live cattle rallied $2.05 to $2.20 higher Thursday while feeders were anywhere from $2.425 to $4.30 higher. From a technical perspective, live cattle are still facing headwinds at the 200-day moving average, yet the 9-day moving average is still providing strong support. Cutout values for beef were down Thursday. Choice fell $2.52 to $373.98 and select fell $5.85 to $352.62.

Hog futures traded 55 cents higher Thursday -- a small win in a long seven months stretch of lean hog futures sliding lower. The Commitments of Traders report will be released Friday after the close. With futures price action this week, it is unlikely that managed money did much to lift their massive short positions. Pork cutout values fell again Thursday. Carcass values dropped another $1.90 to a value of $77.55.

	BULL SIDE		BEAR SIDE
1)	Expectations for cattle on feed as well as placements are lower for the report next week.	1)	Technical resistance for cattle futures has been a difficult barrier to surpass. Until trade can break through, the market will be limited on how high it can go.
2)	The Feeder Cattle Index continues to be strong as the market is optimistic that cash will lead futures higher.	2)	Beef cutout values fell sharply on Thursday. This will pressure the futures market.
3)	The chance that managed money decides to take profit on their massive short positions could be positive for lean hog futures.	3)	Pork cutout values fell again on Thursday, highlighting the lack of pork demand.
4)	The Livestock, Dairy and Poultry Outlook had a small reduction in third quarter production in September. Any additional reduction on the report Friday could be supportive.	4)	The September Livestock, Dairy and Poultry Outlook showed sluggish pork demand both domestically and in foreign markets. Friday's report is expected to do the same.

Thursday Closing Livestock Market Update - Traders Remain Hopeful the Cash Cattle Market Will at Least Trade Steady

GENERAL COMMENTS:

The livestock complex ended Thursday higher thanks to continued trader support. Still no cash cattle trade has developed, but traders remain hopeful feedlot managers will be able to at least hold the market steady. December corn is down 2 3/4 cents per bushel and December soybean meal is down $4.70. The Dow Jones Industrial Average is up 556.21 points and the NASDAQ is up 20.16 points.

LIVE CATTLE:

Traders continue to hold onto the hope that this week's fed cash cattle market could trade higher, which is the optimism that helped drive the contracts higher through Thursday's trade. October live cattle closed $2.05 higher at $225.95, December live cattle closed $2.12 higher at $227.25 and February live cattle closed $2.20 higher at $229.62. Bids developed in both regions throughout the day in the fed cash cattle market, but as feedlot managers hope to get more money out of their cattle this week, they mostly decided to let those bids sit untouched throughout Thursday's trade. Bids of $226 were offered in Kansas, and live bids of $218 to $222 were offered in Nebraska, but no cattle traded. Asking prices are firm in Texas at $226 but are unestablished in the rest of the feeding region. 

Thursday's slaughter is estimated at 104,000 head -- 5,000 head less than a week ago and 13,000 head less than a year ago.

Boxed beef prices closed lower: choice down $2.52 ($373.98) and select down $5.85 ($352.62) with a movement of 101 loads (72.47 loads of choice, 12.71 loads of select, 7.43 loads of trim and 8.87 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady/somewhat higher. Given that the board is optimistic and that feedlot managers seem comfortable waiting the week out in hopes of higher prices, there's a chance that cattle could trade higher this week if not at least steady.

FEEDER CATTLE:

And with the support of traders, the live cattle complex and the bullish undertone that is alive and well in the cattle sector, the feeder cattle contracts were able to round out the day higher as well. October feeders closed $2.42 higher at $343.37, November feeders closed $3.50 higher at $341.95 and January feeders closed $4.30 higher at $337.90. At the La Junta Livestock Commission in La Junta, Colorado, compared to last week, feeder steers under 600 pounds sold sharply lower, but feeder steers over 600 pounds sold sharply higher. Feeder heifers sold sharply higher across all weight groups. Feeder cattle supply over 600 pounds was 22%. The CME feeder cattle index 10/14/2026: up $1.22, $342.64.

LEAN HOGS:

Thanks to some minor technical support, even the lean hog contracts were able to end the day stronger by Thursday's close. December lean hogs closed $0.50 higher at $66.57, February lean hogs closed $0.60 higher at $68.45 and April lean hogs closed $0.37 higher at $73.42. Unfortunately, pork demand didn't show any improvement throughout the day, so Friday's success will likely be limited. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.56 with a weighted average price of $71.70 on 790 head. Pork cutouts totaled 273.77 loads, with 236.70 loads of pork cuts and 37.07 loads of trim. Pork cutout values: down $1.90, $77.55. Pork cutouts totaled 273.77 loads, with 236.70 loads of pork cuts and 37.07 loads of trim. Pork cutout values: down $1.90, $77.55. Thursday's slaughter is estimated at 498,000 head -- 5,000 head more than a week ago and 8,000 head more than a year ago. The CME lean hog index 10/13/2026: down $0.19, $75.75.

FRIDAY'S HOG CALL: Lower. At this point, packers have likely filled most of their need already from the cash market.