Thursday Midday Livestock Market Summary - Greater Trader Support Pushes Contracts Higher

GENERAL COMMENTS:

Thursday has been a nice change of pace for the livestock complex as all three of the markets are trading higher into the noon hour. Some light cash cattle trade has developed in Kansas this morning at $230, but otherwise the market is quiet. December corn is up 2 1/4 cents per bushel and December soybean meal is down $0.50. The Dow Jones Industrial Average is down 421.28 points and NASDAQ is down 502.15 points.

LIVE CATTLE:

Thanks to some added support from traders, the live cattle contracts are trading higher into Thursday's noon hour. Yes, it is minimally supportive that midday boxed beef prices are higher too; but with the cash market trading starkly lower, it's difficult to say the market is well supported by fundamentals. August live cattle are up $1.80 at $225.00, October live cattle are up $1.65 at $220.85 and December live cattle are up $220.22. Following Wednesday's light cash cattle trade where Northern dressed cattle were trading for $365 (which is $12 to $15 lower than the previous week's weighted average) there's been some light business develop this morning in Kansas at $230, but otherwise there's yet to be any further developments. Packer interest should continue to develop throughout the day.

Boxed beef prices are higher: choice up $0.72 ($364.22) and select up $2.16 ($352.73) with a movement of 72 loads (48.89 loads of choice, 5.07 loads of select, 8.66 loads of trim and 9.07 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is grateful for the opportunity to trade higher as it gladly follows the live cattle complex higher. August feeders are up $2.62 at $343.80, September feeders are up $3.45 at $339.60 and October feeders are up $3.50 at $333.35. As in the live cattle complex, Thursday's movement seems to be solely a technical decision as demand in the countryside for feeder cattle has been softer this week.

LEAN HOGS:

The lean hog complex is keeping with its current trend as the contracts are trading higher into Thursday's noon hour. August lean hogs are up $0.25 at $101.70, October lean hogs are up $0.25 at $88.60 and December lean hogs are up $0.17 at $80.00. With pork cutout values higher at Thursday's noon hour, it's likely the complex will be able to keep this momentum through Thursday's end. The projected CME Lean Hog Index for 7/22/2026 is up $0.40 at $97.48 and the actual index for 7/21/2026 is up $0.44 at $97.08. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.72 with a weighted average price of $101.76, ranging from $93.00 to $102.50 on 915 head and a five-day rolling average of $100.67. Pork cutouts total 204.77 loads with 189.50 loads of pork cuts and 15.27 loads of trim. Pork cutout values: up $3.22, $106.72.

Thursday Morning Livestock Market Update - Mixed Cattle Futures as Traders Position Ahead of the Report

GENERAL COMMENTS:

The bottom fell out of cattle futures as selling emerged after the bounce on Tuesday. Feeder cattle fell to support set in early June. Continued weakness could trigger further liquidation. Some positioning may surface ahead of the report. Packers have lowered their bids and may hold as they already have some cattle forward purchased. Cash business is not expected to surface until late Friday, with feedlots hoping for some good news from the Cattle on Feed report. However, with the current market trend, it may not make any difference in the short term. Boxed beef prices took a hit on Wednesday with choice down $3.41 and select down $3.66. The Cattle on Feed report will be released on Friday. The average trade estimate is 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%.

Hogs maintained the uptrend with moderate gains in all but the nearby August contract. There has been a significant amount of short-covering as the market fundamentals became positive. Improved demand has resulted in packers being more aggressive in the cash market. The National Daily Direct Afternoon Hog report on Wednesday showed cash up $0.86 on a substantial volume traded. Packers are not expected to be aggressive Thursday as they may have most of their hogs purchased for the week. Pork cutouts did not fare as well, with values declining $1.32. The lean hog index was up $0.48 to 96.64.

	BULL SIDE		BEAR SIDE
1)	Feeder cattle futures are oversold and near support. Short-covering could take place with some bottom-picking possible.	1)	Cash cattle and boxed beef prices continue to weaken, increasing the liquidation of cattle futures.
2)	Some positioning ahead of the Cattle on Feed report could support the market as traders may not want to press the market any lower.	2)	If the estimate for cattle on feed as of July 1 comes to fruition at 102.2%. It would be the highest number for the July report since 2022.
3)	Hog futures are in an uptrend, and demand is good. This may give traders the confidence to purchase for the long term.	3)	Hog futures are overbought and could correct at any time. A bull market needs to continue to be fed.
4)	Weekly hog weights declined 2.9 pounds last week to an average of 283.2 pounds.	4)	Weekly hog weights remain 0.3 pounds above a year ago. This leaves more tonnage available to the market.

Wednesday Closing Livestock Market Update - Cattle Remain Under Pressure While Hogs Rally

GENERAL COMMENTS:

The livestock complex closed in the same manner as it has been trading over the last week, with the cattle contracts continuing to trend lower while the lean hog contracts continue to find minor support. Some light cash cattle trade developed in Iowa, but mostly the market has yet to establish a trend for the week. December corn is up 9 1/2 cents per bushel and December soybean meal is up $5.60. The Dow Jones Industrial Average is down 6.06 points and the NASDAQ is down 146.31 points.

LIVE CATTLE:

The live cattle complex didn't gain any strength throughout the afternoon, and if anything, its position only weakened further as the contracts ended the day $3.00 to $4.00 lower. August live cattle closed $3.47 lower at $223.20, October live cattle closed $4.02 lower at $219.20 and December live cattle closed $4.10 lower at $218.80. Throughout the day, there was a thin movement in Iowa at $232 live and $375 dressed, but not enough cattle have traded to say that any sort of a trend for the week has been established. Bids of $228 live in Kansas and $230 live and $365 dressed were offered throughout the day in Nebraska, but feedlot managers passed on those offers. Asking prices are noted at $375 in Eastern Nebraska, but aren't well established in other regions. 

Wednesday's slaughter is estimated at 95,000 head -- 13,000 head less than a week ago and 20,000 head less than a year ago.

Boxed beef prices closed lower: choice down $3.41 ($363.50) and select down $3.66 ($350.57) with a movement of 116 loads (69.90 loads of choice, 17.43 loads of select, 8.76 loads of trim and 20.39 loads of ground beef).

THURSDAY'S CATTLE CALL: Lower. With the board's weakness, it's most likely that the cash market is going to trade lower too.

FEEDER CATTLE:

As the day traded on through Wednesday's close, the feeder cattle complex continued to drop lower and lower. August feeder cattle closed $8.37 lower at $341.17, September feeder cattle closed $8.77 lower at $336.20 and October feeder cattle closed $9.72 lower at $329.85. It is worth noting that the next support plane in the spot September feeder cattle contract is at $332.50, which hopefully the contract doesn't come in close contact with. At the OKC West Livestock Auction in El Reno, Oklahoma, compared to last week, feeder steers traded $5.00 to $15.00 lower, with instances up to $20.00 lower. And feeder heifers traded $3.00 to $10.00 lower. Steer and heifer calves traded $15.00 to $25.00 lower. Feeder cattle supply over 600 pounds was 74%. The CME feeder cattle index 7/21/2026: up $0.48, $96.64.

LEAN HOGS:

The lean hog complex kept with its rallying beat through Wednesday's afternoon as the market continues to reap the benefits of strong packer interest in the cash market, and plenty of trader support. August lean hogs closed $0.05 lower at $101.45, October lean hogs closed $0.22 higher at $88.35 and December lean hogs closed $0.57 higher at $79.82. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.86 with a weighted average price of $101.08 on 9,945 head. Pork cutouts totaled 304.04 with a movement of 261.96 loads of pork cuts and 42.08 loads of trim. Pork cutout values: down $1.32, $103.50. Wednesday's slaughter is estimated at 479,000 head -- 5,000 head more than a week ago and 8,000 head more than a year ago. The CME lean hog index 7/20/2026: down $3.10, $353.12.

THURSDAY'S HOG CALL: Lower. There's a strong likelihood that packers have secured the vast majority of their needs already in the cash market this week.

Wednesday Midday Livestock Market Summary - Cattle Dip Lower, While Hogs Rally

GENERAL COMMENTS:

Bids are surfacing in the cash cattle market Wednesday, but only a minimal trade has developed thus far in Iowa. It is most likely the week's business will be delayed for at least another day. December corn is up 7 1/2 cents per bushel and December soybean meal is up $6.30. The Dow Jones Industrial Average is up 190.12 points and NASDAQ is down 17.08 points.

LIVE CATTLE:

Knowing later this week both the monthly Cattle on Feed and bi-annual Cattle Inventory report will be shared, traders simply aren't willing to advance the contracts with little to no fundamental support ahead of those big hitting reports being released. August live cattle are down $2.47 at $224.20, October live cattle are down $3.07 at $220.15 and December live cattle are down $3.15 at $219.75. Some light packer interest has been noted in the fed cash cattle market as bids of $228 in Kansas have surfaced, along with bids of $230 live and $365 dressed in Nebraska. A thin movement of cattle has been noted in Iowa at $232 live and $375 dressed, but otherwise the market sits idle as feedlot managers hope demand and prices will improve. By no means has a weekly trend been established yet in the marketplace.

Boxed beef prices are lower: choice down $2.66 ($364.25) and select up $1.68 ($352.55) with a movement of 68 loads (44.35 loads of choice, 11.70 loads of select, zero loads of trim and 12.29 loads of ground beef).

FEEDER CATTLE:

Upon seeing the live cattle contracts trading lower, it came as no surprise to anyone that the feeder cattle contracts moved lower as well. August feeders are down $6.27 at $343.27, September feeders are down $6.72 at $338.25 and October feeders are down $7.57 at $332.00. Unless the live cattle contracts turn higher ahead of Wednesday afternoon's close (which is highly unlikely) it's most likely the feeder cattle contracts will keep with this decline through the session's end.

LEAN HOGS:

Meanwhile, while the cattle complex continues to struggle, the lean hog complex keeps with its own rallying trend as traders are hopeful demand will prevail. August lean hogs are down $0.05 at $101.45, October lean hogs are up $0.32 at $88.45 and December lean hogs are up $0.70 at $79.95. With added support from the cash market, it's likely the complex will keep rallying through Wednesday afternoon.

The projected CME Lean Hog Index for 7/21/2026 is up $0.44 at $97.08 and the actual index for 7/20/2026 is up $0.48 at $96.64. Hog prices are higher on the Daily Direct Morning Hog Report, up $2.91 with a weighted average price of $101.04, ranging from $96.00 to $102.00 on 6,024 head and a five-day rolling average of $100.46. Pork cutouts total 147.59 loads with 128.17 loads of pork cuts and 19.42 loads of trim. Pork cutout values: down $0.31, $104.51.