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.

Wednesday Morning Livestock Market Update - Cattle Futures May Show Choppy Trade

GENERAL COMMENTS:

Cattle futures opened higher and traded higher for a while but slipped back as traders were uncertain over cash trade, boxed beef, and the upcoming Cattle on Feed report. Boxed beef prices resumed weakness on Tuesday with choice down $3.19 and select down $1.22. This may have reduced some early optimism for leverage for higher cash trade this week. However, with packers having some cattle purchased ahead through the end of the month, they are in a position to be less aggressive again this week. With packer margins in the red and boxed beef remaining weak, they are not expected to bid aggressively for cattle. The Cattle on Feed report will be released on Friday and may influence trade the rest of the week. The trade estimates for the report are for on feed on July 1 at 102.2% of a year ago. Placements in June at 98.0%, and marketings during June at 97.0%.

Hog futures showed limited volatility but closed with minor gains, keeping the uptrend intact. New highs were made as traders maintain the buying interest. Packers turned more aggressive on Tuesday with the National Daily Direct Afternoon Hog report showing cash up $1.33. They are expected to remain aggressive Wednesday as their purchases have been moderate so far this week. Pork cutout values increased $1.72. Higher prices were seen in bellies, up $6.06; hams, up $5.15; and ribs, up $5.26, with good demand reported.

	BULL SIDE		BEAR SIDE
1)	Cash cattle prices have taken a beating over the past two weeks, with the potential for prices to be steady this week.	1)	The weakness of boxed beef on Tuesday may continue as demand has slowed for the time being.
2)	If cattle placements on the Cattle on Feed report are at the trade-estimated number or lower, traders may turn more aggressive to buy the break.	2)	Packers are not expected to be aggressive this week, as they have already purchased some cattle ahead for the rest of the month.
3)	The uptrend remains in hog futures, providing more confidence for traders to buy and hold futures positions.	3)	The hog market will need to continue to see friendly fundamentals, or selling pressure may return.
4)	Pork cutouts continue to increase as demand remains strong. This should keep packers aggressive.	4)	Technical traders may have met their objective, with the October contract reaching the 62% retracement level on Tuesday based on the March high and June low.

Tuesday Closing Livestock Market Update - Cattle Long for Increased Support While Hogs Keep Rallying

GENERAL COMMENTS:

The livestock complex again ended the day mixed, as traders continue to yearn for better fundamental support in the cattle complex, while hog contracts ended the day higher. Still no cash cattle trade has developed. December corn is up 2 1/4 cents per bushel and December soybean meal is up $3.50. The Dow Jones Industrial Average is up 385.38 points and the NASDAQ is up 329.14 points.

LIVE CATTLE:

The live cattle complex ended the day mixed with the nearby contracts remaining hesitant, while the deferred contracts closed slightly higher. August live cattle closed $0.15 higher at $226.67, October live cattle closed $0.07 lower at $223.22 and December live cattle closed $0.10 lower at $222.90. More than anything, the market remains in a mixed position, where traders would potentially push the market higher if there were enough support, but they aren't confident that that support is indeed going to develop. There have yet to be any developments in this week's fed cash cattle market. 

Tuesday's slaughter is estimated at 103,000 head -- 8,000 head less than a week ago and 11,000 head less than a year ago.

Boxed beef prices closed lower: choice down $3.19 ($366.91) and select down $1.22 ($354.23) with a movement of 161 loads (103.52 loads of choice, 23.27 loads of select, 14.55 loads of trim and 19.68 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Lower. Until feedlot managers gain an edge, it's likely that the market's trend is going to be lower.

FEEDER CATTLE:

The feeder cattle complex ended the day in the same position that the live cattle market did, with its nearby contracts lower and its deferred contracts slightly higher. Unfortunately, feeder cattle sales in the countryside remain mixed as some video sales are trading cattle higher, but there are equally as many auctions seeing cattle trade lower amid the board's weakness and amid the summer heat. August feeders closed $2.45 lower at $349.55, September feeders closed $1.27 lower at $344.97 and October feeders closed $0.25 lower at $339.57. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week, steers under 750 pounds sold $15.00 to $35.00 lower while the heavier weights traded $2.00 to $15.00 lower. Feeder heifers sold $15.00 to $35.00 lower as well. Feeder cattle supply over 600 pounds was 69%. The CME feeder cattle index 7/20/2026: not available at this time.

LEAN HOGS:

The cattle contracts may have lacked fundamental support throughout the day, but that wasn't the case for the lean hog contracts. With the help of stronger pork cutout values, the contracts were able to rally through the day's end. August lean hogs closed $0.22 higher at $101.50, October lean hogs closed $0.40 higher at $88.12 and December lean hogs closed $0.17 higher at $79.25. Hog prices closed $1.33 higher on the Daily Direct Afternoon Hog Report, on 3,566 head and a five-day rolling average of $100.19. Pork cutouts totaled 254.88 loads with 212.28 loads of pork cuts and 42.60 loads of trim. Pork cutout values: up $1.72, $104.82. Tuesday's slaughter is estimated at 479,000 head -- 4,000 head less than a week ago and steady with a year ago. The CME lean hog index 7/17/2026: up $0.51, $96.16.

WEDNESDAY'S HOG CALL: Steady to somewhat higher. Packers did push the market slightly higher on Tuesday, but they haven't likely fulfilled their week's needs yet, so prices could be higher on Wednesday.

Tuesday Midday Livestock Market Summary - Mixed Tones Take Over Livestock Complex

Livestock contracts are trading mixed into Tuesday's noon hour. The cattle contracts would love to trade fully higher but continue to look for increased fundamental support. The lean hog contracts are trading fully higher as technical and fundamental support are both alive and well in the marketplace. December corn is up 1 1/2 cents per bushel and December soybean meal is up $3.80. The Dow Jones Industrial Average is up 494.48 points and NASDAQ is up 332.17 points.

LIVE CATTLE:

The live cattle contracts are mixed heading into Tuesday's noon hour as the nearby contracts are hesitant, but the deferred contracts are again being fueled by trader support and the hope that market fundamentals may improve later this week. No cash cattle trade has developed yet and both bids and asking prices remain elusive at this point. It is assumed since packers were able to gain leverage in the market over the last couple of weeks, cash prices will be steady at absolute best this week when trade does develop. August live cattle are down $0.07 at $226.45, October live cattle are down $0.35 at $222.95 and December live cattle are down $0.20 at $222.80.

Boxed beef prices are mixed: choice down $1.02 ($369.08) and select up $0.55 ($356.00) with a movement of 89 loads (54.10 loads of choice, 8.74 loads of select, 12.51 loads of trim and 13.80 loads of ground beef).

FEEDER CATTLE:

To no one's surprise, with the live cattle complex trading mixed, so is the feeder cattle complex heading into Tuesday's noon hour. August feeders are down $2.72 at $349.27, September feeders are down $1.42 at $344.82 and October feeders are down $0.50 at $339.32. The market has plenty of room to trade higher before it will run into resistance pressure at the 40-day and 100-day moving averages.

LEAN HOGS:

The lean hog complex is continuing to trade higher into Tuesday's noon hour as the market is pleasantly surprised by the $2.00 jump in pork cutouts and will always gladly take the extra support. August lean hogs are up 0.42 at $101.70, October lean hogs are up $0.62 at $88.35 and December lean hogs are up $0.45 at $79.52. The market's next resistance threshold is at $92.50 in the spot October contract. The projected CME Lean Hog Index is delayed from the source. Hog prices average $98.13 on the Daily Direct Morning Hog Report, ranging from $94.00 to $100.00 on 411 head and a five-day rolling average of $100.46. Pork cutouts total 156.90 loads with 131.13 loads of pork cuts and 25.78 loads of trim. Pork cutout values: up $2.00, $105.10.