Friday Closing Livestock Market Update - Contracts End Higher

GENERAL COMMENTS:

Although it was a busy, chaotic day for the cattle complex, at least the futures ended the day higher and so did the lean hog contracts. Some light cash cattle trade developed in the South throughout the day at $225, which is $3.00 lower than the previous week's weighted average. Do note this coming Monday, the border is set to reopen to Mexican cattle imports at the Douglas, Arizona, port of entry. December corn is up 5 cents per bushel and December soybean meal is up $2.00. The Dow Jones Industrial Average is up 520.06 points and NASDAQ is up 108.57 points.

From Friday-to-Friday livestock futures scored the following changes: August live cattle down $0.57, October live cattle down $0.95; August feeder cattle down $6.07, September feeder cattle down $5.52; October lean hogs down $14.53; September corn up $0.25, December corn up $0.25.

LIVE CATTLE:

Talk about a wild day. Talk about a disappointing week. To kick Friday morning off, President Trump announced over the next 90 days the U.S. will allow up to 300,000 metric tons (mt) of product for ground beef to be imported with no quota tariff. He also stated the administration has a commitment that this beef will be sold at 25% below current prices. This news weakened the futures complex right off the bat, but luckily ahead of the day's end the market was able to recover mostly. Even so, yet another level of complexity has entered the marketplace, the cattle complex is highly volatile and subject to change at any second. October live cattle closed $0.07 lower at $217.92, December live cattle closed $0.22 higher at $218.50 and February live cattle closed $0.42 higher at $219.32. Throughout the week, Northern dressed cattle traded at mostly $355 to $356 which is $9.00 to $10.00 lower than the previous week's weighted average. At the time of writing, the Southern Plains had only traded a small volume of cattle that were mostly $225, which is $3.00 lower than the previous week's weighted average. It is also worth noting that a lot of the cattle traded in the North were committed for delivery for the week of Sept. 7. 

Friday's slaughter is estimated at 99,000 head -- 1,000 head less than a week and year ago. Saturday's slaughter is projected to be around 15,000 head. The week's total slaughter is estimated at 523,000 head -- 6,000 head more than a week ago and 32,000 head less than a year ago.

Boxed beef prices closed lower: choice down $4.24 (385.69) and select down $2.42 ($361.32) with a movement of 91 loads (48.07 loads of choice, 8.96 loads of select, 25.36 loads of trim and 8.41 loads of ground beef).

MONDAY'S CATTLE CALL: Lower. As packers continue to gain more leverage in the marketplace, fed cash cattle prices will likely continue to trade lower.

FEEDER CATTLE:

The feeder cattle complex was able to close mostly higher Friday, although it was bombarded with news from the president and the monthly Cattle on Feed report. September feeders closed $0.10 higher at $329.02, October feeders closed $0.95 higher at $323.65 and November feeders closed $1.37 higher at $316.25. As assumed, Friday's Cattle on Feed report was the same usual story of greater on-feed totals, but lighter placements and lighter marketings. 

The Oklahoma Weekly Cattle Auction Summary shared that, compared to last week, feeder steers over 900 pounds traded steady to $2.00 lower, but steers under 900 pounds sold $7.00 to $11.00 lower. Feeder heifers traded $8.00 to $16.00 lower. Steer calves weighing over 500 pounds sold $12.00 to $15.00 lower, and those under 500 pounds traded $20.00 to $30.00 lower. Heifer calves sold $10.00 to $20.00 lower. Slaughter cows sold $5.00 to $7.00 lower and slaughter bulls traded $6.00 softer. Feeder cattle supply over 600 pounds was 65%. The CME Feeder Cattle Index 8/20/2026: down $0.85, $341.00.

LEAN HOGS:

The back-and-forth nature continues in the lean hog complex as following Thursday's lower close, the lean hog contracts were able to end the day mildly higher on Friday thanks to trader support. October lean hogs closed $0.65 higher at $80.87, December lean hogs closed $0.77 higher at $71.52 and February lean hogs closed $0.60 higher at $74.42. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.93 with a weighted average price of $94.27 on 3,410 head. Pork cutouts totaled 357.22 loads with 326.61 loads of pork cuts and 30.61 loads of trim. Friday's slaughter is estimated at 454,000 head -- 34,000 head more than a week ago and 1,000 head more than a year ago. Saturday's slaughter is projected to be around 39,000 head. The CME Lean Hog Index 8/19/2026: down $0.24, $93.72.

MONDAY'S HOG CALL: Lower. Given that packers bought hogs late in the week, it's likely they won't be aggressive in Monday's cash market.

Friday Midday Livestock Market Summary - External Pressure Shakes Cattle Futures, But Hogs Find Late-Week Support

GENERAL COMMENTS:

The livestock complex is trading mixed into Friday's noon hour as the cattle complex isn't finding the fundamental support it needs, but the hog contracts are trading higher. Some trade has been noted in Texas at $225, and bids are on the table in Kansas for the same price. December corn is up 2 1/2 cents per bushel and December soybean meal is down $0.10. The Dow Jones Industrial Average is up 410.48 points and NASDAQ is up 143.77 points.

LIVE CATTLE:

Friday morning President Trump announced that over the next 90 days the U.S. will allow up to 300,000 metric tons (mt) of product for ground beef to be imported with no quota tariff. He also stated the administration has a commitment that this beef will be sold at 25% below current prices. This news weakened the futures complex dramatically at the day's open, but since then the complex has found some stability and is trading mixed into the noon hour with the nearby contracts lower while the deferred contracts trade higher. October live cattle are down $0.70 at $217.30, December live cattle are down $0.42 at $217.85 and February live cattle are down $0.32 at $218.57. Some light cash cattle trade has finally developed in the South where cash cattle are selling for mostly $225. Some light trade also has been noted in Nebraska at $223. Do remember that this afternoon the monthly Cattle on Feed report is set to be released as well.

Boxed beef prices are lower: choice down $3.79 ($386.14) and select down $0.33 ($363.41) with a movement of 68 loads (29.90 loads of choice, 6.16 loads of select, 24.74 loads of trim and 7.05 loads of ground beef).

FEEDER CATTLE:

Amid new developments regarding imported beef and the continued decline of the cash market, the feeder cattle complex is trading lower into Friday's noon hour. September feeders are down $0.95 at $327.97, October feeders are down $0.07 at $322.62 and November feeders are up $0.35 at $315.22. It's likely the market could find even more pressure heading up to the afternoon's close as traders know that the monthly Cattle on Feed report will be released later this week and that on Monday, Mexican cattle imports resume.

LEAN HOGS:

The lean hog contracts are trading higher into Friday's noon hour as traders are extending a little late-week support to the sector. It's also helpful that midday pork cutout values are up over $3.00. October lean hogs are up $0.62 at $80.85, December lean hogs are up $0.87 at $71.62 and February lean hogs are up $0.67 at $74.50. The projected CME Lean Hog Index for 8/20/2026 is down $0.46 at $93.26 and the actual index for 8/19/2026 is down $0.24 at $93.72. Hog prices are higher on the Daily Direct Morning Hog Report, up $1.83 with a weighted average price of $94.58, ranging from $87.00 to $96.00 on 3,265 head and a five-day rolling average of $93.35. Pork cutouts totaled 205.85 loads with 186.90 loads of pork cuts and 18.94 loads of trim. Pork cutout values: up $3.49, $99.98.

Friday Morning Livestock Market Update - Traders Look Ahead to the Cattle on Feed Report

GENERAL COMMENTS:

Cattle futures are trying to find support. Overall, traders remain bullish, but the market needs to show sufficient reason for them to turn aggressive buyers. There may be strength Friday as short-covering may take place ahead of the Cattle on Feed report released this afternoon. The estimates for the report are for on-feed numbers on Aug. 1 at 102.5% of a year ago with a range of 102.3-102.9%. Placements in July at 93.5% with a range of 92.3-95.1%. Marketings in July at 92.6% with a range of 92.2-93.4%. This is the first time in quite a while that the range of estimates for placements has been this narrow. Cash cattle are expected to trade lower Friday as packers remain unaggressive. Boxed beef prices on Thursday were lower, with choice down $5.06 and select down $0.43.

Hog futures continue to struggle as fundamentals provide little support. The October contract fell to support on Thursday as cash and cutouts continue to struggle. The National Daily Direct Afternoon Hog report showed a minor gain of $0.24, but cash is expected to be lower Friday. Pork cutouts declined $1.09. Packers are reducing the slaughter pace compared to a year ago as they attempt to balance supply with demand while maintaining their margins. Futures may increase Friday as traders may cover some short positions ahead of the weekend.

	BULL SIDE		BEAR SIDE
1)	July placements are expected to be 6.5% below a year ago, which should be supportive to the market.	1)	Lower cash again this week indicates packers have the upper hand and intend to maintain their positive margins.
2)	Lower cash cattle trade has already been factored into the market. Short-covering may take place ahead of the Cattle on Feed report.	2)	Cattle from Mexico will begin to move to the U.S. beginning on Monday. This may maintain a negative posture in the market.
3)	Hog futures are oversold with short-covering possible ahead of the weekend.	3)	Hog futures have been unable to find support this week, leaving traders unwilling to buy futures aggressively.
4)	Lower pork prices should improve demand. Reduced slaughter may be temporary as packers will need to balance the supply with demand.	4)	Cash and cutouts continue to exhibit weakness, and a reflection of slower demand.

Thursday Closing Livestock Market Update - Mixed Tones Continue to Dominate the Complex

GENERAL COMMENTS:

The livestock complex again ended the day mixed, as cattle contracts received a little extra support from traders, while lean hog contracts ended the day lower. On Friday, the monthly Cattle on Feed report is set to be released. December corn is up 5 1/2 cents per bushel and December soybean meal is down $1.80. The Dow Jones Industrial Average is down 703.84 points and the NASDAQ is down 263.92 points.

Thursday's export report shared that beef net sales of 9,300 mt for 2026 were down 36% from the previous week and 37% from the prior 4-week average. The three largest buyers were Mexico (1,600 mt), South Korea (1,400 mt) and Taiwan (1,400 mt). Pork net sales of 27,300 mt for 2026 were down 25% from the previous week and 15% from the prior 4-week average. The three largest buyers were Mexico (10,700 mt), South Korea (3,500 mt) and Japan (2,900 mt).

LIVE CATTLE:

Despite the fact that boxed beef prices and fed cash cattle prices both ended the day lower, the futures market received a bone from traders as they were willing to mildly support the contracts through Thursday's end. October live cattle closed $0.77 higher at $218.00, December live cattle closed $1.12 higher at $218.27 and February live cattle closed $1.10 higher at $218.90. Do remember that on Friday the monthly Cattle on Feed report is set to be released. The cash cattle market saw bids offered throughout the day in both regions, but the day's movement was light. So far this week, the only strong test has been in the North, where dressed cattle have traded at $355 to $356, which is $9.00 to $10.00 lower than last week's weighted average, and some live sales have been marked in the North at $255 as well. The South has yet to trade cattle, although bids were offered throughout the day in Kansas at $255. But given that packers were able to secure more inventory in recent weeks and with Friday releasing the monthly Cattle on Feed report, this week's trade could be light in volume and slow to develop. It's also worth noting that the majority of the cattle that traded on Wednesday were marked for delivery on the week of September 7. 

Thursday's slaughter is estimated at 103,000 head -- 3,000 head less than a week ago and 14,000 head less than a year ago.

Boxed beef prices closed lower: choice down $5.06 ($389.93) and select down $0.43 ($363.74) with a movement of 110 loads (88.85 loads of choice, 14.17 loads of select, zero loads of trim and 6.86 loads of ground beef).

FRIDAY'S CATTLE CALL: Lower. With packers having ample supply available to them, it's likely that prices will continue to be lower on Friday.

FEEDER CATTLE:

Apart from a couple of the nearby contracts, the feeder cattle complex was also able to end the day mostly higher. September feeders closed $0.20 lower at $328.92, October feeders closed $0.65 higher at $322.70 and November feeders closed $0.80 higher at $314.87. The cautious nature of the feeder cattle complex could be stemming from a number of factors: the fact that on Friday the monthly COF report is set to be released, the fact that on Monday the border reopens to Mexican cattle, or the fact that fed cash cattle prices are trading lower, which dampens the excitement in the feeding sector; all weigh heavily on the market. At the Winter Livestock Auction in Pratt, Kansas, compared to last week, there wasn't enough supply to accurately test those weighing 650 to 950 pounds. But good demand was seen on steers and heifers weighing under 600 pounds. Slaughter cows and bulls sold $2.00 to $6.00 lower. Feeder cattle supply over 600 pounds was 81%. The CME feeder cattle index 8/19/2026: down $0.51, $341.85.

LEAN HOGS:

And the topsy-turvy nature continues in the lean hog complex as the market ended the day mixed: lower in its nearby contracts but higher in its deferred contracts. More than anything, traders are hopeful that demand will increase in later months but remain uncertain about what to expect for tomorrow, let alone next week. October lean hogs closed $1.27 lower at $80.22, December lean hogs closed $0.67 lower at $70.75 and February lean hogs closed $0.42 lower at $73.82. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.24 with a weighted average price of $92.34 on 1,306 head. Pork cutouts totaled 256.15 loads, with 222.98 loads of pork cuts and 33.17 loads of trim. Pork cutout values: down $1.09 to $96.49. Thursday's slaughter is estimated at 451,000 head -- 23,000 head less than a week ago and 20,000 head less than a year ago. The CME lean hog index 8/18/2026: down $0.82, to $93.96.

FRIDAY'S HOG CALL: Lower. At this point, it's most likely that packers have secured all they need in the cash market aside from some minor cleanup trade.