Friday Closing Livestock Market Update - Traders Help Push Contracts Higher

GENERAL COMMENTS:

It was a successful day for the livestock complex as all three of the markets closed higher. Bids were offered throughout the day in the cash cattle market, but no new trade developed. December corn is up 10 1/4 cents per bushel and December soybean meal is up $1.70. The Dow Jones Industrial Average is down 92.02 points and the NASDAQ is down 249.61 points.

From Friday to Friday, livestock futures scored the following changes: August live cattle up $1.95, October live cattle up $1.78; September feeder cattle up $2.10, October feeder cattle up $1.98; October lean hogs up $3.83, December lean hogs up $3.03; September corn up $0.10, December corn up $0.09.

LIVE CATTLE:

The cash cattle market may not have been able to do much more ahead of the week's end, but considering that the boxed beef prices closed higher and that the futures complex closed higher too, it was a positive day for the complex. October live cattle closed $2.72 higher at $239.65, December live cattle closed $2.17 higher at $240.77 and February live cattle closed $2.30 higher at $242.25. Traders were willing to advance the complex but didn't believe that the market possessed enough power to successfully challenge the market's resistance at $240. If fundamental support remains plentiful next week, there's a chance that traders could elect to push beyond the market's current resistance, but then again, in a wild market like this, anything could truly happen. Currently, there are still bids being offered in Kansas at $242, and in Nebraska at $245 live and $385 dressed, but no new trade has developed throughout the day. So far this week Southern live cattle have traded at mostly $242 ($2.00 higher than last week's weighted average) and Northern dressed cattle have traded at mostly $385 ($1.00 lower than last week's weighted average).

Friday's slaughter is estimated at 101,000 head, 1,000 head more than a week ago but 22,000 head less than a year ago. Saturday's slaughter is projected to be around 2,000 head. The week's total slaughter is estimated to be 565,000 head, 14,000 head more than a week ago but 51,000 head less than a year ago.

Boxed beef prices closed higher: choice up $1.00 ($415.41) and select up $4.16 ($390.00) with a movement of 109 loads (81.57 loads of choice, 10.31 loads of select, 6.43 loads of trim and 10.35 loads of ground beef).

MONDAY'S CATTLE CALL: Steady/somewhat higher. Much of next week's trade will depend on how many cattle packers were able to get bought this week and how boxed beef prices trade, as that plays a lot into the market's psychological realm, but even so, packers will need to stay fairly engaged in the marketplace simply because they don't have a plethora of cattle committed to them.

FEEDER CATTLE:

The feeder cattle contracts also closed higher, as traders were more than willing to advance the contracts as they were no longer up against the market's resistance threshold. And as demand remains red-hot in the countryside, traders had more than enough support to justify the contracts' higher move. September feeder closed $2.97 higher at $364.77, October feeders closed $2.95 higher at $364.47 and November feeders closed $3.57 higher at $363.60. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers over 800 pounds sold $2.00 to $8.00 higher, but steers under 800 pounds traded $10.00 to $13.00 higher. Steer calves sold $1.00 to $7.00 higher. Feeder heifers and heifer calves traded steady to $5.00 higher. Feeder cattle supply over 600 pounds was 60%. The CME feeder cattle index 8/28/2025: up $0.15, $365.38.

LEAN HOGS:

What a week it was for the lean hog complex! No one can say that traders were asleep behind the wheel this week as they drove the contracts sharply higher all five trading days this week, and with minimal fundamental support. October lean hogs closed $0.75 higher at $95.02, December lean hogs closed $0.42 higher at $87.40 and February lean hogs closed $0.32 higher at $89.62. Next week, the market will likely face some technical pushback as the spot October contract is nearing resistance. This afternoon it was the picnic's $9.50 jump and the loin's $4.81 gain that helped push the carcass price higher. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $3.28 with a weighted average price of $104.91 on 1,349 head. Pork cutouts totaled 243.55 loads with 224.69 loads of pork cuts and 18.86 loads of trim. Pork cutout values: up $2.83, $114.32. Friday's slaughter is estimated at 467,000 head, 14,000 head more than a week ago and 6,000 head less than a year ago. Saturday's slaughter is projected to be around 21,000 head. The CME lean hog index 8/27/2025: down $0.20, $106.43.

MONDAY'S HOG CALL: Steady/somewhat lower. Given that pork cutout values were only minorly supported this week, packers could be slow to jump into the cash market as they'll want to see how demand shapes up early next week.

Friday Midday Livestock Market Update - Traders Push Cattle Contracts Higher Without Resistance Pressure

GENERAL COMMENTS:

The livestock markets are back to rallying as the cattle contracts are no longer up against immediate resistance pressure, and the lean hogs really seem unshakeable. No new cash cattle trade has developed, but bids are on the table in Nebraska. December corn is up 7 1/4 cents per bushel and December soybean meal is up $0.50. The Dow Jones Industrial Average is down 136.88 points and the NASDAQ is down 239.76 points.

LIVE CATTLE:

The live cattle complex is back to trading higher as traders are again finding support in the market's slightly higher cash cattle trade. It's unlikely that traders will challenge the market's resistance at $240 ahead of the day's close unless something wild and dramatic develops in the fed cash cattle market. But at this point, it's looking like some more trade could develop, but prices may hold steady with the week's trend. So far this week Southern live cattle have traded at mostly $242, which is $2.00 higher than last week's weighted average and Northern dressed cattle have traded at mostly $385, which is $1.00 lower than last week's weighted average. Bids are currently on the table in Nebraska at $245 live and $385 dressed. Asking prices are around $245 in the South, and around $390 in the North.

Boxed beef prices are mixed: choice down $1.22 ($413.19) and select up $3.55 ($389.39) with a movement of 84 loads (64.51 loads of choice, 5.18 loads of select, 6.18 loads of trim and 8.36 loads of ground beef).

FEEDER CATTLE:

Following Thursday's lower close, the feeder cattle complex is back to trading higher as traders are no longer up against immediate resistance levels. September feeders are up $0.47 at $362.17, October feeders are up $0.20 at $361.77 and November feeders are up $0.72 at $360.75. Demand in the countryside remains incredibly strong, so today's recovery in the futures sector is a move based upon continued support of the market's fundamentals and because the contracts are no longer teetering at resistance levels.

LEAN HOGS:

If the lean hog complex can round out the day higher, it will have been an incredible week for the market, as the contracts will have closed higher every day this week. And although pork cutout values are higher this morning, demand has been softer than usual, so this week's momentum in the marketplace has largely been driven by traders. October lean hogs are up $0.62 at $94.90, December lean hogs are up $0.57 at $87.55 and February lean hogs are up $0.42 at $89.72. The big change in the carcass price came because of the $14.23 jump in the belly and because of the $11.60 jump in the picnic.

The projected lean hog index is delayed from the source. Hog prices are unavailable on the Daily Direct Morning Hog Report because of packer submission issues. Pork cutouts total 184.33 loads with 173.04 loads of pork cuts and 11.30 loads of trim. Pork cutout values: up $5.19, $116.68.

Friday Morning Livestock Market Update - Futures May Show Further Weakness Ahead of Weekend

GENERAL COMMENTS:

Cattle futures closed under pressure Thursday as there was some concern over light sales of dressed cattle $1.00 lower than last week. However, other cash sales were $2.00 higher. It seems higher trade will unfold as business needs to be accomplished Friday. Some of the pressure Thursday may have been due to traders taking some profits and positioning themselves ahead of the holiday weekend. The August live cattle contract was under pressure as Thursday was the final trading day and futures need to converge with cash. The August feeder cattle contract finished trading on Thursday with September taking over as the front-month. Boxed beef prices were mixed with choice up $2.57 and select down $1.87. Feeder cattle kept pace with the weakness in live cattle. Feeder cattle remain in demand in the country with some feedlots having some difficulty finding cattle to fill their yards. Even though there was weakness Thursday, the market should remain supported overall.

Hogs continue to grind slowly higher with February and later contracts again making new highs. Cash and cutout prices have not provided consistent support under the market, with most of the strength stemming from the optimism over demand. This is slowly reducing the discount the market is carrying to cash. The National Daily Direct Afternoon Hog report was down $0.61 with pork cutouts down $0.17. Packers are likely finished buying for the week with the upcoming holiday-shortened week requiring fewer hogs for processing. Weekly export sales were good at 42,500 metric tons (mt), up from the previous week and 53% above the 4-week average.

	BULL SIDE		BEAR SIDE
1)	Fundamentals have not changed in the cattle market with selling pressure likely due to positioning ahead of the Labor Day weekend.	1)	A few cattle trading at $1.00 lower in Nebraska on Thursday might have sent a warning shot over the bow, causing further liquidation as some profits will be taken in case further weakness may unfold.
2)	Cash cattle trade is expected to be steady to higher, providing continued support to the market.	2)	Traders may be uneasy holding some of their long positions over the extended weekend and may liquidate some of their positions.
3)	Hog futures continue to reduce the discount they hold to the cash market. This is expected to continue during September.	3)	Cash hogs and cutouts need to find solid support to maintain the uptrend in futures, or liquidation may take place.
4)	The uptrend in hog futures is expected to continue as traders remain optimistic over demand.	4)	Hog futures have closed higher for seven consecutive days and may be ripe for a retracement ahead of the holiday weekend.

Thursday Closing Livestock Market Update - Southern Live Cattle Trade $2.00 Higher, Northern Dressed Cattle Trade $1.00 Lower

GENERAL COMMENTS:

It was really a mixed day for the cattle complex as traders let the cattle contracts fall lower ahead of the day's end, even though the cash cattle market showed promise of higher trade, but the lean hog complex did close higher. Throughout the afternoon, Southern live cattle traded at $242, which is $2.00 higher and Northern dressed cattle traded at $385, which is $1.00 lower. December corn is up 4 cents per bushel and December soybean meal is down $0.90. The Dow Jones Industrial Average is up 71.67 points and the NASDAQ is up 115.02 points.

Thursday's export report shared that beef net sales of 13,600 mt for 2025 2343 up 34% from the previous week and 40% from the prior 4-week average. The three largest buyers were Japan (7,700 mt), South Korea (1,500 mt) and Hong Kong (1,200 mt). Pork net sales of 42,400 mt for 2025 were up noticeably from the previous week and up 53% from the prior 4-week average. The three largest buyers were Mexico (26,700 mt), Colombia (3,400 mt) and Japan (2,500 mt).

LIVE CATTLE:

The live cattle contracts weren't able to end the day on a stronger note as traders were leery about their position throughout the entire day, and even though the fed cash cattle market lent some support with noting stronger sales, traders seemed numb to that positive development. October live cattle closed $2.60 lower at $236.92, December live cattle closed $2.30 lower at $238.60 and February live cattle closed $1.87 lower at $239.95. Early this afternoon, a light trade was reported in the South at $242, which is $2.00 higher than last week's weighted average. And just here moments ago, some dressed trade was noted in Nebraska at $385, which is $1.00 lower than last week's weighted average. Asking prices for the cattle left to sell remain firm at $390 in the North and $245 in the South. More cattle will need to trade ahead of the week's end, as the week's movement has been relatively thin still. 

Thursday's slaughter is estimated at 118,000 head, 2,000 head more than a week ago and 6,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $2.57 ($414.41) and select down $1.87 ($385.84) with a movement of 99 loads (64.15 loads of choice, 13.18 loads of select, 10.56 loads of trim and 10.81 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady to somewhat higher. Depending on how willing feedlot managers are to battle packers again this week, prices could either hold steady with the light trend that we've seen already this week, or there's a chance that prices could trade a bit higher.

FEEDER CATTLE:

It was slightly disappointing to see the feeder cattle complex end the day weaker, as traders were stronger early in the day and pushed the contracts higher even though the live cattle contracts were trading lower. By the day's end, even the feeder cattle contracts closed weaker. September feeders closed $3.60 lower at $361.80, October feeders closed $2.67 lower at $361.52 and November feeders closed $2.50 lower at $360.02. Once again, today's weaker close is solely a decision based upon the market's technical indicators, as demand in the countryside remains robust – if you aren't sold on that factor yet, just look at today's close on the CME feeder cattle index.

At the Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves weighing 300 to 450 pounds traded $5.00 to $15.00 higher, and those weighing 450 to 600 pounds sold $7.00 to $13.00 lower. Feeder steers weighing 600 to 850 pounds sold $10.00 lower, while those weighing 850 to 900 pounds sold $16.00 higher. Heifer calves sold $5.00 to $16.00 lower, but a few did trade $10.00 higher. Feeder heifers weighing 600 to 700 pounds were $15.00 lower. Feeder cattle supply over 600 pounds was 40%. The CME feeder cattle index 8/27/2025: up $4.55, $365.23.

LEAN HOGS:

The cattle contracts may have ended the day weaker, but the rally in the lean hog complex remained strong throughout the day's entirety. October lean hogs closed $0.37 higher at $94.27, December lean hogs closed $0.47 higher at $86.97 and February lean hogs closed $0.67 at $89.30. Pork cutouts were disappointing again today as they closed slightly lower again, mainly because of the picnics $7.60 decline. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.61 with a weighted average price of $108.19 on 4,776 head. Pork cutouts totaled 276.94 loads with 226.17 loads of pork cuts and 50.77 loads of trim. Pork cutout values: down $0.17, $111.49. Thursday's slaughter is estimated at 487,000 head, 19,000 head more than a week ago and 1,000 head more than a year ago. The CME lean hog index 8/26/2025: down $0.23, $106.63.

FRIDAY'S HOG CALL: Lower. It's likely that packers are largely done buying this week in the cash hog market and won't show much interest on Friday.

Thursday Midday Livestock Market Update - Live Cattle Trade Lower Waiting to See What Happens in the Cash Market

GENERAL COMMENTS:

Both the lean hog and feeder cattle markets are trading higher into Thursday's noon hour, but the live cattle complex is trading slightly lower as traders want to see what is going to happen with this week's cash market. At this point no new trade has developed, and it's looking like the week's business could be mostly delayed until Friday. December corn is down 1/4 cent per bushel and December soybean meal is down $0.60. The Dow Jones Industrial Average is down 96.01 points and the NASDAQ is up 55.06 points.

Thursday's export report shared that beef net sales of 13,600 mt for 2025 2343 up 34% from the previous week and 40% from the prior 4-week average. The three largest buyers were Japan (7,700 mt), South Korea (1,500 mt) and Hong Kong (1,200 mt). Pork net sales of 42,400 mt for 2025 were up noticeably from the previous week and up 53% from the prior 4-week average. The three largest buyers were Mexico (26,700 mt), Colombia (3,400 mt) and Japan (2,500 mt).

LIVE CATTLE:

Following Wednesday's higher close, the live cattle complex is currently trading lower as traders seem to be keeping the market on hold, waiting to see what else surfaces from a fundamental sense before they push the contracts any higher. October live cattle are down $0.75 at $238.77, December live cattle are down $0.62 at $240.27 and February live cattle are down $0.32 at $241.50. Packer interest could improve at any moment, but for the time being, not a single bid is on the table. Asking prices are noted in the South at $245, but are still not established in the North. It's assumed that prices will trade steady if not a bit higher again this week as feedlot managers sit with enough leverage to simply roll their showlists over into next week if prices aren't what they want.

Boxed beef prices are mixed: choice up $1.20 ($413.04) and select down $1.86 ($385.85) with a movement of 66 loads (43.70 loads of choice, 4.79 loads of select, 8.52 loads of trim and 9.36 loads of ground beef).

FEEDER CATTLE:

The live cattle contracts may be trading lower, but the feeder cattle complex hasn't changed its direction as the market is pleased with all the support it has recently seen. Feeder cattle demand remains utterly incredible, and with buyers showing no clear signs of slowing down, traders feel comfortable allowing the contracts to continue to trade higher even though the live cattle market is trading in the opposite direction. September feeders are down $0.52 at $364.87, October feeders are up $0.22 at $364.42 and November feeders are up $0.47 at $363.00.

LEAN HOGS:

The lean hog complex is keeping with its upward trek and not seeming too phased by the market's resistance at $94.00. October lean hogs are up $0.20 at $94.10, December lean hogs are up $0.42 at $86.92 and February lean hogs are up $0.62 at $89.25. What's pretty incredible about traders' recent move is that they're doing it with little to no fundamental support. Although pork cutout values are a tick higher this morning, demand has been weaker this week, and it's looking like packers are mostly done buying the cash market, as prices couldn't be posted this morning because of confidentiality.

The projected lean hog index for 8/27/2025 is down $0.20 at $106.43, and the actual index for 8/26/2025 is down $0.23 at $106.63. Pork cutouts total 155.67 loads with 126.05 loads of pork cuts and 29.62 loads of trim. Pork cutout values: up $0.36, $112.02. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 2,106 head have traded and that the market's five-day moving average sits at $108.51.

Thursday Morning Livestock Market Update - Boxed Beef Prices May Provide Direction

GENERAL COMMENTS:

Cattle futures pushed substantially higher during the day Wednesday, but were unable to hold the highs. However, futures closed at new contract highs across the board. The weakness of boxed beef on the morning report likely put pressure on futures, with closing boxed beef prices lower. Choice boxed beef was $1.33 lower, with select $3.05 lower. This may be due to the strong buying for the Labor Day weekend, as retail demand slows. If boxed beef shows further weakness Thursday, liquidation may take place ahead of the 3-day weekend. There was limited cash cattle traded in Kansas at $242, but not enough to indicate cash prices for the week. Cash trading should take place Thursday, as packers may want to finish purchases earlier due to the holiday weekend. The weekly export sales report will be released Thursday morning, indicating whether export interest remains strong at these record prices.

October hog futures pushed above technical resistance Wednesday, but could not close at the high. The December contract closed above resistance and not far from contract highs. The February and later contracts made new highs as demand optimism keeps buyers aggressive. Packers were aggressive on Wednesday, paying higher prices for hogs. The National Daily Direct Afternoon Hog report showed cash up $0.40 on a good volume of hogs. Pork cutouts may provide a little anchor to the market Thursday as prices fell $1.39. The trading action of the past four days suggests traders have turned bullish and may not be quick to take profits ahead of the holiday weekend. The demand for pork may improve as demand for beef slows as the summer winds down. The weekly average hog weights showed little change from the previous week and year.

	BULL SIDE		BEAR SIDE
1)	The strength in cattle futures is fueling further strength as new highs continue to be made. Traders are confident to buy and hold.	1)	The weakness in both categories of boxed beef may be an indication that the demand may slow after the Labor Day weekend.
2)	Feedlots are desperate to purchase cattle to keep their lots full and are paying a premium for available cattle.	2)	Traders may liquidate some of their long cattle positions ahead of the weekend as they may want to take some profits in case negative news surfaces.
3)	Hog futures in deferred months continue to make new highs as traders remain optimistic over demand.	3)	Hog futures have had four days of strong gains, which may increase the desire of some traders to take profits. This may pressure the market into the weekend.
4)	The weekly hog weight declined 0.1 pounds, averaging 281.0 pounds. This is 0.5 pounds below a year ago.	4)	Packers may have most of their hogs purchased and may be less aggressive the rest of the week, resulting in lower cash prices.

Wednesday Closing Livestock Market Update - Traders Respect the Market's Powerful Fundamentals and Push Contracts Higher

GENERAL COMMENTS:

The livestock complex successfully closed higher as traders continued to push the contracts higher through the day's end. There was a thin movement of cattle noted in Kansas, but not enough traded to say that any sort of a trend was established for the week. December corn is down 3 1/2 cents per bushel and December soybean meal is down $5.10. The Dow Jones Industrial Average is up 147.16 points and the NASDAQ is up 45.87 points.

LIVE CATTLE:

The live cattle complex may not have closed as vigorously as it was trading earlier in the day, but given the sheer price point at which the market is trading, any ability to close higher is a win. October live cattle closed $1.32 higher at $239.52, December live cattle closed $0.97 higher at $240.90 and February live cattle closed $0.57 higher at $241.82. The question that pops into everyone's head upon viewing the closing market reports is: What's going on with boxed beef prices? After seeing such strong beef demand here as of late, seeing weaker boxed beef prices is a bit of an oddity. But given that most retailers have bought all that they need for Labor Day already, it's expected that boxed beef prices would soften a bit for the next little while. There was a handful of cattle traded in Kansas at $242, but given how limited the volume traded was, no trend has been clearly established for the week. 

Wednesday's slaughter is estimated at 119,000 head, 1,000 head more than a week ago and 5,000 head less than a year ago.

Boxed beef prices closed lower: choice down 1.33 ($411.84) and select down $3.05 ($387.71) with a movement of 104 loads (70.34 loads of choice, 14.31 loads of select, 13.44 loads of trim and 5.78 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady/somewhat higher. Given the support that stems from the futures complex, there's a strong chance that prices trade steady if not a bit higher again this week.

FEEDER CATTLE:

Much like the live cattle complex, the feeder cattle contracts didn't close dollars higher, but again, seeing any sort of a higher close is a victory for the complex. September feeders closed $0.35 higher at $365.40, October feeders closed $0.42 higher at $364.20 and November feeders closed $0.70 higher at $362.52. Do note that Tuesday's opening and today's opening both saw the contracts gap slightly higher, and the CME feeder cattle index broke above $360 for the first time. At the Bassett Livestock Auction, compared to last week, the best tested group of cattle was the 850-pound steers and they traded $11.00 higher. Internet bidding was strong. Feeder cattle supply over 600 pounds was 100%. The CME feeder cattle index 8/26/2025: up $1.51, $360.68.

LEAN HOGS:

The lean hog complex continued to successfully trade higher through Wednesday's end, even without the support of stronger pork cutout values. The market has thus far accomplished a tremendous week, trading higher every day and breaking through substantial resistance barriers. October lean hogs closed $0.47 higher at $93.90, December lean hogs closed $0.57 higher at $86.50 and February lean hogs closed $0.50 higher at $88.62. On Thursday, the market could face a little push back technically as the resistance around $94.00 is strong. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.40 with a weighted average price of $108.80 on 8,845 head. Pork cutouts total 280.91 loads with 240.81 loads of pork cuts and 40.10 loads of trim. Pork cutout values: down $1.39, $111.66. Wednesday's slaughter is estimated at 481,000 head, 1,000 head more than a week ago and 8,000 head more than a year ago. The CME lean hog index 8/26/2025: down $0.59, $106.86.

THURSDAY'S HOG CALL: Lower. At this point, packers have likely bought the vast majority of their needs for the week, and with pork cutout values slightly lower, they're not likely to buy extra hogs.

Wednesday Midday Livestock Market Update - Cattle Jet Higher

GENERAL COMMENTS:

It's been a wild day so far for the livestock complex as all three of the markets are trading sharply higher into Wednesday's noon hour. Still no cash cattle trade has developed but there is a single bid currently on the table in Nebraska. December corn is down 3 cents per bushel and December soybean meal is down $3.30. The Dow Jones Industrial Average is up 96.74 points and NASDAQ is down 5.29 points.

LIVE CATTLE:

Almost seeming to double down and show all its power and might, the live cattle complex has jolted higher thus far through Wednesday's trade. October live cattle are up $3.35 at $241.55, December live cattle are up $2.87 at $242.80 and February live cattle are up $2.35 at $243.60. Wednesday's move comes somewhat as a surprise because midday boxed beef prices are lower, and the fed cash cattle market hasn't seen any cattle trade just yet. So, while I'd typically point to the market fundamentals for reason, today's powerful move is seeming to be a decision made solely based upon the market's technical position as traders continue to respect the long-term bullishness of the cattle complex. A single bid is currently on the table in Nebraska at $245, but still no cattle have traded. Southern asking prices are firm at $243 but are still not established in the North. Trade will likely be delayed until Thursday or Friday.

Boxed beef prices are lower: choice down $2.08 ($411.09) and select down $2.92 ($387.84) with a movement of 71 loads (50.62 loads of choice, 11.28 loads of select, 6.21 loads of trim and 3.24 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is taking on the same rallying mannerisms of the live cattle market as traders continue to show respect and give credence to the market's unwavering, long-term fundamental position. September feeders are up $3.80 at $368.85, October feeders are up $4.17 at $367.95 and November feeders are up $4.35 at $366.17. I do think it's worth nothing that again today the contracts that are seeing the biggest gains are the deferred months as traders are realizing that supplies aren't going to become greater any time soon.

LEAN HOGS:

Keeping with the same gusto it possessed Tuesday, the lean hog complex is thriving as the market nears Wednesday's noon hour. October lean hogs are up $0.97 at $94.40, December lean hogs are up $0.97 at $86.90 and February lean hogs are up $0.72 at $88.85. And again today, the market can't point to its fundamentals as support as both cash prices and pork cutout values are lower; so instead, today's energy is solely being driven by eager traders who see an opportunity.

The projected CME Lean Hog Index for 8/26/2025 is down $0.23 at $106.63, and the actual index for 8/25/2025 is down $0.41 at $106.86. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.06 with a weighted average price of $109.00, ranging from $102.00 to $110.00 on 3,045 head and a five-day rolling average of $108.40. Pork cutouts total 153.81 loads with 133.35 loads of pork cuts and 20.47 loads of trim. Pork cutout values: down $1.09, $111.96.

Wednesday Morning Livestock Market Update - Technical Buying May Provide Further Strength

GENERAL COMMENTS:

The bearish placement numbers on the Cattle on Feed report and the discovery of a human case of the New World screwworm in the U.S. only caused a brief pause in the market. Traders absorbed the information and decided it did not override the overall fundamentals of the market. Boxed beef prices were up sharply Tuesday, with choice gaining $4.68 and select up $5.38. This will spur feedlots into holding for higher cash this week. They are not pressed to sell cattle and will hold them over longer if higher prices are not achieved. Packers were able to purchase some cattle ahead last week and will attempt to do the same due to the holiday-shortened week coming up.

Hog futures had sufficient buying interest to push April and later contracts to new highs Tuesday. The February contract is knocking on the door of a new high. Nearby contracts pushed above technical resistance, with the October contract narrowing the price spread between it and cash. This may boost the interest of technical traders to increase their long positions. Packers were aggressive Tuesday with the National Daily Direct Afternoon Hog report up $2.73 on good volume of hogs; but not an exceptional volume of hogs were purchased. This may indicate packers may remain aggressive Wednesday. Cutouts were lower with values down $1.12.

	BULL SIDE		BEAR SIDE
1)	The jump in boxed beef prices to record highs continues to support higher beef prices with demand remaining strong.	1)	The September and later feeder cattle contracts left chart gaps Tuesday that need to be closed at some point.
2)	Cattle supplies are tight and buyers remain aggressive at auctions to purchase the available cattle, keeping feedlots full and taking advantage of the high beef prices.	2)	There may be selling pressure ahead of the Labor Day weekend as traders may want to take some profit in case some negative news surfaces.
3)	Hog futures moved above price resistance and later contracts making new highs will increase the buying interest of technical traders.	3)	The choppiness of pork cutouts may limit the upside price potential for hog futures as demand remains variable.
4)	Packers have not bought a large volume of hogs so far this week. This should keep them aggressive Wednesday as they need to fill their slaughter schedules.	4)	Hog futures may continue to hold a discount to cash as it is too early to determine whether cash hog prices will remain at current levels over the next month.

Tuesday Closing Livestock Market Update - Traders Push Contracts Higher

GENERAL COMMENTS:

It was a rallying type of day for the livestock complex as all three of the markets successfully closed higher, thanks to traders' willingness to continue to support the contracts following Monday's nervousness. Still no cash cattle trade has developed. October lean hogs are up $2.03 at $93.425, December corn is down 2 3/4 cents per bushel and December soybean meal is up $2.40. The Dow Jones Industrial Average is up 135.60 points and the NASDAQ is up 94.98 points.

LIVE CATTLE:

I think it's safe to say that the live cattle complex is no longer trembling and in disarray about the news shared over the weekend about a human contracting New World screwworm. The market closed well over $1.00 higher in all of its contracts. More than anything, traders seemed encouraged by the boxed beef market's strong rally, which helped give them confidence to support the contracts all the way through the day's end. October live cattle closed $1.37 higher at $238.20, December live cattle closed $1.87 higher at $239.92 and February live cattle closed $1.87 higher at $241.25. Today's close in the spot October contract did reach a new contract high for the contract. No cash cattle trade developed throughout the day, but asking prices are noted in the South at $243 and remain unestablished in the North. 

Tuesday's slaughter is estimated at 118,000 head, 2,000 head more than a week ago and 1,000 head less than a year ago.

Boxed beef prices closed higher: choice up $4.68 ($413.17) and select up $5.38 ($390.76) with a movement of 106 loads (70.55 loads of choice, 20.08 loads of select, 5.29 loads of trim and 10.50 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady/somewhat higher. Packers were able to get some more cattle bought last week, but with boxed beef prices rallying, they still may tango with feedlot managers in this week's market, as they don't have a surplus of cattle positioned around them.

FEEDER CATTLE:

The feeder cattle complex arrived at Tuesday's market ready to get to work and didn't weaken a bit. With ample support encouraging the contracts to trade higher, traders felt like it was an easy decision to push the contracts onward, even after they gapped the contracts higher at this morning's start. September feeders closed $3.15 higher at $365.05, October feeders closed $3.02 higher at $363.77 and November feeders closed $2.90 higher at $361.82. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers and heifers traded $4.00 to $10.00 higher and steer calves sold $10.00 to $20.00 higher, with spots even higher than that. Heifer calves under 500 pounds traded unevenly steady, but those over 500 pounds traded $8.00 to $12.00 higher. Feeder cattle supply over 600 pounds was 61%. The CME feeder cattle index 8/25/2025: up $1.25, $359.17.

LEAN HOGS:

The lean hog complex traded higher throughout the day, but the market truly grabbed another gear after the day's noon hour and powered higher through the day's close. October lean hogs closed $2.02 higher at $93.42, December lean hogs closed $1.17 higher at $85.92 and February lean hogs closed $0.62 higher at $88.12. Today's close was a powerful move for the lean hog complex as the spot October contract was able to blow through the market's resistance at $93.00, even without pork cutout values being higher. The biggest reason why the carcass price struggled was the $10.34 decline in the picnic. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.73 with a weighted average price of $108.40 on 5,904 head. Pork cutouts totaled 316.67 loads with 258.54 loads of pork cuts and 58.13 loads of trim. Pork cutout values: down $1.12, $113.05. Tuesday's slaughter is estimated at 480,000 head, 3,000 head more than a week ago and 4,000 head more than a year ago. The CME lean hog index 8/22/2025: down $0.57, $107.27.

WEDNESDAY'S HOG CALL: Steady. With pork cutout values a tick lower, the cash market may be simply steady on Wednesday.

Tuesday Midday Livestock Market Summary - Traders Push Contracts Higher

GENERAL COMMENTS:

The livestock complex is having a fruitful day, as all three of the markets are trading higher at midday Tuesday. Still no cash cattle trade has developed, and it won't likely until later in the week. December corn is down 3 1/4 cents per bushel and December soybean meal is up $3.90. The Dow Jones Industrial Average is up 5.16 points and the NASDAQ is up 54.37 points.

LIVE CATTLE:

The worry and concern that plagued Monday's market regarding the case where a traveler who was traveling abroad tested positive for New World screwworm in Maryland no longer seems to be at the forefront of the market's mind anymore. October live cattle are up $1.32 at $238.20, December live cattle are up $1.82 at $239.87 and February live cattle are up $1.82 at $241.20. Currently, the spot October contract is trading at a new contract high as traders seem to be pressing onward aggressively and are encouraged to see boxed beef prices up as much as they are. Still no cash cattle trade has developed, but asking prices are noted in the South at $243, and remain unestablished in the North.

Boxed beef prices are higher: choice up $6.48 ($414.97) and select up $6.84 ($392.22) with a movement of 57 loads (35.30 loads of choice, 12.68 loads of select, zero loads of trim and 8.86 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is trading throughout the day with vengeance as the market gapped higher this morning and hasn't looked back since. September feeders are up $3.35 at $365.25, October feeders are up $3.05 at $363.80 and November feeders are up $3.07 at $362.00. And with the notable gain seen yesterday in feeder cattle sales across the country, the fundamental support is there for traders to make this kind of move.

LEAN HOGS:

Although morning pork cutout values are a tick lower, the lean hog complex is challenging the market's resistance in the spot October contract, as currently, trader support is more than ample. October lean hogs are up $1.50 at $92.90, December lean hogs are up $1.00 at $85.75 and February lean hogs are up $0.65 at $88.15. There's a chance that with morning pork cutout values lower than traders could become weary at any point in time, but at this moment, support and stronger trends seem to be the market's trajectory.

The projected lean hog index for 8/25/2025 is down $0.41 at $106.86 and the actual index for 8/22/2025 is down $0.57 at $107.27. Hog prices are higher on the Daily Direct Morning Hog Report, up $2.39 with a weighted average price of $109.06, ranging from $103.00 to $110.00 on 3,014 head and a five-day rolling average of $108.71. Pork cutouts total 175.23 loads with 137.73 loads of pork cuts and 37.50 loads of trim. Pork cutout values: down $0.22, $113.95.

Tuesday Morning Livestock Market Update - Uncertainty May Dominate Cattle Trade

GENERAL COMMENTS:

Cattle futures opened lower Monday, as expected. However, it was not as negative as some had anticipated due to the negative implication of the Cattle on Feed report and the news that a human case of the New World screwworm was discovered in the U.S. The lower open was quickly faded as cattle placements in feedlots in July were still 6% below a year ago and not considered as bearish as initially perceived. The report of the New World screwworn discoved in a human in the U.S. likely influenced the market most on the open as it opened up an unexpected way it could enter the country other than cattle. This may keep the market on edge for a few days. The 5-state weekly averages made new highs last week as the market continues to exhibit incredible strength. Boxed beef prices were higher Monday with choice up $0.58 and select up $1.72.

Hog futures held up well as the on-again, off-again question of demand was on again Monday. Longer-term optimism seems to be prevalent and supporting the market. Futures had a narrow trading range during the day with all contracts closing with moderate gains. Packers were not aggressive in the cash market with the National Daily Direct Afternoon Hog report down $1.99 on limited trading activity. Packers may be more aggressive Tuesday as they may step up to purchase hogs earlier this week to prepare for the upcoming holiday weekend. Pork cutouts increased $1.28 as the slowing of slaughter may be supporting pork prices. Slaughter is running significantly less than a year ago. Packers are trying to improve their margins.

	BULL SIDE		BEAR SIDE
1)	Cattle traders assessed the recent news and determined it was not as bearish as initially perceived. Higher placements than the trade expected should not mean much in the current market environment.	1)	Any further negative news surrounding the human case of New World screwworm as an unexpected way to potentially enter the country may trigger liquidation in cattle futures.
2)	The discovery of the New World screwworm was in a human and not cattle. It is still a concern, but not as alarming to the industry.	2)	Beef demand may slow after Labor Day. Consumers may reduce consumption as the summer winds down and beef is expensive.
3)	Traders are optimistic over pork demand through the rest of the year. Futures maintain support and continue to hold a discount to cash.	3)	Hog futures may have difficulty moving above technical resistance without consistent fundamental support.
4)	Hog slaughter is lower, but it may be solely due to packers reducing slaughter to improve margins; or it could also be due to lower supplies in the country.	4)	Packers have been reducing hog slaughter in an effort to improve margins. This may back up hogs in the country.

Monday Closing Livestock Market Update - Traders Find Some Stability

GENERAL COMMENTS:

It was a wild, chaotic, emotional day of trading for the cattle complex as no one was sure how to properly handle the news of a positive case of New World screwworm being detected in a human over the weekend. Ahead of the day's close, the cattle complex closed just slightly lower, as opposed to the massive price swing it saw earlier in the day. October lean hogs are up $0.20 at $91.40, December corn is up 3/4 cent per bushel and December soybean meal is down $0.60. The Dow Jones Industrial Average is down 349.27 points and the NASDAQ is down 47.24 points.

LIVE CATTLE:

Monday was a wild, bumpy ride for the live cattle complex, as at the day's start, the market gushed sharply lower as traders weren't sure what to do about hearing over the weekend that the CDC confirmed that a human who had recently been traveling abroad but was in Maryland had contracted New World screwworm. The ag sector has taken substantial measures to limit the likelihood that the parasitic flies would come to the U.S. through banning the imports of Mexican cattle, but no one suspected that the first positive case would be on a human. Nevertheless, the news created turmoil for the market throughout most of the day, but by the day's close, the market's loss was minimal. October live cattle closed $1.05 lower at $236.82, December live cattle closed $1.10 lower at $238.05 and February live cattle closed $0.82 lower at $239.37. The market's cautious, hesitant tone could likely remain a theme throughout the majority of the week. New showlists appear to be lower in all major feeding areas. Monday's slaughter is estimated at 107,000 head, 7,000 head more than a week ago and 7,000 head less than a year ago.

Last week Northern dressed cattle traded at mostly $385, which is $2.00 higher than the previous week's weighted average. Southern live cattle traded at mostly $240, which is $5.00 higher than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 79,192 head. Of that 62% (49,363 head) were committed to the market's nearby delivery, while the remaining 38% (29,829 head) were committed to the market's deferred delivery.

Boxed beef prices closed higher: choice up $0.58 ($408.49) and select up $1.72 ($385.38) with a movement of 63 loads (33.75 loads of choice, 11.98 loads of select, 7.64 loads of trim and 9.34 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady. Packers did end up paying more money for cattle last week and purchased a sizeable volume. Most retailers' buying for Labor Day is most likely done, which could affect boxed beef prices. And if boxed beef prices soften much, packers will be reluctant to push cash prices higher.

FEEDER CATTLE:

The feeder cattle complex may have followed the same trend as the live cattle market, but sales in the countryside weren't affected whatsoever. And if anything, as evidenced by the continued climb of the CME feeder cattle index, buyers need more cattle and are willing to pay up for them, regardless of whatever the board is doing. September feeders closed $0.77 lower at $361.90, October feeders closed $1.75 lower at $360.75 and November feeders closed $1.92 lower at $358.92. At the mid-session point for Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers were selling $3.00 to $17.00 higher and feeder heifers were trading mostly $3.00 to $15.00 higher. Feeder cattle supply over 600 pounds was 72%. The CME feeder cattle index 8/22/2025: up $7.74, $357.92.

LEAN HOGS:

With the help of plenty of consumer demand, the lean hog complex was able to successfully round out the day higher. The market is again nearing resistance levels, which could cause it some trouble, but at this point, with consumers helping to push pork prices higher, traders have had enough support and haven't been faced with much technical pushback that they've been able to continue to push the contracts higher. October lean hogs closed $0.20 higher at $91.40, December lean hogs closed $0.37 higher at $84.75 and February lean hogs closed $0.37 higher at $87.50. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.99 with a weighted average price of $105.67 on 2,370 head. Pork cutouts totaled 321.05 loads with 285.67 loads of pork cuts and 35.38 loads of trim. Pork cutout values: up $1.28, $114.17. Monday's slaughter is estimated at 455,000 head, 26,000 head less than a week ago and 20,000 head less than a year ago. The CME lean hog index 8/21/2025: down $0.48, $107.84.

TUESDAY'S HOG CALL: Higher. With pork demand strong, packers could likely be a tick more aggressive in Tuesday's market.

Monday Midday Livestock Market Summary - Unexpected Case of NWS in Human Worries the Cattle Complex

GENERAL COMMENTS:

It's been a wild start to the week for the cattle complex as traders have reacted negatively to the news that a positive case of New World screwworm was detected in a human who was traveling from abroad into Maryland over the weekend. The contracts opened sharply lower but have since settled down a bit. December corn is up 2 cents per bushel and December soybean meal is up $0.50. The Dow Jones Industrial Average is down 230.58 points and the NASDAQ is up 61.26 points.

LIVE CATTLE:

It's been a tumultuous morning for the cattle complex as news broke over the weekend from the CDC that a person traveling abroad in Maryland was infected with New World screwworm. The news obviously affected the cattle complex dramatically as strict measures have been taken with cattle imports to avoid the spread into the U.S., but thinking that it would be carried into the US through a human wasn't on most people's radar. October live cattle are down $0.95 at $236.95, December live cattle closed $1.05 lower at $238.10 and February live cattle closed $0.75 lower at $239.45. And although the news regarding the positive case of New World screwworm has most affected the marketplace, it hasn't helped matters either that the market received a neutral to somewhat bearish Cattle on Feed report last week, as most analysts thought placements would be lighter than what they were. New showlists appear to be lower in all major feeding areas.

Last week Northern dressed cattle traded at mostly $385, which is $2.00 higher than the previous week's weighted average. Southern live cattle traded at mostly $240, which is $5.00 higher than the previous week's weighted average.

Boxed beef prices are higher: choice up $0.62 ($408.53) and select up $1.89 ($385.55) with a movement of 32 loads (17.68 loads of choice, 3.99 loads of select, 3.88 loads of trim and 6.04 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is trading lower as traders are uncertain what to do with the complex following the CDC's announcement. September feeders are down $0.90 at $361.77, October feeders are down $2.12 at $360.37 and November feeders are down $2.27 at $358.57. The contracts were trading close to their limit lower this morning, but have since recovered some position and are now only trading mildly lower.

LEAN HOGS:

The lean hog complex is having a prosperous morning as the contracts are trading fully higher. October lean hogs are up $0.35 at $91.55, December lean hogs are up $0.42 at $84.80 and February lean hogs are up $0.45 at $87.57. It was helpful to see pork cutout values were stronger again this morning – but that's mainly because of the continued aggressive rally in the picnic, which is up $8.75.

The projected lean hog index for 8/22/2025 is down $0.57 at $107.27, and the actual index for 8/21/2025 is down $0.48 at $107.84. Hog prices are lower on the Daily Direct Morning Hog Report, down $1.22 with a weighted average price of $106.67, ranging from $100.00 to $111.00 on 927 head and a five-day rolling average of $109.28. Pork cutouts total 167.13 loads with 153.23 loads of pork cuts and 13.90 loads of trim. Pork cutout values: up $2.64, $115.53.

Monday Morning Livestock Market Update - Higher Placements May Pressure Market

GENERAL COMMENTS:

The cattle complex easily moved to new highs in response to the strength in the equity markets and the bullish implications of Fed Chairman Jerome Powell's speech on Friday. It was further fueled by higher cash being paid for cattle in the country as packers stepped up aggressively. Last week's cash trade was higher with $245 live and $385 dressed trading in the North. Southern trade reached $240, which was $3.00-$5.00 higher. While northern trade was higher, it was disappointing considering cash already traded at these levels before futures were this high. The exuberance of traders Friday may turn negative with trading expected to begin lower Monday morning in reaction to the neutral to negative Cattle on Feed report. On feed as of Aug. 1 was 98% and right in line with the estimate of 98.1%. Cattle marketed in July were 94% and in line with the estimate of 94.1%. Cattle placements were the bearish category at 94% compared to the estimate of 91.1%. This was right at the high end of trade estimates. Traders may react negatively to this report, but the placement number is 6% below a year ago, which is supportive in the big picture. The Commitments of Traders report showed fund traders increasing their long futures position in live cattle to 120,489 contracts, up 496 from the previous week. They reduced their feeder cattle futures position to 32,847, down 173 contracts from the previous week.

Hog futures reacted to the bullish equity markets similarly to the cattle markets. A better economy may mean stronger demand. Futures pushed above resistance easily and closed there. The National Direct afternoon Hog report showed cash down $0.69 as packers finished up buying for the week. Pork cutouts were higher with a gain of $.36. For the week, October hog futures were $1.10 higher than the close of the previous week, with the December contract up $1.35. October futures closed at the highest level since Aug. 12, with December closing at the highest level since Aug. 6. The Commitments of Traders showed the funds reduced their long position by 3,237 futures contracts to a net long of 102,594.

	BULL SIDE		BEAR SIDE
1)	Cattle futures pushed to new highs Friday, even though the Cattle on Feed report was to be released. Traders remain bullish on the market.	1)	Higher-than-expected cattle placements in July may trigger selling as traders may want to take some of their profits, while others may want to sell to hopefully profit on the liquidation.
2)	Placements in July were higher than the trade expectations, but the number of cattle placed was still 6% below a year ago. Bearish reactions to other negative Cattle on Feed reports over the past year were short-lived.	2)	Cattle futures are overbought and any selling pressure could be magnified as liquidation could gain momentum.
3)	Hog futures pushed above technical resistance as there were renewed hopes of strong demand due to a better economy.	3)	Cash and cutouts in the hog market have yet to find solid support and trend higher.
4)	Futures could resume an uptrend now that prices closed higher. This may increase trader interest in adding positions for the long haul.	4)	Pork demand has not increased as had been anticipated due to the high beef prices. Traders remain cautious and hold a discount to cash.

Friday Closing Livestock Market Update - Historical Week for the Cattle Complex

GENERAL COMMENTS:

What a day it was for the livestock complex as all three of the markets closed higher, but the biggest takeaway from Friday's end was the positive trade in the fed cash cattle market. Southern live cattle traded at mostly $240, which is $5.00 higher than last week's weighted average and Northern dressed cattle traded at $385, which is $2.00 higher than last week's weighted average. December corn is down 1/4 cent per bushel and December soybean meal is down $2.70. The Dow Jones Industrial Average is up 868.26 points and the NASDAQ is up 405.10 points.

From Friday to Friday the livestock futures scored the following changes: August live cattle up $3.70, October live cattle up $7.22; August feeder cattle up $14.20, September feeder cattle up $15.33; October lean hogs up $1.10, December lean hogs up $1.35; September corn up $0.05, December corn up $0.06.

LIVE CATTLE:

Is there anything more powerful, or more exhilarating than a market that's fueled by sheer fundamental strength? This past week was one of the most robust weeks ever traded in the cattle complex, and there's no telling when the market's support is going to end. From the continued demand from consumers to the unwillingness of feedlot managers to let fed cash cattle trade cheaper, and the total buy-in and support of traders, this week is one for the history books.

October live cattle closed $3.15 higher at $237.87, December live cattle closed $2.75 higher at $239.15 and February live cattle closed $2.42 higher at $240.20. Some light trade began to be reported shortly after the noon hour at $240 in the South, which is $5.00 higher than the previous week's weighted average, and throughout the week, Northern dressed cattle traded at $385, which is $2.00 higher than last week's weighted average.

Friday's slaughter is estimated at 96,000 head, 14,000 head more than a week ago and 19,000 head less than a year ago. Saturday's slaughter is projected to be around 1,000 head. The week's total slaughter is estimated at 547,000 head, 17,000 head more than a week ago and 61,000 head less than a year ago.

Boxed beef prices closed higher: choice up $0.05 ($407.91) and select up $0.06 ($383.66) with a movement of 118 loads (91.38 loads of choice, 11.07 loads of select, 10.58 loads of trim and 5.24 loads of ground beef).

MONDAY'S CATTLE CALL: Steady/somewhat higher. So long as beef demand remains this strong, packers are likely going to remain engaged in the market as they can't afford to be too short-bought.

FEEDER CATTLE:

The feeder cattle complex successfully rallied all throughout the day as the market shot higher, thanks to the continued support the market's fundamentals are lending traders. Whether that be exceptional demand in the countryside, stronger fed cash cattle prices, rallying beef demand, or the willingness of traders to continue to support the contracts at these levels, the market had all it could have wished for this week. Do note that the feeder cattle contracts closed higher every single day this week, and of course, the market again obtained a new contract high this afternoon. September feeders closed $4.65 higher at $362.67, October feeders closed $4.40 higher at $362.50 and November feeders closed $4.20 higher at $360.85. And the monthly Cattle on Feed report that came out this afternoon thankfully didn't sharpen any concern, as placements were again lighter than a year ago, even though more calves are hitting the sale barns sooner than the market's typical norm. 

The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers traded $5.00 to $7.00 higher. Steer calves traded $2.00 to $7.00 higher, except those weighing 500 to 600 pounds, which traded $17.00 higher. Feeder heifers sold $6.00 to $10.00 higher, except those weighing 800 to 850 pounds, which traded $20.00 stronger. Heifer calves weighing over 500 pounds sold $4.00 to $8.00 higher, and those weighing under 500 pounds sold $15.00 to $20.00 higher. The market report did note that more calves are being brought to town earlier this year than compared to normal. Feeder cattle supply over 600 pounds was 59%. The CME feeder cattle index 8/21/2025: up $2.74, $350.18.

LEAN HOGS:

Although the lean hog complex was pressured earlier in the week, the market sprang into action on Friday as the contracts shot higher upon seeing continued pork demand and upon establishing some footing in the futures complex. October lean hogs closed $1.27 higher at $91.20, December lean hogs closed $1.27 higher at $84.37 and February lean hogs closed $1.07 higher at $87.12. Noting the day-over-day changes in the major pork cuts was interesting; however, as the picnic jumped $11.29 higher. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.69 with a weighted average price of $107.66 on 2,498 head. Pork cutouts total 278.02 loads with 236.90 loads of pork cuts and 41.12 loads of trim. Pork cutout values: up $0.36, $112.96. Friday's slaughter is estimated at 462,000 head, 2,000 head more than a week ago and 13,000 head less than a year ago. Saturday's slaughter is projected to be around 51,000 head. The CME lean hog index 8/20/2025: down $0.25, $108.32.

MONDAY'S HOG CALL: Lower. Packers rarely push hog prices higher on Mondays.

Friday Midday Livestock Market Summary - Traders Continue to Support Livestock Contracts

GENERAL COMMENTS:

The livestock complex is trading fully higher into midday Friday, as traders are eager to support the contracts through the week's end. At this point, bids are still sitting on the table in both regions, but no new trade has developed. It could be that the cash cattle market doesn't see a lot of trade develop until after the Cattle on Feed report is released. December corn is down 3/4 cent per bushel and December soybean meal is down $3.10.

The Dow Jones Industrial Average is up 915.52 points and the NASDAQ is up 364.44 points.

LIVE CATTLE:

The live cattle complex continues to trade higher and higher as support remains plentiful for the market. Boxed beef demand has been stellar this week, and although we'd just seen a small trading thus far in the fed cash cattle complex, prices have been higher in the North. It's normal for traders to pull the contracts back somewhat ahead of the release of the monthly Cattle on Feed report, but at this point, it's looking like there's enough support in the marketplace to ease traders' nervousness about the report to continue to push the contracts higher. October live cattle are up $1.30 at $236.00, December live cattle are up $1.15 at $237.55 and February live cattle are up $1.02 at $238.80. Bids are currently being offered all throughout the countryside, with Northern bids currently at $245 live and $385 dressed, and finally, there are bids being offered in Texas at $233. No new trade has developed at this point, but more will likely occur before the day's end.

This week, Northern dressed deals have been marked at mostly $385, $2 higher than last week's weighted average, basis Nebraska. Kansas has only moved a small number of cattle at $237, while Texas has yet to move a single hoof.

Boxed beef prices are mixed: choice down $0.99 ($406.87) and select up $0.25 ($383.85) with a movement of 86 loads (71.40 loads of choice, 6.62 loads of select, 3.86 loads of trim and 4.38 loads of ground beef).

FEEDER CATTLE:

A new day, and another new contract high is summarizing the feeder cattle complex at this point. It will be interesting to note what happens this afternoon on the monthly Cattle on Feed report as placements are expected to be lighter than a year ago, but how much lighter once again remains the question to be answered. September feeders are up $2.92 at $360.95, October feeders are up $2.37 at $360.47 and November feeders are up $2.20 at $358.85. It's been an incredible week for the feeder cattle complex as the market has been able to close higher every single day (that's assuming, of course, that the stronger trend will continue through today's end).

LEAN HOGS:

The lean hog complex is making a late-week rally as the nearby contracts are successfully trading upward of $1.00 higher into Friday's noon hour. October lean hogs are up $1.25 at $91.17, December lean hogs are up $1.20 at $84.30 and February lean hogs are up $1.02 at $87.07. Some of the market's support is stemming from the strong fundamental showing late in the week, but more than that, it seems that traders have regained their confidence, as fundamental support throughout the week has been spotty.

The projected lean hog index for 8/21/2025 is down $0.48 at $107.84, and the actual index for 8/20/2025 is down $0.25 at $108.32. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.55 with a weighted average price of $107.89, ranging from $101.00 to $110.00 on 2,298 head and a five-day rolling average of $109.52. Pork cutouts total 150.74 loads with 127.89 loads of pork cuts and 22.85 loads of trim. Pork cutout values: up $1.16, $113.76.

Friday Morning Livestock Market Update - Traders May Position Ahead of Report, Keeping Trade Choppy

GENERAL COMMENTS:

Cattle futures were mixed Thursday, as early indications suggest cash prices may remain steady for the week. Heavier cash trade was expected earlier this week due to the limited volume of cattle traded last week. However, packers and feedlots are waiting it out, hoping to take advantage of doing business after the Cattle on Feed report. Traders seemed to be positioning themselves ahead of the report Thursday, which should continue Friday. Some light cash cattle trade took place again Thursday at steady money as last week, but with limited volume. Boxed beef prices were higher with choice up $2.01 and select up $0.44. The estimates for the Cattle on Feed report are for on-feed numbers on Aug. 1 at 98.1% of a year ago, with estimates ranging from 97.4% to 98.6%. Placements in July expected to average 91.2% with estimates from 87.0% to 97.0%. Marketing in July is estimated at 94.1% with a range of 93.9% to 94.4%.

Hog futures could not find sufficient support to maintain the strength seen during the day. All but the October contract closed marginally higher. Traders did not have much to generate strong buying interest with both cash and cutouts lower. The National Daily Direct Afternoon Hog report was down $1.46. Pork cutout values declined $0.41. Packers may be a bit more aggressive Friday as they need to complete their purchases for the week and may bid up to accomplish it. The positive aspect of trading activity this week is that futures have been holding support. Traders have been content to hold their long positions. Weekly export sales were 9% lower than the previous week at 19,200 metric tons.

	BULL SIDE		BEAR SIDE
1)	The Cattle on Feed report could show the lowest August inventory since 2017 if the report is released near analysts' expectations.	1)	Cattle traders moved futures higher throughout the week and profits may be taken ahead of the report to be on the safe side.
2)	A selloff is not expected ahead of the report as cattle traders seem willing to hold long positions in the expectation of a neutral to bullish report.	2)	Once Labor Day demand for beef is filled, consumers may slow their beef purchases, resulting in lower boxed beef prices.
3)	Hog futures have held support and traded in a sideways range throughout the week. The market may be building long-term support.	3)	Hog futures have been unable to break above resistance as traders have not seen sufficient fundamentals to push prices higher.
4)	Pork may benefit from increased demand once Labor Day is past, as consumers may back away from high-priced beef.	4)	Packers continue to slow hog slaughter in an effort to improve their margins. This leaves sufficient hogs readily available for purchase, reducing the need to bid aggressively to obtain them.

Thursday Closing Livestock Market Update - Traders Marginally Support Contracts

GENERAL COMMENTS:

The livestock complex fared well throughout the day because traders felt secure, allowing the contracts to chop sideways through the day's end. A few more sales were noted in the North, but still no Southern cattle have traded. Do remember that on Friday the monthly Cattle on Feed report will be shared. December corn is up 7 3/4 cents per bushel and December soybean meal is down $3.00. The Dow Jones Industrial Average is down 152.81 points and the NASDAQ is down 72.55 points.

Thursday's export report shared that Beef net sales of 10,100 mt for 2025 were up noticeably from the previous week, but down 11% from the prior 4-week average. The three largest buyers were Japan (2,500 mt), Hong Kong (2,400 mt) and South Korea (1,600 mt). Pork net sales of 19,200 mt for 2025 were down 9% from the previous week and 29% from the prior 4-week average. The three largest buyers were Mexico (5,300 mt), South Korea (4,000 mt) and Japan (2,600 mt).

LIVE CATTLE:

The live cattle complex was a tick more cautious throughout Thursday's trade than it was on Wednesday when the market closed sharply higher. But aside from the spot October contract and the nearby December 2025 contract, the rest of the live cattle contracts closed higher, as boxed beef prices continue to rally. Although the fed cash cattle market hasn't seen much for trade yet, it's assumed that prices will trade steady to somewhat higher again this week. October live cattle closed $0.12 lower at $234.72, December live cattle closed $0.05 lower at $236.40 and February live cattle closed $0.40 higher at $237.77. Again today, there was a thin movement of cattle sold in Nebraska, where prices were marked at mostly $245, which is steady with Wednesday's trade and steady/tick higher than last week's weighted average. But still no large strings of cattle have sold, and there's not been a hoof traded in the South. Asking prices in the South are firm at $240 plus, and in the North at $386 plus. 

Thursday's slaughter is estimated at 116,000 head, 3,000 head more than a week ago and 6,000 head less than a year ago.

Boxed beef prices closed higher: choice up $2.01 ($407.86) and select up $0.44 ($383.60) with a movement of 74 loads (42.21 loads of choice, 14.71 loads of select, 9.70 loads of trim and 6.96 loads of ground beef).

FRIDAY'S CATTLE CALL: Higher. Feedlot managers know that packers need their cattle, and it's not likely that they're going to let them slip away for cheaper money.

FEEDER CATTLE:

The feeder cattle complex was also a tick more reserved than it was in Wednesday's market, but by and large, most of the contracts still closed higher as trader support remains plentiful thanks to the continued support of the market's unwavering fundamentals, as evidenced by the continued climb of the CME feeder cattle index. September feeders closed $0.07 lower at $358.02, October feeders closed $0.42 higher at $358.10 and November feeders closed $0.57 higher at $356.65. At the Winter Livestock Auction in Pratt, Kansas, compared to last week, feeder steers weighing 700 pounds to 975 pounds sold $12.00 to $20.00 higher. Feeder heifers weighing 700 to 900 pounds traded steady. Slaughter cows and bulls also sold steady. Feeder cattle supply over 600 pounds was 94%. The CME feeder cattle index 8/20/2025: up $1.86, $347.44.

LEAN HOGS:

The lean hog complex successfully rounded out the day mostly higher as traders felt confident letting the complex merely chop sideways upon having found some technical footing in the marketplace. It wasn't because of help from the market's fundamentals either, as both cash prices and the afternoon carcass price closed lower, but even so, traders allowed the contract to chop sideways throughout the day. October lean hogs closed $0.02 lower at $89.92, December lean hogs closed $0.12 higher at $83.10 and February lean hogs closed $0.17 higher at $86.05. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.46 with a weighted average price of $108.35 on 2,696 head. Pork cutouts totaled 297.68 loads with 254.49 loads of pork cuts and 43.19 loads of trim. Pork cutout values: down $0.41, $112.60. Thursday's slaughter is estimated at 468,000 head, 5,000 head less than a week ago and 15,000 head less than a year ago. The CME lean hog index 8/19/2025: down $0.49, $108.57.

FRIDAY'S HOG CALL: Lower. Packers have largely fulfilled their cash needs for the week, and Friday isn't likely to see much interest from packers.

Thursday Midday Livestock Market Update - Traders Allow Contracts to Trade Slightly Higher

GENERAL COMMENTS:

Thus far, it's been a mostly supportive morning for the livestock complex as all three of the markets are trading mostly higher at midday Thursday. Again, there's been a light movement of cattle in the North, but no trade has developed in the South. December corn is up 6 cents per bushel and December soybean meal is down $3.70. The Dow Jones Industrial Average is down 227.26 points and the NASDAQ is down 107.03 points.

Thursday's export report shared that Beef net sales of 10,100 mt for 2025 were up noticeably from the previous week, but down 11% from the prior 4-week average. The three largest buyers were Japan (2,500 mt), Hong Kong (2,400 mt) and South Korea (1,600 mt). Pork net sales of 19,200 mt for 2025 were down 9% from the previous week and 29% from the prior 4-week average. The three largest buyers were Mexico (5,300 mt), South Korea (4,000 mt) and Japan (2,600 mt).

LIVE CATTLE:

Following Wednesday's massive surge in the futures complex, the live cattle complex is trading mostly steady, seeming unsure of what it should do next. It remains incredibly supportive that boxed beef prices are continuing to trend higher, but the market has yet to really see what this week's trend is going to be in the fed cash cattle complex. There's been a light movement in the North at $245, which is steady to a tick higher than last week's weighted average, but the market hasn't seen enough trade, or any trade in the South, to say that it confidently knows what this week's trend is going to be. Regardless, it's anticipated that prices will trade at least steady if not a bit higher again this week simply because feedlot managers possess enough leverage in the marketplace to be able to roll their showlists over if prices aren't what they want. From a technical standpoint, it's impressive to see that futures contracts are trading mostly steady (with some of the nearby contracts just below steady, and most of the deferred contracts slightly above steady) as traders want to support the complex more but also don't want to overdo anything.

Boxed beef prices are higher: choice up $2.28 ($408.13) and select up $1.55 ($384.71) with a movement of 46 loads (29.92 loads of choice, 5.59 loads of select, 5.66 loads of trim and 4.71 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is continuing to trade mostly higher into Thursday's noon hour as traders are seeing plenty of support. Support from feeder cattle sales in the countryside, support from strong boxed beef demand, support from the light movement that the fed cash cattle complex has seen already this week, and, as of this point this week, total support from traders. September feeders are down $0.27 at $357.82, October feeders are up $0.20 at $357.87 and November feeders are up $0.32 at $356.40.

LEAN HOGS:

Although pork cutout values may be down slightly, and the week's export report wasn't overly supportive, the lean hog complex is trading mostly higher into Thursday's noon hour as traders have seemed to find some footing in the futures complex. October lean hogs are down $0.20 at $89.75, December lean hogs are up $0.05 at $83.02 and February lean hogs are up $0.22 at $86.10. The bulk of this week's cash hog trade is likely done, so any fundamental support is going to need to come from cutout values, and this morning the carcass price was down slightly.

The projected lean hog index for 8/20/2025 is down $0.25 at $108.32, and the actual index for 8/19/2025 is down $0.49 at $108.57. Hog prices are lower on the Daily Direct Morning Hog Report, down $2.50 with a weighted average price of $107.34, ranging from $106.00 to $111.00 on 995 head and a five-day rolling average of $109.69. Pork cutouts total 129.69 loads with 112.53 loads of pork cuts and 17.16 loads of trim. Pork cutout values: down $0.35, $112.66.

Thursday Morning Livestock Market Update - Cattle May Find Further Strength

GENERAL COMMENTS:

There seems to be nothing that will stop the rise of cattle prices. New contract highs are nearly a daily occurrence and price weakness is a buying opportunity. Traders may turn more attention to the upcoming Cattle on Feed report, but it may have little impact on the market. There have been some bearish reports over the past year that impacted the market briefly, but it continued to trend higher and the same may be true this time. The estimates for the Cattle on Feed report are for on-feed numbers on Aug. 1 at 98.1% of a year ago. Placements in July were at 91.2% and marketing in July was at 94.1%. Cattle inventories are generally the lowest of the year in August and if the average estimate is correct, it would be the lowest inventory since 2017. A few cattle sales took place at mostly steady money Wednesday. Packers may purchase more today rather than wait until closer to the report, as it will likely not make any difference in what they will pay. Boxed beef prices were mixed with choice down $1.35 and select up $3.40.

Hog futures floated on Wednesday with traders unable to find solid direction. Futures fluctuated nearly $2.00 in the nearby contract, spending time evenly on both sides of the close of the previous day. Futures are holding support, but there is not enough support to trigger buying interest and move prices higher. Cash was slightly higher with the National Daily Direct Afternoon Hog report showing a gain of $0.15. Packers have done quite a bit of business already this week, likely leaving them less aggressive Thursday. Pork cutouts increased $0.60, averaging $113.01. Weekly hog weights remained unchanged from the previous week and a year ago at 281.1 pounds.

	BULL SIDE		BEAR SIDE
1)	Cattle futures continue to move fearlessly higher with any weakness a buying opportunity.	1)	Traders may position themselves ahead of the Cattle on Feed report by taking some profits. This may result in a price retracement.
2)	The estimates for the Cattle on Feed report are bullish and may keep traders holding and adding to long positions.	2)	Beef demand may slow after the Labor Day weekend, which could put a top in the market, as consumer demand may not be as strong into the fall.
3)	Though hog futures are not trending higher, they are maintaining support. Traders anticipate hog prices will hold.	3)	The inability of cash hogs to trend higher will keep the discount in hog futures in anticipation of further weakness.
4)	The pressure on hog futures that developed on Wednesday did not hold, with prices rebounding as further selling did not materialize.	4)	Hog supplies are sufficient and weights are holding. There is little reason for packers to be aggressive with purchases. Tighter hog supplies are not expected.