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.
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