GENERAL COMMENTS:
It was a dismal day for the livestock complex as all three of the markets closed lower, and no new cash cattle trade had developed at the time of this writing. Bids were offered throughout the day, but as feedlot managers hold out for more money, trade remained stalemated. December corn is steady and December soybean meal is steady. The Dow Jones Industrial Average is down 11.01 points and the NASDAQ is down 2.47 points.
Thursday's export report shared that beef net sales of 4,300 mt for 2025, a marketing year low, were down 73% from the previous week and 66% from the prior 4-week average. The three largest buyers were Japan (3,200 mt), South Korea (500 mt) and the Philippines (500 mt). Pork net sales of 21,200 mt for 2025 were down 32% from the previous week and 19% from the prior 4-week average. The three largest buyers were Japan (6,500 mt), Mexico (4,700 mt) and South Korea (3,500 mt).
LIVE CATTLE:
Technical anxiousness and agitation took hold of the market again today as traders were quick to waive their white flag and send the contracts tumbling lower throughout the day despite the good faith showing in the fed cash cattle market on Wednesday, where some dressed cattle in the North traded $4.00 higher. Even so, traders panicked because of their technical vulnerability and elected to let the contracts tumble sharply lower, yet again. October live cattle closed $2.60 lower at $226.82, December live cattle closed $3.00 lower at $228.40 and February live cattle closed $3.32 lower at $229.25. And although bids were offered throughout the day in the cash market, no more trade has surfaced following Wednesday's light movement in the North. Asking prices are firm in the South at $240-plus, but remain unestablished in the North.
Thursday's slaughter is estimated at 113,000 head, 2,000 head less than a week ago and 7,000 head less than a year ago.
Boxed beef prices closed mixed: choice up $3.30 ($393.79) and select down $1.08 ($366.88) with a movement of 89 loads (53.09 loads of choice, 14.75 loads of select, 14.56 loads of trim and 6.83 loads of ground beef).
FRIDAY'S CATTLE CALL: Higher. Given that some Northern cattle were able to trade higher earlier this week, that's likely the trend that the week will see.
FEEDER CATTLE:
Unfortunately, traders felt inclined to send the feeder cattle contracts lower upon noting the sharp descent in the live cattle complex, which again is solely a decision being made upon the market's technical state, and does not reflect the market's fundamental position whatsoever. September feeders closed $5.60 lower at $341.02, October feeders closed $5.17 lower at $340.45 and November feeders closed $4.97 lower at $338.62.
At Colvis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves sold $15.00 to $22.00 higher, except the 450 to 500 pound steers traded $2.00 lower and the steers weighing 550 to 600 pounds traded $14.00 lower. Feeder steers sold $7.00 to $15.00 higher. Heifer calves traded mostly $15.00 to $20.00 higher. Feeder cattle supply over 600 pounds was 28%. The CME feeder cattle index 8/13/2025: up $1.92, $346.01.
LEAN HOGS:
Thursday ended up being a lousy day for the lean hog complex as well, as not only were traders displeased with the market's export report, but they were also displeased with the slight dip in domestic pork demand. October lean hogs closed $1.65 lower at $89.12, December lean hogs closed $1.42 lower at $81.62 and February lean hogs closed $1.50 lower at $84.22. And today's lower close in the carcass price wasn't because of one cut's major plunge, but because of modest declines seen throughout most of the major cuts. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.11 with a weighted average price of $110.37 on 7,665 head. Pork cutouts totaled 257.17 loads with 233.60 loads of pork cuts and 23.58 loads of trim. Pork cutout values: down $1.32, $115.18. Thursday's slaughter is estimated at 473,000 head, 16,000 head more than a week ago and 6,000 head less than a year ago. The CME lean hog index 8/12/2025: down $0.06, $109.78.
FRIDAY'S HOG CALL: Lower. At this point, packers have likely secured the vast majority of the hogs they need for the week.
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