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.
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