GENERAL COMMENTS:
It was a mixed day for the livestock complex as the cattle complex saw ample demand, but the lean hog contracts closed lower as traders remained skeptical of whether or not the market possessed enough support to justify Monday's move. Still no cash cattle trade has developed. December corn is down 3 1/4 cents per bushel and December soybean meal is up $4.10. The Dow Jones Industrial Average is up 10.45 points and the NASDAQ is down 314.82 points.
LIVE CATTLE:
The live cattle complex closed mostly higher, although a couple of the nearby contracts did end the day slightly lower. But the big takeaway from Tuesday's market was that, thanks to the continued support of strong beef demand, traders are remaining engaged and active in the marketplace despite nearing resistance levels. October live cattle closed $0.17 higher at $231.35, December live cattle closed $0.02 lower at $233.25, and February live cattle closed $0.27 higher at $234.67. Asking prices are noted in the South at $240, but remain unestablished in the North.
Tuesday's slaughter is estimated at 116,000 head, 2,000 head more than a week ago and 5,000 head less than a year ago.
Boxed beef prices closed higher: choice up $2.96 ($407.20) and select up $2.62 ($379.76) with a movement of 103 loads (73.27 loads of choice, 14.35 loads of select, 5.06 loads of trim and 10.11 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Steady/somewhat higher. Given that feedlot managers possess enough leverage to roll their showlists over if they don't receive the prices they want, packers will likely end up paying at least steady prices in this week's fed cash cattle market, if not more, because boxed beef prices, and they also want to be able to market beef.
FEEDER CATTLE:
Another day, and new contract highs for the feeder cattle complex as demand remains utterly incredible in the countryside, and traders are pleased to see the live cattle complex trading higher as well. September feeders are up $1.50 at $352.42, October feeders are up $2.05 at $352.30 and November feeders are up $2.45 at $350.77. And with buyers knowing that feed prices (especially corn) are likely going to remain affordable this year, they understand that they're paying substantially more for cattle this year than in any year past, but thankfully, feed remains affordable for the time. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers traded $2.00 to $6.00 higher and feeder heifers traded $5.00 to $8.00 stronger. Steers and heifer calves sold sharply higher, with gains up to $25.00 stronger. The report noted that demand remains incredible for all classes. Feeder cattle supply over 600 pounds was 67%. The CME feeder cattle index 8/18/2025: up $2.81, $344.98.
LEAN HOGS:
The lean hog complex wasn't as well supported throughout the day as the cattle complex was, as traders questioned if they possessed enough support to justify Monday's higher move. October lean hogs closed $0.02 higher at $90.15, December lean hogs closed $0.47 lower at $82.97 and February lean hogs closed $0.45 lower at $85.80. Another disappointing factor was the day's demand as pork cutout values fell lower and the losses were significant. The bell closed $6.91 lower, the loin closed $5.57 lower and the picnic closed $4.85 lower. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.96 with a weighted average price of $109.56 on 9,055 head. Pork cutouts totaled 328.65 loads with 268.80 loads of pork cuts and 59.85 loads of trim. Pork cutout values: down $3.95, $112.41. Tuesday's slaughter is estimated at 477,000 head, 3,000 head less than a week ago and 5,000 head less than a year ago. The CME lean hog index 8/15/2025: down $0.22, $109.58.
WEDNESDAY'S HOG CALL: Steady. Packers showed more interest in today's market, and although it's not likely that they've fulfilled their total needs for the week, they will probably not be overly ambitious about pushing prices higher on Wednesday, as pork cutout values were noticeably lower on Tuesday.
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