Tuesday Closing Livestock Market Update - Traders Allow the Complex to Close Mixed

GENERAL COMMENTS:

The livestock complex ended the day mixed as the cattle contracts grew stronger the longer the day traded onward, but the lean hog contracts closed fully lower. Still no cash cattle trade has developed, and no asking prices have surfaced. December corn is down 6 cents per bushel, and December soybean meal is down $2.10. The Dow Jones Industrial Average is up 81.82 points and the NASDAQ is up 68.86 points.

LIVE CATTLE:

The live cattle complex was able to round out the day stronger, with the market seeing its deferred contracts see the biggest day-over-day increase as they closed mostly over $1.00 higher. October live cattle closed $0.52 higher at $231.85, December live cattle closed $0.95 higher at $234.77 and February live cattle closed $0.95 higher at $237.17. But compared to the day's initial opening, it was pleasing to see the contracts end stronger, as at first, traders elected to send the contracts drifting lower. The spot December contract still closed below its 40-day moving average, but luckily, the market didn't endure significantly more pressure. What is especially interesting to note, however, is the slight increase in the choice cut this afternoon. It's been a seasonal move in which both boxed beef prices and fed cash cattle prices have traded lower, but at some point, a seasonal bottom will be reached. And one day's worth of a stronger close isn't enough to say a bottom has been made, but it is something the market will continue to watch moving forward. No cash cattle trade developed throughout the day, and at this point, both bids and asking prices remain elusive. 

Tuesday's slaughter is estimated at 120,000 head, 1,000 head less than a week ago and 4,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $0.35 ($371.03) and select down $1.64 ($347.25) with a movement of 122 loads (82.67 loads of choice, 24.54 loads of select, 7.84 loads of trim and 7.07 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady to somewhat lower. Worse scenario, the fed cash cattle market could trade lower, but there is room to argue that prices could trade at least steady this week as packers may be closer to the knife than they'd like as they committed the vast majority of last week's purchase to the nearby delivery option.

FEEDER CATTLE:

Only growing stronger from the day's initially weaker start, traders quickly turned the contracts higher and then were elated to note the larger-than-anticipated grain stocks report, which highlighted 1.532 billion bushels of corn, as that likely guarantees that feed prices are going to remain affordable to feedlots in the near-term. October feeders closed $4.82 higher at $361.02, November feeders closed $5.47 higher at $359.35 and January feeders closed $5.70 higher at $353.05. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers sold anywhere from $10.00 lower to $5.00 higher, and feeder heifers sold unevenly steady across all weight ranges with price swings commonly $5.00 lower to $5.00 higher. The CME feeder cattle index 9/29/2025: down $2.28, $365.33.

LEAN HOGS:

The lean hog complex didn't gain any ground throughout the day, and actually, the market continued with its downward trend as most of the contracts fell more than $1.00 lower throughout the day. October lean hogs closed $1.30 lower at $99.85, December lean hogs closed $1.62 lower at $88.72 and February lean hogs closed $1.60 lower at $90.30. It was helpful, however, to see a big movement in today's cash market, but that could also mean that packers won't be as aggressive in the cash market later in the week. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.19 with a weighted average price of $102.25 on 18,067 head. Pork cutouts totaled 309.94 loads with 281.53 loads of pork cuts and 28.41 loads of trim. Pork cutout values: down $1.88, $110.34. Tuesday's slaughter is estimated at 481,000 head, 6,000 head more than a week ago and 8,000 head less than a year ago. The CME lean hog index 9/26/2026: down $0.05, $104.78.

WEDNESDAY'S HOG CALL: Lower. With today's big movement in the cash market, packers will likely be at least aggressive in the market one more day this week, but the volume won't likely be as big, and it's likely that prices are lower.

Tuesday Midday Livestock Market Summary - Mixed Tones Summarize the Complex

GENERAL COMMENTS:

It's been a lackluster morning for the livestock complex as the cattle contracts are trading somewhat higher, but the lean hog complex is trading notable lower. Still no cash cattle trade has developed and asking prices remain elusive at this point too. December corn is down 5 cents per bushel and December soybean meal is down $1.50. The Dow Jones Industrial Average is down 30.93 points and NASDAQ is down 23.88 points.

LIVE CATTLE:

Although the market started the day off weaker, the live cattle complex has collectively advanced its position and is now trading slightly higher into Tuesday's noon hour. Unfortunately, the market continues to stagger around its 40-day moving average in the spot December contract as traders don't know which way to truly push the market just yet. On one hand, they look at the market's immediate fundamentals and are disappointed to see fed cash cattle prices and boxed beef prices continuing to drift lower as they typically do seasonally. But on the other hand, traders have also recognized that from a 10,000-foot view perspective, the market is still incredibly bullish with herd supplies at a multi-decade low, and the fact remaining that supplies can't be rebuilt overnight.

October live cattle are up $0.22 at $231.47, December live cattle are up $0.57 at $234.40 and February live cattle are up $0.45 at $236.67. Still no cash cattle trade has developed and it's not likely that any trade develops until Wednesday at the earliest. Bids and asking prices remain elusive at this point too.

Boxed beef prices are lower: choice down $0.05 ($370.63) and select down $2.06 ($346.83) with a movement of 69 loads (46.61 loads of choice, 11.18 loads of select, 5.79 loads of trim and 5.08 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex isn't being as cautious as the live cattle market is, as its contracts are confidently trading $3.00 higher into Tuesday's noon hour. October feeders are up $3.30 at $359.50, November feeders are up $3.75 at $357.57 and January feeders are up $3.85 at $351.20. And with the feeder cattle complex not up against immediate resistance pressure, it's likely that even if the live cattle market does weaken and close lower, the feeder cattle contracts should be able to maintain their momentum through the day's end.

LEAN HOGS:

It's been a painful morning for the lean hog complex as the market continues to break lower. Seeming unable to maintain the gains made just last week, the lean hog complex is continuing to back away from the highs scored late last week as fundamental support isn't as strong as traders need it to be. October lean hogs are down $0.92 at $100.22, December lean hogs are down $1.35 at $89.02 and February lean hogs are down $1.32 at $90.57.

Hog prices are higher on the Daily Direct Morning Hog Report, up $0.47 with a weighted average price of $102.33, ranging from $98.00 to $104.00 on 8,505 head and a five-day rolling average of $103.13. Pork cutouts total 152.67 loads with 139.90 loads of pork cuts and 12.77 loads of trim. Pork cutout values: up $0.02, $112.24.

Tuesday Morning Livestock Market Update - Weakness in Boxed Beef Continues

GENERAL COMMENTS:

Cattle continue to struggle. The gains in futures recently are short-lived. It is too early to tell whether the market topped, but it gives the indication both technically and fundamentally that it has. Boxed beef prices continue to exhibit weakness, with choice down $0.75 and select down $3.55 Monday. Weakness in boxed beef has been nearly a daily occurrence over the past few weeks. That may continue to put pressure on cash cattle as packers are unwilling to bid up to purchase supplies. Feedlots may need to move heavier-weight cattle before prices erode further, which may result in lower cash prices again this week. Packers have been strategically reducing slaughter and purchasing cattle for deferred delivery, putting them in the driver's seat for the time being.

The hog market suffered in both the cash market and the cutouts Monday. But even with that, futures held up well with deferred contracts being able to remain positive into the close. The National Daily Direct Afternoon Hog report showed a decline of $0.74. This broke the pattern of the past few weeks when cash was higher on Monday. Packers are expected to be more aggressive Tuesday, as they did not purchase a large number of hogs on Monday. Pork cutouts declined $1.30, taking away some of the gain from Friday. Overall, hog futures seem to be supported and in an uptrend. Consumers may be shifting from high-priced beef to pork.

	BULL SIDE		BEAR SIDE
1)	Consumers continue to prefer beef and the recent weakness may be seasonal and not due to high prices.	1)	Cattle futures could not hold the gains of a week ago, indicating traders may sell price rallies.
2)	The cattle herd is showing limited signs of rebuilding. The dryness that has developed in some areas may result in the further reduction of already tight supplies.	2)	The weakness of boxed beef prices may keep pressure on the market, and packers may hold back on aggressive buying.
3)	The June, July, and August hog contracts made new highs Monday, keeping the uptrend intact and optimism alive and well.	3)	Hog futures are somewhat overbought, which could trigger profit-taking at any time.
4)	Packers should be aggressive Tuesday as they need to procure hogs to maintain the higher slaughter pace and meet demand.	4)	The supply of hogs is plentiful and weights have been increasing. This may keep cash prices in a range with limited upside potential.

Monday Closing Livestock Market Update - Livestock Contracts Drifter Lower

GENERAL COMMENTS:

The livestock complex rounded out the day mostly weaker as traders didn't see the support they needed in the marketplace. New showlists appear to be mixed, with higher values in Kansas, but lower values in Texas and Nebraska/Colorado. December corn is down 1/2 cent per bushel and December soybean meal is up $0.80. The Dow Jones Industrial Average is up 68.78 points and the NASDAQ is up 107.08 points.

LIVE CATTLE:

It was a dismal day for the live cattle complex as the contracts rounded out the day fully lower. More than anything, Monday's weaker close seems to be a stopping point for traders as they seem unknowing of which way the cattle contracts need to trade next. Unfortunately, with the market's fundamentals lending little support, the lower trend could likely continue. Not to mention, from a technical standpoint, it wasn't good to see the spot December live cattle contract close below its 40-day moving average, as that will likely lead to more downward pressure. October live cattle closed $0.47 lower at $231.32, December live cattle closed $0.47 lower at $233.82 and February live cattle closed $0.27 lower at $236.22. New showlists appear to be mixed, with higher values in Kansas, but lower values in Texas and Nebraska/Colorado. Monday's slaughter is estimated at 113,000 head, 3,000 head more than a week ago and 6,000 head less than a year ago.

Last week Northern dressed cattle traded at 365 to $369, but mostly at $365, which is $6.00 lower than the previous week's weighted average and Southern live cattle traded at mostly 237, which is $3.00 lower than the previous week's weighted average. And last week's negotiated cash cattle trade totaled 56,622 head. Of that 67% (37,689 head) were committed to the market's nearby delivery, while the remaining 33% (18,933 head) were committed to the market's deferred delivery option.

Boxed beef prices closed lower: choice down $0.75 ($370.68) and select down $3.55 ($348.89) with a movement of 117 loads (66.42 loads of choice, 19.59 loads of select, 17.16 loads of trim and 13.48 loads of ground beef).

TUESDAY'S CATTLE CALL: Lower. With boxed beef prices continuing to trade lower, it's likely packers will try to push cash prices lower this week, too.

FEEDER CATTLE:

Following right in line with the live cattle contracts, the feeder cattle contracts also rounded out the day fully lower. October feeders closed $0.80 lower at $356.20, November feeders closed $0.60 lower at $353.87 and January feeders closed $0.47 lower at $347.35. Unfortunately, the lower waning nature of the futures complex did seem to soften some sales this afternoon in the countryside. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeders and heifers traded steady to $3.00 lower on a very light test. Steer and heifer calves sold mostly $5.00 to $10.00 lower on a lower quality set. Feeder cattle supply over 600 pounds was 56%. The CME feeder cattle index 9/26/2025: up $2.57, $367.61.

LEAN HOGS:

The lean hog complex closed mixed with the market's nearby contracts rounding out the day slightly softer, but the deferred months were still able to maintain their slightly higher position through the day's end. October lean hogs closed $0.35 lower at $101.15, December lean hogs closed $0.70 lower at $90.35 and February lean hogs closed $0.27 lower at $91.90. It didn't help matters that the market's fundamentals were of little help today, as both cash prices and the pork carcass price closed lower.

Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.74 with a weighted average price of $102.44 on 4,694 head. Pork cutouts totaled 274.96 loads with 222.49 loads of pork cuts and 52.47 loads of trim. Pork cutout values: down $1.30, $112.22. Monday's slaughter is estimated at 490,000 head – steady with a week ago and 4,000 head more than a year ago. The CME lean hog index 9/25/2025: down $0.23, $104.83.

TUESDAY'S HOG CALL: Steady. Although the market's fundamentals were slightly weaker today, packers will need to step into the market and secure inventory soon.

Monday Midday Livestock Market Summary - Mixed Tones Summarize Contracts at Week's Start

GENERAL COMMENTS:

The livestock complex is mixed at Monday's noon hour as the contracts are looking for direction. New showlists appear to be mixed, higher in Kansas, but lower in Texas and Nebraska/Colorado. December corn is down 1/4 cent per bushel and December soybean meal is up $1.90. The Dow Jones Industrial Average is down 43.56 points and NASDAQ is up 129.30 points.

LIVE CATTLE:

The live cattle complex is continuing to trade lower as the market looks around for reassuring support; but it isn't seeing much rise on Monday. October live cattle are down $0.35 at $231.45, December live cattle are down $0.45 at $233.85 and February live cattle are down $0.32 at $236.17. Thankfully (for the meantime) the spot December contract is remaining above the market's 40-day moving average, but the market seems to teeter at that threshold as traders aren't confident in which way the market should trade. New showlists appear to be mixed, higher in Kansas, but lower in Texas and Nebraska/Colorado.

Last week Northern dressed cattle traded at $365 to $369, but mostly at $365, which is $6.00 lower than the previous week's weighted average and Southern live cattle traded at mostly $237, which is $3.00 lower than the previous week's weighted average.

Boxed beef prices are mixed: choice up $1.94 ($373.37) and select down $2.90 ($349.54) with a movement of 49 loads (20.87 loads of choice, 10.04 loads of select, 8.85 loads of trim and 9.42 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is mixed into Monday's noon hour as the market is unsettled seeing the live cattle contracts trade lower,; but some of the furthest deferred months are still trading higher. More than anything the futures complex seems to be held at a mere standstill, looking for support to develop, or waiting for more pressure to build to send the contracts one way or another. From the boots on the ground perspective, demand should remain strong for feeder cattle as supplies aren't going to become ample anytime soon. October feeders are down $0.65 at $356.35, November feeders are down $0.45 at $354.02 and January feeders are down $0.30 at $347.52.

LEAN HOGS:

Like the cattle complex, the lean hog market is mixed into Monday's noon hour. But following the big surge the lean hog market saw on Friday, it's quite commendable that the contracts that are trading lower are just doing so in a mild matter as traders could have panicked at Monday's start and opted to give back most of what Friday's trade secured. October lean hogs are down $0.42 at $101.07, December lean hogs are down $0.30 at $90.75 and February lean hogs are up $0.02 at $92.20.

The projected CME Lean Hog Index for 9/26/2025 is down $0.05 at $104.78 and the actual index for 9/25/2025 is down $0.23 at $104.83. Hog prices are lower on the Daily Direct Morning Hog Report, down $2.34 with a weighted average price of $101.86, ranging from $99.00 to $104.00 on 3,020 head and a five-day rolling average of $104.56. Pork cutouts total 156.78 loads with 130.12 loads of pork cuts and 26.66 loads of trim. Pork cutout values: up $0.58, $114.10.

Monday Morning Livestock Market Update - Traders May Be Uncertain Over Continued Strength

GENERAL COMMENTS:

Cattle futures closed higher Friday after three days of price weakness. Even though cash was lower, futures already carry a discount as traders are expecting weaker cash in the near term. Much of the recent weakness has been from the impact of lower boxed beef prices. Boxed beef was lower on Friday with choice down $0.54 and select down $1.01. Cash cattle traded lower for the week, with Northern dressed cattle down $6.00 and Southern live cattle down $3.00. Feedlots have a tough decision to make this week, as holding back cattle the past two weeks has only resulted in lower prices. They may be more aggressive in moving cattle this week before prices erode further. This could result in further cash weakness. The Commitments of Traders report showed fund traders selling 2,680 live cattle futures contracts, reducing their net-long positions to 121,070. They sold 1,539 long feeder cattle contracts, reducing their net-long position to 23,873.

Hog futures posted new contract highs through June Friday as traders viewed the Hogs & Pigs report as friendly. Demand optimism also remains strong as cutouts are holding well. Cash was lower Friday as expected due to packers being aggressive earlier in the week. The National Dairy Direct Afternoon Hog report was down $1.32. The past few weeks have seen the packers as aggressive buyers Monday and today may be no exception. They want to procure hogs early rather than later, as demand has been strong. Pork cutouts increased $2.32 on Friday. The Commitments of Traders report showed the funds as net sellers of 198 futures contracts, reducing their long position to 140,103 contracts.

	BULL SIDE		BEAR SIDE
1)	Cattle futures have a discount already factored into the market, with traders having little reason to push contracts lower in the near term.	1)	Live cattle futures hold a discount to cash as traders anticipate further weakness to develop.
2)	Feeder cattle supplies remain tight, with feedlots paying a premium to purchase available cattle.	2)	Boxed beef prices continue to show weakness. The weakness may be seasonal, but it may also be due to consumers reducing consumption due to high prices.
3)	Hog futures made new highs Friday, providing confidence for traders to hold and add to long positions.	3)	The October hog contract has a chart gap below that may be filled before the contract finishes trading in two weeks.
4)	Packers may be aggressive in the cash maket to begin the week as they have been over the past few weeks.	4)	Continued higher hog weights may limit the volume of hogs purchased by packers.

Friday Closing Livestock Market Update - Traders Push Most Contracts Higher

GENERAL COMMENTS:

The livestock complex closed mostly higher Friday afternoon as traders showed the market fair support. A few more cash cattle deals developed, but prices remained steady with the week's trend. December corn is down 3 3/4 cents per bushel and December soybean meal is up $1.40. The Dow Jones Industrial Average is up 307.13 points and the NASDAQ is up 97.11 points.

From Friday to Friday, livestock futures scored the following changes: October live cattle down $1.77, December live cattle down $1.42; October feeder cattle up $2.90, November feeder cattle up $3.55; October lean hogs up $3.53, December lean hogs up $3.43; December corn down $0.02, March corn down $0.03.

Friday's Cold Storage report shared that total red meat supplies in freezers were down 2% from the previous month, and down 7% from last year. Total pounds of beef in freezers were down 1% from last month, but up 2% from a year ago. Frozen pork supplies were down 3% from the previous month and down 13% from last year. Stocks of pork bellies were down 25% from the previous month and down 8% from last year.

LIVE CATTLE:

It was a dismal day for the live cattle complex as traders were disappointed to see the spot December contract close below the market's 40-day moving average. Likely, traders will again be met with pressure early next week to continue to push the contracts lower, but time will tell. A few more sales were noted in the North this afternoon, but prices remained steady with the week's average. Throughout the week, Northern dressed cattle traded at mostly $365, which is $6.00 lower than last week's weighted average. Southern live cattle traded at mostly $237, which is $3.00 lower than last week's weighted average. It was especially disappointing to note that some of the dressed cattle were booked for commitment on the weeks of October 6 and October 13, as packers are trying to build up more and more supply around them so that they can continue to push prices lower in the weeks ahead. October live cattle closed $0.25 lower at $231.80, December live cattle closed steady at $234.30 and February live cattle closed $0.45 higher at $23.50.

Friday's slaughter is estimated at 88,000 head, 1,000 head more than a week ago and 27,000 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 555,000 head, 3,000 head more than a week ago and 61,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.54 ($371.43) and select down $1.01 ($352.44) with a movement of 95 loads (54.87 loads of choice, 9.84 loads of select, 19.41 loads of trim and 10.74 loads of ground beef).

MONDAY'S CATTLE CALL: Lower. The live cattle market's trend is likely going to be lower for the upcoming weeks until holiday beef demand kicks in.

FEEDER CATTLE:

The feeder cattle complex was thankfully able to maintain its higher trend through the day's end and was able to remain elevated above the market's 40-day moving average. October feeders closed $2.95 higher at $357.00, November feeders closed $2.25 higher at $354.47 and January feeders closed $1.87 higher at $347.82. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers traded $7.00 to $13.00 higher and steer calves sold $10.00 to $15.00 stronger. Feeder heifers and heifer calves sold $10.00 to $15.00 higher. The same report did note that after two weeks of declines seen on feeder cattle and calf prices, prices have nearly rebounded to record highs. The news of New World screwworm being just 70 miles away from the Southern border and likely indicating that the U.S. won't open Mexican cattle imports anytime soon, along with farmers reentering the market after sowing wheat, has all contributed to the increase in demand again this week. Feeder cattle supply over 600 pounds was 51%. The CME feeder cattle index 9/25/2025: up $0.94, $365.04.

LEAN HOGS:

The lean hog complex had a tremendous day where the spot December contract was able to close at a new contract high, mainly being fueled by the uptick in pork demand late in the week and by Thursday's positive Quarterly Hogs and Pigs report. October lean hogs closed $1.40 higher at $101.50, December lean hogs closed $2.42 higher at $91.05 and February lean hogs closed $2.25 higher at $92.15. The biggest contributing factors as to why the carcass price closed higher were the picnic's $4.16 jump and the loin's $4.01 jump. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.32 with a weighted average price of $103.18 on 1,869 head. Pork cutouts totaled 278.81 loads with 251.15 loads of pork cuts and 27.67 loads of trim. Pork cutout values: up $2.53, $113.52. Friday's slaughter is estimated at 471,000 head, 8,000 head less than a week ago and 3,000 head less than a year ago. Saturday's slaughter is projected to be around 132,000 head. The CME lean hog index 9/24/2025: up $0.06, $105.06.

MONDAY'S HOG CALL: Lower. Packers rarely jump aggressively into the cash hog market on Mondays.

Friday Midday Livestock Market Summary - Traders Push Contracts Higher

GENERAL COMMENTS:

Heading into Friday's noon hour, it's been a fruitful day thus far for the livestock contracts as they're all currently trading higher. No new cash cattle trade has developed at this point, but bids are on the table again. December corn is down 4 cents per bushel and December soybean meal is up $0.80. The Dow Jones Industrial Average is up 293.12 points and the NASDAQ is up 27.76 points.

LIVE CATTLE:

After starting the day off with a rocky start, the live cattle complex is thankfully trading higher into Friday's noon hour, but with the market's deferred contracts again seeing the biggest daily increases. October live cattle are up $0.50 at $232.55, December live cattle are up $0.65 at $234.95 and February live cattle are up $1.02 at $237.07. The spot December contract is thankfully back to trading slightly above the market's 40-day moving average, which will continue to be an important threshold to monitor, as a close beneath that price point could indicate continued downward pressure. Bids are currently on the table in both Kansas and Nebraska, but no new sales have been confirmed yet for the day. Thus far this week Northern dressed cattle have traded at mostly $365, which is $6.00 lower than last week's weighted average and Southern live cattle have been marked at mostly $237, which is $3.00 lower than the previous week's weighted average. More trade will likely develop this afternoon.

Boxed beef prices are mixed: choice up $0.50 ($372.47) and select down $0.25 ($353.20) with a movement of 49 loads (25.10 loads of choice, 5.41 loads of select, 9.93 loads of trim and 8.60 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading higher into Friday's noon hour as the market continues to closely track alongside the live cattle market. Unlike the live cattle market, however, the feeder cattle contracts are seeing steady gains of mostly $2.00 advancements throughout all the contracts, nearby and deferred. October feeders are up $2.57 at $356.62, November feeders are up $1.97 at $34.20 and January feeders are up $2.10 at $348.05. The spot November contract is currently trading above the market's 40-day moving average, and hopefully, with continued strong sales in the countryside, the market should be able to close above that threshold so long as nothing dramatic happens before the day's end.

LEAN HOGS:

Feeling empowered by Thursday's Quarterly Hogs and Pigs report and by the morning uptick in pork cutout values, the lean hog complex is trading fully higher into Friday's noon hour. As a matter of fact, the market is currently seeing the spot December contract reach new contract highs as fundamental support is ample. October lean hogs are up $1.42 at $101.50, December lean hogs are up $2.80 at $91.42 and February lean hogs are up $2.65 at $92.57. The market will likely be able to sustain this momentum through the day's end.

The projected lean hog index for 9/25/2025 is down $0.23 at $104.83, and the actual index for 9/24/2025 is up $0.06 at $105.06. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.18 with a weighted average price of $104.20, ranging from $95.00 to $106.00 on 1,119 head and a five-day rolling average of $105.07. Pork cutouts total 201.58 loads with 184.71 loads of pork cuts and 16.87 loads of trim. Pork cutout values: up $3.59, $114.58.

Friday Morning Livestock Market Update - Cattle Futures May See Further Weakness

GENERAL COMMENTS:

The live cattle futures have been under selling pressure the past three days in response to falling boxed beef prices and another week of lower cash prices. Southern live cattle traded $3.00 lower while Northern dressed cattle traded $6.00 lower. Higher cattle prices are slipping away, which may prompt further interest in selling by the feedlots, as holding for higher prices may result in additional losses. The packers have also been able to purchase cattle for deferred delivery as they have been reducing slaughter. Boxed beef prices fell on Thursday, with choice down $5.42 and select down $2.97. It was not long ago that choice boxed beef was over $420.00, and now it is down to $371.97. The October feeder cattle contract is now the front-month and is trading over $11.00 below the level that the September contract finished trading.

Hog futures diverged as traders positioned ahead of the Quarterly Hogs & Pigs report. The October contract made a new high before falling back into the close. Liquidation set in at the higher prices of the day as traders banked their profits ahead of the report. However, the report showed neutral to bullish numbers and may support the market. All hogs and pigs on September 1^st were 99% of a year ago. Hogs kept for breeding in August were at 98%. Hogs kept for marketing were at 99% of a year ago. These were lower than the trade estimates. The offsetting aspect was lower cash on the National Daily Direct Afternoon report, with a decline of $0.17 and a decline in pork cutout values of $0.64. The packers may not be aggressive today, but may bid higher to finish up purchases for the week.

	BULL SIDE		BEAR SIDE
1)	October feeder cattle futures are holding a substantial discount to the price at which the September finished trading. The discount may be excessive.	1)	Boxed beef prices continue to decline, indicating weaker demand. Further weakness is expected.
2)	Boxed beef prices have declined substantially and may be near their seasonal low.	2)	Feedlots may be more aggressive in selling cattle as holding for higher prices is reducing income due to the weakness of cash. They may be more interested in selling before prices decline further.
3)	The Quarterly Hogs & Pigs report was neutral to bullish, which may support the market.	3)	The Hogs & Pigs report may provide support to the market, but futures may have difficulty moving back to the highs.
4)	Pork demand seems to be good as the packers have purchased a significant volume of hogs this week.	4)	The inability of pork cutouts to find consistent support may be the limiting factor of the upside potential for prices.

Thursday Closing Livestock Market Update - Cash Cattle Prices Dip $3.00 to $6.00 Lower

GENERAL COMMENTS:

It was a mostly weaker day for the livestock complex, as all the contracts besides a few nearby lean hog contracts closed lower. Throughout the day, Southern live cattle were marked at $237, which is $3.00 lower than last week's weighted average. Northern dressed cattle traded at mostly $365, which is $6.00 lower than last week's weighted average. December corn is up 1 1/2 cents per bushel and December soybean meal is down $2.90. The Dow Jones Industrial Average is down 173.96 points and the NASDAQ is down 113.16 points.

Thursday's export report shared that beef net sales of 8,400 mt for 2025 were down 47% from the previous week and 42% from the prior 4-week average. The three largest buyers were Japan (2,000 mt), Mexico (1,800 mt) and South Korea (1,300 mt). Pork net sales of 29,400 mt for 2025 were up 34% from the previous week and 12 percent from the prior 4-week average. The three largest buyers were Mexico (10,000 mt), South Korea (4,900 mt) and Japan (3,800 mt).

LIVE CATTLE:

It was a mundane day for the live cattle complex as the market was pressured to trade lower, and that's exactly what it did. Between seeing the equity markets continue to trek lower, or seeing the lower developments in this week's fed cash cattle market, and the continued trend of weaker boxed beef prices, the live cattle complex stood little chance at trading higher. October live cattle closed $2.00 lower at $232.05, December live cattle closed $2.52 lower at $234.30 and February live cattle closed $2.92 lower at $236.05. It was assumed that fed cash cattle prices would trade lower again this week, but the real kicker of today's news was that some of the dressed cattle traded in Nebraska were committed for the weeks of October 6 or October 13, which is a strategic move made by packers as they're trying to build up supply around them so that they can continue to work the cash market lower in the weeks to come. Throughout the day, Southern live cattle were marked at $237, which is $3.00 lower than last week's weighted average. Northern dressed cattle traded at mostly $365, which is $6.00 lower than last week's weighted average. 

Thursday's slaughter is estimated at 115,000 head, 3,000 head more than a week ago and 9,000 head less than a year ago.

Boxed beef prices closed lower: choice down $5.42 ($371.97) and select down $2.97 ($353.45) with a movement of 158 loads (122.48 loads of choice, 20.09 loads of select, zero loads of trim and 14.94 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. Given that trade has now developed in both regions, it's likely that prices will remain steady with the week's trend.

FEEDER CATTLE:

It was a bitter day for the feeder cattle complex as the market traded lower throughout the day's entirety, again following in the live cattle market's wake. Thankfully, the spot November contract did at one point today touch the market's 40-day moving average, but bounced higher before closing. October feeders closed $5.57 lower at $354.05, November feeders closed $5.57 lower at $352.22 and January feeders closed $5.40 lower at $345.95. At Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves weighing 300 to 450 pounds traded $17.00 to $26.00 higher, and steer calves weighing 450 to 600 pounds sold $20.00 to $30.00 higher. Feeder steers weighing 600 to 650 pounds sold $3.00 lower, while those weighing 650 to 800 pounds traded $7.00 to $14.00 stronger. Heifer calves weighing 300 to 450 pounds sold $13.00 to $20.00 stronger, and heifers weighing 450 to 500 pounds traded $5.00 lower. But heifers weighing 500 to 600 pounds sold $16.00 to $20.00 higher. And yearling heifers weighing 600 to 700 pounds sold $10.00 to $18.00 higher. Feeder cattle supply over 600 pounds was 33%. The CME feeder cattle index 9/24/2025: up $2.79, $364.10.

LEAN HOGS:

It was a mixed day for the lean hog complex. Between the day's mostly supportive Quarterly Hogs and Pigs report and the higher close of the nearby contracts, the market did have some wins along the way. Now, unfortunately, the market was also pressured by weaker fundamentals on the daily basis as pork cutout values and cash prices were both lower, and by the lower close of the deferred contracts. October lean hogs closed $0.67 higher at $100.10, December lean hogs closed $0.50 higher at $88.62 and February lean hogs closed $0.30 higher at $89.92. Hog prices closed $0.17 lower on the Daily Direct Afternoon Hog Report, with a weighted average price of $104.50 on 3,976 head. Pork cutouts totaled 247.47 loads with 194.55 loads of pork cuts and 52.92 loads of trim. Pork cutout values: down $0.64, $110.99. Thursday's slaughter is estimated at 490,000 head, 14,000 head more than a week ago and 9,000 head more than a year ago. The CME lean hog index 9/23/2025: up $0.10, $105.00.

FRIDAY'S HOG CALL: Lower. At this point, packers have likely bought the vast majority of the cash needs for the week.

Thursday Midday Livestock Market Summary - Cattle Dip Lower but Hogs Remain Optimistic

GENERAL COMMENTS:

The livestock complex is trading mixed into Thursday's noon hour as the market sees the lean hog contracts trading mostly higher, but the cattle contracts are again venturing lower. A few sales have been reported in the North at $365, which is $6.00 lower than last week's weighted average. December corn is up 1/4 cent per bushel and December soybean meal is down $2.50. The Dow Jones Industrial Average is down 68.75 points and the NASDAQ is down 77.14 points.

Thursday's export report shared that beef net sales of 8,400 mt for 2025 were down 47% from the previous week and 42% from the prior 4-week average. The three largest buyers were Japan (2,000 mt), Mexico (1,800 mt) and South Korea (1,300 mt). Pork net sales of 29,400 mt for 2025 were up 34% from the previous week and 12 percent from the prior 4-week average. The three largest buyers were Mexico (10,000 mt), South Korea (4,900 mt) and Japan (3,800 mt).

LIVE CATTLE:

The live cattle complex continues to battle anxiousness and seemingly growing concerns about the lower dip in the equity markets, which has put immense pressure today on the live cattle contracts. Unfortunately, the spot December contract is trading just below the market's 40-day moving average, and if the market does indeed close below that threshold, that could signal continued downward pressure. October live cattle are down $2.55 at $231.50, December live cattle are down $3.35 at $233.52 and February live cattle are down $3.22 at $235.75. Some light (very light) trade is currently being reported in Nebraska at $365, which is $6.00 lower than last week's weighted average. Making matters even worse is the fact that some of those cattle are committed for delivery on the weeks of October 6 and October 13. This indicates packers are aiming to build up their supply for the long term so that they can continue to work cash prices lower. Asking prices in the South are firm at $242 to $244 but are still not clearly established in the North.

Boxed beef prices are lower: choice down $3.83 ($373.56) and select down $2.71 ($353.71) with a movement of 107 loads (77.59 loads of choice, 17.09 loads of select, zero loads of trim and 12.35 loads of ground beef).

FEEDER CATTLE:

It's a day of hard knocks as the feeder cattle contracts once again follow in the live cattle market's wake, but are currently seeing losses far greater as most of the feeder cattle contracts are trading $7.00 lower into Thursday's noon hour. October feeders are down $7.57 at $352.05, November feeders are down $7.80 at $350.00 and January feeders are down $7.42 at $343.92. Thankfully, demand has been incredibly strong this week in feeder cattle sales across the country, but this dip in the futures complex could shake buyers a bit.

LEAN HOGS:

The cattle complex may be trading lower, but the lean hog contracts are mostly keeping their upward trend into Thursday's noon hour. October lean hogs are up $0.92 at $100.35, December lean hogs are up $1.22 at $89.35 and February lean hogs are up $0.85 at $90.47. It's likely that traders will continue to mildly support the contracts through the day's end, but won't likely pressure resistance thresholds until after seeing this afternoon's Quarterly Hogs and Pigs Report.

The projected lean hog index for 9/24/2025 is up $0.06 at $105.06, and the actual index for 9/23/2025 is up $0.10 at $105.00. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.70 with a weighted average price of $104.02, ranging from $100.00 to $108.00 on 3,040 head and a five-day rolling average of $105.10. Pork cutouts totaled 142.50 loads with 111.83 loads of pork cuts and 30.68 loads of trim. Pork cutout values: up $0.78, $112.41.

Thursday Morning Livestock Market Update - Quarterly Hogs & Pigs Report Today

GENERAL COMMENTS:

Live cattle futures had a second day of weakness as lower boxed beef prices are pressuring the market. Boxed beef prices have fallen substantially over the past few weeks. The weakness has resulted in lower cash cattle trade in just as many weeks. This suggests lower cash trade this week. Cattle supplies are tight, but if demand slows, prices will decline. The weakness is seasonal, but it may pressure the cash cattle trade in the near term. Choice boxed beef declined $3.41, and select declined $3.48 on Wednesday. Cash cattle have yet to trade this week, but lower prices are likely. Feeder cattle showed more pressure in the deferred contracts for the March and later contracts, closing the chart gaps remaining from Tuesday. Today is the last trading day for September feeder cattle.

Hog futures came under pressure, eliminating the gains of Tuesday and then some. The weakness was not enough to close the chart gap in the October contract. It had been anticipated that the packers would not be aggressive on Wednesday, and that was evident with the National Daily Direct Afternoon Hog report declining $2.32 with a significant volume of hogs traded. Further cash weakness is expected today. Pork cutouts added to the weakness with a decline of $1.05. The Quarterly Hogs & Pigs report will be released this afternoon. Analysts estimate all hogs and pigs on September 1st at 100.4% with a range of 99.7% to 101.1%. Kept for breeding at 99.5% with a range of 98.8% to 99.9%. Hogs kept for marketing at 100.4% with a range of 99.8% to 101.2%.

	BULL SIDE		BEAR SIDE
1)	The weakness in cattle futures may be temporary, with the decline being viewed as a buying opportunity.	1)	The continued weakness of boxed beef may keep pressure on the market for the time being.
2)	Lower cash has already been factored in. Cattle futures may bounce back once the cash trade develops.	2)	Cash cattle may trade lower again this week. This may increase the selling interest of feedlots, as they have heavy cattle that need to be moved.
3)	Traders may have done most of their positioning ahead of the report on Wednesday, with selling pressure subsiding.	3)	Weekly hog weights continue to increase. Hogs averaged 287 pounds, up 0.4 pounds from the previous week and 3.6 pounds above a year ago.
4)	The price weakness may be viewed as a buying opportunity. Traders are optimistic over continued pork demand.	4)	Traders may liquidate more of their long positions ahead of the report in case some of the numbers are bearish.

Wednesday Closing Livestock Market Update - External Pressure Sends Contracts Lower

GENERAL COMMENTS:

With the weakness seen in the equity markets, the livestock contracts closed the day lower as traders were skeptical to support the complex with some external pressure looming. No cash cattle trade developed throughout the day, but asking prices in the south are now noted at $242 to $244. December corn is down 2 cents per bushel and December soybean meal is down $1.20. The Dow Jones Industrial Average is down 171.50 points and the NASDAQ is down 75.61 points.

LIVE CATTLE:

The live cattle complex traded lower all throughout the day as traders were reluctant to support the live cattle complex amid a time in which the equity markets were trending lower. October live cattle closed $1.55 lower at $234.05, December live cattle closed $1.92 lower at $236.82 and February live cattle closed $2.15 lower at $238.97. Some of the market's decisions to trade lower also stemmed from the fact that traders were up against resistance in many of the contracts, and while the market's long-term outlook is bullish, one cannot deny that here today, boxed beef prices again traded lower and that there's a chance that fed cash cattle prices trade lower this week as well. No cash cattle trade developed throughout the day. Asking prices are noted in the South at $242 to $244, but are still not known in the North. 

Wednesday's slaughter is estimated at 120,000 head, 3,000 head less than a week ago and steady with a year ago.

Boxed beef prices closed lower: choice down $3.41 ($377.39) and select down $3.48 ($356.42) with a movement of 188 loads (100.83 loads of choice, 43.48 loads of select, 17.94 loads of trim and 25.48 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady. Packers will again try to get cattle bought cheaper this week, but feedlot managers will try to keep prices steady.

FEEDER CATTLE:

Following in the same manner as the live cattle complex, the feeder cattle contracts also rounded out the day lower. October feeders closed $2.50 lower at $359.62, November feeders closed $2.95 lower at $357.80 and January feeders closed $3.77 lower at $351.35. Again, in today's lower trend, like noted earlier this week, just as the furthest deferred contracts saw the biggest day-over-day gains then, the deferred contracts also saw the biggest losses this afternoon. Thankfully, today's weaker action had little effect on the sales in the countryside. At the Winter Livestock Auction in Dodge City, Kansas, compared to last week, 800-weight steers sold $18.00 higher and heifers over 600 pounds traded $6.00 higher. Steers under 600 pounds sold $7.00 to $9.00 higher. Heifers under 600 pounds traded $5.00 higher. Larger lots of vaccinated calves traded as much as $20.00 to $30.00 stronger. Feeder cattle supply over 600 pounds was 71%. The CME feeder cattle index 9/23/2025: up $0.20, $361.31.

LEAN HOGS:

Tumbling lower throughout the entire day, the lean hog contracts gave back all the position that Tuesday's market successfully conquered. October lean hogs are down $1.10 at $99.42, December lean hogs are down $2.60 at $88.12 and February lean hogs are down $2.30 at $89.62. And without the help of strong fundamentals, traders stood little chance of keeping the contracts elected throughout the day with the external pressures that arose. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.32 with a weighted average price of $104.67 on 6,633 head. Pork cutouts totaled 337.89 loads with 288.49 loads of pork cuts and 49.40 loads of trim. Pork cutout values: down $1.05, $111.63. Wednesday's slaughter is estimated at 489,000 head, 3,000 head more than a week ago and 5,000 head more than a year ago. The CME lean hog index 9/23/2025: down $0.08, $104.90. The Quarterly Hogs and Pigs Report will be shared tomorrow afternoon.

THURSDAY'S HOG CALL: Lower. At this point, it's likely that packers have purchased the bulk of their needs already in the cash market.

Wednesday Midday Livestock Market Summary - Weak Equity Markets Turn Contracts Lower

GENERAL COMMENTS:

It has been a lower-trending day thus far for the livestock contracts as all three markets are trading lower into Wednesday's noon hour. Still no bids have surfaced for the fed cash cattle market, and trade will likely be delayed until later in the week. December corn is down 1 3/4 cents per bushel and December soybean meal is down $0.20. The Dow Jones Industrial Average is down 162.42 points and the NASDAQ is down 144.27 points.

LIVE CATTLE:

After two consecutive days of mostly stronger trading, the live cattle complex is trading lower into Wednesday's noon hour, as traders are reluctant to advance the complex any higher without seeing immediate fundamental support, as many of the contracts are up against resistance pressure. Not to mention, it's also hindering the market's confidence to see the equity markets trading lower into the day's noon hour as well. October live cattle are down $0.50 at $235.10, December live cattle are down $0.57 at $238.15 and February live cattle are down $0.82 at $240.30. Asking prices are now being reported in the South at $244 to $245-plus, but are still not established in the North. Trade could develop later today, but it's most likely that trade will develop sometime later this week.

Boxed beef prices are lower: choice down $1.63 ($379.17) and select down $2.19 ($357.71) with a movement of 121 loads (60.89 loads of choice, 30.22 loads of select, 12.64 loads of trim and 17.43 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading lower into Wednesday's noon hour as traders seem to be hitting the pause button on the market's advancement for the time being. Thankfully, feeder cattle sales have been trending mostly higher again this week after last week's slight dip. October feeders are down $1.62 at $360.50, November feeders are down $1.72 at $359.02 and January feeders are down $2.10 at $353.02.

LEAN HOGS:

The lean hog complex is also trading lower as the market hasn't been able to sustain Tuesday's breakout move. It's not helping matters either this morning that both cash prices and pork cutout values are lower, and given that packers were aggressive early in the week for buying the cash market, it's likely that the cash prices will be softer throughout the rest of the week. October lean hogs are down $1.12 at $99.40, December lean hogs are down $2.22 at $88.50 and February lean hogs are down $1.80 at $90.12. Keep in mind that tomorrow (Thursday), the Quarterly Hogs and Pigs report will be released from the USDA.

The projected lean hog index for 9/23/2025 is up $0.10 at $105.00 and the actual index for 9/22/2025 is down $0.08 at $104.90. Hog prices are lower on the Daily Direct Morning Hog Report, down $1.38 with a weighted average price of $104.72, ranging from $98.00 to $108.00 on 4,273 head and a five-day rolling average of $105.47. Pork cutouts total 194.64 loads with 160.81 loads of pork cuts and 33.83 loads of trim. Pork cutout values: down $0.71, $111.97.

Wednesday Morning Livestock Market Update - Traders Look Ahead to Hogs & Pigs Report

GENERAL COMMENTS:

On Tuesday, live cattle futures in the nearby months could not extend the gains of Monday, as the strength increased the desire of traders to take some profits. There was also spread trading taking place, as there is growing evidence cattle supplies may be tighter next year. There has been no indication of cash trade to provide direction, but packers may need to pay steady money for the cattle they need, despite lower boxed beef prices. Choice boxed beef declined $0.59, with select down $2.19. Feeder cattle futures were able to maintain and extend the gains of Monday, likely in response to the discovery of the New World Screwworm 70 miles from the U.S. border. This will ensure the border will remain closed indefinitely for the importation of cattle from Mexico. Feeder cattle demand will remain strong, with feedlots having some difficulty obtaining the cattle they need to maintain their capacity.

Hog futures posted a strong day with new contract highs in all months, maintaining the uptrend and fueling buying interest. The October contract gapped higher on the open and never looked back. The National Daily Direct Afternoon Hog report showed cash up $0.16 with a substantial volume of hogs purchased by packers. Unfortunately, pork cutout values were down $0.62 and may temper Wednesday's trade somewhat. Packers may not be as aggressive Wednesday; however, they may remain active as the increased slaughter pace requires more hogs. Hog futures have remained resilient despite variable cash and cutouts. The Quarterly Hogs and Pigs report will be released on Thursday. The estimates are for all hogs and pigs on Sept. 1 at 100.4%, kept for breeding at 99.5%, and kept for marketing at 100.4%.

	BULL SIDE		BEAR SIDE
1)	The Mexican border will be closed indefinitely due to another discovery of the New World screwworn 70 miles from the border. Feeder cattle will not move across the border.	1)	The Cattle on Feed report may be factored into the market. Futures may have difficulty increasing further without better demand.
2)	Packers were not able to purchase many cattle for deferred delivery, possibly requiring them to at least pay steady money this week.	2)	Boxed beef prices remain weak. This may be a seasonal slump in prices, but it may also be the impact of high beef prices.
3)	Hog futures established new contract highs Tuesday, keeping the uptrend intact and traders confident holding long positions.	3)	Packers have purchased a substantial volume of hogs over the past two days and may not be aggressive Wednesday.
4)	Packers have increased slaughter due to good demand for pork. Higher weights have not slowed the pace.	4)	The October hog contract gapped higher on Tuesday and may fill the gap before the Hogs & Pigs report on Thursday.

Tuesday Closing Livestock Market Update - Traders Continue to Support the Complex

GENERAL COMMENTS:

It was another supportive day for the livestock complex, although some of the nearby live cattle contracts did close lower. Still no cash cattle trade developed. December corn is up 4 1/2 cents per bushel and December soybean meal is down $2.80. The Dow Jones Industrial Average is down 88.76 points and the NASDAQ is down 215.51 points.

LIVE CATTLE:

Tuesday panned out to be your typical "rally and then pull back" type of action out of the futures complex as the nearby contracts did indeed close lower, but the deferred months were able to maintain a stronger close. More than anything, the market is seeming to realize that while boxed beef prices may be seeing a slight seasonal correction, and fed cash cattle prices, too, for that matter, the fact remains that supplies are going to be even thinner in 2026, and those contracts are beginning to see that realization priced into their contract. October live cattle closed $1.55 lower at $235.60, December live cattle closed $1.47 lower at $238.75, and February live cattle closed $1.22 lower at $241.12. No developments surfaced throughout the fed cash cattle market, with asking prices still elusive, and it is most likely that trade will be delayed until after Wednesday at some point. 

Tuesday's slaughter is estimated at 121,000 head, steady with a week ago and 6,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.59 ($380.80) and select down $2.19 ($359.90) with a movement of 120 loads (78.88 loads of choice, 22.55 loads of select, 8.57 loads of trim and 10.41 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady. Given that packers committed 89% of last week's purchase to their nearby delivery, I tend to believe they are more short-bought than we realize.

FEEDER CATTLE:

Although some of the nearby live cattle contracts closed lower, the feeder cattle market was able to sustain a modest to sizeable rally throughout all its contracts. The nearby contracts saw the smallest gains, but the deferred contracts closed well over $3.00 higher as traders continue to realize that demand should only be stronger for cattle next year as supplies aren't going to be any more plentiful by then. October feeders closed $0.77 higher at $362.12, November feeders closed $0.85 higher at $360.75 and January feeders closed $1.95 higher at $355.12. At Joplin Regional Stockyards in Carthage, Missouri compared to last week feeder steers traded $5.00 to $20.00 higher. It was noted that heavy seven weight steers traded up to $25.00 higher. Feeder heifers traded steady to $10.00 higher. Feeder cattle supply over 600 pounds was 73%. The CME feeder cattle index 9/22/2025: up $2.32, $361.10.

LEAN HOGS:

The lean hog complex sported a lofty rally throughout the day, which was significant as the contracts blew past the market's previous resistance threshold. October lean hogs closed $1.72 higher at $100.52, December lean hogs closed $1.97 higher at $90.72 and February lean hogs closed $1.22 higher at $91.92. Pork demand wasn't stellar, but it was helpful that cash prices closed higher on another big movement for the market. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.16 with a weighted average price of $106.99 on 9,285 head. Pork cutouts totaled 328.19 loads with 307.31 loads of pork cuts and 20.88 loads of trim. Pork cutout values: down $0.62, $112.68. Tuesday's slaughter is estimated at 489,000 head, 1,000 head more than a week ago and 2,000 head more than a year ago. The CME lean hog index 9/19/2025: down $0.36, $104.98.

WEDNESDAY'S HOG CALL: Lower. Given that the market has now seen two big days in the cash hog market, packers will likely be less active in the market moving forward.

Tuesday Midday Livestock Market Summary - Traders Continue to Push Contracts Higher

GENERAL COMMENTS:

It's been another strong morning for the livestock complex as all the contracts except some of the nearby live cattle contracts are trading higher into Tuesday's noon hour. Still no cash cattle trade has developed. December corn is up 2 cents per bushel and December soybean meal is down $1.80. The Dow Jones Industrial Average is up 38.76 points and the NASDAQ is down 83.31 points.

LIVE CATTLE:

The live cattle complex is trading mixed into Tuesday's noon hour, seeming as though the nearby contracts are hesitant to advance much more, as the market questions whether or not it has enough support to surpass current resistance levels. Meanwhile, the deferred contracts are trading fully higher, with once again the furthest deferred months seeing the greatest gains. October live cattle are down $0.95 at $236.17, December live cattle are down $0.72 at $239.52 and February live cattle are down $0.20 at $242.15. No developments have surfaced in the fed cash cattle market, as it's most likely that trade will be delayed until later in the week.

Boxed beef prices are mixed: choice up $2.06 ($383.45) and select down $0.74 ($361.35) with a movement of 50 loads (29.51 loads of choice, 10.91 loads of select, 3.24 loads of trim and 6.69 loads of ground beef).

FEEDER CATTLE:

The live cattle contracts may be feeling some resistance pressure, but the feeder cattle contracts are trading higher -- full steam ahead. October feeders are up $1.60 at $362.95, November feeders are up $2.15 at $362.05 and January feeders are up $3.30 at $356.47. It was interesting to note as well that the morale in the countryside was stronger, as prices were mostly higher across all weight classes. More than anything, it seemed as though the support of the futures complex reassured buyers to continue on with their bidding.

LEAN HOGS:

It's a breakout kind of morning for the lean hog contracts as traders have pushed the contracts well beyond their previous resistance thresholds. October lean hogs are up $1.42 at $100.22, December lean hogs are up $1.67 at $90.42 and February lean hogs are up $1.07 at $91.77. If the market is to maintain this elevated position, it will be imperative that demand holds strong and lends traders some additional fundamental support. Please also note that on Thursday, the Quarterly Hogs and Pigs report will be released from the USDA.

The projected lean hog index for 9/22/2025 is down $0.08 at $104.90, and the actual index for 9/19/2025 is down $0.36 at $104.98. Hog prices are higher on the Daily Direct Morning Hog Report, up $1.58 with a weighted average price of $106.10, ranging from $96.00 to $110.00 on 6,180 head and a five-day rolling average of $105.86. Pork cutouts total 142.47 loads with 131.92 loads of pork cuts and 10.55 loads of trim. Pork cutout values: up $0.75, $114.05.

Tuesday Morning Livestock Market Update - Increased Concern Over New World Screwworm

GENERAL COMMENTS:

The Cattle on Feed report triggered a bullish response by traders, resulting in aggressive buying Monday. The January and later feeder cattle contracts closed up the daily limit, with expanded limits in place for Tuesday. The limit for live cattle now is 10.75 and 13.75 for feeder cattle. It is unlikely this full range will be used unless traders decide to liquidate due to the discovery of the New World Screwworm 70 miles from the U.S. border. The last time there was a false report that it was found in Missouri, the market fell limit-down. However, since it wasn't found in the U.S. it may not impact the market negatively. This news had been in the market during the trading day Monday. Boxed beef prices were mixed with choice down $0.66 and select up $2.17.

Hog futures found support with the June and later contracts moving to new contract highs Monday. Packers were aggressive Monday, paying $3.22 higher as reported by the National Daily Direct Afternoon Hog report on 11,169 head. Packers have increased slaughter and need to purchase hogs to meet the increase. Pork cutouts increased $1.25 to an average of $113.30. The strength was in picnics with a gain of $4.95. The Quarterly Hogs & Pigs report will be released Thursday. It is too early for traders to position themselves ahead of the report. They may not cover positions much, as the report may show little change from a year ago.

	BULL SIDE		BEAR SIDE
1)	The strength in cattle futures on Monday, with feeder cattle limit up, would suggest follow-through buying will take place Tuesday.	1)	The discovery of New World screwworm 70 miles south of the U.S. border is cause for concern and may temper the exuberance of the cattle market.
2)	The Cattle on Feed report indicates cattle supplies remain tight, and it is likely this will not change anytime soon. Cattle prices are expected to remain strong.	2)	Short-covering was triggered as a response to the Cattle on Feed report, which may have run its course, being overdone relative to current fundamentals.
3)	The deferred hog futures continued to make new contract highs on Monday, keeping the uptrend alive and well.	3)	Nearby hog futures may have difficulty breaking through technical resistance without consistency in cash and cutouts.
4)	Packers have increased slaughter to satisfy the improving pork demand. They have been more aggressive in the cash market.	4)	Hog weights have been increasing, adding more tonnage to the market. This may continue as long as feed prices are low.

Monday Closing Livestock Market Update - Cattle Close Sharply Higher

GENERAL COMMENTS:

It was a rallying day for the cattle complex as support seeped into the market from multiple outlets, and the lean hog complex was able to close stronger, too. December corn is down 2 1/4 cents per bushel and December soybean meal is down $3.90. New showlists are higher in Nebraska/Colorado, steady in Texas, but lower in Kansas. The Dow Jones Industrial Average is up 66.27 points and the NASDAQ is up 157.50 points.

LIVE CATTLE:

It was an utterly incredible day for the live cattle complex as the market traded sharply higher from the day's initial start and closed with the same ambitious manner. October live cattle closed $3.57 higher at $237.15, December live cattle closed $4.50 higher at $240.22 and February live cattle closed $4.90 higher at $242.35. Today's incredible rally was really the combination of support from Friday's bullish Cattle on Feed report and from the optimistic statement made by the USDA that they're supposed to be releasing a plan to "help rebuild the American cattle supply, incentive our great ranchers, and drive a full-scale revitalization of the American beef industry." The full press release can be accessed here:

The positive news that spewed into the market more than helped offset the announcement that over the weekend Mexico's officials confirmed that a new case of New World screwworm had been detected just 70 miles from the U.S./Mexico border. Monday's slaughter is estimated at 110,000 head – steady with last week but 8,000 head less than a year ago.

Last week, the bulk of Northern dressed business took place on Thursday and Friday, with dressed deals showing a range of $367 to $376, mostly $370, $6 lower than the prior week's weighted average basis Nebraska. In the South, light scattered business started on Wednesday with a little more taking place each day thereafter, with the bulk coming in late Friday afternoon, well after the Mandatory cutoff. Live transactions were at $239 to $240, steady to $1 lower than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 56,656 head. Of that 89% (50,558 head) were committed to the market's nearby delivery option, while the 11% (6,098 head) were committed to the market's deferred delivery option.

Boxed beef prices closed mixed: choice down $0.66 ($381.39) and select up $2.17 ($362.09) with a movement of 108 loads (56.16 loads of choice, 35.12 loads of select, 5.93 loads of trim and 11.27 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady. It was interesting to note that 89% of last week's purchases in the fed cash cattle market were committed to the market's nearby delivery option. Which could potentially mean that packers are closer to the knife than we realized and that prices may stand a chance at holding steady this week.

FEEDER CATTLE:

The live cattle contracts may have closed higher, but the feeder cattle contracts closed sharply higher as most of the deferred contracts closed at their daily limit, up $9.25. October feeders closed $7.25 at $361.35, November feeders closed $8.97 higher at $359.90 and January feeders closed $9.25 higher at $353.17. The feeder cattle complex closed roughly $3.00 lower than the market's resistance point, which means that traders can push the contracts a tick higher before they run into immediate resistance pressure. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers were trading steady to $5.00 higher. Feeder heifers traded mostly $2.00 to $6.00 stronger. Steer calves sold $10.00 to $20.00 higher, and heifer calves traded $15.00 to $25.00 higher. Feeder cattle supply over 600 pounds was 55%. The CME feeder cattle index 9/19/2025: down $1.85, $358.78.

LEAN HOGS:

The lean hog complex was able to maintain its higher trend through the day's end, but traders were most excited to push the cattle contracts higher. October lean hogs closed $0.82 higher at $98.80, December lean hogs closed $1.12 higher at $88.75 and February lean hogs closed $0.90 higher at $90.70. The market is near resistance, which likely means that unless something powerful develops fundamentally, the market will chop sideways. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $3.22 with a weighted average price of $106.83 on 11,169 head. Pork cutouts are not available because the USDA is experiencing technical issues. Monday's slaughter is estimated at 490,000 head, steady with a week ago and 9,000 head more than a year ago. The CME lean hog index 9/18/2025: down $0.36, $105.34.

TUESDAY'S HOG CALL: Steady. There was a sizeable volume of cash hogs bought on Monday, but packers will still need more throughout the week.

Monday Midday Livestock Market Summary - Cattle Soar Higher Thanks to Increased Support

GENERAL COMMENTS:

It's been a wild morning for the cattle complex as a plethora of support has poured into the complex and is helping traders aggressively push both the live cattle and feeder cattle markets higher. New showlists are higher in Nebraska/Colorado, steady in Texas, but lower in Kansas. December corn is down 4 3/4 cents per bushel and December soybean meal is down $4.10. The Dow Jones Industrial Average is up 55.01 points and the NASDAQ is up 134.42 points.

LIVE CATTLE:

The cattle complex is on fire this morning as the traders are celebrating Friday's bullish Cattle on Feed report and are optimistic about the news that is supposed to be released soon from the USDA on a plan to "help rebuild the American cattle supply, incentivize our great ranchers, and drive a full-scale revitalization of the American beef industry." 

October live cattle are up $3.50 at $237.07, December live cattle are up $4.25 at $239.97 and February live cattle are up $4.72 at $242.17. The spot December contract is nearing its resistance pressure, which could cause traders some anxiety technically if they don't know what exactly is going to develop fundamentally this week or what the big announcement from the USDA is going to be. New showlists are higher in Nebraska/Colorado, steady in Texas, but lower in Kansas.

Boxed beef prices are higher: choice up $0.35 ($382.40) and select up $2.42 ($362.34) with a movement of 67 loads (30.12 loads of choice, 26.10 loads of select, 4.83 loads of trim and 5.51 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is trading limit higher in its furthest deferred months as trades clearly noted the lack of placements on Friday's Cattle on Feed report, and are extremely optimistic to see what the USDA is soon going to unveil. But in the meantime, the market is rocking and rolling as yet another bullish leg seems to have been added to the cattle market. October feeders are up $7.55 at $361.55, November feeders are up $9.25 at $360.17 and January feeders are up $9.25 at $353.17.

LEAN HOGS:

The lean hog complex is trading mostly higher into Monday's noon hour as the market is pleased to again see that pork cutout values are higher this morning. October lean hogs are up $0.82 at $98.80, December lean hogs are up $1.22 at $88.85 and February lean hogs are up $0.95 at $90.75. The biggest help this morning in terms of pushing the carcass price higher was the belly's $5.18 jump, along with the $4.50 increase in the picnic.

The projected lean hog index for 9/19/2025 is down $0.36 at $104.98, and the actual index for 9/18/2025 is down $0.36 at $105.34. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.42 with a weighted average price of $104.52, ranging from $98.00 to $106.00 on 1,319 head and a five-day rolling average of $105.80. Pork cutouts total 138.92 loads with 123.95 loads of pork cuts and 14.97 loads of trim. Pork cutout values: up $1.74, $113.79.

Monday Morning Livestock Market Update - Bullish Cattle Report Offset By Lower Cash, Boxed Beef

GENERAL COMMENTS:

The tightness of cattle supplies overrode the need to liquidate some long positions ahead of the Cattle on Feed report Friday. For quite some time now, it has not mattered what the report showed; cattle futures continued to increase. The August report was friendly, but the market reached a peak shortly thereafter. The same may be true this time. The report showed on-feed numbers on Sept. 1 at 99.0% compared to the estimate of 99.2%. Placements in August were 90% of the previous year, compared to the estimate of 91.3%. Catlte marketed in August were 86% compared to the estimate of 87.1%. The report is considered slightly bullish and should support the market. However, the bullish aspect of the report may be offset by the weakness of cash and boxed beef. Cash cattle traded $1.00 lower in the South and upwards of $6.00 lower for dressed cattle in the North. Boxed beef prices took a hit again, with choice down $3.76 and select down $1.39. This may override the bullish aspect of the report. The Commitments of Traders report showed fund traders selling 3,522 live cattle futures contracts, reducing their new long position to 123,750. They increased their net-long feeder cattle position by 102 contracts to 25,412.

Hog futures continue to hold well with the market rejecting the lows again Friday. There was not much to move the market on Friday, resulting in a mostly higher close. The only weakness was seen in the December contract, which was down slightly. The National Daily Direct Afternoon Hog report showed cash down $1.99. Pork cutout values increased $0.08, providing little support to end the week. Despite limited support from cash and cutouts, hog futures have been able to hold support. Over the past two weeks, the packers have been aggressive in starting the week, paying higher cash as they want to procure hogs earlier rather than later. The same may be true this week. The Commitments of Traders report showed fund traders adding 9,198 long hog contracts, increasing their net-long position to 140,301.

	BULL SIDE		BEAR SIDE
1)	August placements were lower than trade expectations and 10% below the same period last year.	1)	The Cattle on Feed report may not be sufficient to offset the lower cash last week.
2)	Cattle supplies will remain tight for the foreseeable future, which should continue to provide support to the market.	2)	Boxed beef continues to fall, indicating demand has slowed. This may keep packers less aggressive and futures trending lower.
3)	Hog futures continue to hold support with the lean hog index nearly $8.00 above futures.	3)	Hog futures have not been able to reach back up to the recent highs and resume an uptrend.
4)	Hog slaughter has been increasing, indicating demand may be improving.	4)	The cash market has been unable to find solid support as hog supplies remain plentiful.

Friday Closing Livestock Market Update - Contracts Close Higher; Cattle on Feed Report Was Bullish, Too

GENERAL COMMENTS:

All in all, Friday was a winning day for the livestock contracts, as traders allowed the contracts to close mildly stronger. The week's fed cash cattle trade didn't amount to much, but some more trade could develop late Friday afternoon. December corn was up 1/4 cent per bushel, and December soybean meal was down $0.70. The Dow Jones Industrial Average was up 172.85 points, and the NASDAQ was up 160.75 points.

From Friday to Friday, livestock futures scored the following changes: October live cattle up $3.60, December live cattle up $3.80; September feeder cattle up $8.75, October feeder cattle up $8.30; October lean hogs up $0.85, December lean hogs down $1; December corn down $0.06, March corn down $0.06.

LIVE CATTLE:

Traders may have struggled with how to handle the live cattle complex throughout the week, but by Friday's close, the market was indeed able to close slightly higher. October live cattle closed $1.20 higher at $233.57, December live cattle closed $1.57 higher at $235.72, and February live cattle closed $1.67 higher at $237.45. At the time of this writing, the fed cash cattle market hadn't seen many cattle trade, but thus far throughout the week, Southern live cattle have mostly traded for $239 to $240, which is steady to $1 lower than last week's weighted average, and Northern dressed cattle traded at mostly $370, which is $6 lower than last week's weighted average. At this point, it's a coin toss on whether packers are going to up their bids to get some more cattle bought so they aren't short bought in the weeks ahead, or if feedlot managers are simply going to elect to roll the cattle they didn't get traded onto next week's showlist. Asking prices for cattle left to trade are firm at $242 plus in the South and $372 plus in the North.

Friday's slaughter is estimated at 87,000 head -- 12,000 head less than a week ago and 23,000 head less than a year ago. Saturday's slaughter is projected to be around 5,000 head. The week's total slaughter is estimated at 552,000 head -- 13,000 head less than a week ago and 62,000 head less than a year ago.

Boxed beef prices closed lower: choice down $3.76 ($382.05) and select down $1.39 ($359.92) with a movement of 131 loads (90.87 loads of choice, 17.57 loads of select, 7.74 loads of trim and 14.39 loads of ground beef).

MONDAY'S CATTLE CALL: Steady/somewhat lower. Given the seasonal decline of fed cash cattle price and boxed beef prices, it's likely that prices will trade steady to somewhat lower next week unless packers are shorter bought than we realize.

FEEDER CATTLE:

Although the feeder cattle complex endured some pressure throughout the week, the market was able to close on a positive note by Friday's end. October feeders closed $2.37 higher at $354.10, November feeders closed $3.70 higher at $350.92 and January feeders closed $3.75 higher at $343.92. And even though feeder cattle sales saw some softness this week compared to recent weeks, it was again highlighted in Friday's USDA Cattle on Feed report just how sparse the supplies are of feeder cattle in the U.S., as the number of cattle placed during the month of August was down 10% compared to a year ago. 

The Oklahoma Weekly Cattle Auction Summary revealed that, compared to last week, feeder steers traded $1 to $7 lower, and feeder heifers traded mostly $5 to $11 lower. Steer calves traded $12 to $17 lower, and heifer calves traded $15 to $20 lower. The market report shared that feeder cattle prices came under pressure from multiple fronts: the psychological effect of waning boxed beef prices, the fact that farmers in the region are sowing wheat and are in the field and not at sale barns, and the sheer fact that late September/October is commonly referred to as "dead calf season," as wild temperature swings amid the stresses of weaning can gravely affect freshly weaned calves. But even with some downward pressure endured, it's still rather incredible that the CME feeder cattle index has maintained a position over $360. The CME feeder cattle index 9/18/2025: down $1.99, $360.63.

LEAN HOGS:

The lean hog complex was able to round out the day higher, as traders mildly supported the contracts through the day's close. It did help that pork cutout values closed slightly higher, but again this week, traders could have used more fundamental support. October lean hogs closed $0.50 higher at $97.97, December lean hogs closed $0.07 lower at $87.62 and February lean hogs closed $0.10 higher at $89.80. If it weren't for the loin's $2.81 decline, the carcass price would have likely been able to close noticeably higher, as all the other major cuts closed stronger. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.99 with a weighted average price of $103.61 on 7,279 head. Pork cutouts totaled 285.39 loads with 257.86 loads of pork cuts and 27.53 loads of trim. Pork cutout values: up $0.08, $112.03. Friday's slaughter is estimated at 484,000 head -- 17,000 head more than a week ago and 3,000 head more than a year ago. Saturday's slaughter is projected to be around 169,000 head. The CME lean hog index 9/17/2025: down $0.16, $105.70.

MONDAY'S HOG CALL: Lower. Packers rarely support the cash hog market on Mondays.