Tuesday Midday Livestock Market Summary - Cattle Futures Continue Higher

GENERAL COMMENTS:

Strong triple-digit gains have redeveloped in all cattle trade, with feeder cattle futures leading the shift higher and prices holding a $3-per-cwt rally through most nearby contracts at midday. Lean hog futures remain under light to moderate pressure with ample supply of hogs available for packers' needs. This is not only limiting cash hog prices but also limiting pork values heading into April. May corn is up 2 1/2 at $4.583 and May soybean meal is up $1.40 at $316.3. The Dow Jones Industrial Average is up 493.04 at 45,709.18.

LIVE CATTLE:

Live cattle futures continue to move higher with trade gaining on technical support as nearby contracts near contract highs. The ability to continue to push boxed beef prices higher as they near $400 per cwt is adding even more momentum to the live cattle complex. The combination of already tight supplies and potential cow losses due to Nebraska fires and feed shortages due to drought conditions could add more momentum to the market in the coming days and weeks. Cash cattle markets are still quiet with a very slow start to the day this Tuesday morning in cash cattle country, with bids and asking prices not established. Significant trade volume will likely be delayed until Wednesday or more likely later in the week. April live cattle are $1.60 higher at $241.15, June live cattle are $1.20 higher at $241.4 and August live cattle are $1.25 higher at $238.55. 

Boxed beef prices are Higher: choice up $2.34 ($396.44) and select up $3.78 ($394.79) with a movement of 50.25 loads (36.36 loads of choice, 6.30 loads of select, zero loads of trim and 7.59 loads of ground beef).

FEEDER CATTLE:

Feeder cattle futures surged higher, with April through August futures posting gains above $3 per cwt at midday. This continued momentum in all cattle markets is sparking additional fundamental and technical buying through the entire complex. It is expected that additional market support will be seen through the end of the day as traders look to end the month of March and first quarter on a positive note. April feeders are $3.23 higher at $366.525, May feeders are $3.18 higher at $364.5 and August feeders are $2.95 higher at $362.55.

LEAN HOGS:

Lean hog futures are the one area of livestock trade that is not posting active, aggressive gains Tuesday morning. Spot April contracts are lightly traded and holding single-digit losses, while most of the focus is on the June contracts due to overall limited open interest in the May lean hog contracts. Once April contracts expire, the majority of trade will then be focused on June contracts, which are currently trading $14 per cwt above the April market. This could help to bring about some additional cash market support, but the overall outlook in the lean hog complex remains cautious at best, given current pork demand, while supplies of market-ready or near market-ready hogs remain readily available. April lean hogs are $0.10 lower at $90.375, May lean hogs are $0.75 lower at $96.375 and June lean hogs are $0.95 lower at $104.925. Hog Prices are lower on the Daily Direct Morning Hog report, down $0.23 with a weighted average of $90.37, ranging from $88.00 to $91.00 on 3,104 head with a five-day rolling average of $90.72. Pork Cutouts totaled 185.54 loads with 155.12 loads of pork cuts and 30.42 loads of trim. Pork cutout values are down $1.55 at $97.08.

Tuesday Morning Livestock Market Update - Technical Trade Provides Support

GENERAL COMMENTS:

The June and August live cattle contracts close above technical resistance and are on their way to closing the chart gaps and revisiting contract highs. Traders have regained confidence in higher cattle prices as numbers remain tight. The wildfires in Nebraska and the drought in a significant portion of cattle country may tighten supplies even more as time progresses. Some cattle have already been sold and will be sold if the drought continues in those areas. This will delay the rebuilding of the cattle herd and may further tighten supplies. There will be more emphasis on beef-on-dairy cattle supplies, driving those prices higher than they already are. The boxed beef prices were higher, with choice up $1.13 and select up $1.14.

Hog futures had little to show at the end of the day, with contracts closing slightly lower. The good news is they held the recent gains, but without outside fundamental support, traders will look to cash and cutouts for direction. Packers got an early start to the week and bid higher for hogs. The holiday-shortened week may keep them more aggressive early. The National Daily Direct Afternoon hog report showed cash up $0.40 on a good amount of hogs purchased. Cash is expected to be higher Tuesday as packers remain aggressive. Pork cutout values increased by $1.01, but continued gains need to be seen, or hog futures may flounder. The increased slaughter pace continues, indicating strong demand.

	BULL SIDE		BEAR SIDE
1)	The June and August live cattle contracts moved into the chart gaps that remained since Oct. 17, 2025, and are poised to close those gaps.	1)	Packers have some cattle purchased ahead for this week and next week, and may not be aggressive due to the holiday-shortened week.
2)	The June and July live cattle contracts closed above technical resistance and are expected to revisit the contract highs of Oct. 16, 2025.	2)	Boxed beef prices may again reach a threshold around the $400 level and may find consumer resistance as fuel prices escalate.
3)	Hog futures held the recent gains with only minimal losses. Traders are willing to support the market.	3)	Cash hogs and cutout prices have yet to find consistent support. This will keep traders' buying interest limited.
4)	The continued strong slaughter pace will keep hogs current and may eventually tighten supplies.	4)	Hog supplies remain plentiful, with packers able to obtain the hogs they need for increased slaughter without difficulty.

Monday Closing Livestock Market Update - Traders Help Drive Cattle Contracts Higher

GENERAL COMMENTS:

With more than enough support being evident throughout Monday's trade, the livestock contracts successfully rounded out the day higher. New showlists appear to be somewhat lower in Texas and even smaller in Nebraska and Kansas. May corn is down 6 1/4 cents per bushel and May soybean meal is down $0.40. The Dow Jones Industrial Average is up 29.37 points and the NASDAQ is down 186.61 points.

LIVE CATTLE:

The live cattle complex experienced another fruitful day, with the market well supported by both its fundamental and technical sectors. April live cattle closed $1.05 higher at $239.55, June live cattle closed $1.42 higher at $240.20 and August live cattle closed $1.25 higher at $237.30. More than anything, traders saw the bullish momentum rebuilt in the marketplace and wanted to keep that fire burning throughout Monday's trade. And it did help matters that last week fed cash cattle prices traded mostly steady and that boxed beef prices closed higher this afternoon.

New showlists appear to be somewhat lower in Texas and even smaller in Nebraska and Kansas. Monday's slaughter is estimated at 109,000 head, 4,000 head more than a week ago and 6,000 head more than a year ago.

Last week Northern dressed sales were marked at mostly $372, which is steady with last week's weighted average, and it wasn't until late in the day on Friday that some live cattle sales were reported in the South at $233 to $235, which is steady to $1.00 lower than the previous week's weighted average.

Boxed beef prices closed higher: choice up $1.13 ($394.10) and select up $1.14 ($391.01) with a movement of 77 loads (46.46 loads of choice, 11.60 loads of select, 10.91 loads of trim and 8.38 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady to somewhat higher. The fed cash cattle market may be able to trade steady if not a tick higher again this week if boxed beef demand remains strong.

FEEDER CATTLE:

The feeder cattle complex experienced a notable rally throughout Monday's trade, as traders once again felt that there was sufficient support in the market to push the contracts higher confidently. April feeders closed $1.85 higher at $363.30, May feeders closed $1.50 higher at $361.32 and August feeders closed $1.80 higher at $359.60. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week and at their midsession point, feeder steers under 475 pounds were selling $10.00 to $35.00 lower, but weights over 475 pounds were trading $5.00 to $20.00 higher. Feeder heifers were selling anywhere from $6.00 lower to $10.00 higher. Feeder cattle supply over 600 pounds was 73%. The CME feeder cattle index 3/27/2026: up $2.14, $365.12.

LEAN HOGS:

The lean hog complex closed mostly lower Monday afternoon as traders yearn to see continued fundamental support before they advance the contracts anymore. But thankfully, with how strong both pork prices and cash prices closed Monday afternoon, there's a chance that Tuesday's market will be able to trade higher. April lean hogs closed $0.30 lower at $90.47, June lean hogs closed $0.25 lower at $105.87 and July lean hogs closed $0.12 lower at $108.70. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.40 with a weighted average price of $90.92 on 4,015 head. Pork cutouts totaled 258.80 loads with 222.73 loads of pork cuts and 36.06 loads of trim. Pork cutout values: up $1.01, $97.57. Monday's slaughter is estimated at 496,000 head, 4,000 head more than a week ago and 35,000 head more than a year ago. The CME lean hog index 3/26/2026: down $0.28, $91.18.

TUESDAY'S HOG CALL: Higher. With pork demand up notably on Monday, there's a strong chance that the cash market will be higher on Tuesday too. 

Monday Midday Livestock Market Summary - Traders Drive Contracts Higher

GENERAL COMMENTS:

The livestock complex is off to a bullish start to the week as all three of the markets are trading higher into Monday's noon hour. New showlists appear to be somewhat lower in Texas, Nebraska and Kansas. May corn is down 3 3/4 cents per bushel and May soybean meal is up $1.20. The Dow Jones Industrial Average is up 306.71 points and NASDAQ is down 26.41 points.

LIVE CATTLE:

Thus far it's been another prosperous day for the live cattle complex as the market is charging onward, full-speed ahead into Monday's noon hour. Fueled by a combination of strong support from traders and from the stability recently seen in boxed beef prices -- along with mostly steady tones in last week's fed cash cattle market -- the live cattle complex has finally regained its bullish sentiment. April live cattle are up $1.15 at $239.65, June live cattle are up $1.35 at $240.12 and August live cattle are up $1.27 at $237.32. New showlists appear to be somewhat lower in Texas and even smaller in Nebraska and Kansas.

Last week Northern dressed sales were marked at mostly $372, which is steady with last week's weighted average, and it wasn't until late in the day on Friday that some live cattle sales were reported in the South at $233 to $235 which is steady to $1.00 lower than the previous week's weighted average.

Boxed beef prices are higher: choice up $2.69 ($395.66) and select up $0.90 ($390.77) with a movement of 28 loads (14.47 loads of choice, 3.55 loads of select, 5.90 loads of trim and 3.57 loads of ground beef).

FEEDER CATTLE:

Keeping in perfect alignment with the live cattle complex, the feeder cattle contracts are also charging higher into Monday's noon hour. Aside from the multi-faceted support the live cattle complex is currently seeing, the feeder cattle contracts are seeing that demand plus more as buyers have been notably more aggressive in sale barns across the countryside in recent weeks. With turnout season to grass nearing, demand will likely only get stronger. April feeders are up $2.47 at $363.92, May feeders are up $2.00 at $361.82 and August feeders are up $2.57 at $360.37.

LEAN HOGS:

The lean hog complex is also rallying into Monday's noon hour as traders are pleased to see midday pork cutout values up again and the market is keeping with the upward trend established last week. June lean hogs are up $0.22 at $106.35, July lean hogs are up $0.32 at $109.15 and August lean hogs are up $0.32 at $108.85. Helping drive the midday carcass price higher is mostly the $3.74 jump in the picnic, and then the $2.28 increase in the belly.

The projected CME Lean Hog Index for 3/27/2026 is down $0.42 at $90.76 and the actual index for 3/26/2026 is down $0.29 at $91.18. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 1,355 head have traded and that the market's five-day rolling average now sits at $90.91. Pork cutouts totaled 121.98 loads with 105.22 loads of pork cuts and 16.76 loads of trim. Pork cutout values: up $1.89, $98.45.

Monday Morning Livestock Market Update - Hog Futures May See Follow-Through Strength

GENERAL COMMENTS:

Cash cattle traded steady for the week, which was enough to generate buying interest in futures. There had been a discount to cash, and that allowed room for futures to move higher. Slaughter increased from the previous week, running about 520,000 head. This is a good sign due to the Greeley plant remaining on strike. Slaughter is continuing despite the disruption. Slaughter and carcass weights will remain a big topic moving forward. The reduction in slaughter and record-large carcass weights have been favorable for packers. Cash business is expected to take place earlier this week due to the holiday-shortened trading week due to Good Friday. Boxed beef prices were mixed, with choice up $3.12 and select down $1.79. The Commitment of Traders report showed fund traders increasing their long live cattle position by 4,450 futures contracts to a net long of 107,593. They added 188 contracts to feeder cattle, increasing their net-long position to 19,562.

Hog futures gapped higher on the open on Friday, leaving a gap below the market. Traders digested the Hog and Pigs report and gained the confidence to buy aggressively, with the July and August contracts posting the greatest gains. Packers remained unaggressive to close out the week, as cash on the National Daily Direct Afternoon Hog report was down $0.37. However, pork cutouts were up $1.21. Traders will need to see greater consistency in both cash and cutouts to regain the losses of the past few weeks. Hog slaughter remains strong and above a year ago. Packers had not been aggressive the last half of the week, but should pay up for hogs today as they will attempt to accomplish business early due to the holiday-shortened week. The Commitment of Traders report showed fund traders were net sellers of 15,966 hog futures positions, reducing their long positions to 93,770 contracts.

	BULL SIDE		BEAR SIDE
1)	The strong rebound in cattle futures on Friday may see follow-through strength today.	1)	Cattle futures adjusted higher to move in line with cash, but no other specific reason triggered the strong rally.
2)	Cattle slaughter increased last week despite the continued strike at the JBS Greeley plant. Slaughter has been shifted to other plants.	2)	High cattle weights and reduced slaughter are providing leverage to packers. Cash is expected to be steady at best this week.
3)	Hogs closed higher as traders felt confident to buy into an oversold market and overdone to the downside.	3)	Hog futures left a chart gap on the open Friday that will be filled at some point. Weakness is needed to accomplish the task.
4)	Continued strong slaughter keeps the market current and may eventually tighten supplies and reduce runs.	4)	Traders will need to see consistent strength in cash and cutouts to regain the losses of the past few weeks.

Friday Closing Livestock Market Update - Traders Drive Contracts Sharply Higher

GENERAL COMMENTS:

Friday ended up being a fantastic day for the livestock complex, as the market finally found the support it was desiring and was able to keep the contracts trading higher through the day's end. May corn is down 5 cents per bushel, and May soybean meal is down $6.80. The Dow Jones Industrial Average is down 867.21 points, and the NASDAQ is down 488.70 points.

From Friday to Friday, livestock contracts scored the following changes: April live cattle up $4.45, June live cattle up $5.35; April feeder cattle up $10.28, May feeders cattle up $13.45; April lean hogs down $0.50, June lean hogs up $1.65; May corn down $0.04, July corn down $0.02.

LIVE CATTLE:

The week may have started out choppy for the live cattle complex, but low and behold, by Friday's end, the market closed substantially higher thanks to increased fundamental support from the cash sector and a slight improvement in boxed beef prices. April live cattle closed $3.40 higher at $238.50, June live cattle closed $3.97 higher at $238.77, and August live cattle closed $3.65 higher at $236.05. Friday's higher close pushed the spot June contract past its 40-day moving average and up to the market's resistance that it hasn't successfully traded over since last October.

On Thursday, some light dressed cattle sales were noted in the North at $372, which is steady with last week's weighted average. At the time of this writing, bids are on the table, but no cash cattle sales have been reported in the South. Bids remain unaccepted at $235, as feedlot managers are firm in their asking price of $238 to $240.

Friday's slaughter is estimated at 92,000 head -- 16,000 head more than a week ago and 15,000 head less than a year ago. Saturday's slaughter is projected to be around 16,000 head. The week's total slaughter is estimated at 520,000 head -- 17,000 head more than a week ago and 88,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $3.12 ($392.97) and select down $1.79 ($389.87) with a movement of 107 loads (60.64 loads of choice, 8.39 loads of select, 25.95 loads of trim and 11.94 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Before we can articulate what next week's trend may be, we need to see where the market lands this week.

FEEDER CATTLE:

Upon seeing ample fundamental and technical support arise in the cattle sector, the feeder cattle contracts jumped with joy and successfully rounded out the day anywhere from $4 to $8 stronger. April feeders closed $6.37 higher at $361.45, May feeders closed $8.07 higher at $359.82, and August feeders closed $7.42 higher at $357.80. With boxed beef prices seeing a slight increase at the end of the week and fed cash cattle prices also holding steady, the feeder cattle complex simply had all the support it wanted, as demand in the countryside was also steady to somewhat stronger for calves this week. The Weekly Oklahoma Cattle Auction Summary shared that compared to last week, feeder steers traded steady to $6 higher, and feeder heifers traded steady to $4 lower. Steer calves sold $10 to $15 higher, and heifer calves sold $2 to $7 stronger. Slaughter cows sold $1 to $2 higher, and slaughter bulls traded $3 stronger. Feeder cattle supply over 600 pounds was 69%. The CME feeder cattle index 3/26/2026: down $0.26, $362.98.

LEAN HOGS:

The lean hog complex also ran vigorously through the week's end, as the market had more than enough support to justify doing so. Between Thursday's quarterly USDA Hogs and Pigs report and the uptick in pork demand Friday afternoon, support was ample. April lean hogs closed $0.05 lower at $90.77, June lean hogs closed $1.82 higher at $106.12, and July lean hogs closed $2.12 higher at $108.82. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.37 with a weighted average price of $90.52 on 2,038 head. Pork cutouts totaled 338.53 loads with 300.96 loads of pork cuts and 37.58 loads of trim. Pork cutout values: up $1.21, $96.56. Friday's slaughter is estimated at 490,000 head -- 23,000 head more than a week and year ago. And Saturday's slaughter is projected to be around 58,000 head. The CME lean hog index 3/25/2026: down $0.19, $91.46.

MONDAY'S HOG CALL: Steady. Packers rarely are aggressive enough in the cash market on Mondays to drive the prices higher.

Friday Midday Livestock Market Summary - Traders Finally Receive Fundamental Support They Need

GENERAL COMMENTS:

The livestock complex is trading higher into Friday's noon hour as the market finally found the support it wanted to see. Bids are currently on the table in the South, but no more cash cattle trade has been noted. May corn is down 2 1/2 cents per bushel and May soybean meal is down $3.20. The Dow Jones Industrial Average is down 484.82 points and NASDAQ is down 305.69 points.

LIVE CATTLE:

With the aid of steady trade in the cash cattle complex and upon seeing midday boxed beef prices higher, the live cattle contracts are $2.00 to $3.00 higher ahead of Friday's noon hour. April live cattle are up $3.25 at $238.35, June live cattle are up $3.70 at $238.52 and August live cattle are up $3.60 at $236.00. Currently the spot June live cattle contract is trading above its 40-day moving average, which has been a challenging threshold for the market over the last week. Following the light business that developed in the North on Thursday at $372 (fully steady with last week's weighted average) there's been no more cash cattle trade noted yet. Bids are currently on the table in the South at $235, but feedlot managers are holding firm as their initial asking price was set at $238 to $240. More trade will need to develop throughout the day.

Boxed beef prices are higher: choice up $4.24 ($394.09) and select up $0.23 ($391.89) with a movement of 62 loads (43.96 loads of choice, 3.26 loads of select, 6.71 loads of trim and 8.01 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is loving all the support the cattle sector is receiving Friday morning and the contracts are mostly $5.00 to $6.00 higher headed into Friday's noon hour. April feeders are up $6.10 at $361.17, May feeders are up $6.90 at $358.72 and August feeders are up $6.42 at $356.80. Feeder cattle demand has also been stronger this week in sale barns across the country as buyers realize turn-out season is quickly approaching.

LEAN HOGS:

The lean hog complex has fully absorbed Thursday's Quarterly Hogs and Pigs report and is making the most out of it as the nearby contracts are more than $1.00 higher heading into Friday afternoon. April lean hogs are steady at $90.82, June lean hogs are up $1.52 at $105.82 and July lean hogs are up $1.87 at $108.57. Hopefully this sizeable move confirms there's been a short-term bottom established for the futures complex. The projected CME Lean Hog Index is delayed from the source. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.32 with a weighted average price of $90.60, ranging from $89.00 to $92.00 on 1,753 head and a five-day rolling average of $90.91. Pork cutouts total 236.48 loads with 212.43 loads of pork cuts and 34.05 loads of trim. Pork cutout values: up $3.15, $98.50.

Friday Morning Livestock Market Update - Steady Cash Cattle Trade May Again Develop This Week

GENERAL COMMENTS:

Cattle futures regained the losses of Wednesday but had little else to show for it. Another day of weakness for boxed beef may have a negative influence on the market today. Boxed beef prices declined in both categories, with choice down $1.84 and select down $3.83. Fortunately, some light dressed cattle trade took place in the North at even money with last week. This may have set the stage for cash trade today for dressed cattle, but the jury is still out for live prices. Packers may not pay more for live cattle due to the recent decline of boxed beef. The March feeder cattle contract ceased trading on Thursday, with the April contract moving to the lead month, and is holding over an $8.00 discount to the index.

Hog futures closed higher in all contracts except for April. Most of the movement may have been in preparation for the release of the Quarterly Hogs and Pigs report. The overall report was neutral and may not have much influence on the market. All hogs and pigs on March 1 were up slightly, but as 100% of last year. Kept for breeding was slower than the average trade expectations at 99%. The trade was looking for 99.8%. Kept for marketing was 101% and right where the trade estimated. The hog weight breakdown was at 100% of a year ago for hogs under 50 lbs., 50 to 119 lbs., and 120 to 179 lbs. These were all below the trade expectations. Hogs over 180 lbs. were 102%, above a year ago and higher than expectations. Farrowing intentions were either at or below those of a year ago. The National Daily Direct Afternoon Hog report showed cash down $0.76. Cash may be higher today as packers need to finish purchases for the week. Pork cutout values declined $1.05.

	BULL SIDE		BEAR SIDE
1)	Steady cash trade for cattle should be supportive to the market, giving traders confidence to hold long positions.	1)	A steady cash cattle trade may be a disappointment to some traders, and selling on futures may develop ahead of the weekend.
2)	Live cattle futures regain the losses of Wednesday despite a further decline in choice boxed beef.	2)	Choice boxed beef fell $10.06 over the past two trading days. This does not bode well for the packer margins.
3)	The neutral Hogs and Pigs report may provide the confidence for traders to add to their long positions as they look ahead to increased demand.	3)	The mostly neutral Hogs and Pigs report may not trigger strong buying interest in hog futures.
4)	Hog futures may be developing a level of support and a double bottom on the charts that could increase buying interest.	4)	Both cash hogs and pork cutout prices remain choppy. Traders need to see more consistent, higher prices to regain the recent losses in futures.

Thursday Closing Livestock Market Update - Traders Help Keep the Livestock Contracts Higher

GENERAL COMMENTS:

All in all, it was a good day for the livestock complex, as the contracts closed higher, and the fed cash cattle market saw some light trade develop at steady prices. Throughout the day, there was a thin movement in the North at $372, which is steady with last week's weighted average. May corn is down 1/4 cent per bushel, and May soybean meal is up $2.30. The Dow Jones Industrial Average is down 469.38 points, and the NASDAQ is down 521.75 points.

Beef net sales of 10,700 metric tons (mt) for 2026 were up noticeably from the previous week, but down 19% from the prior four-week average. The three largest buyers were Japan (2,900 mt), Taiwan (1,600 mt) and South Korea (1,600 mt). Pork net sales of 40,300 mt for 2026 were up 43% from the previous week and 23% from the prior four-week average. The three largest buyers were Mexico (14,100 mt), China (9,700 mt) and Japan (5,800 mt).

LIVE CATTLE:

The live cattle complex was able to close slightly higher thanks to some stable support found in the cash market. A few dressed deals have been marked at $372 in eastern Nebraska, which is fully steady with last week's weighted average. And given that, in recent weeks, packers have been able to secure some inventory and boxed beef prices have been pressured lately, it was anyone's guess as to where cash prices would land this week. But thank goodness the light test that the market has seen thus far has lent the complex some much-needed fundamental support. April live cattle closed $0.67 higher at $235.10, June live cattle closed $0.95 higher at $234.80 and August live cattle closed $0.80 higher at $232.40. Asking prices are noted at $238 to $240 in the South, and bids were offered throughout the day, but at this point in time, no Southern live cattle have traded yet. 

Thursday's slaughter is estimated at 97,000 head -- 9,000 head less than a week ago and 23,000 head less than a year ago.

Boxed beef prices closed lower: choice down $1.84 ($389.85) and select down $3.83 ($391.66) with a movement of 93 loads (65.58 loads of choice, 6.96 loads of select, 8.09 loads of trim and 12.56 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. Given that some light trade has developed in the North at steady, it's likely that prices would trend lower at this point.

FEEDER CATTLE:

The feeder cattle complex was trading higher throughout the day, but once the market saw the live cattle contracts begin to trade higher, the feeder cattle market's confidence grew, and the contracts ended the day stronger. April feeders closed $1.72 higher at $355.07, May feeders closed $1.70 higher at $351.75 and August feeders closed $1.15 higher at $350.37. At Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves weighing 300 to 500 pounds sold lower, but steers weighing 500 to 550 pounds traded $15 to $22 higher. Feeder steers weighing 600 to 900 pounds sold $7 to $19 lower, while steers weighing 900 to 950 pounds traded $9 higher. Heifer calves sold lower with heifers weighing 500 to 550 pounds traded $15 to $25 lower. Feeder heifers were steady to $15 lower. Slaughter cows sold $6 to $10 higher and slaughter bulls traded $6.00 stronger. Feeder cattle supply over 600 pounds was 45%. The CME feeder cattle index 3/25/2026: up $1.46, $363.24.

LEAN HOGS:

The lean hog complex closed mostly higher Thursday afternoon as traders were hopeful that the quarterly USDA Hogs and Pigs report was going to be fruitful. And by in large, the report was found to be mixed, as there was a slight decline in the breeding herd, but market-ready supplies of pigs could be burdensome. 

April lean hogs closed $0.07 lower at $90.82, June lean hogs closed $0.17 higher at $104.30 and July lean hogs closed $0.52 higher at $106.70. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.76 with a weighted average price of $90.89 on 2,490 head. Pork cutouts totaled 319.09 loads with 273.62 loads of pork cuts and 45.47 loads of trim. Pork cutout values: down $1.05, $95.35. Thursday's slaughter is estimated at 492,000 head -- steady with a week ago and 3,000 head more than a year ago. The CME lean hog index 3/24/2026: down $0.06, $91.65.

FRIDAY'S HOG CALL: Lower. At this point, it's most likely that packers have secured the vast majority of their cash needs for the week.

Thursday Midday Livestock Market Update - Mixed Tones Remain the Theme in Complex

GENERAL COMMENTS:

The livestock complex continues mixed as traders desire to see the contracts move higher but would like to see some fundamental support first. No cash cattle trade has developed but bids are on the table in both Texas and Nebraska. May corn is down 1 3/4 cents per bushel and May soybean meal is up $1.50. The Dow Jones Industrial Average is down 284.28 points and NASDAQ is down 278.37 points.

Thursday's export report shared that beef net sales of 10,700 metric tons (mt) for 2026 were up noticeably from the previous week, but down 19% from the prior four-week average. The three largest buyers were Japan (2,900 mt), Taiwan (1,600 mt) and South Korea (1,600 mt). Pork net sales of 40,300 mt for 2026 were up 43% from the previous week and 23% from the prior four-week average. The three largest buyers were Mexico (14,100 mt), China (9,700 mt) and Japan (5,800 mt).

LIVE CATTLE:

The live cattle complex is again mixed as traders remain cautious about being overly supportive of the nearby contracts without any fed cash cattle trade having developed. Meanwhile, the deferred contracts are trading mildly higher. April live cattle are down $0.07 at $234.35, June live cattle are down $0.17 at $233.60 and August live cattle are down $0.15 at $231.45. Bids have started to pop up in the countryside. There's a bid on the table in Texas at $233 and a dressed bid in Nebraska at $372, but no confirmed sales have been noted just yet. Asking prices are firm in Texas at $238 to $240.

Boxed beef prices are lower: choice down $1.06 ($390.63) and select down $2.16 ($393.33) with a movement of 58 loads (37.30 loads of choice, 3.92 loads of select, 7.95 loads of select, 8.89 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is charging onward even as the live cattle complex trades mixed into Thursday's noon hour. April feeders are up $1.20 at $354.55, May feeders are up $0.27 at $350.32 and August feeders are up $0.20 at $349.42. As long as nothing develops negatively from a fundamental sense (like lower cash cattle trade) it's very likely the complex may be able to maintain this momentum through Thursday's end.

LEAN HOGS:

The lean hog complex is trading mixed into the day's noon hour. Nearby contracts are lower with caution ahead of the afternoon's Quarterly Hogs and Pigs report. The deferred contracts are charging onward bravely. April lean hogs are down $0.20 at $90.70, June lean hogs are up $0.02 at $104.15 and July lean hogs are up $0.22 at $106.40. It is also helpful to see midday pork cutout values are up mildly.

The projected CME Lean Hog Index for 3/25/2026 is down $0.19 at $91.46, and the actual index for 3/24/2026 is down $0.05 at $91.65. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.35 with a weighted average price of $90.92, ranging from $90.00 to $92.00 on 2,390 head and a five-day rolling average of $91.08. Pork cutouts total 151.30 loads with 129.49 loads of pork cuts and 21.81 loads of trim. Pork cutout values: up $0.20, $96.60.

Thursday Morning Livestock Market Update - Traders to Position Ahead of the Hogs and Pigs Report

GENERAL COMMENTS:

Cattle futures closed lower with pressure developing. The choice boxed beef price fell nearly $8.00 in the morning report. The afternoon boxed report showed choice down $8.22 with select up $0.99. Concern was developing over the continued strength of demand due to escalating beef prices and improving packer margins. Either consumers were going to reach a price resistance or slaughter would increase to meet the continued demand. That question may have been answered on Wednesday. However, one day's trade does not mean much in the big picture. Traders have wavered in their anticipation of a steady to higher cash cattle trade this week and see the potential for lower cash to develop. Today is the last day to trade March feeder cattle.

Hog futures were mixed as traders did not want to press the market lower, nor did they see anything to increase their buying interest. Futures hung around the support level with traders finding no solid direction. The National Daily Direct Afternoon Hog report showed cash down $0.97. Lower cash was expected and will likely be seen today as well. Pork cutouts declined $0.57. The Quarterly Hogs and Pigs report will be released this afternoon. The average estimates for the report are for all hogs and pigs on March 1 at 100.9%, with estimates ranging from 100.1% to 101.5%. Hogs kept for breeding at 99.8% with a range of 99.4% to 100.3%. Hogs kept for marketing at 101.0% with a range of 100.1% to 101.7%. The largest increase compared to the previous year is the December-February pigs crop with an average estimate of 102.0%.

	BULL SIDE		BEAR SIDE
1)	The large decline in choice boxed beef may only be temporary and will rebound, providing support to the market.	1)	Packers continue to hold a reduced slaughter pace, attempting to maintain better margins.
2)	Cash cattle have not yet traded this week, and steady prices may provide the support needed for traders to turn aggressive buyers.	2)	The large drop in choice boxed beef may indicate that beef prices may have reached a threshold.
3)	Hogs futures held around the support level. Traders did not liquidate positions even though the June and July contracts closed below support on Tuesday.	3)	Hog futures are at or near major technical support, and increased selling pressure could trigger liquidation.
4)	The weekly average hog weights declined to 290.5 pounds, down 0.5 pounds from the previous week. Weights are now 0.2 pounds below what they were a year ago.	4)	A negative Hogs and Pigs report could push futures lower as fund traders could liquidate more of their long positions.

Wednesday Closing Livestock Market Update - Cattle Scale Lower While Hogs End Day Mixed

GENERAL COMMENTS:

It was a lackluster day for the livestock complex as the market continues to yearn for increased fundamental support but simply isn't receiving as much as it needs. No cash cattle trade developed throughout the day. May corn is up 4 3/4 cents per bushel and May soybean meal is down $2.60.

The Dow Jones Industrial Average is up 305.43 points and NASDAQ is up 167.94 points.

LIVE CATTLE:

The live cattle complex wasn't thrown a supportive fundamental bone throughout the day which is why the contracts' safest bet was to close slightly lower. The real headline of the day for the live cattle complex was the break in boxed beef prices as choice cuts ended the day $3.80 lower than select cuts. This is due to two main reasons: retailers are pushing back on these high beef prices and the market is drastically short supplied of thin, grinding type products and has a surplus of choice cuts. April live cattle closed $0.95 lower at $234.42, June live cattle closed $0.75 lower at $233.85 and August live cattle closed $0.50 lower at $231.60. No cash cattle trade developed throughout the day but asking prices are noted at $238 to $240 in Texas. 

Wednesday's slaughter is estimated at 103,000 head -- 2,000 head less than a week ago and 18,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $8.22 ($391.69) and select up $0.99 ($395.49) with a movement of 123 loads (97.10 loads of choice, 8.29 loads of select, 6.43 loads of trim and 11.15 loads of ground beef).

THURSDAY'S CATTLE CALL: Lower. With the weaker trend in boxed beef prices, cash prices will likely hold steady at best but could trade lower.

FEEDER CATTLE:

Once again to no one's surprise, the feeder cattle complex followed the live cattle market and ended the day lower. Wednesday's weaker move stems from the fact that the spot May contract was nearing its 40-day moving average and simply didn't see enough immediate support in the market to justify a higher end for the day. April feeder cattle closed $1.10 lower at $353.35, May feeder cattle closed $0.65 lower at $350.05 and August feeder cattle closed $1.00 lower at $349.22. At Producers Livestock Auction in Salina, Utah, compared to last week feeder cattle sold unevenly steady. But slaughter cows traded $3.00 to $9.00 higher and slaughter bulls traded $3.00 to $4.00 higher. Feeder cattle supply over 600 pounds was 43%. The CME Feeder Cattle Index for 3/24/2026: down $0.19, $361.78.

LEAN HOGS:

The lean hog complex stumbled into some mild technical support as the market saw most of its nearby contracts close higher Wednesday afternoon. April lean hogs closed $0.15 lower at $90.90, June lean hogs closed $0.07 higher at $104.12 and July lean hogs closed $0.17 higher at $106.17. Traders may have felt enough immediate downward pressure has been seen in the short term and even though the market's fundamentals aren't all that supportive, establishing a bottom for this move may be justified. Do remember that Thursday the Quarterly Hogs and Pigs Report will be released. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.97 with a weighted average price of $91.65 on 3,349 head. Pork cutouts totaled 396.90 loads with 337.63 loads of pork cuts and 59.27 loads of trim. Pork cutout values: down $0.57, $96.40. Wednesday's slaughter is estimated at 497,000 head -- 1,000 head less than a week ago and 12,000 head more than a year ago. The CME Lean Hog Index 3/25/2026: down $0.07, $91.71.

THURSDAY'S HOG CALL: Lower. At this point it's likely packers have secured the vast majority of their needs in the cash market.

Wednesday Midday Livestock Market Update - Weaker Tones Follow Complex

GENERAL COMMENTS:

The livestock complex is trading mostly lower into Wednesday's noon hour as traders desperately yearn to see increased fundamental support. Still no cash cattle trade has developed but asking prices are noted in Texas at $238 to $240. May corn is up 2 1/2 cents per bushel and May soybean meal is down $3.20. The Dow Jones Industrial Average is up 385.95 points and NASDAQ is up 232.78 points.

LIVE CATTLE:

Without any substantial fundamental support having developed, the live cattle complex is again trading lower into the noon hour. An interesting development, however, is the fact that on today's boxed beef report, choice cuts were down substantially while select cuts jumped higher to print $5.00 over the price of choice cuts. What a wild time it is that we live in a world where there is more readily available finished beef than there is lean beef available. Still no cash cattle trade has developed but asking prices are noted in Texas at $238 to $240 but otherwise the market remains quiet at this point. April live cattle are down $0.87 at $234.50, June live cattle are down $0.55 at $234.05 and August live cattle are down $0.37 at $231.72.

Boxed beef prices are mixed: choice down $7.91 ($392.00) and select up $2.53 ($397.03) with a movement of 85 loads (72.45 loads of choice, 2.98 loads of select, 3.33 loads of trim and 6.28 loads of ground beef).

FEEDER CATTLE:

Today the feeder cattle complex is following the direction of the live cattle market as most of its contracts are lower. April feeders are down $0.97 at $353.42, May feeders are down $0.50 at $350.20 and August feeders are down $0.95 at $349.27. Although demand has been good in the countryside, as the market continues to grow closer to the resistance at the 40-day moving average, traders yearn to see even more fundamental support before taking on such a resistance barrier.

LEAN HOGS:

The lean hog complex is trading mixed into Wednesday's noon hour. Although a few of the summer 2026 contracts have found mild support, the market still hasn't established enough support to justify turning the contracts higher. April lean hogs are down $0.27 at $90.77, June lean hogs are steady at $104.05 and July lean hogs are up $0.12 at $106.12. The market is anxious to see Thursday's Quarterly Hogs and Pigs report as it should give some clarity as to what to expect in regards to demand in the coming months.

The projected CME Lean Hog Index for 3/24/2026 is down $0.05 a t$91.65, and the actual index for 3/23/2026 is down $0.07 at $91.70. Hog prices on the Daily Direct Morning Hog Report average $91.27, ranging from $88.00 to $92.00 on 1,444 head and a five-day rolling average of $91.28. Pork cutouts totaled 213.92 loads with 181.91 loads of pork cuts and 32.01 loads of trim. Pork cutout values: up $0.23, $97.20.

Wednesday Morning Livestock Market Update - Markets Wait for Cash Direction

GENERAL COMMENTS:

The cattle market had little news to move the market significantly. Futures were moderately higher except for the June contract. Feeder cattle posted triple-digit gains, but the bounce from the uptrend line seemed to fuel buying interest. The strike at the JBS plant is old news, with little being reported about it and little impact seen on the market. On Tuesday, U.S. Secretary of Agriculture Brooke Rollins announced the launch of a national public awareness campaign to inform meat, poultry, and egg producers of the "Product of USA" voluntary labeling standard. This standard went into effect on Jan. 1. This campaign is to increase awareness of what the label means. Boxed beef prices were higher on Tuesday, with choice up $0.78 and select up $0.67.

Hog futures closed mixed, with traders finding little fundamental direction. The June and July contracts moved below support but did not trigger liquidation. Later contracts still maintain technical support. Futures may drift today as traders ponder the implications of the Quarterly Hogs and Pigs report to be released on Thursday. Trade estimates are for all hogs and pigs on March 1 at 100.9% of a year ago. Kept for breeding at 99.8% and kept for marketing at 101.0%. The February Cold Storage report showed total pork stocks at 8% below February 2025. Ham inventory was nearly even with a year ago. This report will have little influence on the market. The National Daily Direct Afternoon Hog report showed cash up $0.66. Pork cutout values fell by $2.63.

	BULL SIDE		BEAR SIDE
1)	Boxed beef may find some stability, which would provide further support to the market.	1)	Cattle futures have been in an uptrend recently but may struggle to see much further upside without stronger fundamental support.
2)	Steady cash cattle trade is anticipated this week, which could provide confidence to traders to add to their long positions.	2)	Packers may not be aggressive in the cash market this week and may be able to hold for lower prices because they have cattle purchased ahead.
3)	The June and July hog futures contracts did not come under liquidation when prices moved below support. This may indicate a lack of selling interest at these levels.	3)	The June and July Hog contracts closed below technical support, which could trigger further selling interest.
4)	The hogs kept for breeding on the upcoming report may indicate a potential for a tighter supply over time.	4)	Cash hogs are expected to trade lower today. Packers have been aggressive earlier and may hold back on bids.

Tuesday Closing Livestock Market Update - Lackadaisical Tone Keeps With Complex

GENERAL COMMENTS:

All in all, it was a quiet day for the livestock complex without much development and traders needing more fundamental support to develop. Still no cash cattle trade has developed, and trade will likely be delayed until the latter half of the week. May corn is up 3 cents per bushel, and May soybean meal is down $4.20. The Dow Jones Industrial Average is down 84.41 points, and the NASDAQ is down 184.87 points.

LIVE CATTLE:

The live cattle complex enjoyed a mostly fruitful day where the market quietly traded higher (other than in the spot June contract), and boxed beef prices closed higher as well. April live cattle closed $0.07 higher at $235.37, June live cattle closed $0.05 lower at $234.60, and August live cattle closed $0.35 higher at $232.10. More than anything, the spot June contract closed slightly lower, as traders decided that after advancing the contract above its 40-day moving average on Monday, it's going to need to see a tick more fundamental support before pushing it much higher. Still no cash cattle trade has developed. 

Tuesday's slaughter is estimated at 107,000 head -- 2,000 head more than a week ago and 18,000 head less than a year ago.

Boxed beef prices closed higher: choice up $0.78 ($399.91) and select up $0.67 ($394.50) with a movement of 92 loads (62.08 loads of choice, 6.51 loads of select, 9.22 loads of trim and 14.16 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady. Given that packers have some cattle committed to them already, I assume that prices will be steady at best this week.

FEEDER CATTLE:

The feeder cattle complex continued to scale higher through Tuesday afternoon, as the market was pleased to have support pouring into its sector from numerous sources. From the live cattle market's higher trend to stronger feeder cattle demand in the countryside, the feeder cattle complex had more than enough support to close higher Tuesday afternoon. March feeders closed $1.85 higher at $360.30, April feeders closed $1.97 higher at $354.45 and May feeders closed $2.35 higher at $350.70. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers and heifers sold unevenly steady from $8 lower to $10 higher. Feeder cattle supply over 600 pounds was 57%. The CME feeder cattle index 3/23/2026: up $0.26, $361.59.

LEAN HOGS:

The lean hog complex closed mixed Tuesday afternoon with the nearby contracts ending the day mostly lower, while the deferred months were able to close mostly higher. April lean hogs closed $0.25 higher at $91.05, June lean hogs closed $0.35 lower at $104.05, and July lean hogs closed $0.52 lower at $106. With pork cutout values down this afternoon, traders simply didn't see enough immediate support in the market to justify trading the nearby contracts higher. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.66 with a weighted average price of $92.62 on 8,075 head. Pork cutouts totaled 349.47 loads with 312.38 loads of pork cuts and 37.10 loads of trim. Pork cutout values: down $2.63, $96.97. Tuesday's slaughter is estimated at 495,000 head -- 1,000 head less than a week ago and 7,000 head more than a year ago. The CME lean hog index 3/20/2026: down $0.17, $91.78.

WEDNESDAY'S HOG CALL: Steady. With pork demand mixed, cash prices will likely be steady on Wednesday.

Tuesday Midday Livestock Market Summary - Cattle Trade Higher and Hogs Trade Lower

GENERAL COMMENTS:

The livestock complex is again trading mixed as the cattle contracts continue to scale higher while the lean hog contracts are trading slightly lower. Still no cash cattle trade has developed and won't likely until Thursday at the earliest. May corn is up 3 1/4 cents per bushel and May soybean meal is down $4.80. The Dow Jones Industrial Average is up 141.34 points and NASDAQ is down 75.81 points.

LIVE CATTLE:

The live cattle complex wasn't confident about its position at the day's start, but upon seeing midday boxed beef prices stronger, the market has gained some momentum and is currently trading fully higher into Tuesday's noon hour. April live cattle are up $0.60 at $235.90, June live cattle are up $0.62 at $235.27 and August live cattle are up $0.92 at $232.67. Still no developments have surfaced yet in the fed cash cattle market, and it's likely that the day's trade will be delayed until the later part of the week. But at this point in time, both bids and asking prices remain elusive.

Boxed beef prices are higher: choice up $1.07 ($400.20) and select up $2.47 ($396.30) with a movement of 53 loads (34.92 loads of choice, 3.25 loads of select, 5.11 loads of trim and 9.62 loads of ground beef).

FEEDER CATTLE:

In keeping alignment with the live cattle complex, the feeder cattle contracts are trading higher into Tuesday's noon hour as well. Not only are traders pleased to see the slight improvement in the live cattle sector and in boxed beef prices, but they're also pleased to see greater interest again this week in the countryside for feeder cattle. March feeders are up $2.70 at $361.15, April feeders are up $4.00 at $356.50 and May feeders are up $4.32 at $352.67.

LEAN HOGS:

The lean hog complex continues to scale lower as the market needs to see greater fundamental support before it will be able to establish a technical bottom for the market's current move. April lean hogs are down $0.02 at $90.77, June lean hogs are down $0.62 at $103.77 and July lean hogs are down $0.67 at $105.85. Thankfully, again today, midday pork cutout values are slightly higher, but traders need to see consistent and stable support before they'll likely lend any aid to the complex.

The projected lean hog index for 3/23/2026 is down $0.07 at $91.70 and the actual index for 3/20/2026 is down $0.18 at $91.77. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However we can see that 245 head have traded and that the market's five-day rolling average now sits at $91.29. Pork cutouts total 171.77 loads with 158.76 loads of pork cuts and 13.01 loads of trim. Pork cutout values: up $0.83, $100.43.

Tuesday Morning Livestock Market Update - Hog Futures Need to Find Support

GENERAL COMMENTS:

The bearishness of the placement number on the Cattle on Feed report was not a concern for traders on Monday, as the focus was on the overall market and not just a report. The dryness in the Western regions, the wildfires in Nebraska, and high calf prices do not bode well for herd rebuilding anytime soon. Why raise them when you can get exceptional prices for calves? A lower showlist of cattle may mean feedlots are willing to hold for higher prices. Feedlots are feeding cattle to heavier weights. Boxed beef prices were mixed, with choice down $0.98 and select up $0.89. The February Cold Storage report will be released today, showing the level of beef inventory. The March feeder cattle contract will go off the board on Thursday, with the April contract taking over as the lead month.

Hog futures tried to regain some of the losses, but ran out of steam on Monday. The April contract closed below support, while the later contracts held support for now. It will be crucial for contracts to remain above support, or another leg down is possible. Packers were aggressively looking for hogs on Monday. The National Daily Direct Afternoon report showed cash up $1.58 on relatively light volume. They may remain aggressive today as they intend to buy early in the week and maintain the increased level of slaughter. Pork cutouts were higher, posting a gain of $0.40.

	BULL SIDE		BEAR SIDE
1)	The bearish Cattle on Feed report was taken in stride and had little impact on the market. Traders are looking at the bigger fundamental picture.	1)	Boxed beef prices have turned choppy, which may impact the willingness of packers to pay more for cattle in the near term.
2)	Showlists are lighter so far this week, which may indicate the feedlots will hold for higher prices.	2)	Packers were able to purchase cattle for deferred delivery as far out as the second week in April. This may leave them less aggressive in the cash market.
3)	Hog futures have held technical support and may garner buyer interest if that support holds.	3)	Cash hogs and pork cutouts continue to remain choppy. Traders need to see consistency to support the market.
4)	Easter demand is just around the corner, and that should support cutouts with hams providing the strength.	4)	If hog futures fall below technical support, further liquidation may take place.

Monday Closing Livestock Market Update - Cattle Close Higher Thanks to Trader Support

GENERAL COMMENTS:

The livestock complex ended the day mixed, with the cattle contracts seeing modest growth throughout the day, but the lean hog contracts fell lower throughout the day's close. New showlists appear to be somewhat lower in Nebraska/Colorado and much lower in Kansas and Texas. May corn is down 6 cents per bushel, and May soybean meal is down $1.40. The Dow Jones Industrial Average is up 631.00 points, and the NASDAQ is up 299.15 points.

LIVE CATTLE:

The live cattle complex had a semi-fruitful day. The futures complex was not only able to close higher, but the spot June contract even closed above the market's 40-day moving average. April live cattle closed $1.25 higher at $235.30, June live cattle closed $1.22 higher at $234.65 and August live cattle closed $0.92 higher at $231.75. The reason I say "somewhat fruitful" is because boxed beef prices closed mixed, and it's still anyone's guess on how this week's fed cash cattle market is going to pan out. But with next week being a holiday-shortened week for Easter and packers able to buy some cattle last week for the deferred delivery option, I tend to believe steady prices may be the best-case scenario that the cash market can pull off. New showlists appear to be somewhat lower in Nebraska/Colorado and much lower in Kansas and Texas. Monday's slaughter is estimated at 105,000 head -- 7,000 head more than a week ago and 12,000 head less than a year ago.

Last week, Northern dressed cattle traded at mostly $372, which is steady with the previous week's weighted average, and Southern live cattle traded at mostly $235, which is also steady with the previous week's weighted average.

Boxed beef prices are mixed: choice down $0.98 ($399.13) and select up $0.89 ($393.83) with a movement of 73 loads (50.60 loads of choice, 10.81 loads of select, 3.00 loads of trim and 8.76 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady/somewhat lower. With boxed beef prices being choppy and demand lagging, I tend to believe that prices will trade steady at best this week.

FEEDER CATTLE:

The feeder cattle complex again followed in the same direction as the live cattle contracts, as it was pleased to see not only some technical support but continued fundamental support from strong feeder cattle sales in the countryside. March feeders closed $0.70 higher at $358.45, April feeders closed $1.30 higher at $352.47 and May feeders closed $1.97 higher at $348.35. With turnout to grass pastures quickly approaching, it's likely that the demand for grass-type cattle will continue to be seen in the countryside and potentially help keep demand strong. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week and at their midsession point compared to last week, feeder steers were trading mostly steady, but steer calves were trading $5 to $15 higher. Both feeder heifers and heifer calves were trading steady to $5 higher. Grazing-type steers were selling steady to $5 higher, but grazing-type heifers were trading sharply higher -- up to $25 higher on some sales. Feeder cattle supply of over 600 pounds was 77%. The CME feeder cattle index 3/20/2026: down $0.73, $361.33.

LEAN HOGS:

The lean hog complex wasn't met with the same level of support as the cattle contracts were, and once again, the market scaled lower throughout the day. April lean hogs closed $0.47 lower at $90.80, June lean hogs closed $0.07 lower at $104.40 and July lean hogs closed $0.17 lower at $106.52. And, yes, you may be quick to point out the fact that pork prices closed slightly higher. But before traders are going to confidently rest in that fundamental win, they need to see it consistently play out for a number of days. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.58 with a weighted average price of $91.96, ranging from $87 to $93 on 2,388 head and five-day rolling average of $92.47. Pork cutouts totaled 299.19 loads of pork cuts and 39.87 loads of trim. Pork cutout values: up $0.40, $99.60. Monday's slaughter is estimated at 492,000 head -- 99,000 head more than a week ago and 21,000 head more than a year ago. The CME feeder cattle index 3/19/2026: down $0.09, $91.95.

TUESDAY'S HOG CALL: Higher. Packers didn't show the cash market much interest on Monday, but they may be slightly more aggressive by Tuesday.

Monday Midday Livestock Market Summary - Traders Drive Cattle Contracts Higher

GENERAL COMMENTS:

The livestock complex is trading mostly higher into Monday's noon hour as traders again seem committed to advancing the contracts higher. New showlists appear to be somewhat lower in Nebraska/Colorado and much lower in Kansas and Texas. May corn is down 4 cents per bushel and May soybean meal is down $1.80. The Dow Jones Industrial Average is up 601.09 points and NASDAQ is up 248.66 points.

LIVE CATTLE:

The live cattle complex is trading mostly higher into Monday's noon hour, although a couple of the late 2026 contracts are trading slightly lower. More than anything, it's likely the note of steady on-feed numbers has traders concerned there may be more supply available in the later part of 2026 than originally anticipated, which could be partly driving down those contracts Monday morning. April live cattle are up $0.17 at $234.22, June live cattle are up $0.25 at $233.67 and August live cattle are up $0.02 at $230.85. It's likely the market will continue to chop sideways between its 100-day and 40-day moving averages until something drives the market one way or another. New showlists appear to be somewhat lower in Nebraska/Colorado and much lower in Kansas and Texas.

Last week, Northern dressed cattle traded at mostly $372, which is steady with the previous week's weighted average, and Southern live cattle traded at mostly $235, which is also steady with the previous week's weighted average.

Boxed beef prices are mixed: choice down $0.61 ($399.50) and select up $0.62 ($393.56) with a movement of 35 loads (25.11 loads of choice, 4.00 loads of select, 3.00 loads of trim and 2.84 loads of ground beef).

FEEDER CATTLE:

Friday's Cattle on Feed report hasn't added much of a hiccup to Monday's market as the feeder cattle contracts are also trading higher. March feeders are up $1.17 at $358.92, April feeders are up $0.20 at $351.37 and May feeders are up $0.87 at $347.25. Demand was stronger last week in sale barns across the countryside as green grass is just around the corner for most producers, and that was evident in sales as grass calves were bringing more money. It's likely that trend will continue this week, especially if the board remains encouraging.

LEAN HOGS:

After plummeting lower late last week, the lean hog complex is now trading mixed into Monday's noon hour with its nearby contracts mostly higher while the deferred contracts continue to scale lower. April lean hogs are down $0.37 at $90.90, June lean hogs are up $0.17 at $104.65 and July lean hogs are up $0.07 at $106.77. In order for the nearby contracts to continue to trade higher this week, it will be imperative that pork demand improves. The projected CME Lean Hog Index for 3/20/2026 is down $0.18 at $91.77 and the actual index for 3/19/2026 is down $0.09 at $91.95. Hog prices are unavailable on the Daily Direct Morning Hog report because of confidentiality. However, we can see that only 738 head have traded and the market's five-day rolling average now sits at $91.94. Pork cutouts total 180.57 loads with 154.80 loads of pork cuts and 25.77 loads of trim. Pork cutout values: up $0.80, $100.00.

Monday Morning Livestock Market Update - Cattle Futures Expected to Open Lower

GENERAL COMMENTS:

Cash cattle managed to trade at even money with the previous week, which is considered a victory given the uncertainty of the market. However, even with cash being steady, packers purchased cattle for deferred delivery as feedlots were willing to move more cattle at the steady price. This may put packers in a better position this week. The Cattle on Feed report was released and is considered to be bearish for the market. The surprise was the placement number. The average estimate was 100.3%, with the actual number at 104%. This marks the first such month since April 2025 that placements over 100%. On feed numbers were 100% and slightly higher than the 99.3% estimated. Marketings were slightly better at 93% versus the 92.4% estimated. This is a bearish report and should negatively impact the market today. Boxed beef prices were mixed, with choice down $0.19 and select up $0.49. The Commitment of Traders report showed a reduction in the funds' live cattle long positions by 2,767 contracts to 103,143. Fund traders increased their net-long position in feeder cattle by 662 contracts totaling 19,374.

Hog futures could not find sufficient support for the market to close higher on Friday. Contracts closed near technical support, which may trigger some buying interest. Packers were done buying for the week, which was reflected in the National Daily Direct Afternoon Hog report with the average price down $2.42. However, there is a strong chance packers will be aggressive to begin the week in preparation for the upcoming Easter demand. Pork cutouts increased by $1.15. The Commitment of Traders report showed the fund traders reducing their long position by 10,874 contracts to a net long of 109,736.

	BULL SIDE		BEAR SIDE
1)	The Cattle on Feed report showed placements at 104%, but this is not as bearish as it seems, as placements a year ago were 82.2%.	1)	Placements in February were 4% higher than a year ago and higher than the trade expectations.
2)	Cattle futures may have the Cattle on Feed report already factored in, and a negative knee-jerk reaction may be short-lived.	2)	Packers were able to purchase cattle ahead, which may keep them less aggressive this week.
3)	Hog futures closed on or near support. This may be viewed as a buying level for technical traders.	3)	If hog futures see pressure that pushes futures below support, further selling could be triggered.
4)	Packers may be aggressive early in the week as they look ahead and prepare for Easter demand.	4)	Pork demand is good, but not good enough to provide consistent support to cash and cutouts.

Friday Closing Livestock Market Update - Cattle Contracts Close Higher Thanks to Steady Cash Trade

GENERAL COMMENTS:

Mixed tones followed the livestock complex through Friday, as traders were pleased to see steady trade in the fed cash cattle market but didn't find the fundamental support they needed in the hog sector. Southern live cattle were marked at mostly $235 and Northern dressed cattle were traded at $372, both of which were fully steady with the previous week's weighted average. May corn is down 4 1/4 cents per bushel and May soybean meal is down $4.50. The Dow Jones Industrial Average is down 443.96 points and the NASDAQ is down 443.08 points.

LIVE CATTLE:

After a mostly sideways trading week, the live cattle complex was able to round the week out higher as traders were pleased to see the fed cash cattle market hold steady. April live cattle closed $0.77 higher at $234.05, June live cattle closed $1.72 higher at $233.42 and August live cattle closed $1.72 higher at $230.82. Southern live cattle were marked at mostly $235 and Northern dressed cattle were traded at $372, both of which were fully steady with the previous week's weighted average. The real kicker about this week's cash trade was that some of the cattle traded in the North were committed for delivery for the weeks of April 6 and April 13. That bodes well for packers' long-term position as they're slowly building up more supply around themselves, which will negatively affect the cash complex.

Friday's slaughter is estimated at 81,000 head, 5,000 head less than a week ago and 19,000 head less than a year ago. Saturday's slaughter is projected to be around 13,000 head. The week's total slaughter is estimated at 508,000 head, 17,000 head less than a week ago and 49,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $0.19 ($400.11) and select up $0.49 ($392.94) with a movement of 84 loads (60.59 loads of choice, 6.74 loads of select, 8.43 loads of trim and 8.61 loads of ground beef).

MONDAY'S CATTLE CALL: Lower. With packers able to get cattle bought with time, they're not likely to feel pressured to push aggressively in next week's cash market.

FEEDER CATTLE:

The feeder cattle complex also enjoyed a stronger close Friday afternoon as once again the market closely followed the direction of the live cattle contracts. March feeders closed $2.47 higher at $357.75, April feeders closed $3.42 higher at $351.17 and May feeders closed $2.95 higher at $346.37. The downfall of Friday's market was in the Cattle on Feed report for the feeder cattle complex, as placements throughout the month of February were up 4% compared to a year ago, which will likely pressure the market on Monday. DTN's Cattle on Feed comments:

The Oklahoma Weekly Cattle Auction summary shared that compared to last week, and throughout the entire state, feeder steers traded $1.00 to $7.00 higher and feeder heifers traded $7.00 to $10.00 higher. Steer calves traded unevenly steady and heifer calves sold $5.00 to $15.00 higher. Slaughter cows sold $2.00 to $3.00 higher, lean cows sold $7.00 stronger and slaughter bulls traded $9.00 higher. Feeder cattle supply over 600 pounds was 73%. The CME feeder cattle index 3/19/2026: up $1.37, $362.06.

LEAN HOGS:

Unfortunately, just when we thought the lean hog complex was finding some mild technical support, the rug was again pulled out from underneath the market, and the contracts closed sharply lower. More than anything, it seemed as though traders were hard-pressed to find enough support in the complex to justify trading the contracts steadily as opposed to lower. And while yes, pork cutout values did close a tick higher Friday afternoon, traders simply saw the uptick in demand come too late in the week. April lean hogs closed $0.77 lower at $91.27, June lean hogs closed $0.27 lower at $104.47 and July lean hogs closed $0.37 lower at $106.70. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.42 with a weighted average price of $90.38 on 870 head. Pork cutouts totaled 262.45 loads with 244.66 loads of pork cuts and 17.79 loads of trim. Pork cutout values: up $1.15, $99.20. Friday's slaughter is estimated at 467,000 head, 23,000 head less than a week ago and 2,000 head more than a year ago. Saturday's slaughter is projected to be around 145,000 head. The CME lean hog index 3/18/2026: up $0.11, $92.04.

MONDAY'S HOG CALL: Lower. Packers rarely buy aggressively on Monday, and with pork demand being fickle right now, they won't likely show much interest early in the week.

Friday Midday Livestock Market Summary - Northern Dressed Cattle Begin to Trade at $372

GENERAL COMMENTS:

The livestock complex is trading mixed into Friday's noon hour as the cattle contracts are higher while the hog complex continues to scale lower. Some light cash cattle trade has been noted in the North at $372, which is steady with last week's weighted average. May corn is down 5 1/4 cents per bushel and May soybean meal is down $7.20. The Dow Jones Industrial Average is down 217.57 points and NASDAQ is down 227.85 points.

LIVE CATTLE:

Upon finding some minute stability in the futures complex, the live cattle contracts are comfortably trading slightly higher into Friday's noon hour. It also has helped that there's been a thin movement of cash cattle noted in the North at prices steady with last week's weighted average. Traders found peace of mind in the fact that prices didn't again slip lower this past week. But it is unfortunate the cattle sold in the North are committed to the deferred delivery option, which could pressure the market in the weeks ahead as packers are building up inventory. April live cattle is up $1.15 at $234.45, June live cattle is up $1.87 at $233.65 and August live cattle is up $2.02 at $231.12.

Some light cash cattle trade has been reported in Nebraska at $372 (set for delivery the weeks of April 6 and April 13) which is steady with last week's weighted average. Otherwise, the market hasn't seen any other cattle trade just yet, but bids are on the table in all regions. Asking prices are noted in the South at $238 to $240. And there is a chance the bulk of this week's trade could be delayed until after this afternoon's Cattle on Feed report is released.

Boxed beef prices are higher: choice up $0.12 ($400.42) and select up $0.33 ($392.78) with a movement of 67 loads (48.49 loads of choice, 4.40 loads of select, 6.85 loads of trim and 6.96 loads of ground beef).

FEEDER CATTLE:

Upon seeing the live cattle complex charge into the last trading day of the week with a tick more bullishness, the feeder cattle contracts have followed suit. March feeders are up $3.17 at $358.45, April feeders are up $3.45 at $351.20 and May feeders are up $3.35 at $346.77. So long as no major shift is seen in the live cattle contracts ahead of Friday's end, it's likely the feeder cattle contracts will keep this momentum through the day's end.

LEAN HOGS:

Although pork cutout values are higher, traders can't seem to give credence to the fundamental uptick in support as at this point it seems a little too late to add much value ahead of Friday's close to really help the contracts trade higher. April lean hogs are down $0.47 at $91.57, June lean hogs are up $0.04 at $104.80 and July lean hogs are up down $0.07 at $107.00. The market is nearing support in the spot June contract, which hopefully the market won't pressure ahead of the week's close as that could signal continued downward pressure.

Hog prices averaged $91.29 on the Daily Direct Morning Hog Report, ranging from $88.00 to $92.00 on 509 head and a five-day rolling average of $90.92. Pork cutouts totaled 163.91 loads with 149.64 loads of pork cuts and 14.27 loads of trim. Pork cutout values: up $2.84, $100.89.