Wednesday Morning Livestock Market Summary - Trading Activity Will Reflect Uncertainty

GENERAL COMMENTS:

Both live and feeder cattle futures gaped open at the start of trading on Tuesday. The price gaps that remained after the bearish open on Monday were closed on the upside, but that left gaps below the market. Those gaps may remain open today as cattle may see further strength due to the strength in boxed beef and the rebound in crude oil. Boxed beef prices surged on Tuesday, with choice up $3.38 and select up $3.15. Futures may see further strength as they hold a significant discount to cash. Lower cash trade is expected this week as packers have purchased a good amount of cattle for deferred delivery. Buyers also will not be buying cattle from the JBS plant in Greeley as the strike is expected to take place on Monday.

Hog futures rebounded, regaining the losses on Monday. Spillover pressure from cattle subsided. Traders remain friendly to the hog market as demand has improved. Packers stepped up again on Tuesday, paying more for hogs. The National Daily Direct Afternoon Hog report showed cash up $0.82. Packers will need to purchase more hogs, but may not be as aggressive today. They may wait to see what they can purchase today and Thursday at lower prices. If they need more to finish out the week to maintain the higher slaughter pace, they will step up at the end of the week. Pork cutouts fell $2.22, with loins posting a loss of $5.15 and bellies down 42.61.

	BULL SIDE		BEAR SIDE
1)	Live cattle futures hold a significant discount to the cash market. Price may increase even though lower cash is expected this week.	1)	The strong opening in cattle futures left gaps below the market that may be filled this week due to the volatility.
2)	The surge in boxed beef may continue, supported by the planned strike at the JBS plant in Greeley. The boxed beef supply may tighten with the plant closure.	2)	Cash is expected to trade lower this week. Packers may not be aggressive, as cattle will be diverted from the JBS plant due to the expected strike.
3)	Hog futures regained the losses on Monday as traders remain bullish on demand.	3)	Pork cutouts fell as increased slaughter keeps the market supplied with sufficient pork to meet demand.
4)	Hog slaughter is running higher than a year ago. Packers need hogs and may be willing to pay higher prices to obtain them.	4)	Packers may not be aggressive in the cash market as they see how many they can purchase without having to bid higher for the hogs they need.

Tuesday Closing Livestock Market Update - Traders Remain Supportive of Contracts

GENERAL COMMENTS:

The livestock complex was able to close higher Tuesday afternoon as traders rushed to the contracts' aid following Monday's weaker close. It's anyone's guess how traders will handle the complex on Wednesday as the lean hog complex is up against resistance, and the cattle complex still has the strike looming. May corn is down 1 1/2 cents per bushel and May soybean meal is up $1.00. The Dow Jones Industrial Average is down 34.29 points and the NASDAQ is up 1.15 points.

LIVE CATTLE:

The live cattle complex bounced back throughout Tuesday's trade following Monday's dramatic decline. More than anything, traders seemed to look past the looming possibility that there could be a strike at JBS next Monday in Greeley, Colorado. April live cattle closed $2.22 higher at $232.37, June live cattle closed $2.77 higher at $230.20 and August live cattle closed $2.77 higher at $228.35. The spot April contract was able to close above its 100-day moving average, which is a critical threshold to monitor as it signals whether or not the market is trading with support or with a doggish, more bearish attitude. No cash cattle trade developed throughout the day. Tuesday's slaughter is estimated at 108,000 head, 1,000 head less than a week ago and 16,000 head less than a year ago.

Tuesday's WASDE report shared positive news for both the cattle and beef markets for 2026. Beef production for 2026 was decreased by 110 million pounds as processing speeds through the early part of the year have been significantly lower than anticipated, and beef production is forecasted to be lower even though carcass weights are once again heavier. And amid a time in which beef demand is so strong, fed cattle prices for the first three quarters of 2026 were all increased compared to last month. Steer prices in the first quarter of 2026 are expected to average $240 (up $2.00 from last month); steer prices in the second quarter of 2026 are expected to average $241 (up $3.00 from last month); steer prices in the third quarter are expected to average $242 (up $2.00 from last month); and steer prices for the fourth quarter of 2026 are unchanged at $245. Beef imports for 2026 were increased by 100 million pounds as supplies domestically remain thin, and beef exports fell by 30 million pounds compared to last month's estimates.

Boxed beef prices closed higher: choice up $3.38 ($394.67) and select up $3.15 ($386.77) with a movement of 94 loads (72.20 loads of choice, 7.68 loads of select, 4.47 loads of trim and 9.18 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Lower. The possibility that there could be even less throughput next week if the strike at JBS happens likely means that cash prices will be lower this week.

FEEDER CATTLE:

The feeder cattle complex continues to closely follow the live cattle market as it closed mostly over $3.00 higher today. More than anything, traders saw the positive uptick in the live cattle complex as the "green light signal" to justify trading their contracts higher and didn't look back. March feeders closed $2.70 higher at $353.35, April feeders closed $3.12 higher at $349.67 and May feeders closed $3.52 higher at $346.40. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers and heifers traded $10.00 to $20.00 lower. Steer and heifer calves were lightly tested, but the better-quality type calves sold near steady, while the plainer type calves traded up to $20.00 lower. Feeder cattle supply over 600 pounds was 69%. The CME feeder cattle index 3/9/2026: down $0.62, $365.77.

LEAN HOGS:

The lean hog complex closed higher Tuesday afternoon as traders yearn to see the complex scale higher. April lean hogs closed $1.25 higher at $96.07, June lean hogs closed $0.75 higher at $110.65 and July lean hogs closed $0.82 higher at $112.80. On Wednesday, the market may be faced with some opposition as traders have pushed the contracts up to resistance levels. And unfortunately, pork cutout values closed lower again this afternoon. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.82 with a weighted average price of $92.77 on 8,430 head. Pork cutouts totaled 348.08 loads with 310.05 loads of pork cuts and 38.03 loads of trim. Pork 9.10. Tuesday's slaughter is estimated at 495,000 head, 11,000 head more than a week ago and 8,000 head more than a year ago. The CME lean hog index 3/6/2026: up $0.13, $90.87.

Tuesday's WASDE report shared positive news for the pork and hog markets of 2026. Pork production for 2026 remained unchanged compared to last month's estimates at 28,275 million pounds. Quarterly hog prices also showed fruitful projections as every quarter of 2026 (except for the first quarter) saw a price increase compared to last month's estimates. Hog prices in the first quarter remained unchanged at $65; hogs in the second quarter are expected to average $74 (up $1.00 from last month); hogs in the third quarter are expected to average $77 (up $2.00 from last month); and hogs in the fourth quarter are expected to average $65 (up $2.00 from last month). Pork imports for the year remained steady at 1,145 million pounds, but pork exports gained an additional 50 million pounds.

WEDNESDAY'S HOG CALL: Lower. With pork cutout values trending lower, cash prices could hold steady or trade slightly lower.

Tuesday Midday Livestock Market Summary - Traders Again Push Contracts Higher

GENERAL COMMENTS:

The livestock complex is trading higher into Tuesday's noon hour as the market has stumbled into some renewed technical support following Monday's lower close. Still no trade has developed in the fed cash cattle market and both bids and asking prices remain elusive at this time. May corn is down 5 3/4 cents per bushel and May soybean meal is up $1.60. The Dow Jones Industrial Average is up 243.93 points and NASDAQ is up 129.45 points.

LIVE CATTLE:

Following Monday's weaker close, the live cattle complex has found some renewed technical support and is currently trading higher into Tuesday's noon hour. Unfortunately, the spot April contract is still trading just below the market's 100-day moving average, which will continue to be an important threshold to monitor as whenever the complex is trading below that price-point a level of bearishness is present throughout the marketplace. April live cattle are up $1.77 at $231.92, June live cattle are up $1.95 at $229.37 and August live cattle are up $1.95 at $227.52. Still no cash cattle trade has developed and trade will likely be delayed until Thursday or Friday.

Tuesday's WASDE report shared positive news for both the cattle and beef markets for 2026. Beef production for 2026 was decreased by 110 million pounds as processing speeds through the early part of the year have been significantly lower than anticipated and beef production is forecasted lower even though carcass weights are once again, heavier. And amid a time in which beef demand is so strong, fed cattle prices for the first three quarters of 2026 were all increased compared to last month. Steer prices in the first quarter of 2026 are expected to average $240 (up $2.00 from last month); steer prices in the second quarter of 2026 are expected to average $241 (up $3.00 from last month); steer prices in the third quarter are expected to average $242 (up $2.00 from last month); and steer prices for the fourth quarter of 2026 are unchanged at $245. Beef imports for 2026 were increased by 100 million pounds as supplies domestically remain thin and beef exports fell by 30 million pounds compared to last month's estimates.

Boxed beef prices are higher: choice up $6.33 ($397.62) and select up $3.78 ($387.40) with a movement of 44 loads (30.50 loads of choice, 3.82 loads of select, 3.27 loads of trim and 6.66 loads of ground beef).

FEEDER CATTLE:

Keeping in alignment with the live cattle complex, the feeder cattle complex is also trading higher into Tuesday's noon hour. March feeders are up $3.22 at $353.87, April feeders are up $3.02 at $349.57 and May feeders are up $2.70 at $345.57. The spot April feeder cattle contract is currently trading above the market's 100-day moving average -- but could face some technical pressure when the complex comes up against the resistance at the 40-day moving average. Despite the immense pressure the futures complex endured Monday, feeder cattle sales held relatively steady; hopefully the same will be said about sales throughout today.

LEAN HOGS:

The lean hog complex is currently trading higher into Tuesday's noon hour and is beginning to rival the market's resistance, which could be problematic for traders later this afternoon if the market's fundamental support isn't as strong as desired. April lean hogs are up $1.45 at $96.27, June lean hogs are up $0.77 at $110.67 and July lean hogs are up $0.75 at $112.72. Unfortunately, pork cutout values are down at the day's start, which may not help traders in their desire to continue to see the contracts scale higher.

The projected CME Lean Hog Index for 3/9/2026 is up $0.10 at $90.97 and the actual index for 3/6/2026 is up $0.13 at $90.87. Hog prices on the Daily Direct Morning Hog Report average $92.68, ranging from $88.00 to $94.00 on 2,695 head and a five-day rolling average $92.03. Pork cutouts total 184.70 loads with 169.45 loads of pork cuts and 15.25 loads of trim. Pork cutout values: down $1.78, $99.54.

Tuesday's WASDE report shared positive news for the pork and hog markets of 2026. Pork production for 2026 remained unchanged compared to last month's estimates at 28,275 million pounds. Quarterly hog prices also showed fruitful projections as every quarter of 2026 (except for the first quarter) saw a price increase compared to last month's estimates. Hog prices in the first quarter remained unchanged at $65; hogs in the second quarter are expected to average $74 (up $1.00 from last month); hogs in the third quarter are expected to average $77 (up $2.00 from last month); and hogs in the fourth quarter are expected to average $65 (up $2.00 from last month). Pork imports for the year remained steady at 1,145 million pounds, but pork exports gained an additional 50 million pounds.

Tuesday Morning Livestock Market Update - Futures May Struggle

GENERAL COMMENTS:

Cattle futures were under pressure for a second consecutive day. Lower cash triggered the first round of selling on Friday, with cash trading $3.00 to $4.00 lower. Over the weekend, the union representing JBS workers at the Greeley plant gave the required seven-day notice that they were canceling the contract extension. This opens the way for a strike on March 16. That did not sit well with traders, resulting in the market leaving a huge gap on the open as traders quickly moved to liquidate long positions. Some of the initial losses were recovered, but a large price gap remained at the close of trading. This may be difficult to overcome as the weakness may put pressure on cash prices again this week. Boxed beef prices were higher on Monday, with choice up $4.07 and select up $4.67. This may not be sufficient to support the market today as uncertainty overshadows the market.

Hog futures were likely the recipients of spillover pressure from cattle, but also the pressure from sharply higher crude oil early in the day. However, as cattle recovered somewhat from the lows and crude oil fell substantially from the highs, futures were able to find support. Contracts closed lower, but rampant liquidation was avoided. Packers were aggressive to begin the week with cash on the National Daily Direct Afternoon report up $0.26. Packers should be active today as they purchase hogs to maintain the increased slaughter pace. Pork cutout values were strong, posting a gain of $3.05 and pushing the price to $101.32.

	BULL SIDE		BEAR SIDE
1)	Cattle futures have a large gap from Monday above the market that will be filled at some point.	1)	If the JBS strike takes place, packers may bid lower as there will be cattle diverted to other plants, resulting in more availability and less reason to be aggressive.
2)	Cattle futures carry a substantial discount to cash, which may increase buying interest as the news of the JBS strike is digested, and crude oil prices have fallen back substantially.	2)	Significant damage has been done to the price charts, which may be difficult for the market to overcome in the near term.
3)	Packers being aggressive on the cash market on Monday and likely again today may support futures as traders regain confidence.	3)	Differed hog futures had put in 12 consecutive days of higher highs. The market may see a further price correction due to Monday's weakness.
4)	Pork cutouts were significantly higher, along with the increased slaughter pace. This is a sign of strong pork demand.	4)	Packers continue to have access to a sufficient supply of hogs which may limit the aggressiveness in the cash market.

Monday Closing Livestock Market Update - Complex Endures Rough Start to the Week

GENERAL COMMENTS:

The livestock complex closed lower Monday afternoon as traders simply didn't see enough support in the day to move the contracts any other direction. New showlists appear to be mixed, higher in Texas, but lower in Kansas and Nebraska/Colorado. May corn is down 6 3/4 cents per bushel and May soybean meal is down $3.70. The Dow Jones Industrial Average is up 239.25 points and the NASDAQ is up 308.27 points.

LIVE CATTLE:

It was a grim day for the live cattle complex as the market seemed fixated on only one thing: volatility. With the announcement made last Friday that the union workers plan to strike next week at the JBS plant in Greeley, Colorado, the cattle complex had only one real option when it came to trading throughout Monday's hours, and that was lower. April live cattle closed $4.42 lower at $230.15, June live cattle closed $4.05 lower at $227.42 and August live cattle closed $3.67 lower at $225.57. This causes great anxiety for the cattle complex as the market is already seeing minimal throughput from packers as they try to manage their margins. And it also raises the question: How is this going to affect beef consumers? Unfortunately, a level of uneasiness will likely reside within the market until this ordeal is played out; expect continued volatility until then.

New showlists appear to be mixed, higher in Texas, but lower in Kansas and Nebraska/Colorado. Monday's slaughter is estimated at 103,000 head, 1,000 head more than a week ago and 11,000 head less than a year ago.

Last week Southern live cattle traded at $240, which is $4.00 lower than the previous week's weighted average, and Northern dressed cattle traded at $380, which is $3.00 lower than the previous week's weighted average.

Boxed beef prices closed higher: choice up $4.07 ($391.29) and select up $4.67 ($383.62) with a movement of 48 loads (26.26 loads of choice, 5.45 loads of select, 5.60 loads of trim and 10.38 loads of ground beef).

TUESDAY'S CATTLE CALL: Lower. With throughput expected to be lower next week, it's likely the cash market will also trade lower.

FEEDER CATTLE:

Upon seeing the live cattle contracts plummet lower, the feeder cattle contracts followed suit as there simply wasn't enough stable support in the market to keep the contracts from doing otherwise. March feeders closed $4.97 lower at $350.65, April feeders closed $5.07 lower at $346.55 and May feeders closed $5.20 lower at $342.87. At the Joplin Regional Stockyard in Carthage, Missouri, compared to last week, feeder steers sold $2.00 to $8.00 lower, except four weight steers, which sold $10.00 to $15.00 higher. Feeder heifers traded steady to $8.00 higher. Feeder cattle supply over 600 pounds was 68%. The CME feeder cattle index 3/6/2026: down $0.93, $366.39.

LEAN HOGS:

The lean hog complex closed lower Monday afternoon as the market felt the pressure of the external pressures weighing against it throughout the day's trade. It was extremely positive to note the uptick in pork cutout values, but unfortunately, that didn't resonate with traders before the day's end. April lean hogs closed $0.80 lower at $94.82, June lean hogs closed $0.67 lower at $109.90 and July lean hogs closed $0.72 lower at $111.97. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.26 with a weighted average price of $91.95 on 4,355 head. Pork cutouts totaled 247.46 loads with 217.77 loads of pork cuts and 29.69 loads of trim. Pork cutout values: up $3.05, $101.32. Monday's slaughter is estimated at 493,000 head, 18,000 head more than a week ago and 7,000 head more than a year ago. The CME lean hog index 3/5/2026: up $0.19, $90.74.

TUESDAY'S HOG CALL: Higher. With pork cutout values up noticeably, there's a strong chance that cash prices could improve on Tuesday. 

Monday Midday Livestock Market Summary - Volatility Hits Cattle Complex

GENERAL COMMENTS:

The livestock complex is off to rough start for the week as all three of the markets are trading lower into Monday's noon hour. New showlists appear to be mixed, higher in Texas, but lower in Kansas and Nebraska/Colorado. May corn is down 4 1/4 cents per bushel and May soybean meal is down $3.80. The Dow Jones Industrial Average is down 345.14 points and NASDAQ is up 15.64 points.

LIVE CATTLE:

It's almost as if the cattle complex thinks cattlemen and traders alike would grow weary if the market simply traded in a lackadaisical mundane fashion as opposed to the rollercoaster ride it turns into at times. Which perfectly describes the market's $3.00 to $4.00 decline Monday morning as news broke late last week that union workers will indeed strike at the JBS packing plant in Greeley, Colorado. The strike is expected to happen the week of March 16, and JBS intends to shift production to other facilities during that time. This causes great anxiousness for the cattle complex as the market is already seeing minimal throughput from packers as they try to manage their margins to the best of their ability. It also raises the question: How is this going to affect beef consumers? Unfortunately, a level of uneasiness will likely reside within the market until this ordeal is played out; expect continued volatility until then. April live cattle are down $4.40 at $230.15, June live cattle are down $4.37 at $227.10 and August live cattle are down $3.80 at $225.45. New showlists appear to be mixed, higher in Texas, but lower in Kansas and Nebraska/Colorado.

Last week Southern live cattle traded at $240, which is $4.00 lower than the previous week's weighted average, and Northern dressed cattle traded at $380, which is $3.00 lower than the previous week's weighted average.

Boxed beef prices are higher: choice up $3.44 ($390.66) and select up $2.28 ($381.23) with a movement of 21 loads (11.41 loads of choice, 2.75 loads of select, zero loads of trim and 7.13 loads of ground beef).

FEEDER CATTLE:

As expected, the feeder cattle complex has noted the decline in the live cattle market and consequently elected to send its contracts tumbling $4.00 to $5.00 lower into Monday's noon hour. March feeders are down $4.30 at $351.32, April feeders are down $5.22 at $346.45 and May feeders are down $5.80 at $342.27. Until the live cattle complex settles down and trade in a more stable manner, the feeder cattle contracts will likely continue to scale lower.

LEAN HOGS:

Not even the lean hog complex can trade higher Monday morning as its market is also seeing a slight regression into the noon hour. April lean hogs are down $0.67 at $94.95, June lean hogs are down $1.42 at $99.42 and July lean hogs are down $1.07 at $111.62. For the lean hog complex the market's resistance seems to be inflicting pressure more than anything else.

The projected CME Lean Hog Index for 3/6/2026 is up $0.13 at $90.87, and the actual index for 3/5/2026 is up $0.19 at $90.74. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that 2,190 head have traded and the market's five-day rolling average now sits at $91.56. Pork cutouts total 135.42 loads with 114.95 loads of pork cuts and 20.47 loads of trim. Pork cutout values: up $3.80, $102.07.

Monday Morning Livestock Market Update - Market Uncertainty May Maintain Pressure

GENERAL COMMENTS:

Selling pressure surfaced on cattle futures on Friday as cash traded lower. Southern cattle declined $4.00, with Northern dressed cattle down $3.00. Packers gained the upper hand by slowing the slaughter pace, with the feedlots finally having to move cattle at lower prices. Liquidation may continue as workers at the JBS plant in Greeley, Colorado, gave notice over the weekend of a possible strike on March 16. The union gave the required seven-day notice that it is canceling its contract extension, which will end at 11:59 p.m. Sunday, March 15. This is likely to put further pressure on the cattle markets today. Boxed beef prices closed mixed on Friday, with choice up $0.33 and select down $1.66. The Commitment of Traders report showed that fund traders were net sellers of 4,919 futures contracts, reducing their net-long position to 112,044. They reduced their net-long position in feeder cattle by 693 contracts to 18,941.

Hog futures continue to regain strength in nearby contracts while making new highs in the August and later contracts. Traders remain optimistic amid rising demand, a potentially tighter supply, and higher prices as the year progresses. The substantial increase in crude oil prices may either further increase demand, as consumers turn to pork instead of high-priced beef, or reduce overall demand for red meat. Packers were aggressive on Friday, with the National Daily Direct Afternoon Hog report up $1.95. With their aggressiveness on Friday, it is likely that further gains may be seen today. Pork cutout values declined by $0.95. The Commitment of Traders report showed fund traders increasing their net-long position by 6,468 futures contracts to 117,601.

	BULL SIDE		BEAR SIDE
1)	The cattle market may have overcorrected to the downside after the decline in cash cattle trade. This may result in a bounce in futures.	1)	Lower cash cattle trade may put further pressure on the market as packers may have been able to purchase cattle for deferred delivery, reducing the need to be aggressive this week.
2)	Cattle supplies remain tight, and the beef herd shows little sign of rebuilding. This will take some time to change.	2)	The strike at the JBS plant may begin on March 16, as the union has given the required notice of the termination of the contract extension.
3)	Deferred hog futures contracts continue to make new highs, keeping the uptrend intact and buyers confident in holding long positions.	3)	The jump in the crude oil price may impact demand for red meat even though pork is less expensive than beef.
4)	Higher cash to close the week may indicate packers are short bought on hogs and may bid aggressively today.	4)	Deferred hog futures contracts have been increasing steadily and may be ripe for a price retracement.

Friday Closing Livestock Market Update - Cattle Futures Close Lower While Hogs Maintain Their Stronger Position

GENERAL COMMENTS:

It ended up being a mixed day for the livestock complex as the cattle contracts closed lower but the lean hog market kept its upward momentum through the day's end. Southern live cattle traded at $240, which is $4.00 lower than last week's weighted average, and Northern dressed cattle traded at $380, which is $3.00 lower than last week's weighted average. May corn is up 7 cents per bushel and May soybean meal is up $7.90.

The Dow Jones Industrial Average is down 453.19 points and NASDAQ is down 361.31 points.

From Friday to Friday, livestock futures scored the following changes: April live cattle up $2.35, June live cattle up $2.32; March feeder cattle up $0.20, April feeder cattle up $0.43; April lean hogs down $0.10, June lean hogs up $1.03; March corn up $0.08, May corn up $0.12.

LIVE CATTLE:

Simply put, it was a disappointing day for the live cattle complex. The board closed lower and the fed cash cattle market traded $3.00 to $4.00 weaker. So the bullish energy that's been alive and well through most of 2026 was hard to find at Friday's close. April live cattle closed $3.95 lower at $234.57, June live cattle closed $3.80 lower at $231.47 and August live cattle closed $4.15 lower at $229.25. Throughout the day Northern dressed cattle traded at $380, which is $3.00 lower than last week's weighted average, and Southern live cattle traded at $240, which is $4.00 lower than last week's weighted average. More than anything, the technical pushback the market saw as traders tried to face off against the 40-day moving average was simply too much for traders to bear at this time and consequently had an negative effect on the cash sector as well. 

Friday's slaughter is estimated at 88,000 head -- 1,000 head less than a week ago and 20,000 head less than a year ago. Saturday's slaughter is projected to be around zero head. The week's total slaughter is estimated at 521,000 head -- 2,000 head more than a week ago and 58,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $0.33 ($387.22) and select down $1.66 ($378.95) with a movement of 65 loads (43.86 loads of choice, 5.48 loads of select, 6.57 loads of trim and 9.41 loads of ground beef).

MONDAY'S CATTLE CALL: Lower. With packers able to secure inventory at cheaper prices two weeks in a row, there's a chance next week's trade could be lower too.

FEEDER CATTLE:

Unfortunately, the notably lower close in the live cattle complex had a grave effect on the feeder cattle market as most of its contracts closed $7.00 lower Friday afternoon. But with the bulk of the market's support evaporated, traders felt desperate throughout Friday and merely elected to wash their hands of the market before the closing bell. March feeders closed $6.97 lower at $355.62, April feeders closed $7.37 lower at $351.62 and May feeders closed $7.45 lower at $348.07. The Oklahoma Weekly Cattle Auction Summary shared that throughout the state and when compared to last week, steers and heifers traded $2.00 to $8.00 lower but steer and heifer calves sold $10.00 to $20.00 lower. Feeder cattle supply over 600 pounds was 72%. The CME Feeder Cattle Index 3/5/2026: down $1.27, $367.32.

LEAN HOGS:

The lean hog complex was the only rallying force for the livestock complex at Friday's end as the market closed mildly higher. April lean hogs closed $0.05 lower at $95.62, June lean hogs closed $0.67 higher at $110.57 and July lean hogs closed $0.60 higher at $112.70. More than anything it seemed as though the slight uptick in cash prices amid a commitment from traders to keep the complex trading at least steady served the market well as traders remained active through the week's bitter end. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.95 with a weighted average price of $91.69 on 4,709 head. Pork cutouts totaled 194.64 loads with 174.65 loads of pork cuts and 19.99 loads of trim. Pork cutout values: down $0.95, $98.27. Friday's slaughter is estimated at 470,000 head -- 7,000 head less than a week ago and 11,000 head less than a year ago. Saturday's slaughter is projected to be around 83,000 head. The CME Lean Hog Index 3/4/2026: up $0.37, $90.55.

MONDAY'S HOG CALL: Higher. If packers had to be modestly aggressive in the cash sector on Friday, there's a chance that they're still short bought and could need more hogs on Monday. 

Friday Midday Livestock Market Summary - Cattle Dip Lower Amid Weaker Cash Sales and Technical Pressure

GENERAL COMMENTS:

The livestock contracts continue to trade mixed as the cattle contracts wane lower while the hog contracts are trading higher. Some light cash cattle trade has been noted in the North at $380, which is $3 lower than last week's weighted average. May corn is up 3 1/4 cents per bushel and May soybean meal is up $6.30. The Dow Jones Industrial Average is down 531.90 points and NASDAQ is down 182.29 points.

LIVE CATTLE:

The live cattle complex started the day off trading lower, and upon seeing some fed cash cattle trade develop at lower prices, it's likely that the market will keep with this trend through the day's close. April live cattle are down $0.85 at $237.67, June live cattle are down $1.25 at $234.02 and August live cattle are down $1.27 at $232.12. Today's weakness seems to be stemming from a number of different areas. Technically speaking, the market's 40-day moving average seems to pose as too much of a technical barrier for traders to challenge at this point. From a fundamental sense, seeing prices trade $3 lower in the North doesn't send the market warm and fuzzy feelings either. Some light trade has begun to develop in the North at $380, which is $3 lower than last week's weighted average. Bids are currently on the table in the South, but no Southern trade has been noted yet. Packer interest will continue throughout the day as more cattle need to trade in both regions.

Box beef prices are mixed: choice up $0.18 ($387.07) and select down $0.54 ($380.07) with a movement of 45 loads (33.29 loads of choice, 2.74 loads of select, 3.44 loads of trim and 5.71 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading lower as the market is currently seeing its contracts fall anywhere from $1 to $3 lower. More than anything, the weakness seen in the live cattle complex amid a lower trade in the fed cash cattle market doesn't give the feeder cattle complex much support to rally around. March feeders are down $1.67 at $360.92, April feeders are down $2.37 at $356.62 and May feeders are down $2.97 at $352.55. It's likely that the complex will keep with a lower trend through the day's end.

LEAN HOGS:

The cattle contracts may be trading slightly lower, but the lean hog complex is keeping with a slightly higher trend as traders remain committed to keeping a sideways/somewhat higher trend in the hog sector. Today's support largely gets attributed to trades as the market's fundamentals aren't helping drive the ship higher. April lean hogs are up $0.72 at $96.40, June lean hogs are up $0.57 at $110.52 and July lean hogs are up $0.67 at $112.77. Hog prices average $90.33 on the Daily Direct Morning Hog Report, ranging from $90.00 to $91.00 on 1,034 head. Pork cutouts total 137.41 loads with 121.85 loads of pork cuts and 15.56 loads of trim. Pork cutout values: down $0.44, $98.78. The projected lean hog index for 3/5/2026 is up $0.19 at $90.74 and the actual index for 3/4/2026 is up $0.37 at $90.55.

Friday Morning Livestock Market Update - Cattle Markets Grapple With Uncertainty

GENERAL COMMENTS:

Cash cattle have not yet traded, keeping traders uncertain over the strength of cash. Boxed beef prices were mixed, with choice down $1.68 and select up $0.26. The potential JBS plant strike is a cloud hanging over the market. As if the beef industry does not have enough uncertainty to grapple with, the "Family Grocery and Farmer Relief Act" was introduced on Thursday. It would require meat companies with product lines from more than one species to divest and limit their production to one species. Sen. Chuck Schumer, D-N.Y., introduced the bill on Thursday. Any foreign-owned meatpacking company would be required to sell its operations. The bill also would limit the number of cattle a packer could slaughter from a feedlot of more than 24,000 head to a maximum of 10% per day. At first glance, it seems this could increase beef prices to consumers rather than reduce them. This may heighten uncertainty and increase volatility.

Packers did not release any price change in the National Daily Direct Afternoon Hog report. This may continue the uncertainty in the nearby hog contracts. The April through July contracts eliminated the gains of Wednesday. The August and later months established new contract highs. Pork cutout values were up $0.60. Packers may not be aggressive in the cash market today as they likely have most of their needs purchased for the week. Weekly pork export sales were good at 36,100 metric tons, with Mexico being the largest buyer.

	BULL SIDE		BEAR SIDE
1)	Packers do not seem to have many cattle on hand and may need to be more aggressive in the cash market today.	1)	The potential for a strike at the JBS plant remains a possibility, and now the uncertainty over the "Family Grocery and Farmer Relief Act" bill may put pressure on futures.
2)	Boxed beef prices have increased significantly this week, indicating continued strong demand from consumers.	2)	Liquidation may take place ahead of the weekend due to the uncertainty of fundamental developments.
3)	Deferred hog contracts continue to make new highs as there is optimism over continued strong demand.	3)	The inability of nearby hog futures to extend gains on Thursday indicates prices may have a difficult time moving above resistance.
4)	Pork cutouts are beginning to find consistent overall support, which is supporting an uptrend.	4)	Deferred hog futures are becoming overbought and may be retraced at any time.

Thursday Closing Livestock Market Update - Mixed Tones Follow the Livestock Complex

GENERAL COMMENTS:

The livestock complex closed mixed Thursday afternoon as traders helped push the live cattle contracts higher, but both the feeder cattle and lean hog contracts were met with some opposition. No cash cattle trade developed throughout the day. May corn is up 9 3/4 cents per bushel and May soybean meal is down $0.60. The Dow Jones Industrial Average is down 784.67 points and the NASDAQ is down 58.49 points.

Thursday's export report shared that beef net sales of 11,200 metric tons (mt) for 2026 were down 14% from the previous week and 29% from the prior four-week average. The three largest buyers were Japan (3,300 mt), South Korea (2,300 mt) and Mexico (1,700 mt). Pork net sales of 36,100 mt for 2026 were down 15% from the previous week but up 8% from the prior four-week average. The three largest buyers were Mexico (22,400 mt), Japan (3,800 mt) and South Korea (2,500 mt).

LIVE CATTLE:

The live cattle complex closed mildly higher as traders wanted to continue to support the market and see the contracts scale higher, but were cautious in doing so as they understand that advancing the market far beyond its 40-day moving average without fundamental support is risky. And given that the market hasn't seen any test yet in the cash sector, it's anyone's guess on how the chips will fall on Friday when inevitably some cash trade does develop. April live cattle closed $0.17 higher at $238.52, June live cattle closed $0.10 higher at $235.27 and August live cattle closed $0.17 higher at $233.40. 

Thursday's slaughter is estimated at 111,000 head, 8,000 head more than a week ago and 12,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $1.68 ($386.89) and select up $0.26 ($380.61) with a movement of 96 loads (64.64 loads of choice, 7.40 loads of select, 16.35 loads of trim and 7.80 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady/somewhat higher. Given that the board is trading higher, there's a chance that, although cash prices softened last week, traders will be able to either push the market slightly higher on Friday or at least hold it steady.

FEEDER CATTLE:

The feeder cattle complex wasn't as confident as the live cattle sector was throughout the day and ultimately ended the day a tick lower. March feeders closed $1.32 lower at $362.60, April feeders closed $1.75 lower at $359.00 and May feeders closed $1.47 lower at $355.52. More than anything, the technical resistance at the market's 40-day moving average was simply too much for traders to bear without seeing continued fundamental support at this time. At Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves weighing 400 to 500 pounds traded $10.00 higher, and those weighing 550 to 600 pounds sold $8.00 higher, while those weighing 500 to 550 pounds traded $10.00 lower. Heifer calves weighing 450 to 500 pounds were $10.00 higher, while heifers weighing 550 to 600 pounds sold $8.00 stronger. Feeder cattle supply over 600 pounds was 61%. The CME feeder cattle index 3/4/2026: down $0.34, $368.69.

LEAN HOGS:

The lean hog complex closed mixed Thursday afternoon as the nearby contracts remained slightly skeptical, but the deferred months were able to close mildly higher. April lean hogs closed $1.40 lower at $95.67, June lean hogs closed $1.30 lower at $109.90 and July lean hogs closed $0.85 lower at $112.10. More than anything, traders need to see robust fundamental support if they're going to pressure the market's resistance any further. Hog prices averaged $89.74 on the Daily Direct Afternoon Hog Report, on 968 head and a five-day rolling average of $91.20. Pork cutouts totaled 327.03 loads, with 283.51 loads of pork cuts and 43.52 loads of trim. Pork cutout values: up $0.60, $99.22. Thursday's slaughter is estimated at 491,000 head, 2,000 head less than a week ago and 11,000 head more than a year ago. The CME lean hog index 3/3/2026: up $0.34, $90.18.

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

Thursday Midday Livestock Market Summary - Mixed Tones Dominate Complex

GENERAL COMMENTS:

The livestock contracts are mixed heading into Thursday's noon hour with traders longing to see continued fundamental support. Still no cash cattle trade has developed. May corn is up 7 cents per bushel and May soybean meal is down $0.60. The Dow Jones Industrial Average is down 873.85 points and NASDAQ is down 138.07 points.

Thursday's export report shared that beef net sales of 11,200 metric tons (mt) for 2026 were down 14% from the previous week and 29% from the prior four-week average. The three largest buyers were Japan (3,300 mt), South Korea (2,300 mt) and Mexico (1,700 mt). Pork net sales of 36,100 mt for 2026 were down 15% from the previous week but up 8% from the prior four-week average. The three largest buyers were Mexico (22,400 mt), Japan (3,800 mt) and South Korea (2,500 mt).

LIVE CATTLE:

The live cattle complex is trading mildly higher following Wednesday's sizeable surge. Traders are cautiously advancing the spot April contract above its 40-day moving average, but it's not come without some worry as traders question whether or not they're overdoing the upward trend right now. If we had seen some stronger trade in the fed cash cattle market, then there likely wouldn't be any worry amongst traders; but we've yet to see any cash trade develop. April live cattle are up $0.30 at $238.65, June live cattle are up $0.45 at $235.62 and August live cattle are up $0.37 at $233.60. There's a single bid currently on the table at $375 in Nebraska, but otherwise the market is sitting idle as feedlot managers wait for packers to offer up stronger bids. Asking prices are noted at $244 in the South but are still not established in the North.

Boxed beef prices are mixed: choice down $0.10 ($388.47) and select up $0.56 ($380.91) with a movement of 48 loads (24.12 loads of choice, 4.98 loads of select, 11.98 loads of trim and 6.70 loads of ground beef).

FEEDER CATTLE:

The live cattle complex is pushing its spot April contract above the 40-day moving average, but the feeder cattle complex isn't seeing the same level of support as traders aren't comfortable pushing above their 40-day moving average at this time. March feeders are down $0.87 at $363.05, April feeders are down $1.50 at $359.25 and May feeders are down $1.35 at $355.70. Unless something substantial develops in the cattle market's fundamentals, the feeder cattle contracts will likely continue to hedge on the side of safety and continue to trade steady to slightly lower.

LEAN HOGS:

Following Wednesday's sharp rally, the lean hog complex is mixed heading into Thursday's noon hour as traders no longer want to push the contracts up to the market's resistance. April lean hogs are down $1.62 at $95.45, June lean hogs are down $1.27 at $109.92 and July lean hogs are down $0.80 at $112.15. It is helpful to see pork cutout values mildly higher as traders need to see continued fundamental support.

The CME Projected Lean Hog Index for 3/4/2026 is up $0.37 at $90.55, and the actual index for 3/3/2026 is up $0.34 at $90.18. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 830 head have traded and the market's five-day rolling average now sits at $91.35. Pork cutouts totaled 157.31 loads with 128.89 loads of pork cuts and 28.42 loads of trim. Pork cutout values: up $0.56, $99.18.

Thursday Morning Livestock Market Update - Hog Futures May Continue to Make New Highs

GENERAL COMMENTS:

Try as one might throughout the day, there was nothing to find that was responsible for the substantial increase in cattle futures. It seemed as if traders had digested the bearishness of last week and decided to focus on the fundamentals. Uncertainty still exists, but traders gained the confidence to push prices higher. The strength in boxed beef prices continued on Wednesday, with choice up $0.52 and select up $1.77. Increasing boxed beef prices will require packers to increase the slaughter pace to meet the demand, and they do not have many cattle on hand. Feedlots may hold out for higher cash now that futures contracts have nearly regained the losses of last week. Cash cattle have not yet traded, but the sentiment of the market has turned bullish.

The uptrend in hog futures returned with the July and later contracts making new highs. The July contract moved briefly above $113, but closed slightly below that level. There were no prices released on the National Daily Direct Afternoon report despite a good number of hogs traded. Packers may need to step up to the plate today to purchase the hogs they need as the slaughter pace continues to increase. Hog runs may be tightening, providing support to the market. Pork cutout values increased by $0.12. The weekly average hog weight declined by 0.5 pounds to 290.9.

	BULL SIDE		BEAR SIDE
1)	Continued strength in boxed beef should result in packers increasing slaughter and more aggressive buying in the cash market.	1)	Some live cattle contracts left a gap on the opening on Wednesday. That gap will be filled at some point.
2)	Feedlots may feel more confident to hold for at least steady cash this week now that futures have taken back much of last week's losses.	2)	A strike at the JBS plant in Greeley still looms and could take place at any time. This casts a cloud of uncertainty over the market.
3)	Most hog contracts pushed to new highs on Wednesday, which should keep traders adding to long positions as they trade with the trend.	3)	The weekly average hog weights are 1.8 pounds higher than a year ago at 290.9 pounds.
4)	Weekly hog weights decreased by 0.5 pounds to 290.9 pounds. Active slaughter has been pulling hogs forward.	4)	Packers have purchased a good volume of hogs so far this week. They may not be as aggressive the rest of the week.

Wednesday Closing Livestock Market Update - Traders Push Contracts Higher

GENERAL COMMENTS:

The livestock complex rallied through Wednesday's close as traders opted to refocus their attention on the market's fundamentals, rather than worrying about the lingering pressures. Bids were offered throughout the day in the North, but no cattle traded. May corn is down 2 3/4 cents per bushel and May soybean meal is down $4.80. The Dow Jones Industrial Average is up 238.14 points and the NASDAQ is up 290.79 points.

LIVE CATTLE:

It was a splendid day for the live cattle complex as the market saw its contracts rally anywhere from $3.00 to $4.00 higher through Wednesday's end. And if today's higher close seems like somewhat of a whirlwind, you're not alone in feeling whiplashed, as the market's behavior over the last five trading days has been extreme. But in a world in which volatility rules over everything, and everyone opts to react now and think and process later, it shouldn't surprise us that the markets react in the same manner amid global turmoil, wide daily trading limits and algorithmic trading. April live cattle closed $4.22 higher at $238.35, June live cattle closed $4.50 higher at $234.17 and August live cattle closed $4.32 higher at $233.22. A single bid of $375 was offered throughout the day in Nebraska, but still no cattle have traded yet, and at this point, asking prices remain elusive. 

Wednesday's slaughter is estimated at 111,000 head, 4,000 head more than a week ago and 7,000 head less than a year ago.

Boxed beef prices closed higher: choice up $0.52 ($388.57) and select up $1.77 ($380.35) with a movement of 92 loads (64.25 loads of choice, 8.58 loads of select, 13.48 loads of trim and 6.13 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady to somewhat higher. With the board trading higher, the cash market may be able to trade steady, if not a tick higher as well.

FEEDER CATTLE:

The feeder cattle complex also enjoyed a rallying type of day as the market saw its contracts rally mostly beyond $7.00 higher through Wednesday's close. March feeders closed $6.72 higher at $363.92, April feeders closed $7.45 higher at $360.75 and May feeders closed $7.65 higher at $357.00. And once again, today's higher end largely stems from the fact that traders elected to look past some of the external pressures weighing against the marketplace, and again focus their attention on the long-term, bullish outlook. At the Winter Livestock Auction in La Junta, Colorado, compared to last week, feeder steers under 700 pounds sold unevenly steady, and feeder heifers across all weight groups sold sharply lower. Steers over 700 pounds traded $10.00 to $11.00 lower. Replacement heifers traded higher. Feeder cattle supply over 600 pounds was 66%. The CME feeder cattle index 3/3/2026: down $0.66, $368.93.

LEAN HOGS:

The lean hog complex was also able to enjoy a bit of a rally through Wednesday's end as traders were pleased to see a slight uptick in pork demand. April lean hogs closed $1.32 higher at $97.07, June lean hogs closed $1.72 higher at $111.20 and July lean hogs closed $1.55 higher at $112.95. In order for traders to keep with the upward momentum on Thursday, fundamental support will be essential. Hog prices are unavailable on the Daily Direct Afternoon Hog Report because of confidentiality. However, we can see that 5,345 head traded and that the market's five-day rolling average now sits at $91.24. Pork cutouts totaled 259.55 loads with 219.74 loads of pork cuts and 39.81 loads of trim. Pork cutout values: up $0.12, $98.62. Wednesday's slaughter is estimated at 494,000 head, 2,000 head more than a week ago and 128,000 head more than a year ago. The CME lean hog index 3/2/2026: up $0.15, $89.84.

THURSDAY'S HOG CALL: Lower. At this point, packers have likely fulfilled the vast majority of their needs for the week.

Wednesday Midday Livestock Market Update - Traders Push Contracts Higher

GENERAL COMMENTS:

The livestock complex is rallying into Wednesday's noon hour as technical support is ample right now. A single bid is on the table in the cash cattle market, but no cattle have traded yet. May corn is down 4 1/4 cents per bushel and May soybean meal is down $3.80. The Dow Jones Industrial Average is up 270.87 points and NASDAQ is up 301.98 points.

LIVE CATTLE:

The live cattle complex is charging full steam ahead into Wednesday's noon hour as the market is currently trading $2.00 to $3.00 higher into the afternoon. April live cattle are up $3.37 at $237.60, June live cattle are up $3.75 at $234.42 and August live cattle are up $3.62 at $232.52. Pinpointing what's driving the rally in the cattle sector is somewhat challenging, but more than anything it seems as though traders have reignited their bullish sentiment toward the market and are now giving the complex more technical support. There's a single bid currently on the table in Nebraska at $375, but otherwise no cattle have traded yet in the cash market.

Boxed beef prices are higher: choice up $0.78 ($388.83) and select up $1.79 ($380.37) with a movement of 52 loads (40.57 loads of choice, 4.68 loads of select, 2.56 loads of trim and 4.11 loads of ground beef).

FEEDER CATTLE:

Upon seeing the live cattle complex rally aggressively, the feeder cattle contracts have jumped into action as well as most of the contracts are sizeable $4.00 to $5.00 increases. March feeders are up $5.30 at $362.50, April feeders are up $5.72 at $358.97 and May feeders are up $5.82 at $355.17. The 40-day moving average seems to be giving the complex a little bit of resistance, but if the live cattle complex continues to trade higher traders may elect to conquer it later in the week.

LEAN HOGS:

With a slight uptick in pork demand, the lean hog contracts are also rallying into Wednesday's noon hour. April lean hogs are up $1.10 at $96.85, June lean hogs are up $1.62 at $111.10 and July lean hogs are up $1.42 at $112.82. So far this week the market has chopped mostly sideways as traders haven't wanted to push the contracts any higher without increased fundamental support. But the slight uptick in pork demand has traders willing to advance the contracts at this point in time.

The projected CME Lean Hog Index for 3/3/2026 is up $0.34 at $90.18 and the actual index for 3/2/2026 is up $0.15 at $89.84. Hog prices are unavailable on the Daily Direct Morning Hog report because of confidentiality. However, we can see that 995 head have traded and that the market's five-day rolling average sits at $91.29. Pork cutouts total 151.94 loads with 124.41 loads of pork cuts and 27.53 loads of trim. Pork cutout values: up $0.63, $99.13.

Wednesday Morning Livestock Market Update - Volatility May Dominate the Market Again Today

GENERAL COMMENTS:

The uncertainty in the outside markets had a negative influence on cattle futures on the opening. As the day progressed, traders became more comfortable with focusing on the market fundamentals. Futures may have a difficult time regaining the losses of last week due to the influence of the outside markets, as well as the potential for cash cattle to trade no better than steady this week. Packers have not surrounded themselves with many cattle and continue to slow the slaughter pace to rein in the cash price. However, that can only be maintained for a time before they will need to step up more aggressively again. Boxed beef prices jumped on Tuesday, with choice up $6.71 and select up $0.37. The impact of the U.S. and Israel-Iran conflict on consumer prices for goods may impact beef demand.

Hog futures were mixed with little fundamental direction. Nearby contracts have seen some pressure, giving the impression that the uptrend has run its course while later contracts continue to make new highs. The strength in the deferred contracts is from continued optimism over demand, as it is too early to be influenced by the current cash market. Higher slaughter continues to put more pork on the market, keeping increasing demand satisfied. Packers were not as aggressive in the cash market on Tuesday, with the National Daily Direct Afternoon report showing cash down $0.46. Pork cutout values were steady with the day, something that is very seldom seen.

	BULL SIDE		BEAR SIDE
1)	Boxed beef prices have been increasing steadily, indicating demand remains strong.	1)	Higher consumer prices due to the U.S. and Israel-Iran conflict and shipping disruptions may affect beef demand as consumers adjust.
2)	Packers have not surrounded themselves with many cattle. They eventually will need to step into the cash market aggressively.	2)	Cash cattle are anticipated to be steady or lower this week as packers continue to reduce slaughter.
3)	Hog futures are holding in the nearby contracts and making new highs in deferred contracts. Traders are optimistic about prices.	3)	Nearby hog futures may have run into price resistance as the uptrend has stalled and weakness has developed.
4)	Hog runs are expected to shorten as increased slaughter works through the supply of market-ready hogs.	4)	Packers purchased a substantial amount of hogs on Monday and Tuesday, possibly leaving them less aggressive the rest of the week.

Tuesday Closing Livestock Market Update - Mixed Tones Follow the Complex

GENERAL COMMENTS:

The livestock complex closed mixed as traders remain cautiously optimistic about the complex amid looming pressures. Still no cash cattle trade has developed, and trade will likely be delayed until Thursday or later. May corn is up 3/4 cent per bushel and May soybean meal is up $1.80. The Dow Jones Industrial Average is down 403.51 points and the NASDAQ is down 232.17 points.

LIVE CATTLE:

The live cattle complex had a stellar day where reinvigorated trader support allowed the spot April contract to close above its 100-day moving average. More than anything, traders seem more confident in the market's position following the retreat of last week, as the market is no longer pressuring resistance levels. April live cattle closed $1.02 higher at $234.12, June live cattle closed $1.02 higher at $230.67 and August live cattle closed $0.72 higher at $228.90. Still no cash cattle trade has developed. 

Tuesday's slaughter is estimated at 109,000 head, 2,000 head less than a week ago and 12,000 head less than a year ago.

Boxed beef prices closed higher: choice up $6.71 ($388.05) and select up $0.37 ($378.58) with a movement of 90 loads (58.02 loads of choice, 9.85 loads of select, 9.93 loads of trim and 12.35 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady to somewhat lower. Packers will still likely try to push this week's trade lower even though the board is trading mildly higher.

FEEDER CATTLE:

The feeder cattle complex wasn't as confident in its ability to close higher, which is why the market took a mixed approach to the day, where the nearby contracts closed slightly lower while the deferred months closed a tick higher. March feeders closed $0.07 lower at $357.20, April feeders closed $0.02 lower at $353.30 and May feeders closed $0.12 lower at $349.35. If the live cattle complex trades higher on Wednesday, then there's a chance that the market could see stronger upward momentum later in the week. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers under 550 pounds sold $10.00 to $30.00 lower, with heavier weights trading mostly $2.00 to $8.00 lower. Feeder heifers under 650 pounds sold steady to $10.00 lower, with the heavier weights traded $5.00 to $20.00 lower. Feeder cattle supply over 600 pounds was 71%. The CME feeder cattle index 3/2/2026: down $2.23, $369.59.

LEAN HOGS:

The lean hog complex closed mixed as traders are leery to push the contracts any higher without seeing improved pork demand. And it's likely going to require more than a mild $0.25 increase before traders will willingly push the contracts upward. April lean hogs closed $0.17 higher at $95.75, June lean hogs closed steady at $109.47 and July lean hogs closed $0.20 lower at $111.40. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.46 with a weighted average price of $91.41 on 9,860 head. Pork cutouts totaled 325.21 loads with 293.49 loads of pork cuts and 31.72 loads of trim. Pork cutout values: steady, $98.50. Tuesday's slaughter is estimated at 484,000 head, 5,000 head less than a week ago and 4,000 head more than a year ago. The CME lean hog index 2/27/2026: up $0.25, $89.69.

WEDNESDAY'S HOG CALL: Lower. Packers were fairly aggressive in Tuesday's market, which could mean that they'll be less active in the cash sector later in the week.

Tuesday Midday Livestock Market Summary - Mixed Tones Follow the Complex

GENERAL COMMENTS:

The livestock complex is trading mixed into Tuesday's noon hour as plenty of pressure still looms, but some of the markets have found modest technical support. Still no cash cattle trade has developed. May corn is down 1/2 cent per bushel and May soybean meal is down $1.00. The Dow Jones Industrial Average is down 590.83 points and NASDAQ is down 322.80 points.

LIVE CATTLE:

The live cattle complex is back to trading higher as traders have seemed to have found some technical support throughout the day's trade. April live cattle are up $0.80 at $233.90, June live cattle are up $0.50 at $230.15 and August live cattle are up $0.12 at $228.30. Today's slight uptick in price doesn't mean that the pressures (both external and internal) have merely disappeared, because they haven't, but rather instead that traders believe enough downside regression has been seen in the near term and that it's both acceptable and safe for the complex to trade mildly higher. No cash cattle trade has developed yet.

Boxed beef prices are higher: choice up $6.60 ($387.94) and select up $1.53 ($379.74) with a movement of 54 loads (34.97 loads of choice, 4.66 loads of select, 3.63 loads of trim and 11.11 loads of ground beef).

FEEDER CATTLE:

And in keeping in unison, most of the feeder cattle complex is following the live cattle market's direction and is also trading slightly higher. March feeders are down $0.12 at $357.15, April feeders are up $0.02 at $353.27 and May feeders are down $0.17 at $349.30. The live cattle contracts are trading higher in a somewhat stable fashion, but the feeder cattle complex is much more sporadic about its trade this morning, bouncing back and forth throughout the vast majority of the morning.

LEAN HOGS:

And without the support of stronger pork demand, the lean hog complex is trading slightly lower into Tuesday's noon hour. April lean hogs are down $0.22 at $95.32, June lean hogs are down $0.35 at $109.12 and July lean hogs are down $0.40 at $111.20. And at this point, a sideways lower trend is expected to continue in the lean hog complex until fundamental support improves.

The projected lean hog index for 3/2/2026 is up $0.15 at $89.84, and the actual index for 2/27/2026 is up $0.25 at $89.69. Hog prices on the Daily Direct Morning Hog Report average $91.84, ranging from $88.00 to $93.00 on 4,480 head and a five-day rolling average of $91.49. Pork cutouts total 195.11 loads with 175.84 loads of pork cuts and 19.27 loads of trim. Pork cutout values: down $0.91, $97.59.

Tuesday Morning Livestock Market Update - Futures May Find Little Direction

GENERAL COMMENTS:

Cattle futures ran out of aggressive selling on Monday after contracts gapped lower on the open. The liquidation ran its course with short-covering and new buying interest taking place. There remains uncertainty in the market, but traders have digested some of it and are focusing more on the fundamentals. The news surrounding the potential JBS strike has been quiet. The lower cash cattle trade last week casts a little cloud over the market with early thoughts that cash may be no better than steady this week. Packers continue to reduce the slaughter pace in an attempt to back up cattle and bolster boxed beef prices. Boxed beef prices were higher on Monday, with choice up $1.50 and select up $3.90.

Hog futures were mixed. There is some caution being exercised in the nearby contracts. The current market fundamentals may not be sufficient to continue to push prices above the level of the current futures prices. However, later contracts continue to trend higher, with the October and later contracts again making new highs. Packers followed the pattern of last week with strong buying interest on Monday. The National Daily Direct Afternoon Hog report was up $1.49. Pork cutouts added to the support with a gain of $0.73. Hog slaughter is running opposite of cattle, with an increasing number of hogs being processed.

	BULL SIDE		BEAR SIDE
1)	The liquidation of cattle futures seems to have run its course, with buyers turning their attention to bullish market fundamentals.	1)	The uncertainty hanging over the market due to the implications of a strike at the JBS plant in Greeley may limit upside potential for now.
2)	Boxed beef prices have been trending higher, indicating demand is alive and well.	2)	There are expectations that the cash cattle trade will be no better than steady this week, with a potential for lower trade to develop.
3)	The October and later hog futures continue to make new contract highs on nearly a daily basis. Traders anticipate stronger prices as the year progresses.	3)	Nearby hog futures may move in a sideways trading range as the current fundamentals may not suggest higher prices.
4)	Packers purchased hogs aggressively on Monday. This is a strong beginning to the week with the potential for higher cash today.	4)	Hog supplies are plentiful and at higher weights than a year ago. Packers have not had to bid aggressively to obtain the hogs they need.

Monday Closing Livestock Market Update - Mixed Tones Follow the Complex

GENERAL COMMENTS:

The livestock complex closed mixed, with the cattle contracts finding mild support ahead of the day's end, while the lean hog complex closed mixed. New showlists appear to be lower in all major feeding states. May corn is down 2 3/4 cents per bushel and May soybean meal is down $7.60. The Dow Jones Industrial Average is down 73.14 points and the NASDAQ is up 80.65 points.

LIVE CATTLE:

The live cattle complex found some mild support ahead of Monday's close, as traders seemed to believe that the market had endured enough technical pressure in recent days. April live cattle closed $0.87 higher at $233.10, June live cattle closed $0.50 higher at $229.65 and August live cattle closed $0.37 higher at $228.17. I think it's worth noting that the market closed merely steady; it's the contract's 100-day moving average, indicating that traders aren't convinced one way or another on which way the market could go next. Monday's slaughter is estimated at 102,000 head, 4,000 head less than a week ago and 2,000 head less than a year ago. New showlists appear to be lower in all major feeding states.

Last week, Southern live cattle traded at mostly $244, which is $5.00 lower than the previous week's weighted average. Northern dressed cattle traded at mostly $382 to $383, which is $5.00 to $6.00 lower than the previous week's weighted average.

Boxed beef prices closed higher: choice up $1.50 ($381.34) and select up $3.90 ($378.21) with a movement of 73 loads (52.45 loads of choice, 5.79 loads of select, 4.88 loads of trim and 9.67 loads of ground beef).

TUESDAY'S CATTLE CALL: Lower. With the futures complex uncertain at this time, the fed cash cattle market could likely trade steady/somewhat lower.

FEEDER CATTLE:

The feeder cattle complex was also able to mildly improve its position ahead of the day's close. March feeders closed $1.85 higher at $357.27, April feeders closed $2.12 higher at $353.32 and May feeders closed $2.27 higher at $349.47. 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 $2.00 to $8.00 lower, and feeder heifers were trading $4.00 to $10.00 lower. Steer calves were selling $5.00 to $15.00 lower, and heifer calves were trading $10.00 to $20.00 lower. Feeder cattle supply over 600 pounds was 75%. The CME feeder cattle index 2/27/2026: down $0.97, $371.82.

LEAN HOGS:

The lean hog complex ended the day mixed, with its nearby contracts closing slightly lower while the deferred contracts maintained a slightly higher position. More than anything, the looming technical resistance simply seems to be too much for traders to bear at this point. April lean hogs closed $0.15 lower at $95.57, June lean hogs closed $0.07 lower at $109.47 and July lean hogs closed $0.07 lower at $111.60. Hog prices are higher on the Daily Direct Afternoon Hog Report, up $1.49 with a weighted average price of $91.87 on 5,355 head. Pork cutouts totaled 268.89 loads with 223.81 loads of pork cuts and 45.09 loads of trim. Pork cutout values: up $0.73, $98.50. Monday's slaughter is estimated at 482,000 head, 5,000 head more than a week ago and 1,000 head less than a year ago. The CME lean hog index 2/26/2026: up $0.32, $89.44.

TUESDAY'S HOG CALL: Steady to somewhat higher. Packers will likely show modest interest in Tuesday's market.

Monday Midday Livestock Market Summary - Contracts Trade Lower at the Week's Start

GENERAL COMMENTS:

The livestock complex is taking a cautious approach to Monday's trade as most of the livestock contracts are currently trading lower. With there being sizeable outside pressure looming over the livestock complex -- a lower trend is expected through the day's close. New showlists appear to be lower in all major feeding states. May corn is down 4 1/4 cents per bushel and May soybean meal is down $7.10. The Dow Jones Industrial Average is down 41.77 points and NASDAQ is up 91.13 points.

LIVE CATTLE:

There's been a plethora of stress and pressure overcoming the livestock complex, and again today, that's pressuring the live cattle contracts specifically to trade lower. Combine the external noise of the new developments between the U.S. and Iran, with the raw fact that last week, fed cash cattle prices traded lower -- and it should come as no real surprise that the live cattle contracts are again trading lower. April live cattle are down $0.27 at $232.05, June live cattle are down $0.52 at $228.60 and August live cattle are up $0.77 at $227.02. New showlists appear to be lower in all major feeding states.

Last week, Southern live cattle traded at mostly $244, which is $5.00 lower than the previous week's weighted average. Northern dressed cattle traded at mostly $382 to $383, which is $5.00 to $6.00 lower than the previous week's weighted average.

Boxed beef prices are higher: choice up $0.65 ($380.49) and select up $2.17 ($376.48) with a movement of 30 loads (21.97 loads of choice, 3.26 loads of select, zero loads of trim and 4.53 loads of ground beef).

FEEDER CATTLE:

And without the backing of the live cattle market's support, the feeder cattle contracts also find themselves trading lower into Monday's noon hour. March feeders are down $0.70 at $354.72, April feeders are down $0.90 at $350.37 and May feeders are down $0.97 at $346.22. Until some essence of support arises, a sideways, slightly lower trend is likely for the feeder cattle complex.

LEAN HOGS:

The lean hog complex is taking a mixed approach into Monday's noon hour as the nearby contracts are trading slightly lower, while the deferred contracts are trading higher. It is worth noting that midday pork cutout values are higher as that's something that traders will always gladly accept. April lean hogs are down $0.27 at $95.40, June lean hogs are down $0.20 at $109.35 and July lean hogs are down $0.15 at $111.52.

The projected lean hog index for 2/27/2026 is up $0.25 at $89.69, and the actual index for 2/26/2026 is up $0.32 at $89.44. Hog prices are unavailable on the Daily Direct Morning Hog Report because no hogs have traded yet. The only thing disclosed on the report is that the market's five-day rolling average sits at $91.32. Pork cutouts totaled 165.39 loads with 135.27 loads of pork cuts and 30.13 loads of trim. Pork cutout values: up $1.86, $99.63.

Monday Morning Livestock Market Update - Cattle Futures May Show Follow-Through Selling

GENERAL COMMENTS:

Cattle futures plummeted for a second consecutive day, with the nearby June contract posting the lowest close since Dec. 31, 2025. Selling momentum drove futures below technical support, adding to the weakness. Lower cash cattle trade took place on Friday, adding to the pressure. There could be follow-through liquidation today on continued uncertainty over the JBS strike, the Iran situation and lower cash. Northern dressed cattle traded $5 lower and southern live cattle traded $5 lower. This combination may not bode well for the market in the near term. Boxed beef prices closed higher with choice up $1.95 and select up $3.52. The Commitment of Traders report showed fund traders adding 1,911 live cattle futures positions, bringing their net-long positions to 116,963. They added 878 contracts in feeder cattle, bringing their net-long position to 19,634.

Hog futures closed mixed with weakness through the October contract and higher prices after that. The December and later contracts continued to make new highs. Optimism over increased demand continues to underpin the market. The slaughter pace remains strong as packers need to meet demand. A significant volume of cash hogs traded on Friday, with the price down $0.62. Packers may begin the week aggressively, similar to last week. They need hogs to maintain the increased slaughter pace. Pork cutout values increased by $0.39. The Commitment of Traders report showed the funds as net sellers, reducing their long position by 85 contracts to a net long of 111,133.

	BULL SIDE		BEAR SIDE
1)	Liquidation generally runs its course over a two- or three-day period. Today is day three. The lower prices might find buying interest.	1)	There is too much uncertainty both in the market and in the outside markets that may keep pressure on cattle futures.
2)	Live cattle futures are quite a bit below cash and may be overdone to the downside.	2)	The weakness of cash cattle last week may be the beginning of further cash weakness over the next few weeks.
3)	The trend in hog futures is up, and the weakness on Friday may have been positioning before the end of the month.	3)	The optimism over pork demand will need to find continued underlying cash and cutout support or it will run out of strength.
4)	The hog slaughter pace remains strong, and packers may be willing to bid up today to purchase early.	4)	Trading activity may drift to begin the month as traders wait to see the strength of cash and cutouts.