Friday Closing Livestock Market Update - Contracts End Higher

GENERAL COMMENTS:

Although it was a busy, chaotic day for the cattle complex, at least the futures ended the day higher and so did the lean hog contracts. Some light cash cattle trade developed in the South throughout the day at $225, which is $3.00 lower than the previous week's weighted average. Do note this coming Monday, the border is set to reopen to Mexican cattle imports at the Douglas, Arizona, port of entry. December corn is up 5 cents per bushel and December soybean meal is up $2.00. The Dow Jones Industrial Average is up 520.06 points and NASDAQ is up 108.57 points.

From Friday-to-Friday livestock futures scored the following changes: August live cattle down $0.57, October live cattle down $0.95; August feeder cattle down $6.07, September feeder cattle down $5.52; October lean hogs down $14.53; September corn up $0.25, December corn up $0.25.

LIVE CATTLE:

Talk about a wild day. Talk about a disappointing week. To kick Friday morning off, President Trump announced over the next 90 days the U.S. will allow up to 300,000 metric tons (mt) of product for ground beef to be imported with no quota tariff. He also stated the administration has a commitment that this beef will be sold at 25% below current prices. This news weakened the futures complex right off the bat, but luckily ahead of the day's end the market was able to recover mostly. Even so, yet another level of complexity has entered the marketplace, the cattle complex is highly volatile and subject to change at any second. October live cattle closed $0.07 lower at $217.92, December live cattle closed $0.22 higher at $218.50 and February live cattle closed $0.42 higher at $219.32. Throughout the week, Northern dressed cattle traded at mostly $355 to $356 which is $9.00 to $10.00 lower than the previous week's weighted average. At the time of writing, the Southern Plains had only traded a small volume of cattle that were mostly $225, which is $3.00 lower than the previous week's weighted average. It is also worth noting that a lot of the cattle traded in the North were committed for delivery for the week of Sept. 7. 

Friday's slaughter is estimated at 99,000 head -- 1,000 head less than a week and year ago. Saturday's slaughter is projected to be around 15,000 head. The week's total slaughter is estimated at 523,000 head -- 6,000 head more than a week ago and 32,000 head less than a year ago.

Boxed beef prices closed lower: choice down $4.24 (385.69) and select down $2.42 ($361.32) with a movement of 91 loads (48.07 loads of choice, 8.96 loads of select, 25.36 loads of trim and 8.41 loads of ground beef).

MONDAY'S CATTLE CALL: Lower. As packers continue to gain more leverage in the marketplace, fed cash cattle prices will likely continue to trade lower.

FEEDER CATTLE:

The feeder cattle complex was able to close mostly higher Friday, although it was bombarded with news from the president and the monthly Cattle on Feed report. September feeders closed $0.10 higher at $329.02, October feeders closed $0.95 higher at $323.65 and November feeders closed $1.37 higher at $316.25. As assumed, Friday's Cattle on Feed report was the same usual story of greater on-feed totals, but lighter placements and lighter marketings. 

The Oklahoma Weekly Cattle Auction Summary shared that, compared to last week, feeder steers over 900 pounds traded steady to $2.00 lower, but steers under 900 pounds sold $7.00 to $11.00 lower. Feeder heifers traded $8.00 to $16.00 lower. Steer calves weighing over 500 pounds sold $12.00 to $15.00 lower, and those under 500 pounds traded $20.00 to $30.00 lower. Heifer calves sold $10.00 to $20.00 lower. Slaughter cows sold $5.00 to $7.00 lower and slaughter bulls traded $6.00 softer. Feeder cattle supply over 600 pounds was 65%. The CME Feeder Cattle Index 8/20/2026: down $0.85, $341.00.

LEAN HOGS:

The back-and-forth nature continues in the lean hog complex as following Thursday's lower close, the lean hog contracts were able to end the day mildly higher on Friday thanks to trader support. October lean hogs closed $0.65 higher at $80.87, December lean hogs closed $0.77 higher at $71.52 and February lean hogs closed $0.60 higher at $74.42. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.93 with a weighted average price of $94.27 on 3,410 head. Pork cutouts totaled 357.22 loads with 326.61 loads of pork cuts and 30.61 loads of trim. Friday's slaughter is estimated at 454,000 head -- 34,000 head more than a week ago and 1,000 head more than a year ago. Saturday's slaughter is projected to be around 39,000 head. The CME Lean Hog Index 8/19/2026: down $0.24, $93.72.

MONDAY'S HOG CALL: Lower. Given that packers bought hogs late in the week, it's likely they won't be aggressive in Monday's cash market.

Friday Midday Livestock Market Summary - External Pressure Shakes Cattle Futures, But Hogs Find Late-Week Support

GENERAL COMMENTS:

The livestock complex is trading mixed into Friday's noon hour as the cattle complex isn't finding the fundamental support it needs, but the hog contracts are trading higher. Some trade has been noted in Texas at $225, and bids are on the table in Kansas for the same price. December corn is up 2 1/2 cents per bushel and December soybean meal is down $0.10. The Dow Jones Industrial Average is up 410.48 points and NASDAQ is up 143.77 points.

LIVE CATTLE:

Friday morning President Trump announced that over the next 90 days the U.S. will allow up to 300,000 metric tons (mt) of product for ground beef to be imported with no quota tariff. He also stated the administration has a commitment that this beef will be sold at 25% below current prices. This news weakened the futures complex dramatically at the day's open, but since then the complex has found some stability and is trading mixed into the noon hour with the nearby contracts lower while the deferred contracts trade higher. October live cattle are down $0.70 at $217.30, December live cattle are down $0.42 at $217.85 and February live cattle are down $0.32 at $218.57. Some light cash cattle trade has finally developed in the South where cash cattle are selling for mostly $225. Some light trade also has been noted in Nebraska at $223. Do remember that this afternoon the monthly Cattle on Feed report is set to be released as well.

Boxed beef prices are lower: choice down $3.79 ($386.14) and select down $0.33 ($363.41) with a movement of 68 loads (29.90 loads of choice, 6.16 loads of select, 24.74 loads of trim and 7.05 loads of ground beef).

FEEDER CATTLE:

Amid new developments regarding imported beef and the continued decline of the cash market, the feeder cattle complex is trading lower into Friday's noon hour. September feeders are down $0.95 at $327.97, October feeders are down $0.07 at $322.62 and November feeders are up $0.35 at $315.22. It's likely the market could find even more pressure heading up to the afternoon's close as traders know that the monthly Cattle on Feed report will be released later this week and that on Monday, Mexican cattle imports resume.

LEAN HOGS:

The lean hog contracts are trading higher into Friday's noon hour as traders are extending a little late-week support to the sector. It's also helpful that midday pork cutout values are up over $3.00. October lean hogs are up $0.62 at $80.85, December lean hogs are up $0.87 at $71.62 and February lean hogs are up $0.67 at $74.50. The projected CME Lean Hog Index for 8/20/2026 is down $0.46 at $93.26 and the actual index for 8/19/2026 is down $0.24 at $93.72. Hog prices are higher on the Daily Direct Morning Hog Report, up $1.83 with a weighted average price of $94.58, ranging from $87.00 to $96.00 on 3,265 head and a five-day rolling average of $93.35. Pork cutouts totaled 205.85 loads with 186.90 loads of pork cuts and 18.94 loads of trim. Pork cutout values: up $3.49, $99.98.

Friday Morning Livestock Market Update - Traders Look Ahead to the Cattle on Feed Report

GENERAL COMMENTS:

Cattle futures are trying to find support. Overall, traders remain bullish, but the market needs to show sufficient reason for them to turn aggressive buyers. There may be strength Friday as short-covering may take place ahead of the Cattle on Feed report released this afternoon. The estimates for the report are for on-feed numbers on Aug. 1 at 102.5% of a year ago with a range of 102.3-102.9%. Placements in July at 93.5% with a range of 92.3-95.1%. Marketings in July at 92.6% with a range of 92.2-93.4%. This is the first time in quite a while that the range of estimates for placements has been this narrow. Cash cattle are expected to trade lower Friday as packers remain unaggressive. Boxed beef prices on Thursday were lower, with choice down $5.06 and select down $0.43.

Hog futures continue to struggle as fundamentals provide little support. The October contract fell to support on Thursday as cash and cutouts continue to struggle. The National Daily Direct Afternoon Hog report showed a minor gain of $0.24, but cash is expected to be lower Friday. Pork cutouts declined $1.09. Packers are reducing the slaughter pace compared to a year ago as they attempt to balance supply with demand while maintaining their margins. Futures may increase Friday as traders may cover some short positions ahead of the weekend.

	BULL SIDE		BEAR SIDE
1)	July placements are expected to be 6.5% below a year ago, which should be supportive to the market.	1)	Lower cash again this week indicates packers have the upper hand and intend to maintain their positive margins.
2)	Lower cash cattle trade has already been factored into the market. Short-covering may take place ahead of the Cattle on Feed report.	2)	Cattle from Mexico will begin to move to the U.S. beginning on Monday. This may maintain a negative posture in the market.
3)	Hog futures are oversold with short-covering possible ahead of the weekend.	3)	Hog futures have been unable to find support this week, leaving traders unwilling to buy futures aggressively.
4)	Lower pork prices should improve demand. Reduced slaughter may be temporary as packers will need to balance the supply with demand.	4)	Cash and cutouts continue to exhibit weakness, and a reflection of slower demand.

Thursday Closing Livestock Market Update - Mixed Tones Continue to Dominate the Complex

GENERAL COMMENTS:

The livestock complex again ended the day mixed, as cattle contracts received a little extra support from traders, while lean hog contracts ended the day lower. On Friday, the monthly Cattle on Feed report is set to be released. December corn is up 5 1/2 cents per bushel and December soybean meal is down $1.80. The Dow Jones Industrial Average is down 703.84 points and the NASDAQ is down 263.92 points.

Thursday's export report shared that beef net sales of 9,300 mt for 2026 were down 36% from the previous week and 37% from the prior 4-week average. The three largest buyers were Mexico (1,600 mt), South Korea (1,400 mt) and Taiwan (1,400 mt). Pork net sales of 27,300 mt for 2026 were down 25% from the previous week and 15% from the prior 4-week average. The three largest buyers were Mexico (10,700 mt), South Korea (3,500 mt) and Japan (2,900 mt).

LIVE CATTLE:

Despite the fact that boxed beef prices and fed cash cattle prices both ended the day lower, the futures market received a bone from traders as they were willing to mildly support the contracts through Thursday's end. October live cattle closed $0.77 higher at $218.00, December live cattle closed $1.12 higher at $218.27 and February live cattle closed $1.10 higher at $218.90. Do remember that on Friday the monthly Cattle on Feed report is set to be released. The cash cattle market saw bids offered throughout the day in both regions, but the day's movement was light. So far this week, the only strong test has been in the North, where dressed cattle have traded at $355 to $356, which is $9.00 to $10.00 lower than last week's weighted average, and some live sales have been marked in the North at $255 as well. The South has yet to trade cattle, although bids were offered throughout the day in Kansas at $255. But given that packers were able to secure more inventory in recent weeks and with Friday releasing the monthly Cattle on Feed report, this week's trade could be light in volume and slow to develop. It's also worth noting that the majority of the cattle that traded on Wednesday were marked for delivery on the week of September 7. 

Thursday's slaughter is estimated at 103,000 head -- 3,000 head less than a week ago and 14,000 head less than a year ago.

Boxed beef prices closed lower: choice down $5.06 ($389.93) and select down $0.43 ($363.74) with a movement of 110 loads (88.85 loads of choice, 14.17 loads of select, zero loads of trim and 6.86 loads of ground beef).

FRIDAY'S CATTLE CALL: Lower. With packers having ample supply available to them, it's likely that prices will continue to be lower on Friday.

FEEDER CATTLE:

Apart from a couple of the nearby contracts, the feeder cattle complex was also able to end the day mostly higher. September feeders closed $0.20 lower at $328.92, October feeders closed $0.65 higher at $322.70 and November feeders closed $0.80 higher at $314.87. The cautious nature of the feeder cattle complex could be stemming from a number of factors: the fact that on Friday the monthly COF report is set to be released, the fact that on Monday the border reopens to Mexican cattle, or the fact that fed cash cattle prices are trading lower, which dampens the excitement in the feeding sector; all weigh heavily on the market. At the Winter Livestock Auction in Pratt, Kansas, compared to last week, there wasn't enough supply to accurately test those weighing 650 to 950 pounds. But good demand was seen on steers and heifers weighing under 600 pounds. Slaughter cows and bulls sold $2.00 to $6.00 lower. Feeder cattle supply over 600 pounds was 81%. The CME feeder cattle index 8/19/2026: down $0.51, $341.85.

LEAN HOGS:

And the topsy-turvy nature continues in the lean hog complex as the market ended the day mixed: lower in its nearby contracts but higher in its deferred contracts. More than anything, traders are hopeful that demand will increase in later months but remain uncertain about what to expect for tomorrow, let alone next week. October lean hogs closed $1.27 lower at $80.22, December lean hogs closed $0.67 lower at $70.75 and February lean hogs closed $0.42 lower at $73.82. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.24 with a weighted average price of $92.34 on 1,306 head. Pork cutouts totaled 256.15 loads, with 222.98 loads of pork cuts and 33.17 loads of trim. Pork cutout values: down $1.09 to $96.49. Thursday's slaughter is estimated at 451,000 head -- 23,000 head less than a week ago and 20,000 head less than a year ago. The CME lean hog index 8/18/2026: down $0.82, to $93.96.

FRIDAY'S HOG CALL: Lower. At this point, it's most likely that packers have secured all they need in the cash market aside from some minor cleanup trade.

Thursday Midday Livestock Market Summary - Traders Let Contracts Chop Sideways

GENERAL COMMENTS:

The livestock complex continues to chop sideways as traders are desperate for greater fundamental support but aren't seeing it surface in the market consistently. Some bids are on the table currently in the cash market and packer interest will likely improve as the day trades on. December corn is up 5 3/4 cents per bushel and December soybean meal is up $0.40. The Dow Jones Industrial Average is down 420.28 points and NASDAQ is down 194.36 points.

Thursday's export report shared that beef net sales of 9,300 mt for 2026 were down 36% from the previous week and 37% from the prior 4-week average. The three largest buyers were Mexico (1,600 mt), South Korea (1,400 mt) and Taiwan (1,400 mt). Pork net sales of 27,300 mt for 2026 were down 25% from the previous week and 15% from the prior 4-week average. The three largest buyers were Mexico (10,700 mt), South Korea (3,500 mt) and Japan (2,900 mt).

LIVE CATTLE:

Despite fed cash cattle prices that are thus far trading lower this week and midday boxed beef prices that are lower too, traders are mildly supporting the live cattle contracts into Thursday's noon hour. More than anything this seems to be a sideways chop following Wednesday's weaker close. August live cattle are up $0.97 at $224.40, October live cattle are up $1.60 at $218.82 and December live cattle are up $2.07 at $219.22. Bids are starting to surface again in the fed cash cattle market as currently packers are offering $355 to $356 dressed and $225 live in Nebraska, and $225 live in Kansas. Some moderate trade developed Wednesday at $355 to $356 in Iowa and Nebraska but otherwise the cash market has yet to trade any cattle in the South.

Boxed beef prices are lower: choice down $2.85 ($392.14) and select down $0.61 ($363.56) with a movement of 51 loads (35.93 loads of choice, 11.05 loads of select, zero loads of trim and 3.69 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also higher as traders continue to work both the live cattle and feeder cattle contracts in the same direction. August feeders are up $0.25 at $337.10, September feeders are up $0.80 at $329.92 and October feeders are up $1.55 at $323.60. Even with the board's slight improvement, it's unlikely buyers will be much more aggressive in the countryside as there are a lot of unweaned calves working their way into the market and they come with high risk.

LEAN HOGS:

The sideways chop is continuing in the lean hog complex as traders frankly aren't confident with what to do with this market. Fundamental support is too wishy washy to count on, so at this point the back and forth of higher one day and lower the next is likely to continue in the hog sector. October lean hogs are down $1.12 at $80.37, December lean hogs are down $0.50 at $70.92 and February lean hogs are down $0.17 at $74.07. The projected CME Lean Hog Index for 8/19/2026 is down $0.24 at $93.72 and the actual index for 8/18/2026 is down $0.82 at $93.96. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.51 with a weighted average price of $92.75, ranging from $91.00 to $96.50 on 1,036 head and a five-day rolling average of $92.90. Pork cutouts total 137.22 loads with 123.97 loads of pork cuts and 13.24 loads of trim. Pork cutout values: up $0.38, $97.96.

Thursday Morning Livestock Market Update - Weakness Continues to Dominate

GENERAL COMMENTS:

Cattle futures are struggling to find support. Packers have been able to purchase cattle at lower prices over the past few weeks, and it appears they may be able to do so again this week. Some light trade took place on Wednesday at lower prices, with Northern dressed at $355 and Southern live at $225, and were purchased for deferred delivery. Packers have finally seen their margins move into positive territory due to lower cash prices and higher boxed beef prices. Boxed beef prices closed mixed, with choice up $3.84 and select down $2.21. The Cattle on Feed report will be released on Friday after the market closes.

Hog futures closed in positive territory, but that provides little consolation that support has been found. The National Daily Direct Afternoon hog report showed a decline of $2.27, with the weighted average price down to $92.10. Packers have been able to purchase hogs without having to be aggressive. This does not bode well for the market and will make it difficult for futures to find support. The volume of hogs purchased on Wednesday was moderate, which may leave them less aggressive Thursday. Pork cutout values declined $1.54, adding to the bearishness.

	BULL SIDE		BEAR SIDE
1)	Boxed beef prices have increased significantly so far this week and should provide support to the market.	1)	Lower cash cattle trade on Wednesday may have set the stage for lower prices for the week.
2)	The Cattle on Feed report will be released on Friday. Traders may not press the market lower ahead of the report, but may cover short positions.	2)	Support will need to hold in cattle futures, or further liquidation may take place.
3)	Hog futures are oversold and may bounce as traders may not be willing to press the market much lower.	3)	Weekly hog weight increased 0.4 pounds to average 282.6 pounds. This is 1.5 pounds higher than a year ago.
4)	Lower pork prices should improve demand as it is less expensive than beef, as consumers are struggling with high food and fuel prices.	4)	Lower pork prices keep packers less aggressive in the cash market.

Wednesday Closing Livestock Market Update - Cattle Close Lower While Hogs Rallied Slightly

GENERAL COMMENTS:

The livestock complex ended the day mixed again with the cattle contracts now concerned that not enough fundamental support is going to develop in this week's market, but the lean hog contracts closed mildly higher. Some light cash cattle trade developed in Nebraska at $355 to $356 dressed. December corn is up 10 cents per bushel and December soybean meal is up $6.80. The Dow Jones Industrial Average is up 119.65 points and the NASDAQ is up 41.38 points.

LIVE CATTLE:

With very little support developing from the market's fundamentals, the live cattle contracts ended the day lower. August live cattle closed $1.47 lower at $223.42, October live cattle closed $1.70 lower at $217.22 and December live cattle closed $2.05 lower at $217.15. Some cash cattle trade was noted throughout the afternoon in mostly Nebraska, where dressed cattle traded at mostly $355, but some sales were also marked at $356, and a handful of live cattle traded in Nebraska at $255. Most of the cattle were noted for delivery on the week of September 9. Otherwise, the cash cattle market was quiet throughout the day, with bids being offered in other regions but no sales noted. Asking prices are noted at $230 in Texas but not established in other regions. 

Wednesday's slaughter is estimated at 106,000 head -- steady with a week ago and 9,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $3.84 ($394.99) and select down $2.12 ($364.17) with a movement of 87 loads (52.42 loads of choice, 17.94 loads of select, 4.13 loads of trim and 12.49 loads of ground beef).

THURSDAY'S CATTLE CALL: Lower. With the board softer, and with packers able to secure more inventory in recent weeks, it's likely that this week's trade will be lower.

FEEDER CATTLE:

The feeder cattle contracts ended the day lower as traders simply didn't have enough support in the complex to justify soundly trading the contracts higher. August feeder cattle closed $2.37 lower at $336.85, September feeders closed $4.22 lower at $329.12 and October feeders closed $4.27 lower at $322.05. At the Winter Livestock Auction in Dodge City, Kansas, compared to last week, heifers weighing 650 pounds or more sold $5.00 to $9.00 lower. Stocker steers and heifers weighing 300 to 550 pounds traded $10.00 to $20.00 higher. Feeder steers weren't well tested, but a weaker undertone was true. Feeder cattle supply over 600 pounds was 80%. The CME feeder cattle index 8/18/2026: down $1.19, $342.36.

LEAN HOGS:

It was another day where technical support carried the lean hog contracts higher through the day's close, as both cash prices and pork cutout values were disappointing. October lean hogs closed $0.77 higher at $81.50, December lean hogs closed $0.50 higher at $71.42 and February lean hogs closed $0.25 higher at $74.25. Until core fundamental support improves, and mainly in the for of stronger consumer demand, it's likely the contracts won't find tremendous upward range. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.27 with a weighted average price of $92.10 on 4,752 head. Pork cutouts totaled 295.29 loads with 252.30 loads of pork cuts and 43.00 loads of trim. Pork cutout values: down $1.54, $97.58. Wednesday's slaughter is estimated at 476,000 head -- 8,000 head less than a week ago and 1,000 head less than a year ago. The CME lean hog index 8/17/2026: down $0.69, $94.78.

THURSDAY'S HOG CALL: Lower. With pork cutout values being lower, it's unlikely that packers will eagerly support the cash market on Thursday.

Wednesday Midday Livestock Market Update - Traders Remain Leery of Overly Supporting Cattle Contracts

GENERAL COMMENTS:

The livestock complex continues to trade mixed but now it's the cattle contracts that are lower while the lean hog contracts are higher. Some bids have surfaced in the fed cash cattle market, but no trade has developed yet. December corn is up 7 3/4 cents per bushel and December soybean meal is up $5.10. The Dow Jones Industrial Average is up 215.92 points and NASDAQ is up 164.73 points.

LIVE CATTLE:

The live cattle contracts are mostly lower into Wednesday's noon hour as traders are reluctant to believe enough fundamental support is going to develop this week to help move the contracts much higher. No cash cattle trade has developed yet in the fed cash cattle market, but packers are beginning to offer up bids. Bids of $225 live and $355 dressed are currently being offered in Nebraska and Iowa and bids of $225 live are on the table in Texas as well. Asking prices of $230 are noted in Texas, but are not well established for the other regions. August live cattle are down $0.92 at $223.97, October live cattle are down $1.00 at $217.92 and December live cattle are down $1.12 at $218.07.

Boxed beef prices are mixed: choice up $4.13 ($395.28) and select down $1.50 ($364.79) with a movement of 49 loads (28.92 loads of choice, 9.17 loads of select, zero loads of trim and 10.85 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts are trading lower into Wednesday's noon hour as well as the market not only desires to trade in alignment with the live cattle contracts, but it's also not seeing grandiose support in the countryside as feeder cattle prices have been softer in recent weeks. August feeders are down $2.07 at $337.15, September feeders are down $3.35 at $330.00 and October feeders are down $3.55 at $322.77. But with the live cattle contracts trading lower and the cash market not expected to trade higher it is likely this sideways to somewhat lower chop will continue in the feeder cattle market.

LEAN HOGS:

Following Tuesday's dive lower, the lean hog contracts have found some technical support in Wednesday's market. Unfortunately it's likely the support won't go that far as both cash prices and pork cutout values are lower -- but at this point any support is support. October lean hogs are up $0.62 at $81.35, December lean hogs are up $0.52 at $71.45 and February lean hogs are up $0.30 at $74.30. The projected CME Lean Hog Index for 8/18/2026 is down $0.82 at $93.96 and the actual index for 8/17/2026 is down $0.69 at $94.78. Hog prices are lower on the Daily Direct Afternoon Hog Report, down $2.13 with a weighted average price of $92.24, ranging from $90.00 to $94.00 on 3,510 head and a five-day rolling average of $93.07. Pork cutouts total 190.93 loads with 168.48 loads of pork cuts and 22.44 loads of trim. Pork cutout values: down $0.76, $98.36.

Wednesday Morning Livestock Market Update - Strong Boxed Beef May Provide Support

GENERAL COMMENTS:

The resumption of processing at the Fort Morgan plant and the exceptional strength in boxed beef on Monday resulted in cattle futures opening higher and trading in positive territory on Tuesday, but the early strength waned, resulting in limited price gains by the close. Boxed beef prices were exceptionally higher again on Tuesday, with choice up $11.58 and select up $2.03. Boxed beef prices are regaining ground very quickly. It is difficult to say whether the strength in boxed beef will be sufficient for packers to bid aggressively for cattle this week or if they will hold and try to improve their margins further. The Cattle on Feed report will be released on Friday and may limit futures movement ahead of the report. Cash trade may also be delayed until then.

Hog futures could not find footing after the open, resulting in triple-digit losses by the close. Bullish traders have been unable to find positive fundamentals, resulting in the path of least resistance being lower. The National Daily Direct Afternoon Hog report showed cash up $0.90 with a substantial volume of hogs traded. Pork cutouts were up $0.37. Both of these gains may have limited influence on the market Wednesday. Packers will need to purchase more hogs, but they are unlikely to be aggressive given the available supply of market-ready hogs.

	BULL SIDE		BEAR SIDE
1)	The exceptional strength of boxed beef prices so far this week indicates demand has increased and may continue to do so.	1)	The cattle market has not reacted much to the recent bullish news as traders remain cautious about the overall impact.
2)	There may be limited downside potential in cattle prices as cattle supplies are low and there is little rebuilding of the beef herd.	2)	Packers have cattle purchased for deferred delivery and may not need to be aggressive in the cash market this week.
3)	Hogs fell significantly and may be overdone to the downside. Short covering may take place.	3)	New contract lows in hogs provide little reason for traders to be bullish. Support remains elusive.
4)	Lower prices will cure lower prices. Demand for pork should improve as consumers stretch their food dollar.	4)	Packers have had little reason to become aggressive in the cash market as hog supplies remain plentiful.

Tuesday Closing Livestock Market Update - Mixed Tones Follow the Contracts

GENERAL COMMENTS:

The livestock complex ended the day mixed, as cattle contracts rallied while lean hog contracts fell. No cash cattle trade developed throughout the day. December corn is down 1 1/2 cents per bushel and December soybean meal is up $0.10. The Dow Jones Industrial Average is down 116.38 points and the NASDAQ is down 355.20 points.

LIVE CATTLE:

With bullish support from news that broke late Monday afternoon regarding the Cargill plant in Colorado, and a noticeable uptick in boxed beef prices, the live cattle contracts ended the day higher. August live cattle closed $0.35 higher at $224.90, October live cattle closed $0.15 higher at $218.92 and December live cattle closed $0.80 higher at $219.20. No cash cattle trade developed throughout the day, and both bids and asking prices remain elusive at this point. Late Monday afternoon, news broke that workers at the Cargill plant in Fort Morgan, Colorado, have agreed to come back to work after the union voted to ratify a contract that will increase wages. The plant has been closed since May but hopes to be processing cattle the week of Sept. 7. The plant has historically employed around 2,000 workers and has the capacity to process more than 4,000 head per day. This news has obviously come as a breath of fresh bullish air to the marketplace and is helping drive the cattle contracts higher. 

Tuesday's slaughter is estimated at 106,000 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 $11.58 ($391.15) and select up $2.03 ($366.29) with a movement of 118 loads (75.24 loads of choice, 11.81 loads of select, 12.53 loads of trim and 18.85 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Lower. Given that packers have been able to secure more supply in recent weeks, it's likely that this week's cash cattle trade will be lower.

FEEDER CATTLE:

And in keeping in perfect alignment with the live cattle complex, the feeder cattle contracts also ended the day higher. Unfortunately, that wasn't reflected in sales in the countryside as prices were softer for calves again today, especially for unweaned calves. August feeders closed $0.75 lower at $339.22, September feeders closed $0.40 higher at $333.35 and October feeders closed $0.97 higher at $326.32. At the OKC West Livestock Auction in El Reno, Oklahoma, steer and heifer calves traded $15.00 to $25.00 lower on light test in most weight classes. The sale report did note that 48% of the calves were unweaned. The CME feeder cattle index 8/17/2026: down $0.88, $343.55.

LEAN HOGS:

The lean hog complex ended the day lower as traders simply aren't comfortable with the level of support the market is currently seeing from its fundamentals. And while, yes, today support was almost abundant as both cash prices and pork cutout values closed higher. That's not been the market's norm here lately. December lean hogs closed $1.60 lower at $70.92, February lean hogs closed $1.77 lower at $74.00 and April lean hogs closed $1.62 lower at $79.40. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.90 with a weighted average price of 93.52 on 10,290 head. Pork cutouts totaled 264.23 loads, with 237.25 loads of pork cuts and 26.98 loads of trim. Pork cutout values: up $0.37 to $99.12. Tuesday's slaughter is estimated at 476,000 head -- 3,000 head more than a week ago and 3,000 head less than a year ago. The CME lean hog index 8/14/2026: down $0.21 to $95.47.

WEDNESDAY'S HOG CALL: Steady/somewhat lower. Packers may need some more supply, but, likely, they won't drive the market much higher.

Tuesday Midday Livestock Market Update - Bullish News Helps Drive Cattle Contracts Higher

GENERAL COMMENTS:

The livestock complex is trading mixed into Tuesday's noon hour, with the cattle contracts receiving bullish news that's helping drive contracts higher, but traders remain on edge about being too supportive of the lean hog complex. News broke Monday afternoon that the Cargill beef plant in Fort Morgan, Colorado, is set to begin processing cattle on Sept. 7, which is helping propel the cattle contracts higher. December corn is down 1/2 cent per bushel and December soybean meal is up $0.30. The Dow Jones Industrial Average is down 87.49 points and NASDAQ is down 303.26 points.

LIVE CATTLE:

Late Monday afternoon, news broke that workers at the Cargill plant in Fort Morgan, Colorado, have agreed to come back to work after the union voted to ratify a contract that will increase wages. The plant has been closed since May but hopes to be processing cattle the week of Sept. 7. The plant has historically employed around 2,000 workers and has the capacity to process more than 4,000 head per day. This news has obviously come as a breath of fresh bullish air to the marketplace and is helping drive the cattle contracts higher. August live cattle are up $0.65 at $225.20, October live cattle are up $0.95 at $219.72 and December live cattle are up $1.65 at $220.02. No cash cattle trade has developed yet, and both bids and asking prices remain elusive at this point.

Boxed beef prices are higher: choice up $10.04 ($389.61) and select up $2.54 ($366.80) with a movement of 69 loads (49.60 loads of choice, 5.50 loads of select, 7.43 loads of trim and 6.60 loads of ground beef).

FEEDER CATTLE:

And upon absorbing the same bullish news that the live cattle market did regarding the Cargill plant in Colorado, along with the further support of seeing the live cattle contracts trading higher, the feeder cattle contracts are also trading higher into Tuesday's noon hour. August feeders are up $0.87 at $340.82, September feeders are up $2.50 at $335.45 and October feeders are up $3.05 at $328.40. But the market may be challenged later this week as a Cattle on Feed report is set to be released, and on Monday, Mexican cattle imports are expected to arrive for the first time in over a year.

LEAN HOGS:

Although midday pork cutout values and cash prices are higher, the lean hog contracts are trading lower as traders are going to need to see more than a day's worth of support to really feel comfortable supporting the contracts. October lean hogs are down $1.15 at $80.57, December lean hogs are down $1.82 at $70.72 and February lean hogs are down $1.90 at $73.87. Helping drive the carcass price higher is the loin's $2.98 increase, and the rib's $2.77 increase as well. The projected lean hog index for 8/17/2026 is down $0.69 at $94.78 and the actual index for 8/14/2026 is down $0.21 at $95.47. Hog prices are higher on the Daily Direct Morning Hog Report, up $2.69 with a weighted average price of $94.37, ranging from $88.00 to $95.00 on 2,850 head and a five-day rolling average of $93.90. Pork cutouts total 177.26 loads with 160.89 loads of pork cuts and 16.37 loads of trim. Pork cutout values: up $0.99, $99.74.

Tuesday Morning Livestock Market Update - Fort Morgan Beef Facility to Resume Operations

GENERAL COMMENTS:

Cattle began trading higher with traders aggressive, most likely from short covering. Once that ran its course, futures continued to slide, resulting in a mixed close. The bullish news after the close should result in stronger prices Tuesday. Workers at the Fort Morgan, Colorado, beef plant voted to ratify a five-year agreement. Employees will return around Aug. 24, with harvest to resume the week of Sept. 7. The Fort Morgan plant can harvest up to 4,700 head per day. Boxed beef prices exploded on Monday with choice up $4.27 and select up $13.02. I cannot remember the last time a boxed beef category showed that much strength in one day. The combination of these items should provide support to the market Tuesday. Feeder cattle prices in the country remained soft in response to the recent pressure on cattle futures.

Hog futures barely maintained positive prices. There was little fundamental news to generate buying interest. The market continues to struggle due to the lack of positive fundamentals. The National Daily Direct Afternoon Hog report showed cash down $0.68 on rather light movement. Pork cutouts fell $1.15, adding to the negativity. The slaughter pace remains strong, indicating demand is good. However, market-ready hogs are plentiful. The packers are expected to be more aggressive in the cash market Tuesday.

	BULL SIDE		BEAR SIDE
1)	The reopening of the Fort Morgan Beef facility should provide support to the market. It will offset some of the losses from last week's plant closings.	1)	Traders may exercise caution despite the positive news developments. The cattle market will need to prove itself.
2)	The huge increase in boxed beef choice to $13.02 and the strong select price may indicate the summer slump is over.	2)	The strength of boxed beef will need to continue, or cattle futures will have limited upside potential.
3)	Hog futures held on Monday, which may indicate traders do not want to press the market lower.	3)	Hog futures could not hold the gains during the day on Monday, keeping the market bearish.
4)	Hog slaughter remains strong and should increase packer buying interest Tuesday.	4)	Continued weakness in cash hogs and pork cutouts will not support higher prices.

Monday Closing Livestock Market Update - Cattle Close Lower While Hogs Maintain a Minor Rally

GENERAL COMMENTS:

The livestock complex ended the day mixed with the lean hog contracts closing slightly higher thanks to continued trader support, but the cattle contracts ended the day softer. New showlists for the week are mostly steady in Texas and Nebraska, but higher in Kansas. December corn is up 6 1/4 cents per bushel and December soybean meal is up $2.40. The Dow Jones Industrial Average is down 272.63 points and the NASDAQ is down 84.25 points.

LIVE CATTLE:

Although the live cattle complex was trading higher at Monday's noon hour, the lack of fundamental support and traders' concern that the market may be challenged throughout the week kept traders from fully supporting the market. August live cattle closed $0.92 higher at $224.55, October live cattle closed $0.10 lower at $218.77 and December live cattle closed $0.02 higher at $218.40. But otherwise the rest of the deferred contracts all closed lower. New showlists for the week are mostly steady in Texas and Nebraska, but higher in Kansas. Monday's slaughter is estimated at 97,000 head -- 1,000 head more than a week ago and 2,000 head less than a year ago.

Last week Southern live cattle traded at $22, which is $7.00 lower than the previous week's weighted average and Northern dressed cattle traded at $365, which is $5.00 lower than the previous week's weighted average.

Boxed beef prices closed higher: choice up $4.27 ($379.57) and select up $13.02 ($364.26) with a movement of 81 loads (56.89 loads of choice, 14.92 loads of select, zero loads of trim and 8.72 loads of ground beef).

TUESDAY'S CATTLE CALL: Lower. Given that packers have regained leverage and have ample supply available to them, it's likely that this week's cash cattle trade will be steady at best.

FEEDER CATTLE:

The feeder cattle contracts ended the day mixed with most of the nearby contracts ending the day lower while the deferred contracts closed slightly higher. August feeders closed $0.85 lower at $339.97, September feeders closed $1.60 lower at $332.95 and October feeders closed $0.07 lower at $325.35. At Joplin Regional Stockyards in Joplin, Missouri, compared to last week feeder steers sold steady to $10.00 lower and feeder heifers traded $2.00 to $12.00 lower. Feeder cattle supply over 600 pounds was 76%. The CME feeder cattle index 8/14/2026: down $4.07, $344.43.

LEAN HOGS:

Although pork cutout values closed lower, traders continued to mildly support the lean hog contracts through Monday's end. October lean hogs closed $0.02 lower at $81.72, December lean hogs closed $0.05 higher at $72.52 and February lean hogs closed steady at $75.77. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.68 with a weighted average price of $92.62 on 2,365 head. Pork cutouts totaled 309.90 loads with 281.05 loads of pork cuts and 28.85 loads of trim. Pork cutout values: down $1.15, $98.75. Monday's slaughter is estimated at 484,000 head -- 19,000 head more than a week ago and 5,000 head more than a year ago. The CME lean hog index 8/13/2026: down $0.19, $95.68.

TUESDAY'S HOG CALL: Steady. The lean hog complex may see more packer interest on Tuesday, and prices may be a touch higher, but with consumer demand unstable, cash prices aren't likely to be significantly higher.

Monday Midday Livestock Market Summary - Futures Start Mixed

GENERAL COMMENTS:

The livestock complex is mixed trading into Monday's noon hour as the live cattle and lean hog contracts are mostly higher, but the feeder cattle contracts are lower. New showlists for the week are mostly steady in Texas and Nebraska, but higher in Kansas. December corn is up 6 1/4 cents per bushel and December soybean meal is up $2.50. The Dow Jones Industrial Average is down 161.89 points and NASDAQ is up 3.19 points.

LIVE CATTLE:

The live cattle complex is mostly higher trading into Monday's noon hour, but the market has traded back and forth throughout the morning as traders are trying to put their finger on where trade direction is headed next. August live cattle are up $0.95 at $224.57, October live cattle are down $0.02 at $218.85 and December live cattle are up $0.22 at $218.60.

The cash cattle market remains quiet at Monday's noon hour as no bids or asking prices have surfaced. New showlists for the week are mostly steady in Texas and Nebraska, but higher in Kansas. Last week Southern live cattle traded at $22, which is $7.00 lower than the previous week's weighted average and Northern dressed cattle traded at $365, which is $5.00 lower than the previous week's weighed average.

Boxed beef prices are higher: choice up $2.36 ($377.66) and select up $9.78 ($361.02) with a movement of 29 loads (20.57 loads of choice, 4.78 loads of select, zero loads of trim and 3.24 loads of ground beef).

FEEDER CATTLE:

While the live cattle complex may be seeing some minor support from traders, the feeder cattle complex is struggling to muster the same level of support Monday morning as its contracts are trading lower into the day's noon hour. More than likely the feeder cattle contracts are trading lower as traders simply aren't confident about the market's nearby future as the midterm elections are nearing, the border is set to begin to allow imports from Mexico starting next Monday, and headline news like what Tyson Foods shared last week (that they're closing two more beef plants and intend to sell another) continue to wreak havoc on the market's stability. August feeder cattle are down $0.57 at $340.25, September feeders are down $2.07 at $332.47 and October feeders are down $0.92 at $324.50.

LEAN HOGS:

The lean hog complex is enjoying a modest rally Monday morning as traders are helping support the contracts mildly, although midday pork cutout values are lower again. October lean hogs are steady at $81.75, December lean hogs are up $0.15 at $72.62 and February lean hogs are up $0.15 at $75.90. If the market is to sustain a rally throughout the week it's going to be vital that fundamental support improves, especially from consumers. The projected CMD Lean Hog Index for 8/14/2026 is down $0.21 at $95.47 and the actual index for 8/13/2026 is down $0.19 at $95.68. Hog prices are lower on the Daily Direct Morning Hog Report, down $1.35 with a weighted average price of $91.68, ranging from $91.00 to $97.00 on 1,463 head and a five-day rolling average of $95.80. Pork cutouts total 183.16 loads with 161.51 loads of pork cuts and 21.65 loads of trim. Pork cutout values: down $0.94, $98.96.

Monday Morning Livestock Market Update - Support May Remain Elusive

GENERAL COMMENTS:

The news of Tyson closing two processing facilities and putting another facility up for sale coupled with lower cash cattle trade, eliminated nearly $8.00 for live cattle futures and $9.00 from feeder cattle over the past week. We have seen this before, but seeing it happen after the market has already declined substantially since June 25 is difficult to swallow. Cash cattle traded lower, with Northern dressed cattle averaging $5.00 lower while Southern live cattle averaged $7.00 lower. Packers will further attempt to leverage the market this week as feedlots may have little influence for higher prices. Boxed beef prices were mixed on Friday with choice down $0.60 and select up $2.00. Feeder cattle cash prices in the country were lower for the week but held up rather well considering the losses on the board. The Commitment of Traders report showed fund traders adding 983 futures contracts, increasing their net-long position to 65,949. They added 582 long futures positions, increasing their net-long position in feeder cattle to 10,902 contracts.

Hog futures broke through and closed below support in the December and later contracts, making new contract lows. The market could not bind support after the large increase at the beginning of the week. The weakness of cash most of the week took futures below the trading range and showed that the discount the market held was warranted. The National Daily Direct Afternoon Hog report showed cash down $4.07 with light volume traded. Pork cutout values increased $0.98, but had little influence on the market. The Commitment of Traders report showed the fund traders as net sellers of 5,184 futures contracts, increasing their short position to 24,363 contracts.

	BULL SIDE		BEAR SIDE
1)	Much of the negative news of last week may have been factored in, possibly triggering some short-covering and buying interest.	1)	Further weakness in cattle futures may unfold as the market is in bearish downdraft with little positive news.
2)	Beef is in demand and cattle will need to be processed. Cattle will be shifted from closed plants to other plants operating below capacity.	2)	Beef packers have gained further leverage and will use it to their advantage to improve their margins.
3)	Hog futures falling below support may have triggered stops that pushed the market lower than necessary. It may have been overdone with futures correcting Monday.	3)	Hog futures falling to new contract lows will make it difficult for buyers to step into the market with confidence.
4)	Lower pork prices should stimulate demand.	4)	Cash hogs continue to show weakness, putting increased pressure on the market.

Friday Closing Livestock Market Update - Weakness Follows Contracts

GENERAL COMMENTS:

The livestock complex ended Friday softer as fundamental support was hard to come by this week. A few live cattle sales were noted at $228, which is $7.00 lower than last week's weighted average. December corn is up 11 1/4 cents per bushel and December soybean meal is up $2.30. The Dow Jones Industrial Average is down 107.58 points and NASDAQ is down 73.87 points.

From Friday-to-Friday livestock futures scored the following changes: August Live cattle down $8.07, October Live cattle down $6.40; August Feeder cattle down $10.83, September Feeder cattle down $10.68; August Lean hogs down $0.10, October Lean hogs down $0.47.

ANALYST'S NOTE REGARDING TYSON FOOD'S ANNOUNCEMENT:

Tyson's announcement of their plant closures in Joslin, Illinois, and Eagle Mountain, Utah, along with their intent to sell the plant in Pasco, Washington, proves one, very clear thing: The cattle complex is changing, and this is by no means the same marketplace cattlemen had a year ago, five years ago or even back in 2015.

From an immediate perspective, Tyson's announcement helps clarify why the board has been alarmingly soft over the last two trading days, as news travels fast and keeping headline news such as this under wraps rarely happens. It also solidifies the likeliness that the fed cash cattle market will trade lower in the upcoming weeks, which could also affect feeder cattle prices.

From a long-term perspective, Tyson's announcement becomes a much more difficult topic to table as it's multifaceted. On one hand, one must understand the plants built in the 1960s are simply not as efficient as the plants entering the marketplace today, like the Sustainable Beef Plant in North Platte, Nebraska, (opened in May 2025) or like the Producer Owned Beef plant currently under construction in Amarillo, Texas. Given the historically low cow herd the U.S. sits with, it's no secret that ensuring a profit in the packing sector has been a difficult endeavor over the last two years and could remain challenging until domestic supplies increase. Secondly, from a grassroots perspective, this is eerie news to stomach as keeping enough shackle space open for however large the U.S. cow herd builds back to remains a pressing issue for cattlemen who are considering growing their herds.

Regardless of where you operate in the supply chain -- whether you're a cow-calf operator in the grasslands of Montana, a stocker in Kansas, or a fellow packer -- this announcement grabs your attention and demands consequential thought. But there's one major theme that continues to live on and is embedded in the cattle complex of our day and age: The business is chock full of risk and is subject to nauseating headlines that can gravely derail the market's trajectory and stability. 

LIVE CATTLE:

All in all it was a depressing day for the live cattle complex as the contracts drifted lower through Friday's end as they found virtually no fundamental support in the market this week. It was a rough week for the live cattle complex as not only did the futures market trade lower, but fed cash cattle prices did too and Tyson announced they'd be closing two beef plants (Joslin, Illinois, and Eagle Mountain, Utah) and intend to sell the plant in Pasco, Washington; all of which put significant down pressure on the market. August live cattle closed $2.60 lower at $223.62, October live cattle closed $1.17 lower at $218.87 and December live cattle closed $1.07 lower at $218.37. At the time of this writing only a handful of cattle had traded in the South, but Southern live cattle were marked at $228 which is $7.00 lower than the previous week's weighted average and Northern dressed cattle traded at mostly $365 throughout the week which is $5.00 lower than the previous week's weighted average. 

Friday's slaughter is estimated at 100,000 head -- 5,000 head more than a week ago and 17,000 head more than a year ago. Saturday's slaughter is projected to be around 1,000 head. The week's total slaughter is estimated at 517,000 head -- 8,000 head more than a week ago and 18,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $0.60 ($375.30) and select up $2.00 ($351.24) with a movement of 76 loads (53.34 loads of choice, 4.32 loads of select, 7.72 loads of trim and 10.76 loads of ground beef).

MONDAY'S CATTLE CALL: Lower. With packers gaining more control in the marketplace, it's likely that prices are going to be lower in the upcoming weeks.

FEEDER CATTLE:

The feeder cattle contracts kept with their lower trend through Friday's end as the market came up short in finding the support it desperately needed. August feeders closed $2.00 lower at $340.82, September feeders closed $2.65 lower at $334.55 and October feeders closed $3.37 lower at $325.42. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week feeder steers and heifers traded unevenly steady. Steer calves over 450 pounds sold steady, but those under 450 pounds traded $10.00 to $12.00 higher. Heifer claves sold steady to $4.00 lower. Slaughter cows sold steady to $3.00 lower and slaughter bulls traded $1.00 lower. Feeder cattle supply over 600 pounds was 63%. The CME Feeder Cattle Index 8/13/2026: down $3.43, $348.50.

LEAN HOGS:

While, yes, consumer demand may have improved slightly throughout Friday, that was simply too late in the week for the support to add much to the complex. October lean hogs closed $0.37 lower at $81.75, December lean hogs closed $0.62 lower at $72.47 and February lean hogs closed $0.47 lower at $75.77. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $4.07 with a weighted average price of $93.30 on 610 head. Pork cutouts totaled 352.75 loads with 324.89 loads of pork cuts and 27.87 loads of trim. Pork cutout values: up $0.98, $99.90. Friday's slaughter is estimated at 420,000 head -- 35,000 head more than a week ago and 39,000 head less than a year ago. Saturday's slaughter is projected to be around 18,000 head. The CME Lean Hog Index 8/12/2026: down $0.02, $95.87.

MONDAY'S HOG CALL: Lower. Given that demand was soft throughout most of the week, it's likely packers won't be aggressive early in the week.

Friday Midday Livestock Market Summary - Weaker Tones Dominate Complex

GENERAL COMMENTS:

Thus far it's been a grim and uneventful Friday for the livestock complex as the contracts continue to scale lower and fundamental support simply isn't available in the marketplace. Bids of $233 live in Kansas and $351 dressed in Nebraska are currently on the table, but there is yet to be any new trade. December corn is up 8 1/2 cents per bushel and December soybean meal is up $0.50. The Dow Jones Industrial Average is down 117.03 points and NASDAQ is down 84.48 points.

ANALYST'S NOTE REGARDING TYSON FOOD'S ANNOUNCEMENT:

Tyson's announcement of their plant closures in Joslin, Illinois, and Eagle Mountain, Utah, along with their intent to sell the plant in Pasco, Washington, proves one, very clear thing: The cattle complex is changing, and this is by no means the same marketplace cattlemen had a year ago, five years ago or even back in 2015.

From an immediate perspective, Tyson's announcement helps clarify why the board has been alarmingly soft over the last two trading days, as news travels fast and keeping headline news such as this under wraps rarely happens. It also solidifies the likeliness that the fed cash cattle market will trade lower in the upcoming weeks, which could also affect feeder cattle prices.

From a long-term perspective, Tyson's announcement becomes a much more difficult topic to table as it's multifaceted. On one hand, one must understand the plants built in the 1960s are simply not as efficient as the plants entering the marketplace today, like the Sustainable Beef Plant in North Platte, Nebraska, (opened in May 2025) or like the Producer Owned Beef plant currently under construction in Amarillo, Texas. Given the historically low cow herd the U.S. sits with, it's no secret that ensuring a profit in the packing sector has been a difficult endeavor over the last two years and could remain challenging until domestic supplies increase. Secondly, from a grassroots perspective, this is eerie news to stomach as keeping enough shackle space open for however large the U.S. cow herd builds back to remains a pressing issue for cattlemen who are considering growing their herds.

Regardless of where you operate in the supply chain; whether you're a cow-calf operator in the grasslands of Montana, a stocker in Kansas, or a fellow packer -- this announcement grabs your attention and demands consequential thought. But there's one major theme that continues to live on and is embedded in the cattle complex of our day and age: The business is chock full of risk and is subject to nauseating headlines that can gravely derail the market's trajectory and stability. 

LIVE CATTLE:

The live cattle complex is trading lower into Friday's noon hour as a lack of fundamental support, mixed with Thursday's announcement that Tyson Foods plans to close two beef plants and sell another, is weighing heavily on the market. August live cattle are down $5.32 at $220.90, October live cattle are down $3.90 at $216.15 and December live cattle are down $3.62 at $215.82. This week's fed cash cattle market has traded only a handful of cattle in the North, and there's yet to be any sizeable trade noted in the South. Packers are expected to participate less in this week's market given they purchased over 104,000 head last week. But some trade will still likely need to develop in the South before the week's over. Bids of $233 live are currently being offered in Kansas and bids of $351 dressed are on the table in Nebraska.

Boxed beef prices are lower: choice down $1.17 ($374.73) and select down $0.13 ($349.11) with a movement of 62 loads (46.77 loads of choice, 1.42 loads of select, 4.80 loads of trim and 9.25 loads of ground beef).

FEEDER CATTLE:

Again Friday, without enough support from the live cattle contracts, the feeder cattle complex is trading lower. August feeder cattle are down $3.77 at $339.05, September feeder cattle are down $5.60 at $331.60 and October feeder cattle are down $6.62 at $322.17. A lower close is expected for the complex as it's highly unlikely the futures turn higher ahead of Friday's close.

LEAN HOGS:

Although midday pork cutout values are higher, traders simply don't see one day's worth of mild support from consumers as enough to justify trading the contracts higher at this point in the week. October lean hogs are down $0.90 at $81.22, December lean hogs are down $0.87 at $72.22 and February lean hogs are down $0.77 at $75.47. The projected CME Lean Hog Index for 8/13/2026 is down $0.19 at $95.68, and the actual index for 8/12/2026 is down $0.02 at $95.87. Hog prices are lower on the Daily Direct Morning Hog report, down $4.25 with a weighted average price of $93.03, ranging from $90.00 to $94.50 on 445 head and a five-day rolling average of $96.63. Pork cutouts total 258.10 loads with 240.16 loads of pork cuts and 17.94 loads of trim. Pork cutout values: up $1.53, $100.45.

Friday Morning Livestock Market Update - Negative News Pressures the Market

GENERAL COMMENTS:

Cattle were hit with negative news Thursday as Tyson announced the closure of their beef processing facility in Joslin, Illinois. This facility employs 2,500 people and can process nearly 3,000 animals per day. This announcement was made without warning and most employees' last day was Thursday. Not only this facility, but Tyson is putting their Pasco, Washington, facility up for sale and are phasing out the Eagle Mountain, Utah, case-ready facility. Packers have been running in the red for quite some time and measures are being taken to reduce the losses. This increases the negativity in the maket. This is not supportive of cash prices. This news may have been factored in due to the weakness of the past two days. Boxed beef prices were mixed on Thursday with choice up $3.62 and select down $0.57.

Hog futures exhibited similar weakness Thursday, but for different reasons. Packers have positive margins as they have been able to purchase hogs at lower prices relative to cutout values. Although they were more aggressive in the cash market on Thursday, they have paid lower prices overall this week for hogs. The National Daily Direct Afternoon Hog report showed cash up $1.56 as they wanted to finish up buying for the week. Pork cutout values fell $1.23. The August contract ceases trading Friday, with October taking over as the lead contract.

	BULL SIDE		BEAR SIDE
1)	The Tyson news may already be factored in after the past two days of weakness. Short-covering may take place ahead of the weekend.	1)	The Tyson plant closings and restructuring may mean less buying interest from packers and lower prices.
2)	Cattle supplies are tight and will remain that way for some time to come.	2)	Cattle futures may retest the lows from late July as negative news weighs on the market.
3)	Hog futures closed chart gaps on Thursday. Technical traders may buy into the market on the expectation of a price bounce.	3)	If hog futures are unable to hold support, further liquidation may unfold as traders will exit long positions.
4)	Futures held support on Thursday. If support holds early in the trading day, short-covering may occur.	4)	Packers have seen no shortage of market-ready hogs available, even though slaughter continues to run strong. They have not had to be aggressive in the cash market.

Thursday Closing Livestock Market Update - Lack of Support Sends Contracts Lower

GENERAL COMMENTS:

The livestock complex had a tough day where support was hard to come and so the contracts drifted lower. Some more trade was noted in Nebraska -- but otherwise the cash market was quiet. December corn is down 8 3/4 cents per bushel and December soybean meal is down $1.10. The Dow Jones Industrial Average is up 69.72 points and the NASDAQ is up 214.54 points.

Thursday's export report shared that beef net sales of 14,400 mt for 2026 were down 27% from the previous week but up 10% from the prior four week average. The three largest buyers were South Korea (5,300 mt), Japan (3,000 mt) and Hong Kong (1,100 mt). Pork net sales of 36,300 mt for 2026 were up 33% from the previous week and 29% from the prior four week average. The three largest buyers were Mexico (14,200 mt), Japan (6,400 mt) and South Korea (4,100 mt).

LIVE CATTLE:

All in all it was a disappointing day for the live cattle complex as the contracts closed lower and it's most likely that this week's fed cash cattle market is going to be lower too. The only large volume sales to be reported thus far this week have been in Nebraska where live cattle traded at $228 to $230 and dressed cattle traded at $362 to mostly $365 but otherwise there's yet to be a sizeable test in any other region. But with packers able to gain inventory last week -- everyone's agreed that it's most likely that prices are going to be lower this week regardless of the region. And for a lot of the cattle sold in Nebraska -- delivery dates for the week of August 24 and August 31 were noted. August live cattle closed $4.35 lower at $226.22, October live cattle closed $3.75 lower at $220.05 and December live cattle closed $3.35 lower at $219.45. 

Thursday's slaughter is estimated at 106,000 head -- 1,000 head less than a week ago and 9,000 less than a year ago.

Boxed beef prices closed mixed: choice up $3.62 ($375.90) and select down $0.57 ($349.24) with a movement of 113 loads (65.35 loads of choice, 24.80 loads of select, 12.29 loads of trim and 10.18 loads of ground beef).

FRIDAY'S CATTLE CALL: Lower. With the board trading lower and with packers able to gain inventory last week -- prices are most likely going to be lower.

FEEDER CATTLE:

And again this afternoon, the feeder cattle contracts followed the live cattle market lower through Thursday's end. August feeders closed $3.52 lower at $342.82, September feeders closed $2.15 lower at $337.20 and October feeders closed $1.60 lower at $328.80. At Winter Livestock Auction in Pratt, Kansas compared to last week not enough feeder steers and heifers weighing 700 to 950 pounds traded for an accurate market test, but a steady to slightly lower trend was noted. Not enough market test on those weighing under 700 pounds either. Slaughter cows and bulls sold $2.00 to $5.00 lower. Feeder cattle supply over 600 pounds was 96%. The CME feeder cattle index 8/12/2026: down $3.44, $351.93.

LEAN HOGS:

The lean hog complex ended the day lower as it too is struggling to find the support it yearns for. And while yes, cash prices may have been up this afternoon, that's still not enough support to offset the lower trend of consumer demand. October lean hogs closed $1.42 lower at $82.12, December lean hogs closed $1.60 lower at $73.10 and February lean hogs closed $1.70 lower at $76.25. Hog prices closed higher on the Daily Direct Afternoon Hog report, up $1.56 with a weighted average price of $97.37 on 3,125 head. Pork cutouts totaled 209.43 loads with 177.90 loads of pork cuts and 31.53 loads of trim. Pork cutout values: down $1.23, $98.92. Thursday's slaughter is estimated at 484,000 head -- 2,000 head more than a week ago and 9,000 head more than a year ago. The CME lean hog index 8/11/2026: down $0.05, $95.89.

FRIDAY'S HOG CALL: Lower. At this point it's likely that packers have secured the vast majority of their needs already from the cash market and that price will be softer on Friday.

Thursday Midday Livestock Market Update - Weaker Tones Overtake Complex

GENERAL COMMENTS:

It's a gloomy day for the livestock complex as all three of the markets are trading lower into Thursday's noon hour. Some more trade has been noted in Nebraska, but cattle have yet to trade in the South. December corn is down 7 1/2 cents per bushel and December soybean meal is up $2.20.

The Dow Jones Industrial Average is down 44.60 points and NASDAQ is up 168.77 points.

Thursday's export report shared that beef net sales of 14,400 mt for 2026 were down 27% from the previous week but up 10% from the prior four week average. The three largest buyers were South Korea (5,300 mt), Japan (3,000 mt) and Hong Kong (1,100 mt). Pork net sales of 36,300 mt for 2026 were up 33% from the previous week and 29% from the prior four week average. The three largest buyers were Mexico (14,200 mt), Japan (6,400 mt) and South Korea (4,100 mt).

LIVE CATTLE:

As the fed cash cattle market continues to break lower, traders have lost hope that fundamental support will be greater later this week. Even though boxed beef prices are higher, seeing the cash market deteriorate all while knowing supplies are going to grow more available in the weeks ahead has traders chock full of anxiousness. August live cattle are down $4.87 at $225.70, October live cattle are down $4.55 at $219.27 and December live cattle are down $4.27 at $218.52. More trade is developing in Nebraska at $228 to $230 live and $362 to mostly $365 dressed. Bids are on the table in Nebraska at $230 live, but otherwise the rest of the countryside remains quiet. Packer interest will likely continue to improve throughout the day, and especially in the South where no cattle have traded.

Boxed beef prices are higher: choice up $4.21 ($376.49) and select up $1.34 ($351.15) with a movement of 60 loads (36.20 loads of choice, 8.11 loads of select, 9.94 loads of trim and 6.19 loads of ground beef).

FEEDER CATTLE:

Like clockwork, the feeder cattle complex is also trading lower into Thursday's noon hour as the market is following the lead of the live cattle futures. August feeders are down $4.12 at $342.22, September feeders are down $3.65 at $335.70 and October feeders are down $3.05 at $327.22. Given that both of the cattle contracts are trading lower, it's highly unlikely they turn positive ahead of Thursday's close.

LEAN HOGS:

While, yes, midday pork cutout values are trading higher, traders don't see the mere $0.43 rally as enough support to justify pulling the futures higher when demand has been soft all week. October lean hogs are down $1.65 at $81.90, December lean hogs are down $1.75 at $72.95 and February lean hogs are down $1.62 at $76.32. The projected CME Lean Hog Index for 8/12/2026 is down $0.05 at $95.89 and the actual index for 8/11/2026 is down $0.05 at $95.89. Hog prices are higher on the Daily Direct Morning Hog Report, up $1.43 with a weighted average price of $97.28, ranging from $97.00 to $99.00 on 308 head and a five-day rolling average of $97.05. Pork cutouts total 127.62 loads with 102.35 loads of pork cuts and 25.27 loads of trim. Pork cutout values: up $0.43, $100.58.

Thursday Morning Livestock Market Update - Cattle Futures Have Little Reason to Rebound

GENERAL COMMENTS:

Cattle futures began Wednesday nearly where they had left off, but dropped significantly during the first 5 minutes of trade and continued lower for the next 10 minutes, remaining choppy for the rest of the session. The selling seems to have been triggered by the news of 30,000 pounds of beef from Argentina being recalled. The news of a major packing plant in Kansas reducing production time this week added to the uncertainty. The follow-up bearishness came from the jump in grain prices after the World Agricultural Supply and Demand Estimates (WASDE) report was released. This kept futures from recovering the losses. Some light cash cattle traded on Wednesday at lower prices, which may have set the stage for the rest of the week. Both live and feeder cattle futures closed at the lowest level since the end of July. Boxed beef prices were higher, with choice up $0.97 and select up $0.01.

Hog futures recovered slightly from Tuesday, but bullish traders lacked conviction. The August contract slowed $0.20 lower as it converges to the index. The last trading day for the contract is on Friday, with October then taking over as the lead month. Packers were able to secure a further supply of hogs on Wednesday without having to bid higher. The National Daily Direct Afternoon Hog report showed cash down $0.51. They should be mostly done purchasing for the week, with maybe steady cash at best Thursday. Pork cutout values fell $1.33. This may influence lower trade Thursday as the market remains choppy. Weekly hog weight increased to 282.7 pounds.

	BULL SIDE		BEAR SIDE
1)	The recall of beef from Argentina may renew the preference and increase consumer demand for U.S. beef.	1)	The recall of beef and the reduction of hours at a major packing plant may have further impact on demand.
2)	The increase in grain prices resulting from bullish numbers on the WASDE report may have been factored in with moderate to lower grain prices overnight. This may alleviate feed price concerns.	2)	Some light cash cattle traded indicates potential for lower cash prices again this week.
3)	October hogs retain a substantial discount to the soon-to-expire August contract. This discount may be reduced if cash finds stability.	3)	Weekly hog weights increased 1.5 pounds to an average of 282.7 pounds, up 1.6 pounds from a year ago.
4)	Hog futures are holding the sideways pattern and may be building support.	4)	Packers have been able to purchase a large volume of hogs so far this week at lower prices. Further weakness may continue.

Wednesday Closing Livestock Market Update - Cattle Dip Lower While Hogs Rally Thanks to Trader Support

GENERAL COMMENTS:

The livestock complex ended the day mixed again, with the cattle contracts disappointed that no more fundamental support is developing. In contrast, the lean hog contracts ended the day a touch stronger. Some light cash cattle trade has developed, but no large volumes have traded yet to say that an accurate trend has been established. December corn is up 20 1/4 cents per bushel and December soybean meal is up $4.20. The Dow Jones Industrial Average is down 21.58 points and the NASDAQ is up 143.04 points.

LIVE CATTLE:

All in all, it was a disappointing day for the live cattle complex as the market seemed to come to terms with the reality that it's unlikely that fundamental support is going to arise later this week given that packers were able to secure a plethora of cattle last week in the cash market. And while, yes, at least boxed beef prices closed higher, that's still not enough support to help traders conquer the market's resistance at its 40-day moving average. August live cattle closed $2.17 lower at $230.57, October live cattle closed $2.52 lower at $223.80 and December live cattle closed $2.90 lower at $222.80. Some light cash cattle trade has been noted in Nebraska at $367 to $368, and in Iowa at $232, but there's not been enough cattle traded to say that an accurate trend has developed just yet. It is worth noting that news is spreading of a major packer in Kansas cutting production hours this week. If true, that will affect this week's fed market. No other trade has been noted. Asking prices in the South are noted at $236 to $240. 

Wednesday's slaughter is estimated at 106,000 head –- steady with a week ago but 11,000 head less than a year ago.

Wednesday's WASDE report shared a mostly bearish outlook for the cattle and beef markets of 2026. Beef production for 2026 was decreased by 321 million pounds as fed cattle slaughter speeds are lower than anticipated, and the market isn't seeing as many cows slaughtered either. The quarterly steer price projections for 2026 and 2027 were disheartening compared to last month's estimates as steers in the third quarter are expected to average $242 (down $13.00 from last month); steers in the fourth quarter of 2026 are expected to average $245 (down $10 from last month); steers in the first quarter of 2027 are anticipated to average $245 (down $5.00 from last month's estimates); and steer prices in the second quarter of 2027 are expected to average $250 (down $5.00 from last month's estimate). Cattle exports for 2026 are unchanged from last month, but cattle imports for 2026 are increased by 73 million pounds with the border reopening to Mexican cattle on Aug. 24.

Boxed beef prices closed higher: choice up $0.97 ($372.28) and select up $0.01 ($349.81), with a movement of 105 loads (64.54 loads of choice, 16.79 loads of select, 6.70 loads of trim and 16.54 loads of ground beef).

THURSDAY'S CATTLE CALL: Lower. With packers able to secure valuable inventory last week, they're unlikely to be as aggressive this week.

FEEDER CATTLE:

And in its typical nature, the feeder cattle complex followed the live cattle market lower through Wednesday's end, but its losses were much more significant as most of the feeder cattle contracts closed $5.00 to $6.00 lower. August feeders closed $3.82 lower at $346.35, September feeders closed $5.90 lower at $339.35 and October feeders closed $6.30 lower at $330.42. Feeder cattle sales are difficult to report on right now as trade volumes are lower. The CME feeder cattle index 8/11/2026: up $1.15, $355.37.

LEAN HOGS:

The lean hog complex was able to rally through Wednesday's close thanks to continued trader support. October lean hogs closed $0.22 higher at $83.55, December lean hogs closed $0.57 higher at $74.70 and February lean hogs closed $0.67 higher at $77.95. And with both cash prices and cutout values ending the day weaker, it was solely trader support that carried the contracts higher through today's end. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.51 with a weighted average price of $95.81 on 2,040 head. Pork cutouts totaled 282.15 loads, with 252.66 loads of pork cuts and 29.49 loads of trim. Pork cutout values: down $1.33 to $100.15. Wednesday's slaughter is estimated at 484,000 head -- steady with a week ago and 7,000 head more than a year ago. The CME lean hog index 8/10/2026: down $0.15 to $95.94.

Wednesday's WASDE report shared a mixed outlook for the pork and hog markets for 2026. Pork production for 2026 was lowered by 79 million pounds as slaughter speeds are lower and carcass weights are lighter. Quarterly hog prices saw mostly supportive news as hogs in the third quarter are expected to average $70 (up $1.00 from last month's report); hogs in the fourth quarter of 2026 are expected to average $59 (up $1.00 from last month's estimates); hogs in the first quarter of 2027 are expected to average $62 (unchanged from last month); and hogs in the second quarter of 2027 are expected to average $68 (unchanged from last month). Pork imports increased by one million pounds, and pork exports were 62 million pounds for 2026.

THURSDAY'S HOG CALL: Lower. Given that pork cutout values continue to trade softer, likely, the cash market will too.