Friday Closing Livestock Market Update - Traders Help Support the Contracts

GENERAL COMMENTS:

The livestock complex ended the day on a mostly stronger note as traders continue to help drive the contracts higher. Some light cash cattle trade was noted throughout the day, but the week's movement remains thin. December corn is down 4 1/2 cents per bushel and December soybean meal is down $1.60. The Dow Jones Industrial Average is up 276.97 points and the NASDAQ is up 251.67 points.

From Friday to Friday livestock futures scored the following changes: August live cattle up $4.68, October live cattle up $4.75; August feeder cattle up $2.70, September feeder cattle up $2.33; August lean hogs down $4.00, October lean hogs down $4.18; September corn down $0.24, December corn down $0.24.

LIVE CATTLE:

The live cattle contracts ended the day mixed as the market was trying to patiently wait for the fed cash cattle market to trade -- but trade was slow to develop this week. At the time of this writing, some more light trade has been noted, but the week's movement has still been thin.

Throughout the week Southern live cattle traded from $231 to $233 which is $1.00 to $3.00 higher than the previous week's weighted average, and Northern dressed cattle traded from $365 to $368 which is steady to $3.00 higher. August live cattle closed $0.52 higher at $231.75, October live cattle closed $0.20 lower at $227.25 and December live cattle closed $0.22 higher at $226.95.

Friday's slaughter is estimated at 98,000 head -- 5,000 head less than a week ago and 6,000 head more than a year ago. Saturday's slaughter is projected to be around 7,000 head.

Boxed beef prices closed higher: choice up $0.88 ($361.38) and select up $4.90 ($346.23) with a movement of 82 loads (40.54 loads of choice, 12.78 loads of select, 9.76 loads of trim and 18.63 loads of ground beef).

MONDAY'S CATTLE CALL: Higher. Unless a wall of cattle trade late Friday afternoon, packers are going to need to secure more inventory next week to avoid being short bought.

FEEDER CATTLE:

The feeder cattle complex ended the day higher as traders remained faithful supporters of the market through the day's end. August feeders closed $1.55 higher at $348.02, September feeders closed $1.32 higher at $343.77 and October feeders closed $1.32 higher at $335.35. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week feeder steers traded steady to $5.00 lower expect for the 600-to-700-pound steers which traded $15.00 to $20.00 lower. Feeder heifers sold $10.00 to $15.00 lower. Steer calves over 500 pounds traded steady, but those under 500 pounds sold $30.00 to $40.00 lower. Heifer calves traded $15.00 to $20.00 lower. The sale report specifically noted that, "This week's market was extremely uneven. Buyers were willing to pay steady money for cattle in good condition. However, the ongoing hot and dry conditions are taking a toll on lighter weight soft calves. Flyweight steer calves sold sharply lower than last week as buyers showed less interest in cattle that may struggle to gain weight under current weather conditions." Feeder cattle supply over 600 pounds was 58%. The CME feeder cattle index 7/30/2026: down $1.86, $345.83.

LEAN HOGS:

And although pork cutout values were still lower at Friday's end, the lean hog contracts were blessed with some additional trader support which helped keep the contracts from falling any lower. August lean hogs closed $0.42 higher at $98.85, October lean hogs closed $1.50 higher at $84.85 and December live cattle closed $1.15 higher at $75.67. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.64 with a weighted average price of $100.41 on 1,671 head. Pork cutouts totaled 284.26 loads with 263.25 loads of pork cuts and 21.00 loads of trim. Pork cutout values: down $1.63, $100.01. Friday's slaughter is estimated at 424,000 head -- 36,000 head more than a week ago and 40,000 head less than a year ago. Saturday's slaughter is projected to be around 32,000 head. The CME lean hog index 7/29/2026: down $0.01, $98.44.

MONDAY'S HOG CALL: Lower. Packers are rarely aggressive in the cash market on Mondays and with pork cutout values being a touch softer, it's unlikely that they will be overly aggressive early next week.

Friday Midday Livestock Market Update - Packers are Offering Bids, But Feedlot Managers Want More Money

GENERAL COMMENTS:

The livestock complex is again trading mixed into the day's noon hour as the cattle contracts keep moving higher but the lean hog complex is weaker. Bids are on the table in the cash cattle market, but trade has yet to cut loose. December corn is down 6 1/2 cents per bushel and December soybean meal is down $3.10. The Dow Jones Industrial Average is up 236.14 points and NASDAQ is up 147.92 points.

LIVE CATTLE:

Although there's yet to be a solid movement in this week's fed cash cattle market, the live cattle futures continue to scale higher as we head into Friday's noon hour. August live cattle are up $0.57 at $231.80, October live cattle are up $0.22 at $227.67 and December live cattle are up $0.55 at $227.27. But with midday boxed beef prices higher, feedlot managers will likely try to wait the week out until the bitter end in hopes of getting prices improved this week. Bids have resurfaced and packers are offering $365 to $368 in Nebraska, but still no new trade has developed. Asking prices are firm at $235-plus in the South and $370 in the North.

Boxed beef prices are higher: choice up $1.03 ($361.53) and select up $5.82 ($347.15) with a movement of 51 loads (32.59 loads of choice, 7.04 loads of select, 5.79 loads of trim and 5.66 loads of ground beef).

FEEDER CATTLE:

It's been a refreshing week for the feeder cattle complex. The continued support of the live cattle contract's higher trend is likely to lift the feeder cattle futures to a stronger close. August feeders are up $1.10 at $347.57, September feeders are up $1.47 at $343.92 and October feeders are up $1.92 at $335.95. Demand has been steady at best in the countryside, so this week's advancement on the board has solely been a technical decision by traders.

LEAN HOGS:

After the last two days where the lean hog contracts tumbled lower thanks to a lack of consumer support, the market has found some trader support Friday which is helping keep the contracts stabilized and trading higher. August lean hogs are up $0.65 at $99.07, October lean hogs are up $1.62 at $84.97 and December lean hogs are up $1.40 at $75.92. Unfortunately, consumer support hasn't improved Friday and that could cause more heartache and downward pressure for the contracts in upcoming days.

The projected CME Lean Hog Index for 7/30/2026 is down $0.21 at $98.23 and the actual index for 7/29/2026 is down $0.01 at $98.44. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.03 with a weighted average price of $100.49, ranging from $98.00 to $102.50 on 1,596 head and a five-day rolling average of $101.14. Pork cutouts total 215.31 loads with 201.49 loads of pork cuts and 13.83 loads of trim. Pork cutout values: down $0.18, $101.46.

Friday Morning Livestock Market Update - Selling in Hog Futures May Have Run Its Course

GENERAL COMMENTS:

Cattle futures continued to rebound from their oversold technical position Thursday. The rebound in futures gave rise to the potential for higher cash cattle trade. Light cash activity took place on Thursday with live prices in the North marked at $232 to $234, which is $1.00 to $4.00 higher than last week. Dressed cattle were as much as $5.00 higher. This may carry over Friday, as the strength in cattle futures this week may have changed the market landscape. Various estimates of death losses continue to circulate and are likely providing some of the support. However, the overriding bearishness is the weakness of boxed beef. Choice boxed beef on Thursday declined $2.93, with select down $1.08.

It was incredible to see hog futures erase much of July's gains in just two days. The violent correction from being overbought seems to be a bit overdone, but such is the case when stops are triggered and the market pancakes lower. The rebound from the lows Thursday may indicate technical selling has subsided. The National Daily Direct Afternoon Hog report showed cash down $0.74 at $101.05. Pork cutout values declined $0.14 to $101.64. Even at these levels, prices are higher than they were in early July, indicating the market has fallen too far.

	BULL SIDE		BEAR SIDE
1)	Cash cattle are expected to trade higher as feedlots try to leverage the strength of futures.	1)	The weakness in boxed beef continues, indicating slower demand limiting upside price potential.
2)	The uncertainty of the amount of death losses due to the recent hot weather and deteriorating pasture conditions may continue to support the market.	2)	Dry conditions may result in more cattle moving to the market rather than trying to maintain heavy weights and hold for higher prices.
3)	Hog futures have corrected from being overbought and now appear overdone to the downside.	3)	Traders may short-cover, but new buying interest might be limited ahead of the weekend.
4)	Even though cash hogs traded lower on Thursday, they remain higher for the week.	4)	The weakness of pork cutouts may keep some pressure on the market.

Thursday Closing Livestock Market Update - Cattle Complex Continues to Run Higher

GENERAL COMMENTS:

The livestock complex ended the day mixed, with the cattle complex flush with support, but the lean hog contracts still struggling as consumer support has softened. With the week's cash cattle trade thin thus far, it's expected that more business will develop on Friday. December corn is down 3 1/4 cents per bushel and December soybean meal is down $0.70. The Dow Jones Industrial Average is up 613.92 points and the NASDAQ is up 679.24 points.

LIVE CATTLE:

The live cattle contracts were again able to end the day higher, continuing to thrive and prosper on strong trader support. August live cattle closed $3.32 higher at $231.22, October live cattle closed $3.47 higher at $227.45 and December live cattle closed $3.40 higher at $226.72. It will be interesting to see where this week's weighted average lands for cash cattle prices, because although there have been runs of trade here and there, cattle have been slow to trade, and prices have been scattered as feedlot managers are hoping to hold out for more money. So far this week Southern live cattle have traded at mostly $231 to $232, and Northern dressed cattle have traded at mostly $365. But there's no doubt, with feedlot managers seeing improvement on the board, and with there being hope that the Cargill plant in Fort Morgan, Colorado, may be processing again soon, as next week they'll hold their ratification vote, more cattle will likely be needed in the market. 

Thursday's slaughter is estimated at 102,000 head -- 6,000 head less than a week ago and 5,000 head less than a year ago.

Boxed beef prices closed lower: choice down $2.93 ($360.50) and select down $1.08 ($341.33) with a movement of 130 loads (91.13 loads of choice, 15.37 loads of select, 13.53 loads of trim and 9.60 loads of ground beef).

FRIDAY'S CATTLE CALL: Higher. Given that the week's movement has been thin thus far, more trade will need to develop on Friday following last week's thin movement. And with the board's support, it's fully assumed that prices are going to be higher this week.

FEEDER CATTLE:

The feeder cattle complex also rallied through Thursday's end as it too is pleased by the increased support from traders, and it is going to continue to closely mirror the mannerisms of the live cattle market. August feeders closed $2.20 higher at $346.47, September feeders closed $3.80 higher at $342.45 and October feeders closed $4.40 higher at $334.02. The CME feeder cattle index 7/29/2026: down $0.22, $347.69.

LEAN HOGS:

With consumer support unstable in this week's market, traders have pulled away from the lean hog contracts and let the market drift mostly $2.00 lower through Thursday's end. August lean hogs closed $2.25 lower at $98.42, October lean hogs closed $2.35 lower at $83.35 and December lean hogs closed $2.67 lower at $74.52. And until demand improves, the market's trajectory will likely be lower. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.74 with a weighted average price of $101.05 on 2,363 head. Pork cutouts totaled 250.41 loads with 233.28 loads of pork cuts and 17.13 loads of trim. Pork cutout values: down $0.14, $101.64. Thursday's slaughter is estimated at 485,000 head – 6,000 head more than a week ago and 17,000 head more than a year ago. The CME lean hog index 7/28/2026: up $0.10, $98.45.

FRIDAY'S HOG CALL: Lower. At this point, packers have likely secured the vast majority of their needs from this week's cash market already.

Thursday Midday Livestock Market Update - Cattle Continue to Scale Higher; Hogs Under Pressure

GENERAL COMMENTS:

The livestock complex is mixed heading into Thursday's noon hour with the cattle contracts still seeing modest trader support while the lean hog contracts are trading lower. Bids are on the table in Nebraska, but no new sales have been reported yet Thursday morning. December corn is down 1 cent per bushel and December soybean meal is up $0.90. The Dow Jones Industrial Average is up 458.34 points and NASDAQ is up 599.19 points.

LIVE CATTLE:

The live cattle complex is continuing to move higher as traders are committed to advancing the complex following the massive erosion seen during the past month. The market's upward momentum is solely technically driven at this point as the cash market has yet to really break loose and trade cattle this week. Boxed beef prices have been mixed. August live cattle are up $1.95 at $229.85, October live cattle are up $1.75 at $225.72 and December live cattle are up $1.65 at $224.97. Bids are beginning to surface again in the fed cash cattle market. Currently packers are offering $235 live and $365 dressed. Asking prices remain at $234 to $235 in the South and at $370 in the North, and more trade is expected to develop throughout the day.

Boxed beef prices are lower: choice down $0.85 ($362.58) and select down $0.54 ($341.87) with a movement of 60 loads (38.45 loads of choice, 8.10 loads of select, 9.39 loads of trim and 3.89 loads of ground beef).

FEEDER CATTLE:

Again Thursday, with the support of live cattle futures higher trend, the feeder cattle contracts are higher. August feeders are down $0.37 at $343.90, September feeders are up $0.32 at $338.97 and October feeders are up $0.85 at $330.47. With the brutal heat that's spread this week across much of the U.S., feeder cattle sales have been mostly lower, even though the board is trading higher.

LEAN HOGS:

The lean hog contracts are continuing to break substantially lower as the market is heavily relying on consumer support and, although midday pork cutout values are slightly higher, they have shown some weakness in the recent trading sessions. August lean hogs are down $1.82 at $98.85, October lean hogs are down $2.62 at $83.05 and December lean hogs are down $3.10 at $74.10. Hopefully consumer support will strengthen and put an end to the pressure currently being seen.

The projected CME Lean Hog Index for 7/29/2026 is down $0.01 at $98.44 and the actual index for 7/28/2026 is up $0.10 at $98.45. Hog prices are lower on the Daily Direct Morning Hog report, down $1.13 with a weighted average of $100.52, ranging from $92.00 to $102.50 on 1,668 head and a five-day rolling average of $100.93. Pork cutouts total 124.53 loads with 116.64 loads of pork cuts and 7.89 loads of trim. Pork cutout values: up $0.61, $102.39.

Thursday Morning Livestock Market Update - Hog Futures May See Further Weakness

GENERAL COMMENTS:

Cattle futures extended their gains Wednesday as increased optimism over possible steady cash permeated the market. Light cash trade earlier this week was lower, but the feedlots have so far passed on those early bids as the week progressed. After some strength in boxed beef earlier in the week, prices fell back on Wednesday. Choice boxed beef declined $2.43, with select down $1.11. This weakness may shake the confidence of traders over a return to stronger demand. A tentative agreement has been reached between Cargill Meat Solutions and the union representing more than 1,700 employees who have been locked out of the Fort Morgan, Colorado, plant since May 20. It is one of the largest meat processing companies in the U.S. While the plant was closed, cattle were diverted to other Cargill plants.

Hog futures fell Wednesday, eliminating the gains since mid-July. The selling was not the result of cash weakness as the National Daily Direct Afternoon Hog report showed cash up $0.79. Packers should have sufficient hogs purchased and may not be aggressive the rest of the week. It seemed to be tied to liquidation of an overbought market. Once selling pressure moved prices low enough to trigger stops, the market gained momentum. Pork cutout values declined $2.13 and may keep some pressure on futures. Weekly average hog weight declined to 282.7 pounds.

	BULL SIDE		BEAR SIDE
1)	The bearishness may have been factored into the market. Further short-covering may continue to correct an oversold maket.	1)	Boxed beef prices may not have found solid support, continuing the weaker trend.
2)	There is optimism cash cattle trade will be no worse than steady this week.	2)	It is uncertain whether the lower early cash cattle trade this week will dictate further weakness. It generally sets the stage for the week.
3)	Packers remained aggressive in the market on Wednesday, indicating they need hogs to meet demand.	3)	Weekly hog weights remain 1.6 pounds higher than a year ago. This provides sufficient pork to the market.
4)	Weekly hog weights decreased 0.5 pounds to average 282.7 pounds.	4)	There may be follow-through selling in hog futures as liquidation generally follows a two- to three-day pattern.

Wednesday Closing Livestock Market Update - Cattle Inched Higher While Hogs Dropped $1.00 to $2.00 Lower

GENERAL COMMENTS:

The livestock complex again ended the day mixed as cattle contracts continue to see ample support from traders, but the lean hog complex ended the day weaker as traders aren't willing to support its contracts without stronger consumer demand. Bids were offered throughout the day in Kansas and Nebraska, but the day's cash movement was extremely thin. December corn is down 8 3/4 cents per bushel and December soybean meal is down $4.30. The Dow Jones Industrial Average is down 1,153.18 points and NASDAQ is down 433.97 points.

LIVE CATTLE:

The live cattle contracts ended the day higher as the bulls continue to have their way with the market, and they are pleased to have enough support to continue to work the contracts higher. August live cattle closed $0.42 higher at $227.90, October live cattle closed $1.80 higher at $223.97 and December live cattle closed $2.02 higher at $223.32. Throughout the day, bids were offered in Nebraska and Kansas, but the day's trade was again minimal. So far this week, Southern live cattle have traded at $228 to $228, and dressed cattle have traded at $360, but there haven't been enough cattle traded to say that any sort of a market trend has been established. Asking prices in the South are noted at $234 to $235. 

Wednesday's slaughter is estimated at 107,000 head -- 9,000 head more than a week ago and 6,000 head less than a year ago.

Boxed beef prices closed lower: choice down $2.43 ($363.43) and select down $1.11 ($342.41) with a movement of 137 loads (77.89 loads of choice, 24.05 loads of select, 11.49 loads of trim and 23.87 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady to somewhat higher. Given that packers continue to offer bids but feedlot managers are letting them sit on the table, it leads one to believe that feedlot managers are holding out for higher prices later this week.

FEEDER CATTLE:

The feeder cattle contracts were also able to rally throughout the day as the market continues to closely align with the live cattle contracts and follow its lead. August feeder cattle closed $1.20 higher at $344.27, September feeder cattle closed $1.42 higher at $338.65 and October feeder cattle closed $2.80 higher at $329.62. At the Knoxville Livestock Center in Knoxville, Tennessee, compared to last week, feeder steers traded unevenly steady, while feeder heifers traded $4.00 to $5.00 lower and feeder bulls sold $4.00 higher. Feeder cattle supply over 600 pounds was 34%. The CME feeder cattle index 7/29/2026: down $0.56, $347.91.

LEAN HOGS:

It was a lousy day for the lean hog complex as the market saw most of its contracts close anywhere from $1.00 to $2.00 lower. More than anything, I think the lack of consumer support this week has the contracts on edge as they simply don't possess enough support without strong and unwavering consumer demand. August lean hogs closed $2.42 lower at $100.67, October lean hogs closed $2.57 lower at $85.70 and December lean hogs closed $2.47 lower at $77.20. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.79 with a weighted average price of $101.79 on 8,600 head. Pork cutouts totaled 294.23 loads with 251.53 loads of pork cuts and 42.70 loads of trim. Pork cutout values: down $2.13, $101.78. Wednesday's slaughter is estimated at 471,000 head -- 8,000 head less than a week ago and 1,000 head more than a year ago. The CME lean hog index 7/27/2026: up $0.12, $98.35.

THURSDAY'S HOG CALL: Lower. If consumer demand is soft, it's unlikely that packers are going to push cash prices higher.

Wednesday Midday Livestock Market Summary - Cattle Futures Inch Higher, While Hogs Long to See Consumer Support Improve

GENERAL COMMENTS:

The livestock complex is mixed as the cattle contracts have more than enough support helping push them higher, but the lean hog contracts are trading lower as traders aren't pleased with the slight reduction in consumer demand. Bids are on the table in Kansas and Nebraska, but no cash cattle trade has developed at this point. December corn is down 8 1/4 cents per bushel and December soybean meal is down $5.60. The Dow Jones Industrial Average is down 853.97 points and NASDAQ is down 271.55 points.

LIVE CATTLE:

The bulls have again taken over the live cattle complex and are successfully pushing the live cattle futures higher into Wednesday's noon hour. So, what gives, you ask? I mean, wasn't it just two days ago the market plummeted lower upon hearing the U.S. border is going to open for Mexican cattle imports starting Aug. 24? Yes, all of that is true. But in today's fast-paced world, that's old news at this point and the consensus of the market seems to be the downturn the cattle complex endured over the last month has been overdone and it's time to see some support. August live cattle are up $1.72 at $229.20, October live cattle are up $2.12 at $224.30 and December live cattle are up $2.15 at $223.45. No trade has developed yet Wednesday in the cash market, but it wouldn't be surprising to see some does develop later this afternoon. Bids are currently on the table in Nebraska at $360 dressed and $228 live and in Kansas at $228 live. Asking prices are noted in the South at $234 to $235 but are not fully established yet in the North.

Boxed beef prices are mixed: choice down $1.35 ($364.51) and select up $1.75 ($345.27) with a movement of 77 loads (48.06 loads of choice, 11.72 loads of select, 10.01 loads of trim and 7.52 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts are trading higher into Wednesday's noon hour, keeping right in line with the live cattle market's trend. August feeders are up $2.02 at $345.10, September feeders are up $2.70 at $339.90 and October feeders are up $3.77 at $330.60. So long as the live cattle market continues to trade higher through Wednesday's close, it's likely the feeder cattle contracts will follow suit.

LEAN HOGS:

With the slight dip in pork demand, the lean hog contracts are trading lower into Wednesday's noon hour. August lean hogs are down $0.75 at $102.35, October lean hogs are down $1.30 at $86.97 and December lean hogs are down $1.62 at $78.05. Until traders see improved consumer support, a sideways chop is all that's expected of the contracts. The projected CME Lean Hog Index for 7/28/2026 is up $0.10 at $98.45 and the actual index for 7/27/2026 is up $0.12 at $98.35. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.33 with a weighted average price of $101.65, ranging from $92.00 to $102.50 on 1,825 head and a five-day rolling average of $101.08. Pork cutouts total 157.85 loads with 132.65 loads of pork cuts and 25.20 loads of trim. Pork cutout values: down $1.34, $102.57.

Wednesday Morning Livestock Market Update - Cattle Futures May Trade Sideways

GENERAL COMMENTS:

Live cattle futures rebounded Tuesday, nearly eliminating the losses of Monday. Boxed beef prices seem to be finding support, which could influence cash cattle prices. There has been some cash trade already this week with Southern live cattle trading at $228 and Northern dressed cattle at $360. These trades were both lower than last week. However, trading activity was light and bids at those levels on Tuesday were passed. Boxed beef prices were mixed with choice up $2.97 and select down $1.64. It seems boxed beef is finding some support, which may influence cash trade this week. Feeder cattle futures had a large divergence between the nearby and deferred contracts. The nearby contracts showed strong gains as the reopening of the U.S border to Mexican cattle will not overwhelm the supply anytime soon, but it could have an impact on the supply later in the year and next year. This kept deferred contracts lower.

Hog futures were able to take back much of Monday's losses on Tuesday. Traders remain optimistic over demand. That overrode the potential for a further price correction. It will be critical for futures to increase or the uptrend might be broken. Cash was higher as packers were aggressively purchasing quite a number of hogs. The National Daily Direct Afternoon Hog report showed cash up $0.31. Pork cutout values slipped $0.33. Packers may not be as aggressive Wednesday but may see what they can purchase at lower prices Wednesday and Thursday. They may be aggressive on Friday if they need to finish up purchases for the week.

	BULL SIDE		BEAR SIDE
1)	The reopening of the U.S. border to Mexican cattle may be factored in. The sharp losses over the past month may be viewed as a buying opportunity.	1)	Early cash cattle trade this week was light but lower. This could set the stage for lower cash cattle in the week.
2)	There are some reports of significant death losses as a result of the extreme heat. Although not generally a market-mover, it does reduce cattle supplies.	2)	Cattle traders may not be aggressive in buying the break in the market, but will remain cautious. Sideways trade could develop.
3)	Packers need hogs and were aggressive the first two days of the week. This indicates demand remains strong.	3)	Hog futures remain overbought and could see further liquidation if futures cannot resume the uptrend.
4)	Hog futures regained most of the losses of Monday on Tuesday, potentially stopping the usual liquidation of an overbought market.	4)	Packers may have a large supply of hogs purchased for the week, leaving them less aggressive the rest of the week.

Tuesday Closing Livestock Market Update - Traders Regain Focus and Push Contracts Higher

GENERAL COMMENTS:

Thankfully, most of the livestock complex was able to rally through Tuesday's close, putting the fears that had mostly dominated Monday behind it. The cash cattle market was mostly quiet throughout the day, although some light trade was noted. December corn is up 6 1/2 cents per bushel and December soybean meal is up $3.70. The Dow Jones Industrial Average is up 537.24 points and the NASDAQ is down 55.17 points.

LIVE CATTLE:

All in all, it was a relieving day for the live cattle complex as traders seemed to collectively agree that the live cattle contracts were safe to trade higher and that the fear surrounding the reopening of the border to Mexican cattle imports starting on Aug. 24 could shift to the back burner. August live cattle closed $2.25 higher at $227.47, October live cattle closed $3.40 higher at $222.17 and December live cattle closed $3.90 higher at $221.30. Bids were offered throughout the day in the cash market, and a few minor sales were noted, but no substantial trade broke loose as packers continue to hope to get cattle bought at cheaper money, but feedlot managers are hopeful with the board's support and supportive boxed beef prices that the cash market may actually trade higher. So far this week, Southern live cattle have traded at $228 to $228, and dressed cattle have traded at $360, but there hasn't been enough cattle traded to say that any sort of a market trend has been established. 

Tuesday's slaughter is estimated at 106,000 head -- 3,000 head more than a week ago and 7,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $2.97 ($365.86) and select down $1.64 ($343.52) with a movement of 112 loads (72.87 loads of choice, 17.03 loads of select, 8.25 loads of trim and 13.71 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady. Depending on what boxed beef prices do and what the board does the rest of the week will likely influence the direction of this week's cash cattle market.

FEEDER CATTLE:

The live cattle contracts were able to close fully higher, but that wasn't the case for the feeder cattle complex as its nearby contracts ended the day stronger, but the market's deferred contracts still closed lower. August feeders closed $4.82 higher at $343.07, September feeders closed $5.30 higher at $337.22 and October feeders closed $1.57 higher at $326.82. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers traded $5.00 to $20.00 lower, except light six and seven weight steers, which sold steady to $5.00 higher. Feeder heifers traded $10.00 to $20.00 lower. Feeder cattle supply over 600 pounds was 65%. The CME feeder cattle index 7/27/2026: up $1.10, $348.47.

LEAN HOGS:

Although pork cutout values closed a touch lower, the contracts were still able to rally through the day's end as traders remained faithful supporters. August lean hogs closed $0.12 higher at $103.10, October lean hogs closed $0.47 higher at $88.27 and December lean hogs closed $1.12 higher at $79.67. And so long as demand shines through in Wednesday's market, the complex will likely be able to keep with its higher trend. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.31 with a weighted average price of $101.00 on 9,474 head. Pork cutouts totaled 245.93 loads with 222.51 loads of pork cuts and 23.42 loads of trim. Pork cutout values: down $0.33, $104.12. Tuesday's slaughter is estimated at 470,000 head -- steady with a week ago and 5,000 head more than a year ago. The CME lean hog index 7/24/2026: up $0.32, $98.23.

WEDNESDAY'S HOG CALL: Steady. With pork cutout values closing a touch softer Tuesday afternoon, packers may not be as aggressive Wednesday.

Tuesday Midday Livestock Market Update - Contracts Rally Following Monday's Weaker Close

GENERAL COMMENTS:

Although fear and worry struck the livestock complex Monday, that no longer seems to be the case as the contracts are all rallying into Tuesday's noon hour. Bids are on the table in Nebraska and Kansas, but no new trade has developed. December corn is up 7 3/4 cents per bushel and December soybean meal is up $3.00. The Dow Jones Industrial Average is up 641.84 points and NASDAQ is down 39.50 points.

LIVE CATTLE:

Following Monday's weaker close, traders seem to have shaken the worry and concern over the border reopening to Mexican cattle imports on Aug. 24 and are back to rallying. August live cattle are up $2.00 at $227.22, October live cattle are up $2.82 at $221.60 and December live cattle are up $3.55 at $220.95. Bids are on the table in Kansas at $228 live and in Nebraska at $228 live and $360 dressed. Following Monday's light trade, no more sales have been confirmed and asking prices remain elusive. But with the back-and-forth nature of the board this week it is anyone's guess when trade will fully get underway and what the week's weighted average trend will be.

Boxed beef prices are higher: choice up $2.91 ($365.80) and select up $0.76 ($345.92) with a movement of 61 loads (37.92 loads of choice, 7.54 loads of select, 7.15 loads of trim and 7.98 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts are also rallying into Tuesday's noon hour, again following the lead of the live cattle futures. I would like to mention, however, that the market is seeing the biggest daily gains in its nearby contracts (up $3.00 to $6.00 higher) while the deferred contracts are rallying closer to $1.00. This is likely due to the fact that when increased supplies do come from Mexico, it will impact the later months. August feeder cattle are up $5.57 at $343.82, September feeder cattle are up $6.27 at $338.20 and October feeders are up $3.80 at $329.05.

LEAN HOGS:

With the help of strong consumer demand, the lean hog contracts are rallying into Tuesday's noon hour. The uptick of recent consumer demand has been the driving force allowing the lean hog contracts to trade higher in recent weeks. As long as that support remains steady, the contracts will likely continue to move higher. August lean hogs are down $0.15 at $102.82, October lean hogs are up $0.12 at $87.92 and December lean hogs are up $0.52 at $79.07. The projected CME Lean Hog Index for 7/27/2026 is up $0.12 at $98.35, and the actual index for 7/24/2026 is up $0.32 at $98.23. Hog prices on the Daily Direct Morning Hog Report average $101.32, ranging from $97.00 to $102.00 on 6,149 head and a five-day rolling average of $100.99. Pork cutouts total 112.82 loads with 105.15 loads of pork cuts and 7.66 loads of trim. Pork cutout values: up $1.30, $105.75.

Tuesday Morning Livestock Market Update - Margin Liquidation May Futures Pressure Cattle

GENERAL COMMENTS:

The focus was on reopening the U.S. border to feeder cattle imports, and the trade did not like it. The weakness seen over the past few weeks was clearly due to the weakness of boxed beef and lower cash. Even though the reopening of the border had been a possibility discussed for some time, it caught traders off guard. It was Katy-bar-the-door selling at the beginning of trading. The deferred contracts closed under substantial pressure, with feeder cattle limit down. It is likely further liquidation will take place as margin calls may force more traders out of the market. Boxed beef prices were mixed, with choice up $1.65 and select down $1.55. Higher choice boxed beef may have little influence on the trade Tuesday.

Hog futures were not immune to the selling that surfaced in other markets. The pressure seems to be from the negative attitude in many commodity markets. This may subside with the potential for hog futures to rebound somewhat Tuesday. The August contract was able to close in positive territory as it moves closer to cash settlement and will remain close to cash. Packers were aggressive to begin the week with the Daily Direct Afternoon Hog report up $1.32. They should remain aggressive Tuesday as they will want to buy early in the week. Pork cutout values declined $0.18.

	BULL SIDE		BEAR SIDE
1)	The negative reaction on Monday may have been overdone as liquidation overwhelmed the market.	1)	Follow-through selling is expected Tuesday as some traders will liquidate due to margin calls.
2)	The reopening of the border for cattle will be done in stages, with the influx of cattle not overwhelming the market. Cattle supplies will remain low.	2)	The bearish attitude in the cattle market will be difficult to overcome unless boxed beef prices find support.
3)	The pressure on hog futures seemed more as a spillover from other commodity markets and not a negative turn in fundamentals.	3)	Hog futures are overbought and may see further liquidation as the market corrects.
4)	Packers are expected to be aggressive in the cash hog market again Tuesday.	4)	The steep discount of October to August indicates that traders anticipated a decline in hog prices and a slowdown in demand.

Monday Closing Livestock Market Update - Traders Remain Extremely Cautious When Handling the Cattle Contracts

GENERAL COMMENTS:

The livestock complex ended the day mostly lower as cautiousness and concern seemed to be the market's overarching theme today. Showlists for the week are steady to somewhat higher, greater in Texas and Kansas, but steady in Nebraska. December corn is down 13 1/2 cents per bushel and December soybean meal is down $11.10. The Dow Jones Industrial Average is up 262.83 points and the NASDAQ is down 43.74 points.

LIVE CATTLE:

The live cattle complex ended the day lower as the contracts continued to sink through Monday's close -- still trying to absorb all the information and data shared last week. Because with having a Cattle on Feed report coupled with both the semiannual Cattle Inventory report and an unexpected announcement from U.S. Ag Secretary Brooke Rollins that the border is going to reopen on August 24 -- it's been a whirlwind for the cattle complex. August live cattle closed $1.85 lower at $225.22, October live cattle closed $3.72 lower at $218.77 and December live cattle closed $4.87 lower at $217.40. Monday's slaughter is estimated at 95,000 head -- 7,000 head less than a week ago and 14,000 head less than a year ago. Showlists for the week are steady to somewhat higher, greater in Texas and Kansas, but steady in Nebraska. Some light cash cattle trade was noted in Nebraska at $360 which is $5.00 lower than last week's weighted average, and the majority of those sales were marked for delivery for the week of 8/10/2026.

Last week Southern live cattle traded at $230 which is $7.00 to $8.00 lower than the previous week's weighted average and Northern dressed cattle traded at mostly $365 which is $12.00 to $15.00 lower than the previous week's weighted average.

Boxed beef prices closed mixed: choice up $1.65 ($362.89) and select down $1.55 ($345.16) with a movement of 86 loads (53.94 loads of choice, 11.59 loads of select, 7.56 loads of trim and 12.93 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady. There's a chance that packers could be a tick more aggressive this week as last week they got more aggressive late in the week, but given the board's recent volatility, they will likely try to use that to their advantage.

FEEDER CATTLE:

The feeder cattle complex endured a day of mostly limit lower closes in the deferred contracts as traders know that more inventory is slowly going to be working its way into the marketplace with the border soon reopening to Mexican cattle imports. August feeders closed $7.07 lower at $338.25, September feeders closed $9.52 lower at $331.92 and October feeders closed $10.75 lower at $325.25. At Oklahoma National Stockyards in Oklahoma City, Oklahoma compared to last week all classes were lightly tested as not many cattle were traded throughout the day due to extreme heat. Feeder steers traded steady but feeder heifers sold steady to $5.00 lower. Steer and heifer calves sold steady. Feeder cattle supply over 600 pounds was 66%. The CME feeder cattle index 7/24/2026: down $2.28, $347.37.

LEAN HOGS:

With the cautiousness seen in the cattle complex, the lean hog contracts also ended the day lower as an overwhelming attitude draped over the marketplace on Monday. August lean hogs closed $0.12 higher at $102.97, October lean hogs closed $1.22 lower at $87.80 and December lean hogs closed $1.77 lower at $87.55. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.32 with a weighted average price of $100.69, ranging from $97.00 to $102.50 on 610 head and a five-day rolling average of $100.95. Pork cutouts total 260.51 loads with 239.34 loads of pork cuts and 21.17 loads of trim. Pork cutout values: down $0.18, $104.45. Monday's slaughter is estimated 442,000 head -- 11,000 head more than a week ago and 1,000 head less than a year ago. The CME lean hog index 7/23/2026: up $0.43, $97.91.

TUESDAY'S HOG CALL: Steady to somewhat higher. Pork demand has been strong and it's likely that packers are more aggressive in Tuesday's market.

Monday Midday Livestock Market Update - Traders Are Keeping Their Distance From Contracts at Week's Open

GENERAL COMMENTS:

The livestock complex is trading lower into Monday's noon hour as the cattle contracts slowly absorb all the developments that surfaced last Friday and the lean hog complex is being cautious as well. Showlists for the week are steady to somewhat higher, greater in Texas and Kansas, but steady in Nebraska. December corn is down 13 1/2 cents per bushel and December soybean meal is down $11.70. The Dow Jones Industrial Average is up 222.93 points and NASDAQ is down 63.95 points.

LIVE CATTLE:

Last Friday hit like a Mack truck. From having to absorb the monthly Cattle on Feed report, to seeing the bi-annual Cattle inventory report released, to late in the day being surprised to see an announcement come from U.S. Ag Secretary Brooke Rollins that the U.S. will begin to slowly reopen the border to Mexican cattle imports on Aug. 24th -- it was a whirlwind of a day. And given that today (Monday) is the first time traders have had the chance to react to any of those reports/announcements, it comes as no real surprise the market is trading lower. August live cattle are down $1.87 at $225.20, October live cattle are down $3.45 at $219.05 and December live cattle are down $4.42 at $217.85. Showlists for the week are steady to somewhat higher, greater in Texas and Kansas, but steady in Nebraska.

Last week Southern live cattle traded at $230 which is $7.00 to $8.00 lower than the previous week's weighted average and Northern dressed cattle traded at mostly $365 which is $12.00 to $15.00 lower than the previous week's weighted average.

Boxed beef prices are mixed: choice up $1.72 ($362.96) and select down $0.25 ($346.46) with a movement of 50 loads (29.15 loads of choice, 6.89 loads of select, 4.88 loads of trim and 9.23 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is taking last Friday's developments the hardest as its contracts are trading anywhere from $6.00 to $10.00 lower. August feeders are down $4.85 at $340.47, September feeders are down $6.42 at $335.07 and October feeders are down $9.05 at $326.95. With little support from the live cattle/fed cash cattle market, the additional pressure of not knowing the details of the border's reopen will likely weigh heavily on the feeder cattle market for awhile.

LEAN HOGS:

Although midday pork cutout values are higher, the lean hog complex is starting the week off in a cautious manner as well. August lean hogs are up $0.02 at $102.87, October lean hogs are down $1.42 at $87.60 and December lean hogs are down $1.90 at $78.42. More than anything a heavy weight has seemed to be cast across the livestock complex Monday morning, and if fundamental support prevails, traders will likely be able to shake the doggish energy later this week.

The projected CME Lean Hog Index for 7/24/2026 is up $0.32 at $98.23 and the actual index for 7/23/2026 is up $0.43 at $97.91. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 270 head have traded and the market's five-day rolling average now sits at $100.60. Pork cutouts total 138.40 loads with 123.20 loads of pork cuts and 15.20 loads of trim. Pork cutout values: up $2.29, $106.92.

Monday Morning Livestock Market Update - Cattle Imports From Mexico to Resume

GENERAL COMMENTS:

The Cattle on Feed report was neutral and may have limited influence on the market. Cattle on feed on July 1 was 102% and slightly below the average estimate of 102.2%. Placements in June were 97%, with the average estimate at 98.8%. Even though placements were lower, they were well within the estimated range. Cattle marketed in June were 97%, with an average estimate of 97%. The greater influence Monday will likely be the continued weakness of cash, boxed beef and the reopening of the Mexican border. Last week, Southern cattle traded $7.00 to $8.00 lower. Northern dressed cattle traded $12.00 to $15.00 lower. Boxed beef prices on Friday were lower, with choice down $1.63 and select down $2.04. Choice has now fallen to $361.24 and select to $346.71. The big news is that USDA is lifting a ban on live cattle imports from Mexico. Trade will restart at the Douglas, Arizona, port in about 30 days, with two more ports in New Mexico expected later. Rollins said the situation is under control and that Mexican feeder cattle will move through a disinfectant dip vat when entering a U.S. port of entry. It is uncertain how much of this is already factored into the market. The Commitment of Traders report showed the fund traders as net sellers of 22,454 live cattle futures, reducing their long position to 75,681. They were net sellers of 1,941 feeder cattle futures, reducing their net-long position to 9,345 contracts.

Hogs found further support on Friday, finishing a good week of higher prices. Futures moved to higher highs again as trader optimism remains. Cash was lower as packers had purchased most of their needs for the week. The National Daily Direct Afternoon Hog report was down $2.77 with light sales. Packers may begin the week somewhat aggressively as slaughter was low on Friday and demand remains strong. They will need to purchase hogs to maintain pork supplies. Pork cutouts on Friday were up $0.15. Traders remain bullish on the market with futures moving back to the highest level since May 20. The Commitment of Traders report showed the fund traders as net buyers of 15,390 futures contracts, reducing their short position to 27,791.

	BULL SIDE		BEAR SIDE
1)	The Cattle on Feed report was neutral. Now that the numbers are known, traders may be more confident to buy back into the market.	1)	The reopening of the U.S. border to Mexican cattle is likely to be viewed as negative to the market.
2)	The resumption of the importation of cattle from Mexico has been talked about and is not a surprise to the market. It may not push futures lower.	2)	Boxed beef prices continue to weaken as demand has slowed. High prices seem to have cured high prices.
3)	Hog futures pushed to new highs on Friday, keeping the uptrend intact.	3)	Hog futures are now overbought, and the market could correct at any time.
4)	The fund traders are liquidating their short positions in hogs and should continue to do so as cutout and cash improve.	4)	The October hog futures hold a significant discount to cash. Traders anticipate demand to slow over time.

Friday Closing Livestock Market Update - Higher Tones Keep with the Complex

GENERAL COMMENTS:

All in all it was a good day for the livestock complex as all three contracts closed higher. Some light cash cattle trade was reported in the South at $231, but otherwise no new trade was noted. December corn is steady and December soybean meal is steady. The Dow Jones Industrial Average is up 235.60 points and the NASDAQ is down 161.87 points.

From Friday to Friday livestock futures scored the following changes: August live cattle up $2.65, October live cattle up $1.80; August feeder cattle down $0.63, September feeder cattle up $2.10; August lean hogs up $1.20, October lean hogs up $1.08; September corn up $0.20, December corn up $0.20.

LIVE CATTLE:

Thanks to continued trader support, the live cattle complex was able to rally through Friday's close. August live cattle closed $1.67 higher at $227.07, October live cattle closed $1.12 higher at $222.50 and December live cattle closed $1.60 higher at $222.27. Throughout the day there were a few more cattle traded in the South at $231, which is $1.00 higher than the rest of the week's business. Otherwise there was no other new trade in the cash market. Throughout the week Southern live cattle traded for $230 to $231 which is $7.00 to $8.00 lower than the previous week's weighted average and Northern dressed cattle traded at mostly $365 which is $12.00 to $15.00 lower than the previous week's weighted average. 

Friday's slaughter is estimated at 103,000 head -- 14,000 head more than a week ago and 8,000 head more than a year ago. Saturday's slaughter is projected to be around 14,000 head.

Boxed beef prices closed lower: choice down $1.63 ($361.24) and select down $2.04 ($346.71) with a movement of 131 loads (75.44 loads of choice, 9.80 loads of select, 11.26 loads of trim and 34.87 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. There was rumor that one major packer in Nebraska may be running two shifts on Saturday -- which could mean that the cash market could see a little more interest next week -- but as always, time will tell.

FEEDER CATTLE:

With the help of the live cattle market's steady and stable support through Friday's end, the feeder cattle contracts were also able to end the day on a stronger note. And thankfully traders will be pleased to note that Friday's Cattle on Feed report was neutral. 

August feeders closed $1.55 higher at $345.32, September feeders closed $1.60 higher at $341.45 and October feeders closed $2.55 higher at $336.00. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers traded $15.00 to $25.00 lower and feeder heifers traded $1.00 to $15.00 lower. Steer calves over 450 pounds sold $20.00 to $30.00 lower, and those under 450 pounds traded $10.00 to $15.00 lower. Heifer calves traded $20.00 to $25.00 lower. Slaughter cows sold $2.00 to $3.00 higher. Slaughter bulls sold $2.00 higher. The sale report noted that, "receipts were limited this week due to triple digit heat across Oklahoma. CME futures appeared to stabilize after two weeks of sharp declines, but the cash market at sale barns continued to trend lower as buyers remained cautious and selective." The CME feeder cattle index 7/23/2025: down $1.07, $349.65.

LEAN HOGS:

The lean hog complex ended the day higher as traders were grateful for the consistent consumer support throughout the week. August lean hogs closed $0.70 higher at $102.85, October lean hogs closed $0.12 higher at $89.02 and December lean hogs closed $0.20 higher at $80.32. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.77 with a weighted average price of $102.25 on 1,535 head. Pork cutouts totaled 217.34 loads with 196.16 loads of pork cuts and 21.17 loads of trim. Pork cutout values: up $0.15, $104.63. Friday's slaughter is estimated at 393,000 head -- 42,000 head less than a week ago and 43,000 head less than a year ago. Saturday's slaughter is projected to be around 16,000 head. The CME lean hog index 7/22/2026: up $0.40, $97.48.

MONDAY'S HOG CALL: Steady. So long as consumer support remains supportive, the lean hog contracts should be able to continue to trade higher into next week.

Friday Midday Livestock Market Update - Traders Continue to Push Contracts Higher

GENERAL COMMENTS:

With ample trader support, all three of the livestock contracts are trading higher into Friday's noon hour. It will be a busy afternoon with both the monthly Cattle on Feed report and the bi-annual Cattle Inventory report set to be released at 2 p.m. CDT. December corn is down 1 3/4 cents per bushel and December soybean meal is up $1.60. The Dow Jones Industrial Average is up 347.16 points and NASDAQ is up 30.46 points.

LIVE CATTLE:

It's another mixed morning for the live cattle complex as the contracts are trading higher; but there's not been any more trade thus far in the cash market. It's likely with both the monthly Cattle on Feed report and the bi-annual Cattle Inventory report set to be released later this afternoon most of the week's trade could be done with besides a little bit of clean-up business. I will note one of our private sources did indicate a Nebraska packer may run two shifts this Saturday. That could be enlightening for feedlot managers as that may mean packers are going to need more cattle in the weeks ahead. But until we see the actual slaughter data, don't get too excited and put the cart before the horse. August live cattle are up $1.80 at $227.20, October live cattle are up $1.20 at $222.62 and December live cattle are up $1.52 at $222.20.

No new sales have developed following the business that transpired earlier this week. So far this week, dressed cattle are trading at mostly $365 (down $12.00 to $15.00 lower from last week's weighted average) and Southern live cattle are trading at mostly $230, which is $7.00 to $8.00 lower than last week's weighted average).

Boxed beef prices are mixed: choice up $0.45 ($363.32) and select down $0.64 ($348.11) with a movement of 92 loads (50.32 loads of choice, 4.70 loads of select, 7.66 loads of trim and 28.84 loads of ground beef).

FEEDER CATTLE

The feeder cattle contracts are also trading mildly higher heading into Friday's noon hour as the market continues to closely mirror the behavior of the live cattle complex. August feeders are up $1.45 at $345.22, September feeders are up $1.47 at $341.32 and October feeders are up $2.30 at $335.75. The market will likely keep with this slight rally through the day's end so long as support remains sufficient from the live cattle market.

LEAN HOGS:

In keeping in their recent trend, the lean hog complex is also trading higher into Friday's noon hour. This week has been a strong week for the lean hog complex as not only has the market seen greater consumer support, but mix that with ample trader support and it's the best of both worlds. August lean hogs are up $0.60 at $102.75, October lean hogs are up $0.15 at $89.05 and December lean hogs are up $0.27 at $80.40. The projected CME Lean Hog Index for 7/23/2026 is up $0.43 at $97.91, and the actual index for 7/22/2026 is up $0.40 at $97.48. Hog prices are lower on the Daily Direct Morning Hog Report, down $4.70 with a weighted average price of $97.06, ranging from $93.00 to $99.00 on 773 head and a five-day rolling average of $100.60. Pork cutouts total 139.22 loads with 125.43 loads of pork cuts and 13.79 loads of trim. Pork cutout values: up $1.06, $105.54.

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

GENERAL COMMENTS:

Traders were covering some of their short positions ahead of the Cattle on Feed report that will be released Friday. It did not seem to make much difference that cash cattle traded lower, as that was not the focus. The reality of lower cash may have an influence later Friday or at the beginning of next week. Southern live cattle traded as much as $8.00 lower while dressed cattle traded $12.00 to $15.00 lower. Feedlots have not been able to gain the upper hand over the past three weeks, with cash plummeting more than $30.00 in some cases. Boxed beef prices again closed lower, with choice down $0.63 and select down $1.82. The average trade estimates for the Cattle on Feed report are for on-feed numbers as of July 1 at 102.2% with a range of 101.1% to 103.3%. Placements in June at 98.8% with a range of 93.7% to $106.0%. Marketings in June at 97.0% with a range of 94.9% to 98.0%. Analysts are uncertain about the number of placements, with the range being exceptionally wide. This is likely due to the uncertainty of how many have been pulled from poor pasture conditions and moved into feedlots.

Hog closed mixed on Thursday as traders assess whether fundamentals will continue to support the market. Packers were aggressive, with the National Daily Direct Afternoon Hog report up $1.06, increasing the weighted average price to $102.14. There was a moderate volume of hogs traded, with packers likely having most of their needs purchased. Pork cutout values increased $0.98. Lower supplies of market-ready hogs, lower weights and strong demand have been working together to support the market. This may not change in the near term.

	BULL SIDE		BEAR SIDE
1)	A bullish Cattle on Feed report will be needed to support the market after the recent bearishness.	1)	Cattle futures made lower highs and lower lows again on Thursday, keeping the market in a bearish grip.
2)	There remains good demand for feeder cattle at auctions as cattle supplies remain lower and prices are expected to rebound at some point.	2)	The exceptional weakness in cash trade this week will not provide support to the market.
3)	Both cash hogs and cutouts remain supported, indicating good demand. Packers may remain aggressive and bid higher to purchase to meet demand.	3)	Hog futures are overbought, and some liquidation could take place ahead of the weekend.
4)	Hog futures traded in a limited range on Thursday, but managed to close near the highs. This keeps the market in an uptrend.	4)	Packers are not expected to be aggressive in the cash market Friday as they have purchased much of what they require. Lower cash trade is expected.

Thursday Closing Livestock Market Update - Traders Push Contracts Higher

GENERAL COMMENTS:

The livestock complex ended the day on a high note as traders poured support into the marketplace through the day's end. Do note that on Friday both the bi-annual Cattle inventory Report is set to be released, and so is the monthly Cattle on Feed report. December corn is up 2 3/4 cents per bushel and December soybean meal is down $1.00. The Dow Jones Industrial Average is down 506.93 points and the NASDAQ is down 553.21 points.

LIVE CATTLE:

It was a refreshing day for the live cattle complex as, though the market's fundamental support remains minimal, the market was able to still close higher thanks to continued trader support. August live cattle closed $2.20 higher at $225.40, October live cattle closed $2.17 higher at $221.37 and December live cattle closed $1.87 higher at $220.67. Some light cash cattle trade has developed thus far this week where dressed cattle are trading at mostly $365 (down $12.00 to $15.00 lower from last week's weighted average and Southern live cattle are trading at mostly $230, which is $7.00 to $8.00 lower than last week's weighted average). Some more cleanup trade could happen on Friday, but the week's price range is likely set. 

Thursday's slaughter is estimated at 108,000 head -- 1,000 head less than a week ago and 9,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.63 ($362.87) and select down $1.82 ($348.75) with a movement of 124 loads (89.03 loads of choice, 9.80 loads of select, 12.37 loads of trim and 13.01 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. At this point the week's prices are likely set and will keep with the week's trend.

FEEDER CATTLE:

The feeder cattle complex rallied through Thursday's end, keeping right in line with the live cattle market's trend. August feeders closed $2.60 higher at $343.77, September feeders closed $3.65 higher at $339.85 and October feeders closed $3.60 lower at $333.45. At Clovis Livestock Auction in Clovis, New Mexico, compared to last week steer calves and heifer calves sold lower, and feeder cattle did as well. Slaughter cows sold $4.00 to $6.00 lower but slaughter bulls traded $2.00 to $4.00 higher. Feeder cattle supply over 600 pounds was 30%. The CME feeder cattle index 7/22/2026: down $2.40, $350.72.

LEAN HOGS:

The lean hog complex ended the day mostly higher -- with all but a few of the spring 2027 contracts closing higher. Thanks to the continued support of both pork cutouts and cash prices -- traders feel confident continuing to push the contracts higher. August lean hogs closed $0.70 higher at $102.15, October lean hogs closed $0.55 higher at $88.90 and December lean hogs closed $0.30 higher at $80.12. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.06 with a weighted average price of $102.14 on 3,225 head. Pork cutouts totaled 338.75 loads with 315.50 loads of pork cuts and 23.25 loads of trim. Pork cutout values: up $0.98, $104.48. Thursday's slaughter is estimated at 479,000 head -- 29,000 head more than a week ago and 17,000 head more than a year ago. The CME lean hog index 7/21/2026: up $0.44, $97.08.

FRIDAY'S HOG CALL: Lower. At this point packers have likely secured the hogs they need for the week.

Thursday Midday Livestock Market Summary - Greater Trader Support Pushes Contracts Higher

GENERAL COMMENTS:

Thursday has been a nice change of pace for the livestock complex as all three of the markets are trading higher into the noon hour. Some light cash cattle trade has developed in Kansas this morning at $230, but otherwise the market is quiet. December corn is up 2 1/4 cents per bushel and December soybean meal is down $0.50. The Dow Jones Industrial Average is down 421.28 points and NASDAQ is down 502.15 points.

LIVE CATTLE:

Thanks to some added support from traders, the live cattle contracts are trading higher into Thursday's noon hour. Yes, it is minimally supportive that midday boxed beef prices are higher too; but with the cash market trading starkly lower, it's difficult to say the market is well supported by fundamentals. August live cattle are up $1.80 at $225.00, October live cattle are up $1.65 at $220.85 and December live cattle are up $220.22. Following Wednesday's light cash cattle trade where Northern dressed cattle were trading for $365 (which is $12 to $15 lower than the previous week's weighted average) there's been some light business develop this morning in Kansas at $230, but otherwise there's yet to be any further developments. Packer interest should continue to develop throughout the day.

Boxed beef prices are higher: choice up $0.72 ($364.22) and select up $2.16 ($352.73) with a movement of 72 loads (48.89 loads of choice, 5.07 loads of select, 8.66 loads of trim and 9.07 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is grateful for the opportunity to trade higher as it gladly follows the live cattle complex higher. August feeders are up $2.62 at $343.80, September feeders are up $3.45 at $339.60 and October feeders are up $3.50 at $333.35. As in the live cattle complex, Thursday's movement seems to be solely a technical decision as demand in the countryside for feeder cattle has been softer this week.

LEAN HOGS:

The lean hog complex is keeping with its current trend as the contracts are trading higher into Thursday's noon hour. August lean hogs are up $0.25 at $101.70, October lean hogs are up $0.25 at $88.60 and December lean hogs are up $0.17 at $80.00. With pork cutout values higher at Thursday's noon hour, it's likely the complex will be able to keep this momentum through Thursday's end. The projected CME Lean Hog Index for 7/22/2026 is up $0.40 at $97.48 and the actual index for 7/21/2026 is up $0.44 at $97.08. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.72 with a weighted average price of $101.76, ranging from $93.00 to $102.50 on 915 head and a five-day rolling average of $100.67. Pork cutouts total 204.77 loads with 189.50 loads of pork cuts and 15.27 loads of trim. Pork cutout values: up $3.22, $106.72.

Thursday Morning Livestock Market Update - Mixed Cattle Futures as Traders Position Ahead of the Report

GENERAL COMMENTS:

The bottom fell out of cattle futures as selling emerged after the bounce on Tuesday. Feeder cattle fell to support set in early June. Continued weakness could trigger further liquidation. Some positioning may surface ahead of the report. Packers have lowered their bids and may hold as they already have some cattle forward purchased. Cash business is not expected to surface until late Friday, with feedlots hoping for some good news from the Cattle on Feed report. However, with the current market trend, it may not make any difference in the short term. Boxed beef prices took a hit on Wednesday with choice down $3.41 and select down $3.66. The Cattle on Feed report will be released on Friday. The average trade estimate is for on-feed numbers as of July 1 at 102.2% with a range of 101.1% to 103.3%. Placements in June at 98.8% with a range of 93.7% to $106.0%. Marketings in June at 97.0% with a range of 94.9% to 98.0%.

Hogs maintained the uptrend with moderate gains in all but the nearby August contract. There has been a significant amount of short-covering as the market fundamentals became positive. Improved demand has resulted in packers being more aggressive in the cash market. The National Daily Direct Afternoon Hog report on Wednesday showed cash up $0.86 on a substantial volume traded. Packers are not expected to be aggressive Thursday as they may have most of their hogs purchased for the week. Pork cutouts did not fare as well, with values declining $1.32. The lean hog index was up $0.48 to 96.64.

	BULL SIDE		BEAR SIDE
1)	Feeder cattle futures are oversold and near support. Short-covering could take place with some bottom-picking possible.	1)	Cash cattle and boxed beef prices continue to weaken, increasing the liquidation of cattle futures.
2)	Some positioning ahead of the Cattle on Feed report could support the market as traders may not want to press the market any lower.	2)	If the estimate for cattle on feed as of July 1 comes to fruition at 102.2%. It would be the highest number for the July report since 2022.
3)	Hog futures are in an uptrend, and demand is good. This may give traders the confidence to purchase for the long term.	3)	Hog futures are overbought and could correct at any time. A bull market needs to continue to be fed.
4)	Weekly hog weights declined 2.9 pounds last week to an average of 283.2 pounds.	4)	Weekly hog weights remain 0.3 pounds above a year ago. This leaves more tonnage available to the market.

Wednesday Closing Livestock Market Update - Cattle Remain Under Pressure While Hogs Rally

GENERAL COMMENTS:

The livestock complex closed in the same manner as it has been trading over the last week, with the cattle contracts continuing to trend lower while the lean hog contracts continue to find minor support. Some light cash cattle trade developed in Iowa, but mostly the market has yet to establish a trend for the week. December corn is up 9 1/2 cents per bushel and December soybean meal is up $5.60. The Dow Jones Industrial Average is down 6.06 points and the NASDAQ is down 146.31 points.

LIVE CATTLE:

The live cattle complex didn't gain any strength throughout the afternoon, and if anything, its position only weakened further as the contracts ended the day $3.00 to $4.00 lower. August live cattle closed $3.47 lower at $223.20, October live cattle closed $4.02 lower at $219.20 and December live cattle closed $4.10 lower at $218.80. Throughout the day, there was a thin movement in Iowa at $232 live and $375 dressed, but not enough cattle have traded to say that any sort of a trend for the week has been established. Bids of $228 live in Kansas and $230 live and $365 dressed were offered throughout the day in Nebraska, but feedlot managers passed on those offers. Asking prices are noted at $375 in Eastern Nebraska, but aren't well established in other regions. 

Wednesday's slaughter is estimated at 95,000 head -- 13,000 head less than a week ago and 20,000 head less than a year ago.

Boxed beef prices closed lower: choice down $3.41 ($363.50) and select down $3.66 ($350.57) with a movement of 116 loads (69.90 loads of choice, 17.43 loads of select, 8.76 loads of trim and 20.39 loads of ground beef).

THURSDAY'S CATTLE CALL: Lower. With the board's weakness, it's most likely that the cash market is going to trade lower too.

FEEDER CATTLE:

As the day traded on through Wednesday's close, the feeder cattle complex continued to drop lower and lower. August feeder cattle closed $8.37 lower at $341.17, September feeder cattle closed $8.77 lower at $336.20 and October feeder cattle closed $9.72 lower at $329.85. It is worth noting that the next support plane in the spot September feeder cattle contract is at $332.50, which hopefully the contract doesn't come in close contact with. At the OKC West Livestock Auction in El Reno, Oklahoma, compared to last week, feeder steers traded $5.00 to $15.00 lower, with instances up to $20.00 lower. And feeder heifers traded $3.00 to $10.00 lower. Steer and heifer calves traded $15.00 to $25.00 lower. Feeder cattle supply over 600 pounds was 74%. The CME feeder cattle index 7/21/2026: up $0.48, $96.64.

LEAN HOGS:

The lean hog complex kept with its rallying beat through Wednesday's afternoon as the market continues to reap the benefits of strong packer interest in the cash market, and plenty of trader support. August lean hogs closed $0.05 lower at $101.45, October lean hogs closed $0.22 higher at $88.35 and December lean hogs closed $0.57 higher at $79.82. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.86 with a weighted average price of $101.08 on 9,945 head. Pork cutouts totaled 304.04 with a movement of 261.96 loads of pork cuts and 42.08 loads of trim. Pork cutout values: down $1.32, $103.50. Wednesday's slaughter is estimated at 479,000 head -- 5,000 head more than a week ago and 8,000 head more than a year ago. The CME lean hog index 7/20/2026: down $3.10, $353.12.

THURSDAY'S HOG CALL: Lower. There's a strong likelihood that packers have secured the vast majority of their needs already in the cash market this week.

Wednesday Midday Livestock Market Summary - Cattle Dip Lower, While Hogs Rally

GENERAL COMMENTS:

Bids are surfacing in the cash cattle market Wednesday, but only a minimal trade has developed thus far in Iowa. It is most likely the week's business will be delayed for at least another day. December corn is up 7 1/2 cents per bushel and December soybean meal is up $6.30. The Dow Jones Industrial Average is up 190.12 points and NASDAQ is down 17.08 points.

LIVE CATTLE:

Knowing later this week both the monthly Cattle on Feed and bi-annual Cattle Inventory report will be shared, traders simply aren't willing to advance the contracts with little to no fundamental support ahead of those big hitting reports being released. August live cattle are down $2.47 at $224.20, October live cattle are down $3.07 at $220.15 and December live cattle are down $3.15 at $219.75. Some light packer interest has been noted in the fed cash cattle market as bids of $228 in Kansas have surfaced, along with bids of $230 live and $365 dressed in Nebraska. A thin movement of cattle has been noted in Iowa at $232 live and $375 dressed, but otherwise the market sits idle as feedlot managers hope demand and prices will improve. By no means has a weekly trend been established yet in the marketplace.

Boxed beef prices are lower: choice down $2.66 ($364.25) and select up $1.68 ($352.55) with a movement of 68 loads (44.35 loads of choice, 11.70 loads of select, zero loads of trim and 12.29 loads of ground beef).

FEEDER CATTLE:

Upon seeing the live cattle contracts trading lower, it came as no surprise to anyone that the feeder cattle contracts moved lower as well. August feeders are down $6.27 at $343.27, September feeders are down $6.72 at $338.25 and October feeders are down $7.57 at $332.00. Unless the live cattle contracts turn higher ahead of Wednesday afternoon's close (which is highly unlikely) it's most likely the feeder cattle contracts will keep with this decline through the session's end.

LEAN HOGS:

Meanwhile, while the cattle complex continues to struggle, the lean hog complex keeps with its own rallying trend as traders are hopeful demand will prevail. August lean hogs are down $0.05 at $101.45, October lean hogs are up $0.32 at $88.45 and December lean hogs are up $0.70 at $79.95. With added support from the cash market, it's likely the complex will keep rallying through Wednesday afternoon.

The projected CME Lean Hog Index for 7/21/2026 is up $0.44 at $97.08 and the actual index for 7/20/2026 is up $0.48 at $96.64. Hog prices are higher on the Daily Direct Morning Hog Report, up $2.91 with a weighted average price of $101.04, ranging from $96.00 to $102.00 on 6,024 head and a five-day rolling average of $100.46. Pork cutouts total 147.59 loads with 128.17 loads of pork cuts and 19.42 loads of trim. Pork cutout values: down $0.31, $104.51.