Friday Closing Livestock Market Update - Cattle Rally

GENERAL COMMENTS:

The livestock complex ended the day mixed, with the cattle contracts rallying energetically through the day's close, while the lean hog complex sank lower due to a lack of consumer support. The cash cattle market saw dressed cattle traded at $350, which is $5.00 to $6.00 higher, but no Southern cattle have traded yet. December corn is down 3 1/2 cents per bushel and December soybean meal is down $4.10. The Dow Jones Industrial Average is up 509.19 points and the NASDAQ is up 251.32 points.

From Friday to Friday, livestock futures scored the following changes: October live cattle up $6.73, December live cattle up $7.50; September feeder cattle up $13.00, October feeder cattle up $12.35; October lean hogs down $0.77.

LIVE CATTLE:

What a week it turned out to be. Spot October and nearby December live cattle contracts successfully closed above the market's 40-day moving average. This is something the October contract hasn't accomplished since early July. Adding to the bullish tone, the limited fed cash cattle market that has been tested has also seen higher prices. October live cattle closed $1.85 higher at $219.67, December live cattle closed $2.62 higher at $222.22 and February live cattle closed $2.85 higher at $224.00. The market has only seen dressed cattle trade in the North so far today, but those cattle have traded at mostly $350, which is $5.00 to $6.00 higher than the previous week's weighted average. Most of the cattle traded today in the North have been committed for delivery on the weeks of 9/21/2026 and 9/28/2026. There have been bids of $224 offered throughout the day in the South, but at this point in time, still no Southern live cattle have traded. 

Friday's slaughter is estimated at 106,000 head -- 9,000 head more than a week ago and 5,000 head more than a year ago. Saturday's slaughter is projected to be around 70,000 head. The week's total slaughter is estimated at 505,000 head, incomparable to both a week ago and a year ago.

Boxed beef prices closed mixed: choice down $2.43 ($375.94) and select up $1.07 ($353.13) with a movement of 104 loads (84.91 loads of choice, 6.57 loads of select, 4.16 loads of trim and 8.20 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Before we can accurately get an understanding of where next week's cash trade may go, we need to see where this week's market trades at. But seeing packers this aggressive in the market indicates that they may not be as secure on supply as one initially thought.

FEEDER CATTLE:

The feeder cattle complex ended the day higher too, feeling robustly supported by the live cattle market's higher trend, the strengthened demand in the countryside and the stronger tone that's stemming early from this week's fed cash cattle market. September feeders closed $5.25 higher at $337.82, October feeders closed $4.95 higher at $332.50 and November feeders closed $5.40 higher at $328.17. At the Oklahoma Weekly Cattle Auction Summary, compared to last week, feeder steers over 750 pounds sold $5.00 to $10.00 higher, while those under 750 pounds traded $5.00 to $7.00 lower. Feeder heifers over 700 pounds sold $10.00 to $15.00 higher, and those under 700 pounds sold $3.00 to $8.00 lower. Steer calves were very uneven. Heifer calves over 500 pounds sold $7.00 to $8.00 higher, and those under 500 pounds sold unevenly. Stocker type of cattle continues to trade lower, as there are limited grazing opportunities, which continues to hinder demand. Slaughter cows sold $2.00 to $7.00 lower. Slaughter bulls sold $4.00 lower. Feeder cattle supply over 600 pounds was 60%. The CME feeder cattle index 9/10/2026: up $2.26, $331.22.

LEAN HOGS:

The lean hog complex was the anticlimactic market for both the day and for the week, as it simply unfolded like this: the lean hog complex desired to trade higher, but without steady and secure demand from consumers, traders weren't willing to pressure the market's resistance. October lean hogs closed $1.62 lower at $81.52, December lean hogs closed $1.65 lower at $72.70 and February lean hogs closed $1.62 lower at $75.20.

Pork cutouts totaled 236.29 loads, with 210.33 loads of pork cuts and 25.96 loads of trim. Pork cutout values: down $2.01, $89.80. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.48 with a weighted average price of $85.38 on 580 head. Friday's slaughter is estimated at 486,000 head -- 77,000 head more than a week ago and 16,000 head more than a year ago. Saturday's slaughter is projected to be around 325,000 head. The CME lean hog index 9/9/2026: down $0.57, $88.22.

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

Friday Midday Livestock Market Update - Feedlot Managers Continue to Hold Out in Hopes of Better Prices

GENERAL COMMENTS:

The livestock complex is once again trading mixed, as the cattle contracts rally on the hope that this week's fed cash cattle market will trade higher, but meanwhile the lean hog contracts are trading lower. Bids are on the table in the cash market, but still no cattle have traded yet. December corn is down 4 cents per bushel and December soybean meal is down $2.20. The Dow Jones Industrial Average is up 525.28 points and NASDAQ is up 309.63 points.

LIVE CATTLE:

The tenacious spirit of feedlot managers in this week's fed cash cattle market has been enough to inspire traders to push the December live cattle contract above its 40-day moving average, and the spot October live cattle contract is currently trading just $0.09 below its 40-day moving average. October live cattle are up $1.65 at $219.47, December live cattle are up $2.32 at $221.92 and February live cattle are up $2.27 at $223.42. Bids are on the table in the fed cash cattle market but still no trade has developed as feedlot managers are hoping that packer demand will increase as time passes by. Currently beings of $224 are noted in the South, and bids of $342 in Western Nebraska and bids of $350 in Eastern Nebraska. Trade could shake out at any time now as packers have yet to secure any inventory in this week's trade. Grab your popcorn folks, this week's trade could be good watching!

Friday's WASDE report came as a grim finding for the beef and cattle markets of 2026. Beef production for 2026 is decreased by 90 million pounds as fed cattle marketings are light and so are cow slaughter speeds. Fed cash cattle prices for the remainder of 2026 and into 2027 are disappointing compared to August's estimates as fed cash cattle prices in the third quarter are now expected to average $230 (down $12.00), steers in the fourth quarter are expected to average $225 (down $20.00), steers in the first quarter of 2027 are expected to average $235 (down $10.00) and steers in the second quarter of 2027 are expected to average $235 (down $15.00). Beef exports for 2026 are increased by two million pounds as exports into Asia markets have increased. But the report specially noted that, "With the expansion of quotas allowing for reduced tariffs on beef through November, imports are raised in 2026 on stronger expected shipments from South America, but the import forecast is unchanged for 2027." Beef imports for 2026 increased by 73 million pounds.

Boxed beef prices are mixed: choice down $2.41 ($375.96) and select up $1.61 ($353.67) with a movement of 69 loads (56.76 loads of choice, 4.26 loads of select, 2.62 loads of trim and 5.04 loads of ground beef).

FEEDER CATTLE:

And upon seeing the eagerness of the live cattle complex, the feeder cattle contracts wasted no time trading higher either. It's been a refreshing week where not only have the feeder cattle contracts traded higher, but the countryside has seen an increase in demand as well which has reinvigorated the market's confidence. September feeders are up $3.40 at $335.97, October feeders are up $3.32 at $330.87 and November feeders re up $3.80 at $326.57.

LEAN HOGS :

The lean hog complex is continuing with it's lower trend in Friday's noon hour as traders simply aren't pleased with the market's lagging support. And while yes, midday pork cutout values may be higher, it's too little of support too late to help. October lean hogs are down $1.07 at $82.07, December lean hogs are down $1.25 at $73.10 and February lean hogs are down $1.25 at $75.57. The projected lean hog index for 9/10/2026 is down $0.85 at $87.94, and the actual index for 9/9/2026 is down $0.57 at $88.22. Hog prices are not available on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 463 head have traded and that the market's five-day rolling average now sits at $87.72. Pork cutouts total 140.62 loads with 126.62 loads of pork cuts and 14.00 loads of trim. Pork cutout values: up $0.30, $92.11.

Friday's WASDE report was a mixed report for the pork and hog markets of 2026. Pork production for 2026 was decreased by 105 million pounds as slaughter speeds have been light, and carcass weights have been lighter than expected as well. Quarterly price projects for 2026 and for the first two quarters of 2027 were increased from last month's estimates. Hogs in the third quarter of 2026 are expected to average $70 (up $1.00), hogs in the fourth quarter of 2026 are expected to average $59 (up $1.00), hogs in the first quarter of 2027 are expected to average $62 (up $1.00) and hogs in the second quarter of 2027 are expected to average $68 (up $1.00). Pork imports for 2026 fell by 10 million pounds, and pork exports for 2026 fell by 65 million pounds.

Friday Morning Livestock Market Update - Mixed Trading Activity Ahead of the Weekend

GENERAL COMMENTS:

Cattle futures found support, keeping the recent uptrend intact. Cash cattle have yet to trade for the week, leaving traders friendly but cautious. Futures may trade mixed as traders seem to have little appetite to remain overly exposed over a weekend as no one knows what news may develop. Feedlots may hold for no less than steady cash, and if it is not received, they will hold cattle over to next week. Cattle numbers are tight, and nothing definite has materialized from the large planned beef imports. Boxed beef prices were lower in both categories. Choice was down $2.40 and select down $0.28.

Hog futures traded within a range of about $1.00 on Thursday, with limited volatility expected Friday. Cash was lower on the National Daily Direct Afternoon Hog report, posting a loss of $0.39. Packers may not be aggressive Friday as they have completed most of their business for the week. Pork cutout values declined $1.82, eliminating Wednesday's gain. Bellies fell $11.79 with ribs down $5.11. The choppiness of cutout values continues to limit upside price potential. Traders need to see more price consistency to provide the confidence to establish long-term positions. The WASDE report Friday will provide USDA's estimates for pork production, pork supply and use and quarterly prices.

	BULL SIDE		BEAR SIDE
1)	Cattle futures maintain the uptrend as cattle supplies remain tight and the market recovers from the recent negativity.	1)	The expectation is for steady cash trade, but if lower prices develop, the market could come under pressure.
2)	Uncertainty around cattle prices and drought in many areas may discourage farmers and ranchers from rebuilding their herds. This will prolong tight cattle supplies.	2)	Boxed beef prices have been choppy and may be an indication of slower beef demand.
3)	Hog futures recovered from the earlier week's decline, with contracts holding a sideways pattern and support.	3)	Hog futures have been unable to move out of the recent sideways pattern, leaving the market vulnerable to renewed selling.
4)	The declining hog weights may indicate packer-owned supplies are being pulled forward due to lower market-ready hog supplies.	4)	Pork cutout values continue to remain choppy, providing little confidence to traders for higher prices.

Thursday Closing Livestock Market Update - Cattle Markets End Higher Thanks to Continued Trader Support

GENERAL COMMENTS:

By Thursday's close, the cattle contracts had successfully kept their higher position, but the lean hog complex ended the day lower. Still no cash cattle trade has developed. December corn is up 6 cents per bushel and December soybean meal is up $5.50. The Dow Jones Industrial Average is down 316.56 points and the NASDAQ is down 171.62 points.

LIVE CATTLE:

The live cattle contracts were pressured throughout the day, and at some points looked as though they might venture lower, but the market was able to sustain its higher position through Thursday's end thanks to traders' support. October live cattle closed $1.97 higher at $217.82, December live cattle closed $1.12 higher at $219.60 and February live cattle closed $0.82 higher at $221.15. The market still remains leery of challenging its 40-day moving average, and until something stronger develops fundamentally, traders will likely continue to dance just below that threshold, although the December live cattle contract did trade higher than that moving average for a little bit today. Still no cash cattle trade has developed, but bids of $340 to $348 were offered in Nebraska. But with packers able to gain more inventory last week, they aren't being as aggressive this week. 

Thursday's slaughter is estimated at 109,000 head -- 4,000 head more than a week ago and 10,000 head less than a year ago.

Boxed beef prices closed lower: choice down $2.40 ($378.37) and select down $0.28 ($352.06) with a movement of 114 loads (66.30 loads of choice, 9.88 loads of select, 18.40 loads of trim and 19.39 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. There's a chance that feedlot managers could hold the market steady as feedlots weren't overly aggressive about jumping at the bids offered on Thursday.

FEEDER CATTLE:

The feeder cattle contracts ended the day higher, feeling well supported by not only the market's stronger buyer demand in the countryside, but also upon seeing the live cattle contracts trading higher. September feeders closed $2.87 higher at $332.57, October feeders closed $1.72 higher at $327.55 and November feeders closed $1.42 higher at $322.77. At the Winter Livestock Auction in Pratt, Kansas, compared to last week, feeder steers weighing 650 to 1,000 pounds sold $15.00 to $30.00 higher. Not enough of a test was had on feeder heifers weighing 650 to 900 pounds for an accurate trend. Not enough steers and heifers under 650 pounds sold for an accurate trend either, but a steady to higher trend was noted. Slaughter cows and bulls sold $2.00 to $4.00 lower. Feeder cattle supply over 600 pounds was 73%. The CME feeder cattle index 9/9/2026: up $1.53, $328.96.

LEAN HOGS:

The lean hog complex continues to chop sideways, unable to break through the market's resistance thanks to a lack of fundamental support. And with pork cutout values lower again today, it's unlikely that traders will break that trend anytime soon. October lean hogs closed $0.07 higher at $83.15, December lean hogs closed $0.25 lower at $74.35 and February lean hogs closed $0.15 lower at $76.82. Pork cutouts totaled 308.85 loads, with 278.28 loads of pork cuts and 30.57 loads of trim. Pork cutout values: down $1.82, $91.81. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.39 with a weighted average price of $86.86 on 3,205 head. Thursday's slaughter is estimated at 493,000 head -- 37,000 head more than a week ago and 5,000 head more than a year ago. The CME lean hog index 9/8/2026: down $0.86, $88.79.

FRIDAY'S HOG CALL: Lower. It's likely that packers have fulfilled the vast majority of their needs already for the week.

Thursday Midday Livestock Market Summary - Weaker Tones Stick With Contracts as Traders Need More Support

GENERAL COMMENTS:

The livestock complex is trading mostly lower into Thursday's noon hour as traders continue to yearn for greater fundamental support. Bids of $340 to $348 are currently being offered in Nebraska, but no cattle have traded yet. December corn is up 5 1/4 cents per bushel and December soybean meal is up $4.70. The Dow Jones Industrial Average is down 297.82 points and NASDAQ is down 143.55 points.

LIVE CATTLE:

It's been another back-and-forth day for the live cattle complex, as traders continue to scratch their heads and ask: How much higher can we push the contracts without risking too much technical position during a time in which the market's fundamental support is minimal? This is why the live cattle contracts have gone back and forth Thursday morning, trading lower and then higher and now as the noon hour approaches, the contracts are back to trading lower. October live cattle are down $0.10 at $215.95, December live cattle are down $0.22 at $218.37 and February live cattle are down $0.65 at $219.80. The fed cash cattle market remains idle with only bids having surfaced so far in Nebraska. Currently, bids of $340 to $348 are on the table in Nebraska, but no cattle have traded yet. Asking prices are noted at $225 in the South, but are not well determined yet for the North. It looks as though the week's trade could be delayed until Friday.

Boxed beef prices are lower: choice down $2.97 ($377.80) and select down $0.69 ($351.65) with a movement of 83 loads (45.85 loads of choice, 8.09 loads of select, 15.43 loads of trim and 13.56 loads of ground beef).

FEEDER CATTLE:

Meanwhile the feeder cattle complex is trading mixed into Thursday's noon hour, as the market was grateful for the added support seen in Wednesday's market by a slight uptick in buyer demand in the countryside. But with the live cattle contracts uneasy, some of the nearby feeder cattle contracts are trading lower too. September feeders are down $0.17 at $329.52, October feeders are down $0.87 at $324.05 and November feeders are down $0.70 at $320.65.

LEAN HOGS :

The lean hog contracts are trading lower as the market simply doesn't see enough fundamental support in the complex to justifiably challenge the market's resistance. October lean hogs are up $0.15 at $83.22, December lean hogs are down $0.37 at $74.22 and February lean hogs are down $0.45 at $76.52. The projected lean hog index for 9/9/2026 is down $0.57 at $88.22 and the actual index for 9/8/2026 is down $0.86 at $88.79. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 670 head have traded and that the market's five-day rolling average now sits at $87.72. Pork cutouts total 178.31 loads with 156.31 loads of pork cuts and 22.00 loads of trim. Pork cutout values: down $2.20, $91.43.

Thursday Morning Livestock Market Update - Futures Should Find Some Strength

GENERAL COMMENTS:

The cattle market showed little fundamental direction. Live cattle could not find solid footing to push futures into positive territory. No cash cattle have traded, giving no indication of packer demand. The consensus is that cash may be steady this week. Boxed beef prices were mixed, with choice up $3.20 and select down $3.05. Mixed boxed beef prices have been common recently, keeping traders cautious. Packers will not be anxious to buy aggressively as it is a holiday-shortened week; they have some cattle purchased ahead and margins have improved.

Hog futures continued their choppiness, but have maintained a slightly higher bias. All contracts closed lower, but the December and later contracts closed near the day's highs. The National Daily Direct Afternoon Hog report showed a gain of $.90 with a weighted average price of $87.25. Pork cutout values increased by $1.81. Hog slaughter remains strong, and hog weights are down. The weekly average was 283.4 pounds, down 2.8 pounds. The lower hog numbers that had been anticipated over some time may now be showing up as packers have been pulling hogs forward to maintain the slaughter pace. This should provide support to the market.

	BULL SIDE		BEAR SIDE
1)	Cash cattle traded is expected to be no worse than steady this week. This should provide support to futures.	1)	Cash cattle may trade steady at best this week as packers may not need to be aggressive due to having cattle purchased ahead.
2)	Feeder cattle futures posted higher highs and higher lows on Wednesday, maintaining the recent uptrend.	2)	Traders remain cautious with the uncertainty over the impact of 300,000 metric tons (mt) of beef imports and what will be the outcome of the attempt to block it.
3)	Weekly hog weights declined 2.8 pounds to average 283.4 pounds. This is 2.9 pounds below a year ago. This is the largest weekly decline seen in some time.	3)	Both cash and cutout prices have difficulty finding consistent support. This may keep the upside price potential limited.
4)	Packers should be aggressive again Thursday, as they may want to take care of most of their hog purchases for the week.	4)	Even though hog weights have declined, packers continue to have sufficient market-ready hogs available.

Wednesday Closing Livestock Market Update - Stronger Feeder Cattle Demand Helps Feeder Cattle Contracts Close Higher

GENERAL COMMENTS:

It was another quiet day for the livestock complex, with an unsettled nature remaining in the live cattle and lean hog markets, but the feeder cattle contracts ended the day stronger thanks to more aggressive demand in the countryside. No cash cattle trade developed throughout the day. December corn is down 5 3/4 cents per bushel and December soybean meal is up $1.60. The Dow Jones Industrial Average is down 365.58 points and the NASDAQ is down 172.42 points.

LIVE CATTLE:

The live cattle complex ended the day mixed, with most of the nearby contracts ending the day lower while the deferred contracts ended the day higher. More than anything, the market simply wasn't willing to trade any higher without continued fundamental support. The fed cash cattle market didn't see any sizeable trade develop, but asking prices are noted at $225 in the South. It's likely that following last week's trade, packers have ample supply committed to them and could be harder to trade with. October live cattle closed $1.17 lower at $215.85, December live cattle closed $0.75 lower at $218.47 and February live cattle closed $0.12 lower at $220.32. 

Wednesday's slaughter is estimated at 109,000 head -- 9,000 head more than a week ago and 10,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $3.20 ($380.77) and select down $3.05 ($352.34) with a movement of 143 loads (71.27 loads of choice, 20.68 loads of select, 31.91 loads of trim and 19.08 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady. It's likely that the market will trade steady at best this week as packers have been able to secure supply in recent weeks.

FEEDER CATTLE:

Although the live cattle contracts closed mostly lower in their nearby months, the feeder cattle contracts were able to end the day higher thanks to traders recognizing the stronger demand in the countryside. September feeders closed $0.82 higher at $329.70, October feeders closed $0.37 higher at $325.82 and November feeders closed $0.90 higher at $321.35. At the Winter Livestock Auction in Dodge City, Kansas, compared to last week, heifers weighing 650 pounds or more sold steady to $3.00 higher. Steers and heifers under 650 pounds sold $20.00 higher. Feeder steers weren't well tested. Feeder cattle supply over 600 pounds was 59%. The CME feeder cattle index 9/8/2026: up $0.45, $327.43.

LEAN HOGS:

The lean hog complex ended the day lower too as traders simply remain on edge about challenging the market's nearby resistance. And while yes, pork cutout values ended the day higher, traders also want to see consistent support before they go up against much more pressure. October lean hogs closed $1.17 lower at $83.07, December lean hogs closed $0.45 lower at $74.60 and February lean hogs closed $0.67 lower at $76.97. Hog prices were higher on the Daily Direct Afternoon Hog Report, up $0.90 with a weighted average price of $87.25 on 5,568 head. Pork cutouts totaled 349.84 loads, with 313.02 loads of pork cuts and 36.82 loads of trim. Pork cutout values: up $1.81, $93.63. Wednesday's slaughter is estimated at 492,000 head -- 16,000 head more than a week ago and 1,000 head more than a year ago. The CME lean hog index 9/4/2026: down $0.89, $89.65.

THURSDAY'S HOG CALL: Steady. It's noteworthy that consumer demand remains strong, which could encourage packers to pay a little more in the cash market.

Wednesday Midday Livestock Market Summary - Weaker Trends Take Over the Cattle Complex as Traders Hope for Greater Support

GENERAL COMMENTS:

The livestock complex is trading mostly lower into midday Wednesday as the market is hoping for greater fundamental support to arise. Asking prices are noted at $225 in the South, but no trade has developed yet. December corn is down 4 1/4 cents per bushel and December soybean meal is down $0.50. The Dow Jones Industrial Average is down 411.14 points and the NASDAQ is down 201.50 points.

LIVE CATTLE:

Although the live cattle contracts started the day off stronger, the market is now trading lower into midday Wednesday as traders aren't confident that any immediate fundamental support is going to develop, and don't feel comfortable moving the market any higher of their own accord. October live cattle are down $1.52 at $215.50, December live cattle closed $1.00 lower at $218.22 and February live cattle closed $0.70 lower at $219.75. The cash cattle market remains quiet heading into Wednesday's noon hour, with no bids having surfaced just yet. Asking prices are noted at $225 in the South but are still not well established in the North. It's likely that trade will be delayed until later in the week.

Boxed beef prices are mixed: choice up $4.61 ($382.18) and select down $0.34 ($355.05) with a movement of 84 loads (39.72 loads of choice, 6.86 loads of select, 25.20 loads of trim and 12.69 loads of ground beef).

FEEDER CATTLE:

And as expected, if the live cattle contracts are trading lower, so are the feeder cattle contracts. September feeders are down $0.72 at $328.12, October feeders are down $0.92 at $324.60 and November feeders are down $0.22 at $320.22. With the market's 40-day moving average looming overhead, it's unlikely that the contracts will trade much higher unless the live cattle complex grows stronger, as that technical resistance currently stands as too much of a barrier for trades to rival.

LEAN HOGS :

The lean hog complex is back to trading lower as traders sit and wait, hoping to see greater support develop. October lean hogs are down $1.60 at $82.65, December lean hogs are down $0.87 at $74.17 and February lean hogs are down $1.00 at $76.65. It is supportive that midday pork cutout values are higher, but traders not only need to see higher prices but also consistency in demand. The projected lean hog index for 9/8/2026 is down $0.86 at $88.79 and the actual index for 9/7/2026 is down $0.89 at $89.65. Hog prices average $87.72 on the Daily Direct Morning Hog Report, ranging from $81.00 to $89.50 on 2,692 head, with a five-day rolling average of 87.57. Pork cutouts total 223.10 loads, with 194.50 loads of pork cuts and 28.60 loads of trim. Pork cutout values: up $2.28, $94.10.

Wednesday Morning Livestock Market Update - Lawmakers Move to Block 90-day Beef Import Plan

GENERAL COMMENTS:

Cattle futures posted a strong day as the market opened stronger and never looked back. The free fall in cash may have subsided, giving traders the confidence to buy into an oversold market. The MACD technical indicator also crossed over, turning higher. Traders following technical indicators may feel more confident that a price retracement could unfold. If cash prices find stability this week, futures will rebound to reduce some of the discount they contain. Boxed beef prices did not provide strong support to the market, with choice up $1.40 and select down $0.48. Lawmakers are moving to block the importation of the large volume of beef over a 90-day period that is intended to reduce beef prices to consumers. If this is successful, futures will see further gains.

Hog futures regained the losses on Friday and then some, closing at the highest level since Aug. 10. The strength did not come from an increase in pork cutout prices, as cutouts declined $1.04. Packers did not release a price change for the National Daily Direct Afternoon Hog report even though cash trading activity was solid. The weighted average price was $86.35. Hog futures are not oversold, rendering the strength on Tuesday likely the anticipation of increasing positive fundamentals over time. However, futures likely will remain choppy as an uptrend develops.

	BULL SIDE		BEAR SIDE
1)	Cattle futures are oversold, and the MACD has crossed over, which may provide confidence for technical traders to buy into the market.	1)	Boxed beef prices have been choppy recently, which may limit what packers are willing to pay for cattle.
2)	If the importation of 300,000 metric tons (mt) of beef is successfully blocked, cattle futures will see further strength.	2)	Cash cattle this week are expected to be no better than steady as packers continue to slaughter fewer animals.
3)	Hog futures regaining what they lost on Friday may indicate the market may have found support.	3)	Hog futures are expected to remain choppy as traders have not had the confidence to establish long-term positions, but rather continue to day trade the market.
4)	Packers should remain aggressive Wednesday as they did not purchase a large volume of hogs on Tuesday.	4)	Pork cutout prices remain choppy, lacking consistent support. This will continue to limit the upside price potential.

Tuesday Closing Livestock Market Update - Traders Push Contracts Higher

GENERAL COMMENTS:

Tuesday ended up being the supportive push that the livestock complex was hoping for. But with traders willing to advance the contracts in hope that fundamental support will develop later this week, all three of the livestock markets ended the day higher. December corn is down 3 1/4 cents per bushel and December soybean meal is down $5.30. The Dow Jones Industrial Average is down 566.84 points and the NASDAQ is down 77.08 points.

LIVE CATTLE:

All in all it was a supportive day for the live cattle complex as the contracts continued to rally, springboarding off of last week's momentum, and hoping that support will continue to build in the upcoming week. October live cattle closed $4.07 higher at $217.02, December live cattle closed $4.50 higher at $219.22 and February live cattle closed $3.87 higher at $220.45. No cash cattle trade was noted throughout the day, and both bids and asking prices remain elusive at this time. But it is assumed that prices will trade steady at best this week. 

Tuesday's slaughter is estimated at 109,000 head -- 3,000 head more than a week ago and 11,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $1.40 ($377.57) and select down $0.48 ($355.39) with a movement of 83 loads (58.48 loads of choice, 17.03 loads of select, zero loads of trim and 7.34 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady. Given that packers have plenty of supply available to them, it's likely that prices will be steady at best this week.

FEEDER CATTLE:

And upon seeing plenty of support from the live cattle complex, trader felt as although it was easy decision to push the feeder cattle contracts higher too. September feeders closed $4.05 higher at $328.87, October feeders closed $5.30 higher at $325.45 and November feeders closed $5.72 higher at $320.45. The market is nearing it's 40-day moving average, which could pose as a technical barrier unless fundamental support is strong enough to surpass that threshold. The CME feeder cattle index 9/7/2026: down $0.60, $326.98.

LEAN HOGS:

The lean hog complex was also able to rally through Tuesday's close, thanks to the continued support of traders. It was disheartening to see pork cutout values close lower, which will need to be stronger later this week if the market is going to continue to trade higher and surpass the resistance threshold at $75.00. October lean hogs closed $1.95 higher at $84.25, December lean hogs closed $2.57 higher at $75.05 and February lean hogs closed $2.42 higher at $77.65. Hog prices on the Daily Direct Afternoon Hog Report averaged $86.35, ranging from $76.00 to $89.50 on 3,840 head. Pork cutouts total 264.38 loads with 240.21 loads of pork cuts and 24.18 loads of trim. Pork cutout values: down $1.09, $91.77. Tuesday's slaughter is estimated at 483,000 head -- 11,000 head more than a week ago and steady with a year ago. The CME lean hog index 9/3/2026: down $0.54, $90.54.

WEDNESDAY'S HOG CALL: Steady to somewhat higher. Packers weren't very aggressive in Tuesday's market which likely means that they'll need to participate more in Wednesday's market.

Tuesday Midday Livestock Market Summary - Stronger Tones Start the Livestock Complex Off

GENERAL COMMENTS:

The livestock complex is trading fully higher into the noon hour of Sept. 8, as traders are willingly pushing the contracts higher to start the week off. No cash cattle trade has developed yet and both bids and asking prices remain elusive at this point. December corn is down 3 1/2 cents per bushel and December soybean meal is down $5.40. The Dow Jones Industrial Average is down 587.47 points and NASDAQ is down 55.83 points.

LIVE CATTLE:

The live cattle complex is charging higher into the noon hour of Sept. 8 as the market is hopeful for greater fundamental support this week. Luckily traders are willing to support the upward trend right now, but if fundamental support doesn't arise later this week – the effort could fall flat. October live cattle are up $2.92 at $215.87, December live cattle are up $3.20 at $217.95 and February live cattle are up $2.75 at $219.32. No cash cattle trade has developed yet, and it's likely that trade will be delayed until later in the week. No bids or asking prices are currently noted.

Last week Northern dressed cattle traded at mostly $344 to $345 which is steady to $1.00 lower than last week's weighted average, but Southern live cattle traded anywhere from $219 to $223, but mostly at $222 to $223 which is steady to $1.00 higher than the previous week's weighted average.

Boxed beef prices are higher: choice up $1.30 ($377.47) and select up $1.07 ($356.94) with a movement of 37 loads (27.60 loads of choice, 6.21 loads of select, zero loads of trim and 2.91 loads of ground beef).

FEEDER CATTLE:

And upon seeing the live cattle contracts trading higher – the feeder cattle complex wasn't going to waste any time missing out on the action. September feeders are up $2.82 at $327.65, October feeders are up $4.14 at $324.40 and November feeders are up $4.57 at $319.30. The spot October feeder cattle contract is close to reaching it's 40-day moving average, which could pose as a resistance barrier.

LEAN HOGS :

The lean hog complex has rallied into the noon hour Sept. 8 as well, hoping that the robust fundamental support in which the market is currently seeing from consumers will remain strong and carry through the rest of the week. If that is indeed the case, there's a chance that traders may be able to break through the resistance threshold which limited the market just last week. The biggest reason why the carcass price is over $7.00 higher this morning is because of the $24.80 jump in the belly. October lean hogs are up $1.60 at $83.90, December lean hogs are up $2.35 at $74.82 and February lean hogs are up $2.07 at $77.27. The projected lean hog index for 9/7/2026 is down $0.89 at $89.65 and the actual index for 9/3/2026 is down $0.54 at $90.54. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 25 head have traded this morning and that the market's five-day rolling average now sits at $89.35. Pork cutouts totaled 120.77 loads with 107.37 loads of pork cuts and 13.41 loads of trim. Pork cutout values: up $7.31, $100.17.

Tuesday Morning Livestock Market Update - A Cautious Start to the Week

GENERAL COMMENTS:

Cattle contracts closed lower on Friday as traders may have positioned themselves ahead of a longer weekend. It seems that you can never tell what news will develop from one day to the next, much less over an extended weekend. Contracts held support but didn't give traders much to get excited about. Cash cattle may finally have reached a level that packers need to maintain, as Southern dressed cattle averaged about $2.00 lower. Some cash sales actually took place $1.00 higher. Northern dressed cattle averaged $1.00 lower. Boxed beef prices were mixed, with choice down $0.73 and select up $5.15. The Commitment of Traders report showed fund traders as net sellers of 10,878 live cattle contracts, reducing their long position to 48,851. They were net sellers of 450 contracts in feeder cattle, reducing their net-long position to 8,436 contracts.

Hog futures had a tough day, posting triple-digit losses in the end and eliminating much of the gains for the week. Hog futures continue to struggle to find solid support. Both cash and cutouts continue to remain variable. The National Daily Direct Afternoon Hog report showed limited volume, resulting in the packer not releasing any prices due to the light trade. Pork cutout values gained $1.74 to $92.86. Packers may be aggressive Tuesday as it is a shorter week, and they may step up early to procure the hogs they need for the week. The Commitment of Traders report showed the fund traders as net buyers of 1,407 contracts, reducing their net-short position to 34,691.

	BULL SIDE		BEAR SIDE
1)	It seems the weakness of cash cattle may be subsiding, with the possibility of finding support.	1)	A break below support could trigger significant selling in cattle futures.
2)	Cattle futures have been holding support over the past 1 1/2 weeks as the bearish news seems to have been factored into the market.	2)	The variability in the boxed beef prices may keep packers from bidding higher in the cash market. They intend to preserve their margins.
3)	The extended weekend may have influenced the market negatively as traders liquidated some long positions.	3)	The price weakness in hog futures on Friday may be difficult to regain with traders remaining cautious over cash and cutouts this week.
4)	Traders may be unwilling to push the market much lower as much of the bearishness of the market has been factored in.	4)	The demand for pork is lacking, and sufficient hogs remain available for slaughter. This is not a supportive combination.

Friday Closing Livestock Market Update - Weaker Tones Keep With the Complex

GENERAL COMMENTS:

All in all, it was a lackadaisical Friday where little developed in the livestock complex aside from a little more cleanup trade in the South. More than anything, traders simply let the contracts drift lower through the day's end, hoping that better support will develop next week. December corn is down 4 cents per bushel and December soybean meal is down $0.40. The Dow Jones Industrial Average is down 322.93 points and the NASDAQ is down 92.65 points.

From Friday to Friday, livestock futures scored the following changes: October live cattle down $6.30, December live cattle up $1.00; September feeder cattle up $3.93, October feeder cattle up $3.63; October lean hogs up $0.40; September corn steady, December corn steady.

**The CME futures market will be closed on Monday, Sept. 7. Regular DTN commentary will resume on Tuesday, Sept. 8.**

LIVE CATTLE:

The livestock complex ended the day mostly lower, although a few of the furthest deferred contracts were able to keep their mildly higher position. October live cattle closed $1.35 lower at $212.95, December live cattle closed $1.40 lower at $214.72 and February live cattle closed $1.15 lower at $216.57. This week's fed cash cattle trade was better than I originally assumed it was going to be, as all in all, prices traded steady. In the North, dressed cash cattle prices were marked at $344 to $345, which is steady to $1.00 lower than the previous week's weighted average, but Southern live cattle prices had a wide range of $219 to $223, which is $3.00 lower to $1.00 higher. It will be imperative to see where USDA reports come out on the exact weighted average for the week.

Friday's slaughter is estimated at 97,000 head -- 6,000 head less than a week ago and 22,000 head less than a year ago. Saturday's slaughter is projected to be around 17,000 head. The week's total slaughter is estimated at 526,000 head -- 16,000 head less than a week ago and incomparable to a year ago.

Boxed beef prices closed mixed: choice down $0.73 ($376.17) and select up $5.15 ($355.87) with a movement of 94 loads (60.50 loads of choice, 9.22 loads of select, 11.37 loads of trim and 13.21 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady-somewhat lower. This week's trade was able to come out mostly steady, but with growing showlists, feedlots will be pressured by packers to sell cattle cheaper.

FEEDER CATTLE:

The feeder cattle complex ended the day mixed as traders simply didn't find enough immediate support in the market to keep the nearby contracts higher, but the deferred contracts were still able to keep their slightly higher position through the day's end. September feeders closed $1.02 lower at $324.82, October feeders closed $0.95 lower at $320.15 and November feeders closed $0.57 lower at $314.72. The Oklahoma Weekly Cattle Auction Summary shared that, compared to a week ago, feeder steers and heifers traded $5.00 to $10.00 lower. Steer and heifer calves sold $5.00 to $10.00 lower. Slaughter cows traded $3.00 to $8.00 weaker, and lean cows sold $13.00 lower. Slaughter bulls traded mostly $8.00 lower. Feeder cattle supply over 600 pounds was 58%. The CME feeder cattle index 9/3/2026: up $0.53, $328.80.

LEAN HOGS:

Without stronger fundamental support, especially in the form of greater consumer demand, the lean hog contracts ended the day lower. October lean hogs closed $1.15 lower at $82.30, December lean hogs closed $1.45 lower at $72.47 and February lean hogs closed $1.37 lower at $75.22. Hog prices weren't available on the Daily Direct Afternoon Hog Report because of confidentiality. However, we were able to see that only 593 head traded and that the market's five-day rolling average now sits at $90.15. Pork cutouts totaled 240.43 loads, with 225.57 loads of pork cuts and 14.86 loads of trim. Pork cutout values: down $1.74, $92.86. Friday's slaughter is estimated at 424,000 head -- 23,000 head less than a week ago and 47,000 head less than a year ago. Saturday's slaughter is projected to be around 19,000 head. The CME lean hog index 9/2/2026: down $0.23, $91.08.

TUESDAY'S HOG CALL: Lower. Packers rarely support the cash market aggressively early in the week.

Friday Midday Livestock Market Summary - Weaker Tones Find the Complex

GENERAL COMMENTS:

The livestock complex is trading fully lower into midday Friday as the market longs for more consistent fundamental support. Bids are on the table in Nebraska and Kansas, but no new cash cattle trade has developed. December corn is down 4 1/2 cents per bushel and December soybean meal is down $1.50. The Dow Jones Industrial Average is down 278.93 points and the NASDAQ is down 97.86 points.

LIVE CATTLE:

All in all, it's been a quiet, lower-trending day for the live cattle complex as there's yet to be any more cash cattle trade develop and the futures contracts are back to trading lower. October live cattle are down $1.25 at $213.05, December live cattle are down $1.12 at $215.00 and February live cattle are down $1.12 at $216.60. The cash cattle market remains rather uneventful thus far through Friday's trade, as the only developments today are some bids in Kansas at $220 and in Nebraska at $218. Otherwise, no new cash cattle trade has developed. So far this week Southern live cattle have traded at mostly $219 live ($3.00 lower than last week's weighted average and Northern dressed cattle have traded at mostly $344 to $345 (steady to $1.00 lower than last week's weighted average).

Boxed beef prices are mixed: choice down $1.87 ($375.03) and select up $3.51 ($354.23) with a movement of 69 loads (50.53 loads of choice, 6.29 loads of select, 8.35 loads of trim and 3.34 loads of ground beef).

FEEDER CATTLE:

And like normal, if the live cattle complex is trading lower, in this current market environment, you can almost bet on the fact that the feeder cattle contracts are trading lower, and today they are. September feeders are down $2.52 at $323.32, October feeders are down $1.95 at $319.15 and November feeders are down $1.65 at $313.65. Although the board was supportive on Thursday, feeder cattle prices held mostly steady with the week's trend in the countryside.

LEAN HOGS:

The lean hog complex is back to trading lower, as the market is waving its white flag, seeming to say, "there's not enough stable support in the complex right now to justify taking the risk and challenging the market's resistance threshold." With that, the lean hog contracts are trading fully lower into Friday's noon hour. October lean hogs are down $1.07 at $82.37, December lean hogs are down $1.47 at $72.45 and February lean hogs are down $1.45 at $75.15. The projected lean hog index for 9/3/2026 is down $0.54 at $90.54, and the actual index for 9/2/2026 is up $0.23 at $91.08. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that there have been only 593 head traded and that the market's five-day rolling average now sits at $89.38. Pork cutouts total 148.31 loads, with 140.11 loads of pork cuts and 8.21 loads of trim. Pork cutout values: up $0.14, $91.26.

Friday Morning Livestock Market Update - Pork Bellies Plummet Lower

GENERAL COMMENTS:

Cattle had a great trading session on Thursday, bringing a little life back to a dreadful market as of late. Live cattle led the way with most contracts trading $2 to $4 higher on the day. Feeder cattle followed along with most contracts over $6 higher.

Hogs had a rough day Thursday with most futures contracts trading 30 to 40 cents lower on the day. Pork cutouts were down $4.50 at $91.12 but the major shock was a huge decline in pork bellies. Pork bellies were down $32.13 -- one of the biggest drops we've seen. Slaughter numbers were down Thursday.

	BULL SIDE		BEAR SIDE
1)	If beef product labeling is announced this week as U.S. Agriculture Secretary Rollins suggested, the market is hoping for country of origin to be on the label, giving way for consumers to demand American products.	1)	The news cycle has the greatest risk for the cattle markets. The government is trying everything they can to reduce the cost of beef in the grocery store but also regain some herd size. Both goals are difficult to use policy or government intervention to accomplish each at the same time.
2)	Momentum from a futures bounce could help with a technical rally after a disappointing last couple of weeks in the cattle complex.	2)	Sale barn values of feeder cattle are still lower in most locations except for lighter-weight cattle.
3)	Slaughter numbers on hogs were down by 19,000 head week-over-week and 20,000 head year-over-year. A lower day of slaughter could limit pork to hit the market, giving way to a small demand rally.	3)	A break in pork cutout values as well as hog index prices does not bode well for continued futures strength.
4)	Labor Day weekend can bring some end of the summer grilling to help both pork and beef prices.	4)	From a technical perspective, hogs have some resistance to break through on the chart to continue higher. Fundamentally it is going to be difficult to do so with lower cutout values.

Thursday Closing Livestock Market Update - Cattle Rally Aggressively Thanks to Trader Support

GENERAL COMMENTS:

The livestock complex ended the day mixed, with the cattle contracts sharply higher, but the lean hog contracts lower again as consumer demand isn't shaping up as traders hoped it would. Bids of $219 to $220 were offered throughout the day in Kansas, but no sales were noted. October lean hogs are down $0.33 at $83.45, December corn is down 2 3/4 cents per bushel and December soybean meal is up $5.90. The Dow Jones Industrial Average is up 624.16 points and the NASDAQ is up 366.23 points.

LIVE CATTLE:

It was a rather impressive and unexpected day for the live cattle complex, as the contracts were granted ample technical support from traders, which allowed the contracts to end the day $2.00 to $4.00 higher. And it wasn't because of a surplus of fundamental support, but rather as a helpful push from traders who were willing to help the contracts mildly correct after having been pressured immensely over the last two months. October live cattle closed $4.12 higher at $214.30, December live cattle closed $4.10 higher at $216.12 and February live cattle closed $3.72 higher at $217.72. Throughout the day, bids of $219 to eventually $220 were offered in the South, but no new sales were noted. With feedlot managers seeing the board's rally today, they're hopeful to keep prices as close to steady as possible. There was some trade noted earlier in the week at $219 live ($3.00 lower than last week's weighted average) in the South and $344 to $345 in the North (steady to $1.00 lower than last week's weighted average). 

Thursday's slaughter is estimated at 105,000 head -- steady with a week ago and 16,000 head less than a year ago.

Boxed beef prices closed lower: choice down $1.88 ($376.90) and select down $2.86 ($350.72) with a movement of 117 loads (87.24 loads of choice, 13.93 loads of select, zero loads of trim and 15.99 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady to $1.00 lower. Given the market's current trend, it is likely that prices will keep with what's already been seen this week.

FEEDER CATTLE:

Upon traders seeing a bullish effort being pushed in the live cattle complex, they were more than willing to give the green light to the feeder cattle contracts to trade higher as well, and given that the contracts closed mostly $6.00 higher, today's rally was no small feat. September feeders closed $6.87 higher at $325.85, October feeders closed $6.72 higher at $321.10 and November feeders closed $6.95 higher at $315.30. At the Winter Livestock Auction in Pratt, Kansas, compared to last week, feeder steers weighing 600 to 900 pounds traded $4.00 to $12.00 lower; however, steers weighing 725 to 750 pounds sold close to steady. Steers under 600 pounds traded $6.00 to $10.00 higher. Not enough heifers under 425 pounds to 925 pounds traded for an accurate market test, but a lower trend was noted. Demand was called moderate, but for steers under 600 pounds, demand was strong. Slaughter cows and bulls sold steady to $3.00 lower. Feeder cattle supply over 600 pounds was 54%. The CME feeder cattle index 9/2/2026: down $0.91.

LEAN HOGS:

Without stronger consumer support, again today the lean hog complex closed lower. October lean hogs closed $0.32 lower at $83.45, December lean hogs closed $0.40 lower at $73.92 and February lean hogs closed $0.27 lower at $76.60. And until there's enough fundamental support available in the market, it's unlikely that traders will challenge the current resistance. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.49 with a weighted average price of $88.03 on 3,185 head. Pork cutouts totaled 189.72 loads, with 174.45 loads of pork cuts and 15.28 loads of trim. Pork cutout values: down $4.50, $91.12. Thursday's slaughter is estimated at 467,000 head -- 19,000 head less than a week ago and 20,000 head less than a year ago. The CME lean hog index 9/1/2026: up $0.27, $90.85.

FRIDAY'S HOG CALL: Lower. With pork cutout values lower, it's likely that cash prices will be lower on Friday too.

Thursday Midday Livestock Market Summary - Cattle Jump Higher

GENERAL COMMENTS:

It's another mixed day for the livestock complex as the cattle contracts are trading higher, but the lean hog contracts are back to trading lower. A single bid of $219 is being offered in Kansas, but no new trade has developed following Wednesday's light business. December corn is down 2 1/2 cents per bushel and December soybean meal is up $5.80. The Dow Jones Industrial Average is up 599.87 points and the NASDAQ is up 330.31 points.

Thursday's export report shared that beef net sales of 12,900 mt for 2026 were up 41% from the previous week, but down 2% from the prior 4-week average. The three largest buyers were South Korea (4,700 mt), Hong Kong (1,700 mt) and Japan (1,600 mt). Pork net sales of 35,000 mt for 2026 were down 10% from the previous week but up 8% from the prior 4-week average. The three largest buyers were Mexico (17,800 mt), China (5,900 mt) and Japan (2,700 mt).

LIVE CATTLE:

The live cattle contracts are pushing a bullish rally into Thursday's noon hour as the market is currently trading anywhere from $3.00 to $4.00 higher. It's tough to pinpoint where the market's explosive burst of support is stemming from as boxed beef prices are lower this morning, but it is encouraging that of the light cash cattle trade that we've seen in the North, prices were at least steady with last week's weighted average. October live cattle are up $4.37 at $214.52, December live cattle are up $4.52 at $216.55 and February live cattle are up $4.35 at $218.35. The cash cattle market remains quiet at Thursday's noon hour, with a bid of $219 currently on the table in Kansas, but otherwise no developments have surfaced. There was some light trade noted on Wednesday at $345 in the North, which is steady with last week's weighted average, but no other trade has been noted. The futures market is trading notably higher, which could potentially help feedlot managers hold this week's trade steady.

Boxed beef prices are lower: choice down $1.48 ($377.30) and select down $2.58 ($351.00) with a movement of 72 loads (54.35 loads of choice, 6.38 loads of select, zero loads of trim and 11.42 loads of ground beef).

FEEDER CATTLE:

Upon seeing the live cattle contracts trading notably higher, the feeder cattle contracts have elected to charge onward as well, as they're currently trading anywhere from $5.00 to $7.00 higher. Hopefully today's higher push will help feeder cattle sales in the countryside. September feeders are up $6.60 at $325.57, October feeders are up $7.10 at $321.55 and November feeders are up $7.85 at $316.20.

LEAN HOGS :

Unfortunately the bullish push that's helping drive the cattle contracts higher hasn't trickled over into the lean hog complex as its market is now trading lower. More than anything it's likely that the market's resistance is holding the lean hog complex from trading any higher as traders desire to see greater fundamental support before tackling that big of a technical barrier. October lean hogs are down $0.50 at $83.27, December lean hogs are down $0.52 at $73.80 and February lean hogs are down $0.42 at $76.45. The projected lean hog index for 9/2/2026 is up $0.23 at $91.08 and the actual index for 9/1/2026 is up $0.27 at $90.85. Hog prices closed $3.30 lower at $87.09, ranging from $85.00 to $89.00 on 844 head and a five-day rolling average of $89.44. Pork cutouts total 113.05 loads with 105.63 loads of pork cuts and 7.42 loads of trim. Pork cutout values: down $2.77, $92.85.

Thursday Morning Livestock Market Update - Beef Labeling Announcement Coming

GENERAL COMMENTS:

Feeder cattle approached nine-month lows on Wednesday with pressure hitting the cattle market from all sides. Mexican cattle are coming into the country after a long border shutdown. Beef is being imported as fast as it can to take advantage of the 90-day tariff relief. On top of this influx of product entering the United States, we also are seeing announcements from the government hitting the news nearly every day. Rollins suggested a beef labeling announcement should be made by the end of this week, as well as reports of Congress considering a government loan program to assist with herd retention. Earlier this week, we heard of a heifer retention program to be rolled out with no details found anywhere at this time. USDA will also be rolling out some new technology for data reporting coming soon. All of these factors play a part in the beef industry; unfortunately, the market isn't sure what direction we should go from here.

Hogs traded higher in the front month on Wednesday despite lower pork cutout prices. The Daily Direct Hog Prices dropped, setting a bearish tone for Thursday's trade. Packers most likely have needs met for the week.

	BULL SIDE		BEAR SIDE
1)	Beef product labeling could help consumers feel safe purchasing products if it includes country-of-origin labeling. While we do not know the pending announcement at this time, it would be seen as a win by most producers.	1)	The news cycle has the greatest risk for the cattle markets. The government is trying everything they can to reduce the cost of beef in the grocery store but also regain some herd size. Both goals are difficult to use policy or government intervention to accomplish each at the same time.
2)	Midweek reports from sale barns suggest some meaningful strengthening of feeder cattle prices.	2)	Mexican live cattle crossing the border and foreign beef imports are adding product at an unknown rate this week.
3)	If futures strength can continue to trade higher due to technical strength, it could help the cash market.	3)	A break in pork cutout values as well as hog index prices does not bode well for continued futures strength.
4)	Labor Day weekend can bring some end of the summer grilling to help both pork and beef prices.	4)	Packers have most likely purchased their needs at this time from the cash market.

Wednesday Closing Livestock Market Update - Cautious Tones Continue to Dominate

GENERAL COMMENTS:

The livestock complex ended the day mixed, with most of the cattle contracts closing lower, but the lean hog complex ended the day higher. Some light cash cattle trade developed at $345 dressed in the North, but no Southern sales were noted. December corn is down 2 1/2 cents per bushel and December soybean meal is down $3.00. The Dow Jones Industrial Average is up 295.07 points and the NASDAQ is up 118.06 points.

LIVE CATTLE:

It was another disheartening day for the live cattle complex. Some dressed cattle sold at mostly steady prices in the North throughout the day. However, the futures market was reluctant to count that as enough fundamental support. As a result, contracts were still pushed lower through the day's end. October live cattle closed $1.90 lower at $210.17, December live cattle closed $1.35 lower at $212.02 and February live cattle closed $0.92 lower at $214.00. Some light cash cattle trade was noted in parts of Nebraska and Iowa at $345, which is steady with last week's weighted average. Bids of $219 were offered throughout the afternoon in Kansas, but no Southern trade was noted. Unfortunately, traders are likely going to keep the market chopping sideways, as there are bigger underlying issues negatively impacting the market right now: the knowledge that fed cattle supplies are going to increase through the fourth quarter, and the utter lack of confidence and stability in the greater cattle complex. 

Wednesday's slaughter is estimated at 100,000 head -- 5,000 head less than a week ago and 17,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.97 ($378.78) and select down $6.87 ($353.58) with a movement of 95 loads (56.05 loads of choice, 11.67 loads of select, 6.65 loads of trim and 20.20 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady. Given that the market has seen a moderate test at steady prices, there's a chance that Southern trade may follow suit and do the same.

FEEDER CATTLE:

Although feeder cattle demand was slightly stronger this afternoon, that wasn't enough support to allow the nearby feeder cattle contracts to close higher. The deferred contracts were able to keep their contracts mildly higher through the day's end, but the nearby contracts weren't willing to move the contracts in the opposite direction of the live cattle contracts. September feeders closed $1.37 lower at $318.97, October feeders closed $1.02 lower at $314.37 and November feeders closed $0.17 lower at $308.35. At the Hub City Livestock Auction in Aberdeen, South Dakota, compared to last week, the best test was on steers weighing 950 to 999 pounds and those weighing 1,050 to 1,099 pounds, which traded $2.00 to $3.00 higher. The best test on heifers was on those weighing 900 to 949 pounds, which traded $4.00 higher. Feeder cattle supply over 600 pounds was 100%. The CME feeder cattle index 9/1/2025: up $0.04, $329.18.

LEAN HOGS:

Even though afternoon pork cutout values closed lower, the lean hog contracts were still able to end the day higher. October lean hogs closed $0.12 higher at $83.77, December lean hogs closed $0.32 higher at $74.32 and February lean hogs closed $0.60 higher at $76.87. Pork cutouts totaled 227.52 loads, with 198.86 loads of pork cuts and 28.67 loads of trim. Pork cutout values: down $2.28, $95.62. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.11 with a weighted average price of $89.52 on 4,280 head. Wednesday's slaughter is estimated at 476,000 head -- steady with a week ago and 13,000 head less than a year ago. The CME lean hog index 8/31/2026: down $0.28, $90.58.

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

Wednesday Midday Livestock Market Summary - Early Dressed Sales are Noted at $345

GENERAL COMMENTS:

The livestock complex is trading mixed into Wednesday's noon hour as fundamental support remains in question. Some light cash cattle trade has been noted in parts of Nebraska and Iowa at $345. December corn is up 1 cent per bushel and December soybean meal is up $0.10. The Dow Jones Industrial Average is up 252.65 points and NASDAQ is up 136.15 points.

LIVE CATTLE:

The live cattle complex has traded back and forth throughout this morning's trade but is now trading fully lower into Wednesday's noon hour as the market lacks confidence and enough fundamental support to turn the market's direction around. October live cattle are down $1.57 at $210.50, December live cattle are down $1.02 at $212.35 and February live cattle are down $0.72 at $214.20. Starting this morning, some light cash cattle trade has developed in Iowa and Nebraska at mostly $345, which is steady with last week's weighted average. There's yet to be any trade in the South, but the North has kicked the week off selling cattle at steady prices which is better than what I assumed the week's trend may be. It is worth noting that most of the cattle that have sold this morning have been committed for delivery for the week of September 14th.

Boxed beef prices are mixed: choice up $2.30 ($382.05) and select down $2.81 ($357.64) with a movement of 53 loads (30.82 loads of choice, 6.44 loads of select, 3.26 loads of trim and 12.94 loads of ground beef.)

FEEDER CATTLE:

The feeder cattle complex, on the other hand, is trading mixed as its nearby contracts have continued to follow the live cattle contracts and are trading lower, but the market's deferred contracts are trading higher. September feeders are down $0.70 at $319.65, October feeders are down $0.15 at $315.27 and November feeders are up $0.55 at $309.10. If the fed cash cattle market can hold its trend steady this week -- there may be a chance that feeder cattle prices find a little support as well, but time will tell.

LEAN HOGS :

The lean hog complex is trading mostly higher into Wednesday's noon hour as traders hope that fundamental support will strengthen and allow the contracts to maintain their elevated position. But if pork demand doesn't see constant, steady and stable support from consumers, it's unlikely that traders will push the contracts above the market's current resistance plane at $84 in the spot October contract. October lean hogs are steady at $83.60, December lean hogs are up $0.10 at $74.10 and February lean hogs are up $0.27 at $76.55. The projected lean hog index for 9/1/2026 is up $0.27 at $90.85, and the actual index for 8/31/2026 is down $0.29 at $90.58. Hog prices are higher on the Daily Direct Morning Hog report, up $0.75 with a weighted average price of $90.39, ranging from $84.00 to $96.00 on 1,840 head and a five-day rolling average of $89.67. Pork cutouts total 147.66 loads with 131.36 loads of pork cuts and 16.29 loads of trim. Pork cutout values: down $1.79, $96.11.

Wednesday Morning Livestock Market Update - Feed Costs Are More Than Concerning

GENERAL COMMENTS:

September was the start of the new initiative to import foreign ground beef at discounted rates for the American consumer. The impact of up to 300,000 metric tons hitting our market is still yet to be seen, but the initial shock and selloff seem to have worn off now that September is here. Mexican cattle are now slowly crossing the border, which has also weighed on the market, as we've seen with the weakness in the cash trade. The biggest concern in the market Wednesday is the sharp spike in the cost of feed. Soybean meal and corn have taken off like a rocket, giving way for concern over ration mixes and costs.

Hog futures were mixed Tuesday with deferred months higher than the nearby. The short rally we saw to end August is hitting some headwinds as we kick off September. Slaughter numbers are steady and cash values are higher, but futures need a little boost to continue any upward momentum.

	BULL SIDE		BEAR SIDE
1)	Feed costs will limit finish weights, lowering the overall pounds of product on the market with already tiny herd sizes.	1)	Government programs are being announced with little to no details, such as the heifer retention program U.S. Agriculture Secretary Rollins alluded to Monday. They serve to grow the cattle herd or at least suppress prices with short-term fear.
2)	Cattle futures appear like they have found support regardless of the endless amount of bearish news hitting headlines.	2)	The Mexican border has been open since late August, with more ports expected to open soon, allowing more cattle into the country.
3)	Pork cutout values are bringing strength to futures.	3)	Futures excitement in hogs seem to be short lived despite supportive pork cutout values. Futures still want the market to prove a need for a rally.
4)	Cash values for hogs continue to firm.	4)	The Lean Hog Index was lower at the end of last week.

Tuesday Closing Livestock Market Update - Traders Remain Cautious About Being Overly Supportive

GENERAL COMMENTS:

All in all it was a quiet day throughout the livestock complex with not much developing to push the contracts one way or another. No cash cattle trade developed throughout the day, but asking prices are noted at $225 in the South. December corn is up 8 1/4 cents per bushel and December soybean meal is up $7.30. The Dow Jones Industrial Average is down 419.02 points and NASDAQ is down 271.12 points.

LIVE CATTLE:

Throughout the day the live cattle complex traded lower as the market simply didn't have enough support available to it to safely and confidently trade higher. October live cattle closed $0.60 lower at $212.07, December live cattle closed $1.20 lower at $213.37 and February live cattle closed $1.55 lower at $214.92. No cash cattle trade developed throughout the day, but asking prices were noted in the South at $225. It's likely that trade will be delayed until later in the week and given that packers have secured inventory in recent weeks, it's likely that prices will be steady at absolute best. 

Tuesday's slaughter is estimated at 106,000 head -- 1,000 head less than a week ago and 16,000 head less than a year ago.

Boxed beef prices closed higher: choice up $3.93 ($379.75) and select up $1.96 ($360.45) with a movement of 110 loads (78.57 loads of choice, 9.08 loads of select, 10.81 loads of trim and 11.07 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Lower. With packers sitting on plenty of inventory and supplies growing by the week, it's likely that prices will be lower again this week.

FEEDER CATTLE:

The feeder cattle complex also ended the day lower as traders didn't feel comfortable with the amount of support available in the complex and surely weren't going to advance the feeder cattle contracts when the live cattle contracts were trading lower. September feeders closed $1.10 lower at $320.35; October feeders closed $1.62 lower at $315.40 and November feeders closed $1.90 lower at $308.52. At OKC West Livestock Auction in El Reno, Oklahoma compared to last week and at their midsession point, steer calves over 500 pounds traded $5.00 to $10.00 higher, but under 500 pounds traded steady. Heifer calves weren't well comparable to last week's test, but a firm undertone was noted. Feeder cattle supply over 600 pounds was 21%. The CME feeder cattle index 8/31/2026: down $0.17, $329.14.

LEAN HOGS:

The lean hog contracts ended the day mixed with the market's nearby contracts still closing lower, while the deferred months managed to close slightly higher. More than anything it's the market's technical resistance that's become a barrier, and if trades are going to surpass that level, they'll need to see continued fundamental support. Thankfully pork cutout values did end the day higher, but traders still want more support. October lean hogs closed $0.02 lower at $83.65, December lean hogs closed $0.15 lower at $74.00 and February lean hogs closed $0.25 lower at $76.27. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.90 with a weighted average price of $91.63 on 8,385 head. Pork cutouts total 269.34 loads with 235.38 loads of pork cuts and 33.96 loads of trim. Pork cutout values: up $0.23, $97.90. Tuesday's slaughter is estimated at 472,000 head -- 2,000 head more than a week ago and 11,000 head less than a year ago. The CME lean hog index 8/28/2026: down $0.66, $90.86.

WEDENSDAY'S HOG CALL: Steady. There's a chance that prices could hold steady if not potentially trade even a little higher as pork demand is strong.

Tuesday Midday Livestock Market Summary - Cattle Dip Lower While Hogs Find Mild Support

GENERAL COMMENTS:

The livestock complex is again trading mixed into the day's noon hour as the cattle contracts continue to slide lower while the lean hog complex is being met with modest support. Asking prices are noted at $225 in Texas, but still no cash cattle trade has developed yet. December corn is up 8 1/4 cents per bushel and December soybean meal is up $6.20. The Dow Jones Industrial Average is down 362.86 points and NASDAQ is down 211.86 points.

LIVE CATTLE:

And once again today, the sideways chop continues in the live cattle complex as although the market hopes and desires to trade higher -- there simply isn't enough immediate fundamental support arising in the complex to confidently allow traders to push the contracts beyond the bounds of the market's current sideways trend. October live cattle are down $0.90 at $211.77, December live cattle are down $1.15 at $213.42 and February live cattle are down $1.42 at $215.05. No developments have surfaced yet in this week's fed cash cattle market, but asking prices are noted in Texas at $225.

Boxed beef prices are higher: choice up $2.20 ($378.02) and select up $2.17 ($360.66) with a movement of 59 loads (40.62 loads of choice, 4.21 loads of select, 8.73 loads of trim and 5.06 loads of ground beef.)

FEEDER CATTLE:

And in keeping with perfect alignment to the live cattle contracts, the feeder cattle contracts are also trading lower. September feeders are down $1.62 at $319.82, October feeders are down $2.12 at $314.80 and November feeders are down $2.22 at $308.20. And until more stability is seen throughout the complex, it's likely that this sideways/slightly lower trend will continue.

LEAN HOGS :

Meanwhile the lean hog contracts are trading mostly higher as trades are pleased to see midday pork cutout values higher -- even it is by a mere penny. October lean hogs are up $0.07 at $83.75, December lean hogs are up $0.10 at $74.25 and February lean hogs are down $0.05 at $76.47. So long as pork cutout values continue to trade higher, there's a chance that the contracts may be able to keep scaling higher as well. The projected lean hog index for 8/31/2026 is down $0.29 at $90.58 and the actual index for 8/28/2026 is down $0.66 at $90.86. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.99 with a weighted average price of $89.64, ranging from $80.00 to $96.00 on 3,475 head and a five-day rolling average of $90.26. Pork cutouts total 183.81 loads with 160.38 loads of pork cuts and 23.43 loads of trim. Pork cutout values: up $0.01, $97.68.