Friday Closing Livestock Market Update - No Cash Cattle Trade has Developed Yet

GENERAL COMMENTS:

What a day it was. The Cattle on Feed report was extremely bullish with placements down 12%, and the fed cash cattle market has yet to trade any cattle as packers and feedlot managers go toe to toe. It will be interesting to pick up where this week left off on Monday. December corn is down 4 1/2 cents per bushel and December soybean meal is down $1.20. The Dow Jones Industrial Average is down 639.45 points and the NASDAQ is down 55.46 points.

From Friday-to-Friday livestock futures scored the following changes: October live cattle up $2.32, December live cattle up $2.78; October feeder cattle up $4.70, November feeder cattle up $6.23; December down hogs down $1.35, December corn down $0.18.

LIVE CATTLE:

Friday came and went and thankfully traders continued to support the live cattle contracts although no cash cattle trade has developed at the time of this writing. Thankfully the day's Cattle on Feed report was extremely bullish, but as I mentioned, no trade has developed yet in the cash sector. It's fully assumed that prices will trade at least steady this week, if not higher, but feedlot managers and packers have again gone toe-to-toe and so far no one has budged. Bids of $226 were offered throughout the day in Kanas, but no other bids were even noted. It's likely that we won't know until Monday's official USDA report comes out what happened over the week. But hats off to the feedlot managers that continue to hold the line, and push for stronger cash prices. October live cattle closed $0.12 higher at $229.87, December live cattle closed steady at $231.12 and February live cattle closed $0.10 lower at $233.35.

Friday's slaughter is estimated at 96,000 head -- 6,000 head less than a week ago and 16,000 head less than a year ago. Saturday's slaughter is projected to be around 20,000 head. The week's total slaughter is estimated to be 546,000 head -- 7,000 head less than a week ago and 27,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $3.68 ($365.79) and select up $2.28 ($352.69) with a movement of 124 loads (95.47 loads of choice, 8.35 loads of select, 10.16 loads of trim and 10.18 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Before we can anticipate what next week's market may do, we need to see what this week's trade amounts to.

FEEDER CATTLE:

The feeder cattle complex ended the day higher -- believing that the Cattle on Feed report would be bullish, and grateful for the continued support of the live cattle contracts and traders. And thankfully, Friday's Cattle on Feed report was extremely bullish with placements being down 12% compared to a year ago. October feeders closed $2.22 higher at $348.32, November feeders closed $1.20 higher at $348.12 and January feeders closed $1.35 lower at $345.32. The Oklahoma Weekly Cattle Auction summary shared that compared to a week ago, feeder steers throughout the state traded $10.00 to $20.00 higher, expect those weighing 700 to 800 pounds which traded $4.00 to $8.00 higher. Feeder heifers were unevenly steady. Steer calves traded $25.00 to $30.00 higher. Heifer calves over 500 pounds sold $7.00 to $10.00 higher, and those under 500 pounds traded $15.00 to $20.00 higher. Feeder cattle supply over 600 pounds was 55%. The CME feeder cattle index 10/22/2026: up $1.52, $345.09.

LEAN HOGS:

The lean hog complex was able to maintain its modest rally through Friday's close, as traders lent the complex some light technical support ahead of the week's close. Pork cutout values still closed lower, and the long-term problem of pork demand will again carry into next week's trade. December lean hogs closed $0.02 higher at $65.57, February lean hogs closed $0.20 higher at $67.62 and April lean hogs closed $0.22 higher at $72.67. Pork cutouts totaled 304.26 loads with 276.43 loads of pork cuts and 27.83 loads of trim. Pork cutout values: down $1.14, $74.09. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.92 with a weighted average price of $67.40 on 2,573 head. Friday's slaughter is estimated at 462,000 head -- 10,000 head less than a week ago and 4,000 head more than a year ago. Saturday's slaughter is projected to be around 202,000 head. The CME lean hog index 10/21/2026: down $0.67, $72.15.

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

Friday Midday Livestock Market Summary - Traders Help Push Contracts Higher

GENERAL COMMENTS:

Thanks to ample trader support, the livestock complex is trading mostly higher into Friday's noon hour. Currently, a single bid of $226 live is being offered in Kansas, but no cash cattle trade has developed yet. Do remember that the Cattle on Feed report is set to be released this afternoon. December corn is down 4 1/4 cents per bushel and December soybean meal is down $0.10. The Dow Jones Industrial Average is down 516.14 points and the NASDAQ is up 36.99 points.

LIVE CATTLE:

Tick, tock, tick, tock -- the market continues to wait, seeming to let time pass ever so slowly as traders watch to see what's going to develop in this week's fed cash cattle market. Thankfully, traders still believe that the market will see fed cash cattle prices trade higher, but that trade hasn't developed as of yet. Bids are currently on the table in Kansas at $226, but otherwise, no bids have surfaced. Asking prices are noted at $232 in the Southern Plains and at $360 in Nebraska. There's a strong likelihood that the market doesn't see any trade develop until after this afternoon's Cattle on Feed report is released.

Boxed beef prices are lower: choice down $1.83 ($367.64) and select down $0.46 ($349.95) with a movement of 97 loads (79.71 loads of choice, 3.71 loads of select, 5.68 loads of trim and 7.65 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading higher as traders are thankful to see the live cattle complex trading higher. They fully believe that the fed cash cattle market will trade stronger this week too, and that Friday's Cattle on Feed report will be bullish as well. October feeders are up $2.45 at $348.55, November feeders are up $1.70 at $348.62 and January feeders are up $1.95 at $345.95. So long as the live cattle complex continues to trade higher through the afternoon, it's likely that the feeder cattle complex will too.

LEAN HOGS:

The lean hog complex has also found some minor trader support as its contracts are trading higher into Friday's afternoon. December lean hogs are up $0.10 at $65.65, February lean hogs are up $0.45 at $67.87 and April lean hogs are up $0.37 at $72.82. And while, yes, pork cutout values may be up slightly, it's more so the support from trades that's helping the market Friday, as a minor $0.78 rally late in the week doesn't do much for the overall picture of demand. The projected lean hog index for 10/22/2026 is down $0.99 at $71.16, and the actual index for 10/21/2026 is down $0.67 at $72.15. Hog prices on the Daily Direct Morning Hog Report are unavailable due to confidentiality. However, we can see that only 243 head have traded and that the market's five-day rolling average now sits at $67.34. Pork cutouts total 193.63 loads with 173.58 loads of pork cuts and 20.05 loads of trim. Pork cutout values: up $0.78, $76.01. 

Friday Morning Livestock Market Update - Red Meat Production Down 4%

GENERAL COMMENTS:

Live cattle futures were unchanged to 67.5 cents Thursday while feeder cattle futures fell $1.725 to $1.925. Most bulls have taken on their desired positions ahead of Friday's Cattle on Feed report while sellers are taking advantage of the higher prices. Thursday, USDA released its monthly Livestock Slaughter report. Commercial red meat production fell 4% year over year with the largest percentage drops in veal and beef production. Veal production totaled 1.7 million pounds, 13% below September 2025. Beef production totaled 2.04 billion pounds, which fell 6% year over year. Cattle slaughter totaled 2.30 million head, down 7% from September 2025. The average live weight was up 14 pounds at 1,447 pounds.

Lean hog futures fell again Thursday, declining 7.5 to 50 cents and making new contract lows. Pork cutout values were slightly higher Thursday, climbing 73 cents per cwt. NASS's Livestock Slaughter report has pork production at 2.27 billion pounds, down 3% from last September. Hog slaughter totaled 10.6 million head, down 3% year over year and the average live weight was up 1 pound at 287 pounds.

	BULL SIDE		BEAR SIDE
1)	Friday is the day for the Cattle on Feed report. Expectations are for lower placements and head on feed.	1)	Beef cutout values fell Thursday by $3.12 for choice and $4.93 for select. This is a fairly large drop for a single day.
2)	Beef production fell in September to 2.04 billion pounds, down 6% year over year.	2)	Packers purchased a large volume of cattle over the last two weeks and have time to be patient for the next purchase.
3)	Pork production fell in September to 2.27 billion pounds, down 3% from 2025.	3)	The Commitments of Traders report is expected to have grown the number of short positions for managed money in the lean hog futures contracts.
4)	Pork cutout values were slightly higher Thursday.	4)	Lean hog futures contracts have made new lows this week, and do not appear to have run out of sellers yet.

Thursday Closing Livestock Market Update - Weaker Tones Follow Contracts

GENERAL COMMENTS:

All in all it was a quiet, mundane day for the livestock complex as all three of the markets closed lower. More than anything traders want to see what's going to become of this week's fed cash cattle trade before they will likely support the cattle contracts any further. Do note that on Friday the monthly Cattle on Feed report is set to be released. December corn is down 2 3/4 cents per bushel and December soybean meal is down $1. The Dow Jones Industrial Average is up 11.89 points and the NASDAQ is down 694.00 points.

LIVE CATTLE:

Traders grew tired of being the main force behind the cattle complex's bullish surge and opted to let the contracts close mildly lower through Thursday's end. It's not that traders don't believe the complex should be trading at these levels, but rather instead that they want to see the market's fundamental prevail this week before the advance the contracts any further. October live cattle closed $0.67 lower at $229.75, December live cattle closed steady at $231.12 and February live cattle closed $0.37 lower at $233.45. Again today no cash cattle trade developed, but packers did offer up bids at $228 in Kansas -- but those sat idle as feedlot managers continue to wait the week out -- hoping to trade cattle even higher on Friday. Asking prices are noted at $232 in the South and at $360 in Nebraska. 

Thursday's slaughter is estimated at 103,000 head -- 1,000 head less than a week ago and 17,000 head less than a year ago.

Boxed beef prices closed lower: choice down $3.12 ($369.47) and select down $4.93 ($350.41) with a movement of 123 loads (77.71 loads of choice, 23.15 loads of select, zero loads of trim and 21.65 loads of ground beef).

FRIDAY'S CATTLE CALL: Higher. Given that feedlot managers are willing to take the gamble and bet that prices will be higher on Friday, I personally believe that they fully intend on advancing the market whether that be by $1 higher or $5.

FEEDER CATTLE:

And in keeping in perfect alignment with the live cattle complex, the feeder cattle contracts closed lower too. October feeder cattle closed $1.72 lower at $346.10, November feeder cattle closed $1.90 lower at $346.92 and January feeder cattle closed $1.82 lower at $344. Do remember that on Friday (tomorrow) the monthly Cattle on Feed report is set to be released -- and it's anticipated to be bullish with placements likely lower than a year ago. At Clovis Livestock Auction in Clovis, New Mexico compared to last week and at their midpoint session, steers calves weighing 300 to 500 pounds were traded $3.00 to $13.00 higher, and steer calves weighing 500 to 600 pounds were trading $15.00 to $17.00 lower. Heifer calves weighing 300 to 350 pounds and those weighing 400 to 450 pounds were trading $5 to $12 higher, while those weighing 450 to 600 pounds were trading $10 to $15 lower. Feeder cattle supply over 600 pounds was 38%. The CME feeder cattle index 10/21/2026: not available at this time.

LEAN HOGS:

And while yes, both midday and closing pork cutout values were higher, that wasn't enough support to mean much to traders given how weak demand has been over the last month. December lean hogs closed $0.17 lower at $65.55, February lean hogs closed $0.50 lower at $67.42 and April lean hogs closed $0.25 lower at $72.45. And until demand is stable and strong, a sideways chop will likely be the market's theme. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.22 with a weighted average price of $66.48 on 907 head. Pork cutouts totaled 300.43 loads with 268.83 loads of pork cuts and 31.60 loads of trim. Pork cutout values: up $0.73, $75.23. Thursday's slaughter is estimated at 497,000 head -- 1,000 head less than a week ago and 21,000 head more than a year ago. The CME lean hog index 10/20/2026: down $0.20, $72.82.

FRIDAY'S HOG CALL: Lower. At this point packers have secured the majority of their needs already for the week. 

Thursday Midday Livestock Market Summary - Traders Continue to Wait for Fundamental Support

GENERAL COMMENTS:

The livestock complex is trading mostly lower into midday Thursday, as traders are patiently trying to wait, hoping that fundamental support will arise sometime soon. Asking prices are now noted in the Nebraska at $360 and in the South at $232. December corn is down 1 1/2 cents per bushel and December soybean meal is up $2.30. The Dow Jones Industrial Average is up 28.64 points and the NASDAQ is down 590.04 points.

LIVE CATTLE:

After rallying all week, the live cattle complex is now trading merely sideways, hoping and praying that fundamental support will soon arise. It's widely believed that on Friday, the month's Cattle on Feed report will likely be bullish, and that fed cash cattle prices will trade steady to somewhat higher as well. But just as in any race, the final mile can seem like the longest stretch when you're waiting. October live cattle are down $0.05 at $230.37, December live cattle are down $0.02 at $231.10 and February live cattle are down $0.40 at $233.50. Still no cash cattle trade has developed, and currently no bids are on the table either. Asking prices are noted in the South at $232, and in Nebraska at $360.

Boxed beef prices are lower: choice down $2.00 ($370.59) and select down $0.65 ($354.69) with a movement of 65 loads (42.63 loads of choice, 10.39 loads of select, zero loads of trim and 11.55 loads of ground beef).

FEEDER CATTLE:

And in keeping with the live cattle complex, the feeder cattle contracts are also trading lower into midday Thursday. October feeders are down $1.47 at $346.35, November feeders are down $2.00 at $346.82 and January feeders are down $2.30 at $343.52. And until the live cattle contracts trade higher again, it's unlikely that the feeder cattle contracts will change their direction.

LEAN HOGS:

The lean hog complex is also trading lower, as although midday pork cutout values are higher, traders aren't going to be convinced to trade the complex higher until they see more consistent support. December lean hogs are steady at $65.72, February lean hogs are down $0.27 at $67.65 and April lean hogs are down $0.35 at $72.35. The projected lean hog index for 10/21/2026 is down $0.67 at $72.15 and the actual index for 10/20/2026 is down $0.20 at $72.82. Hog prices are lower on the Daily Direct Morning Hog Report, down $1.53 with a weighted average price of $66.48, ranging from $65.00 to $70.00 on 667 head and a five-day rolling average of $67.52. Pork cutouts total 192.33 loads with 178.92 loads of pork cuts and 13.40 loads of trim. Pork cutout values: up $1.85, $76.35.

Thursday Morning Livestock Market Update - Cattle Rally and Hogs Decline

GENERAL COMMENTS:

From a technical perspective, cattle futures have a lot of room to climb now that they've secured their movement above the 200-day moving average. Corn weakness helped early in the trade Wednesday and when it rebounded slightly, cattle futures pulled back a bit from their highs. Cash market for fats is expected to be quiet all week. A lot of cattle sold at the end of last week, and with the Cattle on Feed report coming, many buyers are hesitant to take on a big position. Traders however are bullish with lower on-feed numbers expected and lower placements.

The weekly average hog weights were released Wednesday. The national average carcass weight increased week over week by 0.6 pounds to 218.3 pounds while the live weights dropped 1.6 pounds to 286.2 pounds. Carcass weights increase year over year by 1.8 pounds while live weights drop 0.5 pounds. For pork cutout values, it was a tough day for pork, falling $4.03. With the holidays approaching, the market should be looking for opportunities to start stocking up on their needs.

	BULL SIDE		BEAR SIDE
1)	The Cattle on Feed report is expected to have lower on feed as well as placements Friday.	1)	Beef cutout values have been choppy lately, making the market question consumer demand.
2)	Technicals continue to be positive for both live cattle and feeder cattle futures.	2)	Lack of cash trade shows packers are comfortable waiting to cover needs after high slaughter numbers in the last two weeks.
3)	Holidays are approaching, so demand usually picks up for pork in the last quarter of the year.	3)	Pork bellies and picnic cuts had some of the biggest drops in cutout values, despite being some of the usual biggest demand products for pork.
4)	The market is appearing oversold for lean hog futures.	4)	Trend is not the producer's friend when all signs show a steady long-term trend lower.

Wednesday Closing Livestock Market Update - Cattle Continue to Rally Upon Reignited Bullishness

GENERAL COMMENTS:

The livestock complex again ended the day mixed with cattle continuing to rally while the hog complex ended the day softer. No cash cattle trade has developed at this point. December corn is up 1 1/4 cents per bushel and December soybean meal is down $0.40. The Dow Jones Industrial Average is up 360.21 points and the NASDAQ is up 278.04 points.

LIVE CATTLE:

The live cattle complex ended the day higher, continuing to be fueled by the market's strong fundamental support and by the announcement that came late Tuesday night as U.S. Ag Secretary Brooke Rollings made an announcement regarding the USDA's Agricultural Marketing Service (AMS) Livestock Mandatory Reporting for cash cattle. The goal is to bring more transparency to the marketplace, given that the market is no longer seeing prices being reported in the South due to a decline in the negotiated cash cattle trade. Hopefully more details of the agenda surface shortly. October live cattle closed $0.97 higher at $230.42, December live cattle closed $0.95 higher at $231.12 and February live cattle closed $0.72 higher at $233.82. No cash cattle trade developed throughout the day, and it's most likely that trade will be delayed until after Friday's Cattle on Feed report. Asking prices are noted in the South at $232, but remain unestablished still in the North. 

Wednesday's slaughter is estimated at 110,000 head, steady compared to a week ago and 9,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.71 ($372.59) and select down $6.20 ($355.34) with a movement of 91 loads (63.27 loads of choice, 9.71 loads of select, 5.68 loads of trim and 12.80 loads of ground beef).

THURSDAY'S CATTLE CALL: Higher. Given the bullish tone that's taken over the cattle complex this week, it's likely that prices will trade higher.

FEEDER CATTLE:

With more than enough support floating throughout the cattle complex -- live cattle contracts trading higher, Friday's Cattle on Feed report assumed to be bullish, and announcements being made from Ag Secretary Brooke Rollins that more transparency needs to be seen within the fed cash cattle market -- the feeder cattle contracts couldn't help but to trade higher. October feeders closed $1.92 higher at $347.82, November feeders closed $2.52 higher at $348.82 and January feeders closed $3.20 higher at $345.82. At Producers Livestock Auction in Salina, Utah, compared to last week, feeder steers sold unevenly steady with feeder heifers trading $16.00 to $23.00 higher, while the 400 to 500 pound heifers sold sharply higher. Slaughter cows sold steady to $4.00 lower and slaughter bulls traded steady to $3.00 lower. Feeder cattle supply over 600 pounds was 30%. The CME feeder cattle index 10/20/2026: not available at this time.

LEAN HOGS:

Although cash hog prices closed higher, that's not enough support to offset the lower trend in pork demand. December lean hogs closed $1.42 lower at $65.72, February lean hogs closed $1.25 lower at $67.92 and April lean hogs closed $1.15 lower at $72.70. Until pork demand improves, this sideways/lower trend will likely continue in the hog sector. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.76 with a weighted average price of $67.70 on 4,529 head. Pork cutouts totaled 320.53 loads with 283.56 loads of pork cuts and 36.97 loads of trim. Pork cutout values: down $4.03, $74.50. Wednesday's slaughter is estimated at 495,000 head, 3,000 head more than a week ago and 7,000 head more than a year ago. The CME lean hog index 10/19/2026: down $0.38, $73.02.

THURSDAY'S HOG CALL: Lower. Given that pork demand is soft this week, cash prices won't likely be higher.

Wednesday Midday Livestock Market Summary - Cattle Rally Thanks to Bullishness in the Marketplace

GENERAL COMMENTS:

The livestock complex is trading mixed, with the cattle contracts still able to rally thanks to bullish undertones, but the lean hog complex is trading lower. Asking prices have surfaced in the Southern Plains at $232 but are not established yet in the North. December corn is down 1/2 cent per bushel and December soybean meal is down $2.30. The Dow Jones Industrial Average is up 147.55 points and the NASDAQ is up 276.30 points.

LIVE CATTLE:

With the prevailing belief that fundamental support will develop later this week from hopefully both the fed cash cattle market and from Friday's Cattle on Feed report, the live cattle contracts continue to charge higher. October live cattle are up $1.75 at $231.20, December live cattle are up $1.75 at $231.92 and February live cattle are up $1.62 at $234.72.

The other factor that is undoubtedly adding some bullishness to the cattle complex is that late Tuesday night, U.S. Ag Secretary Brooke Rollings made an announcement regarding the USDA's Agricultural Marketing Service (AMS) Livestock Mandatory Reporting for cash cattle. The goal is to bring more transparency to the marketplace, given that the market is no longer seeing prices being reported in the South due to a decline in the negotiated cash cattle trade. Hopefully more details of the agenda surface shortly. No cash cattle trade has developed yet, but asking prices are noted at $232 in the Southern Plains, and remain unestablished in the North at the time. Trade will likely be delayed until after Friday's Cattle on Feed report.

Boxed beef prices are mixed: choice up $0.28 ($373.58) and select down $6.04 ($355.50) with a movement of 59 loads (40.37 loads of choice, 7.08 loads of select, 5.68 loads of trim and 6.12 loads of ground beef).

FEEDER CATTLE:

And upon seeing the live cattle contract rally in a bullish manner, the feeder cattle contracts have willingly followed suit. October feeders are up $1.67 at $347.57, November feeders are up $3.10 at $349.40 and January feeders are up $4.17 at $346.80. And so long as the live cattle contracts continue to trade higher, it's likely that the feeder cattle contracts will as well.

LEAN HOGS:

Meanwhile, with yet another day of weaker pork cutout values, the lean hog contracts are trading lower into Wednesday's noon hour. December lean hogs are down $1.27 at $65.87, February lean hogs are down $0.97 at $68.20 and April lean hogs are down $0.90 at $72.95. And until market fundamentals improve, this lower trend is likely to remain the market's theme. The projected lean hog index for 10/20/2026 is down $0.20 at $72.82 and the actual index for 10/19/2026 is down $0.38 at $73.02. Hog prices are higher on the Daily Direct Morning Hog Report, up $1.87 with a weighted average price of $68.01, ranging from $63.00 to $75.00 on 4,299 head and a five-day rolling average of $67.88. Pork cutouts total 173.41 loads, with 152.08 loads of pork cuts and 21.33 loads of trim. Pork cutout values: down $1.42, $77.11. 

Wednesday Morning Livestock Market Update - USDA Updates Cash Cattle Market Reports

GENERAL COMMENTS:

Both live cattle futures as well as feeder cattle futures were higher Tuesday as traders position themselves ahead of Friday's Cattle on Feed report. Cash trade has been quiet this week as expected since packers bought a large quantity last week. Average carcass weights were 897 pounds this week, up 9 pounds from last week and 13 pounds from last year. Corn prices falling will be supportive for feeder cattle; however, if they continue to fall post-harvest, it could lead toward higher slaughter weights again. Beef cutouts were higher on Tuesday.

Lean hog futures were mixed Tuesday with the nearby markets higher and the deferred contracts for spring and summer lower. Pork cutouts were lower again Tuesday, with a bright spot under the pork belly category, which was up $2.74/cwt on Tuesday. For market news to change the current outlook of the lean hog contracts or pork prices, we have some reports set to be released this week. Thursday will be the release by NASS of Commercial Slaughter data and Friday will be the Cold Storage report. A change in inventory of pork could give the market some new direction.

	BULL SIDE		BEAR SIDE
1)	Cash trade has been strong despite the number of cattle currently available in the north.	1)	Cattle on Feed expectations are bullish, and the market has traded higher ahead of Friday. Should the report be unchanged or placements higher than expected, market could react sharply.
2)	Technicals are supportive for cattle markets as October and December traded and closed above the 200-day moving average.	2)	As beef prices climb, consumers may be looking for other protein alternatives at a more competitive price.
3)	Pork belly prices are still strong despite other cutout prices drifting lower.	3)	The long-term lean pork chart from a technical perspective is still trending lower.
4)	Managed money is short a near record number of lean hog contracts, and any market news could quickly cause them to lift positions, giving a boost to futures.	4)	A large managed money position is difficult to overcome as they short the hog market.

Tuesday Closing Livestock Market Update - Cattle Rally Hoping Fundamental Support Will Come Later This Week

GENERAL COMMENTS:

The livestock complex ended mixed again Tuesday, with cattle contracts rallying but lean hog contracts mostly lower. Still no cash cattle trade has developed. December corn is down 5 cents per bushel and December soybean meal is down $6.10. The Dow Jones Industrial Average is up 529.85 points and the NASDAQ is down 6.07 points.

LIVE CATTLE:

Although traders may have acted skeptical about where they should take the market throughout Tuesday's trade, by the day's end there was no question the market was going higher and in a confident manner. October live cattle closed $1.95 higher at $229.45, December live cattle closed $2.15 higher at $230.17 and February live cattle closed $2.17 higher at $233.10. Traders continue to hope that later this week the market will be well supported by two strong fundamental facets: a bullish Cattle on Feed report, and at least steady trade in the fed cash cattle market. At this point in time, no trade has developed yet, and both bids and asking prices remain elusive too. 

Tuesday's slaughter is estimated at 112,000 head -- 2,000 head more than a week ago and 4,000 head less than a year ago.

Boxed beef prices closed higher: choice up $1.72 ($373.30) and select up $1.63 ($361.54) with a movement of 98 loads (61.60 loads of choice, 11.30 loads of select, 9.05 loads of trim and 15.73 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady to somewhat higher. With packers running slightly more aggressive slaughter speeds, it's likely they'll need to secure more inventory this week too, which could push prices higher in the cash sector.

FEEDER CATTLE:

And upon seeing the live cattle contracts turn higher and rally throughout the day, it didn't take much convincing to entice the feeder cattle contracts to follow suit. October feeders closed $1.47 higher at $345.90, November feeders closed $2.37 higher at $346.30 and January feeders closed $2.70 higher at $342.62. At the Joplin Regional Stockyard in Carthage, Missouri, compared to last week, heavy four weights and light five weight steers sold $30.00 to $60.00 higher. Heavy five weights up to eight weight steers sold steady to $8.00 lower. Heavier weights traded $2.00 to $7.00 lower. Feeder heifers sold from $10.00 lower to $8.00 higher. Feeder cattle supply over 600 pounds was 76%. The CME feeder cattle index 10/19/2026: down $1.29, $342.16.

LEAN HOGS:

And with both cash prices and pork cutout values ending weaker, most of the lean hog contracts did too. December lean hogs closed $0.80 higher at $67.15, February lean hogs closed $0.52 higher at $69.17 and April lean hogs closed steady at $73.85. And until there's more consistent demand from traders, the market will likely continue to chop in this sideways trading manner. Hog prices closed lower on the Daily Direct Afternoon Hog report, down $3.66 with a weighted average price of $65.94 on 11,325 head. Pork cutouts total 296.59 loads, with 267.59 loads of pork cuts and 29.00 loads of trim. Pork cutout values: down $0.86, $78.53. Tuesday's slaughter is estimated at 493,000 head -- 3,000 head less than a week ago and 11,000 head more than a year ago. The CME lean hog index 10/16/2026: down $0.79, $73.40.

WEDNESDAY'S HOG CALL: Steady to somewhat lower. With pork demand being null, it's unlikely packers are going to dive aggressively into the cash market.

Tuesday Midday Livestock Market Summary - Traders Keep Pushing the Cattle Contracts

GENERAL COMMENTS:

The cattle complex continues to trade higher as traders remain hopeful that even though there's a Cattle on Feed report set to be released on Friday, that fundamental support will prevail still through this week's fed cash cattle market. No cash cattle trade has developed yet and both bids and asking prices remain elusive at this point. December corn is down 5 3/4 cents per bushel and December soybean meal is down $5.50. The Dow Jones Industrial Average is up 441.99 points and the NASDAQ is up 14.90 points.

LIVE CATTLE:

Although the live cattle complex opened hesitantly, the market is back to rallying as traders have regained hope that the week's fundamental support will improve as the week traders onward. It is also helpful for the time being as traders wait for something to develop in the fed cash cattle market that Tuesday's midday boxed beef prices are higher. October live cattle are up $1.75 at $229.25, December live cattle are up $1.75 at $229.77 and February live cattle are up $1.75 at $232.67. No trade has developed yet in the fed cash cattle market, and both bids and asking prices remain elusive at this point. Trade will likely be delayed until Thursday or Friday.

Boxed beef prices are higher: choice up $2.56 ($374.14) and select up $1.77 ($361.68) with a movement of 59 loads (37.41 loads of choice, 6.15 loads of select, 6.47 loads of trim and 9.02 loads of ground beef).

FEEDER CATTLE:

And upon seeing the live cattle complex trade higher, the feeder cattle market hasn't wasted any time following the live cattle market's direction. October feeders are up $0.20 at $344.62, November feeders are up $1.47 at $345.40 and January feeders are up $1.95 at $341.87. And thankfully both last week and at the start of this week, the board's stronger nature has helped encourage higher prices at sale barns across the country.

LEAN HOGS:

And although midday pork cutout values are up slightly, the lean hog complex remains hesitant and it's not confident about the market's fundamentals at this point. December lean hogs are up $0.50 at $66.85, February lean hogs are up $0.27 at $68.92 and April lean hogs are down $0.05 at $73.80. The projected lean hog index for Oct. 19 is down $0.38 at $73.02 and the actual index for Oct. 16 is down $0.79 at $73.40. Hog prices are lower on the Daily Direct Morning Hog report, down $5.85 with a weighted average price of $66.14, ranging from $59 to $75 on 4,205 head and a five-day rolling average of $68.23. Pork cutouts total 149.46 loads with 137.93 loads of pork cuts and 11.53 loads of trim. Pork cutout values: up $1.17, $80.56. 

Tuesday Morning Livestock Market Update - Packers Will Remain Quiet

GENERAL COMMENTS:

Corn weakness is giving a much-needed boost to the feeder cattle market, pushing futures above the 200-day moving average Monday. From a technical perspective, this should give way for the market to climb higher. Choice cutouts were slightly lower Monday while select cutouts were $6.86 higher. Cash prices for live cattle improved last week by an average of $4/cwt. Packers were able to purchase 90,762 head, an increase of 23,061 head from the previous week. With the Cattle on Feed report expected to be supportive of prices, we wait and see how much was priced in on last week's rally.

Last week's Commitments of Traders report showed managed money selling even more lean hog contracts, approaching the record net short set in September 2025. As of last week, managed money sold an additional 7,113 contracts, bringing the current net position to short 48,617 contracts. Commercial open interest liquidated 1,029 of their short contracts, bringing their net position to a short of 1,389 contracts. With the lack of pork demand and the overwhelming amount of big money interests selling pressure, it is going to be difficult for lean hogs to find a leg to stand on under these market conditions.

	BULL SIDE		BEAR SIDE
1)	The Cattle on Feed report is expected to have lower placements and on feed numbers this Friday, Oct. 23.	1)	Packers bought big last week, making them comfortable to wait for deals this week.
2)	Corn prices falling helps feeder cattle buyers stand in and buy even as cash prices increase.	2)	The market is convinced the Cattle on Feed report will be supportive. Anything less supportive than what is actually printed can bring a quick sell-off in futures from market disappointment.
3)	Mexico is growing pork demand from the United States, although it is slowing.	3)	Commitments of Traders report showed managed money selling a large number of lean hog contracts yet again last week.
4)	As pork prices slip lower, the incentive of the consumer to buy in store grows. Low prices usually cure low prices with added demand.	4)	Pork demand is sluggish with consumers preferring beef or chicken today.

Monday Closing Livestock Market Update - Traders Remain Hopeful that Strong Trade Will Develop Again in this Week's Cash Cattle Market

GENERAL COMMENTS:

Traders remain hopeful that fundamental support will increase later this week which is why they were comfortable letting the cattle contracts close slightly higher. New showlists for the week are steady in Texas, but slightly higher in Kansas and Nebraska. December corn is down 7 1/4 cents per bushel and December soybean meal is down $2.30. The Dow Jones Industrial Average is down 36.38 points and the NASDAQ is up 290.86 points.

LIVE CATTLE:

With the hopeful anticipation that fed cash cattle prices will trade at least steady if not a tick higher later this week when trade develops -- traders showed good support and good faith toward the live cattle complex and kept most of the contracts higher through Monday's close. October live cattle closed $0.05 lower at $227.50, December live cattle closed $0.32 lower at $228.02 and February live cattle closed $0.05 higher at $230.92. No cash cattle trade developed throughout the day and trade will likely be delayed until Friday. New showlists for the week are steady in Texas, but slightly higher in Kansas and Nebraska. Monday's slaughter is estimated at 105,000 head -- 1,000 head less than a week ago and 15,000 head more than a year ago.

Last week Northern dressed cattle traded at mostly $355 which is $10 higher than the previous week's weighted average, and Southern live cattle traded at mostly $224 which is $4 higher than the previous week's weighted average. The week's total negotiated cash cattle trade totaled 90,762 head. Of that 90% (81,611 head) were committed to the market's nearby delivery option, while the remaining 10% (9,151 head) was committed to the market's deferred delivery option.

Boxed beef prices closed mixed: choice down $0.73 ($371.58) and select up $6.86 ($359.91) with a movement of 104 loads (49.89 loads of choice, 8.63 loads of select, 6.84 loads of trim and 39.08 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady to somewhat higher. Given the fact that feedlot managers sit relatively current with their showlists and that beef demand remains strong, there's a chance that prices could hold steady again this week if not trade a tick higher.

FEEDER CATTLE:

And upon seeing the live cattle contracts keep with their higher trend throughout the day, the feeder cattle complex couldn't bear the idea of not following suit and seeing its contracts trade higher as well. October feeders closed $0.80 higher at $344.42, November feeders closed $2.02 higher at $343.92 and January feeders closed $1.65 higher at $339.92. At Oklahoma National Stockyards in Oklahoma City, Oklahoma compared to last week and at their midsession point feeder steers over 800 pounds were traded $4 to $6 higher and steers under 800 pounds were traded steady to $4 lower. Feeder heifers were selling steady to $3 higher, but heifers weighing 600 to 700 pounds were traded $6 to $7 lower. Steer calves were selling $10 to $15 higher but those under 500 pounds weren't well tested. Heifers calves under 500 pounds were trading steady to $5 higher. Feeder cattle supply over 600 pounds was 53%. The CME feeder cattle index Oct. 16, 2026: down $0.09, $343.45.

LEAN HOGS:

And lo and behold, pork cutout values softened Monday and the contracts did too. December lean hogs closed $0.57 lower at $66.35, February lean hogs closed $0.57 lower at $68.65 and April lean hogs closed $0.82 lower at $73.85. If pork demand doesn't improve, a sideways chop is likely going to remain the trend. Hog prices closed higher on the Daily Direct Afternoon Hog report, up $2.51 with a weighted average price of $69.60 on 1,458 head. Pork cutouts totaled 241.71 loads with 224.59 loads of pork cuts and 17.12 loads of trim. Pork cutout values: down $1.16, $79.39. Monday's slaughter is estimated at 495,000 head -- 10,000 head more than a week ago and 8,000 head more than a year ago. The CME lean hog index Oct. 15, 2026: down $0.90, $74.19.

TUESDAY'S HOG CALL: Higher. Monday's cash trade being light, packers will likely need to be more aggressive on Tuesday. 

Monday Midday Livestock Market Summary - Cattle Inch Higher While Hogs Remain Cautious

GENERAL COMMENTS:

Keeping with the trend from late last week, the cattle contracts are trading higher as traders yearn to see the market keep with a higher trend.

New showlists for the week are steady in Texas, but slightly higher in Kansas and Nebraska. December live cattle are down $0.15 at $228.2, November feeder cattle are up $1.73 at $343.625, December lean hogs are down $0.15 at $66.775, December corn is down 6 1/4 cents per bushel and December soybean meal is down $3.50. The Dow Jones Industrial Average is up 20.06 points and the NASDAQ is up 409.55 points.

LIVE CATTLE:

With ample support pouring into the market late last week, the live cattle contracts are gingerly continuing to rally into the new week as traders hope that the same level of fundamental support will be found again this week. October live cattle are up $0.17 at $227.72, December live cattle are down $0.17 at $228.17 and February live cattle are up $0.25 at $231.12. No bids or asking prices have surfaced yet this week and trade will likely be delayed until Friday as there's a Cattle on Feed report set to be released later this week. New showlists for the week are steady in Texas, but slightly higher in Kansas and Nebraska.

Last week Southern live cattle traded at mostly $228 which is $5 higher than the previous week's weighted average and Northern dressed cattle traded at mostly $355 which is $10 higher than the previous week's weighted average. But at Friday's close last week, the market had only traded a thin volume so checking Monday's official USDA reports to see where the week's weighted averages landed, will be vital.

Boxed beef prices are mixed: Choice down $0.57 ($371.74) and select up $8 ($361.05) with a movement of 38 loads (22.18 loads of choice, 3.59 loads of select, 3.14 loads of trim and 9.36 loads of ground beef).

FEEDER CATTLE:

And upon seeing the live cattle contracts trading higher, the feeder cattle complex has jumped into the new week eager and ready to take the charge as well as its contracts are all trading into Monday's noon hour as well. October feeder cattle are up $1.72 at $345.35, November feeders are up $2.15 at $344.05 and January feeders are up $1.52 at $339.80. So long as support from the live cattle contracts continues, then the feeder cattle contracts will likely be able to maintain their higher trend.

LEAN HOGS:

The lean hog complex is back to trading mixed following last week's modest rally. More than anything, traders continue to ask themselves: what is demand going to amount to Monday, and this week? That will likely be the market's biggest driving factor throughout the week's trade. December lean hogs are down $0.15 at $66.77, February lean hogs are down $0.22 at $69.00 and April lean hogs are down $0.35 at $74.32. The projected lean hog index for Oct. 16 is down $0.79 at $73.40 and the actual index for Oct. 15 is down $0.90 at $74.19. Hog prices are higher on the Daily Direct Morning Hog Report, up $1.64 with a weighted average price of $71.99, ranging from $62 to $78 on 583 head and a five-day rolling average of $70.68. Pork cutouts total 147.65 loads with 138.16 loads of pork cuts and 9.49 loads of trim. Pork cutout values: Down $1.35, $79.20. 

Monday Morning Livestock Market Update - Pork Weakness Expected to Continue

GENERAL COMMENTS:

On Friday, USDA released its Livestock, Dairy, and Poultry Outlook for October. For cattle, the main changes from September's report all lie in the 2026 data. With the tariff-free quota for lean beef as well as the higher August import data released, USDA believes the market will see a higher import total from September's forecast. On top of that, with the two ports from Mexico open and bringing cattle across the border, there is a higher number of live cattle imports expected as well. With a slow slaughter pace, the forecast for beef production is slightly lower than the September report for both 2026 and 2027.

For the pork or hog outlook, USDA reduced its total pork reduction forecast by 150 million pounds for 2026 and 245 million pounds in 2027. This comes from data released previously in the September Quarterly Hogs and Pigs report. Most of these reductions are based on lower expected farrowings. Overall, while pork production was reduced from September's report, it is still expected to be 27.6 billion pounds, up 0.2% over last year and 27.8 billion pounds for 2027. Exports are forecasted to grow 1.1% from last year and 0.6% year over year for 2027.

	BULL SIDE		BEAR SIDE
1)	Feedlot placements remain historically low, reflecting the lack of cattle supplies.	1)	Mexican imports are expected to increase, with more cattle moving across the border quickly.
2)	Cash prices for cattle and feeders remain strong despite futures action.	2)	Some believe the lower placement numbers reflect higher heifer retention, signaling possible herd growth coming.
3)	Farrow to finish hog operations continue to be profitable.	3)	Sluggish growth in demand for pork imported by Mexico will be a strong headwind for lean hogs into next year.
4)	While Mexico's pork imports aren't improving nearly as quickly as years past, it is still growing at a rate of 0.15% in 2026. Mexico accounts for 38% of shipments year-to-date by volume.	4)	Overall, demand for pork is down both domestically and with our foreign customers.

Friday Closing Livestock Market Update - Cattle Rally Thanks to Support from the Cash Market

GENERAL COMMENTS:

The livestock complex ended the day stronger thanks to some added fundamental support late in the week. At the time of this writing, only a handful of trades developed in the fed cash cattle market, but trade was higher. December corn is down 3 3/4 cents per bushel and December soybean meal is down $2.70. The Dow Jones Industrial Average is down 175.99 points and the NASDAQ is down 573 points.

From Friday to Friday, livestock futures scored the following changes: October live cattle up $2.58, December live cattle up $1.30; October feeder cattle down $0.23, November feeder cattle down $0.05; December lean hogs down $0.90, December corn down $0.06.

LIVE CATTLE:

Lo and behold, the trader's belief that the fed cash cattle market would shine through and lend the complex support ended up being true! And although at the time of this writing there's only been a small trade develop the trade that has been reported has been higher indeed. So far this week, Southern live cattle have traded at mostly $228, which is $5 higher than last week's weighted average and Northern dressed cattle have been marked anywhere from $350 to $355, but mostly at $355, which is $10 higher than last week's weighted average. October live cattle closed $1.60 higher at $227.55, December live cattle down $1.10, higher at $228.35 and February live cattle closed $1.25 higher at $230.87. 

Friday's slaughter is estimated at 102,000 head -- 4,000 head more than a week ago and 9,000 head more than a year ago. Saturday's slaughter is projected to be around 21,000 head. And the week's total slaughter is estimated to be around 553,000 head -- 18,000 head more than a week ago and 13,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $1.67 ($372.31) and select up $0.43 ($353.05) with a movement of 135 loads (103.34 loads of choice, 5.36 loads of select, 15.43 loads of trim and 11.22 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Before we can anticipate what next week's trade may do, we need to see what the weighted averages of this week's trade amount to.

FEEDER CATTLE:

Although the feeder cattle complex didn't rally as aggressively as the live cattle complex did, it was still able to end the day higher. October feeders closed $0.25 higher at $343.62, November feeders closed $0.05 lower at $341.90 and January feeders closed $0.37 higher at $338.27. Ahead of the weekend, it is worth noting that the spot November contract is trading at its highest price point since mid-July. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers traded unevenly steady, but feeder heifers traded $6 to $9 higher. Steer calves over 450 pounds sold unevenly steady, but those under 450 pounds traded $5 to $15 higher. Heifer calves sold $5 to $15 higher. Feeder cattle supply over 600 pounds was 61%. The CME feeder cattle index Oct. 15, 2026: up $0.90, $343.54.

LEAN HOGS:

And with the late-week rally in pork demand -- even the lean hog contracts were able to end the day higher. December lean hogs closed $0.35 higher at $66.92; February lean hogs closed $0.77 higher at $69.22 and April lean hogs closed $1.25 higher at $74.67. The biggest advancements seen this afternoon on the pork report were the $11.17 rally in the rib and the $7.81 rally in the belly. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $4.61 with a weighted average price of $67.09 on 1,605 head. Pork cutouts totaled 273.44 loads, with 257.69 loads of pork cuts and 15.75 loads of trim. Pork cutout values: up $3.00, $80.55. Friday's slaughter is estimated at 472,000 head -- 5,000 head less than a week ago and 27,000 head more than a year ago. Saturday's slaughter is projected to be around 110,000 head. The CME lean hog index Oct. 14, 2026: down $0.66, $75.09.

MONDAY'S HOG CALL: Steady. On most Mondays, packers don't show the market much interest, but given that pork demand is stronger, they may pay the market a tick more interest.

Friday Midday Livestock Market Update - Early Tests in the Cash Cattle Market Are at $228 Live in the South

GENERAL COMMENTS:

Some light trade has developed in Texas this morning at $228, which is $6 higher than last week's weighted average, but that was only on a light test. More trade will need to develop ahead of the day's end if packers want to secure more inventory. December corn is down 3 cents per bushel and December soybean meal is down $2.00. The Dow Jones Industrial Average is down 93.99 points and the NASDAQ is down 390.25 points.

LIVE CATTLE:

What a day it has been for the live cattle complex. Not only is the futures market rallying, but thanks to feedlot managers' dedication and willingness to wait and be patient, some light trade has been noted at $228 in Texas, which is $6 higher than last week's weighted average. Traders believed the fed cash cattle market would trade higher this week, and lo and behold, the early tests of the market thus far have been higher indeed. Bids of $225 live and $350 dressed are currently on the table in Nebraska, and bids of $228 live are being offered in Kansas. Given that only a handful of cattle have traded thus far this week, packers will need to get more aggressive as the afternoon trades on in order to secure the inventory they need. October live cattle are up $1.37 at $227.32, December live cattle are up $1.10 at $228.35 and February live cattle are up $1.20 at $230.82.

Boxed beef prices are mixed: choice down $0.79 ($373.19) and select up $0.41 ($353.03) with a movement of 103 loads (83.83 loads of choice, 3.57 loads of select, 8.98 loads of trim and 6.59 loads of ground beef).

FEEDER CATTLE:

With the added support of seeing both the live cattle and fed cash cattle markets trading higher, the feeder cattle complex is also seeing a slightly higher trend as the market heads into Friday's afternoon. But I must say, I am slightly surprised to see that the feeder cattle contracts are rallying less than a dollar. Based on the market's behavior as of late, one would logically expect the market to be trading much higher with the support its currently seeing. But then again, the spot November contract is trading at its highest level since mid-July. October feeders are up $0.37 at $343.75, November feeders are up $0.10 at $342.05 and January feeders are up $0.52 at $338.42.

LEAN HOGS:

The lean hog complex is trading higher into Friday's noon hour as traders have taken note of the day's $5 advancement in pork cutout values. Weak pork demand has been the market's biggest hinderance as of late, so seeing an increase in demand is fantastic, let alone a $5 advancement. December lean hogs are up $0.45 at $67.02, February lean hogs are up $0.82 at $69.27 and April lean hogs are up $1.12 at $74.55. The projected lean hog index for 10/15/2026 is down $0.90 at $74.19 and the actual index for 10/14/2026 is down $0.66 at $75.09. Hog prices are lower on the Daily Direct Morning Hog Report, down $2.06 with a weighted average price of $70.35, ranging from $61.00 to $70.35 on 640 head and a five-day rolling average of $70.60. Pork cutouts totaled 180.60 loads with 169.44 loads of pork cuts and 11.16 loads of trim. Pork cutout values: up $5.12, $82.67. 

Friday Morning Livestock Market Update - Upcoming Cattle on Feed Expectations

GENERAL COMMENTS:

Live cattle rallied $2.05 to $2.20 higher Thursday while feeders were anywhere from $2.425 to $4.30 higher. From a technical perspective, live cattle are still facing headwinds at the 200-day moving average, yet the 9-day moving average is still providing strong support. Cutout values for beef were down Thursday. Choice fell $2.52 to $373.98 and select fell $5.85 to $352.62.

Hog futures traded 55 cents higher Thursday -- a small win in a long seven months stretch of lean hog futures sliding lower. The Commitments of Traders report will be released Friday after the close. With futures price action this week, it is unlikely that managed money did much to lift their massive short positions. Pork cutout values fell again Thursday. Carcass values dropped another $1.90 to a value of $77.55.

	BULL SIDE		BEAR SIDE
1)	Expectations for cattle on feed as well as placements are lower for the report next week.	1)	Technical resistance for cattle futures has been a difficult barrier to surpass. Until trade can break through, the market will be limited on how high it can go.
2)	The Feeder Cattle Index continues to be strong as the market is optimistic that cash will lead futures higher.	2)	Beef cutout values fell sharply on Thursday. This will pressure the futures market.
3)	The chance that managed money decides to take profit on their massive short positions could be positive for lean hog futures.	3)	Pork cutout values fell again on Thursday, highlighting the lack of pork demand.
4)	The Livestock, Dairy and Poultry Outlook had a small reduction in third quarter production in September. Any additional reduction on the report Friday could be supportive.	4)	The September Livestock, Dairy and Poultry Outlook showed sluggish pork demand both domestically and in foreign markets. Friday's report is expected to do the same.

Thursday Closing Livestock Market Update - Traders Remain Hopeful the Cash Cattle Market Will at Least Trade Steady

GENERAL COMMENTS:

The livestock complex ended Thursday higher thanks to continued trader support. Still no cash cattle trade has developed, but traders remain hopeful feedlot managers will be able to at least hold the market steady. December corn is down 2 3/4 cents per bushel and December soybean meal is down $4.70. The Dow Jones Industrial Average is up 556.21 points and the NASDAQ is up 20.16 points.

LIVE CATTLE:

Traders continue to hold onto the hope that this week's fed cash cattle market could trade higher, which is the optimism that helped drive the contracts higher through Thursday's trade. October live cattle closed $2.05 higher at $225.95, December live cattle closed $2.12 higher at $227.25 and February live cattle closed $2.20 higher at $229.62. Bids developed in both regions throughout the day in the fed cash cattle market, but as feedlot managers hope to get more money out of their cattle this week, they mostly decided to let those bids sit untouched throughout Thursday's trade. Bids of $226 were offered in Kansas, and live bids of $218 to $222 were offered in Nebraska, but no cattle traded. Asking prices are firm in Texas at $226 but are unestablished in the rest of the feeding region. 

Thursday's slaughter is estimated at 104,000 head -- 5,000 head less than a week ago and 13,000 head less than a year ago.

Boxed beef prices closed lower: choice down $2.52 ($373.98) and select down $5.85 ($352.62) with a movement of 101 loads (72.47 loads of choice, 12.71 loads of select, 7.43 loads of trim and 8.87 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady/somewhat higher. Given that the board is optimistic and that feedlot managers seem comfortable waiting the week out in hopes of higher prices, there's a chance that cattle could trade higher this week if not at least steady.

FEEDER CATTLE:

And with the support of traders, the live cattle complex and the bullish undertone that is alive and well in the cattle sector, the feeder cattle contracts were able to round out the day higher as well. October feeders closed $2.42 higher at $343.37, November feeders closed $3.50 higher at $341.95 and January feeders closed $4.30 higher at $337.90. At the La Junta Livestock Commission in La Junta, Colorado, compared to last week, feeder steers under 600 pounds sold sharply lower, but feeder steers over 600 pounds sold sharply higher. Feeder heifers sold sharply higher across all weight groups. Feeder cattle supply over 600 pounds was 22%. The CME feeder cattle index 10/14/2026: up $1.22, $342.64.

LEAN HOGS:

Thanks to some minor technical support, even the lean hog contracts were able to end the day stronger by Thursday's close. December lean hogs closed $0.50 higher at $66.57, February lean hogs closed $0.60 higher at $68.45 and April lean hogs closed $0.37 higher at $73.42. Unfortunately, pork demand didn't show any improvement throughout the day, so Friday's success will likely be limited. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.56 with a weighted average price of $71.70 on 790 head. Pork cutouts totaled 273.77 loads, with 236.70 loads of pork cuts and 37.07 loads of trim. Pork cutout values: down $1.90, $77.55. Pork cutouts totaled 273.77 loads, with 236.70 loads of pork cuts and 37.07 loads of trim. Pork cutout values: down $1.90, $77.55. Thursday's slaughter is estimated at 498,000 head -- 5,000 head more than a week ago and 8,000 head more than a year ago. The CME lean hog index 10/13/2026: down $0.19, $75.75.

FRIDAY'S HOG CALL: Lower. At this point, packers have likely filled most of their need already from the cash market.

Thursday Midday Livestock Market Summary - Bids of $226 Surface in Kansas

GENERAL COMMENTS:

The livestock complex is trading mixed into Thursday's noon hour, with the cattle contracts seeing greater trader support and only half of the lean hog contracts are trading higher into the afternoon. Bids of $226 have surfaced in Kansas, but no trade has developed yet. December corn is down 3/4 cent per bushel and December soybean meal is down $2.20. The Dow Jones Industrial Average is up 450.03 points and the NASDAQ is down 146.90 points.

LIVE CATTLE:

Some technical optimism has resurfaced in the live cattle complex as the market is trading well above $1 higher into Thursday's noon hour. More than anything, traders seem optimistic that there may be a chance that this week's fed cash cattle market may be able to trade steady, if not a tick higher -- time will tell. October live cattle are up $1.70 at $225.60, December live cattle are up $1.65 at $226.72 and February live cattle are up $1.47 at $228.85. Bids have surfaced in Kansas at $226, but otherwise, the fed cash cattle market remains quiet at this point in time. With the board trading higher, it's likely that feedlot managers will wait another day before they trade cattle in hopes of seeing prices trade stronger again this week. Asking prices are noted at $230 in Texas, but are not established in the other feeding regions.

Boxed beef prices are lower: choice down $0.78 ($375.72) and select down $3.63 ($354.84) with a movement of 69 loads (49.89 loads of choice, 6.61 loads of select, 7.38 loads of trim and 4.96 load of ground beef).

FEEDER CATTLE:

After seeing the live cattle contracts turn higher, the feeder cattle complex couldn't miss out on an opportunity to trade higher itself. Currently, the feeder cattle contracts are trading anywhere from $1 to $3 higher into Thursday's noon hour. As long as the live cattle contracts continue to trade higher, it's likely that the feeder cattle contracts will too. October feeders are up $1.15 at $342.10, November feeders are up $2.07 at $340.52 and January feeders are up $2.72 at $336.32.

LEAN HOGS:

The lean hog contracts are trading mixed into Thursday's noon hour, with the nearby contracts currently trading slightly higher while the deferred contracts continue to trade a tick lower. Pork cutout values are lower again, which continues to be the market's biggest hinderance. December lean hogs are up $0.17 at $66.25, February lean hogs are up $0.17 at $68.02 and April lean hogs are up $0.05 at $73.10. The projected lean hog index for 10/14/2026 is down $0.66 at $75.09, and the actual index for 10/13/2026 is down $0.19 at $75.75. Hog prices are higher on the Daily Direct Morning Hog Report, up $2.61 with a weighted average price of $71.66, ranging from $62.00 to $78.00 on 625 head and a five-day rolling average of $79.89. Pork cutouts total 137.93 loads with 126.96 loads of pork cuts and 10.97 loads of trim. Pork cutout values: down $0.72, $78.73. 

Thursday Morning Livestock Market Update - Cash Cattle Still Quiet

GENERAL COMMENTS:

Live cattle fell 67.5 cents Wednesday on the October contract and $1.225 lower on the November. Cash trade did not amount to much, only one load at $226 in the South. Everyone seems to be holding out for the end of the week. Feeder cattle futures also fell Wednesday, trading $2.125 to $2.575 lower. Beef cutout prices were higher Wednesday afternoon. Choice increased $1.35 while select increased $4.80.

Hog futures traded $1.95 lower on Wednesday with pork cutouts lower, lean hog index lower and the lack of pork demand. The weekly estimated average weights of barrows and gilts came in at an average weight of 290.7 pounds, 0.5 pounds lighter than the previous week and 0.3 pounds lighter than one year ago. Pork cutout values fell $1.23 to $79.45.

	BULL SIDE		BEAR SIDE
1)	Packer margins are seeing their eighth week in a row of positive margins.	1)	Live cattle futures as well as feeder cattle futures are seeing resistance near the 100-day and the 200-day moving average. It will be difficult to surpass.
2)	The longer cash trade remains quiet, the more likely that it will eventually catch up to packers and force them to step back into the market.	2)	The news cycle has been some of the toughest hurdles to overcome for the beef market. It has been a while since we have had a new headline attempting to reduce prices.
3)	Grocery stores are beginning to push pork sales and specials, which should spark some consumer demand.	3)	Pork cutout values continue to fall, placing pressure on futures.
4)	Hog numbers are reduced slightly versus this time last year.	4)	Managed money is still near record short for lean hog futures. It will be difficult to rally until they lift more positions.