Friday Closing Livestock Market Update - Traders Let Markets Close Lower

GENERAL COMMENTS:

The livestock complex closed mostly lower Friday afternoon as traders were mindful of the decline in the equity markets and were anxious to see what was going to be unveiled in Friday's Cattle Inventory report. Thankfully, both the Cattle Inventory report and fed cash cattle prices were supportive to the marketplace. March corn is down 2 1/2 cents per bushel and March soybean meal is down $2.40. The Dow Jones Industrial Average is down 179.09 points and the NASDAQ is down 223.30 points.

From Friday to Friday, livestock futures scored the following changes: February live cattle up $0.95, April live cattle down $0.13; March feeder cattle up $0.10, April feeder cattle down $0.47; February lean hogs down $1.10, April lean hogs down $1.02; March corn down $0.02, May corn down $0.02.

LIVE CATTLE:

What a day, what a day, what a day it was! The market sat on pins and needles waiting for some fed cash cattle to trade, and ultimately sat anxious waiting to see what was unveiled in the Cattle Inventory report. Thankfully, both of those topics ended up boding well for the cattle sector as fed cash cattle prices were higher, and the Cattle Inventory report showed the seventh consecutive decline in beef cow numbers since the liquidation phase of the cycle started back in 2019. Click here to read DTN's comments regarding the Cattle Inventory report:

February live cattle closed $0.35 higher at $235.85, April live cattle closed $0.47 lower at $236.80 and June live cattle closed $1.55 lower at $231.72. Southern live cattle were marked at $238 to $240, which is $3.00 to $5.00 higher than the previous week's weighted average, and Northern dressed cattle traded at mostly $375 to $378, which is $6.00 to $9.00 higher than the previous week's weighted average.

Friday's slaughter is estimated at 93,000 head, 9,000 head more than a week ago but 22,000 head less than a year ago. Saturday's slaughter is projected to be around 2,000 head. The week's total slaughter is estimated at 531,000 head, 4,000 head less than a week ago and 70,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $2.10 ($365.56) and select up $1.22 ($361.94) with a movement of 95 loads (68.58 loads of choice, 6.14 loads of select, 5.07 loads of trim and 15.55 loads of ground beef).

MONDAY'S CATTLE CALL: Higher. Although prices were higher today, packers are still likely short bought and will need more cattle in the week ahead.

FEEDER CATTLE:

The feeder cattle complex fed off the live cattle market's anxious state and closed a noticeable $4.00 lower throughout most of its contracts, awaiting to see what was going to develop in today's Cattle Inventory report. Well, thankfully, that report was bullish for the industry, and traders will likely be able to settle their nervous tone on Monday. March feeders closed $4.85 lower at $360.27, April feeders closed $4.95 lower at $358.27 and May feeders closed $4.85 lower at $355.12. At the Herreid Livestock Market in Herreid, South Dakota, compared to their last sale two weeks ago, the best test on steers was on those weighing 600 to 649 pounds, which traded mostly steady, but steers weighing 700 to 749 pounds traded $7.00 to $10.00 higher, with instances up to $25.00 higher. Heifers across the board traded mostly steady. Feeder cattle supply over 600 pounds was 85%. The CME feeder cattle index 1/29/2026: up $4.00, $370.69.

LEAN HOGS:

More than anything, the lean hog complex fell lower Friday afternoon as traders pulled back some of their support upon seeing the equity markets trade lower. February lean hogs closed $0.45 lower at $87.25, April lean hogs closed $0.30 lower at $95.15 and June lean hogs closed $0.50 lower at $107.92. But with the continued support of strong consumer interest, there's a chance that traders will be more supportive come Monday. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.81 with a weighted average price of $83.57 on 1,833 head. Pork cutouts totaled 304.07 loads with 264.66 loads of pork cuts and 39.41 loads of trim. Pork cutout values: up $0.79, $94.22. Friday's slaughter is estimated at 486,000 head, 59,000 head more than a week ago and 10,000 head more than a year ago. Saturday's slaughter is projected to be around 171,000 head. The CME lean hog index 1/28/2026: up $0.50, $85.72.

MONDAY'S HOG CALL: Steady. Packers will likely show minimal interest in the cash market on Monday.

Friday Midday Livestock Market Update - Southern Live Cattle Trade $3 to $5 Higher, Dressed Cattle Jump $6 to $9 Higher

GENERAL COMMENTS:

The livestock complex is trading mixed into Friday's noon hour as the cattle sector is anxious ahead of seeing the Cattle Inventory report. Some light cash cattle trade has developed, and thankfully prices are fully higher in both regions. March corn is down 5 cents per bushel and March soybean meal is down $3.10. The Dow Jones Industrial Average is down 461.89 points and NASDAQ is down 186.94 points.

LIVE CATTLE:

The live cattle complex is truly a mixed bag heading into Friday's noon hour. Only the February live cattle contract is trading higher, while the deferred contracts are trading moderately lower as the market sits on pins and needles waiting for the industry's Cattle Inventory report to be released later this afternoon. It has been exciting to see some stronger trade develop in the fed cash cattle market, but unfortunately with traders knowing the big report is set to be released this afternoon, the strong developments in the cash market seem to be overlooked. February live cattle is up $0.25 at $235.75, April live cattle is down $0.52 at $236.75 and June live cattle is down $1.47 at $231.80. Some light cash cattle trade has developed in the South at $238 to $240, which is $3.00 to $5.00 higher than last week's weighted average. Some Northern dressed cattle trade has developed at $375 to $378, which is $6.00 to $9.00 higher than last week's weighted average.

Boxed beef prices are mixed: choice down $1.22 ($366.55) and select up $2.28 ($363.00) with a movement of 57 loads (38.15 loads of choice, 3.95 loads of select, 4.97 loads of trim and 9.61 loads of ground beef).

FEEDER CATTLE:

Between seeing the equity markets and live cattle contracts all fall lower, the feeder cattle contracts are following suit as most of the contracts are trading $5.00 to $6.00 lower into Friday's noon hour. There's a cloud of uncertainty that's seemed to overcome the entire marketplace, and currently seems to be ensuing the most havoc on the feeder cattle contracts. March feeders are down $6.52 at $358.77, April feeders are down $6.30 at $356.92 and May feeders are down $6.12 at $353.85.

LEAN HOGS:

While the cattle contracts sink back in anxiousness, the lean hog contracts are at least trading higher in the market's deferred contracts, but the nearby contracts are following suit in a minor regression. February lean hogs are down $0.35 at $87.35, April lean hogs are down $0.32 at $95.12 and June lean hogs are down $0.10 at $108.32. It is helpful that midday pork cutout values are up over $2.00 higher -- showing strong continued consumer support.

The projected lean hog index for 1/29/2026 is up $0.06 at $85.78, and the actual index for 1/28/2026 is up $0.50 at $85.72. Hog prices are lower on the Daily Direct Morning Hog report, down $0.49 with a weighted average price of $83.39, ranging from $79.00 to $87.00 on 1,508 head and a five-day rolling average of $84.12. Pork cutouts total 168.84 loads with 141.20 loads of pork cuts and 27.64 loads of trim. Pork cutout values: up $2.67, $96.10.

Friday Morning Livestock Market Update - Feedlots Hold for Higher Cash

GENERAL COMMENTS:

Cash cattle trade did not develop on Thursday, leaving traders uncertain over market direction. Traders anticipate a higher cash cattle trade to develop but remain cautious anyway. Even if higher cash trade develops, it is the end of the month, and traders will liquidate some positions to close out their books for the month. Packers continue to reduce the slaughter pace to support boxed beef prices and to possibly purchase cattle without being aggressive. However, they will need to purchase cattle and feedlots will not let them go at lower prices. Boxed beef prices were lower with choice down $2.08 and select down $2.85. The weakness is not what packers want, but it is an indication of consumer demand. Boxed beef has had a difficult time trending higher.

Hog futures closed moderately higher in all contracts except for the nearby February. It has two weeks remaining, and futures are remaining in line with the anticipated cash index. The chart gap from Wednesday will be a target for technical traders, but it likely will not be filled today. There was no support for either cash or cutouts to support a strong market today. The National Daily Direct Afternoon Hog report showed cash down $1.90. Pork cutout values declined by $1.62. The higher slaughter pace should have packers being more aggressive, but market-ready hogs are plentiful with little reason for packers to bid higher.

	BULL SIDE		BEAR SIDE
1)	Cash cattle are expected to trade higher, which would require futures to increase to keep pace.	1)	Reduced slaughter has not been able to provide solid support to boxed beef prices. Demand seems to have slowed.
2)	Cattle supplies remain tight and will remain that way for quite some time. Cattle prices will remain supported.	2)	Cattle futures have been unable to develop a solid trend higher. Traders are supporting the market but are not confident about upside price potential.
3)	Hog futures have a chart gap above the market that will be filled at some point.	3)	Hog futures remain overbought and might see a further price correction to close out the month.
4)	Pork demand is good, with increased slaughter needed to meet it. Pork prices continue to hold well.	4)	There is little reason for traders to remain aggressive buyers in hog futures at the current levels unless further gains are seen in the cash market.

Thursday Closing Livestock Market Update - Mixed Tones Follow Contracts

GENERAL COMMENTS:

The livestock complex had a mixed day as the cattle contracts drifted lower as traders wait for the fed cash cattle market to trade, but the lean hog contracts closed mostly higher. Do note that Friday will be a big day for the cattle sector, as we still need to see cash cattle trade develop, and the Bi-Annual Cattle Inventory Report will be shared. March corn is up 3/4 cent per bushel and March soybean meal is down $1.80. The Dow Jones Industrial Average is up 55.96 points and the NASDAQ is down 172.33 points.

LIVE CATTLE:

Seeming to all but tap its feet and wait impatiently, the live cattle contracts ended up closing lower Thursday afternoon as traders simply weren't willing to advance the contracts without first seeing what direction the fed cash cattle market was going to trade. February live cattle closed $1.32 lower at $235.50, April live cattle closed $1.45 lower at $237.27 and June live cattle closed $1.17 lower at $233.27. A few bids were offered throughout the day in the North, where live bids were placed at $232 to $235, and dressed bids were offered at $370, but no cattle traded. Asking prices remain elusive, and there's a good chance that cattle don't trade until after Friday's big Cattle Inventory Report.

Thursday's slaughter is estimated at 112,000 head, 2,000 head less than a week ago and 9,000 head less than a year ago.

Boxed beef prices closed lower: choice down $2.08 ($367.66) and select down $2.85 ($360.72) with a movement of 94 loads (67.67 loads of choice, 5.81 loads of select, 8.87 loads of trim and 11.85 loads of ground beef).

FRIDAY'S CATTLE CALL: Higher. With fed cattle supplies thin, packers can't afford to be short bought in the market right now.

FEEDER CATTLE:

The feeder cattle complex tried to be bold and aggressive and trade higher even though the live cattle contracts were trading lower, but ultimately the market ran out of steam ahead of the day's end and closed lower too. March feeders closed $0.72 lower at $365.12, April feeders closed $1.07 lower at $363.22 and May feeders closed $1.37 lower at $359.97. At the Winter Livestock Auction in Pratt, Kansas, compared to last week, feeder steers weighing 850 to 1,000 pounds sold $10.00 to $12.00 higher and steers weighing 700 to 850 pounds traded $5.00 to $6.00 lower. Steers weighing 550 pounds to 700 pounds sold $6.00 to $8.00 higher and there wasn't enough of a feeder heifer test on those weighing 500 to 950 pounds, but a steady to higher trend was noted. Slaughter cows and bulls both traded $4.00 to $6.00 higher. The CME feeder cattle index 1/28/2026: up $2.70, $366.69.

LEAN HOGS:

Although pork cutout values closed a tick lower, the lean hog complex was able to maintain its upward trend through the day's close as traders were no longer up against resistance pressure. February lean hogs closed $0.25 lower at $87.70, April lean hogs closed $0.30 higher at $95.45 and June lean hogs closed $0.50 higher at $108.42. The biggest reason why the afternoon carcass price was pulled lower was because of the $6.58 decline in the rib and the $3.78 decline in the belly. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.90 with a weighted average price of $84.38 on 1,345 head. Pork cutouts totaled 293.85 loads with 257.02 loads of pork cuts and 36.83 loads of trim. Pork cutout values: down $1.62, $93.43. Thursday's slaughter is estimated at 495,000 head, 5,000 head more than a week ago and 9,000 head more than a year ago. The CME lean hog index 1/27/2026: up $0.79, $85.22.

FRIDAY'S HOG CALL: Lower. At this point, packers have likely bought the vast majority of what they're going to need in the cash market.

Thursday Midday Livestock Market Summary - Live Cattle Contracts Dip Lower Waiting for Cash Trade to Develop

GENERAL COMMENTS:

The livestock complex is trading mixed into midday Thursday as the live cattle market is trailing slightly lower, seeming to wait for the week's fed cash cattle trade to develop. Meanwhile, most of the lean hog and nearby feeder cattle contracts are trading higher. March corn is up 1/2 cent per bushel and March soybean meal is down $1.50. The Dow Jones Industrial Average is down 8.36 points and the NASDAQ is down 330.77 points.

Thursday's export report shared that beef net sales of 16,900 mt for 2026 were primarily for South Korea (7,600 mt), Japan (4,900 mt) and Hong Kong (1,800 mt). Pork net sales of 56,000 mt for 2026 were primarily for Mexico (28,300 mt), China (15,900 mt) and Japan (3,800 mt).

LIVE CATTLE:

Seeming to merely hold its breath waiting for some fed-cash cattle trade to develop, the live cattle contracts are trading slightly lower, unwilling to advance any higher and pressure the market's resistance without first seeing what's going to develop fundamentally in the fed cash cattle market. February live cattle are down $0.70 at $236.12, April live cattle are down $0.67 at $238.05 and June live cattle are down $0.40 at $234.05. A single bid is currently on the table in Nebraska at $232, but still no cattle have traded and asking prices aren't firmly established yet this week either. It's most likely that trade will be delayed until Friday.

Boxed beef prices are lower: choice down $0.21 ($369.53) and select down $3.19 ($360.38) with a movement of 67 loads (44.55 loads of choice, 4.73 loads of select, 8.87 loads of trim and 8.70 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is a mixed bag this morning as the nearby contracts are scaling higher while the market's deferred contracts are trailing slightly lower. March feeders are up $0.87 at $366.72, April feeders are up $0.45 at $364.75 and May feeders are up $0.10 at $361.25. The spot March feeder cattle contract is trading at the highest level it's been at since the market's sharp sell-off in late October.

LEAN HOGS:

With the help of a strong export sales report this morning, the lean hog complex is back to trading higher following Wednesday's lower close. April lean hogs are up $0.52 at $95.67, June lean hogs are up $0.65 at $108.55 and July lean hogs are up $0.60 at $109.47. It is also helpful from a technical standpoint, the market is no longer up against resistance thresholds, and from a fundamental standpoint that morning pork cutout values are a tick higher as well.

The projected lean hog index for 1/28/2026 is up $0.26 at $85.48, and the actual index for 1/27/2026 is up $0.79 at $85.22. Hog prices on the Daily Direct Morning Hog Report average $84.38, ranging from $79.00 to $85.00 on 1,345 head and a five-day rolling average of $83.52. Pork cutouts total 151.59 loads with 132.89 loads of pork cuts and 18.70 loads of trim. Pork cutout values: up $3.68, $98.73.

Thursday Morning Livestock Market Update - Higher Cash Cattle Trade Expected

GENERAL COMMENTS:

Cash cattle have not been traded this week, but there is a growing anticipation that it will be higher. There were some bids at $236 on Wednesday, but those were rejected, opening the door for high cash this week. This should push futures solidly through technical resistance and resume the uptrend. There is something I have not written about for some time and that is the chart gaps remaining in both live and feeder cattle futures from Oct. 16, 2025. Feeder cattle are closer to the gap. These gaps are generally filled, and it is something to keep in mind. Higher cash trade this week certainly would move futures closer to this objective. Boxed beef prices were mixed on Wednesday, with choice up $1.63 and select down $1.62.

Hogs ran out of steam on Thursday and gapped lower on the open. The April, May, June, and July contracts were unable to close the gaps. It was not due to a change in fundamentals, but likely some liquidation due to the overbought status of the market. It is difficult to believe that further liquidation will continue as the general attitude of traders remains supportive. The 2- to 3-day fund liquidation may not take place. However, there could be further weakness ahead of the weekend and the end of the month. Cash was higher on Wednesday with the National Daily Direct Afternoon Hog report up $1.46. However, pork cutout values declined by $0.46. Hog weights inched back up to 293.1 pounds.

	BULL SIDE		BEAR SIDE
1)	Some live cattle contracts pushed through and closed above resistance, opening the door for increased trader buying interest.	1)	Boxed beef prices have been mixed recently, possibly indicating demand has leveled off for the time being.
2)	Packer bids were posted at $236 on Wednesday, but were passed by feedlots, indicating higher prices will be needed to purchase the cattle on showlists.	2)	The reduced slaughter pace may not back up cattle in the country but may limit the prices packers will pay for those cattle.
3)	Hog futures gapped lower on the open on Wednesday, with the April through July contracts not closing the gaps. This will be accomplished at some point.	3)	Weekly hog weights increased 0.3 pounds to an average of 293.1 pounds. This is 2.3 pounds above a year ago.
4)	The slaughter pace remains strong, keeping hogs current. This indicates strong demand.	4)	There could be further liquidation of hogs into the end of the month as tr

Wednesday Closing Livestock Market Update - Cattle Inch Higher While Hogs Run Out of Steam

GENERAL COMMENTS:

The livestock complex closed mixed, with the cattle contracts keeping their rally through the end of the day, but the lean hog complex ran out of momentum and closed lower. Still no cash cattle trade has developed. March corn is up 3 1/2 cents per bushel and March soybean meal is up $3.80. The Dow Jones Industrial Average is up 12.19 points and the NASDAQ is up 40.35 points.

LIVE CATTLE:

The live cattle complex was brave throughout Wednesday's trade as traders elected to push the spot April contract up to the market's resistance at $239, but weren't willing just yet to attempt to conquer that threshold. I call the complex brave simply because traders didn't have to push the market higher, as there's been little fundamental support develop this week, as boxed beef prices are mixed, and there's been no sizeable trade yet in the fed cash cattle market. Now it is fully assumed that later this week fed cash cattle will trade higher, but time will tell. February live cattle closed $1.22 higher at $236.82, April live cattle closed $1.32 higher at $238.72 and June live cattle closed $1.20 higher at $234.45. A few bids were offered throughout the day in Nebraska at $236, but still no cattle traded. 

Wednesday's slaughter is estimated at 112,000 head, 2,000 head less than a week ago but 12,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $1.63 ($369.74) and select down $1.62 (363.57) with a movement of 86 loads (61.53 loads of choice, 7.94 loads of select, 5.55 loads of trim and 10.84 loads of ground beef).

THURSDAY'S CATTLE CALL: Higher. With fed cash cattle supplies thin, prices will likely be higher when cattle trade later this week.

FEEDER CATTLE:

The feeder cattle complex was also brave throughout the day, as although the market seemed to mostly follow the direction of the live cattle complex, it also threatened its resistance level in the spot March contract. March feeders closed $3.85 higher at $365.85, April feeders closed $3.65 higher at $364.30 and May feeders closed $3.40 higher at $361.35. At the Winter Livestock Auction in Dodge City, Kansas, compared to last week, steers over 600 pounds were well tested to establish a definite market trend, but steers under 600 pounds sold unevenly steady, with black steers selling $15.00 higher while red lots were too fleshy and unweaned. The sale had minimal receipts compared to last week, as the winter snowstorm affected most in the area. The CME feeder cattle index 1/27/2026: down $0.74, $363.99.

LEAN HOGS:

The lean hog complex simply ran out of steam by the time Wednesday rolled around. February lean hogs closed $1.10 lower at $87.95, April lean hogs closed $1.67 lower at $95.15 and June lean hogs closed $1.45 lower at $107.92. Pork cutout values were a tick lower, which doesn't help the market's lower tone, but it was refreshing to see a larger volume traded in the cash hog market. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.46 with a weighted average price of $85.31 on 7,300 head. Pork cutouts totaled 296.78 loads with 263.21 loads of pork cuts and 33.56 loads of trim. Pork cutout values: down $0.64, $95.05. Wednesday's slaughter is estimated at 493,000 head, 6,000 head more than a week ago and 11,000 head more than a year ago. The CME lean hog index 1/26/2026: up $0.42, $84.43.

THURSDAY'S HOG CALL: Lower. Given that packers bought somewhat aggressively today, it's likely that they'll be less aggressive later in the week.

Wednesday Midday Livestock Market Summary - Cattle Scale Higher Waiting on Cash Cattle Trade to Develop

GENERAL COMMENTS:

The livestock complex is trading mixed as the lean hog contracts are trading lower after facing some technical exhaustion, but the cattle contracts are bravely trading higher. Still no cash cattle trade has developed. March corn is up 3 3/4 cents per bushel and March soybean meal is up $4.80. The Dow Jones Industrial Average is up 30.30 points and NASDAQ is down 9.29 points.

LIVE CATTLE:

The live cattle complex wasn't confident at the day's initial start, but now that the market has had longer to trade, the complex has grown stronger. Currently, the contracts are pushing past the market's resistance and treading higher into the day's noon hour. February live cattle are up $0.97 at $236.57, April live cattle are up $1.12 at $238.52 and June live cattle are up $0.95 at $234.20. It's somewhat questionable where traders are getting the additional support from this morning, as boxed beef prices are mixed and we've yet to see any trade in the fed cash cattle market. But maybe traders' confidence lies in the fact that they believe fed cash cattle prices will trade higher later this week and that Friday's Cattle Inventory report will be bullish. I hope all those claims come to fruit. At this point, no cash cattle trade has developed and both bids and asking prices remain elusive.

Boxed beef prices are mixed: choice up $1.14 ($369.25) and select down $1.45 ($363.73) with a movement of 50 loads (31.60 loads of choice, 4.20 loads of select, 5.22 loads of trim and 8.48 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading higher into Wednesday's noon hour as the market finds it comforting to see the live cattle contracts trading in a positive manner. March feeders are up $1.55 at $363.60, April feeders are up $1.60 at $362.25 and May feeders are up $1.57 at $359.52. As long as the live cattle contracts maintain their upward momentum through the day's end, it's likely that the feeder cattle contracts will as well.

LEAN HOGS:

The lean hog contracts are back to trading lower as the market seems to be facing some technical exhaustion after a significant rally over the last month. Thankfully, pork cutout values are still trading higher, so traders should find some support there, but for the meantime, the market's direction is lower. February lean hogs are down $1.20 at $87.85, April lean hogs are down $1.87 at $94.95 and Juen lean hogs are down $1.72 at $107.65.

The projected lean hog index for 1/27/2026 is up $0.79 at $85.22 and the actual index for 1/26/2026 is up $0.42 at $84.43. Pork cutouts total 179.94 loads with 156.91 loads of pork cuts and 23.03 loads of trim. Pork cutout values: up $0.57, $96.26. Hog prices are again not available on the Daily Direct Morning Hog Report, but we can see that only 4,325 head have traded and that the market's five-day rolling average sits at $80.86.

Wednesday Morning Livestock Market Update - Hog Futures Are Ripe for a Retracement

GENERAL COMMENTS:

Cattle futures did not accomplish much through the close with slight losses. Traders may wait for direction from cash before becoming too excited over higher prices. Packers have been able to purchase some cattle ahead for deferred delivery, but whether that will be sufficient to keep them from paying more this week remains to be seen. Feedlots have been in the driver's seat for quite some time and will remain that way with less expensive feed making increased weight gain profitable. Boxed beef prices were lower, which may keep traders cautious today. Choice boxed beef was down $0.79, with select down $1.93. Feeder cattle prices have not been published as the weather has closed many of them. However, prices likely will not suffer much.

Hog futures maintained the higher trend. The July contract closed above $110, where prices have not been for quite some time. The continued strength has been impressive, driven by the trend higher in pork cutouts. Hog supplies are being readily absorbed through increased demand. The National Daily Direct Afternoon Hog report showed cash up $1.57. Packers are expected to remain aggressive again today. Pork cutouts declined $1.57. Hog slaughter continues to hold at a strong pace.

	BULL SIDE		BEAR SIDE
1)	Feedlots anticipate packers will need cattle and hold for higher prices.	1)	Cattle futures have not been able to break out of the recent sideways trading range. Technical resistance may be increasing.
2)	The current tight cattle supplies will provide the confidence for feedlots to hold cattle even if they are ready for the market. Higher weights have not been a problem for the market.	2)	Cattle futures seem to have found a level of comfort and may remain rangebound for a time.
3)	Hogs continue to trend higher with traders confident to hold and add to their long positions.	3)	Hog futures are overbought and ready for a retracement. This may take place before the end of the month.
4)	Hog weights are expected to decrease again this week, which means more hogs will be needed to maintain pork tonnage.	4)	The cash market is struggling to trend higher. Packers are not aggressive as there are sufficient hogs for slaughter.

Tuesday Closing Livestock Market Update - Hogs Inch Higher While Cattle Dip Lower

GENERAL COMMENTS:

The cattle complex may have been worried about fundamental support, which is ultimately why both the live cattle and feeder cattle contracts closed lower as traders deemed there wasn't enough support currently in the marketplace to justify trading the contracts higher, but the lean hog complex was a different story as it once again successfully closed higher. Still no fed cash cattle trade has developed. March corn is down 1 3/4 cents per bushel and March soybean meal is down $0.30. The Dow Jones Industrial Average is down 416.22 points and the NASDAQ is up 244.47 points.

LIVE CATTLE:

The live cattle complex attempted to trade higher earlier in the day, but ultimately, the market's technical resistance was found to be too much of a barrier for the market to conquer at this time. If later in the week the fed cash cattle market is indeed able to trade cattle for higher prices, then there's a chance that the market could potentially attempt to conquer that threshold, but at this point, there simply wasn't enough fundamental support around for traders to successfully challenge that threshold. February live cattle closed $0.42 lower at $235.60, April live cattle closed $0.60 lower at $237.40 and June live cattle closed $0.37 lower at $233.25. 

Tuesday's slaughter is estimated at 112,000 head, 2,000 head less than a week ago and 11,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.79 ($368.11) and select down $1.93 ($365.19) with a movement of 102 loads (75.92 loads of choice, 6.73 loads of select, 4.25 loads of trim and 15.27 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Higher. Even though packers bought a respectable volume in last week's market, prices will likely trade higher again this week as feedlot managers know that packers need more inventory and they're currently in a position that if they don't see the prices they'd like, they can simply roll their showlists over into the upcoming week.

FEEDER CATTLE:

The feeder cattle complex also lost its momentum as the day traded onward, as traders weren't willing to advance the complex when the live cattle contracts were trending lower. It's been tough to note feeder cattle price trends in the countryside, as most sale barns have been shut down early this week while much of the country has been blasted with snow and arctic temperatures. March feeders closed $0.60 lower at $362.00, April feeders closed $0.55 lower at $360.65 and May feeders closed $0.52 lower at $357.95. The CME feeder cattle index 1/26/2026: up $1.16, $364.73.

LEAN HOGS:

The lean hog complex didn't weaken throughout Tuesday's hours as the market successfully closed higher once again. Today was the first time in multiple trading days that pork cutout values closed lower, but luckily, trader support remained ample, and cash prices closed higher, too. February lean hogs closed $0.75 higher at $89.05, April lean hogs closed $0.10 higher at $96.82 and June lean hogs closed $0.25 higher at $109.37. It will be interesting to see how pork cutout values close Wednesday afternoon, as most of the cuts closed lower Tuesday afternoon. Pork cutouts totaled 275.54 loads with 240.40 loads of pork cuts and 35.14 loads of trim. Pork cutout values: down $1.57, $95.69. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.57 with a weighted average price of $84.82. Tuesday's slaughter is estimated at 483,000 head, 5,000 head less than a week ago and 1,000 head more than a year ago. The CME lean hog index 1/23/2026: up $0.39, $84.01.

WEDNESDAY'S HOG CALL: Steady. Packers were slightly more aggressive in Tuesday's market, but they still don't likely have enough support for the entire week yet.

Tuesday Midday Livestock Market Update - Cattle Trend Higher

GENERAL COMMENTS:

The cattle contracts have traded mixed thus far throughout the day, but thankfully as Tuesday's noon hour approaches, the contracts are seeming to find more trader support. Still no cash cattle trade has developed. March corn is down 1 cent per bushel and March soybean meal is down $0.20. The Dow Jones Industrial Average is down 341.64 points and NASDAQ is up 229.40 points.

LIVE CATTLE:

Up until the last hour, the live cattle market was trading mostly lower as traders seemed overwhelmed by the market's technical resistance. Lo and behold, as the noon hour nears, another gust of support has seemed to overcome the live cattle complex. February live cattle are up $0.15 at $236.15, April live cattle are down $0.22 at $237.77 and June live cattle are down $0.02 at $233.60. The market doesn't however seem confident in either direction as it's longing to see continued fundamental support to justify a higher trend. And it's not likely that enough support will develop until we see what happens in this week's fed cash cattle trade, which could mean a teeter-totter like behavior today in the futures complex. Still no trade has developed in the fed cash cattle complex and it's mostly likely that trade will be delayed until Thursday at the earliest and likely wait until Friday. It is assumed that prices will trend higher again this week as fed cash cattle supplies are tight, and packers can't afford to be short bought.

Boxed beef prices are mixed: choice up $0.37 ($369.27) and select down $2.55 ($364.57) with a movement of 59 loads (42.36 loads of choice, 4.51 loads of select, zero loads of trim and 12.24 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex isn't trading in the exact same manner as the live cattle complex is, as its market is taking more of a mixed approach into Tuesday's noon hour. More than anything, traders seem to want to keep the feeder cattle contracts aligned with the overall direction of the live cattle market. At the same time, traders know supplies are likely to remain thin in the near term and see that as a justification to keep the furthest deferred contracts trading higher. March feeders are down $0.07 at $362.52, April feeders are down $0.10 at $361.10 and May feeders are down $0.02 at $358.45.

LEAN HOGS:

The lean hog complex is trading mostly higher into Tuesday's noon hour, although a couple of the nearby contacts are trading slightly lower. February lean hogs are up $0.17 at $88.47, April lean hogs down $0.15 at $96.55 and June lean hogs are up $0.10 at $109.22. More than anything, the market's uptick in consumer demand seems to be encouraging traders to continue to push the complex higher.

Hog prices are again not available on the Daily Direct Morning Hog report because of confidentiality. However, we can see that only 645 head have traded, and that the market's five-day rolling average now sits at $80.86. Pork cutouts total 133.63 loads with 120.79 loads of pork cuts and 12.84 loads of trim. Pork cutout values: up $0.62, $97.88. The projected lean hog index for 1/26/2026 is up $0.42 at $84.43, and the actual index for 1/23/2026 is up $0.39 at $84.01.

Tuesday Morning Livestock Market Update - Cattle Futures May Stabilize Until Cash Trades

GENERAL COMMENTS:

Cattle futures extended their gains, testing the top end of the recent trading range. Futures are poised to make another leg higher as cash is again expected to be higher this week. Feedlots are not going to settle for anything less and will hold out for higher cash. There is no concern about holding heavier-weight cattle, as it has been a benefit for feedlots. Packers are reducing their slaughter pace to improve boxed beef prices and back up cattle in the country, but to no avail. Cattle supplies are tight, rendering this a useless endeavor at this time. Boxed beef prices were mixed with choice down $0.02 and select up $4.73.

Hog futures continue to make new contract highs. The only exception is the nearby February contract, as it has only about two weeks of trading remaining. The June contract joined the July contract in trading over $109. The cash market was lower with the National Daily Direct Afternoon Hog report down $0.31. However, pork cutouts continue to increase with a gain of $1.51 on Monday, and a value of $97.26. The strength in the market is coming from demand and the increase in pork prices. With the increase in pork cutout prices indicating an increase in demand, packers may become more aggressive in the cash market.

	BULL SIDE		BEAR SIDE
1)	There is little reason to believe that cattle prices will decline anytime soon. Cattle supplies are tight, and demand remains strong.	1)	The packers' reduction in slaughter may eventually have an impact on the feedlots, as they will need to move some cattle due to holding them being unprofitable.
2)	Boxed beef prices have been trending higher again and may continue in that direction as consumers prefer beef, and it is now at the top of the food pyramid.	2)	Cattle futures seem to be struggling to trend higher, possibly indicating a level of resistance that could be difficult to penetrate.
3)	Pork cutout prices have been trending higher and are expected to continue that way for a time.	3)	Hog futures are significantly overbought and may correct at any time.
4)	New highs in hog futures continue to bring new buying interest into the market as traders trade with the trend.	4)	Packers remain unaggressive in hogs and are able to purchase what they need without difficulty. There is no shortage.

Monday Closing Livestock Market Update - Traders Willingly Push Contracts Higher

GENERAL COMMENTS:

The livestock complex closed mostly higher Monday afternoon as traders are pleased with the fundamental support that the market has been seeing. New showlists appear to be mixed, higher in Texas, but lower in Kansas, and Nebraska/Colorado. March corn is down 2 1/4 cents per bushel and March soybean meal is down $5.60. The Dow Jones Industrial Average is up 313.69 points and the NASDAQ is up 100.12 points.

LIVE CATTLE:

The live cattle complex traded higher throughout the day as the market was thrilled to note the stronger trade that developed late last week in the fed cash cattle complex. February live cattle closed $1.12 higher at $236.02, April live cattle closed $1.07 higher at $238.00 and June live cattle closed $1.12 higher at $233.62. The market is close to reaching resistance pressure, but that didn't put a damper on the market's morale throughout Monday's trade. Do note that later this week, the Bi-Annual Cattle Inventory report is set to be released, which will disclose whether or not the US beef cowherd has been maintaining steady numbers, or if producers have been fixated on growing their cowherds. Monday's slaughter is estimated at 100,000 head, 5,000 head less than a week ago and 13,000 head less than a year ago.

Last week Southern live cattle traded at mostly $233 to $235, which is steady to $2.00 higher than the previous week's weighted average. Northern dressed cattle traded at mostly $370, which is $5.00 higher than the previous week's weighted average. And the total volume traded in the fed cash cattle market totaled 73,362 head, of which 81% (59,447 head) were committed for the market's nearby delivery, while the remaining 19% (13,915 head) were committed to the market's deferred delivery option.

Boxed beef prices closed mixed: choice down $0.02 ($368.90) and select up $4.73 ($367.12) with a movement of 97 loads (62.69 loads of choice, 11.01 loads of select, 10.22 loads of trim and 12.97 loads of ground beef).

TUESDAY'S CATTLE CALL: Higher. Given that fed cattle supplies are thin right now, feedlot managers will again aim to trade cattle higher this week.

FEEDER CATTLE:

The feeder cattle complex enjoyed a modest rally throughout the day as the market was thrilled to note the strong developments last week in the fed cash cattle complex, and was willing to quickly forget about the neutral Cattle on Feed report. January feeders closed $1.90 higher at $366.70, March feeders closed $2.42 higher at $362.60 and April feeders closed $2.45 higher at $361.20. Oklahoma National Stockyards in Oklahoma City, Oklahoma, did not have their weekly sale this week as a major storm moved across much of the county last weekend, and conditions aren't expected to improve until mid-week. The CME feeder cattle index 1/23/2026: up $0.09, $363.57.

LEAN HOGS:

The lean hog complex closed mostly higher as traders are pleased with the consumer support they've seen recently in the market. And what was especially supportive to note about pork prices this afternoon is that the vast majority of the major cuts closed higher, showing strong, stable demand. February lean hogs closed $0.05 lower at $88.30, April lean hogs closed $0.55 higher at $96.72 and June lean hogs closed $0.62 higher at $109.12. Pork cutouts totaled 215.89 loads with 185.94 loads of pork cuts and 29.95 loads of trim. Pork cutout values: up $1.51, $97.26. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.31 with a weighted average price of $83.25 on 890 head. Monday's slaughter is estimated at 426,000 head, 5,000 head more than a week ago and 55,000 head less than a year ago. The CME Lean hog index 1/22/2026: down $0.55, $83.62.

TUESDAY'S HOG CALL: Higher. Packers haven't been very aggressive in the cash market lately, but if pork demand sees stable demand, they may become more aggressive.

Monday Midday Livestock Market Summary - Traders Drive Contracts Higher

GENERAL COMMENTS:

The livestock complex is off to a stronger start the week, as traders are noting more than enough fundamental support to justify trading the contracts higher. New showlists appear to be mixed, higher in Texas, but lower in Kansas, and Nebraska/Colorado. March corn is down 2 cents per bushel and March soybean meal is down $5.00. The Dow Jones Industrial Average is up 186.92 points and the NASDAQ is up 178.84 points.

LIVE CATTLE:

Last Friday was a whirlwind of developing factors for the live cattle market to note and keep track of, between the fed cash cattle that finally developed, and the monthly Cattle on Feed report that was released. Thankfully, the neutral to slightly bearish tone of the Cattle on Feed report was quickly overlooked by the strong developments in the fed cash cattle market, as traders have elected to again push the live cattle contracts higher today. February live cattle are up $0.67 at $235.57, April live cattle are up $0.45 at $237.40 and June live cattle are up $0.57 at $233.07. What will remain an obstacle for the market to manage this week is the technical resistance that's formed in the live cattle complex. There's an argument to be made that the market could potentially break through that barrier if fed cash cattle prices are higher again this week, but that's taking a fairly bullish look at the marketplace. Even if prices do trade higher again this week, there's a strong likelihood that traders won't want to challenge that threshold, especially considering that later this week, the highly anticipated Cattle Inventory report is set to be released. New showlists appear to be mixed, higher in Texas, but lower in Kansas, and Nebraska/Colorado.

Last week, Southern live cattle traded mostly at $233 to $235, which is mostly steady to $2.00 higher than last week's weighted average, and Northern dressed cattle traded at mostly $370, which is $5.00 higher than the previous week's weighted average.

Boxed beef prices are higher: choice up $0.33 ($369.25) and select up $3.58 ($365.97) with a movement of 50 loads (32.53 loads of choice, 3.84 loads of select, 4.95 loads of trim and 8.53 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts are also trading higher as the market finds power and momentum in the fact that fed cash cattle prices continue to scale higher. March feeders are up $0.72 at $360.90, April feeders are up $0.82 at $359.57 and May feeders are up $0.92 at $356.97. So long as the live cattle contracts continue to trade higher, the feeder cattle complex will also likely do the same.

LEAN HOGS:

And last but not least, the lean hog contracts are also enjoying a mild rally into midday Monday. February lean hogs are down $0.07 at $88.27, April lean hogs are up $0.60 at $96.77 and June lean hogs are up $0.70 at $109.20. The market has seen steady support from consumers, which has helped encourage the contracts to continue to trade higher, although the market is continuing to drive to new contract highs when it does so.

The projected lean hog index for 1/23/2026 is up $0.39 at $84.01 and the actual index for 1/22/2026 is up $0.55 at $83.62. Hog prices are unavailable on the Daily Direct Morning Hog Report because no hogs have traded yet. The only thing we can note from the report is that the market's five-day rolling average sits at $80.86. Pork cutouts total 120.78 loads with 100.24 loads of pork cuts and 20.54 loads of trim. Pork cutout values: up $1.62, $97.37.

Monday Morning Livestock Market Update - Mixed Trading Expected to Begin the Week

GENERAL COMMENTS:

It took until Friday for cash cattle to trade again, and it was well worth the wait. Southern live cattle traded steady to $2.00 higher, while Northern dressed traded $5.00 higher. Packers keep holding out, hoping for something that would reduce cash prices for cattle, but the wait has no impact. Feedlots know that supplies are tight, and they have little need to move the cattle they hold. Boxed beef prices were higher with choice up $1.47 and select up $0.66. The Cattle on Feed report may not be much of a market mover. It was considered neutral overall, with placements a bit bearish because it was higher than expected. One feed as of Dec. 1 was 96.9%, placements in November were 94.6%, and marketings were 102%. The Commitment of Traders report showed the fund traders increasing their long positions in live cattle by 1,122 contracts to a net long of 101,471. The net-long position in feeder cattle increased by 357 futures contracts to 17,405.

Hogs were mixed moving into the weekend. The substantial moves higher during the week prompted some profit-taking into the weekend in the nearby months. There was no fundamental reason for the slight decline in some contracts, as the trend remains higher, and demand seems to be improving. New contract highs were made on Friday. The National Daily Direct Afternoon Hog report showed an increase of $0.47. It is usual to see cash strength on Fridays. Pork cutouts were higher, posting a gain of $1.13. The Commitment of Traders report showed the fund traders adding 13,558 futures contracts, bringing their net-long position to 92,216.

	BULL SIDE		BEAR SIDE
1)	The continued tight cattle supplies keep the market supported, and packers have to bid up to obtain the cattle they need.	1)	Cattle futures have not been able to break through technical resistance. A neutral Cattle on Feed report may keep the upside limited for now.
2)	The Cattle on Feed report was neutral and may not influence the market much today. The placement number being a little higher than estimated should not harm the market.	2)	The cattle market seems to be tired, and higher prices may be more difficult to unfold. This may be the level it remains at for a while.
3)	The trend in hog futures remains up, providing confidence for traders to buy and hold.	3)	Hog futures have had a substantial run higher, and it may be near the level at which a price retracement may take place.
4)	Pork cutouts are finding good support with the price trending higher. This indicates good demand.	4)	There may be limited upside strength for hog prices as there are sufficient hogs available and ready for the market.

Friday Closing Livestock Market Update - Cash Cattle Prices Trade Higher

GENERAL COMMENTS:

The livestock complex closed mixed as the cattle contracts closed slightly higher, but lean hog contracts ended the day mixed. Throughout the day, Southern live cattle traded anywhere from $233 to $236, which is steady to $2.00 higher than last week's weighted average, and Northern dressed cattle traded at mostly $370, which is $5.00 higher than last week's weighted average. March corn is up 6 1/2 cents per bushel and March soybean meal is up $3.70. The Dow Jones Industrial Average is down 285.30 points and the NASDAQ is up 65.22 points.

Friday's export report shared that beef net sales of 15,400 mt for 2026 were primarily for Hong Kong (3,700 mt), Japan (3,100 mt) and Mexico (2,500 mt). Pork net sales of 33,200 mt for 2026 were primarily for Mexico (11,800 mt), South Korea (5,100 mt) and Japan (3,400 mt).

LIVE CATTLE:

Between noting the morning's export sales report, finally seeing some cash cattle trade develop, and noting the day's Cattle on Feed report, there was plenty to mull over in the cattle complex today.

Although it took until the week's bitter end for traders to jump into gear and fully support the complex, Friday saw a substantial technical jump as traders were pleased to see fed cash cattle prices trade higher. February live cattle closed $2.52 higher at $234.90, April live cattle closed $2.10 higher at $236.92 and June live cattle closed $1.60 higher at $232.50. Throughout the day, Southern live cattle traded anywhere from $233 to $236, which is steady to $2.00 higher than last week's weighted average, and Northern dressed cattle traded at mostly $370, which is $5.00 higher than last week's weighted average.

Friday's slaughter is estimated at 84,000 head, 8,000 head less than a week ago and 15,000 head less than a year ago. Saturday's slaughter is projected to be around 4,000 head. The week's total slaughter is estimated at 535,000 head, 27,000 head less than a week ago and 58,000 head less than a year ago.

Boxed beef prices closed higher: choice up $1.47 ($368.92) and select up $0.66 ($362.39) with a movement of 123 loads (82.07 loads of choice, 11.97 loads of select, 8.43 loads of trim and 20.37 loads of ground beef).

MONDAY'S CATTLE CALL: Higher. With fed cattle supplies thin, packers will likely need to buy aggressively again in next week's market.

FEEDER CATTLE:

The feeder cattle complex didn't see the gains the live cattle market did, but its market was able to close higher nonetheless. But in patiently waiting to see what the afternoon's Cattle on Feed report was going to unveil, traders helped the feeder cattle contracts just slightly above steady prices. January feeders closed $1.07 higher at $364.80, March feeders closed $0.90 higher at $360.17 and April feeders closed $0.80 higher at $358.75. The Cattle on Feed report was truly a mixed bag to absorb, as some parts of the report were bullish, but other parts weren't as bullish as one would have assumed they would be. It's likely that on Monday morning, traders find the report to be neutral at best. DTN's USDA Jan. 1 Cattle on Feed Report:

The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers and steer calves traded $3.00 to $7.00 lower and feeder heifers traded $1.00 to $3.00 lower. Heifer calves weighing over 450 pounds sold $6.00 to $11.00 lower, but heifers under 450 pounds traded $20.00 to $25.00 lower. Slaughter cows traded steady to $2.00 lower, and slaughter bulls traded $2.00 lower. The sale report did note that, "caution defined this week's trend as buyers pulled back ahead of an upcoming winter storm that is expected to bring heavy snow and ice." Feeder cattle supply over 600 pounds was 65%. The CME feeder cattle index 1/22/2026: down $1.75, $363.48.

LEAN HOGS:

The lean hog complex closed mixed with its nearby contracts ending the day slightly lower, while the deferred months maintained a higher position. February lean hogs closed $0.12 lower at $88.35, April lean hogs closed $0.17 lower at $96.17 and June lean hogs closed $0.12 lower at $108.50. More than anything, it seemed as though the nearby lean hog contracts ran into some technical exhaustion ahead of the weekend, which put a damper on their recent rally. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.47 with a weighted average price of $83.56 on 1,001 head and a five-day rolling average of $83.45. Pork cutouts totaled 283.85 loads with 255.69 loads of pork cuts and 28.16 loads of trim. Pork cutout values: up $1.13, $95.75. Friday's slaughter is estimated at 438,000 head, 41,000 head less than a week ago and 48,000 head less than a year ago. Saturday's slaughter is projected to be around 160,000 head. The CME lean hog index 1/21/2026: up $0.67, $83.07.

MONDAY'S HOG CALL: Steady. Packers haven't been buying much in the cash hog market, and that won't likely change on Monday.

Friday Midday Livestock Market Summary - Cash Cattle Begin to Trade, Steady to $5.00 Higher

GENERAL COMMENTS:

Thus far, it's been a rallying day for the cattle complex, while the lean hog contracts trade mixed. Some light cash cattle trade has developed in the South at $233 and some Northern business has been noted at $370 which is $5.00 higher than the previous week's weighted average. March corn is up 5 1/2 cents per bushel and March soybean meal is up $3.60. The Dow Jones Industrial Average is down 243.65 points and the NASDAQ is up 121.64 points.

Friday's export report shared that beef net sales of 15,400 mt for 2026 were primarily for Hong Kong (3,700 mt), Japan (3,100 mt) and Mexico (2,500 mt). Pork net sales of 33,200 mt for 2026 were primarily for Mexico (11,800 mt), South Korea (5,100 mt) and Japan (3,400 mt).

LIVE CATTLE:

The live cattle complex is trading sharply higher into midday Friday as traders have grown more confident, and some light cash cattle trade has developed. February live cattle are up $2.80 at $235.17, April live cattle are up $2.60 at $237.42 and June live cattle are up $2.35 at $233.25. Some light trade has been reported mostly in the South at $233 which is fully steady with last week's weighted average. And some Northern dressed cattle have also traded at $370 which is $5.00 higher than the previous week's weighted average. Do note that later this afternoon the monthly Cattle on Feed report is set to be unveiled and more cash cattle trade will likely develop after that.

Boxed beef prices are mixed: choice up $1.25 ($368.70) and select down $0.43 ($361.30) with a movement of 80 loads (57.92 loads of choice, 10.00 loads of select, 5.90 loads of trim and 6.05 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading slightly higher, but its gusto this morning hasn't been as aggressive or notable as the live cattle market's, which could potentially be because demand in the countryside has been slightly off. January feeders are up $1.87 at $365.60, March feeders are up $1.72 at $361.00 and April feeders are up $1.22 at $359.17. This afternoon's Cattle on Feed report is likely going to show a bullish outlook for the feeder cattle complex as placements are again anticipated to be lower than a year ago.

LEAN HOGS:

The lean hog complex is trading mixed as the nearby contracts are trading a bit lower while the deferred months continue to scale higher. February lean hogs are down $0.05 at $88.42, April lean hogs are down $0.15 at $96.20 and June lean hogs are down $0.07 at $108.55. The nearby contracts are likely trading lower as the market experiences some technical exhaustion following the sharp rally the market has recently seen.

The projected lean hog index for 1/22/2026 is up $0.55 at $83.62 and the actual index for 1/21/2026 is up $0.67 at $83.07. Hog prices average $80.86 on the Daily Direct Morning Hog Report, with a total movement of 432 head and a five-day rolling average of $80.86 as well. Pork cutouts total 162.71 loads with 145.74 loads of pork cuts and 16.97 loads of trim. Pork cutout values: up $1.46, $96.08.

Friday Morning Livestock Market Update - Mixed Prices Ahead of the Cattle on Feed Report

GENERAL COMMENTS:

Cattle futures could not find traction on Thursday, with futures closing mixed. Cash cattle did not trade with packers maybe waiting until the Cattle on Feed report is released. The estimates for the report are for on-feed numbers on Jan. 1 at 96.8% with a range of 96.0%-97.6% compared to January 2025. Placements in December are at 93.1% with a range of 88.0%-95.1%. Marketed in December at 101.7 with a range of 100.0%-102.0%. The Make America More Ground Beef (MAMGB), is an initiative designed to help dairy farmers monetize surplus dairy-origin cattle, increase domestic beef supply, and help lower grocery prices for beef. Western United Dairies is promoting this idea. It is not a mandate, but a voluntary program open to all U.S. dairy operations, potentially launching as early as this spring. Western United Dairies shares that the MAMGB program aims to divert 800,000 to 1 million additional dairy-origin cattle in spring 2026, injecting an estimated 900 million to 1.1 billion pounds of lean trim into the ground beef market. They claim it will lower retail ground beef prices by 18% to 25%, but also increase beef demand due to the lower prices. It seems like this would offset each other, leaving the market with prices as they are.

Hog futures continue to find support with contracts making new highs. The July contract closed above $1.09. Cash traded lower with the National Daily Afternoon Hog report down $2.04. Fortunately, pork cutouts gained $0.64, with a value of $94.62. Pork demand seems to be improving, as seen by the stronger cutouts. Packers have not been as aggressive, resulting in improved margins. Traders may take some profits ahead of the weekend but will retain most of their long positions.

	BULL SIDE		BEAR SIDE
1)	Cattle placements are expected to be significantly lower than a year ago, indicating tight supplies will continue.	1)	Cattle futures are having a difficult time breaking through resistance to the upside.
2)	Cattle marketings in December are expected to be above those of a year earlier. Consumer demand remains strong.	2)	Packers may not be aggressive in the cash market again this week. This would keep a lid on the price.
3)	Hog futures continue to make new highs, providing increased confidence for traders to hold long positions.	3)	Hog futures are overbought and may correct into the weekend. Traders may be cautious in case unexpected news surfaces.
4)	Pork cutouts have been increasing, indicating improved consumer demand.	4)	Packers likely have sufficient hogs purchased and may not be aggressive today, resulting in lower cash prices.

Thursday Closing Livestock Market Update - Cattle Dip Lower While Hogs Scale Higher

GENERAL COMMENTS:

The livestock complex kept its mixed tone through Thursday's close as the lean hog complex ended slightly higher while the cattle contracts closed a tick lower. Still no cash cattle trade has developed. March corn is up 2 1/4 cents per bushel and March soybean meal is up $4.80. The Dow Jones Industrial Average is up 306.78 points and NASDAQ is up 211.20 points.

LIVE CATTLE:

It was a quiet day of waiting as the market merely sat idle, trading along both sides of steady seeming to wait for trade to develop in the fed cash cattle market. A single bid of $232 was offered in Nebraska, but no cattle traded. It's most likely cattle will wait to trade until after Friday's Cattle on Feed report is unveiled. February live cattle closed $0.72 lower at $232.37, April live cattle closed $0.12 lower at $234.82 and June live cattle closed $0.02 higher at $230.90. As a side note, the market continues to hover over its 100-day moving average, which will be a threshold the market needs to continue to monitor moving forward as a close below that price point would signal a downward trend. 

Thursday's slaughter is estimated at 114,000 head -- 3,000 head less than a week ago and 9,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $1.34 ($367.45) and select down $0.72 ($361.73) with a movement of 95 loads (62.91 loads of choice, 9.40 loads of select, 3.81 loads of trim and 19.16 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. With the market's tone being lackadaisical this week, the expectation that prices will trade higher may not come to fruition. Yes, supplies of market-ready cattle are still low, and there's still that chance, but prices could also just be steady.

FEEDER CATTLE:

And once again, keeping in alignment with the live cattle complex, the feeder cattle contracts also closed mixed with the nearby contracts ending mostly lower while the deferred contracts closed slightly higher. March feeders closed $0.10 lower at $359.27, April feeders closed $0.17 lower at $357.95 and May feeders closed $0.10 lower at $355.47. On Friday the monthly Cattle on Feed report will be released, but it's not expected to yield anything wild -- placements should be lower than a year ago. At Torrington Livestock Auction in Torrington, Wyoming, compared to last week feeder steers and heifers traded $5.00 to $9.00 lower with instances of $13.00 lower. The sale report did note that there weren't as many buyers in the crowd this week and online activity was lower too. Feeder cattle supply over 600 pounds was 58%. The CME Feeder Cattle Index 1/21/2026: down $0.27, $367.41.

LEAN HOGS:

It was another rallying day for the lean hog complex as the market closed slightly higher -- fueled by strong consumer support and more than sufficient trader interest. February lean hogs closed $0.62 higher at $88.47, April lean hogs closed $0.75 higher at $96.35 and June lean hogs closed $0.45 higher at $108.62. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.04 with a weighted average price of $83.09 on 591 head. Pork cutouts totaled 231.28 loads with 206.78 loads of pork cuts and 24.49 loads of trim. Pork cutout values: up $0.64, $94.62. Thursday's slaughter is estimated at 490,000 -- 2,000 head less than a week ago and 27,000 head more than a year ago. The CME Lean Hog Index 1/20/2026: up $0.37, $82.40.

FRIDAY'S HOG CALL: Lower. It's likely packers are essentially done buying in this week's cash hog market.

Thursday Midday Livestock Market Update - Hogs Inch Higher While Cattle Hold Steady

GENERAL COMMENTS:

The livestock complex is trading mixed into midday Thursday, with the lean hog contracts trending higher while the cattle market trades mostly lower. Still no cash cattle trade has developed, and no bids are currently on the table. March corn is up 1 1/2 cents per bushel and March soybean meal is up $4.10. The Dow Jones Industrial Average is up 475.19 points and the NASDAQ is up 246.09 points.

LIVE CATTLE:

With still no lofty developments yet in this week's fed cash cattle market, the live cattle contracts are trading mostly lower into midday Thursday. It's also not been helpful that midday boxed beef prices are lower, which is a seasonal trend for this time, but either way, it doesn't "feel" good to a market that's looking for increased fundamental support. February live cattle are down $0.62 at $232.47, April live cattle are down $0.20 at $234.75 and June live cattle are up $0.02 at $230.90. Asking prices are noted in the North at $370 but are still not established in the South. Trade could likely be delayed until after Friday's Cattle on Feed report.

Boxed beef prices are lower: choice down $0.22 ($365.89) and select down $2.41 ($360.04) with a movement of 56 loads (36.72 loads of choice, 5.00 loads of select, zero loads of trim and 14.19 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is continuing to trade mixed, and the market is again following in the wake of the live cattle complex. January feeders are up $0.50 at $363.72, March feeders are down $0.17 at $359.20 and April feeders are down $0.20 at $357.92. The market will likely maintain a sideways chop until Friday's Cattle on Feed report is released.

LEAN HOGS:

The lean hog complex is back to trading higher as traders are seeing continued support in pork demand and are willing to scale the contracts higher even though the market is already trading at new contract highs in the spot April contract. February lean hogs are up $0.25 at $88.10, April lean hogs are up $0.50 at $96.10 and June lean hogs are up $).17 at $108.35. The cash market is trading in a thin manner again today, but packers did buy over 2,000 head in Wednesday's market, which is a "big" movement compared to recent days.

The projected lean hog index for 1/21/2026 is up $0.67 at $83.07, and the actual index for 1/20/2026 is up $0.37 at $82.40. Hog prices are again unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 150 head have traded this morning. Pork cutouts totaled 131.84 loads with 113.80 loads of pork cuts and 18.04 loads of trim. Pork cutout values: up $0.60, $94.58.

Thursday Morning Livestock Market Update - Cattle Futures Have Been Unable to Regain Friday's Losses

GENERAL COMMENTS:

Traders are trying to remain optimistic but are not yet ready to commit after the weakness on Friday. The cash cattle trade last week did not perform as well as hoped, keeping traders cautious over the cash trade this week. Boxed beef increased on Wednesday, with choice up $1.35 and choice up $2.61. There is no indication as to the potential for cash this week, as no bids or offers have been posted. Feedlots have been holding on to cattle, resulting in heavier weights. This has paid off, but there comes a point at which those cattle need to be moved, or they will cease being cost-effective. If packers remain unaggressive, greater selling interest may surface. The interest in feeder cattle and calves has not been as strong this week, with some of it due to the current weather conditions.

Hog futures continue to show surprising strength. Greater fundamental support is developing that may provide more confidence for traders to hold and/or add to long positions. The June and later contracts closed at new highs. The National Daily Direct Afternoon Hog report showed cash up $4.94. Packers have been more aggressive recently, possibly indicating market-ready hogs may not be as plentiful as thought. Pork cutout values increased by $0.51. Weekly hog weights dropped 4.9 pounds last week to average 292.8 pounds.

	BULL SIDE		BEAR SIDE
1)	Feedlots have not posted any offers so far this week. They may wait and see if there is any indication that packers might be more aggressive.	1)	There is uncertainty whether cash cattle will trade higher this week. Steady to lower cash may unfold.
2)	Boxed beef prices have been showing some strength, indicating demand remains strong. This may give traders more confidence to hold long positions.	2)	Cattle futures remain overbought, which could result in a further price correction.
3)	Weekly hog weights dropped 3.9 pounds to an average of 292.8 pounds. This may indicate marketings are becoming current and the supply of hogs may not be as large as thought.	3)	Weekly hog weights remain higher than a year ago at 292.8 pounds, 1.1 pounds higher than a year ago.
4)	The June and later hog contracts continue to close at new contract highs. Traders will continue to trade with the trend.	4)	Many believe hog supplies will remain available for slaughter in the coming months. This would limit the upside price potential.

Wednesday Closing Livestock Market Update - Traders Mildly Support Contracts

GENERAL COMMENTS:

The livestock complex closed mostly higher Wednesday afternoon as traders continue to desire to see the contracts scale higher. The market hasn't seen any fed cash cattle trade develop yet. March corn is down 2 cents per bushel and March soybean meal is down $0.20. The Dow Jones Industrial Average is up 588.64 points and the NASDAQ is up 270.50 points.

LIVE CATTLE:

The live cattle complex was again able to close slightly higher as traders desire to see the market trade higher but aren't willing to push the market aggressively without seeing further fundamental support. As of this point, still no cash cattle trade has developed, and really, the market's tone throughout the day was rather quiet. No asking prices have been noted yet in either the North or the South. February live cattle closed $0.72 higher at $233.10, April live cattle closed $0.37 higher at $234.95 and June live cattle closed $0.27 higher at $230.87. 

Wednesday's slaughter is estimated at 114,000 head, 3,000 head less than a week ago and 9,000 head less than a year ago.

Boxed beef prices closed higher: choice up $1.35 ($366.11) and select up $2.61 ($362.45) with a movement of 138 loads (89.52 loads of choice, 11.38 loads of select, 8.15 loads of trim and 28.70 loads of ground beef).

THURSDAY'S CATTLE CALL: Higher. Given that supplies of fed cattle are thin, it's likely that prices will be higher this week.

FEEDER CATTLE:

The feeder cattle complex again followed the live cattle market's trend through the day's close. More than anything, traders felt comfortable allowing the contracts to end slightly higher but weren't willing to aggressively push the market, as still no fed cash cattle trade has developed, and demand in the countryside for calves this week has been mixed. March feeders are closed $1.70 higher at $359.37, April feeders closed $1.67 higher at $358.12 and May feeders closed $1.67 higher at $355.57. At the Winter Livestock Auction in La Junta, Colorado, compared to last week, feeder steers under 550 pounds traded steady while steers over 550 pounds sold mostly $1.00 to $3.00 lower. Feeder heifers sold unevenly steady across all weight classes. The CME feeder cattle index 1/20/2026: down $0.27, $367.41.

LEAN HOGS:

The lean hog complex closed fully higher as the market continues to see ample trader support. February lean hogs closed steady at $87.85, April lean hogs closed $0.42 higher at $95.60 and June lean hogs closed $0.10 higher at $108.17. It was positive to note that both cash prices and pork cutout values closed higher, but potentially the biggest positive note about the afternoon was seeing a sizeable movement in the cash market. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $4.94 with a weighted average price of $85.13 on 3,515 head. Pork cutouts totaled 250.59 loads with 220.48 loads of pork cuts and 30.11 loads of trim. Pork cutout values: up $0.51, $93.98. Wednesday's slaughter is estimated at 495,000 head, steady with a week ago and 56,000 head more than a year ago. The CME lean hog index 1/19/2026: up $0.27, $82.03.

THURSDAY'S HOG CALL: Lower. Given that packers were more aggressive today than they've been in recent weeks, it's likely that they won't have to be aggressive in the days to come.