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.
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