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.
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