GENERAL COMMENTS:
The livestock complex closed mostly higher as traders have been eager to advance the contracts. Still no cash cattle trade has developed, and it's likely trade won't develop until Thursday or Friday. March corn is down 1 cent per bushel and March soybean meal is up $1.60. The Dow Jones Industrial Average is down 870.74 points and the NASDAQ is down 561.07 points.
LIVE CATTLE:
Following Friday's big flop, the live cattle complex was able to close slightly higher Tuesday afternoon as traders continue to hope that fundamental support will improve and that the complex will be able to continue an upward trend. February live cattle closed $0.22 higher at $232.37, April live cattle closed $0.60 higher at $234.57 and June live cattle closed $1.00 higher at $230.60. Still no cash cattle trade has developed, and the market won't likely see trade until Thursday or Friday.
Tuesday's slaughter is estimated at 114,000 head, 7,000 head less than a week and a year ago.
Boxed beef prices closed mixed: choice up $0.43 ($364.76) and select down $0.49 ($359.84) with a movement of 118 loads (80.22 loads of choice, 14.45 loads of select, 5.45 loads of trim and 17.39 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Higher. The fact remains that supplies are thin, and in order to secure enough inventory for the next couple of months, packers can't afford to sit idle.
FEEDER CATTLE:
The feeder cattle complex was also able to close slightly higher Tuesday afternoon as the market mainly followed in the wake of the live cattle market's trend. January feeders closed $0.70 higher at $362.62, March feeders closed $1.22 higher at $357.67 and April feeders closed $1.55 higher at $356.45. More than anything, today's higher close came as traders were willing to advance the contracts following Friday's plunge, as the contracts were no longer up against immediate resistance pressure. At the Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder cattle and calves traded mostly steady to $4.00 lower on lesser quality and increased flesh. Feeder cattle supply over 600 pounds was 58%. The CME feeder cattle index 1/19/2026: down $1.26, $367.68.
LEAN HOGS:
The lean hog complex closed mixed as the nearby contracts closed lower while the deferred contracts were able to keep with their upward trend. February lean hogs closed $0.42 lower at $87.85, April lean hogs closed $0.02 lower at $95.17 and June lean hogs closed $0.57 higher at $108.07. The market has officially topped into new contract highs, and it will be vital that demand remains strong in order to sustain these levels. Hog prices averaged $80.19 on the Daily Direct Afternoon Hog Report, with a total movement of 1,790 head. Pork cutouts total 294.94 loads with 246.33 loads of pork cuts and 48.60 loads of trim. Pork cutout values: down $0.73, $93.47. Tuesday's slaughter is estimated at 493,000 head, 4,000 head more than a week ago and 9,000 head more than a year ago. The CME lean hog index 1/16/2026: up $0.76, $81.76.
WEDNESDAY'S HOG CALL: Steady. Packers haven't been very aggressive in the cash market lately, and up until this point, that trend hasn't traded.
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