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.
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