GENERAL COMMENTS:
The livestock complex had another fruitful day as most of the contracts were able to close higher. Throughout the week, some light trade was noted in the South at $242 to $245, which is $3.00 to $6.00 higher than last week's weighted average, and Northern dressed cattle traded at mostly $378, which is $1.00 higher than last week's weighted average. March corn is down 4 3/4 cents per bushel and March soybean meal is up $0.40. The Dow Jones Industrial Average is up 1,206.95 points and the NASDAQ is up 490.62 points.
From Friday to Friday, livestock futures scored the following changes: February live cattle up $1.90, April live cattle up $0.45; March feeder cattle up $7.15, April feeder cattle up $4.53; February lean hogs up $0.13, April lean hogs up $2.80; March corn up $0.02, May corn up $0.03.
LIVE CATTLE:
The live cattle complex closed higher as the market was pleased to see an uptick in both fed cash cattle prices and boxed beef prices, which quickly seemed to draw most traders' attention past Thursday's disruption. February live cattle closed $2.50 higher at $237.75, April live cattle closed $1.65 higher at $237.25 and June live cattle closed $1.65 higher at $233.85. Throughout the week, some light trade was noted in the South at $242 to $245, which is $3.00 to $6.00 higher than last week's weighted average, and Northern dressed cattle traded at mostly $378, which is $1.00 higher than last week's weighted average.
Friday's slaughter is estimated at 85,000 head, 5,000 head less than a week ago and 16,000 head less than a year ago. Saturday's slaughter is projected to be 1,000 head. The week's total slaughter is estimated at 536,000 head, 8,000 head more than a week ago and 46,000 head less than a year ago.
Boxed beef prices closed higher: choice up $2.08 ($369.33) and select up $4.16 ($364.53) with a movement of 60 loads (37.90 loads of choice, 8.42 loads of select, 10.65 loads of trim and 3.38 loads of trim).
FRIDAY'S CATTLE CALL: Higher. With supplies of market-ready cattle thin, packers will likely need to stay engaged and actively buying in the cash market all the way through the first quarter.
FEEDER CATTLE:
The feeder cattle complex also had a successful day as the market regained some of the lost position from Thursday's downturn. March feeders closed $3.35 higher at $367.42, April feeders closed $2.30 higher at $362.80 and May feeders closed $0.92 higher at $357.12. At Napoleon Livestock Auction in Napolean, North Dakota compared to last week, feeder steers weighing 450 to 500 pounds and those weighing 600 to 700 pounds traded $18.00 to $22.00 higher with some instances up to $28.00 higher, steers weighing 500 to 600 pounds and those weighing 750 to 800 pounds both traded $10.00 to $15.00 higher, but steers weighing 700 to 750 pounds traded steady to $3.00 lower, and those weighing 800 to 950 pounds traded $11.00 to $15.00 lower with instances up to $18.00 lower. Feeder heifers weighing 450 to 500 pounds traded $27.00 and heifers weighing 500 to 550 pounds traded $10.00 higher. Heifers weighing 550 to 600 pounds and heifers weighing 750 to 800 pounds traded steady to $5.00 lower, with instances up to $8.00 lower. Feeder cattle supply over 600 pounds was 73%. The CME feeder cattle index 2/5/2026: down $0.69, $374.47.
LEAN HOGS:
The lean hog complex also had a successful day, when most of its contracts were able to close higher, except for a couple of the nearby months. What probably kept the spot April contract from closing higher is the fact that the afternoon's demand softened for pork. April lean hogs closed $0.42 lower at $97.95, June lean hogs closed $0.05 higher at $110.60 and July lean hogs closed $0.37 higher at $111.75. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.19 with a weighted average price of $85.39 on 1,110 head. Pork cutouts totaled 205.43 loads with 186.93 loads of pork cuts and 18.50 loads of trim. Pork cutout values: down $1.50, $93.77. Friday's slaughter is estimated at 490,000 head, 16,000 head more than a week ago and 13,000 head more than a year ago. Saturday's slaughter is projected to be 206,000 head. The CME lean hog index 2/4/2026: up $0.32, $86.38.
MONDAY'S HOG CALL: Lower. Packers are rarely very aggressive in the cash hog market on Mondays.
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