GENERAL COMMENTS:
The livestock complex ended the day mixed. Cattle contracts were hesitant, not knowing what the cash cattle market or USDA Cattle on Feed report were going to amount to. But the lean hog complex closed higher, as traders have found some technical support and interest. March corn is up 1 3/4 cents per bushel, and March soybean meal is up $5. The Dow Jones Industrial Average is up 230.81 points, and the NASDAQ is up 203.34 points.
LIVE CATTLE:
The live cattle complex closed lower as traders were apprehensive to push the contracts higher ahead of seeing what the fed cash cattle market was going to do or before they could see what Friday afternoon's Cattle on Feed report revealed. The Cattle on Feed report turned out to be neutral to slightly bullish. And based on what cash cattle trade has developed, it's trend has been higher too. (Look for more on the Feb. 1 Cattle on Feed report in the DTN Ag News menu.)
At the time of this writing, only a handful of cattle had sold in the South, but prices were marked at $249, which was $1 higher than last week's weighted average. But Northern cattle had traded at mostly $388, which was $7 higher than last week's weighted average. Given that only a small handful of cattle had traded in the South, it wouldn't be surprising to see that price improve when more cattle begin to be traded, as feedlot managers are keenly aware of the market's limited supply of market-ready fats.
Friday's slaughter is estimated at 89,000 head -- 3,000 head more than a week ago and 19,000 head less than a year ago. Saturday's slaughter is projected to be around zero head of cattle. The week's total slaughter is estimated at 516,000 head -- 25,000 head less than a week ago and 48,000 head less than a year ago.
Boxed beef prices are higher: choice up $1.53 ($366.70) and select up $0.95 ($360.74) with a movement of 106 loads (75.66 loads of choice, 4.41 loads of select, 21.32 loads of trim and 4.78 loads of ground beef).
MONDAY'S CATTLE CALL: Higher. With supplies thin, it's likely that the trend is going to continue to inch higher until later in the year.
FEEDER CATTLE:
The feeder cattle complex followed in the direction of the live cattle market, as traders weren't willing to push the contracts ahead of a big-hitting afternoon where the fed cash cattle market was still up for discussion. And the Cattle on Feed report was obviously released after the day's close, too. March feeders closed $2.25 lower at $368.02, April feeders closed $2.60 lower at $365.05 and May feeders closed $2.57 lower at $361. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week and throughout the entire state, feeder steers traded steady to $3 higher, and feeder heifers traded $2 to $8 higher. Steer calves over 450 pounds sold $4 to $5 higher, but steers under 450 pounds sold $15 to $20 higher. Heifer calves weighing over 450 pounds traded $4 to $9 higher, but heifers under 450 pounds sold $9 to $11 higher. Feeder cattle supply over 600 pounds was 64%. The CME feeder cattle index 2/19/2026: up $0.45, $377.37.
LEAN HOGS:
Although the cattle contracts had to be a tick cautious heading into Friday's closing, the lean hog complex was able to continue with its minor rally, as traders weren't up against any immediate resistance threshold. April lean hogs closed $0.22 higher at $93.67, June lean hogs closed $0.65 higher at $107.82, and July lean hogs closed $0.87 higher at $109.85. And again, on Friday afternoon, the market's support didn't come from strong fundamentals, as pork cash prices and pork cutout values closed lower. Hog prices are lower on the Daily Direct Afternoon Hog Report, down $2.08 with a weighted average price of $88.96 on 1,513 head. Pork cutouts total 254.64 load with 223.39 loads of pork cuts and 31.26 loads of trim. Pork cutout values: down $0.67, $95.61. Friday's slaughter is estimated at 460,000 head -- 14,000 head more than a week ago and 6,000 head less than a year ago. Saturday's slaughter is projected to be around 144,000 head. The CME lean hog index 2/18/2026: up $0.40, $87.59.
MONDAY'S HOG CALL: Lower. Packers rarely show much interest in the cash hog market on Mondays.
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