GENERAL COMMENTS:
It was a mixed day for the livestock complex as the cattle contracts closed lower in fear of what may develop with the potential union strike at the JBS plant in Greeley, but the lean hog contracts closed higher as demand remains strong. New showlists appear to be mixed, lower in Kansas and Texas, but higher in Nebraska/Colorado. March corn is steady and May soybean meal is down $1.30. The Dow Jones Industrial Average is down 821.91 points and the NASDAQ is down 258.80 points.
LIVE CATTLE:
The live cattle complex ended the day lower, as traders are cautious not to be too supportive of the contracts without knowing what's going to develop with the looming potential of a strike at the JBS packing plant in Greeley, Colorado. April live cattle closed $2.75 lower at $239.25, June live cattle closed $2.07 lower at $235.45 and August live cattle closed $1.62 lower at $233.35. New showlists appear to be mixed, lower in Kansas and Texas, but higher in Nebraska/Colorado. Monday's slaughter is estimated at 106,000 head, incomparable to last week but 10,000 head more than a year ago.
Last week's trade was truly a rallying force as the futures complex traded higher throughout the vast majority of the week, and the fed cash cattle complex scored higher prices once again late on Friday when trade finally began to develop. Last week, Northern dressed cattle traded anywhere from $380 to $388.50, but mostly at $388, which is $7.00 higher than the previous week's weighted average. Southern live cattle traded at mostly $249, which is $1.00 higher than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 74,704 head. Of that 86% (64,460 head) were committed to the market's nearby delivery, while the remaining 14% (10,244 head) were committed to the market's deferred delivery option.
Boxed beef prices closed higher: choice up $2.52 ($369.22) and select up $3.57 ($364.31) with a movement of 75 loads (44.02 loads of choice, 7.54 loads of select, 9.84 loads of trim and 13.94 loads of ground beef).
TUESDAY'S CATTLE CALL: Steady/somewhat higher. Packers were able to get some cattle purchased and committed to the nearby delivery last week, but with supplies thin, they're going to need to remain engaged in the market to ensure they have enough supplies moving forward.
FEEDER CATTLE:
In keeping with the alignment of the live cattle market and its direction, the feeder cattle contracts closed lower as traders weren't willing to push the feeder cattle contracts higher at a time when the live cattle contracts were trading lower. March feeders closed $3.72 lower at $364.30, April feeders closed $3.70 lower at $361.35 and May feeders closed $3.02 lower at $357.97. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week and at their midsession point, feeder steers were trading anywhere from $10.00 lower to $15.00 higher. Feeder heifers under 550 pounds were selling $5.00 to $10.00 lower, but the heavier-weighted heifers were traded steady to $10.00 higher. Feeder cattle supply over 600 pounds was 65%. The CME feeder cattle index 2/20/2026: down $1.57, $375.80.
LEAN HOGS:
With the slight uptick in pork demand and no fear of nearing resistance pressure in the futures complex, the lean hog complex closed higher Monday afternoon. April lean hogs closed $0.02 higher at $93.70, June lean hogs closed $0.50 higher at $108.32 and July lean hogs closed $0.50 higher at $110.35. Hog prices closed higher on the Daily Direct Morning Hog Report, up $2.32 with a weighted average price of $91.28 on 5,601 head. Pork cutouts total 239.00 loads with 211.67 loads of pork cuts and 27.33 loads of trim. Pork cutout values: up $1.79, $97.40. Monday's slaughter is estimated at 489,000 head, incomparable to last week but 1,000 head more than a year ago. The CME lean hog index 2/19/2026: up $0.36, $87.95.
TUESDAY'S HOG CALL: Steady. Packers showed modest interest in the cash hog market on Monday, and they'll likely need more hogs, but prices may hold steady.
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