GENERAL COMMENTS:
The livestock complex closed mostly lower as traders simply weren't seeing the fundamental support they needed to push the contracts higher. Still no cash cattle trade has developed. March corn is up 3 3/4 cents per bushel and March soybean meal is up $4.90. The Dow Jones Industrial Average is down 669.42 points and the NASDAQ is down 469.32 points.
LIVE CATTLE:
The live cattle complex closed mixed as traders were inpatient in having to wait for the fed cash cattle market to trade. February live cattle closed $0.15 higher at $242.50, April live cattle closed $0.32 lower at $240.65 and June live cattle closed $0.32 lower at $236.25. Still no trade has developed, but asking prices are noted at $245 to $247 in Texas. It's assumed that trade will be higher on Friday in the cash market, but it's anyone's guess on how much higher the market will actually trade. Thursday's slaughter is estimated at 115,000 head, 1,000 head more than a week ago and 1,000 head less than a year ago.
There is a chance that the market could turn lower on Friday as news broke this afternoon that Cargill will close their Milwaukee, Wisconsin ground-beef plant, with playoffs beginning April 11, until the plant closes on May 31. The plant employs 221 workers. This is unfortunate news for the industry as the loss of shackle space is always a concern for the cow-calf sector and comes at an ill-fated time for the consumer, as the market needs more ground beef, not less.
Boxed beef prices closed mixed: choice down $1.08 ($364.84) and select up $0.45 ($363.03) with a movement of 101 loads (70.76 loads of choice, 5.88 loads of select, 10.31 loads of trim and 14.32 loads of ground beef).
FRIDAY'S CATTLE CALL: Higher. So long as the market isn't entirely derailed by the news of the Cargill ground-beef plant closure in Milwaukee, prices should still trade higher as market-ready supplies of fed cattle are thin and will be well through the first quarter.
FEEDER CATTLE:
Without robust support from the live cattle contacts, the feeder cattle contracts felt it was safest to end the day slightly lower, as technical support is simply lagging. March feeders closed $1.72 lower at $365.72, April feeders closed $0.97 lower at $363.62 and May feeders closed $0.52 lower at $359.90. At the Winter Livestock Auction in Dodge City, Kansas, compared to last week, steers and heifers over 625 pounds sold $5.00 lower to $5.00 higher. Steer and heifer calves didn't have enough of a test to establish any sort of trend. Slaughter cows sold steady to $2.00 higher. Feeder cattle supply over 600 pounds was 85%. The CME feeder cattle index 2/11/2026: down $0.49, $373.87.
LEAN HOGS:
Although pork demand improved this afternoon as the afternoon's carcass price jumped $1.88, traders still continued to push the lean hog contracts lower in fear of surplus supply. April lean hogs closed $2.02 lower at $91.82, June lean hogs closed $1.92 lower at $105.55 and July lean hogs closed $2.02 lower at $107.35. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.22 with a weighted average price of $86.95 on 2,833 head. Pork cutouts totaled 287.86 loads with 260.60 loads of pork cuts and 27.26 loads of trim. Pork cutout values: up $1.88, $95.65. Thursday's slaughter is estimated at 456,000 head, 30,000 head less than a week ago and 29,000 head less than a year ago. The CME lean hog index 2/10/2026: up $0.20, $86.52.
FRIDAY'S HOG CALL: Lower. Packers are likely done buying in the cash hog market for the week.
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