GENERAL COMMENTS:
The livestock complex closed mixed, with the cattle contracts unable to collectively trade higher as they're skeptical do so before seeing what the cash market unveils this week. Still no cash cattle trade has developed and both bids and asking prices remain elusive. March corn is down 1 1/4 cents per bushel and March soybean meal is up $0.90. The Dow Jones Industrial Average is down 267.50 points and the NASDAQ is down 70.90 points.
LIVE CATTLE:
It was another mixed day for the live cattle complex as the market saw its nearby contracts maintain a slightly higher position, while the market's deferred contracts closed lower. More than anything, it seems as though traders soberly recognize the fact that fed cash cattle supplies will be thin well through the first quarter of the year, and potentially into the first part of the second quarter, which is likely why traders allowed the February through August 2026 contracts to close mildly higher while the rest of the deferred contracts closed lower. February live cattle closed $0.90 higher at $247.50, April live cattle closed $0.90 higher at $243.42 and June live cattle closed $0.45 higher at $238.87. Still no cash cattle trade has developed, and there's a chance that trade could be delayed until after Friday's Cattle on Feed report.
Thursday's slaughter is estimated at 112,000 head, 3,000 head less than a week ago and 1,000 head less than a year ago.
Boxed beef prices are unavailable due to packer data submission issues.
FRIDAY'S CATTLE CALL: Higher. It's fully assumed that prices will be higher again this week when cattle do begin to trade.
FEEDER CATTLE:
The live cattle contracts may have been able to close slightly higher through Thursday's end, but the feeder cattle contracts weren't as fortunate, although their decline was minimal. March feeders closed $0.30 lower at $370.27, April feeders closed $0.35 lower at $367.65 and May feeders closed $0.65 lower at $363.57. At the Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves traded $5.00 to $15.00 higher, with instances even sharply higher; yearling steers traded $7.00 to $14.00 stronger. Heifer calves weighing 400 to 450 pounds traded $6.00 lower, while heifers weighing 450 to 600 pounds traded higher. Feeder heifers sold steady to $10.00 higher. Slaughter cows sold $2.00 to $4.00 higher and slaughter bulls traded $3.00 lower. Feeder cattle supply over 600 pounds was 38%. The CME feeder cattle index: not available at this time.
LEAN HOGS:
The lean hog complex had a mostly successful day, where the contracts were again able to inch slightly higher as they're no longer up against immediate resistance pressure. April lean hogs closed $0.90 higher at $93.45, June lean hogs closed $0.57 higher at $107.17 and July lean hogs closed $0.47 higher at $108.97. It was positive to note that pork cutout values closed stronger, which was mainly led by the butt's $4.41 increase. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.70 with a weighted average price of $91.04 on 4,390 head. Pork cutouts totaled 317.67 loads with 289.89 loads of pork cuts and 27.78 loads of trim. Pork cutout values: up $0.72, $96.28. Thursday's slaughter is estimated at 491,000 head -- 35,000 head more than a week ago and 21,000 head more than a year ago. The CME lean hog index 2/17/2026: up $0.06, $87.19.
FRIDAY'S HOG CALL: Lower. At this point, packers aren't likely to buy much more in the cash hog market this week.
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