GENERAL COMMENTS:
It was a disappointing day for the livestock complex, as both the futures contracts and the fed cash cattle market traded lower. At this point, only a handful of cattle have been traded in the North, but prices have been roughly $5.00 lower. May corn is up 1 1/2 cents per bushel and May soybean meal is down $0.90. The Dow Jones Industrial Average is up 17.05 points and the NASDAQ is down 273.70 points.
Thursday's export report shared that beef net sales of 12,900 mt for 2026 were down 12% from the previous week and 23% from the prior 4-week average. The three largest buyers were Japan (4,500 mt), Mexico (1,900 mt) and South Korea (1,900 mt). Pork net sales of 42,600 mt for 2026 were up 56% from the previous week and 16% from the prior 4-week average. The three largest buyers were Mexico (25,600 mt), Japan (4,000 mt) and Colombia (2,800 mt).
LIVE CATTLE:
Thursday was a disappointing day for the live cattle complex as the market caved to pressure both from a fundamental and technical standpoint. Throughout the day, the futures contracts traded lower as traders remained anxious without knowing what was going to come of the potential union strike at the JBS plant in Greeley, Colorado, and that, unfortunately, had a negative effect on the fed cash cattle market too. Some light trade was reported in the North at $383, which is $5.00 lower than last week's weighted average. Some asking prices are being noted around $388 to $390 dressed in the North, and $250-plus live in parts of the South. April live cattle closed $3.37 lower at $236.90, June live cattle closed $3.30 lower at $233.40 and August live cattle closed $3.02 lower at $231.57. More than anything, Thursday's trade was a disappointment as anxiety seemed to rob both the market's fundamental and technical facets.
Thursday's slaughter is estimated at 103,000 head, 9,000 head less than a week ago and 16,000 head less than a year ago.
Boxed beef prices closed mixed: choice down $1.34 ($377.89) and select up $3.72 ($370.79) with a movement of 85 loads (55.98 loads of choice, 8.11 loads of select, 9.69 loads of trim and 10.98 loads of ground beef).
FRIDAY'S CATTLE CALL: Steady. At this point, it's looking like the market may not be able to achieve higher prices this week with the doggish undertone weighing heavily against the complex.
FEEDER CATTLE:
The feeder cattle complex also saw a major setback in terms of price as the contracts closed $4.00 to $5.00 lower. More than anything, traders saw the price deterioration in the live cattle complex and simply decided that the market couldn't trade higher without the support of the live cattle contracts. March feeders closed $4.65 lower at $361.65, April feeders closed $5.27 lower at $358.75 and May feeders closed $5.35 lower at $355.30. At the Winter livestock Auction in Pratt, Kansas, compared to last week, feeder steers weighing 600 to 975 pounds traded $5.00 lower to $8.00 higher. Steer calves weighing 400 to 600 pounds sold $8.00 to $13.00 higher, with places of $30.00 to $40.00 higher at times. Feeder heifers weighing 650 to 925 pounds sold steady to $4.00 lower, and at times $10.00 lower. Heifer calves weighing 425 pounds to 650 pounds sold $10.00 to $20.00 higher. Feeder cattle supply over 600 pounds was 82%. The CME feeder cattle index 2/25/2026: down $1.62, $373.17.
LEAN HOGS:
The lean hog complex closed mixed Thursday afternoon as the market wasn't able to push its nearby contracts any higher without the support of stronger pork cutout values. April lean hogs closed $0.47 lower at $95.72, June lean hogs closed $0.25 lower at $109.92 and July lean hogs closed steady at $112.05. Unless pork demand improves, it's unlikely that traders will push to really see the contracts scale higher in the near future.
Hog prices closed lower on the Daily Direct Afternoon Hog, down $0.21 with a weighted average price of $91.00 on 2,545 head. Pork cutouts totaled 342.54 loads with 301.00 loads of pork cuts and 41.54 loads of trim. Pork cutout values: down $0.24, $97.38. Thursday's slaughter is estimated at 493,000 head, 8,000 head more than a year ago and 6,000 head more than a year ago. The CME lean hog index 2/24/2026: up $0.36, $88.71.
FRIDAY'S HOG CALL: Lower. At this point, packers have likely secured the inventory they needed for the week already.
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