GENERAL COMMENTS:
The livestock contracts ended the day mixed, with the lean hog contracts closing lower while the cattle contracts kept their higher position. Still no cash cattle trade has developed, and asking prices still aren't established for the week. March corn is up 1 cent per bushel and March soybean meal is up $4.30. The Dow Jones Industrial Average is up 260.31 points and the NASDAQ is down 350.61 points.
LIVE CATTLE:
The live cattle complex again closed higher as traders continue to believe in the market's long-term fundamental strength. February live cattle closed $0.20 higher at $240.52, April live cattle closed $0.17 higher at $241.80 and June live cattle closed $0.60 higher at $237.22. Still no cash cattle trade has developed as feedlot managers are more than happy to wait the week out, as they know fed cash cattle supplies are thin and packers need more cattle. Bids and asking prices remain elusive at this point, and trade will likely be delayed until Friday.
Wednesday's slaughter is estimated at 113,000 head, 1,000 head more than a week ago and 7,000 head less than a year ago.
Boxed beef prices closed lower: choice down $2.69 ($368.02) and select down $5.14 ($362.09) with 101 loads (61.93 loads of choice, 9.08 loads of select, 14.74 loads of trim and 14.98 loads of trim).
THURSDAY'S CATTLE CALL: Higher. With market-ready supplies thin, prices will likely be higher again this week.
FEEDER CATTLE:
With the support of the live cattle contracts trading higher, and the assumption that fed cash cattle prices could trade higher later this week, too, the market felt more than confident to trade the contracts higher. March feeders closed $2.15 higher at $370.07, April feeders closed $1.62 higher at $367.50 and May feeders closed $1.35 higher at $363.75. At this point, the market has fully recovered the technical position lost during the late October crash. At the Bassett Livestock Auction in Bassett, Nebraska, compared to last week, steers weighing 550 pounds traded $4.00 higher and steers weighing 700 to 750 pounds traded mostly $11.00 higher. Heifers weighing 500 to 650 pounds traded unevenly steady. Feeder cattle supply over 600 pounds was 64%. The CME feeder cattle index 2/3/2026: up $0.44, $374.57.
LEAN HOGS:
Although the lean hog complex desired to push higher and close higher, the market grew leery of doing so as pork cutout values declined today. April lean hogs closed $0.30 higher at $98.45, June lean hogs closed $0.30 lower at $110.57 and July lean hogs closed $0.47 lower at $111.35. Until pork cutout values improve, traders may hold the market back as opposed to letting it creep higher. Hog prices closed $0.45 higher on the Daily Direct Afternoon Hog Report, with a weighted average price of $86.82 on 3,522 head. Pork cutouts totaled 302.25 loads with 269.29 loads of pork cuts and 32.97 loads of trim. Pork cutout values: down $4.37, $93.00. Wednesday's slaughter is estimated at 495,000 head, 11,000 head more than a week and a year ago. The CME lean hog index 2/2/2026: up $0.12, $85.83.
THURSDAY'S HOG CALL: Lower. At this point, it's likely that packers have mostly filled their cash needs for the week and won't be very aggressive in the cash market the rest of the week.
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