GENERAL COMMENTS:
With more than enough technical support backing the complex, the livestock contracts were able to successfully rally through Wednesday's close. Still no cash cattle trade has surfaced. May corn is up 3 1/2 cents per bushel and May soybean meal is up $7.40. The Dow Jones Industrial Average is up 307.65 points and the NASDAQ is up 288.40 points.
LIVE CATTLE:
The live cattle complex ended the day stronger as traders were able to push the contracts modestly higher through the day's end. We still haven't heard any official news on whether or not a strike could happen at the JBS plant in Greeley, Colorado, but today that didn't seem to be as big a burr under traders' saddles as it was on Tuesday. April live cattle closed $1.17 higher at $240.27, June live cattle closed $1.15 higher at $236.70 and August live cattle closed $1.07 higher at $234.60. Still no cash cattle trade has developed and both bids and asking prices remain elusive at this point.
Wednesday's slaughter is estimated at 110,000 head, 3,000 head less than a week ago and 12,000 head less than a year ago.
Boxed beef prices closed higher: choice up $1.80 ($379.23) and select up $1.06 ($367.07) with a movement of 99 loads (60.22 loads of choice, 7.73 loads of select, 17.33 loads of trim and 14.05 loads of ground beef).
THURSDAY'S CATTLE CALL: Steady/somewhat higher. If a strike does indeed happen, there's a chance prices may hold steady, but if no strike occurs, feedlot managers will again aim to see prices trade higher.
FEEDER CATTLE:
With the live cattle market's stronger support, the feeder cattle contracts were able to close higher as well Wednesday afternoon. March feeders closed $1.20 higher at $366.30, April feeders closed $1.82 higher at $364.02 and May feeders closed $2.17 higher at $360.65. The market will likely run into some resistance pressure around $370, which could cause traders to hold the market steady or push it slightly lower at that point. At Creston Livestock in Creston, Iowa, compared to their last feeder cattle auction two weeks ago, feeder cattle traded steady, but a higher tone was noted on the heavier yearlings, cattle weighing 850 to 900 pounds sold $3.00 to $5.00 higher. Heifers weighing 500 to 700 pounds sold steady, but those weighing heavier traded $3.00 to $5.00 stronger. Feeder cattle supply over 600 pounds was 94%. The CME feeder cattle index 2/24/2026: down $0.62, $374.79.
LEAN HOGS:
Without having any concern about resistance pressure currently, the lean hog complex was able to continue with its rally through Wednesday's close. April lean hogs closed $0.40 higher at $96.20, June lean hogs closed $0.15 higher at $110.17 and July lean hogs closed $0.27 higher at $112.05. It was exciting to see the $3.45 jump in the rib, and the $3.21 jump in the belly, both of which helped push the carcass price higher Wednesday afternoon. Hog prices on the Daily Direct Afternoon Hog Report averaged $91.21, on 7,605 head, and a five-day rolling average of $91.01. Pork cutouts totaled 280.56 loads with 233.28 loads of pork cuts and 47.28 loads of trim. Pork cutout values: up $0.67, $97.62. Wednesday's slaughter is estimated at 492,000 head, 9,000 head more than a week ago and 7,000 head more than a year ago. The CME lean hog index 2/23/2026: up $0.18, $88.35.
THURSDAY'S HOG CALL: Lower. At this point, packers have been very active in the cash market this week, and prices could trend lower later in the week.
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