GENERAL COMMENTS:
The livestock complex closed mixed Thursday afternoon as traders helped push the live cattle contracts higher, but both the feeder cattle and lean hog contracts were met with some opposition. No cash cattle trade developed throughout the day. May corn is up 9 3/4 cents per bushel and May soybean meal is down $0.60. The Dow Jones Industrial Average is down 784.67 points and the NASDAQ is down 58.49 points.
Thursday's export report shared that beef net sales of 11,200 metric tons (mt) for 2026 were down 14% from the previous week and 29% from the prior four-week average. The three largest buyers were Japan (3,300 mt), South Korea (2,300 mt) and Mexico (1,700 mt). Pork net sales of 36,100 mt for 2026 were down 15% from the previous week but up 8% from the prior four-week average. The three largest buyers were Mexico (22,400 mt), Japan (3,800 mt) and South Korea (2,500 mt).
LIVE CATTLE:
The live cattle complex closed mildly higher as traders wanted to continue to support the market and see the contracts scale higher, but were cautious in doing so as they understand that advancing the market far beyond its 40-day moving average without fundamental support is risky. And given that the market hasn't seen any test yet in the cash sector, it's anyone's guess on how the chips will fall on Friday when inevitably some cash trade does develop. April live cattle closed $0.17 higher at $238.52, June live cattle closed $0.10 higher at $235.27 and August live cattle closed $0.17 higher at $233.40.
Thursday's slaughter is estimated at 111,000 head, 8,000 head more than a week ago and 12,000 head less than a year ago.
Boxed beef prices closed mixed: choice down $1.68 ($386.89) and select up $0.26 ($380.61) with a movement of 96 loads (64.64 loads of choice, 7.40 loads of select, 16.35 loads of trim and 7.80 loads of ground beef).
FRIDAY'S CATTLE CALL: Steady/somewhat higher. Given that the board is trading higher, there's a chance that, although cash prices softened last week, traders will be able to either push the market slightly higher on Friday or at least hold it steady.
FEEDER CATTLE:
The feeder cattle complex wasn't as confident as the live cattle sector was throughout the day and ultimately ended the day a tick lower. March feeders closed $1.32 lower at $362.60, April feeders closed $1.75 lower at $359.00 and May feeders closed $1.47 lower at $355.52. More than anything, the technical resistance at the market's 40-day moving average was simply too much for traders to bear without seeing continued fundamental support at this time. At Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves weighing 400 to 500 pounds traded $10.00 higher, and those weighing 550 to 600 pounds sold $8.00 higher, while those weighing 500 to 550 pounds traded $10.00 lower. Heifer calves weighing 450 to 500 pounds were $10.00 higher, while heifers weighing 550 to 600 pounds sold $8.00 stronger. Feeder cattle supply over 600 pounds was 61%. The CME feeder cattle index 3/4/2026: down $0.34, $368.69.
LEAN HOGS:
The lean hog complex closed mixed Thursday afternoon as the nearby contracts remained slightly skeptical, but the deferred months were able to close mildly higher. April lean hogs closed $1.40 lower at $95.67, June lean hogs closed $1.30 lower at $109.90 and July lean hogs closed $0.85 lower at $112.10. More than anything, traders need to see robust fundamental support if they're going to pressure the market's resistance any further. Hog prices averaged $89.74 on the Daily Direct Afternoon Hog Report, on 968 head and a five-day rolling average of $91.20. Pork cutouts totaled 327.03 loads, with 283.51 loads of pork cuts and 43.52 loads of trim. Pork cutout values: up $0.60, $99.22. Thursday's slaughter is estimated at 491,000 head, 2,000 head less than a week ago and 11,000 head more than a year ago. The CME lean hog index 3/3/2026: up $0.34, $90.18.
FRIDAY'S HOG CALL: Lower. At this point, packers have likely bought the vast majority of the hogs they needed for the week.
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