GENERAL COMMENTS:
The livestock market closed mixed as it continues to yearn for better fundamental support. Some more cash cattle trade developed, but prices were steady with Wednesday's trade. May corn is up 2 1/4 cents per bushel and May soybean meal is up $4.80. The Dow Jones Industrial Average is down 739.42 points and the NASDAQ is down 404.15 points.
Thursday's export report shared that beef net sales of 25,400 mt for 2026, a marketing year high, were up noticeably from the previous week and up 87% from the prior 4-week average. The three largest buyers were South Korea (11,600 mt), Japan (5,900 mt) and Hong Kong (3,200 mt). Pork net sales of 23,700 mt for 2026, a marketing year low, were down 34% from the previous week and 30% from the prior 4-week average. The three largest buyers were Mexico (5,200 mt), Japan (3,700 mt) and China (2,900 mt).
LIVE CATTLE:
The live cattle complex closed higher Thursday afternoon as traders were willing to mildly support the market following Wednesday's sharply lower close. The market's 100-day moving average continues to be a tricky price point for the market to manage, as ideally, traders would like to see the complex move above that threshold, but there simply wasn't enough fundamental support evident in the market to make that move happen confidently today. April live cattle closed $1.10 higher at $231.25, June live cattle closed $1.30 higher at $229.37 and August live cattle closed $1.10 higher at $227.27. Some more light trade was reported throughout the day, but prices held mostly steady with Wednesday's business. Yesterday asking prices were around $236 in the South, and $374 in the North, a light trade was reported in Nebraska and Iowa with dressed deals marked at mostly $372, $8 lower than last week's weighted averages, light scattered business took place in the South and was at $235 to $236, $3 lower in Texas, and $5 lower in Kansas.
Thursday's slaughter is estimated at 108,000 head, 3,000 head less than a week ago and 14,000 head less than a year ago.
Boxed beef prices closed higher: choice up $0.39 ($397.09) and select up $1.57 ($390.82) with a movement of 114 loads (86.61 loads of choice, 7.97 loads of select, 11.44 loads of trim and 8.36 loads of ground beef).
FRIDAY'S CATTLE CALL: Steady. There's a chance that with the strike likely to happen next week in Greeley, Colorado, this week's movement is thin. But any more trade that develops will likely be for steady prices with the week's trend.
FEEDER CATTLE:
The feeder cattle complex wasn't totally convinced that a higher close was the right move for its market, so the nearby contracts opted to remain slightly cautious, but the deferred months followed in the live cattle market's footsteps and closed higher. March feeders closed $0.50 lower at $348.22, April feeders closed $0.30 lower at $343.00 and May feeders closed $0.10 higher at $339.92. At La Junta, Colorado, compared to last week, feeder steers under 600 pounds sold mostly $3.00 to $4.00 lower, with instances of higher prices on high-quality lots. Feeder heifers sold mostly $3.00 to $5.00 lower. Boner slaughter cows of average dressing sold $2.00 lower, while lean cows traded $4.00 lower. Slaughter bulls traded $8.00 higher. Feeder cattle supply over 600 pounds was 45%. The CME feeder cattle index 3/11/2026: not available at this time.
LEAN HOGS:
The lean hog complex ended the day slightly lower as the market simply didn't believe that it possessed enough support to change its direction ahead of the day's end. More than anything, it seems as though the market's resistance around $97 in the spot April contract simply is a tough barrier, and traders aren't willing to pressure it at this time. April lean hogs closed $0.85 lower at $94.35, June lean hogs closed $1.07 lower at $108.17 and July lean hogs closed $1.37 lower at $109.92. Hog prices closed lower on the Daily Direct Afternoon Hog report, down $1.50 with a weighted average price of $91.39, ranging from $86.00 to $94.00 on 1,190 head and a five-day rolling average of $92.42. Pork cutouts totaled 282.74 loads with 262.02 loads of pork cuts and 20.72 loads of trim. Pork cutout values: up $1.88, $100.29. Thursday's slaughter is estimated at 492,000 head, 1,000 head more than a week ago and 9,000 head more than a year ago. The CME lean hog index 3/10/2026: up $0.23, $91.20.
FRIDAY'S HOG CALL: Lower. At this point, it's most likely that traders have bought the bulk of their needs already.
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