GENERAL COMMENTS:
The livestock complex had a lackluster day, with little support developing, which consequently led the markets to a lower end. No cash cattle trade developed throughout the day either. May corn is up 6 1/2 cents per bushel and May soybean meal is up $10.80. The Dow Jones Industrial Average is down 203.72 points and the NASDAQ is down 61.73 points.
Thursday's export report shared that beef net sales of 3,200 metric tons (mt) for 2026 -- a marketing year low -- were down 87% from the previous week and 80% from the prior four-week average. The three largest buyers were Japan (3,800 mt), Hong Kong (1,600 mt) and Taiwan (800 mt). Pork net sales of 28,300 mt for 2026 were up 19% from the previous week and down 13% from the 4-week average. The three largest buyers were Mexico (7,500 mt), South Korea (5,700 mt) and China (3,500 mt).
LIVE CATTLE:
All throughout the day, the live cattle complex traded lower as the market simply doesn't have enough fundamental support to keep the contracts from doing otherwise. Still no cash cattle trade has developed, and at this point it's looking like the week's trade could be delayed until after Friday's Cattle on Feed report. A single bid of $368 was offered throughout the day in Nebraska, but no cattle traded. April live cattle closed $2.12 lower at $233.27, June live cattle closed $2.30 lower at $231.70 and August live cattle closed $2.50 lower at $229.10.
Thursday's slaughter is estimated at 106,000 head, 1,000 head more than a week ago and 5,000 head less than a year ago.
Boxed beef prices closed lower: choice down $1.45 ($400.30) and select down $3.72 ($392.45) with a movement of 91 loads (60.26 loads of choice, 6.38 loads of select, 10.83 loads of trim and 13.89 loads of ground beef).
FRIDAY'S CATTLE CALL: Steady. I know that some believe the cash market could trade higher this week, but with boxed beef prices being pressured, I think trade at steady money is more likely.
FEEDER CATTLE:
And in keeping in rhythm with the live cattle complex, the feeder cattle contracts closed lower as well Thursday afternoon despite greater demand currently being seen in the countryside. March feeders closed $3.45 lower at $355.27, April feeders closed $6.07 lower at $347.75 and May feeders closed $6.45 lower at $343.42. Today's lower move was solely a technical decision as traders didn't feel comfortable moving the feeder cattle contracts higher while the live cattle contracts drifted lower. At the Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves sold moderately higher, with those weighing 400 to 450 pounds selling $20.00 to $30.00 stronger. Feeder steers weighing 600 to 750 pounds sold $6.00 to $8.00 higher. Heifer calves weighing 300 to 450 pounds were not well tested, but those weighing 450 to 600 pounds sold $7.00 to $20.00 higher. Feeder heifers traded $10.00 to $20.00 higher. The CME feeder cattle index 3/18/2026: up $2.37, $360.69.
LEAN HOGS:
The lean hog complex also closed lower as the market simply didn't see enough support to justify trading the complex higher throughout Thursday's trade. With both cash prices and pork cutout values ending the day lower, it's not surprising to see the contracts close moderately lower as well. April lean hogs closed $1.70 lower at $92.05, June lean hogs closed $2.77 lower at $104.75 and July lean hogs closed $2.60 lower at $107.07. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.49 with a weighted average price of $92.80 on 2,762 head. Pork cutouts total 337.93 loads with 300.88 loads of pork cuts and 37.05 loads of trim. Pork cutout values: down $0.72, $98.10. Thursday's slaughter is estimated at 492,000 head, steady with a week ago and 29,000 head more than a year ago. The CME lean hog index 3/17/2026: up $0.07, $91.93.
FRIDAY'S HOG CALL: Lower. At this point, packers have likely secured the vast majority of their needs in the cash market already.
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