GENERAL COMMENTS:
The livestock complex closed mixed as traders remain cautiously optimistic about the complex amid looming pressures. Still no cash cattle trade has developed, and trade will likely be delayed until Thursday or later. May corn is up 3/4 cent per bushel and May soybean meal is up $1.80. The Dow Jones Industrial Average is down 403.51 points and the NASDAQ is down 232.17 points.
LIVE CATTLE:
The live cattle complex had a stellar day where reinvigorated trader support allowed the spot April contract to close above its 100-day moving average. More than anything, traders seem more confident in the market's position following the retreat of last week, as the market is no longer pressuring resistance levels. April live cattle closed $1.02 higher at $234.12, June live cattle closed $1.02 higher at $230.67 and August live cattle closed $0.72 higher at $228.90. Still no cash cattle trade has developed.
Tuesday's slaughter is estimated at 109,000 head, 2,000 head less than a week ago and 12,000 head less than a year ago.
Boxed beef prices closed higher: choice up $6.71 ($388.05) and select up $0.37 ($378.58) with a movement of 90 loads (58.02 loads of choice, 9.85 loads of select, 9.93 loads of trim and 12.35 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Steady to somewhat lower. Packers will still likely try to push this week's trade lower even though the board is trading mildly higher.
FEEDER CATTLE:
The feeder cattle complex wasn't as confident in its ability to close higher, which is why the market took a mixed approach to the day, where the nearby contracts closed slightly lower while the deferred months closed a tick higher. March feeders closed $0.07 lower at $357.20, April feeders closed $0.02 lower at $353.30 and May feeders closed $0.12 lower at $349.35. If the live cattle complex trades higher on Wednesday, then there's a chance that the market could see stronger upward momentum later in the week. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers under 550 pounds sold $10.00 to $30.00 lower, with heavier weights trading mostly $2.00 to $8.00 lower. Feeder heifers under 650 pounds sold steady to $10.00 lower, with the heavier weights traded $5.00 to $20.00 lower. Feeder cattle supply over 600 pounds was 71%. The CME feeder cattle index 3/2/2026: down $2.23, $369.59.
LEAN HOGS:
The lean hog complex closed mixed as traders are leery to push the contracts any higher without seeing improved pork demand. And it's likely going to require more than a mild $0.25 increase before traders will willingly push the contracts upward. April lean hogs closed $0.17 higher at $95.75, June lean hogs closed steady at $109.47 and July lean hogs closed $0.20 lower at $111.40. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.46 with a weighted average price of $91.41 on 9,860 head. Pork cutouts totaled 325.21 loads with 293.49 loads of pork cuts and 31.72 loads of trim. Pork cutout values: steady, $98.50. Tuesday's slaughter is estimated at 484,000 head, 5,000 head less than a week ago and 4,000 head more than a year ago. The CME lean hog index 2/27/2026: up $0.25, $89.69.
WEDNESDAY'S HOG CALL: Lower. Packers were fairly aggressive in Tuesday's market, which could mean that they'll be less active in the cash sector later in the week.
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