GENERAL COMMENTS:
It was a glum day for the livestock complex as all three of the markets closed lower at Wednesday's end. It was also disappointing to see the cash cattle market trade lower as sales were noted in the North at $372, which is $8.00 lower than the previous week's weighted average, and some light trade was noted in Kansas at $235, which is $5.00 lower than the previous week's weighted average. May corn is up 8 cents per bushel and May soybean meal is up $0.90. The Dow Jones Industrial Average is down 406.73 points and the NASDAQ is down 48.30 points.
LIVE CATTLE:
To say the absolute least, it was a displeasing day for the live cattle complex as the market not only saw its futures contracts close lower, but the cash market also traded softer. April live cattle closed $2.22 lower at $230.15, June live cattle closed $2.12 lower at $228.07 and August live cattle closed $2.17 lower at $226.17. Unfortunately, the spot April contract again closed below the market's 100-day moving average, which sends another level of bearishness across the sector. A light trade was reported in Nebraska at $372, which is $8.00 lower than last week's weighted average, and some light trade was reported in Kansas at $235, which is $5.00 lower than the previous week's weighted average. More trade will inevitably need to develop ahead of the week's end, but a lower trend is fully expected at this point.
Wednesday's slaughter is estimated at 106,000 head, 5,000 head less than a year ago and 16,000 head less than a year ago.
Boxed beef prices closed higher: choice up $2.03 ($396.70) and select up $2.48 ($389.25) with a movement of 87 loads (66.70 loads of choice, 4.64 loads of select, 7.85 loads of trim and 7.36 loads of ground beef).
THURSDAY'S CATTLE CALL: Lower. With the week's early trend being lower, and the board being driven to trade lower too, the cattle that trade later in the week will likely keep with the market's trend.
FEEDER CATTLE:
The feeder cattle complex also closed weaker Wednesday afternoon as the onset of additional external pressure was simply too much for the market to withstand. The market was trading lower from the day's initial start, but upon seeing the fed cash cattle market trade lower, the market really had no other option but to continue to scale lower through the day's end. March feeders closed $4.62 lower at $348.72, April feeders closed $6.37 lower at $343.30 and May feeders closed $6.57 lower at $339.82. At the Ozarks Regional Stockyards in West Plains, Missouri, compared to last week, feeder heifers sold $2.00 to $4.00 lower, but the rest of the feeders weren't well tested. Steer and heifer calves sold $4.00 to $8.00 lower. Peewee calves sold $10.00 to $15.00 higher. Feeder cattle supply over 600 pounds was 40%. The CME feeder cattle index 3/10/2026: down $0.97, $364.80.
LEAN HOGS:
The lean hog complex closed lower Wednesday afternoon as the market felt some of the same doggish pressure that the cattle sector did, and was also pressured by the market's resistance threshold, which traders simply weren't willing to challenge throughout the day. April lean hogs closed $0.87 lower at $95.20, June lean hogs closed $1.40 lower at $109.25 and July lean hogs closed $1.50 lower at $111.30. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.12 with a weighted average price of $92.89 on 7,990 head. Pork cutouts totaled 300.26 loads with 261.41 loads of pork cuts and 38.85 loads of trim. Pork cutout values: down $0.69, $98.41. Wednesday's slaughter is estimated at 496,000 head, 2,000 head more than a week ago and 8,000 head more than a year ago. The CME lean hog index 3/9/2026: up $0.10, $90.97.
THURSDAY'S HOG CALL: Lower. At this point, packers have likely secured the vast majority of their cash needs for the week.
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