Wednesday Closing Livestock Market Update - Cattle Remain Under Pressure While Hogs Rally

GENERAL COMMENTS:

The livestock complex closed in the same manner as it has been trading over the last week, with the cattle contracts continuing to trend lower while the lean hog contracts continue to find minor support. Some light cash cattle trade developed in Iowa, but mostly the market has yet to establish a trend for the week. December corn is up 9 1/2 cents per bushel and December soybean meal is up $5.60. The Dow Jones Industrial Average is down 6.06 points and the NASDAQ is down 146.31 points.

LIVE CATTLE:

The live cattle complex didn't gain any strength throughout the afternoon, and if anything, its position only weakened further as the contracts ended the day $3.00 to $4.00 lower. August live cattle closed $3.47 lower at $223.20, October live cattle closed $4.02 lower at $219.20 and December live cattle closed $4.10 lower at $218.80. Throughout the day, there was a thin movement in Iowa at $232 live and $375 dressed, but not enough cattle have traded to say that any sort of a trend for the week has been established. Bids of $228 live in Kansas and $230 live and $365 dressed were offered throughout the day in Nebraska, but feedlot managers passed on those offers. Asking prices are noted at $375 in Eastern Nebraska, but aren't well established in other regions. 

Wednesday's slaughter is estimated at 95,000 head -- 13,000 head less than a week ago and 20,000 head less than a year ago.

Boxed beef prices closed lower: choice down $3.41 ($363.50) and select down $3.66 ($350.57) with a movement of 116 loads (69.90 loads of choice, 17.43 loads of select, 8.76 loads of trim and 20.39 loads of ground beef).

THURSDAY'S CATTLE CALL: Lower. With the board's weakness, it's most likely that the cash market is going to trade lower too.

FEEDER CATTLE:

As the day traded on through Wednesday's close, the feeder cattle complex continued to drop lower and lower. August feeder cattle closed $8.37 lower at $341.17, September feeder cattle closed $8.77 lower at $336.20 and October feeder cattle closed $9.72 lower at $329.85. It is worth noting that the next support plane in the spot September feeder cattle contract is at $332.50, which hopefully the contract doesn't come in close contact with. At the OKC West Livestock Auction in El Reno, Oklahoma, compared to last week, feeder steers traded $5.00 to $15.00 lower, with instances up to $20.00 lower. And feeder heifers traded $3.00 to $10.00 lower. Steer and heifer calves traded $15.00 to $25.00 lower. Feeder cattle supply over 600 pounds was 74%. The CME feeder cattle index 7/21/2026: up $0.48, $96.64.

LEAN HOGS:

The lean hog complex kept with its rallying beat through Wednesday's afternoon as the market continues to reap the benefits of strong packer interest in the cash market, and plenty of trader support. August lean hogs closed $0.05 lower at $101.45, October lean hogs closed $0.22 higher at $88.35 and December lean hogs closed $0.57 higher at $79.82. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.86 with a weighted average price of $101.08 on 9,945 head. Pork cutouts totaled 304.04 with a movement of 261.96 loads of pork cuts and 42.08 loads of trim. Pork cutout values: down $1.32, $103.50. Wednesday's slaughter is estimated at 479,000 head -- 5,000 head more than a week ago and 8,000 head more than a year ago. The CME lean hog index 7/20/2026: down $3.10, $353.12.

THURSDAY'S HOG CALL: Lower. There's a strong likelihood that packers have secured the vast majority of their needs already in the cash market this week.

Wednesday Midday Livestock Market Summary - Cattle Dip Lower, While Hogs Rally

GENERAL COMMENTS:

Bids are surfacing in the cash cattle market Wednesday, but only a minimal trade has developed thus far in Iowa. It is most likely the week's business will be delayed for at least another day. December corn is up 7 1/2 cents per bushel and December soybean meal is up $6.30. The Dow Jones Industrial Average is up 190.12 points and NASDAQ is down 17.08 points.

LIVE CATTLE:

Knowing later this week both the monthly Cattle on Feed and bi-annual Cattle Inventory report will be shared, traders simply aren't willing to advance the contracts with little to no fundamental support ahead of those big hitting reports being released. August live cattle are down $2.47 at $224.20, October live cattle are down $3.07 at $220.15 and December live cattle are down $3.15 at $219.75. Some light packer interest has been noted in the fed cash cattle market as bids of $228 in Kansas have surfaced, along with bids of $230 live and $365 dressed in Nebraska. A thin movement of cattle has been noted in Iowa at $232 live and $375 dressed, but otherwise the market sits idle as feedlot managers hope demand and prices will improve. By no means has a weekly trend been established yet in the marketplace.

Boxed beef prices are lower: choice down $2.66 ($364.25) and select up $1.68 ($352.55) with a movement of 68 loads (44.35 loads of choice, 11.70 loads of select, zero loads of trim and 12.29 loads of ground beef).

FEEDER CATTLE:

Upon seeing the live cattle contracts trading lower, it came as no surprise to anyone that the feeder cattle contracts moved lower as well. August feeders are down $6.27 at $343.27, September feeders are down $6.72 at $338.25 and October feeders are down $7.57 at $332.00. Unless the live cattle contracts turn higher ahead of Wednesday afternoon's close (which is highly unlikely) it's most likely the feeder cattle contracts will keep with this decline through the session's end.

LEAN HOGS:

Meanwhile, while the cattle complex continues to struggle, the lean hog complex keeps with its own rallying trend as traders are hopeful demand will prevail. August lean hogs are down $0.05 at $101.45, October lean hogs are up $0.32 at $88.45 and December lean hogs are up $0.70 at $79.95. With added support from the cash market, it's likely the complex will keep rallying through Wednesday afternoon.

The projected CME Lean Hog Index for 7/21/2026 is up $0.44 at $97.08 and the actual index for 7/20/2026 is up $0.48 at $96.64. Hog prices are higher on the Daily Direct Morning Hog Report, up $2.91 with a weighted average price of $101.04, ranging from $96.00 to $102.00 on 6,024 head and a five-day rolling average of $100.46. Pork cutouts total 147.59 loads with 128.17 loads of pork cuts and 19.42 loads of trim. Pork cutout values: down $0.31, $104.51.

Wednesday Morning Livestock Market Update - Cattle Futures May Show Choppy Trade

GENERAL COMMENTS:

Cattle futures opened higher and traded higher for a while but slipped back as traders were uncertain over cash trade, boxed beef, and the upcoming Cattle on Feed report. Boxed beef prices resumed weakness on Tuesday with choice down $3.19 and select down $1.22. This may have reduced some early optimism for leverage for higher cash trade this week. However, with packers having some cattle purchased ahead through the end of the month, they are in a position to be less aggressive again this week. With packer margins in the red and boxed beef remaining weak, they are not expected to bid aggressively for cattle. The Cattle on Feed report will be released on Friday and may influence trade the rest of the week. The trade estimates for the report are for on feed on July 1 at 102.2% of a year ago. Placements in June at 98.0%, and marketings during June at 97.0%.

Hog futures showed limited volatility but closed with minor gains, keeping the uptrend intact. New highs were made as traders maintain the buying interest. Packers turned more aggressive on Tuesday with the National Daily Direct Afternoon Hog report showing cash up $1.33. They are expected to remain aggressive Wednesday as their purchases have been moderate so far this week. Pork cutout values increased $1.72. Higher prices were seen in bellies, up $6.06; hams, up $5.15; and ribs, up $5.26, with good demand reported.

	BULL SIDE		BEAR SIDE
1)	Cash cattle prices have taken a beating over the past two weeks, with the potential for prices to be steady this week.	1)	The weakness of boxed beef on Tuesday may continue as demand has slowed for the time being.
2)	If cattle placements on the Cattle on Feed report are at the trade-estimated number or lower, traders may turn more aggressive to buy the break.	2)	Packers are not expected to be aggressive this week, as they have already purchased some cattle ahead for the rest of the month.
3)	The uptrend remains in hog futures, providing more confidence for traders to buy and hold futures positions.	3)	The hog market will need to continue to see friendly fundamentals, or selling pressure may return.
4)	Pork cutouts continue to increase as demand remains strong. This should keep packers aggressive.	4)	Technical traders may have met their objective, with the October contract reaching the 62% retracement level on Tuesday based on the March high and June low.

Tuesday Closing Livestock Market Update - Cattle Long for Increased Support While Hogs Keep Rallying

GENERAL COMMENTS:

The livestock complex again ended the day mixed, as traders continue to yearn for better fundamental support in the cattle complex, while hog contracts ended the day higher. Still no cash cattle trade has developed. December corn is up 2 1/4 cents per bushel and December soybean meal is up $3.50. The Dow Jones Industrial Average is up 385.38 points and the NASDAQ is up 329.14 points.

LIVE CATTLE:

The live cattle complex ended the day mixed with the nearby contracts remaining hesitant, while the deferred contracts closed slightly higher. August live cattle closed $0.15 higher at $226.67, October live cattle closed $0.07 lower at $223.22 and December live cattle closed $0.10 lower at $222.90. More than anything, the market remains in a mixed position, where traders would potentially push the market higher if there were enough support, but they aren't confident that that support is indeed going to develop. There have yet to be any developments in this week's fed cash cattle market. 

Tuesday's slaughter is estimated at 103,000 head -- 8,000 head less than a week ago and 11,000 head less than a year ago.

Boxed beef prices closed lower: choice down $3.19 ($366.91) and select down $1.22 ($354.23) with a movement of 161 loads (103.52 loads of choice, 23.27 loads of select, 14.55 loads of trim and 19.68 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Lower. Until feedlot managers gain an edge, it's likely that the market's trend is going to be lower.

FEEDER CATTLE:

The feeder cattle complex ended the day in the same position that the live cattle market did, with its nearby contracts lower and its deferred contracts slightly higher. Unfortunately, feeder cattle sales in the countryside remain mixed as some video sales are trading cattle higher, but there are equally as many auctions seeing cattle trade lower amid the board's weakness and amid the summer heat. August feeders closed $2.45 lower at $349.55, September feeders closed $1.27 lower at $344.97 and October feeders closed $0.25 lower at $339.57. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week, steers under 750 pounds sold $15.00 to $35.00 lower while the heavier weights traded $2.00 to $15.00 lower. Feeder heifers sold $15.00 to $35.00 lower as well. Feeder cattle supply over 600 pounds was 69%. The CME feeder cattle index 7/20/2026: not available at this time.

LEAN HOGS:

The cattle contracts may have lacked fundamental support throughout the day, but that wasn't the case for the lean hog contracts. With the help of stronger pork cutout values, the contracts were able to rally through the day's end. August lean hogs closed $0.22 higher at $101.50, October lean hogs closed $0.40 higher at $88.12 and December lean hogs closed $0.17 higher at $79.25. Hog prices closed $1.33 higher on the Daily Direct Afternoon Hog Report, on 3,566 head and a five-day rolling average of $100.19. Pork cutouts totaled 254.88 loads with 212.28 loads of pork cuts and 42.60 loads of trim. Pork cutout values: up $1.72, $104.82. Tuesday's slaughter is estimated at 479,000 head -- 4,000 head less than a week ago and steady with a year ago. The CME lean hog index 7/17/2026: up $0.51, $96.16.

WEDNESDAY'S HOG CALL: Steady to somewhat higher. Packers did push the market slightly higher on Tuesday, but they haven't likely fulfilled their week's needs yet, so prices could be higher on Wednesday.

Tuesday Midday Livestock Market Summary - Mixed Tones Take Over Livestock Complex

Livestock contracts are trading mixed into Tuesday's noon hour. The cattle contracts would love to trade fully higher but continue to look for increased fundamental support. The lean hog contracts are trading fully higher as technical and fundamental support are both alive and well in the marketplace. December corn is up 1 1/2 cents per bushel and December soybean meal is up $3.80. The Dow Jones Industrial Average is up 494.48 points and NASDAQ is up 332.17 points.

LIVE CATTLE:

The live cattle contracts are mixed heading into Tuesday's noon hour as the nearby contracts are hesitant, but the deferred contracts are again being fueled by trader support and the hope that market fundamentals may improve later this week. No cash cattle trade has developed yet and both bids and asking prices remain elusive at this point. It is assumed since packers were able to gain leverage in the market over the last couple of weeks, cash prices will be steady at absolute best this week when trade does develop. August live cattle are down $0.07 at $226.45, October live cattle are down $0.35 at $222.95 and December live cattle are down $0.20 at $222.80.

Boxed beef prices are mixed: choice down $1.02 ($369.08) and select up $0.55 ($356.00) with a movement of 89 loads (54.10 loads of choice, 8.74 loads of select, 12.51 loads of trim and 13.80 loads of ground beef).

FEEDER CATTLE:

To no one's surprise, with the live cattle complex trading mixed, so is the feeder cattle complex heading into Tuesday's noon hour. August feeders are down $2.72 at $349.27, September feeders are down $1.42 at $344.82 and October feeders are down $0.50 at $339.32. The market has plenty of room to trade higher before it will run into resistance pressure at the 40-day and 100-day moving averages.

LEAN HOGS:

The lean hog complex is continuing to trade higher into Tuesday's noon hour as the market is pleasantly surprised by the $2.00 jump in pork cutouts and will always gladly take the extra support. August lean hogs are up 0.42 at $101.70, October lean hogs are up $0.62 at $88.35 and December lean hogs are up $0.45 at $79.52. The market's next resistance threshold is at $92.50 in the spot October contract. The projected CME Lean Hog Index is delayed from the source. Hog prices average $98.13 on the Daily Direct Morning Hog Report, ranging from $94.00 to $100.00 on 411 head and a five-day rolling average of $100.46. Pork cutouts total 156.90 loads with 131.13 loads of pork cuts and 25.78 loads of trim. Pork cutout values: up $2.00, $105.10.

Tuesday Morning Livestock Market Update - Bounce May Trigger Further Liquidation

GENERAL COMMENTS:

Cattle futures have been significantly oversold. Short-covering likely spread through the market, resulting in live cattle contracts closing back above the support level penetrated on Friday. The downtrend remains intact, but the market bounce may slow the selling and finally find support. Boxed beef prices were higher after significant weakness over the past few weeks. Choice boxed beef increased $3.29, with select up $0.16. The strength on Monday does not mean the market has found a bottom, but it does provide hope that liquidation may slow with prices low enough to increase buying interest again. After all, cattle supplies remain tight, and demand is likely to improve over time. Futures price activity may be sideways this week as traders look ahead to the Cattle on Feed report to be released on Friday.

Hog futures were slightly lower in the nearby contracts, but futures held their recent gains. Traders have become more optimistic over demand, which may continue to support the market. Packers were not as aggressive on Monday, with the National Daily Direct Afternoon Hog report down $0.43 with a moderate volume of hogs traded. They are likely to be more aggressive today. Pork cutout values declined $1.31, averaging $103.10. Slaughter has been lower the past few days, which may be a combination of packing plant problems and less availability of market-ready hogs.

	BULL SIDE		BEAR SIDE
1)	Cattle futures may see further short-covering as they correct from being oversold.	1)	Even with the bounce on Monday, cattle futures remain in a downtrend. The bounce on Monday may increase selling interest as it provides an opportunity to liquidate at a higher price.
2)	Traders are not likely to press the market much lower ahead of the Cattle on Feed report to be released on Friday.	2)	Cash is expected to trade lower again this week as feedlots may not be willing to hold heavy-weight cattle any longer.
3)	Hogs held well on Monday and are maintaining the uptrend. The optimism over pork demand has improved and should support the market.	3)	Hog futures have had nice gains, but may run out of steam if cash or cutouts fail to trend higher.
4)	Packers are expected to be more aggressive with purchasing hogs today as they want to procure hogs sooner rather than later.	4)	Now that hog futures have retraced significantly from the lows, the market may trade sideways without further bullish news.

Monday Closing Livestock Market Update - Complex Closes Mostly Higher on Increased Trader Support

GENERAL COMMENTS:

The livestock complex ended the day mostly higher thanks to increased trader support. Showlists for the week are mixed as showlists are higher in Texas and Nebraska, but lower in Kansas. December corn is up 5 1/2 cents per bushel and December soybean meal is up $5.30. The Dow Jones Industrial Average is down 298.15 points and the NASDAQ is up 3.62 points.

LIVE CATTLE:

With the help of greater trader support, the live cattle contacts were able to end the day higher, which is a successful feat given that the market hasn't seen a higher close in over the last 15 trading days. More than anything, today's success is merely from the support of traders, and it's likely that if fundamental support doesn't arise later this week, the futures complex will again come under pressure. August live cattle closed $2.10 higher at $226.52, October live cattle closed $2.60 higher at $223.30 and December live cattle closed $2.47 higher at $223.00. No cash cattle trade developed throughout the day, and both bids and asking prices remain elusive at this point. Showlists for the week are mixed as showlists are higher in Texas and Nebraska, but lower in Kansas. Monday's slaughter is estimated at 106,000 head -- 1,000 head more than a week ago and 2,000 head more than a year ago.

Last week, Southern live cattle traded at mostly $237 to $238, which is $10.00 to $11.00 lower than the previous week's weighted average and Northern dressed cattle traded at mostly $377 to $380, which is $12.00 to $15.00 lower than the previous week's weighted average.

Boxed beef prices closed higher: choice up $3.29 ($370.10) and select up $0.16 ($355.45) with a movement of 77 loads (40.51 loads of choice, 11.33 loads of select, 11.08 loads of trim and 14.19 loads of ground beef).

TUESDAY'S CATTLE CALL: Lower. Given that packers have successfully built up some supply, it's likely that they'll be able to push prices lower again this week.

FEEDER CATTLE:

With a little extra support from the live cattle complex and traders, the feeder cattle contracts were able to end the day higher with a sizeable $5.00 to $7.00 rally seen at Monday's close. August feeders closed $6.05 higher at $352.00, September feeders closed $6.90 higher at $346.25 and October feeders closed $7.00 higher at $339.82. At the Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared last week and at their mid-session point, feeder steers and heifers were trading $15.00 to $25.00 lower. Steer and heifer calves were selling $20.00 to $30.00 lower, with spots up to $40.00 lower. Feeder cattle supply over 600 pounds was 62%. The CME feeder cattle index 7/17/2026: down $4.32, $359.71.

LEAN HOGS:

Aside from a couple of the nearby contracts, the lean hog complex also ended the day higher. More than anything, what likely held the nearby contracts from closing higher was the fact that pork cutout values were weaker at Monday's end. If demand becomes support later this week, likely all the contracts will again trade higher. August lean hogs closed $0.37 lower at $101.27, October lean hogs closed $0.22 lower at $87.27 and December lean hogs closed $0.30 higher at $79.07. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.43 with a weighted average price of $98.89 on 4,051 head. Pork cutouts totaled 238.48 loads with 203.18 loads of pork cuts and 35.30 loads of trim. Pork cutout values: down $1.31, $103.10. Monday's slaughter is estimated at 440,000 head -- 3,000 head less than a week ago and 7,000 head less than a year ago. The CME lean hog index 7/16/2026: not available at this time.

TUESDAY'S HOG CALL: Steady to somewhat higher. Given that packer demand wasn't very strong on Monday, it's likely that interest will improve on Tuesday.

Monday Midday Livestock Market Summary - Cattle Contracts Tick Higher

GENERAL COMMENTS:

The livestock complex is off to a mixed start: cattle contracts are trading higher, while the lean hog complex is mixed. Showlists for the week are mixed as showlists are higher in Texas and Nebraska, but lower in Kansas. December corn is up 6 1/4 cents per bushel and December soybean meal is up $7.20. The Dow Jones Industrial Average is down 124.73 points and the NASDAQ is up 173.31 points.

LIVE CATTLE:

Following last week's disappointing trade, the live cattle contracts are trading higher into the fresh new week as traders are lending the market some additional support. August live cattle are up $1.70 at $226.12, October live cattle are up $2.02 at $222.75 and December live cattle are up $1.92 at $222.45. What remains unclear at this point is how long the technical support will last. And most likely it will hinge on whether or not any fundamental support develops later this week from either boxed beef prices or the fed cash cattle market. Showlists for the week are mixed as showlists are higher in Texas and Nebraska, but lower in Kansas.

Last week, Southern live cattle traded at mostly $237 to $238, which is $10.00 to $11.00 lower than the previous week's weighted average and Northern dressed cattle traded at mostly $377 to $380, which is $12.00 to $15.00 lower than the previous week's weighted average.

Boxed beef prices are higher: choice up $2.51 ($369.32) and select up $0.76 ($356.05) with a movement of 44 loads (24.55 loads of choice, 3.27 loads of select, 7.04 loads of trim and 8.64 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading higher into midday Monday as the market is happy to follow the live cattle contracts higher into the new week. It's yet to be seen whether or not this technical support will remain for more than just a day's worth of trade, but it's a pleasant surprise for Monday's kickoff nonetheless. August feeder cattle are up $4.30 at $350.12, September feeders are up $5.12 at $344.47 and October feeders are up $5.15 at $337.97.

LEAN HOGS:

The lean hog complex is trading mixed into midday Monday as the nearby contracts are hesitant and trading lower, but the deferred contracts are trading higher. August lean hogs are down $0.37 at $101.27, October lean hogs are down $0.20 at $87.75 and December lean hogs are up $0.22 at $79.00. If consumer support happens to strengthen later in the week, then there's a strong chance that traders could become more supportive of the contracts as they were last week.

The projected lean hog index for 7/17/2026 is up $0.51 at $96.16 and the actual index for 7/16/2026 is up $0.55 at $95.65. Hog prices are not available on the Daily Direct Morning Hog Report because of confidentiality issues. However, we can see that only 198 head have traded and that the market's five-day rolling average now sits at $99.80. Pork cutouts total 152.84 loads with 125.59 loads of pork cuts and 27.25 loads of trim. Pork cutout values: down $0.73, $103.68.

Monday Morning Livestock Market Update - Selling Pressure May Continue in Cattle Futures

GENERAL COMMENTS:

Cattle futures continued to fall, with new lows made in live cattle. The October, December and February contracts fell below support, adding to the technical bearishness. Packers lowered their bids last week, and feedlots moved cattle. Southern live cattle traded $10.00 to $11.00 lower, with Northern dressed cattle $12.00 to $15.00 lower. Cash had declined nearly $25.00 over the past month. Adding to the bearishness was the decline in boxed beef, with choice down $1.57 and select down $0.40 on Friday. Over the past month, choice cutouts have declined $31.20. The weakness of cash and boxed beef is likely to put further pressure on cash cattle and cattle futures. The Commitment of Traders report showed fund traders reducing their long cattle positions in live cattle by 4,532 futures contracts to a net-long position of 114,908. They reduced their net-long positions in feeder cattle futures by 1,041 contracts to a net long of 14,566.

Hogs had another positive day in the August through April contracts, with the August and October posting triple-digit gains. Hog futures have come to life over the past month and may continue to show further strength. Pork demand has improved, and packers have become more aggressive in their purchases as there is some evidence of reduced market-ready hogs. The National Daily Direct Afternoon Hog report showed cash down $ 0.94 on moderate volume, as most of the required hogs had been purchased for the week. Packers may be aggressive to begin the week. Pork cutout values increased $1.99 with gains in all categories except ribs. The Commitment of Traders report showed fund traders as net sellers, increasing their short positions to 40,390. This may leave substantial room for further short-covering.

	BULL SIDE		BEAR SIDE
1)	Cattle futures are oversold and could see some short covering at any point in time.	1)	Cash cattle trade is expected to be lower again this week as packers pull back amid weakness in boxed beef.
2)	Cattle supplies remain low, and beef demand will return once the summer-season decline runs its course.	2)	Cattle futures closed below support on Friday, with feeder cattle not far behind. This may result in further long liquidation.
3)	Pork demand has improved, resulting in packers being more aggressive in purchasing hogs.	3)	Hog futures have had strong gains and may be at levels that may trigger selling.
4)	The combination of reduced market-ready hogs and increasing pork cutout prices has turned the market bullish. Further short-covering should take place.	4)	If weakness in boxed beef surfaces, the current bullish attitude may temper and long liquidation might take place.

Friday Closing Livestock Market Update - Week's Trend Continued as Cattle Sank Lower While Hogs Rallied

GENERAL COMMENTS:

The livestock complex ended the day in the same manner in which it's traded all week with the cattle complex being softer but the lean hog complex was able to rally. No new cash cattle trade developed throughout the day. December corn is up 3 1/2 cents per bushel and December soybean meal is down $3.90. The Dow Jones Industrial Average is down 406.55 points and the NASDAQ is down 361.71 points.

From Friday-to-Friday livestock futures scored the following changes: August live cattle down $10.78, October live cattle down $9.85; August feeder cattle down $8.65, September feeder cattle down $11.68; August lean hogs up $2.65, October lean hogs up $2.88; September corn up $0.05, December corn up $0.06.

LIVE CATTLE:

Friday's action was no different from the rest of the week for the live cattle complex as the contracts continued to drift lower through the week's end as not enough support is arising in the marketplace. August live cattle closed $2.65 lower at $224.42, October live cattle closed $2.57 lower at $220.70 and December live cattle closed $2.67 lower at $220.52. No more cash cattle trade developed throughout the day.

Throughout the week, Northern dressed cattle have traded from $370 to $385, but most at $377 to $380, which is $12.00 to $15.00 lower than the previous week's weighted average. Southern live cattle have been traded at mostly $237 to $238, which is $10.00 to $11.00 lower than last week's weighted average.

Friday's slaughter is estimated at 89,000 head -- 10,000 head less than a week ago and 11,000 head less than a year ago. Saturday's slaughter is projected to be around 3,000 head. The week's total slaughter is estimated at 525,000 head -- 4,000 head less than a week ago and 42,000 head less than a year ago.

Boxed beef prices closed lower: choice down $1.57 ($366.81) and select down $0.40 ($355.29) with a movement of 111 loads (59.82 loads of choice, 12.29 loads of select, 10.02 loads of trim and 29.05 loads of ground beef).

MONDAY'S CATTLE CALL: Lower. Until something changes in terms of support -- the cash market is likely going to continue to trade lower.

FEEDER CATTLE:

The feeder cattle complex kept with its same trend throughout the day as well -- ending the day on a weaker note as not enough support is surfacing in the marketplace. August feeders closed $0.65 lower at $345.95, September feeders closed $1.00 lower at $339.35 and October feeders closed $1.62 lower at $332.82. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week feeder steers over 800 pounds sold $1.00 to $3.00 higher, while steers under 800 pounds traded $5.00 to $10.00 lower. Feeder heifers sold $5.00 to $10.00 lower except those weighing 600 to 700 pounds which traded $10.00 to $20.00 lower. Steer calves over 500 pounds sold $4.00 to $5.00 lower but steers under 500 pounds traded steady. Heifer calves sold $10.00 to $15.00 lower. Feeder cattle supply over 600 pounds was 67%. The CME feeder cattle index 7/16/2026: down $1.49, $364.03.

LEAN HOGS:

The lean hog contracts rallied boldly through Friday's end -- not letting the preexisting resistance pressure hold the market back. Because with continued support from consumers -- traders had all the support they needed to continue to drive the contracts higher through Friday's end. August lean hogs closed $1.37 higher at $101.65, October lean hogs closed $1.02 higher at $87.95 and December lean hogs closed $0.82 higher at $78.77. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.94 with a weighted average price of $99.32 on 2,612 head. Pork cutouts totaled 267.73 loads with 246.73 loads of pork cuts and 20.99 loads of trim. Pork cutout values: up $1.99, $104.41. Friday's slaughter is estimated at 443,000 head -- 3,000 head less than a week ago and 15,000 head less than a year ago. Saturday's slaughter is projected to be around 17,000 head. The CME lean hog index 7/15/2026: up $0.50, $95.10.

MONDAY'S HOG CALL: Steady to somewhat higher. With strong demand, packers may be active early again in next week's cash market.

Friday Midday Livestock Market Update - Cattle Fall Lower, While Hogs Keep Rallying

GENERAL COMMENTS:

The livestock complex is keeping with its mixed trend through Friday's as the cattle contracts are still sinking lower while the hog complex rallies mildly. No new cash cattle trade has developed and it's looking like the bulk of this week's business is done. December corn is up 2 cents per bushel and December soybean meal is down $2.90. The Dow Jones Industrial Average is down 145.93 points and NASDAQ is down 315.95 points.

LIVE CATTLE:

Yes, midday boxed beef prices may be a tick higher; but that's simply not enough support to mean much to the cattle complex at this point. August live cattle are down $2.10 at $224.97, October live cattle are down $2.05 at $221.22 and December live cattle are down $2.37 at $220.82. No new action has developed in the fed cash cattle market and it looks like business is essentially done for the week. Throughout the week, Northern dressed cattle have traded from $370 to $385, but most at $377 to $380, which is $12.00 to $15.00 lower than the previous week's weighted average. Southern live cattle have been traded at mostly $237 to $238, which is $10.00 to $11.00 lower than last week's weighted average.

Boxed beef prices are higher: choice up $0.31 ($368.69) and select up $0.66 ($356.35) with a movement of 74 loads (40.23 loads of choice, 6.39 loads of select, 9.73 loads of trim and 17.97 loads of ground beef).

FEEDER CATTLE:

In keeping alignment with the week's trend, the feeder cattle contracts are yet again trailing lower. August feeders are down $1.15 at $345.45, September feeders are down $2.10 at $338.25 and October feeders are down $3.17 at $331.27. At this point -- with the futures market still trading lower and the fed cash cattle market trading significantly lower -- there's very little chance prices improve before Friday's close.

LEAN HOGS:

The lean hog complex is continuing to grind higher -- pleased with continued support from consumers and thankful enough trader support has worked its way into the market to conquer resistance levels. August lean hogs are up $1.40 at $101.67, October lean hogs are up $1.05 at $87.97 and December lean hogs are up $0.70 at $78.65. With the next resistance point far off in the horizon, it's likely the contracts will be able to keep with their rally through the week's end.

The projected CME Lean Hog Index for 7/16/2026 is up $0.55 at $95.65, and the actual index for 7/15/2026 is up $0.50 at $95.10. Hog prices are lower on the Daily Direct Morning Hog Report, down $3.49 with a weighted average price of $96.68, ranging from $96.00 to $97.00 on 542 head and a five-day rolling average of $99.80. Pork cutouts total 178.26 loads with 166.75 loads of pork cuts and 11.50 loads of trim. Pork cutout values: up $2.85, $105.27.

Friday Morning Livestock Market Update - Hog Futures to Maintain Renewed Suppor

GENERAL COMMENTS:

Cattle futures made a paltry attempt to rebound with a slightly higher opening on Thursday, but buyers were overwhelmed by the bearish market. Live cattle fell below support, opening the way for further liquidation of longs. The August live cattle contract has not posted a higher close since June 26. The weakness of cash cattle put pressure on the market. Dressed cattle continued to trade as much as $10.00 lower with live cattle as much as $11.00 lower than last week. Feedlots are selling to avoid the potential for further losses next week. Boxed beef remained weak, with choice down $2.90 and select down $3.49. The U.S. has implemented a 25% tariff on Brazilian imports. However, some items have been exempted, such as beef, coffee, rare earth minerals, and energy products. The price of certain weight classes of feeder cattle has been holding well, but that may come to an end as pressure mounts on the cattle complex.

Most hog contracts close higher, extending the strength from Wednesday. Stronger fundamentals are supporting the market. Demand has been strong as it has been swallowing up the increased number of hogs slaughtered at higher weights than a year ago. Packers have been paying more for hogs as they take advantage of better pork prices. The National Daily Direct Afternoon Hog report showed cash down $0.40 on Thursday, but higher for the week and above $100. Pork cutouts have increased each day this week, with values up $0.88 on Thursday at $102.34. Although packers may not be aggressive Friday, futures may see further gains as bullish sentiment continues.

	BULL SIDE		BEAR SIDE
1)	Cattle futures are significantly oversold with the market ripe for a price retracement. This could take place ahead of the weekend.	1)	Cattle futures are in a solid downtrend as fund traders continue to liquidate their long positions with near-term fundamentals bearish.
2)	The August cattle contract maintains a steep discount to cash. Any stability in cash cattle trade should result in a rebound.	2)	The weakness in boxed beef indicates consumers have significantly reduced beef consumption. Increased beef imports are also weighing on prices.
3)	Hog futures are in an uptrend and should maintain that trend as fundamental support is evident.	3)	There may be a limit to the upside price potential of hogs as lower beef prices could weigh on pork demand.
4)	The strength of pork cutouts indicates improving demand. Consumers are increasing their knowledge about the value of pork.	4)	Hog weights remain higher than a year ago, keeping sufficient tonnage available to the market due to the higher slaughter pace.

Thursday Closing Livestock Market Update - Cattle Continue to Melt Lower While Hogs Rally

GENERAL COMMENTS:

It was another day where the hog complex found mild support, but the cattle contracts were pressured to trade lower. Some light cash cattle trade developed throughout the day but it's most likely that the week's business is done with. December corn is down 5 1/2 cents per bushel and December soybean meal is up $2.40. The Dow Jones Industrial Average is down 280.16 points and the NASDAQ is down 498.94 points.

Thursday's export report shared that beef net sales of 8,000 mt for 2026 were down 43% from the previous week and 45% from the prior 4-week average. The three largest buyers were Japan (2,400 mt), Canada (1,900 mt) and Mexico (1,200 mt). Pork net sales of 21,600 mt for 2026 were up 22% from the previous week but down 12% from the prior four-week average. The largest buyers were Mexico (9,100 mt), Japan (7,100 mt) and Canada (1,400 mt).

LIVE CATTLE:

It was another day of much the same business in which the cattle complex has grown used to over the last three weeks: the futures market closed lower, cash cattle traded lower, and boxed beef prices closed lower too. August live cattle closed $3.05 lower at $227.07, October live cattle closed $2.72 lower at $223.27 and December live cattle closed $2.35 lower at $223.20. Throughout the day some light cash cattle trade developed in Kansas at $237 to $238 which is $10.00 to $11.00 lower than the previous week's weighted average, and some sales were marked in Texas at $237. At this point it's likely that the vast majority of this week's business is done with. 

Thursday's slaughter is estimated at 109,000 head -- 3,000 head less than a week ago and 8,000 head less than a year ago.

Boxed beef prices closed lower: choice down $2.90 ($368.38) and select down $3.49 ($355.69) with a movement of 139 loads (111.17 loads of choice, 12.18 loads of select, 7.81 loads of trim and 7.40 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. If any more trade develops on Sunday it will likely be at the week's weighted average and keep with the trend.

FEEDER CATTLE:

The feeder cattle complex ended the day lower as traders simply weren't shown enough support in the market to do anything different with the contracts. August feeders closed $3.35 lower at $346.60, September feeders closed $4.02 lower at $340.35 and October feeders closed $4.40 lower at $334.45. At Clovis Livestock Auction in Clovis, New Mexico compared to last week steer calves and feeder steers sold lower except those weighing 450 to 500 pounds traded steady, and those weighing 650 to 700 pounds sold $13.00 higher. Heifer calves and feeder heifers were lower with the exception of those weighing 400 to 450 pounds which traded $15.00 higher. Slaughter cows sold $1.00 to $2.00 lower and slaughter bulls traded $6.00 lower. The CME feeder cattle index 7/15/2026: down $3.55, $365.52.

LEAN HOGS:

The lean hog complex kept with its rallying nature through Thursday's end the day on a stronger note thanks to continued trader support and strong consumer demand. August lean hogs closed $0.05 lower at $100.27, October lean hogs closed $0.20 higher at $86.92 and December lean hogs closed $0.57 higher at $77.95. The big boost in today's cutout stems from the belly's $4.16 rally -- the rest of the cuts saw mild gains/losses. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.40 with a weighted average price of $100.26 on 2,455 head. Pork cutouts totaled 206.08 loads with 172.49 loads of pork cuts and 33.59 loads of trim. Pork cutout values: up $0.88, $102.34. Thursday's slaughter is estimated at 479,000 head -- 1,000 head less than a week ago and 8,000 head more than a year ago. The CME lean hog index 7/14/2026: down $0.27, $94.60.

FRIDAY'S HOG CALL: Lower. At this point it's most likely that packers have secured the vast majority of their needs this week from the cash market.

Thursday Midday Livestock Market Update - Cattle Keep Trading Lower While Hogs Rally Around Support

GENERAL COMMENTS:

The livestock complex is keeping with its recent trend as the cattle contracts are trading lower, but the lean hog contracts continue to inch higher. December corn is down 6 cents per bushel and December soybean meal is up $2.00. Some light cash cattle trade is currently being reported in Kansas at $237 to $238, but otherwise the cash market is idle elsewhere. The Dow Jones Industrial Average is down 69.59 points and NASDAQ is down 264.74 points.

Thursday's export report shared that beef net sales of 8,000 mt for 2026 were down 43% from the previous week and 45% from the prior 4-week average. The three largest buyers were Japan (2,400 mt), Canada (1,900 mt) and Mexico (1,200 mt). Pork net sales of 21,600 mt for 2026 were up 22% from the previous week but down 12% from the prior four-week average. The largest buyers were Mexico (9,100 mt), Japan (7,100 mt) and Canada (1,400 mt).

LIVE CATTLE:

The live cattle complex is trading lower as traders continue to be disappointed in the lack of fundamental support available this week in the market. August live cattle are down $3.67 at $226.47, October live cattle are down $3.40 at $222.60 and December live cattle are down $3.25 at $222.30. Aside from some cash cattle trade developing in Kansas at $237 to $238, which is $10.00 to $11.00 lower than last week's weighted average, the market is idle at this point elsewhere. There could be a few more sales noted throughout the week, but the vast majority of the week's trade is likely done with. So far this week Northern dressed cattle have traded at mostly $377 to $380, which is $12.00 to $15.00 lower than the previous week's weighted average.

Boxed beef prices are lower: choice down $1.94 ($369.34) and select down $1.22 ($357.96), with a movement of 58 loads (41.89 loads of choice, 6.63 loads of select, 5.74 loads of trim and 3.80 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading lower as traders aren't going to move the market higher when there's simply not enough support available and when the live cattle contracts are trading lower. August feeders are down $5.40 at $344.55, September feeders are down $5.52 at $338.85 and October feeders are down $5.67 at $333.17. Demand remains mixed to mostly lower this week in the countryside as some buyers are busy putting up hay, and as the board has negatively affected the cash market too.

LEAN HOGS:

The lean hog complex is trading mostly higher into Thursday's noon hour as the market continues to be fueled by excellent consumer demand. August lean hogs are down $0.05 at $100.27, October lean hogs are up $0.42 at $87.12 and December lean hogs are up $0.80 at $78.17. And so long as demand remains consistent, it's likely that the contracts will continue to trade higher. The projected lean hog index for 7/15/2026 is up $0.50 at $95.10 and the actual index for 7/14/2026 is up $0.73 at $94.60. Hog prices are not available on the Daily Direct Morning Hog Report because of packer submission issues. Pork cutouts total 138.03 loads with 115.83 loads of pork cuts and 22.18 loads of trim. Pork cutout values: up $2.83, $103.84.

Thursday Morning Livestock Market Update - Lower Cash Prices Put Further Pressure on Cattle

GENERAL COMMENTS:

Cattle futures remain in a solid downtrend Thursday as weak boxed beef prices indicate continued slower demand. August feeder cattle closed higher Wednesday, but did not reverse the downtrend. The seasonal weakness of beef prices due to a slowing of demand has been greater than expected. Continued lower boxed beef and another decline in cash may increase the liquidation of long positions. Some dressed cattle sales on Wednesday took place from $12.00 to $15.00 lower and live sales as much as $8.00 lower. Feedlots holding out last week did not benefit from their decision. This could increase selling interest this week. The weakness in boxed beef continued with choice down $2.67 and select down $5.23. Futures continue a pattern of lower highs and lower lows.

Hog futures posted substantial strength as the market has come to life. Futures pushed through and closed above resistance, opening the way for further short-covering and new buying interest. Bullish traders have been waiting for this and now it seems to have come to fruition. Packers have been aggressive this week with the National Daily Direct Afternoon Hog report up $2.10 on Wednesday on a large volume of hogs. They are not expected to be as aggressive Thursday, but the strength of cutouts may continue as demand improves. Pork cutout values were up $0.25 on Wednesday. The average weight of hogs increased last week to 286.1 pounds.

	BULL SIDE		BEAR SIDE
1)	August live cattle maintain a substantial discount to cash. Any stability over the next few weeks may result in a price rebound to move closer to cash.	1)	The downtrend in cattle futures remains intact, with further liquidation of futures expected as the long liquidation continues.
2)	The October and later live cattle contracts held support and may trigger some short-covering.	2)	Early cash cattle trade set the stage for substantial weakness with feedlots not wanting to risk further losses by holding out for another week.
3)	Hog futures closed above resistance, maintaining the uptrend that has been fueled by stronger cash and higher pork cutouts.	3)	The weekly hog weights increased 0.9 pounds from the previous week to average 286.1 pounds. This is 3.4 pounds higher than a year ago.
4)	The aggressiveness of the packers and higher prices being paid for hogs indicate increased demand for pork.	4)	October hog futures have reached the 50% retracement level. Futures may have difficulty moving much higher on a technical basis.

Wednesday Closing Livestock Market Update - Hogs Rally Above Resistance

GENERAL COMMENTS:

The lean hog contracts ended higher, successfully closing above the resistance threshold in the spot August contract. Meanwhile, the cattle contracts ended the day lower as support simply isn't surfacing. December corn is up 9 cents per bushel and December soybean meal is up $3.70. The Dow Jones Industrial Average is up 150.37 points and the NASDAQ is up 162.22 points.

LIVE CATTLE:

The live cattle complex ended the day lower as traders had no real other option with the complex, as virtually no fundamental support is arising in this week's marketplace. August live cattle closed $1.30 lower at $230.12, October live cattle closed $1.65 lower at $226.00 and December live cattle closed $1.75 lower at $225.55. Some more cash cattle trade developed in Nebraska, where sales were marked anywhere from $377 to $380, which is $12.00 to $15.00 lower than last week's weighted average. And some live sales were marked at $240, which is $8.00 lower than the previous week's weighted average. 

Wednesday's slaughter is estimated at 108,000 head -- steady with a week ago and 6,000 head less than a year ago.

Boxed beef prices closed lower: choice down $2.67 ($371.28) and select down $5.23 ($359.18) with a movement of 123 loads (92.35 loads of choice, 11.36 loads of select, 3.30 loads of trim and 15.57 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady to somewhat lower. The trend this week is obviously going to be lower, but where the week's weighted average will land is yet to be seen, as prices have been trading in a large window.

FEEDER CATTLE:

The feeder cattle complex ended the day lower as well, as traders simply won't allow the contracts to trade higher when not enough fundamental support is emerging. And with the fed cash cattle market trading lower too, the entire week's trend will likely be lower. August feeder cattle closed $1.15 higher at $349.95, September feeders closed $0.47 lower at $344.37 and October feeders closed $1.67 lower at $338.85. At the OKC West Livestock Auction in El Reno, Oklahoma, compared to last week, feeder steers over 900 pounds traded $6.00 to $10.00 lower, but steers under 900 pounds sold $15.00 to $20.00 lower. Feeder heifers traded $10.00 to $15.00 lower. Steer calves over 500 pounds sold unevenly steady, but steers under 500 pounds sold $10.00 to $15.00 higher. Heifer calves over 500 pounds sold $3.00 to $8.00 lower, but heifers under 500 pounds traded $10.00 to $15.00 higher. Feeder cattle supply over 600 pounds was 71%. The CME feeder cattle index 7/14/2026: down $1.25, $369.07.

LEAN HOGS:

After seeing the cattle contracts end another day lower, it was refreshing to note that lean hog contracts not only closed higher, but the spot August contract was able to end the day above the market's resistance at $100.00 August lean hogs closed $1.87 higher at $100.32, October lean hogs closed $2.35 higher at $86.72 and December lean hogs closed $2.55 higher at $77.37. The market will likely be challenged on Thursday, and traders could be pressured to let the contract sink below that threshold if not enough support is evident, but time will tell. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.10 with a weighted average price of $100.66, on 15,705 head. Pork cutouts total 276.97 loads with 240.81 loads of pork cuts and 36.16 loads of trim. Pork cutout values: up $0.25, $101.46. Wednesday's slaughter is estimated at 482,000 head -- 10,000 head more than a week ago and 18,000 head more than a year ago. The CME lean hog index 7/13/2026: up $0.76, $93.87.

THURSDAY'S HOG CALL: Steady. If packers need more hogs, prices could be higher, but they have bought a sizeable volume of hogs this week.

Cattle update - Drought challenges an otherwise strong market

Strong cattle prices continue to support cow-calf profitability, but drought and water shortages are increasing production risks across the West. Cow-calf producers throughout AgWest's territory continue to benefit from historically strong cattle markets, with national steer calf prices up 24% year over year in mid-June and AgWest states averaging even stronger gains of 28%. In Montana, fall calf contracts reportedly reached $2,800 to $3,150 per head, reflecting tight cattle supplies and resilient beef demand. However, producers face headwinds with 70% of Arizona pasture and 38% of Montana pasture rated poor or very poor. These conditions are tightening forage supplies, prompting many cattle producers to secure hay supplies ahead of fall.

Margin pressure is increasing across the cattle supply chain as historically high feeder cattle prices and shrinking cattle supplies shape market dynamics. Feedlot operators and backgrounders are paying record prices to procure cattle, leading buyers to become more selective with placements and making risk management increasingly important to protect margins. At the same time, packers’ profitability is struggling in the current market. Packers are beginning to reduce slaughter capacity to better align with tighter cattle supplies. This is highlighted by JBS's planned closure of beef processing facilities in Pennsylvania and Tennessee. Reduced processing capacity and fewer active buyers could lessen competition for cattle.

New World screwworm remains a closely monitored animal health issue, though market impacts have been limited thus far. The first U.S. case was confirmed on June 3 in Texas along the Mexican border. Confirmed cases increased to 29 by June 30 and the disease also surfaced in New Mexico. Cattle futures markets responded bearishly, but price impacts were short-lived. Currently the largest risks for cattle producers stem from market uncertainty and consumer perception rather than widespread livestock losses. USDA continues to focus on targeted quarantines and sterile fly releases as part of its eradication and containment strategy. States are also taking proactive steps to strengthen biosecurity measures and limit the spread of animal diseases. In Idaho, health certificates are required for all livestock and domestic pets entering the state. Additionally, Idaho has implemented restrictions prohibiting the entry of livestock originating from or transiting through Mexico, regardless of health certification status or method of transportation.

Profitability

Cattle feeders: Slightly profitable - Neutral 12-month outlook
Cow-calf producers: Very profitable - Neutral 12-month outlook

Strong fed cattle prices and heavy carcass weights have helped offset higher feeder cattle costs.

Record-high calf prices, driven by historically tight cattle supplies and strong beef demand, have more than offset elevated production costs.

Wednesday Midday Livestock Market Summary - Hogs Move Higher, While Cattle Dip Lower

GENERAL COMMENTS:

The livestock complex is mixed heading into Wednesday's noon hour as the cattle contracts are keeping with their normal downward trend, but the lean hog contracts are rallying above their resistance threshold right now. Bids are on the table in Nebraska, but no more cash cattle have traded. December corn is up 8 cents per bushel and December soybean meal is up $2.20. The Dow Jones Industrial Average is down 56.21 points and NASDAQ is down 25.70 points.

LIVE CATTLE:

Without any support from market fundamentals the live cattle contracts continue to scale lower. The spot August contract is hitting a support plane at the $230.00 mark, which hopefully will keep the market from trading much lower. But if fundamentals don't improve, that's a big wish. August live cattle are down $1.35 at $230.07, October live cattle are down $1.90 at $225.75 and December live cattle are down $2.07 at $225.22. Some bids are currently on the table in Nebraska at $238 to $240 live and $375 dressed; but no trade has developed following Tuesday's thin movement. On Tuesday some cattle traded in Nebraska at $380, which is $12.00 lower than last week's weighted average, but some cattle were also sold in Iowa at $385, which is $6.00 lower than the previous week's weighted average. At this point it's anyone's guess where the cash market trend will land this week.

Boxed beef prices are lower: choice down $0.49 ($373.46) and select down $2.33 ($362.08) with a movement of 66 loads (50.06 loads of choice, 7.89 loads of select, 3.30 load of trim and 5.14 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is trailing lower as traders simply don't have enough support readily available to them to keep the prices from moving any other direction. August feeders are up $0.30 at $349.10, September feeders are down $0.95 at $343.90 and October feeders are down $1.75 at $338.77. Demand has been mixed again this week in sale barns, which isn't lending the market as much support as traders would hope to see either.

LEAN HOGS:

The cattle contracts may be continuing to suffer, but it's a break-out day for the lean hog contracts as the spot August contract is attempting (and at this point successfully managing) to trade above the market's resistance at $100.00. August lean hogs are up $1.72 at $100.17, October lean hogs are up $1.85 at $86.22 and December lean hogs are up $1.95 at $76.85. It's been helpful, again this week, that packers have been buying large quantities of hogs in the cash market and pork cutout values have been mostly supported.

The projected CME Lean Hog Index for 7/14/2026 is up $0.73 at $94.60 and the actual index for 7/13/2026 is up $0.76 at $93.87. Hog prices are higher on the Daily Direct Morning Hog Report, up $3.83 with a weighted average price of $100.70, ranging from $95.50 to $101.00 on 14,485 head and a five-day rolling average of $98.78. Pork cutouts total 157.68 loads with 136.24 loads of pork cuts and 21.44 loads of trim. Pork cutout values: up $0.27, $101.48.

Wednesday Morning Livestock Market Update - Cattle May See Continued Liquidation

GENERAL COMMENTS:

Traders see little to get excited over in the cattle market. The continued weakness of boxed beef and the potential for lower cash again this week is weighing on the market. Another concern developing is the potential for more cattle to move to feedlots and to the market due to decreasing pasture conditions in many areas of cattle country. This will be bullish longer term as the nation's cattle herd will not be rebuilt. Just how long the current liquidation of cattle futures will continue will depend on demand and whether packers will be able to operate in the black. Cash cattle trade is expected to be lower this week with no trade having been reported so far. Boxed beef prices were lower, with choice down $1.66 and select down $0.76.

Hog futures diverged as the nearby months continue in an uptrend supported by better demand fundamentals. Later contracts initially eliminated all of the gains of last week before futures rebounded to close with minimal losses. This may have set the stage for increased buying interest. Today (July 15) is the last trading day for July futures, with August becoming the lead month. It holds about a $3.00 premium to July, but is trading in line with cash. The National Daily Direct Afternoon Hog report showed cash down $0.22 with a large volume of hogs purchased. Even though cash was lower, it was encouraging to see a minimal decline due to the large volume. Pork cutout values declined $0.34. Slaughter continues to increase, with numbers usually higher than the previous week and a year ago.

	BULL SIDE		BEAR SIDE
1)	Increasing dry conditions in cattle country will limit or eliminate the rebuilding of the cattle herd. This remains bullish long term.	1)	Cattle futures are entrenched in a downtrend with fund traders liquidating long positions. A break below support would trigger further liquidation.
2)	Both live cattle and feeder cattle futures are nearing technical support. Traders may be interested in stepping back in to buy in anticipation of a rebound.	2)	Cash cattle trade is expected to be lower again this week. Packers have been able to surround themselves with cattle through the end of the month, limiting their need to be aggressive.
3)	Nearby hog futures remain in an uptrend as the current demand fundamentals remain friendly.	3)	The deferred hog contracts are struggling to hold gains. The longer-term prospect for demand and increased cash prices will keep futures at a discount.
4)	Both cash and cutouts have been trending higher and are expected to continue that way for a time.	4)	Pigs per litter are higher, which will keep the market well supplied with hogs.

Tuesday Closing Livestock Market Update - Weaker Trends Continue to Consume the Complex

GENERAL COMMENTS:

The livestock complex ended the day mostly lower again, as the market continues to struggle to find fundamental support. Still no trade has developed in the cash market but bids were offered in Nebraska. December corn is down 2 3/4 cents per bushel and December soybean meal is up $1.30.

The Dow Jones Industrial Average is up 9.63 points and the NASDAQ is up 233.83 points.

LIVE CATTLE:

It was another downward spiraling day for the live cattle complex as the market simply hasn't found enough support to stop the market's downward bleed. August live cattle closed $3.30 lower at $231.42, October live cattle closed $2.97 lower at $227.65 and December live cattle closed $3.10 lower at $227.30. Some bids were noted in Nebraska at $380, but feedlot managers let that bid sit idle. Asking prices are noted at $248 in Texas, but are not established elsewhere. 

Tuesday's slaughter is estimated at 111,000 head -- 1,000 head more than a week ago and 7,000 head less than a year ago.

Boxed beef prices closed lower: choice down $1.66 ($373.95) and select down $0.76 ($364.41) with a movement of 90 loads (65.21 loads of choice, 8.50 loads of select, 8.56 loads of trim and 7.92 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Lower. Given the lower trend of the board and of boxed beef prices -- it's likely that the cash market will trade lower this week too.

FEEDER CATTLE:

Although there was some light interest in the countryside for feeder cattle -- until the feeder cattle contracts see that there's greater support from traders and that the live cattle contracts are trading higher, it's likely that the board will continue to trade lower. August feeders closed $5.55 lower at $348.80, September feeders closed $5.97 lower at $344.85 and October feeders closed $6.32 lower at $340.52. At Oklahoma National Stockyards in Oklahoma City, Oklahoma compared to their last full test two weeks ago, feeder steers traded mostly steady, but feeder heifers traded steady to $4.00 higher. Steer calves sold steady to $3.00 lower and heifer calves sold $2.00 to $5.00 higher. Feeder cattle supply over 600 pounds was 73%. The CME feeder cattle index 7/13/2026: down $2.20, $370.32.

LEAN HOGS:

Mixed tones kept with the lean hog complex through Tuesday's close as the nearby contracts felt confident with the increased support from packers in the cash market to keep their contracts higher, but the deferred contracts closed lower. It's been incredible to see this much demand in the recent weeks from packers -- as it's evident that they're short bought. And while yes, prices in the cash market closed lower -- today's volume of over 11,000 head is incredible. August lean hogs closed $0.35 higher at $98.45, October lean hogs closed $0.10 higher at $84.37 and December lean hogs closed $0.25 lower at $74.82. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.22 with a weighted average price of $98.56 on 11,325 head. Pork cutouts total 288.57 loads with 270.42 loads of pork cuts and 18.15 loads of trim. Pork cutout values: down $0.34, $101.21. Tuesday's slaughter is estimated at 483,000 head -- 4,000 head more than a week ago and 20,000 head more than a year ago. The CME lean hog index 7/10/2026: up $0.42, $93.11.

WEDNESDAY'S HOG CALL: Steady. Until packers have secured enough supply, prices could trade higher.

Tuesday Midday Livestock Market Summary - Pressure Continues to Build in Futures

GENERAL COMMENTS:

Mostly lower tones have taken over the livestock complex as there's simply not enough fundamental support in the market for traders to confidently push the contracts higher. Asking prices are noted at $248 in Texas; but otherwise nothing has developed in the cash cattle market. December corn is down 2 3/4 cents per bushel and December soybean meal is up $1.10. The Dow Jones Industrial Average is down 88.02 points and NASDAQ is up 223.81 points.

LIVE CATTLE:

With nothing seeming to develop in a positive manner from the market's fundamentals, traders have felt the technical side of the market's pressure long enough to decide that the day's only option is to trade lower -- sharply lower. August live cattle are down $2.92 at $231.80, October live cattle are down $2.57 at $228.05 and December live cattle are down $2.82 at $227.57. With the continued weakness in the complex, it's likely this week's cash market will trade lower too. No bids are on the table at this point but asking prices are noted at $248 in Texas. Otherwise the cash market remains quiet.

Boxed beef prices are mixed: choice down $0.01 ($375.60) and select up $0.70 ($365.87) with a movement of 51 loads (37.88 loads of choice, 4.58 loads of select, 3.73 loads of trim and 5.22 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts are also trading lower as traders simply don't have a leg to confidently stand on right now. With there yet to be any test in the fed cash cattle market, lower tones seen in sale barns across the U.S., and the live cattle futures trading lower -- it's only logical the feeder cattle contracts would trade lower too. August feeders are down $5.00 at $349.22, September feeders are down $5.32 at $345.50 and October feeders are down $5.62 at $341.22.

LEAN HOGS:

The lean hog complex is trading mixed with its nearby contracts continuing to push a minor rally, while the rest of the contracts trade below steady prices. If midday pork cutout values were a tick stronger, then there's a chance prices may move higher; but traders need strong, unwavering fundamental support if they're going to trade around or above market resistance at $100.00. August lean hogs are up $0.05 at $98.15, October lean hogs are down $0.50 at $83.77 and December lean hogs are down $0.65 at $74.42.

The projected CME Lean Hog Index for 7/13/2026 is up $0.76 at $93.87 and the actual index for 7/10/2026 is up $0.42 at $93.11. Hog prices on the Daily Direct Morning Hog report average $96.87, ranging from $96.00 to $100.00 on 4,100 head and a five-day rolling average of $96.91. Pork cutouts total 160.33 loads with 150.99 loads of pork cuts and 9.34 loads of trim. Pork cutout values: down $0.10, $101.45.

Tuesday Morning Livestock Market Update - Cattle Futures Struggle to Find Support

GENERAL COMMENTS:

There was little news to set market direction. Bulls need to continue to be fed, and the lack of positive news recently has put pressure on the market. The reality of low cattle supplies has been a reality for a long time and is not sufficient to support the market itself. Demand is the key, and recently demand has faltered, as seen in boxed beef. Monday was exceptionally bearish for boxed beef, with choice falling $7.07 and select down $3.16. The continued weakness is likely to result in lower cash again this week. Live cattle futures are making a valiant effort to remain above support, but further pressure is likely as traders decide the fundamentals are stronger than the technicals. Feeder cattle futures moved in a $4.00 to $5.00 range during the day and ultimately closed lower, sending another bearish message to traders.

Hog futures fell back after posting a positive opening. The exception was the July contract, as it goes off the board on Wednesday. It is uncertain as to what increased the selling pressure as the day progressed, but futures closed lower, with December through June posting triple-digit losses. Both cash and cutouts were positive last week and should have provided support. Cash was positive on Monday with the National Daily Direct Afternoon Hog report posting a gain of $0.48 on moderate volume. Packers are likely to be aggressive again today. Pork cutout values increased $0.21.

	BULL SIDE		BEAR SIDE
1)	Live cattle futures have so far held above support. That may give traders confidence to buy into the market.	1)	The substantial decline in boxed beef, adding to already weak prices, may trigger further selling pressure on futures.
2)	Cattle futures are moving into an oversold status, which could trigger short-covering at some point.	2)	Beef demand has decreased and may continue to slow in the near term as hot weather impacts beef demand.
3)	August hog futures made a new high before falling back, keeping the uptrend intact. Later contracts fell back but held some of last week's gain.	3)	Traders remain cautious in the hog market, fearing that the recent strength in demand may be short-lived.
4)	Continued strength in cash and cutouts should provide further support to the market.	4)	The supply of market-ready hogs is sufficient, and when packers have most of their needs met for the week, cash is likely to decline.

Monday Closing Livestock Market Update - Traders Need Greater Fundamental Support

GENERAL COMMENTS:

All in all Monday came and went and not much materialized throughout Monday's trade for the livestock contracts as traders continue to desire to see greater fundamental support -- but it hasn't risen at this point. New showlists appear to be mixed, higher in Texas and Nebraska/Colorado, but lower in Kansas. December corn is up 2 1/4 cents per bushel and December soybean meal is down $3.70. The Dow Jones Industrial Average is down 138.37 points and the NASDAQ is down 408.43 points.

LIVE CATTLE:

The live cattle complex ended the day mixed with most of the market's nearby contracts closing higher, while the furthest deferred contracts closed lower. August live cattle closed $0.47 lower at $234.72, October live cattle closed $0.07 higher at $230.62 and December live cattle closed $0.12 higher at $230.40. More than anything traders weren't willing to do much with the live cattle complex throughout the day as traders first want to see what develops fundamentally this week in the cash market. New showlists appear to be mixed, higher in Texas and Nebraska/Colorado, but lower in Kansas. Monday's slaughter is estimated at 105,000 head -- 5,000 head more than a week ago and 6,000 head less than a year ago.

Last week Southern live cattle traded at $248, which is $7.00 lower than the previous week's weighted average. Northern dressed cattle traded at mostly $393, which is $10.00 lower than the previous week's weighted average.

Boxed beef prices closed lower: choice down $7.07 ($375.61) and select down $3.16 ($365.17) with a movement of 122 loads (87.15 loads of choice, 13.51 loads of select, 14.02 loads of trim and 7.60 loads of ground beef).

TUESDAY'S CATTLE CALL: Lower. Given that packers were able to get cattle bought cheaper last week and build up their inventory, it's likely that the market will trade lower again this week.

FEEDER CATTLE:

The feeder cattle complex wasn't mixed about its position by Monday's close -- the only direction the feeder cattle contracts went was lower throughout Monday's trade. August feeders closed $0.25 lower at $354.35, September feeders closed $0.20 lower at $350.82 and October feeders closed $0.50 lower at $346.85. And with the lower trend seen this afternoon in sale barns, it's likely that the lower trend will continue in the feeder cattle complex in the upcoming days. New showlists appear to be mixed, higher in Texas and Nebraska/Colorado, but lower in Kansas. At Joplin Regional Stockyards in Carthage, Missouri compared to last week feeder steers traded $5.00 to $20.00 lower and feeder heifers sold $3.00 to $15.00 lower. The CME feeder cattle index 7/10/2026: up $2.10, $372.52.

LEAN HOGS:

The lean hog contracts again fell short of surpassing the market's resistance at the $100 threshold as traders simply refuse to challenge that price point at this time. Luckily pork cutout values did close a tick higher -- which hopefully will remain the theme throughout the remainder of the week and give traders the fundamental support that they're looking for. August lean hogs closed $0.90 lower at $98.10, October lean hogs closed $0.80 lower at $84.27 and December lean hogs closed $1.17 lower at $75.07. Hog price closed higher on the Daily Direct Afternoon Hog Report, up $0.48 with a weighted average price of $98.78 on 3,085 head. Pork cutouts totaled 235.82 loads with 214.50 loads of pork cuts and 21.32 loads of trim. Pork cutout values: up $0.21, $101.55. Monday's slaughter is estimated at 464,000 head -- 1,000 head more than a week ago and 2,000 head less than a year ago. The CME lean hog index 7/9/2026: up $0.34, $92.69.

TUESDAY'S HOG CALL: Steady to somewhat higher. Prices closed higher Monday afternoon and if packers are still short bought, they could scale even higher on Tuesday.