Friday Midday Livestock Market Update - Traders Continue to Push Contracts Higher

GENERAL COMMENTS:

With ample trader support, all three of the livestock contracts are trading higher into Friday's noon hour. It will be a busy afternoon with both the monthly Cattle on Feed report and the bi-annual Cattle Inventory report set to be released at 2 p.m. CDT. December corn is down 1 3/4 cents per bushel and December soybean meal is up $1.60. The Dow Jones Industrial Average is up 347.16 points and NASDAQ is up 30.46 points.

LIVE CATTLE:

It's another mixed morning for the live cattle complex as the contracts are trading higher; but there's not been any more trade thus far in the cash market. It's likely with both the monthly Cattle on Feed report and the bi-annual Cattle Inventory report set to be released later this afternoon most of the week's trade could be done with besides a little bit of clean-up business. I will note one of our private sources did indicate a Nebraska packer may run two shifts this Saturday. That could be enlightening for feedlot managers as that may mean packers are going to need more cattle in the weeks ahead. But until we see the actual slaughter data, don't get too excited and put the cart before the horse. August live cattle are up $1.80 at $227.20, October live cattle are up $1.20 at $222.62 and December live cattle are up $1.52 at $222.20.

No new sales have developed following the business that transpired earlier this week. So far this week, dressed cattle are trading at mostly $365 (down $12.00 to $15.00 lower from last week's weighted average) and Southern live cattle are trading at mostly $230, which is $7.00 to $8.00 lower than last week's weighted average).

Boxed beef prices are mixed: choice up $0.45 ($363.32) and select down $0.64 ($348.11) with a movement of 92 loads (50.32 loads of choice, 4.70 loads of select, 7.66 loads of trim and 28.84 loads of ground beef).

FEEDER CATTLE

The feeder cattle contracts are also trading mildly higher heading into Friday's noon hour as the market continues to closely mirror the behavior of the live cattle complex. August feeders are up $1.45 at $345.22, September feeders are up $1.47 at $341.32 and October feeders are up $2.30 at $335.75. The market will likely keep with this slight rally through the day's end so long as support remains sufficient from the live cattle market.

LEAN HOGS:

In keeping in their recent trend, the lean hog complex is also trading higher into Friday's noon hour. This week has been a strong week for the lean hog complex as not only has the market seen greater consumer support, but mix that with ample trader support and it's the best of both worlds. August lean hogs are up $0.60 at $102.75, October lean hogs are up $0.15 at $89.05 and December lean hogs are up $0.27 at $80.40. The projected CME Lean Hog Index for 7/23/2026 is up $0.43 at $97.91, and the actual index for 7/22/2026 is up $0.40 at $97.48. Hog prices are lower on the Daily Direct Morning Hog Report, down $4.70 with a weighted average price of $97.06, ranging from $93.00 to $99.00 on 773 head and a five-day rolling average of $100.60. Pork cutouts total 139.22 loads with 125.43 loads of pork cuts and 13.79 loads of trim. Pork cutout values: up $1.06, $105.54.