GENERAL COMMENTS:
The livestock complex ended the day mostly lower as cautiousness and concern seemed to be the market's overarching theme today. Showlists for the week are steady to somewhat higher, greater in Texas and Kansas, but steady in Nebraska. December corn is down 13 1/2 cents per bushel and December soybean meal is down $11.10. The Dow Jones Industrial Average is up 262.83 points and the NASDAQ is down 43.74 points.
LIVE CATTLE:
The live cattle complex ended the day lower as the contracts continued to sink through Monday's close -- still trying to absorb all the information and data shared last week. Because with having a Cattle on Feed report coupled with both the semiannual Cattle Inventory report and an unexpected announcement from U.S. Ag Secretary Brooke Rollins that the border is going to reopen on August 24 -- it's been a whirlwind for the cattle complex. August live cattle closed $1.85 lower at $225.22, October live cattle closed $3.72 lower at $218.77 and December live cattle closed $4.87 lower at $217.40. Monday's slaughter is estimated at 95,000 head -- 7,000 head less than a week ago and 14,000 head less than a year ago. Showlists for the week are steady to somewhat higher, greater in Texas and Kansas, but steady in Nebraska. Some light cash cattle trade was noted in Nebraska at $360 which is $5.00 lower than last week's weighted average, and the majority of those sales were marked for delivery for the week of 8/10/2026.
Last week Southern live cattle traded at $230 which is $7.00 to $8.00 lower than the previous week's weighted average and Northern dressed cattle traded at mostly $365 which is $12.00 to $15.00 lower than the previous week's weighted average.
Boxed beef prices closed mixed: choice up $1.65 ($362.89) and select down $1.55 ($345.16) with a movement of 86 loads (53.94 loads of choice, 11.59 loads of select, 7.56 loads of trim and 12.93 loads of ground beef).
TUESDAY'S CATTLE CALL: Steady. There's a chance that packers could be a tick more aggressive this week as last week they got more aggressive late in the week, but given the board's recent volatility, they will likely try to use that to their advantage.
FEEDER CATTLE:
The feeder cattle complex endured a day of mostly limit lower closes in the deferred contracts as traders know that more inventory is slowly going to be working its way into the marketplace with the border soon reopening to Mexican cattle imports. August feeders closed $7.07 lower at $338.25, September feeders closed $9.52 lower at $331.92 and October feeders closed $10.75 lower at $325.25. At Oklahoma National Stockyards in Oklahoma City, Oklahoma compared to last week all classes were lightly tested as not many cattle were traded throughout the day due to extreme heat. Feeder steers traded steady but feeder heifers sold steady to $5.00 lower. Steer and heifer calves sold steady. Feeder cattle supply over 600 pounds was 66%. The CME feeder cattle index 7/24/2026: down $2.28, $347.37.
LEAN HOGS:
With the cautiousness seen in the cattle complex, the lean hog contracts also ended the day lower as an overwhelming attitude draped over the marketplace on Monday. August lean hogs closed $0.12 higher at $102.97, October lean hogs closed $1.22 lower at $87.80 and December lean hogs closed $1.77 lower at $87.55. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.32 with a weighted average price of $100.69, ranging from $97.00 to $102.50 on 610 head and a five-day rolling average of $100.95. Pork cutouts total 260.51 loads with 239.34 loads of pork cuts and 21.17 loads of trim. Pork cutout values: down $0.18, $104.45. Monday's slaughter is estimated 442,000 head -- 11,000 head more than a week ago and 1,000 head less than a year ago. The CME lean hog index 7/23/2026: up $0.43, $97.91.
TUESDAY'S HOG CALL: Steady to somewhat higher. Pork demand has been strong and it's likely that packers are more aggressive in Tuesday's market.
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