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.
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