Thursday Closing Livestock Market Update - Traders Push Contracts Higher

GENERAL COMMENTS:

The livestock complex ended the day on a high note as traders poured support into the marketplace through the day's end. Do note that on Friday both the bi-annual Cattle inventory Report is set to be released, and so is the monthly Cattle on Feed report. December corn is up 2 3/4 cents per bushel and December soybean meal is down $1.00. The Dow Jones Industrial Average is down 506.93 points and the NASDAQ is down 553.21 points.

LIVE CATTLE:

It was a refreshing day for the live cattle complex as, though the market's fundamental support remains minimal, the market was able to still close higher thanks to continued trader support. August live cattle closed $2.20 higher at $225.40, October live cattle closed $2.17 higher at $221.37 and December live cattle closed $1.87 higher at $220.67. Some light cash cattle trade has developed thus far this week where 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). Some more cleanup trade could happen on Friday, but the week's price range is likely set. 

Thursday's slaughter is estimated at 108,000 head -- 1,000 head less than a week ago and 9,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.63 ($362.87) and select down $1.82 ($348.75) with a movement of 124 loads (89.03 loads of choice, 9.80 loads of select, 12.37 loads of trim and 13.01 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. At this point the week's prices are likely set and will keep with the week's trend.

FEEDER CATTLE:

The feeder cattle complex rallied through Thursday's end, keeping right in line with the live cattle market's trend. August feeders closed $2.60 higher at $343.77, September feeders closed $3.65 higher at $339.85 and October feeders closed $3.60 lower at $333.45. At Clovis Livestock Auction in Clovis, New Mexico, compared to last week steer calves and heifer calves sold lower, and feeder cattle did as well. Slaughter cows sold $4.00 to $6.00 lower but slaughter bulls traded $2.00 to $4.00 higher. Feeder cattle supply over 600 pounds was 30%. The CME feeder cattle index 7/22/2026: down $2.40, $350.72.

LEAN HOGS:

The lean hog complex ended the day mostly higher -- with all but a few of the spring 2027 contracts closing higher. Thanks to the continued support of both pork cutouts and cash prices -- traders feel confident continuing to push the contracts higher. August lean hogs closed $0.70 higher at $102.15, October lean hogs closed $0.55 higher at $88.90 and December lean hogs closed $0.30 higher at $80.12. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.06 with a weighted average price of $102.14 on 3,225 head. Pork cutouts totaled 338.75 loads with 315.50 loads of pork cuts and 23.25 loads of trim. Pork cutout values: up $0.98, $104.48. Thursday's slaughter is estimated at 479,000 head -- 29,000 head more than a week ago and 17,000 head more than a year ago. The CME lean hog index 7/21/2026: up $0.44, $97.08.

FRIDAY'S HOG CALL: Lower. At this point packers have likely secured the hogs they need for the week.