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.