Tuesday Closing Livestock Market Update - Cattle Long for Increased Support While Hogs Keep Rallying

GENERAL COMMENTS:

The livestock complex again ended the day mixed, as traders continue to yearn for better fundamental support in the cattle complex, while hog contracts ended the day higher. Still no cash cattle trade has developed. December corn is up 2 1/4 cents per bushel and December soybean meal is up $3.50. The Dow Jones Industrial Average is up 385.38 points and the NASDAQ is up 329.14 points.

LIVE CATTLE:

The live cattle complex ended the day mixed with the nearby contracts remaining hesitant, while the deferred contracts closed slightly higher. August live cattle closed $0.15 higher at $226.67, October live cattle closed $0.07 lower at $223.22 and December live cattle closed $0.10 lower at $222.90. More than anything, the market remains in a mixed position, where traders would potentially push the market higher if there were enough support, but they aren't confident that that support is indeed going to develop. There have yet to be any developments in this week's fed cash cattle market. 

Tuesday's slaughter is estimated at 103,000 head -- 8,000 head less than a week ago and 11,000 head less than a year ago.

Boxed beef prices closed lower: choice down $3.19 ($366.91) and select down $1.22 ($354.23) with a movement of 161 loads (103.52 loads of choice, 23.27 loads of select, 14.55 loads of trim and 19.68 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Lower. Until feedlot managers gain an edge, it's likely that the market's trend is going to be lower.

FEEDER CATTLE:

The feeder cattle complex ended the day in the same position that the live cattle market did, with its nearby contracts lower and its deferred contracts slightly higher. Unfortunately, feeder cattle sales in the countryside remain mixed as some video sales are trading cattle higher, but there are equally as many auctions seeing cattle trade lower amid the board's weakness and amid the summer heat. August feeders closed $2.45 lower at $349.55, September feeders closed $1.27 lower at $344.97 and October feeders closed $0.25 lower at $339.57. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week, steers under 750 pounds sold $15.00 to $35.00 lower while the heavier weights traded $2.00 to $15.00 lower. Feeder heifers sold $15.00 to $35.00 lower as well. Feeder cattle supply over 600 pounds was 69%. The CME feeder cattle index 7/20/2026: not available at this time.

LEAN HOGS:

The cattle contracts may have lacked fundamental support throughout the day, but that wasn't the case for the lean hog contracts. With the help of stronger pork cutout values, the contracts were able to rally through the day's end. August lean hogs closed $0.22 higher at $101.50, October lean hogs closed $0.40 higher at $88.12 and December lean hogs closed $0.17 higher at $79.25. Hog prices closed $1.33 higher on the Daily Direct Afternoon Hog Report, on 3,566 head and a five-day rolling average of $100.19. Pork cutouts totaled 254.88 loads with 212.28 loads of pork cuts and 42.60 loads of trim. Pork cutout values: up $1.72, $104.82. Tuesday's slaughter is estimated at 479,000 head -- 4,000 head less than a week ago and steady with a year ago. The CME lean hog index 7/17/2026: up $0.51, $96.16.

WEDNESDAY'S HOG CALL: Steady to somewhat higher. Packers did push the market slightly higher on Tuesday, but they haven't likely fulfilled their week's needs yet, so prices could be higher on Wednesday.