GENERAL COMMENTS:
The livestock complex closed in the same manner as it has been trading over the last week, with the cattle contracts continuing to trend lower while the lean hog contracts continue to find minor support. Some light cash cattle trade developed in Iowa, but mostly the market has yet to establish a trend for the week. December corn is up 9 1/2 cents per bushel and December soybean meal is up $5.60. The Dow Jones Industrial Average is down 6.06 points and the NASDAQ is down 146.31 points.
LIVE CATTLE:
The live cattle complex didn't gain any strength throughout the afternoon, and if anything, its position only weakened further as the contracts ended the day $3.00 to $4.00 lower. August live cattle closed $3.47 lower at $223.20, October live cattle closed $4.02 lower at $219.20 and December live cattle closed $4.10 lower at $218.80. Throughout the day, there was a thin movement in Iowa at $232 live and $375 dressed, but not enough cattle have traded to say that any sort of a trend for the week has been established. Bids of $228 live in Kansas and $230 live and $365 dressed were offered throughout the day in Nebraska, but feedlot managers passed on those offers. Asking prices are noted at $375 in Eastern Nebraska, but aren't well established in other regions.
Wednesday's slaughter is estimated at 95,000 head -- 13,000 head less than a week ago and 20,000 head less than a year ago.
Boxed beef prices closed lower: choice down $3.41 ($363.50) and select down $3.66 ($350.57) with a movement of 116 loads (69.90 loads of choice, 17.43 loads of select, 8.76 loads of trim and 20.39 loads of ground beef).
THURSDAY'S CATTLE CALL: Lower. With the board's weakness, it's most likely that the cash market is going to trade lower too.
FEEDER CATTLE:
As the day traded on through Wednesday's close, the feeder cattle complex continued to drop lower and lower. August feeder cattle closed $8.37 lower at $341.17, September feeder cattle closed $8.77 lower at $336.20 and October feeder cattle closed $9.72 lower at $329.85. It is worth noting that the next support plane in the spot September feeder cattle contract is at $332.50, which hopefully the contract doesn't come in close contact with. At the OKC West Livestock Auction in El Reno, Oklahoma, compared to last week, feeder steers traded $5.00 to $15.00 lower, with instances up to $20.00 lower. And feeder heifers traded $3.00 to $10.00 lower. Steer and heifer calves traded $15.00 to $25.00 lower. Feeder cattle supply over 600 pounds was 74%. The CME feeder cattle index 7/21/2026: up $0.48, $96.64.
LEAN HOGS:
The lean hog complex kept with its rallying beat through Wednesday's afternoon as the market continues to reap the benefits of strong packer interest in the cash market, and plenty of trader support. August lean hogs closed $0.05 lower at $101.45, October lean hogs closed $0.22 higher at $88.35 and December lean hogs closed $0.57 higher at $79.82. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.86 with a weighted average price of $101.08 on 9,945 head. Pork cutouts totaled 304.04 with a movement of 261.96 loads of pork cuts and 42.08 loads of trim. Pork cutout values: down $1.32, $103.50. Wednesday's slaughter is estimated at 479,000 head -- 5,000 head more than a week ago and 8,000 head more than a year ago. The CME lean hog index 7/20/2026: down $3.10, $353.12.
THURSDAY'S HOG CALL: Lower. There's a strong likelihood that packers have secured the vast majority of their needs already in the cash market this week.
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