Monday Closing Livestock Market Update - Stronger Tones Follow the Contracts

GENERAL COMMENTS:

The livestock contracts were granted a day of higher closes across all three of the markets thanks to greater trader support. New showlists for the week are lighter in all the major feeding regions. December corn is up 1 1/4 cents per bushel and December soybean meal is down $3.60. The Dow Jones Industrial Average is down 295.15 points and the NASDAQ is down 56.77 points.

LIVE CATTLE:

Thanks to the support of traders, the live cattle contracts were able to end the day higher, with the extra support of trader interest helping push the contracts along. October live cattle closed $0.95 higher at $212.67, December live cattle closed $0.85 higher at $214.57 and February live cattle closed $0.95 higher at $216.47. No cash cattle trade developed throughout the day, and both bids and asking prices remain elusive at this point too. It is assumed that prices will be steady at best again this week as packers have regained leverage and have been able to build up inventory in recent weeks. Monday's slaughter is estimated at 104,000 head -- 6,000 head more than a week ago and incomparable to a year ago.

Last week Southern live cattle traded at mostly $222, which is $3.00 lower than the previous week's weighted average and Northern dressed cattle traded at $345, which is $10.00 lower than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 79,292 head. Of which 74% (58,409 head) were committed to the market's nearby delivery, while the remaining 26% (20,883 head) were committed to the market's deferred delivery option.

Boxed beef prices closed lower: choice down $0.41 ($375.82) and select down $2.59 ($358.49), with a movement of 162 loads (37.94 loads of choice, 12.88 loads of select, 101.34 loads of trim and 9.69 loads of ground beef).

TUESDAY'S CATTLE CALL: Lower. Given that packers have plenty of supply around them, it's likely that prices will be lower again this week.

FEEDER CATTLE:

Continuing to follow in the live cattle market's wake, the feeder cattle contracts also ended the day higher. September feeders closed $0.55 higher at $321.45, October feeders closed $0.50 higher at $317.02 and November feeders closed $0.50 higher at $310.42. And it's likely that throughout the remainder of the week, the market continues to closely mirror the live cattle market's behavior. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers under 800 pounds sold $10.00 to $15.00 lower. Weights over 800 pounds sold $10.00 lower to $2.00 higher. Feeder heifers sold from $5.00 lower to $3.00 higher. Feeder cattle supply over 600 pounds was 80%. The CME feeder cattle index 8/28/2026: down $3.49, $329.31

LEAN HOGS:

All in all, it was a winning day for the lean hog contracts as not only did the contracts end the day higher, but pork cutout values were also stronger, which gives the market a nice blend of technical and fundamental support. October lean hogs closed $1.77 higher at $83.67, December lean hogs closed $1.85 higher at $74.15 and February lean hogs closed $1.55 higher at $76.52. Pork cutouts totaled 254.05 loads, with 224.52 loads of pork cuts and 29.54 loads of trim. Pork cutout values: up $1.61, $97.67. Hog prices ended the day lower on the Daily Direct Afternoon Hog Report, down $0.84 with a weighted average price of $88.73 on 2,137 head. Monday's slaughter is estimated at 476,000 head -- 7,000 head more than a week ago and incomparable to a year ago. The CME lean hog index 8/27/2026: down $0.62, $91.52.

TUESDAY'S HOG CALL: Steady to somewhat higher. Given that pork cutout values were higher on Monday, there's a chance that packers may be more aggressive in Tuesday's market.

Monday Midday Livestock Market Update - Stronger Trader Support Helps Drive Contracts Higher

GENERAL COMMENTS:

The livestock complex is rallying mildly into midday Monday as traders are supportive of the complex early this week. New showlists for the week are lighter in all the major feeding regions. December corn is down 1 cent per bushel and December soybean meal is down $3.50. The Dow Jones Industrial Average is down 340.70 points and the NASDAQ is down 90.51 points.

LIVE CATTLE:

Although morning boxed beef prices are lower and it's fully assumed that fed cash cattle prices will be lower again this week. Traders are allowing the live cattle contracts to trade mildly higher as they see no immediate danger in merely allowing the contracts to remain in their sideways trend. October live cattle are up $0.75 at $212.47, December live cattle are up $0.87 at $214.60 and February live cattle are up $0.90 at $216.42. New showlists for the week are lighter in all the major feeding regions.

Last week Southern live cattle traded at mostly $222 which is $3.00 lower than the previous week's weighted average and Northern dressed cattle traded at $345 which is $10.00 lower than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 79,292 head. Of which 74% (58,409 head) were committed to the market's nearby delivery, while the remaining 26% (20,883 head) were committed to the market's deferred delivery option.

Boxed beef prices are lower: choice down $1.03 ($375.20) and select down $6.57 ($354.51) with a movement of 132 loads (19.84 loads of choice, 7.99 loads of select, 100.32 loads of trim and 3.72 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading higher as it continues to closely follow the live cattle market's trend. September feeders are up $1.57 at $322.47, October feeders are up $1.55 at $318.02 and November feeders are up $1.47 at $311.40. So long as the live cattle market continues to scale higher, it's likely that the feeder cattle complex will too.

LEAN HOGS :

The lean hog complex is also trading higher as thankfully its market is being met with well rounded support as not only are traders helping drive the contracts higher, but this morning midday pork cutout values are stronger too. October lean hogs are up $1.55 at $83.45, December lean hogs are up $1.97 at $74.27 and February lean hogs are up $1.72 at $76.70. The market is nearing a resistance plane at $75.00, which could cause traders to not push the contracts beyond that price point. The projected lean hog index for 8/28/2026 is down $0.66 at $90.86 and the actual index for 8/27/2026 is down $0.62 at $91.52. Hog prices are lower on the Daily Direct Morning Hog Report, down $1.00 at $88.65, ranging from $86.00 to $89.00 on 1,147 head and a five-day rolling average of $90.49. Pork cutouts total 143.25 loads with 133.00 loads of pork cuts and 10.24 loads of trim. Pork cutout values: up $3.49, $99.55.

Monday Morning Livestock Market Update - Consumer Doubts Over Imported Meat

GENERAL COMMENTS:

Monday is the last trading day for the August live cattle contract. In previous months, we've seen the market work to close the gap between cash values and futures markets. Cattle markets are weighing the impact potential from Trump's announcement last week, to allow tariff relief on imports of ground beef. On one hand, the capacity of the amount we can realistically increase imports on an already large import volume over the next 90 days. On the other hand, what is imported will be sold at discounted prices, impacting the cost of meat across the board. Then there is the matter of consumer bias, as headlines of recalled product from earlier this month have been circulating as well as doubts about the quality of the imported product. Like we have seen in the lettuce market, consumers can lose faith in a product very quickly.

Hog futures found little strength last week despite pressure in the cash market as well as cutouts. Overall, there is little to get excited about in the hog market. Pork demand is lower in the store despite lower prices.

	BULL SIDE		BEAR SIDE
1)	As corn futures rally, the cost of feed will discourage producers from feeding cattle to as heavy of weights as we have seen recently. Lighter slaughter weights mean less meat available to the already tight market.	1)	Boxed beef prices have weighed heavily on the market, and cash prices are expected to further decline.
2)	October live cattle futures are currently a significant discount to the cash value. With last trading day, that gap could close during the final trading session.	2)	Increased beef imports may actually reduce beef demand as consumers may be concerned over the quality and safety of the imported beef.
3)	Pork exports are expected to grow throughout 2026.	3)	Heavier dressed weights are keeping production volumes higher than expected.
4)	Hog futures are oversold and appear to be finding support at these levels.	4)	Summer grilling is nearly over, and softer pork demand is expected as we head into fall.

Friday Closing Livestock Market Summary - Hogs Find Late Week Support

GENERAL COMMENTS:

The livestock complex ended the day mixed with the cattle contracts still trading lower but the lean hog contracts found some mild support ahead of the week's close. Some light cash cattle trade developed throughout the day in the South at $222 which is $3.00 lower than last week's weighted average. December corn is up 3 cents per bushel and December soybean meal is up $8.00. The Dow Jones Industrial Average is down 9.45 points and NASDAQ is down 138.93 points.

From Friday-to-Friday livestock futures scored the following changes: August live cattle off $3.80, October live cattle off $6.20; September feeder cattle down $13.85, October feeder cattle down $7.12; October lean hogs up $1.03, September corn up $0.28, December corn up $0.28.

LIVE CATTLE:

The live cattle contracts continued with their sideways to somewhat lower chop through Friday's close. October live cattle closed $1.20 lower at $211.72, December live cattle closed $1.07 lower at $213.72 and February live cattle closed $1.30 lower at $215.52. Throughout the day some Southern live cattle traded at $222 which is $3.00 lower than the previous week's weighted average, and Northern dressed cattle traded at $345 which is $10.00 lower than the previous week's weighted average. 

Friday's slaughter is estimated at 103,000 head -- 4,000 head more than a week and year ago. Saturday's slaughter is projected to be around 24,000 head. The week's total slaughter is estimated at 542,000 head -- 19,000 head more than a week ago and 24,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $5.13 ($376.23) and select up $1.89 ($361.08) with a movement of 108 loads (87.88 loads of choice, 5.47 loads of select, zero loads of trim and 15.12 loads of ground beef).

MONDAY'S CATTLE CALL: Lower. With packers back in control of the market now that they've got enough supply committed to them, it's likely that prices are going to continue to trend lower as supplies seasonally continue to build.

FEEDER CATTLE:

The feeder cattle complex also ended the day lower as nothing fundamentally developed to help trades push the contracts higher ahead of the week's end. September feeders closed $1.55 lower at $320.90, October feeders closed $1.55 lower at $316.52 and November feeders closed $1.55 lower at $309.92. At Oklahoma National Stockyards in Oklahoma City, Oklahoma compared to past week feeder steers traded $10.00 to $15.00 lower and feeder heifers sold $2.00 to $6.00 lower. Steer and heifer calves traded $15.00 to $20.00 lower. Slaughter cows sold $7.00 to $12.00 lower and slaughter bulls sold $11.00 lower. Feeder cattle supply over 600 pounds was 62%. The CME feeder cattle index 8/27/2026: down $0.67, $332.80.

LEAN HOGS:

The lean hog complex ended the day with more gusto as the slight rally in pork demand helped traders push the contracts higher into the weekend. October lean hogs closed $1.27 higher at $81.90, December lean hogs closed $1.10 higher at $72.30 and February lean hogs closed $1.12 higher at $74.97. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.19 with a weighted average price of $89.57 on 2,319 head. Pork cutouts totaled 218.71 loads with 189.77 loads of pork cuts and 28.93 loads of trim. Pork cutout values: up $2.26, $96.06. Friday's slaughter is estimated at 447,000 head -- 7,000 head less than a week ago and 12,000 head less than a year ago. Saturday's slaughter is projected to be around 29,000 head. The CME lean hog index 8/26/2026: down $0.28, $92.14.

MONDAY'S HOG CALL: Lower. Packers rarely show the cash hog market much interest on Mondays.

Friday Midday Livestock Market Summary - Southern Live Cattle Trade at $222

GENERAL COMMENTS:

The livestock complex is trading mostly lower into midday Friday as it's simply been a disappointing week where not enough fundamental support has appeared. Some light cash cattle trade is developing in the South at $222, which is $3.00 lower than last week's weighted average. December corn is up 4 1/2 cents per bushel and December soybean meal is up $9.60. The Dow Jones Industrial Average is down 23.75 points and the NASDAQ is down 110.49 points.

LIVE CATTLE:

The live cattle complex is trading lower as traders don't see much reason to support the contracts at this point in the week. Unfortunately, the lack of fundamental support this week has been a big hindrance, and the contracts are continuing to trade lower. October live cattle are down $1.57 at $211.35, December live cattle are down $1.67 at $213.12 and February live cattle are down $1.70 at $215.12. The cash cattle market is finally seeing some Southern trade develop at $222 live, which is $3.00 lower than the previous week's weighted average. Bids are also on the table in Nebraska at $218 live and $345 dressed. At this point, the bulk of this week's trade is likely done.

Boxed beef prices are mixed: choice down $4.97 ($376.39) and select up $2.81 ($362.00) with a movement of 81 loads (69.57 loads of choice, 3.70 loads of select, zero loads of trim and 7.30 loads of ground beef).

FEEDER CATTLE:

The live cattle complex is also trading lower as it's late in the week and support has simply failed to develop. October feeders are down $1.52 at $316.55, November feeders are down $2.42 at $309.05 and January feeders are down $2.52 at $301.40. And it's highly unlikely at this point in the week that trades are going to change their mind and advance the contract ahead of Friday's close.

LEAN HOGS :

The lean hog complex is trading mixed into midday Friday, with most of the nearby contracts trading lower while the deferred months are trading slightly higher. October lean hogs are down $0.25 at $80.37, December lean hogs are down $0.27 at $70.92 and February lean hogs are down $0.25 at $73.60. While yes, pork cutout values are higher, it's too little support, too late in the week to add any meaningful support. The projected lean hog index for 8/27/2026 is down $0.62 at $91.52, and the actual index for 8/26/2026 is down $0.28 at $92.14. Hog prices on the Daily Direct Morning Hog Report average $89.65, ranging from $85.50 to $94.00 on 2,112 head, with a five-day rolling average of $90.63. Pork cutouts total 159.56 loads, with 141.11 loads of pork cuts and 18.46 loads of trim. Pork cutout values: up $1.36, $95.16.

Friday Morning Livestock Market Update - Limited Strength in Futures Is Expected

GENERAL COMMENTS:

Cattle futures found strength on Thursday from an oversold market and the need for the August contract to move closer in line with cash. Monday is the last trading day for the August live cattle contract, with October taking over as the lead month and is currently carrying a significant discount. No cash cattle trading activity took place on Thursday, with feedlots hoping packers will raise their bids. Earlier trade this week showed the potential for significantly lower prices again. Higher bids are not likely due to further significant weakness in boxed beef. Boxed beef prices on Thursday showed choice down $3.77 and select down $3.49. Feeder cattle prices have been lower at auctions following the beef market. Calf prices have been decreasing, impacting beef-on-dairy prices and an income stream for dairy farms.

Hog futures clawed out minor gains in all but the October contract. The market continues to face headwinds as fundamental weakness prevails. The National Daily Direct Afternoon Hog report showed cash down $0.99. Pork cutouts fell $1.75. It has been a steady slide for cash and cutouts. Apparently, demand has slowed while slaughter remains elevated. Packers are trying to protect their margins and are likely done purchasing for the week, leaving little hope for higher cash and market support.

	BULL SIDE		BEAR SIDE
1)	Further short-covering may unfold in cattle futures heading into the weekend as traders may be uncertain over weekend news.	1)	Cash cattle are expected to trade sharply lower again this week. Packers will not be aggressive with the weakness in boxed beef prices.
2)	October live cattle futures hold a significant discount to the soon-to-expire August contract. The discount may be reduced.	2)	Increased beef imports may actually reduce beef demand as consumers may be concerned over the quality and safety of the imported beef.
3)	Hog futures may be building support as they have been choppy for more than a week.	3)	Without cash or cutouts support, hog traders see little reason to be bullish on the market.
4)	Hog futures are oversold and may exhibit short-covering ahead of the weekend.	4)	Lower pork prices have not been able to increase demand sufficiently to reduce the available pork supply.

Thursday Closing Livestock Market Update - Traders Lend Contracts Some Extra Support

GENERAL COMMENTS:

Thanks to a little extra trader support, the livestock contracts ended the day higher even though the market's fundamentals haven't improved. No new cash cattle trade developed throughout the day. December corn is down 3 cents per bushel and December soybean meal is up $1.60. The Dow Jones Industrial Average is up 70.55 points and the NASDAQ is up 369.17 points.

Thursday's export report shared that beef net sales of 9,200 mt for 2026 were down 1% from the previous week and 38% from the prior 4-week average. The three largest buyers were Japan (2,200 mt), South Korea (2,100 mt) and Taiwan (1,900 mt). Pork net sales of 38,700 mt for 2026 were up 42% from the previous week and 23% from the prior 4-week average. The three largest buyers were Mexico (22,700 mt), Japan (2,600 mt) and Colombia (2,200 mt).

LIVE CATTLE:

With the help of added trader support, the live cattle complex was able to end the day higher, not because of any riveting fundamental developments but simply because traders poured a little extra support into the market. October live cattle closed $2.15 higher at $212.92, December live cattle closed $2.22 higher at $214.80 and February live cattle closed $2.75 higher at $216.82. The fed cash cattle complex was idle throughout the day with no new sales being reported. Bids of $220 were offered throughout the day in Nebraska, but no trade developed. Earlier this week we saw some dressed cattle trade in Nebraska/Iowa for mostly $345 which is $10.00 lower than the previous week's weighted average -- but the market has yet to trade any Southern cattle. 

Thursday's slaughter is estimated at 105,000 head -- 5,000 head more than a week ago and 14,000 head less than a year ago.

Boxed beef prices closed lower: choice down $3.77 ($381.36) and select down $3.49 ($359.19) with a movement of 104 loads (77.70 loads of choice, 9.54 loads of select, 4.87 loads of trim and 12.31 loads of ground beef).

FRIDAY'S CATTLE CALL: Lower. The market may not see much more trade develop in the North ahead of the week's end, but the South has yet to trade cattle.

FEEDER CATTLE:

And just like the live cattle complex, the feeder cattle contracts were able to end the day on a stronger note thanks to added support from traders. September feeders closed $3.45 higher at $322.45, October feeders closed $3.82 higher at $318.07 and November feeders closed $3.97 higher at $311.47. At Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves sold lower except those weighing 450 to 500 pounds which traded $2.00 higher. Feeder steers traded $13.00 to $20.00 lower. Heifer calves and feeder heifers sold $8.00 to $17.00 lower. Slaughter cows sold $7.00 lower and slaughter bulls traded $10.00 lower. Feeder cattle supply over 600 pounds was 31%. The CME feeder cattle index 8/26/2026: down $0.80, $333.47.

LEAN HOGS:

The lean hog complex ended the day mostly higher as traders were willing to mildly support the complex through the day's end even without fundamental support. October lean hogs closed $0.27 lower at $80.62, December lean hogs closed $0.22 higher at $71.20 and April lean hogs closed $0.12 higher at $73.85. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.99 with a weighted average price of $89.76 on 4,254 head. Pork cutouts totaled 267.38 loads with 242.24 loads of pork cuts and 25.14 loads of trim. Pork cutout values: down $1.75, $93.80. Thursday's slaughter is estimated at 486,000 head -- 44,000 head more than a week ago and 1,000 head less than a year ago. The CME lean hog index 8/25/2026: down $0.23, $92.42.

FRIDAY'S HOG CALL: Lower. At this point packers have likely bought the vast majority of their cash needs for the week already.

Thursday Midday Livestock Market Summary - Traders Drive Contracts Higher

GENERAL COMMENTS:

The livestock complex is moving higher into Thursday's noon hour thanks to increased trader support. A single bid of $220 is currently being offered in Nebraska; otherwise the market has yet to see any more trade develop. December corn is down 4 cents per bushel and December soybean meal is up $1.70. The Dow Jones Industrial Average is up 179.63 points and NASDAQ is up 371.48 points.

Thursday's export report shared that beef net sales of 9,200 mt for 2026 were down 1% from the previous week and 38% from the prior 4-week average. The three largest buyers were Japan (2,200 mt), South Korea (2,100 mt) and Taiwan (1,900 mt). Pork net sales of 38,700 mt for 2026 were up 42% from the previous week and 23% from the prior 4-week average. The three largest buyers were Mexico (22,700 mt), Japan (2,600 mt) and Colombia (2,200 mt).

LIVE CATTLE:

After trading lower earlier in the week, the live cattle complex has finally found some support from traders which is helping the contracts move higher into Thursday's noon hour. October live cattle are up $2.55 at $213.35, December live cattle are up $2.72 at $215.30 and February live cattle are up $2.95 at $217.02. Nothing has changed fundamentally to incentivize traders to be more supportive of the futures -- but rather they see an opportunity to mildly advance the contracts without any major technical pressure looming. The fed cash cattle market remains idle with only a single bid renewed at this point in Nebraska at $220. Otherwise, the market remains quiet, with no new trade developed. The only confident test we've seen on the market thus far has been in the North where dressed cattle are trading at mostly $345, which is $10.00 lower than last week's weighted average.

Boxed beef prices are lower: choice down $1.66 ($383.47) and select down $2.55 ($360.13) with a movement of 58 loads (42.45 loads of choice, 4.55 loads of select, 3.48 loads of trim and 7.63 loads of ground beef).

FEEDER CATTLE:

Keeping perfect alignment with the live cattle contracts, the feeder cattle contracts are also trading higher into Thursday's noon hour. August feeders are up $1.05 at $333.80, September feeders are up $4.35 at $323.35 and October feeders are up $4.85 at $319.05. So long as the live cattle contracts continue to trade higher, it's likely the feeder cattle contracts will keep this momentum through the day's close.

LEAN HOGS :

The lean hog complex is also seeing modest trader support as we approach Thursday's noon hour. October lean hogs are down $0.35 at $80.55, December lean hogs are up $0.20 at $71.17 and February lean hogs are up $0.17 at $73.90. Again, this is solely a technical decision as the market's fundamentals aren't immediately gratifying with midday pork cutout values lower and cash prices too. The projected CME Lean Hog Index for 8/26/2026 is down $0.28 at $92.14 and the actual index for 8/25/2026 is down $0.23 at $92.42. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see only 2,715 head have traded and the market's five-day rolling average now sits at $91.57. Pork cutouts totaled 170.36 loads with 151.20 loads of pork cuts and 19.16 loads of trim. Pork cutout values: down $1.46, $94.09.

Thursday Morning Livestock Market Update - Futures Struggle to Find Support

GENERAL COMMENTS:

The outlook for cash cattle trade does not look positive again this week. Early light cash trade took place at lower prices than last week, likely setting the stage for the rest of the week. Packers have the upper hand and are using it to their advantage. They already have some cattle purchased ahead for deferred delivery and will likely continue that trend to maintain an adequate supply, eliminating the need to be aggressive in the cash market. Boxed beef prices fell, with choice down $3.40 and select down $6.30. Thursday is the last trading day for the August feeder cattle contract, with September becoming the lead month. It will be interesting to see whether President Trump listens to the voice of cattle associations and Farm Bureau to reverse the decision to allow imports of 300,000 metric tons of beef for 90 days. Concerns have also been raised about the ability to inspect the large volume of beef in a short period.

Hog futures found minor strength likely tied to short-covering as traders remain uncertain over how much further prices will drop. The market is oversold technically, but that is meaningless if fundamentals are not supportive. The strong slaughter pace is meeting with reduced demand, resulting in lower cash and cutout prices. The National Daily Direct Afternoon Hog report showed cash down $2.07, moving the weighted average price to $90.75, where it has not been for quite some time. Pork cutouts fell $2.12 as bellies fell $6.94 and picnics declined $4.96.

	BULL SIDE		BEAR SIDE
1)	The cattle herd will not rebuild anytime soon as ranchers see negative market signals at a time when decisions to retain heifer calves or market them are made.	1)	Early cash trade indicates the potential for substantially lower cattle prices this week.
2)	Lower cash and the border reopening have already been factored into the market. The market may bounce as some short positions are covered.	2)	The large decline in boxed beef on Wednesday may set a negative tone in the market.
3)	Hog futures are significantly below cash, and any stability in the cash market may increase trader buying interest.	3)	Weekly hog weights averaged 284.1 pounds, up 1.5 pounds from the previous week and 3.1 pounds above a year ago.
4)	Technically, hog futures should retrace somewhat as traders may not press the market much lower.	4)	Hog futures are oversold, but the trend is down. The market will need to prove itself before traders turn bullish.

Wednesday Closing Livestock Market Update - Traders Lend Cattle Contracts Additional Support

GENERAL COMMENTS:

The livestock complex ended the day higher as traders lent the cattle and lean hog contracts additional support ahead of Wednesday's close. No new cash cattle trade developed throughout the day, but bids were offered in both regions. December corn is up 13 cents per bushel and December soybean meal is up $10.10. The Dow Jones Industrial Average is down 113.52 points and the NASDAQ is down 21.10 points.

LIVE CATTLE:

The live cattle complex ended the day mostly higher, aside from the spot October contract, which closed just mildly lower. Nothing fundamentally changed for the better in the complex, but instead, traders lent the contracts a little bit more support ahead of the afternoon's close, which helped change their position from red to green before closing. October live cattle closed $0.17 lower at $210.77, December live cattle closed $0.45 higher at $212.57 and February live cattle closed $0.57 higher at $214.07. Following Tuesday's light business, packers offered bids in the cash market on Wednesday, but trade sat mostly idle as packers don't want to see prices advance, and obviously feedlot managers would like to see the market move higher. Bids were offered throughout the day in the South at $218 to $220, but Southern cattle are priced at mostly $223 to $225, and northern bids were offered throughout the day in Nebraska at $218 to $245. More trade will need to develop in the South, especially before the week is over. On Tuesday, Northern cattle traded at mostly $345, which is $10.00 lower than the previous week's weighted average. 

Wednesday's slaughter is estimated at 105,000 head -- 1,000 head less than a week ago and 13,000 head less than a year ago.

Boxed beef prices closed lower: choice down $3.40 ($385.13) and select down $6.30 ($362.68) with a movement of 119 loads (69.37 loads of choice, 19.95 loads of select, 7.69 loads of trim and 22.07 loads of ground beef).

THURSDAY'S CATTLE CALL: Lower. The market's trend this week is going to be lower.

FEEDER CATTLE:

The feeder cattle complex ended the day mostly higher, aside from its two nearby contracts which closed just mildly lower. Just like the live cattle complex, traders were willing to throw the market a bone ahead of closing, which helped the contracts end the day mostly higher. Nothing has changed with the market's fundamentals, making the outlook bullish for the immediate future. September feeders closed $0.27 lower at $319.00, October live cattle closed $0.92 higher at $314.25 and November feeders closed $1.80 higher at $307.50. At the Winter Livestock Auction in Dodge City, Kansas, compared to last week, steers over 800 pounds traded $5.00 to $10.00 lower and heifers over 700 pounds traded $5.00 to $10.00 lower as well. Stocker steer and heifer calves traded sharply lower. Boning utility slaughter cows traded $10.00 lower, while lean utility slaughter cows sold $5.00 lower. Feeder cattle supply over 600 pounds was 54%. The CME feeder cattle index 8/25/2026: down $1.19, $334.27.

LEAN HOGS:

And like the cattle contracts, the lean hog contracts finally found some technical support in Wednesday's market, which helped the contracts close higher, even with both pork cutout values ending the day lower and cash prices too. October lean hogs closed $0.45 higher at $80.90, December lean hogs closed $0.62 higher at $70.97 and February lean hogs closed $0.55 higher at $73.72. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.27 with a weighted average price of $90.75 on 11,391 head. Pork cutouts totaled 273.80 loads, with 236.35 loads of pork cuts and 37.45 loads of trim. Pork cutout values: down $2.12, $95.55. Wednesday's slaughter is estimated at 484,000 head -- 13,000 head more than a week ago and steady with a year ago. The CME lean hog index 8/24/2026: down $0.21, $92.65.

THURSDAY'S HOG CALL: Lower. With pork demand lower, it's unlikely that packers are going to advance the cash market at this point.

Wednesday Midday Livestock Market Update - Lack of Fundamental Support Keeps Contracts Jittery

GENERAL COMMENTS:

The livestock complex is again trading mixed into Wednesday's noon hour as the cattle futures lack support but the lean hog contracts are chopping sideways thanks to trader support. Bids are on the table in Nebraska and Kansas -- but no new trade has developed in the fed cash cattle market. December corn is up 12 1/4 cents per bushel and December soybean meal is up $7.40. The Dow Jones Industrial Average is down 145.92 points and NASDAQ is down 95.22 points.

LIVE CATTLE:

The live cattle complex is mostly trading lower into Wednesday's noon hour as traders are aware it's unlikely fundamental support is going to arise later this week. With packers now possessing the lion's share of the market's leverage, fed cash cattle prices will likely continue to scale lower for the unforeseeable future; uncertainty surrounding the border reopening causes market anxiousness as well. October live cattle are down $0.75 at $210.20, December live cattle are down $0.22 at $211.95 and February live cattle are down $0.10 at $213.40. Following the movement that transpired in the North on Tuesday at mostly $345 (which is $10.00 lower than the previous week's weighted average), no new trade has developed but bids are on the table. Bids are currently being offered in Kansas at $218 live, and in Nebraska at $218 live and $345 dressed. More trade will need to develop in the South before the week is over, and some more light trade could develop in the North as well.

Boxed beef prices are lower: choice down $1.05 ($387.48) and select down $2.69 ($366.29) with a movement of 63 loads (31.90 loads of choice, 11.86 loads of select, 2.97 loads of trim and 15.84 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts are also trading lower into Wednesday's noon hour as the market isn't finding the support and reassurance it needs. Thus far this week feeder cattle prices have been mostly lower in sale barns across the country and the light test we've seen in the fed cash cattle market has been lower too -- both of which pressure the market to trade lower. September feeders are down $2.80 lower at $316.47, October feeders are down $1.45 at $311.87 and November feeders are down $0.77 at $304.92.

LEAN HOGS:

The lean hog contracts are trading slightly higher into Wednesday's noon hour as traders are merely letting the contracts chop sideways. More than anything, a sideways chop should be expected of the contracts as fundamental support isn't stable enough to justify trading the contracts notably higher. October lean hogs are up $0.10 at $80.55, December lean hogs are up $0.45 at $70.80 and February lean hogs are up $0.27 at $73.45. The projected CME Lean Hog Index for 8/25/2026 is down $0.23 at $92.42, and the actual index for 8/24/2026 is down $0.21 at $92.65. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.27 with a weighted average price of $90.88, ranging from $83.00 to $91.50 on 8,483 head and a five-day rolling average of $91.64. Pork cutouts total 157.90 loads with 139.35 loads of pork cuts and 18.55 loads of trim. Pork cutout values: down $0.75, $96.92.

Wednesday Morning Livestock Market Update - Fundamental Support Remains Elusive

GENERAL COMMENTS:

Light cash cattle trade took place on Tuesday, indicating significantly lower prices may be experienced again this week. Packers are taking advantage of the market's bearishness to buy at lower prices, while boxed beef increases, improving margins. Boxed beef prices on Tuesday were higher, with choice up $2.84 and select up $3.96. The cattle market is caught in a downdraft with live cattle futures closing at the lowest level since Dec. 1, 2025. Feeder cattle futures have followed the same pattern and are near closing a chart gap that has remained open since then. However, it is uncertain whether closing the chart gap would turn technical traders into aggressive buyers in the current market environment. Reports are that 700 head of cattle from Mexico moved into the U.S. on the first day the border was reopened. There were no reports as to the age and weight classes of those cattle.

Hog futures cannot catch a break with new contract lows again on Tuesday. Futures breaking below recent support does not bode well for the market. The weakness in pork cutout values indicates reduced demand. Cutout values declined $2.26 on Tuesday. Cutouts were lower in all categories except ribs, which gained $1.06. Bellies fell $6.60. The National Daily Direct Afternoon Hog report showed cash up $1.62 on good volume. Packers may remain somewhat aggressive Wednesday, but likely not as much because of weakness in cutouts.

	BULL SIDE		BEAR SIDE
1)	Cattle futures are oversold and could retrace if the bearishness prevalent in the market subsides.	1)	Light cash cattle trade on Tuesday indicates lower prices again this week as packers take advantage of market weakness.
2)	If feeder cattle close the chart gaps remaining from Dec. 1, short-covering and buying interest may surface.	2)	The path of least resistance is down, and cattle futures are in a downward spiral.
3)	Hog futures are oversold and may be nearing a point where traders are unwilling to push the market lower and cover their short positions.	3)	New contract lows in hog futures do not bode well for the market finding support anytime soon.
4)	The cure for low prices is low prices, as it improves demand. Consumers may increase pork consumption as they stretch their food dollars.	4)	Traders have been unable to find consistent fundamental support for hogs.

Tuesday Closing Livestock Market Update - Traders' Concern about the Market's Trajectory Pushes Contracts Lower

GENERAL COMMENTS:

It was another lackadaisical day for the livestock complex, as all three markets closed lower. Some light cash cattle trade developed in Nebraska at $345 dressed and $218 to $219 live. December corn is up 8 cents per bushel and December soybean meal is up $0.60. The Dow Jones Industrial Average is up 160.24 points and the NASDAQ is up 171.11 points.

LIVE CATTLE:

The live cattle complex endured another challenging day, with futures contracts trading lower amid market uncertainty. Traders felt as though they had no other option but to let the contracts drift lower through the day's end, as there isn't enough fundamental support arising in the market to help ease nervousness. And while yes, boxed beef prices did end the day higher, the likelihood that cash prices will trade lower this week, mixed with the border reopening to Mexican cattle imports, has weighed heavily on the market. October live cattle closed $2.65 lower at $210.95, December live cattle closed $2.07 lower at $212.12 and February live cattle closed $2.10 lower at $213.50. Throughout the day, some light cash cattle trade was noted in Nebraska, where dressed cattle were trading at mostly $345, and live sales were marked at $218 to $219. The cattle sold today were mostly committed for delivery for the week of 9/8/2026 and 9/14/2026. Otherwise, no cash cattle trade developed, but asking prices are noted at $228 to $230 in the South. 

Tuesday's slaughter is estimated at 107,000 head -- 1,000 head more than a week ago and 11,000 head less than a year ago.

Boxed beef prices closed higher: choice up $2.84 ($388.53) and select up $3.96 ($368.98) with a movement of 101 loads (55.42 loads of choice, 19.08 loads of select, 15.54 loads of trim and 10.98 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Lower. The light test that the market's seen thus far has been lower, and given that packers have the lion's share of the market's leverage favoring their position, it's likely that the rest of the trade that develops this week will be lower too.

FEEDER CATTLE:

The feeder cattle contracts ended the day lower too as traders simply weren't comfortable doing anything else with the contracts. September feeders closed $4.95 lower at $319.27, October feeders closed $4.95 lower at $313.32 and November feeders closed $5.27 lower at $305.70. At the Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers under 750 pounds traded $5.00 to $15.00 lower, but the heavier weights traded from $5.00 lower to $6.00 higher. Feeder heifers under 700 pounds sold $8.00 to $20.00 lower. Heavier weights sold $2.00 to $6.00 lower. Feeder cattle supply over 600 pounds was 80%. The CME feeder cattle index 8/24/2026: down $3.01, $335.46.

LEAN HOGS:

And although cash prices ended the day slightly higher, that wasn't enough to ease traders' concerns and help the lean hog contracts close higher. October lean hogs closed $0.67 lower at $80.45, December lean hogs closed $1.12 lower at $70.35 and February lean hogs closed $1.25 lower at $73.17.

Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.62 with a weighted average price of $91.02 on 8,883 head. Pork cutouts totaled 290.96 loads, with 264.21 loads of pork cuts and 26.75 loads of trim. Pork cutout values: down $2.26, $97.67. Tuesday's slaughter is estimated at 488,000 head -- 21,000 head more than a week ago and 9,000 head more than a year ago. The CME lean hog index 8/21/2026: down $0.40, $92.86.

WEDNESDAY'S HOG CALL: Lower. Given that pork cutout values were lower on Tuesday, cash prices could be lower as well.

Tuesday Midday Livestock Market Summary - Traders Lack Confidence in Market's Fundamentals

GENERAL COMMENTS:

The livestock complex is enduring another challenging day as the market is left depleted of fundamental support. Some light cash cattle trade is currently developing in Nebraska; but otherwise the market sits idle with no other sales noted. December corn is up 6 1/2 cents per bushel and December soybean meal is up $1.30. The Dow Jones Industrial Average is up 72.43 points and NASDAQ is up 157.40 points.

LIVE CATTLE:

Although midday boxed beef prices are higher, the live cattle contracts continue their lower trend as the market needs reassurance as to what the immediate market ramifications are going to be from the border reopening Monday at the Douglas, Arizona, port to Mexican cattle imports. While midday boxed beef prices substantially higher, that fundamental support isn't enough to lend traders any confidence at this point in time. October live cattle are down $2.20 at $211.40, December live cattle are down $1.75 at $212.45 and February live cattle are down $1.70 at $213.90. Some light cash cattle trade is currently being reported in the North at $345 and those cattle were committed for delivery on the weeks of Sept. 8 and Sept. 14. Otherwise, the cash market sits idle with no trade developed yet. But asking prices in the South are noted at $228 to $230.

Boxed beef prices are higher: choice up $2.43 ($388.12) and select up $5.46 ($370.48) with a movement of 59 loads (31.52 loads of choice, 11.32 loads of select, 11.70 loads of trim and 4.19 loads of ground beef).

FEEDER CATTLE:

The losses in the feeder cattle complex are even more severe as its contracts are $3.00 to $4.00 lower headed into Tuesday's noon hour. Couple the border reopening with the fact that buyers have been more selective in sale barns here recently; neither of those two factors help support the feeder cattle market, unfortunately. September feeders are down $4.55 at $319.67, October feeders are down $4.17 at $314.10 and November feeders are down $4.32 at $306.65.

LEAN HOGS:

The lean hog complex isn't in any better of a position than the cattle contracts are as its market is also trading lower into Tuesday's noon hour. But with both cash prices and pork cutout values lower, a lower trend is the only thing to be expected. October lean hogs are down $0.60 at $80.52, December lean hogs are down $0.75 at $70.72 and February lean hogs are down $0.95 at $73.47. The projected CME Lean Hog Index for 8/21/2026 is down $0.40 at $92.86 and the actual index for 8/20/2026 is down $0.46 at $93.26. Hog prices on the Daily Direct Morning Hog Report average $90.61, ranging from $89.00 to $92.00 on 4,162 head and a five-day rolling average of $92.36. Pork cutouts total 180.19 loads with 163.44 loads of pork cuts and 16.75 loads of trim. Pork cutout values: down $2.31, $97.62.

Tuesday Morning Livestock Market Update - Cattle Futures May Show Further Weakness

GENERAL COMMENTS:

Traders were positive at the open, as the lower placement number on the Cattle on Feed report provided early strength. However, that was short-lived as uncertainty gained the upper hand and the market fell back after the first 10 minutes of trade and never looked back. The announcement by President Trump over the weekend was to import 300,000 metric tons of beef over the next 90 days, with a promise to reduce ground beef prices by 25%. There was no indication as to where the beef would come from or how logistically this could be accomplished in that short of time frame. It feels more like a gesture to create uncertainty rather than reality. The U.S. border was reopened for Mexican cattle at the Douglas, Arizona, port. It is uncertain how many cattle will cross during the next few weeks or months and what impact that will have on the current market. Other ports will reopen over time. Traders found it difficult to find any bullish support during the day. Choice boxed beef was unchanged from Friday at $385.69, with select increasing $3.70 to $365.02.

Hog futures had an uneventful day with limited price swings. Whether most of the focus was on the cattle or grain markets is uncertain, but the day's end showed little price change. Cash and cutouts were mixed. The National Daily Direct Afternoon Hog report showed cash falling $4.87, with the weighted average now below $90 at $89.40. However, very few hogs traded, making it surprising it was even reported. Pork cutout values increased $1.97. The slaughter pace remains strong and above a year ago, but packers have plentiful supplies available.

	BULL SIDE		BEAR SIDE
1)	Cattle futures may be overdone to the downside with short-covering potentially taking place.	1)	The current negativity in the cattle market and further weakness in futures may trigger further liquidation.
2)	The reality is that cattle supplies remain tight and the herd will not be rebuilt anytime soon.	2)	Consumers could reduce beef consumption if they are concerned about the safety of large quantities of imported beef coming in over a short duration of time.
3)	Hog futures are oversold and may retrace if the current level of support holds.	3)	Hog supplies show no sign of tightening, with packers having a plentiful supply available to them.
4)	Packers were not able to purchase many hogs at lower prices. They may step up aggressively Tuesday.	4)	Continued weakness in cash hogs does not bode well for the market moving forward.

Monday Closing Livestock Market Update - Weaker Tones Follow Livestock Contracts

GENERAL COMMENTS:

The livestock complex ended the day mostly lower, as traders are reluctant to be overly supportive of the contracts amid shaky fundamental support. New showlists for the week are lighter in Texas and Kansas, but slightly higher in Nebraska. December corn is up 7 cents per bushel and December soybean meal is up $2.80. The Dow Jones Industrial Average is up 140.15 points and the NASDAQ is down 200.26 points.

LIVE CATTLE:

It was a grim day for the live cattle complex as traders were well aware of the fact that the border reopened today for Mexican cattle imports into the U.S. However, the limited knowledge of what kind of cattle, how many cattle and where those cattle would immediately end up in the supply chain had the market on edge throughout the day. October live cattle closed $4.32 lower at $213.60, December live cattle closed $4.30 lower at $214.20 and February live cattle closed $3.72 lower at $215.60. No cash cattle trade developed throughout the day, and both bids and asking prices remain elusive at this point. New showlists for the week are lighter in Texas and Kansas, but slightly higher in Nebraska. Monday's slaughter is estimated at 98,000 head -- 1,000 head more than a week ago and 10,000 head less than a year ago.

Last week Northern dressed cattle traded at mostly $355 to $356, which is $9.00 to $10.00 lower than the previous week's weighted average. Southern live cattle traded at $225, which is $3.00 lower than the previous week's weighted average, but the Southern Plains didn't move very many cattle.

Boxed beef prices closed mixed: choice steady ($385.69) and select up $3.70 ($365.02) with a movement of 79 loads (47.06 loads of choice, 12.04 loads of select, 8.69 loads of trim and 11.29 loads of ground beef).

TUESDAY'S CATTLE CALL: Lower. With packers possessing the lion's share of the market's leverage, prices will likely be lower again this week.

FEEDER CATTLE:

The grim nature that was cast across the cattle complex took its biggest toll on the feeder cattle contracts, as most of them closed $4.00 to $5.00 lower. More than anything, the feeder cattle complex is concerned that buyer demand is softening, and that supplies may increase with the border reopening. September feeders closed $4.80 lower at $324.22, October feeders closed $5.37 lower at $318.27 and November feeders closed $5.27 lower at $310.97. At the Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers traded $4.00 to $10.00 lower, but there were instances where steers traded $15.00 lower on those over 900 pounds. Feeder heifers sold $2.00 to $8.00 lower. Steer and heifer calves sold $5.00 to $15.00 lower. The sale report did note that "demand was moderate but buyers were a little more selective for kind and condition." The CME feeder cattle index 8/21/2026: down $2.53, $338.47.

LEAN HOGS:

The lean hog complex ended the day lower as traders remain hesitant to be overly supportive of the market. Thankfully, pork cutout values ended the day higher, which may lend some additional support to the market later in the week, but even so, traders weren't overly aggressive in Monday's market. October lean hogs closed $0.25 higher at $81.12, December lean hogs closed $0.05 lower at $71.47 and February lean hogs closed steady at $74.42. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $4.87 with a weighted average price of $89.40 on 500 head. Pork cutouts totaled 253.86 loads, with 239.01 loads of pork cuts and 14.85 loads of trim. Pork cutout values: up $1.97 to $99.93. Monday's slaughter is estimated at 490,000 head -- 6,000 head more than a week ago and 39,000 head more than a year ago. The CME lean hog index 8/20/2026: down $0.46, $93.26.

TUESDAY'S HOG CALL: Higher. Packers may be slightly more aggressive in Tuesday's market given that pork cutout demand was higher on Monday.

Monday Midday Livestock Market Summary - Cattle Trade Lower as Mexican Imports Resume

GENERAL COMMENTS:

With Mexican cattle imports resuming at the Douglas, Arizona, port Monday (Aug. 24), the cattle contracts are checked up and trading lower in hesitant action. New showlists for the week are lighter in Texas and Kansas, but slightly higher in Nebraska. December corn is up 13 1/2 cents per bushel and December soybean meal is up $3.70. The Dow Jones Industrial Average is up 147.22 points and NASDAQ is down 96.45 points.

LIVE CATTLE:

Although the live cattle complex opened Monday initially higher, the market has now changed direction and is trending lower as traders are currently keeping their distance. The contracts are falling anywhere from $2.00 to $3.00 lower into Monday's noon hour. October live cattle are down $3.90 at $214.02, December live cattle are down $3.75 at $214.82 and February live cattle are down $3.27 at $216.05. More than anything it's likely the complex is weaker Monday morning as the market is soberly aware of the fact that Mexican cattle imports are going to resume today at the Douglas, Arizona, port of entry. It's also likely that again this week fed cash cattle prices will be challenged as packers continue to hold the lion's share of the market's leverage at this point. New showlists for the week are lighter in Texas and Kansas, but slightly higher in Nebraska.

Last week Northern dressed cattle traded at mostly $355 to $356, which is $9.00 to $10.00 lower than the previous week's weighted average. Southern live cattle traded at $225, which is $3.00 lower than the previous week's weighted average; but the Southern Plains didn't move very many cattle.

Boxed beef prices are mixed: choice down $0.84 ($384.85) and select up $3.34 ($364.66) with a movement of 41 loads (24.85 loads of choice, 6.23 loads of select, 2.84 loads of trim and 6.69 loads of ground beef).

FEEDER CATTLE:

Knowing that Mexican feeder cattle are likely walking across the border right now as we speak has the feeder cattle contracts trading anywhere from $4.00 to mostly $5.00 lower into Monday's noon hour. September feeder cattle are down $5.30 at $323.72, October feeders are down $5.37 at $318.27 and November feeders are down $5.15 at $311.10. It's likely the market will keep with this lower trend through Monday's end given there's so much unknown about the border crossings right now.

LEAN HOGS:

The lean hog complex is trading mixed into Monday's noon hour with most of the contracts mildly higher, but a few of the furthest deferred contracts are lower. It's helpful that morning pork cutout values are higher, which is something the market desperately needs to continue to see if prices are going to keep with a stronger trend. October lean hogs are up $0.32 at $81.20, December lean hogs are up $0.35 at $71.82 and February lean hogs are up $0.27 at $74.70. The projected CME Lean Hog Index for 8/21/2026 is down $0.40 at $92.86 and the actual index for 8/20/2026 is down $0.46 at $93.26. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 155 head have traded and the market's five-day rolling average now sits at $93.58. Pork cutouts total 156.61 loads with 147.43 loads of pork cuts and 9.18 loads of trim. Pork cutout values: up $1.93, $99.89.

Monday Morning Livestock Market Update - Cattle Futures May Show Volatile Trade

GENERAL COMMENTS:

Cash cattle traded lower for the week. Northern dressed cattle were as much as $10.00 lower while Southern live cattle traded as much as $3.00 lower than the previous week. Cash had fallen around $35.00 over the past number of weeks, moving some feedlots into the red. The news on Friday of President Trump announcing the elimination of all quotas on imported beef as well as tariffs had already been anticipated; there was an actual number associated with it. Trump indicated he will sign an executive order to import 300,000 metric tons of beef over the next 90 days and promised to reduce ground beef prices by 25%. There is no indication as to where the beef will come from. Boxed beef prices fell on Friday with choice down $4.24 and select down $2.42. The Cattle on Feed report was neutral to bullish but may not have much impact. On feed as of Aug. 1 was 102.0% with an average estimate of 102.5%. Placements in July were 89.0% with an estimate of 93.5%. Marketings in July were 93.0% with an estimate of 92.5%. The Commitment of Traders report showed fund traders as net sellers of 2,982 live cattle futures contracts, reducing their long position to 62,967. They were net sellers of 641 contracts in feeder cattle, reducing their net-long position to 10,261.

Hog futures posted a higher close on the likelihood that short-covering took place ahead of the weekend. Traders have not been taking long-term positions, and those holding short positions did not want to hold them over a weekend during which unexpected news could develop. Both cash and cutouts were higher on Friday, which could provide support to begin the week. The National Daily Direct Afternoon Hog report was up $1.93 on good volume. Pork cutouts were up $1.47. The Commitment of Traders report showed fund traders as net sellers of 4,634 futures contracts, increasing their net-short position to 28,997.

	BULL SIDE		BEAR SIDE
1)	Placements in July were 11% below a year ago and 4.5% below the trade estimates.	1)	More beef imports to increase the supply of ground beef and lower prices may further negatively impact cash cattle prices.
2)	Cattle futures reversed on Friday after a gap-lower opened, then closed higher and near the highs in most contracts. Bearish news may be factored in.	2)	Packers paid lower prices for cattle and were able to purchase some for deferred delivery.
3)	Both cash hogs and pork cutouts closed higher on Friday. It is not usual to see packers being aggressive at the end of the week.	3)	The strength in hog futures on Friday may just have been the result of short-covering and not a change in trend.
4)	Hog futures are oversold, and traders may not be willing to press the market lower.	4)	Traders increased their net-short position in the hog market, according to the Commitment of Traders report. The overall attitude remains bearish.

Friday Closing Livestock Market Update - Contracts End Higher

GENERAL COMMENTS:

Although it was a busy, chaotic day for the cattle complex, at least the futures ended the day higher and so did the lean hog contracts. Some light cash cattle trade developed in the South throughout the day at $225, which is $3.00 lower than the previous week's weighted average. Do note this coming Monday, the border is set to reopen to Mexican cattle imports at the Douglas, Arizona, port of entry. December corn is up 5 cents per bushel and December soybean meal is up $2.00. The Dow Jones Industrial Average is up 520.06 points and NASDAQ is up 108.57 points.

From Friday-to-Friday livestock futures scored the following changes: August live cattle down $0.57, October live cattle down $0.95; August feeder cattle down $6.07, September feeder cattle down $5.52; October lean hogs down $14.53; September corn up $0.25, December corn up $0.25.

LIVE CATTLE:

Talk about a wild day. Talk about a disappointing week. To kick Friday morning off, President Trump announced over the next 90 days the U.S. will allow up to 300,000 metric tons (mt) of product for ground beef to be imported with no quota tariff. He also stated the administration has a commitment that this beef will be sold at 25% below current prices. This news weakened the futures complex right off the bat, but luckily ahead of the day's end the market was able to recover mostly. Even so, yet another level of complexity has entered the marketplace, the cattle complex is highly volatile and subject to change at any second. October live cattle closed $0.07 lower at $217.92, December live cattle closed $0.22 higher at $218.50 and February live cattle closed $0.42 higher at $219.32. Throughout the week, Northern dressed cattle traded at mostly $355 to $356 which is $9.00 to $10.00 lower than the previous week's weighted average. At the time of writing, the Southern Plains had only traded a small volume of cattle that were mostly $225, which is $3.00 lower than the previous week's weighted average. It is also worth noting that a lot of the cattle traded in the North were committed for delivery for the week of Sept. 7. 

Friday's slaughter is estimated at 99,000 head -- 1,000 head less than a week and year ago. Saturday's slaughter is projected to be around 15,000 head. The week's total slaughter is estimated at 523,000 head -- 6,000 head more than a week ago and 32,000 head less than a year ago.

Boxed beef prices closed lower: choice down $4.24 (385.69) and select down $2.42 ($361.32) with a movement of 91 loads (48.07 loads of choice, 8.96 loads of select, 25.36 loads of trim and 8.41 loads of ground beef).

MONDAY'S CATTLE CALL: Lower. As packers continue to gain more leverage in the marketplace, fed cash cattle prices will likely continue to trade lower.

FEEDER CATTLE:

The feeder cattle complex was able to close mostly higher Friday, although it was bombarded with news from the president and the monthly Cattle on Feed report. September feeders closed $0.10 higher at $329.02, October feeders closed $0.95 higher at $323.65 and November feeders closed $1.37 higher at $316.25. As assumed, Friday's Cattle on Feed report was the same usual story of greater on-feed totals, but lighter placements and lighter marketings. 

The Oklahoma Weekly Cattle Auction Summary shared that, compared to last week, feeder steers over 900 pounds traded steady to $2.00 lower, but steers under 900 pounds sold $7.00 to $11.00 lower. Feeder heifers traded $8.00 to $16.00 lower. Steer calves weighing over 500 pounds sold $12.00 to $15.00 lower, and those under 500 pounds traded $20.00 to $30.00 lower. Heifer calves sold $10.00 to $20.00 lower. Slaughter cows sold $5.00 to $7.00 lower and slaughter bulls traded $6.00 softer. Feeder cattle supply over 600 pounds was 65%. The CME Feeder Cattle Index 8/20/2026: down $0.85, $341.00.

LEAN HOGS:

The back-and-forth nature continues in the lean hog complex as following Thursday's lower close, the lean hog contracts were able to end the day mildly higher on Friday thanks to trader support. October lean hogs closed $0.65 higher at $80.87, December lean hogs closed $0.77 higher at $71.52 and February lean hogs closed $0.60 higher at $74.42. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.93 with a weighted average price of $94.27 on 3,410 head. Pork cutouts totaled 357.22 loads with 326.61 loads of pork cuts and 30.61 loads of trim. Friday's slaughter is estimated at 454,000 head -- 34,000 head more than a week ago and 1,000 head more than a year ago. Saturday's slaughter is projected to be around 39,000 head. The CME Lean Hog Index 8/19/2026: down $0.24, $93.72.

MONDAY'S HOG CALL: Lower. Given that packers bought hogs late in the week, it's likely they won't be aggressive in Monday's cash market.

Friday Midday Livestock Market Summary - External Pressure Shakes Cattle Futures, But Hogs Find Late-Week Support

GENERAL COMMENTS:

The livestock complex is trading mixed into Friday's noon hour as the cattle complex isn't finding the fundamental support it needs, but the hog contracts are trading higher. Some trade has been noted in Texas at $225, and bids are on the table in Kansas for the same price. December corn is up 2 1/2 cents per bushel and December soybean meal is down $0.10. The Dow Jones Industrial Average is up 410.48 points and NASDAQ is up 143.77 points.

LIVE CATTLE:

Friday morning President Trump announced that over the next 90 days the U.S. will allow up to 300,000 metric tons (mt) of product for ground beef to be imported with no quota tariff. He also stated the administration has a commitment that this beef will be sold at 25% below current prices. This news weakened the futures complex dramatically at the day's open, but since then the complex has found some stability and is trading mixed into the noon hour with the nearby contracts lower while the deferred contracts trade higher. October live cattle are down $0.70 at $217.30, December live cattle are down $0.42 at $217.85 and February live cattle are down $0.32 at $218.57. Some light cash cattle trade has finally developed in the South where cash cattle are selling for mostly $225. Some light trade also has been noted in Nebraska at $223. Do remember that this afternoon the monthly Cattle on Feed report is set to be released as well.

Boxed beef prices are lower: choice down $3.79 ($386.14) and select down $0.33 ($363.41) with a movement of 68 loads (29.90 loads of choice, 6.16 loads of select, 24.74 loads of trim and 7.05 loads of ground beef).

FEEDER CATTLE:

Amid new developments regarding imported beef and the continued decline of the cash market, the feeder cattle complex is trading lower into Friday's noon hour. September feeders are down $0.95 at $327.97, October feeders are down $0.07 at $322.62 and November feeders are up $0.35 at $315.22. It's likely the market could find even more pressure heading up to the afternoon's close as traders know that the monthly Cattle on Feed report will be released later this week and that on Monday, Mexican cattle imports resume.

LEAN HOGS:

The lean hog contracts are trading higher into Friday's noon hour as traders are extending a little late-week support to the sector. It's also helpful that midday pork cutout values are up over $3.00. October lean hogs are up $0.62 at $80.85, December lean hogs are up $0.87 at $71.62 and February lean hogs are up $0.67 at $74.50. The projected CME Lean Hog Index for 8/20/2026 is down $0.46 at $93.26 and the actual index for 8/19/2026 is down $0.24 at $93.72. Hog prices are higher on the Daily Direct Morning Hog Report, up $1.83 with a weighted average price of $94.58, ranging from $87.00 to $96.00 on 3,265 head and a five-day rolling average of $93.35. Pork cutouts totaled 205.85 loads with 186.90 loads of pork cuts and 18.94 loads of trim. Pork cutout values: up $3.49, $99.98.

Friday Morning Livestock Market Update - Traders Look Ahead to the Cattle on Feed Report

GENERAL COMMENTS:

Cattle futures are trying to find support. Overall, traders remain bullish, but the market needs to show sufficient reason for them to turn aggressive buyers. There may be strength Friday as short-covering may take place ahead of the Cattle on Feed report released this afternoon. The estimates for the report are for on-feed numbers on Aug. 1 at 102.5% of a year ago with a range of 102.3-102.9%. Placements in July at 93.5% with a range of 92.3-95.1%. Marketings in July at 92.6% with a range of 92.2-93.4%. This is the first time in quite a while that the range of estimates for placements has been this narrow. Cash cattle are expected to trade lower Friday as packers remain unaggressive. Boxed beef prices on Thursday were lower, with choice down $5.06 and select down $0.43.

Hog futures continue to struggle as fundamentals provide little support. The October contract fell to support on Thursday as cash and cutouts continue to struggle. The National Daily Direct Afternoon Hog report showed a minor gain of $0.24, but cash is expected to be lower Friday. Pork cutouts declined $1.09. Packers are reducing the slaughter pace compared to a year ago as they attempt to balance supply with demand while maintaining their margins. Futures may increase Friday as traders may cover some short positions ahead of the weekend.

	BULL SIDE		BEAR SIDE
1)	July placements are expected to be 6.5% below a year ago, which should be supportive to the market.	1)	Lower cash again this week indicates packers have the upper hand and intend to maintain their positive margins.
2)	Lower cash cattle trade has already been factored into the market. Short-covering may take place ahead of the Cattle on Feed report.	2)	Cattle from Mexico will begin to move to the U.S. beginning on Monday. This may maintain a negative posture in the market.
3)	Hog futures are oversold with short-covering possible ahead of the weekend.	3)	Hog futures have been unable to find support this week, leaving traders unwilling to buy futures aggressively.
4)	Lower pork prices should improve demand. Reduced slaughter may be temporary as packers will need to balance the supply with demand.	4)	Cash and cutouts continue to exhibit weakness, and a reflection of slower demand.

Thursday Closing Livestock Market Update - Mixed Tones Continue to Dominate the Complex

GENERAL COMMENTS:

The livestock complex again ended the day mixed, as cattle contracts received a little extra support from traders, while lean hog contracts ended the day lower. On Friday, the monthly Cattle on Feed report is set to be released. December corn is up 5 1/2 cents per bushel and December soybean meal is down $1.80. The Dow Jones Industrial Average is down 703.84 points and the NASDAQ is down 263.92 points.

Thursday's export report shared that beef net sales of 9,300 mt for 2026 were down 36% from the previous week and 37% from the prior 4-week average. The three largest buyers were Mexico (1,600 mt), South Korea (1,400 mt) and Taiwan (1,400 mt). Pork net sales of 27,300 mt for 2026 were down 25% from the previous week and 15% from the prior 4-week average. The three largest buyers were Mexico (10,700 mt), South Korea (3,500 mt) and Japan (2,900 mt).

LIVE CATTLE:

Despite the fact that boxed beef prices and fed cash cattle prices both ended the day lower, the futures market received a bone from traders as they were willing to mildly support the contracts through Thursday's end. October live cattle closed $0.77 higher at $218.00, December live cattle closed $1.12 higher at $218.27 and February live cattle closed $1.10 higher at $218.90. Do remember that on Friday the monthly Cattle on Feed report is set to be released. The cash cattle market saw bids offered throughout the day in both regions, but the day's movement was light. So far this week, the only strong test has been in the North, where dressed cattle have traded at $355 to $356, which is $9.00 to $10.00 lower than last week's weighted average, and some live sales have been marked in the North at $255 as well. The South has yet to trade cattle, although bids were offered throughout the day in Kansas at $255. But given that packers were able to secure more inventory in recent weeks and with Friday releasing the monthly Cattle on Feed report, this week's trade could be light in volume and slow to develop. It's also worth noting that the majority of the cattle that traded on Wednesday were marked for delivery on the week of September 7. 

Thursday's slaughter is estimated at 103,000 head -- 3,000 head less than a week ago and 14,000 head less than a year ago.

Boxed beef prices closed lower: choice down $5.06 ($389.93) and select down $0.43 ($363.74) with a movement of 110 loads (88.85 loads of choice, 14.17 loads of select, zero loads of trim and 6.86 loads of ground beef).

FRIDAY'S CATTLE CALL: Lower. With packers having ample supply available to them, it's likely that prices will continue to be lower on Friday.

FEEDER CATTLE:

Apart from a couple of the nearby contracts, the feeder cattle complex was also able to end the day mostly higher. September feeders closed $0.20 lower at $328.92, October feeders closed $0.65 higher at $322.70 and November feeders closed $0.80 higher at $314.87. The cautious nature of the feeder cattle complex could be stemming from a number of factors: the fact that on Friday the monthly COF report is set to be released, the fact that on Monday the border reopens to Mexican cattle, or the fact that fed cash cattle prices are trading lower, which dampens the excitement in the feeding sector; all weigh heavily on the market. At the Winter Livestock Auction in Pratt, Kansas, compared to last week, there wasn't enough supply to accurately test those weighing 650 to 950 pounds. But good demand was seen on steers and heifers weighing under 600 pounds. Slaughter cows and bulls sold $2.00 to $6.00 lower. Feeder cattle supply over 600 pounds was 81%. The CME feeder cattle index 8/19/2026: down $0.51, $341.85.

LEAN HOGS:

And the topsy-turvy nature continues in the lean hog complex as the market ended the day mixed: lower in its nearby contracts but higher in its deferred contracts. More than anything, traders are hopeful that demand will increase in later months but remain uncertain about what to expect for tomorrow, let alone next week. October lean hogs closed $1.27 lower at $80.22, December lean hogs closed $0.67 lower at $70.75 and February lean hogs closed $0.42 lower at $73.82. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.24 with a weighted average price of $92.34 on 1,306 head. Pork cutouts totaled 256.15 loads, with 222.98 loads of pork cuts and 33.17 loads of trim. Pork cutout values: down $1.09 to $96.49. Thursday's slaughter is estimated at 451,000 head -- 23,000 head less than a week ago and 20,000 head less than a year ago. The CME lean hog index 8/18/2026: down $0.82, to $93.96.

FRIDAY'S HOG CALL: Lower. At this point, it's most likely that packers have secured all they need in the cash market aside from some minor cleanup trade.

Thursday Midday Livestock Market Summary - Traders Let Contracts Chop Sideways

GENERAL COMMENTS:

The livestock complex continues to chop sideways as traders are desperate for greater fundamental support but aren't seeing it surface in the market consistently. Some bids are on the table currently in the cash market and packer interest will likely improve as the day trades on. December corn is up 5 3/4 cents per bushel and December soybean meal is up $0.40. The Dow Jones Industrial Average is down 420.28 points and NASDAQ is down 194.36 points.

Thursday's export report shared that beef net sales of 9,300 mt for 2026 were down 36% from the previous week and 37% from the prior 4-week average. The three largest buyers were Mexico (1,600 mt), South Korea (1,400 mt) and Taiwan (1,400 mt). Pork net sales of 27,300 mt for 2026 were down 25% from the previous week and 15% from the prior 4-week average. The three largest buyers were Mexico (10,700 mt), South Korea (3,500 mt) and Japan (2,900 mt).

LIVE CATTLE:

Despite fed cash cattle prices that are thus far trading lower this week and midday boxed beef prices that are lower too, traders are mildly supporting the live cattle contracts into Thursday's noon hour. More than anything this seems to be a sideways chop following Wednesday's weaker close. August live cattle are up $0.97 at $224.40, October live cattle are up $1.60 at $218.82 and December live cattle are up $2.07 at $219.22. Bids are starting to surface again in the fed cash cattle market as currently packers are offering $355 to $356 dressed and $225 live in Nebraska, and $225 live in Kansas. Some moderate trade developed Wednesday at $355 to $356 in Iowa and Nebraska but otherwise the cash market has yet to trade any cattle in the South.

Boxed beef prices are lower: choice down $2.85 ($392.14) and select down $0.61 ($363.56) with a movement of 51 loads (35.93 loads of choice, 11.05 loads of select, zero loads of trim and 3.69 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also higher as traders continue to work both the live cattle and feeder cattle contracts in the same direction. August feeders are up $0.25 at $337.10, September feeders are up $0.80 at $329.92 and October feeders are up $1.55 at $323.60. Even with the board's slight improvement, it's unlikely buyers will be much more aggressive in the countryside as there are a lot of unweaned calves working their way into the market and they come with high risk.

LEAN HOGS:

The sideways chop is continuing in the lean hog complex as traders frankly aren't confident with what to do with this market. Fundamental support is too wishy washy to count on, so at this point the back and forth of higher one day and lower the next is likely to continue in the hog sector. October lean hogs are down $1.12 at $80.37, December lean hogs are down $0.50 at $70.92 and February lean hogs are down $0.17 at $74.07. The projected CME Lean Hog Index for 8/19/2026 is down $0.24 at $93.72 and the actual index for 8/18/2026 is down $0.82 at $93.96. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.51 with a weighted average price of $92.75, ranging from $91.00 to $96.50 on 1,036 head and a five-day rolling average of $92.90. Pork cutouts total 137.22 loads with 123.97 loads of pork cuts and 13.24 loads of trim. Pork cutout values: up $0.38, $97.96.