GENERAL COMMENTS:
The livestock complex is again trading mixed into midday Friday as the lean hog contracts are seeing their nearby contracts trade higher, but the cattle contracts are trading mostly lower. A few more sales have been noted in Kansas at $235, but otherwise the cash market looks to be mostly done trading. December corn is up 2 1/2 cents per bushel and December soybean meal is down $2.30. The Dow Jones Industrial Average is up 14.51 points and the NASDAQ is up 232.99 points.
LIVE CATTLE:
With the live cattle contracts nearing the market's resistance, its 40-day moving average, it comes as no real surprise that the contracts are retreating, as traders aren't confident that they can successfully conquer that threshold just yet. August live cattle are down $1.22 at $230.00, October live cattle are down $1.45 at $223.47 and December live cattle are down $2.02 at $222.35. There's been some light trade noted this morning in the South, but thus far the day's business has been mostly cleanup in its nature, and any trade that develops this afternoon will likely keep with the week's trend. For the most part, Northern dressed cattle have been marked at $370, which is $3.00 higher than last week's weighted average, but a few sales have been as high as $372. Southern live cattle have traded at mostly $235, which is $2.00 higher than last week's weighted average, but a few sales in Iowa were marked as high as $238 to $240.
Boxed beef prices are higher: choice up $0.36 ($364.22) and select up $1.35 ($351.13), with a movement of 31 loads (20.95 loads of choice, 3.86 loads of select, zero loads of trim and 6.29 loads of ground beef).
FEEDER CATTLE:
The nearby contracts are trading higher, but otherwise the rest of the feeder cattle contracts are trading lower as traders continue to move the feeder cattle contracts in the same direction as the live cattle market. August feeders are up $1.17 at $349.22, September feeders are up $0.10 at $341.67 and October feeders are down $0.95 at $331.00. And at this point it's likely that the contracts will keep with this lower trend through the afternoon's close as the live cattle contracts are trading lower too.
LEAN HOGS:
The lean hog complex has found some mild support this morning as traders are willing to moderately support the lean hog contracts thanks to the morning's uptick in consumer demand. August lean hogs are up $0.02 at $95.52, October lean hogs are up $0.47 at $82.20 and December lean hogs are up $0.35 at $73.55. But given the recent decline in the futures complex, the contracts aren't up against any resistance pressure right now. The projected lean hog index for 8/6/2026 is down $0.36 at $96.30 and the actual index for 8/5/2026 is down $0.29 at $96.66. Hog prices on the Daily Direct Morning Hog Report average $97.75, ranging from $92.00 to $99.50 on 1,691 head and a five-day rolling average of $98.90. Pork cutouts total 233.20 loads with 212.96 loads of pork cuts and 20.25 loads of trim. Pork cutout values: up $2.19, $101.45.
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