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.
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