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.
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