GENERAL COMMENTS:
The livestock contracts ended the day lower as traders were concerned whether or not the market possessed enough fundamental support to confidently move higher. Cash cattle trade developed throughout the afternoon at $235, which is $2.00 higher than last week's weighted average. December corn is up 2 cents per bushel and December soybean meal is up $1.00. The Dow Jones Industrial Average is down 464.02 points and the NASDAQ is down 15.09 points.
LIVE CATTLE:
Although there was success in today's fed cash cattle market, overall it was just an "OK" day for the live cattle complex as boxed beef prices closed mixed and the board closed lower. More than anything, it would appear as though the market's pressure at the nearing 40-day moving average was simply too much weight for the market to bear, which is what sent the contracts trading lower. And although yes, the fed cash cattle market did lend some additional fundamental support and trade higher, traders didn't give that development much credence. August live cattle closed $2.95 lower at $231.22, October live cattle closed $4.55 lower at $224.92 and December live cattle closed $4.30 lower at $224.37. It was a busy afternoon for the fed cash cattle market as shortly after the day's noon hour trade began to develop, and prices were notably higher than last week's weighted average. 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.
Thursday's slaughter is estimated at 107,000 head -- 5,000 head more than a week ago and 9,000 head less than a year ago.
Boxed beef prices closed mixed: choice down $4.11 ($363.86) and select up $1.72 ($349.78) with a movement of 118 loads (79.94 loads of choice, 19.33 loads of select, 6.99 loads of trim and 12.12 loads of ground beef).
FRIDAY'S CATTLE CALL: Steady with the week's trend. Now that prices have developed in both regions, it's likely that the week's trend will remain steady.
FEEDER CATTLE:
And again today, as the live cattle contracts closed lower, so did the feeder cattle contracts as the market continues to closely follow the direction of the live cattle complex. August feeders closed $5.27 lower at $348.05, September feeders closed $6.80 lower at $341.57 and October feeders closed $7.47 lower at $331.95. At the Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves sold $10.00 to $20.00 higher except those weighing 550 to 600 pounds, which traded $7.00 lower. Feeder steers were steady to $12.00 lower. Heifer calves and feeder heifers both sold higher. Slaughter cows sold $1.00 to $3.00 higher and slaughter bulls were lower. Feeder cattle supply over 600 pounds was 33%. The CME feeder cattle index 8/5/2026: up $4.28, $352.93.
LEAN HOGS:
The lean hog complex also continued to break lower throughout Thursday's trade as the market simply isn't secure right now as traders yearn for more stability regarding consumer demand. August lean hogs closed $1.10 lower at $95.50, October lean hogs closed $1.30 lower at $81.72 and December lean hogs closed $1.42 lower at $73.22. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.71 with a weighted average price of $98.30 on 4,026 head. Pork cutouts totaled 211.76 loads with 181.72 loads of pork cuts and 30.04 loads of trim. Pork cutout values: down $1.79, $99.26. Thursday's slaughter is estimated at 482,000 head -- 7,000 head more than a week ago and 23,000 head more than a year ago. The CME lean hog index 8/4/2026: down $0.22, $96.95
FRIDAY'S HOG CALL: Lower. At this point, packers have likely secured the vast majority of their needs from the cash market.
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