Thursday Closing Livestock Market Update - Lack of Support Sends Contracts Lower

GENERAL COMMENTS:

The livestock complex had a tough day where support was hard to come and so the contracts drifted lower. Some more trade was noted in Nebraska -- but otherwise the cash market was quiet. December corn is down 8 3/4 cents per bushel and December soybean meal is down $1.10. The Dow Jones Industrial Average is up 69.72 points and the NASDAQ is up 214.54 points.

Thursday's export report shared that beef net sales of 14,400 mt for 2026 were down 27% from the previous week but up 10% from the prior four week average. The three largest buyers were South Korea (5,300 mt), Japan (3,000 mt) and Hong Kong (1,100 mt). Pork net sales of 36,300 mt for 2026 were up 33% from the previous week and 29% from the prior four week average. The three largest buyers were Mexico (14,200 mt), Japan (6,400 mt) and South Korea (4,100 mt).

LIVE CATTLE:

All in all it was a disappointing day for the live cattle complex as the contracts closed lower and it's most likely that this week's fed cash cattle market is going to be lower too. The only large volume sales to be reported thus far this week have been in Nebraska where live cattle traded at $228 to $230 and dressed cattle traded at $362 to mostly $365 but otherwise there's yet to be a sizeable test in any other region. But with packers able to gain inventory last week -- everyone's agreed that it's most likely that prices are going to be lower this week regardless of the region. And for a lot of the cattle sold in Nebraska -- delivery dates for the week of August 24 and August 31 were noted. August live cattle closed $4.35 lower at $226.22, October live cattle closed $3.75 lower at $220.05 and December live cattle closed $3.35 lower at $219.45. 

Thursday's slaughter is estimated at 106,000 head -- 1,000 head less than a week ago and 9,000 less than a year ago.

Boxed beef prices closed mixed: choice up $3.62 ($375.90) and select down $0.57 ($349.24) with a movement of 113 loads (65.35 loads of choice, 24.80 loads of select, 12.29 loads of trim and 10.18 loads of ground beef).

FRIDAY'S CATTLE CALL: Lower. With the board trading lower and with packers able to gain inventory last week -- prices are most likely going to be lower.

FEEDER CATTLE:

And again this afternoon, the feeder cattle contracts followed the live cattle market lower through Thursday's end. August feeders closed $3.52 lower at $342.82, September feeders closed $2.15 lower at $337.20 and October feeders closed $1.60 lower at $328.80. At Winter Livestock Auction in Pratt, Kansas compared to last week not enough feeder steers and heifers weighing 700 to 950 pounds traded for an accurate market test, but a steady to slightly lower trend was noted. Not enough market test on those weighing under 700 pounds either. Slaughter cows and bulls sold $2.00 to $5.00 lower. Feeder cattle supply over 600 pounds was 96%. The CME feeder cattle index 8/12/2026: down $3.44, $351.93.

LEAN HOGS:

The lean hog complex ended the day lower as it too is struggling to find the support it yearns for. And while yes, cash prices may have been up this afternoon, that's still not enough support to offset the lower trend of consumer demand. October lean hogs closed $1.42 lower at $82.12, December lean hogs closed $1.60 lower at $73.10 and February lean hogs closed $1.70 lower at $76.25. Hog prices closed higher on the Daily Direct Afternoon Hog report, up $1.56 with a weighted average price of $97.37 on 3,125 head. Pork cutouts totaled 209.43 loads with 177.90 loads of pork cuts and 31.53 loads of trim. Pork cutout values: down $1.23, $98.92. Thursday's slaughter is estimated at 484,000 head -- 2,000 head more than a week ago and 9,000 head more than a year ago. The CME lean hog index 8/11/2026: down $0.05, $95.89.

FRIDAY'S HOG CALL: Lower. At this point it's likely that packers have secured the vast majority of their needs already from the cash market and that price will be softer on Friday.