GENERAL COMMENTS:
The livestock complex ended the day stronger as traders continued to support the contracts through Tuesday's close. No cash cattle trade developed throughout the day as feedlot managers continue to hold out for hopefully stronger packer demand later this week. December corn is down 7 cents per bushel and December soybean meal is down $3.20. The Dow Jones Industrial Average is up 907.47 points and the NASDAQ is up 671.09 points.
LIVE CATTLE:
All in all, it was a mildly supportive but quiet day for the live cattle complex. Traders were willing to support the live cattle contracts as beef demand was strong throughout the day, but the market has yet to see what's going to happen in this week's fed cash cattle market. August live cattle closed $0.85 higher at $231.95, October live cattle closed $1.17 higher at $227.90 and December live cattle closed $1.05 higher at $227.27. It's obvious that feedlot managers are going to try to push fed cash cattle prices higher, and if boxed beef prices remain elevated throughout the whole week, packers may pay up and secure some inventory. But seasonally supplies are growing, and packers are having to work with thin margins, which will make this week's trade anyone's guess to call. No cash cattle trade developed throughout the day, but bids were offered throughout the day in Nebraska at $368.
Tuesday's slaughter is estimated at 110,000 head -- 4,000 head more than a week ago and 6,000 head less than a year ago.
Boxed beef prices closed higher: choice up $2.92 ($369.65) and select up $2.05 ($346.50) with a movement of 120 loads (86.91 loads of choice, 12.25 loads of select, 7.24 loads of trim and 13.25 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Higher. With boxed beef prices higher, packers may be interested in buying more cattle to ensure they have enough beef to market in the coming weeks.
FEEDER CATTLE:
And just like clockwork, with the live cattle contracts closing higher, so did the feeder cattle contracts. August feeders closed $3.37 higher at $351.20, September feeders closed $3.60 higher at $346.15 and October feeders closed $3.45 higher at $337.15. At the Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers traded $5.00 to $10.00 higher and feeder heifers sold $5.00 to $15.00 higher. Steer calves sold unevenly steady and heifer calves traded $10.00 to $15.00 higher. Feeder cattle supply over 600 pounds was 64%. The CME feeder cattle index 8/3/2026: up $2.24, $349.13.
LEAN HOGS:
The lean hog complex ended the day higher as trades were willing to allow the contracts to chop sideways throughout the day. August lean hogs closed $0.32 higher at $97.85, October lean hogs closed $0.67 higher at $84.35 and December lean hogs closed $0.42 higher at $75.77. Yes, afternoon pork cutout values did close softer, which could cause the contracts some grief on Wednesday. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.20 with a weighted average price of $99.65 on 4,745 head. Pork cutouts totaled 276.25 loads with 251.96 loads of pork cuts and 24.29 loads of trim. Pork cutout values: down $1.08, $99.83. Tuesday's slaughter is estimated at 483,000 head -- 21,000 head more than a week ago and 2,000 head more than a year ago. The CME lean hog index 7/31/2026: down $0.55, $97.68.
WEDNESDAY'S HOG CALL: Steady to somewhat higher. Although packers mildly participated in today's market, they'll still need more hogs.
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