GENERAL COMMENTS:
It was another lackadaisical day for the livestock complex, as all three markets closed lower. Some light cash cattle trade developed in Nebraska at $345 dressed and $218 to $219 live. December corn is up 8 cents per bushel and December soybean meal is up $0.60. The Dow Jones Industrial Average is up 160.24 points and the NASDAQ is up 171.11 points.
LIVE CATTLE:
The live cattle complex endured another challenging day, with futures contracts trading lower amid market uncertainty. Traders felt as though they had no other option but to let the contracts drift lower through the day's end, as there isn't enough fundamental support arising in the market to help ease nervousness. And while yes, boxed beef prices did end the day higher, the likelihood that cash prices will trade lower this week, mixed with the border reopening to Mexican cattle imports, has weighed heavily on the market. October live cattle closed $2.65 lower at $210.95, December live cattle closed $2.07 lower at $212.12 and February live cattle closed $2.10 lower at $213.50. Throughout the day, some light cash cattle trade was noted in Nebraska, where dressed cattle were trading at mostly $345, and live sales were marked at $218 to $219. The cattle sold today were mostly committed for delivery for the week of 9/8/2026 and 9/14/2026. Otherwise, no cash cattle trade developed, but asking prices are noted at $228 to $230 in the South.
Tuesday's slaughter is estimated at 107,000 head -- 1,000 head more than a week ago and 11,000 head less than a year ago.
Boxed beef prices closed higher: choice up $2.84 ($388.53) and select up $3.96 ($368.98) with a movement of 101 loads (55.42 loads of choice, 19.08 loads of select, 15.54 loads of trim and 10.98 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Lower. The light test that the market's seen thus far has been lower, and given that packers have the lion's share of the market's leverage favoring their position, it's likely that the rest of the trade that develops this week will be lower too.
FEEDER CATTLE:
The feeder cattle contracts ended the day lower too as traders simply weren't comfortable doing anything else with the contracts. September feeders closed $4.95 lower at $319.27, October feeders closed $4.95 lower at $313.32 and November feeders closed $5.27 lower at $305.70. At the Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers under 750 pounds traded $5.00 to $15.00 lower, but the heavier weights traded from $5.00 lower to $6.00 higher. Feeder heifers under 700 pounds sold $8.00 to $20.00 lower. Heavier weights sold $2.00 to $6.00 lower. Feeder cattle supply over 600 pounds was 80%. The CME feeder cattle index 8/24/2026: down $3.01, $335.46.
LEAN HOGS:
And although cash prices ended the day slightly higher, that wasn't enough to ease traders' concerns and help the lean hog contracts close higher. October lean hogs closed $0.67 lower at $80.45, December lean hogs closed $1.12 lower at $70.35 and February lean hogs closed $1.25 lower at $73.17.
Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.62 with a weighted average price of $91.02 on 8,883 head. Pork cutouts totaled 290.96 loads, with 264.21 loads of pork cuts and 26.75 loads of trim. Pork cutout values: down $2.26, $97.67. Tuesday's slaughter is estimated at 488,000 head -- 21,000 head more than a week ago and 9,000 head more than a year ago. The CME lean hog index 8/21/2026: down $0.40, $92.86.
WEDNESDAY'S HOG CALL: Lower. Given that pork cutout values were lower on Tuesday, cash prices could be lower as well.
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