GENERAL COMMENTS:
The livestock complex ended the day mixed, with cattle contracts closing higher again while lean hog contracts ended lower. Some light cash cattle trade was noted throughout the day in the North at $370, which is $3.00 higher than last week's weighted average. December corn is down 5 1/2 cents per bushel and December soybean meal is down $2.80. The Dow Jones Industrial Average is up 330.57 points and the NASDAQ is down 180.56 points.
LIVE CATTLE:
The live cattle complex had another strong day, with futures contracts closing higher thanks to added support from boxed beef prices and the light test that began to develop in this week's fed cash cattle market. August live cattle closed $2.22 higher at $234.17, October live cattle closed $1.57 higher at $229.47 and December live cattle closed $1.40 higher at $228.67. Depending on what we see develop later this week in the cash market, traders may become a little apprehensive to support the futures market much more as they're nearing the market's 40-day moving average, which will impose some technical pressure. But if the cash market continues to boldly trade higher and boxed beef prices are supportive too, then there's the chance that traders rally onward without skipping a beat. Some light cash cattle trade developed throughout the day at $370 in the North, which is $3.00 higher than last week's weighted average. Bids were offered throughout the day in the South at $230 to $235, but no confirmed sales were noted. Some dressed cattle sales did inch up to $371, but the vast majority of the trade was done at $370. And some of the Northern trade was booked for delivery for the week of August 18. Asking prices are firm at $235 in the South.
Wednesday's slaughter is estimated at 106,000 head -- 1,000 head less than a week ago and 8,000 head less than a year ago.
Boxed beef prices closed mixed: choice down $1.68 ($367.97) and select up $1.56 ($348.06) with a movement of 109 loads (65.91 loads of choice, 18.02 loads of select, 9.21 loads of trim and 15.52 loads of ground beef).
THURSDAY'S CATTLE CALL: Higher. With feedlot managers committed to pushing the market higher, it's likely that this week's trend is going to be higher.
FEEDER CATTLE:
The feeder cattle complex ended the day higher too as traders continue to see support trickle into the complex from the strong rally of the live cattle complex. August feeder cattle closed $2.12 higher at $353.32, September feeders closed $2.22 higher at $348.37 and October feeders closed $2.27 higher at $339.42. Sale barn receipts were light today, making it difficult to find a sizeable sale report to quote. The CME feeder cattle index 8/4/2026: down $0.48, $348.65.
LEAN HOGS:
The lean hog complex ended the day weaker as traders are unwilling to advance the contracts any more without steady and stable fundamental support. And while yes, afternoon pork cutout values closed a tick higher, traders aren't confident in the immediate demand picture right now. August lean hogs closed $1.25 lower at $96.60, October lean hogs closed $1.32 lower at $83.02 and December lean hogs closed $1.12 lower at $74.65. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.64 with a weighted average price of $99.01 on 7,227 head. Pork cutouts totaled 301.22 loads with 264.57 loads of pork cuts and 36.65 loads of trim. Pork cutout values: up $1.22, $101.05. Wednesday's slaughter is estimated at 484,000 head -- 13,000 head more than a week ago and 17,000 head more than a year ago. The CME lean hog index 8/3/2026: down $0.51, $97.17.
THURSDAY'S HOG CALL: Lower. At this point, packers have likely secured the vast majority of their needs in this week's cash market already.
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