Wednesday Midday Livestock Market Update - Traders Remain Leery of Overly Supporting Cattle Contracts

GENERAL COMMENTS:

The livestock complex continues to trade mixed but now it's the cattle contracts that are lower while the lean hog contracts are higher. Some bids have surfaced in the fed cash cattle market, but no trade has developed yet. December corn is up 7 3/4 cents per bushel and December soybean meal is up $5.10. The Dow Jones Industrial Average is up 215.92 points and NASDAQ is up 164.73 points.

LIVE CATTLE:

The live cattle contracts are mostly lower into Wednesday's noon hour as traders are reluctant to believe enough fundamental support is going to develop this week to help move the contracts much higher. No cash cattle trade has developed yet in the fed cash cattle market, but packers are beginning to offer up bids. Bids of $225 live and $355 dressed are currently being offered in Nebraska and Iowa and bids of $225 live are on the table in Texas as well. Asking prices of $230 are noted in Texas, but are not well established for the other regions. August live cattle are down $0.92 at $223.97, October live cattle are down $1.00 at $217.92 and December live cattle are down $1.12 at $218.07.

Boxed beef prices are mixed: choice up $4.13 ($395.28) and select down $1.50 ($364.79) with a movement of 49 loads (28.92 loads of choice, 9.17 loads of select, zero loads of trim and 10.85 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts are trading lower into Wednesday's noon hour as well as the market not only desires to trade in alignment with the live cattle contracts, but it's also not seeing grandiose support in the countryside as feeder cattle prices have been softer in recent weeks. August feeders are down $2.07 at $337.15, September feeders are down $3.35 at $330.00 and October feeders are down $3.55 at $322.77. But with the live cattle contracts trading lower and the cash market not expected to trade higher it is likely this sideways to somewhat lower chop will continue in the feeder cattle market.

LEAN HOGS:

Following Tuesday's dive lower, the lean hog contracts have found some technical support in Wednesday's market. Unfortunately it's likely the support won't go that far as both cash prices and pork cutout values are lower -- but at this point any support is support. October lean hogs are up $0.62 at $81.35, December lean hogs are up $0.52 at $71.45 and February lean hogs are up $0.30 at $74.30. The projected CME Lean Hog Index for 8/18/2026 is down $0.82 at $93.96 and the actual index for 8/17/2026 is down $0.69 at $94.78. Hog prices are lower on the Daily Direct Afternoon Hog Report, down $2.13 with a weighted average price of $92.24, ranging from $90.00 to $94.00 on 3,510 head and a five-day rolling average of $93.07. Pork cutouts total 190.93 loads with 168.48 loads of pork cuts and 22.44 loads of trim. Pork cutout values: down $0.76, $98.36.