Wednesday Midday Livestock Market Update - Lack of Fundamental Support Keeps Contracts Jittery

GENERAL COMMENTS:

The livestock complex is again trading mixed into Wednesday's noon hour as the cattle futures lack support but the lean hog contracts are chopping sideways thanks to trader support. Bids are on the table in Nebraska and Kansas -- but no new trade has developed in the fed cash cattle market. December corn is up 12 1/4 cents per bushel and December soybean meal is up $7.40. The Dow Jones Industrial Average is down 145.92 points and NASDAQ is down 95.22 points.

LIVE CATTLE:

The live cattle complex is mostly trading lower into Wednesday's noon hour as traders are aware it's unlikely fundamental support is going to arise later this week. With packers now possessing the lion's share of the market's leverage, fed cash cattle prices will likely continue to scale lower for the unforeseeable future; uncertainty surrounding the border reopening causes market anxiousness as well. October live cattle are down $0.75 at $210.20, December live cattle are down $0.22 at $211.95 and February live cattle are down $0.10 at $213.40. Following the movement that transpired in the North on Tuesday at mostly $345 (which is $10.00 lower than the previous week's weighted average), no new trade has developed but bids are on the table. Bids are currently being offered in Kansas at $218 live, and in Nebraska at $218 live and $345 dressed. More trade will need to develop in the South before the week is over, and some more light trade could develop in the North as well.

Boxed beef prices are lower: choice down $1.05 ($387.48) and select down $2.69 ($366.29) with a movement of 63 loads (31.90 loads of choice, 11.86 loads of select, 2.97 loads of trim and 15.84 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts are also trading lower into Wednesday's noon hour as the market isn't finding the support and reassurance it needs. Thus far this week feeder cattle prices have been mostly lower in sale barns across the country and the light test we've seen in the fed cash cattle market has been lower too -- both of which pressure the market to trade lower. September feeders are down $2.80 lower at $316.47, October feeders are down $1.45 at $311.87 and November feeders are down $0.77 at $304.92.

LEAN HOGS:

The lean hog contracts are trading slightly higher into Wednesday's noon hour as traders are merely letting the contracts chop sideways. More than anything, a sideways chop should be expected of the contracts as fundamental support isn't stable enough to justify trading the contracts notably higher. October lean hogs are up $0.10 at $80.55, December lean hogs are up $0.45 at $70.80 and February lean hogs are up $0.27 at $73.45. The projected CME Lean Hog Index for 8/25/2026 is down $0.23 at $92.42, and the actual index for 8/24/2026 is down $0.21 at $92.65. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.27 with a weighted average price of $90.88, ranging from $83.00 to $91.50 on 8,483 head and a five-day rolling average of $91.64. Pork cutouts total 157.90 loads with 139.35 loads of pork cuts and 18.55 loads of trim. Pork cutout values: down $0.75, $96.92.