Wednesday Closing Livestock Market Update - Cattle Rally Thanks to Trader Support

GENERAL COMMENTS:

The livestock complex ended the day mixed with the cattle contracts ending the day higher while the lean hog contracts closed lower. Some light cash cattle trade again developed in the North, but not enough cattle have traded to say that any sort of a trend has been established yet for the week. December corn is down 21 1/4 cents per bushel and December soybean meal is down $2.10. The Dow Jones Industrial Average is down 443.87 points and the NASDAQ is up 63.52 points.

LIVE CATTLE:

Trader support remained ample through Wednesday's close as traders continue to be hopeful that fundamental support will arise later this week and lend the market the extra shot of encouragement that it needs. October live cattle closed $1.45 higher at $218.67, December live cattle closed $1.90 higher at $222.70 and February live cattle closed $2.15 higher at $225.07. Throughout the day some light trade developed in the North again at mostly $350 -- but the trade was extremely light so it's too early to say that any sort of a trend has been established for the week. Asking prices are noted in the North at $360, but are not yet established in the South. 

Wednesday's slaughter is estimated at 98,000 head -- 4,000 head more than a week ago and 19,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $0.13 ($382.79) and select down $3.89 ($360.59) with a movement of 108 loads (55.61 loads of choice, 13.16 loads of select, 11.86 loads of trim and 27.62 loads of ground beef).

THURSDAY'S CATTLE CALL: Higher. Given that last week's trade was light and that the board is supportive, it's likely that feedlot managers will be able to at least hold the market steady, if not push it a tick higher.

FEEDER CATTLE:

The feeder cattle complex was also able to maintain its rally through the day -- feeling well supported by traders and the uptick in the live cattle complex. The spot November contract is nearing resistance at its 100-day moving average, which will likely require support like what the market saw today in order to conquer. October feeders closed $2.77 higher a $336.42, November feeders closed $3.40 higher at $334.30 and January feeders closed $4.27 higher at $327.67. At Bassett Livestock Auction in Bassett, Nebraska compared to the last sale two weeks ago, there was only a limited number of steers weighing 1,000 to 1,050 pounds but they traded $2.00 to $11.00 higher, while those weighing 950 pounds to 1,000 pounds sold $3.00 to $6.00 lower. Feeder cattle supply over 600 pounds was 100%. The CME feeder cattle index 9/29/2026: up $0.26, $338.03.

LEAN HOGS:

With trader support null and pork cutout values closing lower yet again, the lean hog contracts ended the day lower. October lean hogs closed $0.65 lower at $78.72, December lean hogs closed $0.27 lower at $69.42 and February lean hogs closed $0.45 lower at $70.17. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.02 with a weighted average price of $77.72 on 3,583 head. Pork cutouts total 354.81 loads with 313.84 loads of pork cuts and 40.97 loads of trim. Pork cutout values: down $2.82, $84.95. Wednesday's slaughter is estimated at 486,000 head -- steady with a week ago and 3,000 head more than a year ago. The CME lean hog index 9/28/2026: down $0.27, $80.94.

THURSDAY'S HOG CALL: Lower. At this point it's likely that packers have the vast majority of their needs already out of the cash market. 

Wednesday Midday Livestock Market Summary - Cattle Scale Higher While Hogs Dip Lower

GENERAL COMMENTS:

The livestock complex is again trading mixed as traders are helping drive the cattle contracts higher, but the lean hog contracts are trading lower. Bids have surfaced in Nebraska at $345, but given that asking prices are noted at $360, it's unlikely that trade will develop soon. December corn is down 20 1/2 cents per bushel and December soybean meal is down $0.10. The Dow Jones Industrial Average is down 52.32 points and NASDAQ is up 254.77 points.

LIVE CATTLE:

Even though midday boxed beef prices are mixed and we've yet to see much trade in the fed cash cattle market, the live cattle contracts are trading higher into Wednesday's noon hour. October live cattle are up $2.22 at $219.45, December live cattle are up $2.45 at $223.25 and February live cattle are up $2.52 at $225.45. Still no new trade has developed in the fed cash cattle market, but some early bids and asking prices have surfaced ahead of Wednesday's noon hour. Asking prices are noted in eastern Nebraska at $360, and some bids have also surfaced in Nebraska at $345. But given that there's quite a difference between the two prices, it's likely that trade will be delayed until later in the week.

Boxed beef prices are mixed: choice up $0.01 ($382.67) and select down $2.41 ($362.07) with a movement of 70 loads (37.07 loads of choice, 7.15 loads of select, 7.64 loads of trim and 18.41 loads of ground beef).

FEEDER CATTLE:

Thankfully with the added support of the live cattle contracts trading higher, the feeder cattle contracts are also pushing a substantial $4.00 rally into Wednesday's noon hour. October feeders are up $3.55 at $337.20, November feeders are up $4.00 at $334.90 and January feeders are up $4.65 at $328.05. Given that the board's support is significant, it's likely that feeder cattle prices may even see a tick more support from buyers Wednesday.

LEAN HOGS :

Meanwhile the lean hog complex continues to be stuck in a sideways, choppy trading range as traders aren't seeing enough support. And with midday pork cutout values lower, it's likely that this lower trend will be kept through the afternoon. October lean hogs are down $0.42 at $78.95, December lean hogs are down $0.15 at $69.55 and February lean hogs are down $0.32 at $70.30. The projected lean hog index for 9/29/2026 is up $0.01 at $80.95 and the actual index for 9/28/2026 is down $0.27 at $80.94. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.55 with a weighted average price of $77.46, ranging from $69.00 to $79.00 on 1,908 head and a five-day rolling average of $78.10. Pork cutouts totaled 177.49 loads with 153.61 loads of pork cuts and 23.88 loads of trim. Pork cutout values: down $0.28, $87.49. 

Wednesday Morning Livestock Market Update - Cash Cattle May Trade Higher This Week

GENERAL COMMENTS:

Live cattle traders played a tug-of-war on Tuesday, with the end result being futures showed little change. Feeder cattle showed significant volatility and posted triple-digit gains. With boxed beef prices stronger this week, traders think cash prices may turn out better than previously thought. Packers seem to show a willingness to obtain some cattle at least at steady money, if not higher, as they have already tipped their hand with early bids. Usually, they wait until later in the week. Boxed beef prices jumped on Tuesday, with choice up $2.18 and select up $6.25. Feedlots may gain the confidence to hold for more money this week due to stronger beef prices.

Hog futures found strength likely from short-covering after four days of weakness. Support held in the October and December contracts while later contracts initially made new lows before reversing to trade higher. The strength was not fundamentally driven, as cash and cutouts remain unable to find solid support. Packers were aggressive with their hog purchases on Tuesday; unfortunately, the National Daily Direct Afternoon Hog report showed a decline of $0.48. Pork cutouts slipped $0.03. Packers have no difficulty finding sufficient hogs to maintain the higher slaughter pace. Hog weights continue to increase with a gain of 1 pound to an average of 286.9 pounds.

	BULL SIDE		BEAR SIDE
1)	Packers seem to be somewhat anxious to purchase cattle this week, as they already posted bids. They may be short bought.	1)	Cattle futures have been unable to break out above technical resistance. This may limit gains and impact packer bids.
2)	Even steady cash cattle this week should support futures as they hold a discount to cash.	2)	A sharp rise in boxed beef prices may be met with consumer resistance as they continue to face higher food and fuel prices.
3)	Hog futures rebounded on short-covering, which may continue Wednesday as the market follows through to the upside.	3)	Weekly hog weights increased by one pound to average 286.9 pounds. This is just 0.1 pound below a year ago.
4)	The hog slaughter pace remains strong as packers continue to process hogs to meet demand. This may eventually tighten supplies.	4)	Pork cutouts remain unable to find solid support. Demand is good, but hog supplies are plentiful.

Tuesday Closing Livestock Market Update - Mixed Tones Follow the Livestock Complex

GENERAL COMMENTS:

Mixed tones ran throughout the livestock complex through Tuesday's close as traders continue to yearn for stronger fundamental support. Bids of $350 were offered throughout the day in Nebraska but no cattle traded. December corn is down 1 cent per bushel and December soybean meal is down $0.40. The Dow Jones Industrial Average is down 131.59 points and NASDAQ is down 22.84 points.

LIVE CATTLE:

The live cattle complex ended the day mixed as the market's nearby contracts ended slightly lower, but the deferred contracts were still able to end the day a touch higher. More than anything traders need and want to see greater fundamental support before they'll likely allow the contracts to trade any higher. October live cattle closed $0.22 lower at $217.22, December live cattle closed steady at $220.80 and February live cattle closed $0.02 lower at $222.92. Throughout the day bids of $350 were offered in Nebraska – but no cattle traded. It is interesting to noted, however, that bids surfaced as early as Tuesday. That could indicate that following last week's light trade that packers are shorter bought that what they're necessarily comfortable with. Still, asking prices remain elusive and trade isn't expected to develop until later in the week. 

Tuesday's slaughter is estimated at 108,000 head – 8,000 head more than a week ago and 12,000 head less than a year ago.

Boxed beef prices closed higher: choice up $2.18 ($382.66) and select up $6.25 ($364.48) with a movement of 112 loads (71.73 loads of choice, 8.25 loads of select, 12.53 loads of trim and 19.24 loads of ground beef).

WEDNEDSAY'S CATTLE CALL: Higher. Given that bids have already developed this week, it leads one to believe that packers are short bought and in need of more cattle.

FEEDER CATTLE:

Although the live cattle complex saw some push back in its nearby contracts, the feeder cattle complex was able to keep with it's moderate rally through the day's end. If the contracts continue with their mild upward trend, at some point the market's nearing resistance at the 100-day moving average is going to pose some resistance pressure. October feeder cattle closed $1.75 higher at $333.65, November feeder cattle closed $1.62 higher at $330.90 and January feeder cattle closed $1.42 higher at $323.40. At Oklahoma National Stockyards in Oklahoma City, Oklahoma compared to last week feeder steers traded mostly steady to $3.00 lower. Feeder heifers sold unevenly steady. Demand was noted as good for feeder cattle. Steer calves traded $5.00 to $15.00 lower and heifer calves sold $2.00 to $8.00 lower. Feeder cattle supply over 600 pounds was 63%. The CME feeder cattle index 9/28/2026: down $0.20, $337.77.

LEAN HOGS:

Although pork cutout values closed the day a touch softer, traders still allowed the contracts to rally through the day's end and keep within the market's sideways trading range. October lean hogs closed $1.12 higher at $79.37, December lean hogs closed $1.30 higher at $69.70 and February lean hogs closed $1.25 higher at $70.62. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.48 with a weighted average price of $78.74 on 12,715 head. Pork cutouts totaled 327.13 loads with 300.88 loads of pork cuts and 26.24 loads of trim. Pork cutout values: down $0.03, $87.77. Tuesday's slaughter is estimated at 493,000 head – 11,000 head more than a week ago and 17,000 head more than a year ago. The CME lean hog index 9/25/2026: down $0.55, $81.21.

WEDNESDAY'S HOG CALL: Lower. Given that packers bought over 12,000 in Tuesday's market likely means that they won't have to participate much in the cash market for the remainder of the week. 

Tuesday Midday Livestock Market Summary - Traders Help Drive Contracts Higher

GENERAL COMMENTS:

The livestock complex is trading mostly higher into Tuesday's noon hour as traders remain hopeful that fundamental support will arise later in the week. Currently there's a single bid on the table at $350 in Nebraska, but still no cattle have traded yet. December corn is down 1 1/2 cents per bushel and December soybean meal is up $1.80. The Dow Jones Industrial Average is down 292.71 points and NASDAQ is down 27.65 points.

LIVE CATTLE:

The live cattle complex is keeping within its current sideways chop, thankfully trading higher following Monday's lower close, but unwilling to break outside of the market comfortable current trading range. October live cattle are up $1.32 at $218.77, December live cattle are up $1.25 at $222.05 and February live cattle are up $1.17 at $224.27. No trade has developed yet in the fed cash cattle complex, but a single bid is currently being offered in Nebraska at $350 by a regional packer. It's early for any bids to have surfaced already, which could indicate that packers are short bought after only lightly participating in last week's trade. No asking prices have surfaced yet.

Boxed beef prices are higher: choice up $2.80 ($383.28) and select up $4.18 ($362.41) with a movement of 63 loads (35.91 loads of choice, 4.44 loads of select, 10.42 loads of trim and 11.80 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading higher – hoping that fundamental support will arise later this week and continue to allow the contracts to scale higher. October feeders are up $1.60 at $333.50, November feeders are up $1.87 at $331.12 and January feeders are up $1.85 at $323.82. The market is nearing resistance at its 100-dya moving average, which traders will obviously need unwavering support to conquer that threshold.

LEAN HOGS :

The lean hog complex is trading higher following Monday's lower close likely because of the slight uptick in pork demand and because of continued trader support. October lean hogs are up $0.95 at $79.20, December lean hogs are up $1.30 at $69.70 and February lean hogs are up $1.10 at $70.47. The projected lean hog index for 9/28/2026 is down $0.27 at $80.94 and the actual index for 9/25/2026 is down $0.55 at $81.21. Hog prices on the Daily Direct Morning Hog Report average $78.01, ranging from $78.00 to $78.25 on 7,270 head and a five-day rolling average of $78.47. Pork cutouts total 193.42 loads with 185.33 loads of pork cuts and 8.09 loads of trim. Pork cutout values: up $2.79, $90.59. 

Tuesday Morning Livestock Market Update - Hog Futures May See Some Short-covering

GENERAL COMMENTS:

Early anticipation is for cash cattle to trade steady again this week. It appears that the reduced slaughter of last week, with some disruption due to ICE in Kansas packing plants and uncertainty over further disruption, may keep the packers cautious with purchases this week. The intent of duty-free imports of beef is to lower ground beef prices. However, little impact on retail ground beef prices has been realized. Market uncertainty may have more impact on beef prices, at least at the farm level. Reduced slaughter may increase boxed beef prices and keep retail prices high. Boxed beef prices were higher on Monday, with choice up $1.65 and select up $2.47.

Hog futures closed with new contract lows. This maintains the market's bearish posture, with lower lows over the past four consecutive trading days. Bottom-picking traders continue to be run over, with stops being hit, resulting in further pressure. The positive aspect of Monday's trade was that cash was higher on the National Daily Direct Afternoon Hog report, posting a gain of $0.54. Pork cutout values were also higher, up $1.06. The only category in cutouts showing a loss was bellies. With the packers aggressive with purchases and only a limited volume of hogs purchased, they should be aggressive today.

	BULL SIDE		BEAR SIDE
1)	If cash cattle trade steady this week, live cattle futures should reduce some of the discount to cash they currently hold.	1)	Live cattle futures have been unable to break out of their recent sideways trading pattern. Traders could liquidate recent long positions in case of further negative news.
2)	Higher boxed beef prices may increase the packers' desire to purchase cattle and increase slaughter.	2)	Feeder cattle continue to see some weakness at auctions as buyers remain less aggressive due to market uncertainty.
3)	Hog futures have had four consecutive days of weakness. This may trigger short covering as traders may not want to push futures much lower.	3)	New contract lows in hog futures on Monday do not bode well for the market. The path of least resistance is down.
4)	High cash hogs on Monday with limited purchases may result in further aggressiveness today as the packers need to maintain the higher slaughter pace.	4)	Traders continue to implement short-term trades to attempt to take a profit and have little interest in establishing long-term positions.

Monday Closing Livestock Market Update - Traders Remain Cautious When Handling Contracts

GENERAL COMMENTS:

The livestock complex ended the day lower as traders remain on edge, needing more market support before they'll likely push the contracts higher. New showlists for the week are lower in Texas and Kansas, but higher in Nebraska. December corn is down 5 1/4 cents per bushel and December soybean meal is down $11.6h. The Dow Jones Industrial Average is down 347.11 points and the NASDAQ is down 248.34 points.

LIVE CATTLE:

Without knowing exactly what's to come next in this week's trade, traders elected to play it safe through Monday's market and merely let the contracts chop sideways through Monday's close. October live cattle closed $1.42 lower at $217.45, December live cattle closed $1.35 lower at $220.80 and February live cattle closed $1.35 lower at $222.95. No bids or asking prices have been established yet this week, and it's likely that the week's trade will be delayed until later in the week. New showlists for the week are lower in Texas and Kansas, but higher in Nebraska. Monday's slaughter is estimated at 95,000 head -- 10,000 head less than a week ago and 17,000 head less than a year ago.

Last week Southern live cattle traded at mostly $222, which is steady with the previous week's weighted average and Northern dressed cattle traded at mostly $345 to $350, which is steady to $5.00 lower than the previous week's weighted average.

Boxed beef prices closed higher: choice up $1.65 ($380.48) and select up $2.47 ($358.23) with a movement of 105 loads (66.96 loads of choice, 12.10 loads of select, 13.43 loads of trim and 12.77 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady. Given that last week's trade was light, packers may need to be more aggressive this week.

FEEDER CATTLE:

And without the support of the live cattle complex, and upon seeing some sales trade in sale barns, the feeder cattle contracts were also pressured to end the day lower. October feeders closed $3.02 lower at $331.90, November feeders closed $2.70 lower at $329.27 and January feeders closed $2.37 lower at $321.97. At the Joplin Regional Stockyards in Carthage, Missouri, compared to last week and at their mid-session point, feeder steers under 700 pounds were trading steady to $5.00 lower with the exception of five-weight steers were trading $5.00 to $20.00 lower. Steers over 700 pounds were trading steady to $6.00 higher. Feeder heifers were selling steady to $10.00 lower. The CME feeder cattle index 9/25/2026: down $1.00, $337.79.

LEAN HOGS:

The lean hog complex kept with its recent downward trend as traders simply aren't confident that today's slight uptick in consumer demand is enough to really justify trading the contracts higher. If consumer demand remains strong throughout the week, then there's a chance that the board may trade higher, but it will take some due time. October lean hogs closed $0.02 higher at $78.25, December lean hogs closed $0.62 lower at $68.30 and February lean hogs closed $0.95 lower at $69.37. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.54 with a weighted average price of $79.22 on 426 head. Pork cutouts totaled 283.19 loads, with 256.08 loads of pork cuts and 27.11 loads of trim. Pork cutout value: up $1.06, at $87.80. Monday's slaughter is estimated at 491,000 head -- up 26,000 head from last week and up 3,000 head from a year ago. The CME lean hog index 9/24/2026: down $0.44, $81.76.

TUESDAY'S HOG CALL: Higher. Packers' interest in Monday's cash market was minimal, which could lead to greater interest on Tuesday.

Monday Midday Livestock Market Summary - Weaker Tones Take Over the Complex

GENERAL COMMENTS:

Thus far, it's been a rather uneventful start to the week as traders are letting the livestock contracts drift lower into midday Monday. New showlists for the week are lower in Texas and Kansas, but higher in Nebraska. December corn is down 6 cents per bushel and December soybean meal is down $10.10. The Dow Jones Industrial Average is down 194.17 points and the NASDAQ is down 129.23 points.

LIVE CATTLE:

Without having great confidence in whether or not fundamental support will arise this week, traders are merely letting the live cattle contracts chop sideways into midday Monday. October live cattle are down $0.75 at $218.12, December live cattle are down $1.25 at $220.90 and February live cattle are down $1.02 at $223.27. Currently, the spot December live cattle contract is hovering above its 40-day moving average, but in order for the market to maintain its position above that threshold, it will be imperative that fundamental support arises sometime this week. The cash cattle market remains quiet at midday Monday. No bids or asking prices have been established yet this week. New showlists for the week are lower in Texas and Kansas, but higher in Nebraska. Trade will likely be delayed until the later half of the week again.

Boxed beef prices are higher: choice up $2.71 ($381.54) and select up $1.86 ($357.62) with a movement of 46 loads (24.92 loads of choice, 7.79 loads of select, 7.95 loads of trim and 5.33 loads of ground beef).

FEEDER CATTLE:

And in keeping with the live cattle complex, the feeder cattle contracts are also trading lower. October feeders down $2.22 at $332.70, November feeders down $1.82 at $330.15 and January feeders down $1.17 at $323.17. October is commonly known as "dead calf month" as the seasonal weather changes impose immense stress on freshly weaned calves. It's common that these unweaned calves will see a discount at sale barns as buyers know that their risk is high on those purchases.

LEAN HOGS :

And the lean hog complex is keeping with its uneventful, bleak tone as again today its contracts are trading lower. October lean hogs are up $0.47 at $78.70, December lean hogs are down $0.17 at $68.85 and February lean hogs are down $0.30 at $70.02. And until traders see a noticeable change in consumer demand, it's likely that the complex may merely chop sideways. The projected lean hog index for 9/25/2026 is down $0.55 at $81.21, and the actual index for 9/24/2026 is down $0.44 at $81.76. Hog prices are unavailable on the Daily Direct Morning Hog report because of confidentiality. However, we can see that only 306 head have traded and that the market's five-day rolling average now sits at $79.72. Pork cutouts total 139.40 loads, with 129.70 loads of pork cuts and 9.70 loads of trim. Pork cutout values: up $0.52, $87.26.

Monday Morning Livestock Market Update - There is Little to Generate Strong Price Movement

GENERAL COMMENTS:

Cash cattle trade was limited before the market close. The cattle that had been traded were traded at steady money. Later trade showed some weakness, with live cattle sales in the North at $1.00 lower and dressed sales as much as $5.00 lower. Some of this had to do with the ICE enforcement action in Kansas packing plants that disrupted slaughter. According to USDA's daily slaughter reports, fed-cattle slaughter was down nearly 9% on Wednesday and 16% on Thursday. It is difficult to say whether this will be made up this week or if it will just be business as usual without much effort made to regain the losses under current fundamentals. Boxed beef prices were higher on Friday, with choice up $2.71 and select up $3.66. The Commitment of Traders report showed fund traders adding 1,394 live cattle futures contracts, bringing their net long position to 49,090. They increased their long position in feeder cattle by 794 contracts to a net long position of 8,005 contracts.

Hog futures could not find support during the second half of the week as futures lost the gains early in the week. Traders could not find anything bullish to increase their desire to buy the weakness. Pork cutouts were up $0.64, but that may not be sufficient to generate buyer interest to begin the week. The National Daily Direct Afternoon Hog report showed cash down $0.27. Fundamental support is limited, with a friendly Hogs & Pigs report last week failing to generate any desire to establish long-term positions in the market. The Commitment of Traders report showed fund traders as net sellers of 4,372 futures contracts, reducing their net short positions to 42,140.

	BULL SIDE		BEAR SIDE
1)	The packers in Kansas may make up for their reduced slaughter pace last week as a result of the ICE raids.	1)	Cash weakness is likely to keep the upside in cattle futures limited. The packers are monitoring the recent ICE situation in Kansas.
2)	Cattle futures seem to be finding support as traders anticipate cattle prices to hold.	2)	Cattle futures had a chart gap below the market that may be filled sooner rather than later.
3)	Hog slaughter continues to remain strong, indicating there is good demand, or packers would not maintain the increased slaughter pace.	3)	Hog futures are struggling to find support. It is difficult to say whether contract lows will hold.
4)	Technical buying may increase as hog futures retest support.	4)	Traders continue to implement short-term trades to attempt to take a profit and have little interest in establishing long-term positions.

Friday Closing Livestock Market Update - Fed Cash Cattle Market Continues to Hold Out

GENERAL COMMENTS:

All in all it was a quiet day for the livestock complex as the market still hasn't traded any sizeable volume yet in the fed cash cattle market. Thankfully the cattle contracts were able to keep their stronger position through the day's end even without knowing what the cash market was going to do this week. December corn is up 3/4 cent per bushel and December soybean meal is down $1.40. The Dow Jones Industrial Average is up 511.74 points and NASDAQ is up 157.80 points.

From Friday to Friday livestock futures scored the following changes: October live cattle up $2.95, December live cattle up $5.53; October feeder cattle up $1.35, November feeder cattle up $13.98; October lean hogs up $0.13, December lean hogs up $0.48; December corn up $0.01, March corn steady.

LIVE CATTLE:

With no strong developments surfacing in the fed cash cattle market, the live cattle contracts kept their mild advancement through the day's end, but not much more needs to be said as it was a rather uneventful day. October live cattle closed $0.20 lower at $218.87, December live cattle closed $1.05 higher at $222.15 and February live cattle closed $1.42 higher at $224.30. At the time of this writing, only a handful of cattle had sold earlier in the week in the North at $350 which is fully steady with the previous week's weighted average, but no Southern trade has developed. It's anyone's guess how this week's trade could shake out as initially it was assumed that the market would at least trade steady to somewhat higher, but with the production ramifications of the ICE raids in Kansas, packer demand may not be as strong.

Friday's slaughter is estimated at 87,000 head – 14,000 head less than a week ago and 4,000 head less than a year ago. Saturday's slaughter is projected to be around 8,000 head. The week's total slaughter is estimated at 484,000 head – 45,000 head less than a week ago and 74,000 head less than a year ago.

Boxed beef prices closed higher: choice up $2.71 ($378.83) and select up $3.66 ($355.76) with a movement of 112 loads (75.57 loads of choice, 6.68 loads of select, 7.76 loads of trim and 21.68 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Before we can speculate what next week's trade could amount to, we need to see what's accomplished in this week's trade.

FEEDER CATTLE:

Thanks to the continued support of buyers in the countryside, and the fact that the live cattle contracts closed higher – the feeder cattle contracts were able to keep their elevated position through Friday's close. October feeders closed $3.17 higher at $334.92, November feeders closed $3.90 higher at $331.97 and January feeders closed $3.70 higher at $325.35. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers traded steady to $3.00 lower, and feeder heifers traded $4.00 to $8.00 lower. Steer calves sold $5.00 to $10.00 higher and heifer calves sold unevenly steady. Slaughter cows traded $6.00 to $7.00 lower and lean cows traded $1.00 lower. Slaughter bulls sold $5.00 lower. Feeder cattle supply over 600 pound was 57%. The CME feeder cattle index 9/24/2026: up $1.72, $338.79.

LEAN HOGS:

Although pork cutout values may have closed a tick higher – traders deemed it too little of support, too late in the week to really do anything supportive for the market ahead of today's close. October lean hogs closed $0.97 lower at $78.22, December lean hogs closed $0.45 lower at $69.02 and February lean hogs closed $0.52 lower at $70.32. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.27 with a weighted average price of $78.68 on 1,272 head. Pork cutouts totaled 273.65 load with 234.41 loads of pork cuts and 39.24 loads of trim. Pork cutout values: up $0.64, $86.74. Friday's slaughter is estimated at 485,000 head – 8,000 head more than a week ago and 20,000 head more than a year ago. Saturday's slaughter is projected to be around 145,000 head. The CME lean hog index 9/23/2026: down $0.27, $82.20.

MONDAY'S HOG CALL: Lower. Packers rarely support the cash hog market on Monday's. 

Friday Midday Livestock Market Summary - Traders Continue to Yearn for Greater Fundamental Support

GENERAL COMMENTS:

The livestock complex continues to trade mixed as traders seek greater fundamental support in Friday's trade. Some light interest has developed in the cash market, but still no new sales have developed. December corn is down 1 1/2 cents per bushel and December soybean meal is down $2.40.

The Dow Jones Industrial Average is up 413.70 points and NASDAQ is up 137.50 points

LIVE CATTLE:

The live cattle complex is on pins and needles -- waiting to see what develops in this week's fed cash cattle market. Traders remain hopeful that given that trade has waited to develop until late in the week that there's a chance that price could be higher, if not at least steady -- but as always, time will tell. October live cattle are down $0.27 at $218.80, December live cattle are up $0.40 at $221.52 and February live cattle are up $0.75 at $223.62. Some light interest has developed in the fed cash cattle market, but no new trade has developed yet today. Heading into Friday's noon hour, bids of $220 are on the table in both Texas and Kansas, and bids of $345 have been renewed in Nebraska. Trade could cut loose and begin to develop at any minute. Asking prices are noted in the South at $228.

Boxed beef prices are higher: choice up $1.97 ($378.09) and select up $3.15 ($355.25) with a movement of 73 loads (47.79 loads of choice, 3.79 loads of select, 4.77 loads of trim and 16.85 loads of ground beef).

FEEDER CATTLE:

While the live cattle complex chops mildly higher, the feeder cattle complex is stepping into Friday's noon hour with more confidence as the contracts are currently supporting a $2.00 to $3.00 advancement. Demand has been both strong and stable in the countryside this week for feeder cattle and calves, and traders continue to hope that the fed cash cattle market will trade cattle higher this week too -- which would just be the icing on the cake for a strong week in the cattle sector. October feeder cattle are up $2.32 at $334.07, November feeders are up $3.05 at $331.12 and January feeders are up $2.87 at $323.52.

LEAN HOGS :

Without enough fundamental support, traders have merely decided that their safest option is to allow the contracts to drift lower into Friday's afternoon. October lean hogs are down $0.52 at $78.67, December lean hogs are down $0.52 at $68.95 and February lean hogs are down $0.32 at $70.52.

The projected lean hog index for 9/24/2026 is down $0.44 at $81.76 and the actual index for 9/23/2026 is down $0.27 at $82.20. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.18 with a weighted average price of $79.19, ranging from $78.00 to $84.00 on 961 head and a five-day rolling average of $79.84. Pork cutouts total 179.33 loads with 153.68 loads of pork cuts and 25.66 loads of trim. Pork cutout values: down $0.21, $85.89. 

Friday Morning Livestock Market Update - Short-covering Likely Ahead of the Weekend

GENERAL COMMENTS:

Live cattle futures showed pressure on Thursday as the market continued its one-day up and one-day down pattern. The cash market saw limited trade on Thursday following the lead of steady cash, which developed on Wednesday. Feedlots hoped to see stronger boxed beef prices and higher futures to provide leverage on the packers, but that has not been the case. The packers are unlikely to bid up for cattle due to the weakness of boxed beef and light cash trade already having developed at steady cash with last week. Boxed beef prices were lower on Thursday, with choice down $1.19 and select down $0.24. The packers continue to reduce slaughter in the hopes of improving margins. Feeder cattle futures were lower, but held up considerably well with a higher high and higher low despite the weakness.

Hog futures closed the chart gap with ease and may retest last week's lows on a technical basis. However, support may be found from a bullish Quarterly Hogs & Pigs report. All hogs on September 1st were 2% lower than a year ago. Hogs kept for breeding were down 1%, and hogs kept for marketing were down 2% from a year ago. Each weight category was 2% lower than a year ago. Farrowing intentions were also 2% to 3% lower. The June through August pig crop was 2% lower. It has been some time since we have seen lower numbers in all categories. However, offsetting that is the continued weakness of cash and cutouts. The National Daily Direct Afternoon Hog report showed cash down $0.70. Pork cutout values declined $0.72.

	BULL SIDE		BEAR SIDE
1)	Steady cash cattle prices this week should provide support to the market.	1)	Boxed beef prices have been under pressure much of the week. Beef demand is slower than anticipated. Futures may have difficulty finding support.
2)	The recent pattern of choppiness should continue with traders likely short-covering ahead of the weekend.	2)	Beef export sales totaled 9,400 MT and were 34% lower than the previous week.
3)	Pork export sales totaled 35,300 MT and were 17% higher than the previous week.	3)	Hog fundamentals are not supportive, as both cash and cutouts continue to show weakness.
4)	Hog futures have a chart gap remaining above the market from last week that may be filled.	4)	The packers continue to see a plentiful supply of market-ready hogs at higher weights, leaving them less aggressive.

Thursday Closing Livestock Market Update - Weaker Tones Take Over the Complex

GENERAL COMMENTS:

The livestock complex ended the day mostly lower as the cattle contracts grew anxious waiting for cash trade to develop, and the lean hog complex grew nervous waiting for the afternoon's Quarterly Hogs and Pigs report to be published. Bids of $350 were offered throughout the day but no large volumes sold. December corn is down 1 1/2 cents per bushel and December soybean meal is up $1.80. The Dow Jones Industrial Average is down 161.61 points and the NASDAQ is up 3.33 points.

LIVE CATTLE:

The live cattle complex tried to hold its position but without seeing immediate support from this week's fed cash cattle market, the nearby contracts ended the day lower, but some of the deferred months were able to hang onto their stronger position. October live cattle closed $1.85 lower at $219.07, December live cattle closed $1.25 lower at $221.10 and February live cattle closed $0.77 lower at $222.87. Bids of $350 were offered throughout the day, and some light trade was again noted in Nebraska at that price, but no large volumes have traded yet. With feedlot managers hoping to see the market advance this week -- they're trying to hold out and hope that packer interest improves on Friday. 

Thursday's slaughter is estimated at 90,000 head -- 17,000 head less than a week ago and 25,000 head less than a year ago.

Boxed beef prices closed lower: choice down $1.19 ($376.12) and select down $0.24 ($352.10) with a movement of 116 loads (79.03 loads of choice, 13.88 loads of select, 5.43 loads of trim and 18.08 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady to somewhat higher. Given that we've already seen some light trade at steady prices, it's mostly likely that when trade does develop on Friday it's either at steady money if not a tick higher.

FEEDER CATTLE:

Try as it might, the feeder cattle complex wasn't able to hold its elevated position through Thursday's end without the support of seeing the live cattle contracts trade higher too. October live cattle closed $1.57 lower at $331.75, November feeders closed $1.42 lower at $328.07 and January feeders closed $1.02 lower at $320.65. At Torrington Livestock Auction in Torrington, Wyoming, compared to last week, feeder steers and heifers traded $2.00 to $6.00 higher. Steer calves sold $3.00 to $12.00 higher with instances up to $20.00 higher and heifer calves sold $2.00 to $7.00 higher. The CME feeder cattle index 9/23/2025: up $0.09, $337.07.

LEAN HOGS:

Ahead of seeing Thursday's Quarterly Hogs and Pigs report, the lean hog complex ended the day lower, but there's a chance that the market may trade higher into Friday's open given that the report was mostly supportive. October lean hogs closed $0.67 lower at $79.20, December lean hogs closed $0.85 lower at $69.47 and February lean hogs closed $1.17 lower at $70.85. Unfortunately, until traders see greater consumer support -- it's unlikely that the contracts will trade much higher. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.70 with a weighted average price of $78.95 on 930 head. Pork cutouts total 254.25 loads with 231.27 loads of pork cuts and 22.98 loads of trim. Pork cutout values: down $0.72, $86.10. Thursday's slaughter is estimated at 489,000 head -- 20,000 head more than a week ago and 5,000 head more than a year ago. The CME lean hog index 9/22/2026: down $0.45, $82.47.

FRIDAY'S HOG CALL: Lower. Packers have likely filled most of their cash needs already for the week.

Thursday Midday Livestock Market Update - Mixed Tones Keep with the Complex

GENERAL COMMENTS:

The livestock complex is trading mixed into Wednesday's noon hour with the cattle contracts seeing excellent support -- but the hog contracts are back to trading lower. Bids are currently on the table in Nebraska but no trade has been noted yet. December corn is down 8 1/2 cents per bushel and December soybean meal is down $0.40. The Dow Jones Industrial Average is down 311.06 points and the NASDAQ is down 299.72 points.

LIVE CATTLE:

The live cattle complex is trading mixed into Thursday's noon hour. As traders remain hopeful that fundamental support will shine through the fed cash cattle market later this week, but the nearby contracts are trading lower as traders know better than to count their eggs before they hatch. October 2026 through February 2027 are trading lower, but the rest of the deferred months are all trading higher. October live cattle are down $1.12 at $219.80, December live cattle are down $0.50 at $221.90 and February live cattle are down $0.05 at $223.60. Heading into Thursday's noon hour, the fed cash cattle market still hasn't seen much progress. Currently there are bids being offered again in Nebraska at $350, and a few more sales have been noted at that price, but no large volumes have been traded today. And there's yet to be any developments in the Southern plains. It's looking like the vast majority of the week's trade could be delayed until Friday.

Boxed beef prices are lower: choice down $2.28 ($375.03) and select down $0.05 ($352.29) with a movement of 66 loads (45.98 loads of choice, 8.81 loads of select, zero loads of trim and 10.75 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is trading higher into Thursday's noon hour as demand this week in the countryside has been strong for feeder cattle and calves, and as traders remain hopeful that come later this afternoon or tomorrow the fed cash cattle market could trade higher. October feeders are up $0.47 at $333.80, November feeders are up $0.75 at $330.25 and January feeders are up $1.30 at $322.97. So long as the live cattle complex doesn't turn much lower, it's likely that the feeder cattle contracts may be able to keep their elevated position even though some of the live cattle contracts are trading lower.

LEAN HOGS :

In anxious anticipation ahead of this afternoon's Quarterly Hogs and Pigs Report, the lean hog complex is trading lower into Thursday's noon hour. October lean hogs are down $0.55 at $79.32, December lean hogs are down $0.80 at $69.52 and February lean hogs are down $1.10 at $70.92. And while yes midday pork cutout values are up slightly, it's not enough of an increase to really lend the market much more support. The projected lean hog index for 9/23/2026 is down $0.27 at $82.20 and the actual index for 9/22/2026 is down $0.45 at $82.47. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.32 with a weighted average price of $79.01, ranging from $78.00 to $83.00 on 870 head and a five-day rolling average of $79.93. Pork cutouts total 134.62 loads with 121.29 loads of pork cuts and 13.34 loads of trim. Pork cutout values: up $0.18, $87.00. 

Thursday Morning Livestock Market Update - Mixed Trade For Cattle Futures

GENERAL COMMENTS:

There have been rumors about the potential of banning beef exports to reduce domestic prices. This has been couched in the talk of a ban on diesel and fertilizer exports. None of this has come to fruition, but it provides uncertainty to the market. When the market operates outside fundamentals, it creates uncertainty and volatility. Live cattle futures regained the losses of Tuesday, while feeder cattle regained their losses and then some. The port in Santa Teresa, New Mexico, will reopen for cattle imports today. It is expected that 700 head of cattle will cross into the U.S. Boxed beef prices reversed course on Wednesday, with choice down $1.58 and select down $5.51. Some light cash cattle trade took place on Wednesday at a steady price with last week. Today is the last trading day for September feeder cattle, with October taking over as the lead month.

Hog futures showed further pressure, with contracts closing the chart gaps from earlier in the week. The exception was the February contract, as the gap remains open. The October contract was the only one that closed higher as traders try to keep it in line with cash as it moves closer to expiration. The National Daily Direct Afternoon Hog report was down $0.25 on a moderate hog movement. Pork cutout values declined $1.17. The market is struggling to regain the losses since the beginning of September, but has been unable to find long-term buying interest. Weekly hog weights increased to 286.9 pounds.

	BULL SIDE		BEAR SIDE
1)	Steady cash cattle prices should provide support to futures as they hold a discount.	1)	Cattle futures are expected to remain choppy as uncertainty again dominates the market.
2)	A ban on beef exports is unlikely. If it were to happen, it would be detrimental to trade relationships and likely not reduce domestic prices.	2)	Another port opens to cattle imports from Mexico. This will add more cattle to feedlots.
3)	Hog futures are oversold, and closing the chart gap in tbh February contract could trigger short covering ahead of the weekend.	3)	Weekly hog weights increased 1 pound to average 286.9 pounds. This is just 0.1 pound below a year ago.
4)	Weekly hog weights are near the same level as a year ago when hog prices were higher. Slaughter continues to run higher, indicating good demand.	4)	The February hog contract has yet to fill the lower chart gap. This could be accomplished today.

Wednesday Closing Livestock Market Update - Cattle Rally Aggressively While Hogs Weaken

GENERAL COMMENTS:

The livestock complex ended the day mixed with the cattle contracts able to secure a strong advancement, but meanwhile the lean hog contracts fell lower. Some light cash cattle trade was noted in the North at $350 but not enough cattle have sold to say that an accurate trend has developed yet this week. December corn is down 7 3/4 cents per bushel and December soybean meal is down $0.10. The Dow Jones Industrial Average is down 352.10 points and the NASDAQ is down 308.24 points.

LIVE CATTLE:

It ended up being a fruitful day for the live cattle complex as the market secured another $2.00 to $3.00 rally by Wednesday's close. October live cattle closed $2.15 higher at $220.92, December live cattle closed $2.90 higher at $222.35 and February live cattle closed $3.10 higher at $223.65. Thankfully with today's rally the market was able to maintain its position above its 40-day moving average. Some light dressed cattle sales were noted in Nebraska at $350 which is steady with last week's weighted average but not enough cattle have traded to say that any sort of a trend has been established yet for the week. Packer demand should improve more on Thursday, but with feedlot managers hoping to advance the market again this week -- trade could be delayed until Friday. 

Wednesday's slaughter is estimated at 94,000 head -- 8,000 head less than a week ago and 27,000 head less than a year ago.

Boxed beef prices closed lower: choice down $1.58 ($377.31) and select down $5.51 ($352.34) with a movement of 98 loads (54.12 loads of choice, 14.37 loads of select, 12.26 loads of trim and 17.22 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady to somewhat higher. It's fully assumed that this week's market will trade at least steady, but if the board continues to trade higher there's a chance that prices could also scale higher.

FEEDER CATTLE:

The feeder cattle complex had a robust day with a $6.00 advancement looking almost easy for the market. But between the board's support and stronger demand in the countryside for feeder cattle -- traders had more than enough support to help push the contracts higher. October feeders closed $5.30 higher at $333.32, November feeders closed $6.30 higher at $329.50 and January feeders closed $6.92 higher at $321.67. At Beaver Livestock Auction in Beaver, Oklahoma, compared to last week feeder steers and heifers traded $10.00 to $15.00 higher on better quality. Steer and heifer calves sold $8.00 to $15.00 higher. Demand was strong and quality was good on the day's offering. Feeder cattle supply over 600 pounds was 47%. The CME Feeder Cattle Index 9/22/2026: down $1.76, $336.98.

LEAN HOGS:

The lean hog complex ended the day lower as traders weren't willing to advance the contracts any higher without improved demand. And, with the Quarterly Hogs and Pigs report set to be released on Thursday, that could have pressured the market as well. October lean hogs closed $0.60 higher at $79.87, December lean hogs closed $0.67 lower at $70.32 and February lean hogs closed $0.52 lower at $72.02. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.25 with a weighted average price of $79.65 on 3,843 head. Pork cutouts totaled 322.64 loads with 287.31 loads of pork cuts and 35.34 loads of trim. Pork cutout values: down $1.17, $86.82. Wednesday's slaughter is estimated at 486,000 head -- 2,000 head less than a week ago and steady with a year ago. The CME lean hog index 9/21/2026: down $0.50, $82.92.

THURSDAY'S HOG CALL: Lower. Without seeing an improvement in demand, and with Tuesday's purchase being large in volume, it's likely that packers are mostly done buying in this week's cash market.

Wednesday Midday Livestock Market Summary - Bids are on the table in Nebraska but no cattle have traded yet

GENERAL COMMENTS:

The livestock complex is trading mixed into Wednesday's noon hour with the cattle contracts seeing excellent support -- but the hog contracts are back to trading lower. Bids are currently on the table in Nebraska but no trade has been noted yet. December corn is down 8 1/2 cents per bushel and December soybean meal is down $0.40. The Dow Jones Industrial Average is down 311.06 points and the NASDAQ is down 299.72 points.

LIVE CATTLE:

The live cattle complex may have started the day in question, but as the market nears Wednesday's noon hour, the bullish attitude is alive and well in the complex. October live cattle are up $1.57 at $220.32, December live cattle are up $2.42 at $221.87 and February live cattle are up $2.60 at $223.15. Thankfully today's uptick on the board has the spot December contracts still trading above their 40-day moving average -- which remains a critical threshold to continue to monitor. The cash cattle market remains quiet heading into Wednesday's noon hour, with still no trade having developed. There are currently bids of $223 live and $350 dressed being offered in Nebraska, but with the board trading higher, it's likely that feedlot managers will elect to allow some time to pass in hopes that interest could drive prices even higher. Asking prices remain unestablished still.

Boxed beef prices are lower: choice down $0.39 ($378.50) and select down $4.58 ($353.27) with a movement of 57 loads (30.14 loads of choice, 7.64 loads of select, 9.00 loads of trim and 10.13 loads of ground beef).

FEEDER CATTLE:

And upon seeing the live cattle contracts trading boldly ahead of Wednesday's noon hour, the feeder cattle contracts have jumped into action too -- pushing mostly a $4.00 to $6.00 rally into the day's afternoon. October feeder cattle are up $4.82 at $332.90, November feeders are up $5.85 at $329.05 and January feeders are up $5.95 at $320.70. The strong uptick in the futures market will hopefully keep feeder cattle prices strong in the countryside as well today.

LEAN HOGS :

And unfortunately the same luck in which the cattle contracts are seeing isn't the same for the lean hog complex as its contracts are trading lower. October lean hogs are down $0.12 at $79.40, December lean hogs are down $0.90 at $70.10 and February lean hogs are down $0.57 at $71.97. Some of the market's decline likely stems from the fact that midday pork cutout values are lower, but also from the fact that on Thursday the Quarterly Hogs and Pigs report is set to be released. The projected lean hog index is delayed from the source.

Hog prices are lower on the Daily Direct Morning Hog Report, down $0.59 with a weighted average price of $79.33, ranging from $73.00 to $85.50 on 2,603 head and a five-day rolling average of $79.98. Pork cutouts total 169.23 loads with 150.78 loads of pork cuts and 18.45 loads of trim. Pork cutout values: down $0.81, $87.18.

Wednesday Morning Livestock Market Update - Hog Futures May See Further Strength

GENERAL COMMENTS:

Cattle futures were unable to follow through on Tuesday. This gives the idea that the chart gaps below the market from last week may be closed quickly. Boxed beef prices have been strong the past two days, with choice up $2.54 and select up $2.08. We may be finding support for the time being. The general feeling of the market is that cash will be steady this week, but if higher boxed beef prices result in higher futures, stronger cash is possible. However, the slaughter pace continues to run substantially lower than a year ago, leaving packers in the driver's seat for purchasing cattle.

Hog futures gapped higher in the December and February contracts. It will be interesting to see whether the lower or upper gap is filled first. Chances are it will be the lower one, as both cash and cutouts did not perform well on Tuesday. The National Daily Direct Afternoon Hog report showed a decline of $0.45 with a large volume of hogs purchased. This may leave them less aggressive the rest of the week. Pork cutout values declined $0.92. Hog and cutout prices are low because of the large volume available to the market. The volume exceeds strong demand as hog slaughter continues to run higher than a year ago. It does not appear this will change anytime soon.

	BULL SIDE		BEAR SIDE
1)	Cattle futures have absorbed quite a bit of bearish news and seem to have found support.	1)	Cattle futures could not follow through on the bullish reaction to the Cattle on Feed report. This may limit further gains.
2)	If cash cattle trade steady, futures should find support as they carry a discount to cash.	2)	Heavier cattle continue to remain available to the market, leaving the packers needing fewer cattle to meet demand.
3)	Hog futures have increased over the past two days, likely on aggressive short covering. This may continue today as the market corrects from being oversold.	3)	The December and February hog contracts left a chart gap on Tuesday that will be filled at some time.
4)	A chart gap remains in hog futures above the market that will be filled at some time.	4)	The packers have little reason to be aggressive in the cash market due to the supply of market-ready hogs available.

Tuesday Closing Livestock Market Update - Cattle Lower While Hogs Hold Higher

GENERAL COMMENTS:

The livestock complex ended the day mixed with the cattle contracts closing lower all while the lean hog contracts were able to end the day higher still thanks to trader support. Still no cash cattle trade has developed. December corn is down 6 1/4 cents per bushel and December soybean meal is up $2.30. The Dow Jones Industrial Average is down 185.14 points and NASDAQ is up 122.19 points.

LIVE CATTLE:

All in all it was a quiet and mundane day for the live cattle complex as the contracts gave up most of what Monday's market secured -- unable to keep the market elevated thanks to a lack of immediate fundamental support. October live cattle closed $2.17 lower at $218.77, December live cattle closed $2.55 lower at $219.45 and February live cattle closed $2.55 lower at $220.55. No cash cattle trade developed throughout the day and both bids and asking remains remain elusive at this point as well. It's likely that trade will again be delayed until Thursday or Friday. 

Tuesday's slaughter is estimated at 105,000 head -- 3,000 head less than a week ago and 14,000 head less than a year ago.

Boxed beef prices ended the day higher: choice up $2.54 ($378.89) and select up $2.08 ($357.85) with a movement of 106 loads (83.56 loads of choice, 6.35 loads of select, 4.96 loads of trim and 11.40 loads of ground beef).

WEDNEDSAY'S CATTLE CALL: Steady to somewhat higher. It's assumed that again this week prices will trade at least steady if not a tick higher.

FEEDER CATTLE:

And as to be expected, given that the live cattle contracts closed the day lower, so did the feeder cattle contracts. September feeders closed $0.20 lower at $337.27, October feeders closed $2.22 lower at $328.02 and November feeders closed $2.90 lower at $323.02. At Oklahoma National Stockyards in Oklahoma City, Oklahoma compared to last week feeder steers over 800 pounds sold steady to $4.00 higher but steers under 800 pounds traded steady to $4.00 lower. Feeder heifers sold mostly $1.00 to $5.00 lower. Steer calves over 500 pounds sold steady to $5.00 higher but those under 500 pounds were too lightly tested for an accurate report but weaker tones were noted. Heifer calves over 500 pounds sold steady, but heifers under 500 pounds traded $5.00 to $10.00 lower. Feeder cattle supply over 600 pounds was 65%. The CME feeder cattle index 9/21/2026: down $0.71, $338.74.

LEAN HOGS:

And even with afternoon pork cutout values closing lower, the lean hog contracts still ended the day higher thanks to continued trader support. October lean hogs closed $1.12 higher at $79.27, December lean hogs closed $1.20 higher at $71.00 and February lean hogs closed $1.20 higher at $72.55. Hog prices ended the day lower on the Daily Direct Afternoon Hog Report, down $0.45 with a weighted average price of $79.90 on 14,607 head. Pork cutouts total 298.53 loads with 265.36 loads of pork cuts and 33.17 loads of trim. Pork cutout values: down $0.92, $87.99. Tuesday's slaughter is estimated at 491,000 head -- 3,000 head more than a week ago and 14,000 head more than a year ago. The CME lean hog index 9/18/2026: down $0.60, $83.42.

WEDNESDAY'S HOG CALL: Lower. Packers were far more aggressive in Tuesday's market than they were earlier in the week, which could mean that they don't have to be as aggressive later this week. 

Tuesday Midday Livestock Market Summary - Cattle Contracts Dip Lower as Traders Long for Fundamental Support

GENERAL COMMENTS:

The livestock complex is trading mixed into Tuesday's noon hour as the cattle contracts are back to trading lower, but the lean hog complex continues to push onward. No cash cattle trade has developed yet and no bids or asking prices have been established at this point. December corn is down 3 cents per bushel and December soybean meal is up $4.20. The Dow Jones Industrial Average is down 234.81 points and the NASDAQ is up 54.75 points.

LIVE CATTLE:

Although the market initially opened stronger, a lack of immediate fundamental support has sent the live cattle contracts trading lower into Tuesday's noon hour. It is worth noting that boxed beef prices are higher once again, but there's yet to be any developments in today's fed cash cattle market. Both bids and asking prices remain elusive at this point and it's most likely that the week's trade will be delayed until later in the week. October live cattle are down $2.47 at $218.47, December live cattle are down $2.85 at $219.17 and February live cattle are down $2.55 at $220.55.

Boxed beef prices are higher: choice up $1.98 ($378.33) and select up $2.57 ($358.34) with a movement of 54 loads (42.65 loads of choice, 4.04 loads of select, zero loads of trim and 6.86 loads of ground beef).

FEEDER CATTLE:

And just as one would suspect, if the live cattle contracts are trading lower, you can almost bet on the fact that the feeder cattle contracts are trading lower too. October feeders are down $2.47 at $327.77, November feeders are down $3.02 at $323.07 and January feeders are down $3.15 at $315.00. Demand was still strong in sales on Monday, and if the board's regression doesn't become much sharper, it's likely that sales could remain strong despite the board's slip.

LEAN HOGS :

But while the cattle contracts trade lower, the lean hog complex is continuing to trade higher thanks to continued trader support. Unfortunately the market may be pressured to maintain this momentum as pork cutout values are lower at today's noon hour -- but for the meantime, trader support is sufficient and the contracts are trading higher. October lean hogs are up $1.22 at $79.37, December lean hogs are up $1.52 at $71.32 and February lean hogs are up $1.35 at $72.70. The projected lean hog index for 9/21/2026 is down $0.49 at $82.92 and the actual index for 9/18/2026 is down $0.60 at $83.42.

Hog prices are lower on the Daily Direct Morning Hog Report, down $0.55 with a weighted average price of $79.92, ranging from $73.00 to $84.00 on 10,575 head and a five-day rolling average of $80.78. Pork cutouts total 174.11 loads with 162.33 loads of pork cuts and 11.77 loads of trim. Pork cutout values: down $0.60, $88.31.

Tuesday Morning Livestock Market Update - Follow-through Strength Expected

GENERAL COMMENTS:

Traders reacted to the lower placements on the Cattle on Feed report. Some had thought that higher on-feed numbers and lower marketings would offset lower placements. However, traders generally react based on which side of the estimates the actual numbers fall. The reaction was violent, as futures gapped higher and short covering was triggered. There will likely be follow-through strength today, with prices potentially retesting the recent highs, but caution will be exercised as chart gaps generally are filled. Boxed beef was higher on Monday, with choice up $4.41 and select up $2.51. If the strength of boxed beef continues, a case could be made for higher cash trade this week.

Hog futures seemed to be beneficiaries of the strength in cattle. There was little reason for futures to increase on Monday other than the market being oversold. A higher open and stronger morning pork cutout values added to the support. Pork cutout values finished the day up $1.93. The National Daily Direct Afternoon Hog report did not share the same sentiment as the rest of the complex, with the weighted average price falling $1.41 to $80.35. The upside price potential may be limited unless further support in both cash and cutouts unfolds. The packers are expected to bid higher for hog today, but they are not expected to be aggressive.

	BULL SIDE		BEAR SIDE
1)	Follow-through buying should continue as further margin liquidation may take place. Traders held too many short positions into the report.	1)	There is no indication that packers will aggressively purchase cattle at higher prices just because futures may increase for a few days.
2)	Technical traders may try to push the cattle futures to the previous highs before the current strength runs its course.	2)	The gap left in cattle futures on the opening on Monday may be filled at some point.
3)	Hog futures may have been the recipient of spillover trade with the market now correcting from being oversold.	3)	Cash hogs did not follow the futures higher. The strength may be short-lived if the packers do not need to aggressively purchase hogs.
4)	Hog slaughter remains at a strong pace and higher than a year ago. This indicates demand is good.	4)	The fundamentals lack consistent support, which may limit the upside price potential.

Monday Closing Livestock Market Update - Traders Continue to Support the Complex

GENERAL COMMENTS:

All in all, it was a strong start to the week for the livestock complex as all three of the markets closed higher Monday afternoon. No cash cattle trade has developed yet and both bids and asking prices remain elusive at this point in time. December corn is up 15 1/2 cents per bushel and December soybean meal is up $9.80. The Dow Jones Industrial Average is up 392.14 points and the NASDAQ is up 608.54 points.

LIVE CATTLE:

It was a rallying type of day for the live cattle complex as the market successfully ended the day mostly $5.00 higher. But between noting the fact that feedlot managers were able to hold last week's fed cash cattle trade steady, and the record low number of placements for August on Friday's Cattle on Feed report, traders charged into the new week ready to push the contracts sharply higher. October live cattle closed $5.02 higher at $220.95, December live cattle closed $5.37 higher at $222.00 and February live cattle closed $5.75 higher at $223.10. No cash cattle trade developed throughout the day, and both bids and asking prices remain elusive at this point. Showlists for this week are lighter in Kansas and Nebraska, but larger in Texas. 

Monday's slaughter is estimated at 105,000 head -- 2,000 head more than a week ago and 4,000 head less than a year ago.

Last week Northern dressed cattle traded at mostly $350, which is steady with the previous week's weighted average and Southern live cattle traded at mostly $222, which is also steady with the previous week's weighted average.

Boxed beef prices closed higher: choice up $4.41 ($376.35) and select up $2.51 ($355.77), with a movement of 58 loads (40.11 loads of choice, 7.20 loads of select, 3.01 loads of trim and 7.18 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady to somewhat higher. Given that most of the cattle traded in the North last week were committed for delivery for either this week or next, it leads one to believe that packers are shorter bought than originally thought and that prices may be able to hold steady if not trade a tick higher again this week.

FEEDER CATTLE:

As traders noted in last Friday's Cattle on Feed report, and the sheer fact that August placements were the lowest on record, the feeder cattle complex soared higher throughout all of Monday's trade. September feeders closed $3.90 higher at $337.47, October feeders closed $6.75 higher at $330.25 and November feeders closed $8.10 higher at $326.10. At the Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers under 600 pounds sold $10.00 to $25.00 higher, but the heavier weights traded mostly steady. Feeder heifers under 550 pounds traded $5.00 to $25.00 higher, with the heavier weights trading $10.00 lower to $8.00 higher. Feeder cattle supply over 600 pounds was 74%. The CME feeder cattle index 9/18/2026: down $3.05, $339.45.

LEAN HOGS:

And with the help of stronger pork cutout values and trader support, the lean hog contracts were also able to end the day higher, thanks to a combination of support from both the market's fundamental and technical facets. October lean hogs closed $0.05 higher at $78.15, December lean hogs closed $1.25 higher at $69.80 and February lean hogs closed $1.20 higher at $71.35. Pork cutouts totaled 275.15 loads, with 253.72 loads of pork cuts and 21.43 loads of trim. Pork cutout values: up $1.93, $88.91. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.41 with a weighted average price of $80.35 on 3,091 head. Monday's slaughter is estimated at 493,000 head -- 11,000 head more than a week ago and 9,000 head more than a year ago. The CME lean hog index 9/17/2026: down $1.00, $84.02.

TUESDAY'S HOG CALL: Higher. With pork cutout values higher, there's a chance that the cash market could see more interest on Tuesday.

Monday Midday Livestock Market Summary - Contracts Sharply Higher

GENERAL COMMENTS:

With ample support pouring into the livestock complex, all three of the livestock contracts are trading higher into midday Monday. Showlists for this week are lighter in Kansas and Nebraska, but larger in Texas. December corn is up 14 3/4 cents per bushel and December soybean meal is up $8.70. The Dow Jones Industrial Average is up 323.82 points and the NASDAQ is up 533.08 points.

LIVE CATTLE:

Thanks to the note of lighter placements on Friday's Cattle on Feed report, and to the fact that Southern live cattle were able to trade steady, the live cattle complex is trading robustly higher into midday Monday. October live cattle are up $4.02 at $219.95, December live cattle are up $4.72 at $221.30 and February live cattle are up $5.17 at $222.52.

Last week, Northern dressed cattle traded mostly at $ 350, which is steady with the previous week's weighted average, but Southern live cattle waited until the week's bitter end to trade on Saturday, and we will have to wait until the midmorning USDA reports come out to know what the exact weighted average was, but most trade was marked at $226 in the South, which is steady with the previous week's weighted average as well. No bids or asking prices have surfaced yet this week. Showlists for this week are lighter in Kansas and Nebraska, but larger in Texas.

Boxed beef prices are higher: choice up $5.50 ($377.44) and select up $3.59 ($356.85) with a movement of 27 loads (19.46 loads of choice, 2.87 loads of select, zero loads of trim and 4.93 loads of ground beef).

FEEDER CATTLE:

Traders have taken note of the lower placements on Friday's Cattle on Feed report and have run the feeder cattle contracts sharply higher thus far through Monday's market. September feeders are up $3.42 at $337.00, October feeders are up $6.07 at $329.57 and November feeders are up $7.12 at $325.12. And so long as the live cattle contracts continue to trade higher, it's likely that the feeder cattle contracts will too, as there's ample support available in the market right now.

LEAN HOGS :

Even the lean hog contracts are trading higher into midday Monday as ample support is available throughout the complex right now. October lean hogs are up $0.47 at $78.57, December lean hogs are up $1.42 at $69.97 and February lean hogs are up $1.32 at $71.47. But with the combination of traders' support mixed with the $2.33 advance in morning pork cutout values, the lean hog complex is also being well supported into midday Monday.

The projected lean hog index for 9/18/2026 is down $0.60 at $83.42 and the actual index for 9/17/2026 is down $1.00 at $84.02. Hog prices are lower on the Daily Direct Morning Hog Report, down $1.30 with a weighted average price of $80.47, ranging from $73.00 to $81.50 on 2,931 head and a five-day rolling average of $83.37. Pork cutouts total 169.94 loads, with 153.83 loads of pork cuts and 16.11 loads of trim. Pork cutout values: up $2.33, $89.31.

Monday Morning Livestock Market Update - Cattle Futures Should Rebound

GENERAL COMMENTS:

Cattle futures lost ground during the second half of the week as boxed beef prices struggled and traders positioned ahead of the Cattle on Feed report. The report was released and is considered neutral to bullish. Cattle on feed were at 101% of a year ago. Bear in mind that many of these cattle are at heavier weights than a year ago. Placements were bullish, as they were 91% of a year ago and well under the trade estimate of 96.7%. Marketings were 97% of a year ago and slightly above the estimate of 96.1%. There is some indication that the report is mostly neutral, as the trend of higher weights and lower marketing will offset the lower placement number. Some of that will be true, but on feed and marketed numbers were very near the trade estimates. However, placements were substantially below the trade estimates, which is likely to result in higher trade. Cash cattle trade last week was generally steady and should be considered a victory. Boxed beef prices were mixed, with choice down $0.21 and select up $1.38. The Commitment of Traders report showed the funds as net sellers of 1,209 live cattle futures contracts, reducing their long position to 47,696. Feeder cattle showed they were net sellers of 237 contracts, reducing their long positions to 7,211.

Hog futures closed out a dismal week with an oversold market and new contract lows. The market is unable to find support as cash and cutouts continue to show weakness and the slaughter pace remains strong. The National Daily Direct Afternoon Hog report showed cash down $0.84, with the weighted average down to $81.76. Pork cutout values declined $0.56. It will take a monumental effort for the market to close the chart gaps and regain the losses of the past 1 1/2 weeks. With sufficient hogs readily available to the market, there is little reason for the packers to bid up to purchase them. The Commitment of Traders report showed fund traders as net sellers of 8,134 contracts, increasing their net short position to 37,768.

	BULL SIDE		BEAR SIDE
1)	August placements were significantly under the trade estimates. This will keep supplies tight for some time.	1)	There are more cattle on feed than a year ago, and many of those cattle are at heavier weights.
2)	Steady cash trade should be considered a victory and should provide support due to the futures discount to the market.	2)	Slower marketings will back up cattle in the feedlots, resulting in heavier cattle and more beef tonnage.
3)	Hog futures are oversold, and a market that falls fast tends to bounce back faster.	3)	Hog futures continue to market new contract lows with no support in sight. Bullish traders keep getting stopped out of the market.
4)	A chart gap remains above the market in all contracts. Gaps are generally filled before the contracts go off the board.	4)	Hogs have been unable to find support in cash and cutouts, indicating lackluster demand.