Wednesday Midday Livestock Market Summary - Early Dressed Sales are Noted at $345

GENERAL COMMENTS:

The livestock complex is trading mixed into Wednesday's noon hour as fundamental support remains in question. Some light cash cattle trade has been noted in parts of Nebraska and Iowa at $345. December corn is up 1 cent per bushel and December soybean meal is up $0.10. The Dow Jones Industrial Average is up 252.65 points and NASDAQ is up 136.15 points.

LIVE CATTLE:

The live cattle complex has traded back and forth throughout this morning's trade but is now trading fully lower into Wednesday's noon hour as the market lacks confidence and enough fundamental support to turn the market's direction around. October live cattle are down $1.57 at $210.50, December live cattle are down $1.02 at $212.35 and February live cattle are down $0.72 at $214.20. Starting this morning, some light cash cattle trade has developed in Iowa and Nebraska at mostly $345, which is steady with last week's weighted average. There's yet to be any trade in the South, but the North has kicked the week off selling cattle at steady prices which is better than what I assumed the week's trend may be. It is worth noting that most of the cattle that have sold this morning have been committed for delivery for the week of September 14th.

Boxed beef prices are mixed: choice up $2.30 ($382.05) and select down $2.81 ($357.64) with a movement of 53 loads (30.82 loads of choice, 6.44 loads of select, 3.26 loads of trim and 12.94 loads of ground beef.)

FEEDER CATTLE:

The feeder cattle complex, on the other hand, is trading mixed as its nearby contracts have continued to follow the live cattle contracts and are trading lower, but the market's deferred contracts are trading higher. September feeders are down $0.70 at $319.65, October feeders are down $0.15 at $315.27 and November feeders are up $0.55 at $309.10. If the fed cash cattle market can hold its trend steady this week -- there may be a chance that feeder cattle prices find a little support as well, but time will tell.

LEAN HOGS :

The lean hog complex is trading mostly higher into Wednesday's noon hour as traders hope that fundamental support will strengthen and allow the contracts to maintain their elevated position. But if pork demand doesn't see constant, steady and stable support from consumers, it's unlikely that traders will push the contracts above the market's current resistance plane at $84 in the spot October contract. October lean hogs are steady at $83.60, December lean hogs are up $0.10 at $74.10 and February lean hogs are up $0.27 at $76.55. The projected lean hog index for 9/1/2026 is up $0.27 at $90.85, and the actual index for 8/31/2026 is down $0.29 at $90.58. Hog prices are higher on the Daily Direct Morning Hog report, up $0.75 with a weighted average price of $90.39, ranging from $84.00 to $96.00 on 1,840 head and a five-day rolling average of $89.67. Pork cutouts total 147.66 loads with 131.36 loads of pork cuts and 16.29 loads of trim. Pork cutout values: down $1.79, $96.11.

Wednesday Morning Livestock Market Update - Feed Costs Are More Than Concerning

GENERAL COMMENTS:

September was the start of the new initiative to import foreign ground beef at discounted rates for the American consumer. The impact of up to 300,000 metric tons hitting our market is still yet to be seen, but the initial shock and selloff seem to have worn off now that September is here. Mexican cattle are now slowly crossing the border, which has also weighed on the market, as we've seen with the weakness in the cash trade. The biggest concern in the market Wednesday is the sharp spike in the cost of feed. Soybean meal and corn have taken off like a rocket, giving way for concern over ration mixes and costs.

Hog futures were mixed Tuesday with deferred months higher than the nearby. The short rally we saw to end August is hitting some headwinds as we kick off September. Slaughter numbers are steady and cash values are higher, but futures need a little boost to continue any upward momentum.

	BULL SIDE		BEAR SIDE
1)	Feed costs will limit finish weights, lowering the overall pounds of product on the market with already tiny herd sizes.	1)	Government programs are being announced with little to no details, such as the heifer retention program U.S. Agriculture Secretary Rollins alluded to Monday. They serve to grow the cattle herd or at least suppress prices with short-term fear.
2)	Cattle futures appear like they have found support regardless of the endless amount of bearish news hitting headlines.	2)	The Mexican border has been open since late August, with more ports expected to open soon, allowing more cattle into the country.
3)	Pork cutout values are bringing strength to futures.	3)	Futures excitement in hogs seem to be short lived despite supportive pork cutout values. Futures still want the market to prove a need for a rally.
4)	Cash values for hogs continue to firm.	4)	The Lean Hog Index was lower at the end of last week.

Tuesday Closing Livestock Market Update - Traders Remain Cautious About Being Overly Supportive

GENERAL COMMENTS:

All in all it was a quiet day throughout the livestock complex with not much developing to push the contracts one way or another. No cash cattle trade developed throughout the day, but asking prices are noted at $225 in the South. December corn is up 8 1/4 cents per bushel and December soybean meal is up $7.30. The Dow Jones Industrial Average is down 419.02 points and NASDAQ is down 271.12 points.

LIVE CATTLE:

Throughout the day the live cattle complex traded lower as the market simply didn't have enough support available to it to safely and confidently trade higher. October live cattle closed $0.60 lower at $212.07, December live cattle closed $1.20 lower at $213.37 and February live cattle closed $1.55 lower at $214.92. No cash cattle trade developed throughout the day, but asking prices were noted in the South at $225. It's likely that trade will be delayed until later in the week and given that packers have secured inventory in recent weeks, it's likely that prices will be steady at absolute best. 

Tuesday's slaughter is estimated at 106,000 head -- 1,000 head less than a week ago and 16,000 head less than a year ago.

Boxed beef prices closed higher: choice up $3.93 ($379.75) and select up $1.96 ($360.45) with a movement of 110 loads (78.57 loads of choice, 9.08 loads of select, 10.81 loads of trim and 11.07 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Lower. With packers sitting on plenty of inventory and supplies growing by the week, it's likely that prices will be lower again this week.

FEEDER CATTLE:

The feeder cattle complex also ended the day lower as traders didn't feel comfortable with the amount of support available in the complex and surely weren't going to advance the feeder cattle contracts when the live cattle contracts were trading lower. September feeders closed $1.10 lower at $320.35; October feeders closed $1.62 lower at $315.40 and November feeders closed $1.90 lower at $308.52. At OKC West Livestock Auction in El Reno, Oklahoma compared to last week and at their midsession point, steer calves over 500 pounds traded $5.00 to $10.00 higher, but under 500 pounds traded steady. Heifer calves weren't well comparable to last week's test, but a firm undertone was noted. Feeder cattle supply over 600 pounds was 21%. The CME feeder cattle index 8/31/2026: down $0.17, $329.14.

LEAN HOGS:

The lean hog contracts ended the day mixed with the market's nearby contracts still closing lower, while the deferred months managed to close slightly higher. More than anything it's the market's technical resistance that's become a barrier, and if trades are going to surpass that level, they'll need to see continued fundamental support. Thankfully pork cutout values did end the day higher, but traders still want more support. October lean hogs closed $0.02 lower at $83.65, December lean hogs closed $0.15 lower at $74.00 and February lean hogs closed $0.25 lower at $76.27. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.90 with a weighted average price of $91.63 on 8,385 head. Pork cutouts total 269.34 loads with 235.38 loads of pork cuts and 33.96 loads of trim. Pork cutout values: up $0.23, $97.90. Tuesday's slaughter is estimated at 472,000 head -- 2,000 head more than a week ago and 11,000 head less than a year ago. The CME lean hog index 8/28/2026: down $0.66, $90.86.

WEDENSDAY'S HOG CALL: Steady. There's a chance that prices could hold steady if not potentially trade even a little higher as pork demand is strong.

Tuesday Midday Livestock Market Summary - Cattle Dip Lower While Hogs Find Mild Support

GENERAL COMMENTS:

The livestock complex is again trading mixed into the day's noon hour as the cattle contracts continue to slide lower while the lean hog complex is being met with modest support. Asking prices are noted at $225 in Texas, but still no cash cattle trade has developed yet. December corn is up 8 1/4 cents per bushel and December soybean meal is up $6.20. The Dow Jones Industrial Average is down 362.86 points and NASDAQ is down 211.86 points.

LIVE CATTLE:

And once again today, the sideways chop continues in the live cattle complex as although the market hopes and desires to trade higher -- there simply isn't enough immediate fundamental support arising in the complex to confidently allow traders to push the contracts beyond the bounds of the market's current sideways trend. October live cattle are down $0.90 at $211.77, December live cattle are down $1.15 at $213.42 and February live cattle are down $1.42 at $215.05. No developments have surfaced yet in this week's fed cash cattle market, but asking prices are noted in Texas at $225.

Boxed beef prices are higher: choice up $2.20 ($378.02) and select up $2.17 ($360.66) with a movement of 59 loads (40.62 loads of choice, 4.21 loads of select, 8.73 loads of trim and 5.06 loads of ground beef.)

FEEDER CATTLE:

And in keeping with perfect alignment to the live cattle contracts, the feeder cattle contracts are also trading lower. September feeders are down $1.62 at $319.82, October feeders are down $2.12 at $314.80 and November feeders are down $2.22 at $308.20. And until more stability is seen throughout the complex, it's likely that this sideways/slightly lower trend will continue.

LEAN HOGS :

Meanwhile the lean hog contracts are trading mostly higher as trades are pleased to see midday pork cutout values higher -- even it is by a mere penny. October lean hogs are up $0.07 at $83.75, December lean hogs are up $0.10 at $74.25 and February lean hogs are down $0.05 at $76.47. So long as pork cutout values continue to trade higher, there's a chance that the contracts may be able to keep scaling higher as well. The projected lean hog index for 8/31/2026 is down $0.29 at $90.58 and the actual index for 8/28/2026 is down $0.66 at $90.86. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.99 with a weighted average price of $89.64, ranging from $80.00 to $96.00 on 3,475 head and a five-day rolling average of $90.26. Pork cutouts total 183.81 loads with 160.38 loads of pork cuts and 23.43 loads of trim. Pork cutout values: up $0.01, $97.68.

Tuesday Morning Livestock Market Update - Can Hog Strength Continue?

GENERAL COMMENTS:

Both feeder cattle futures and live cattle futures struggled with finding direction Monday, both closing slightly higher on the day. Sale barn reports have been all over the place with some still seeing strong buying interest and others leaving producers disappointed or choosing to "no sale" the cattle. Packers have a steady flow of cattle to slaughter currently, although placement numbers have many traders questioning the long-term availability of feeders.

Hog futures are finding some support to start the week off from a technical perspective. From a fundamental perspective, pork cutout values were higher Monday giving a little extra boost to the market.

	BULL SIDE		BEAR SIDE
1)	Increasing feed and fuel costs make producers less likely to feed to higher weights, giving a long-term bullish outlook due to the pounds of meat the market could be missing out on.	1)	Availability of cattle for slaughter is plentiful, putting packers in control.
2)	Lower placement numbers on the latest Cattle on Feed report bring concern for the longer-term number of cattle available for slaughter.	2)	Consumer distrust in imported beef may cause some tension when choosing a protein source in the grocery store.
3)	Pork cutout values find strength in the short term.	3)	Hog index values have been lower, along with price pressure from a lower Daily Direct Hog report.
4)	Hog futures are finding technical support in an oversold market.	4)	Heavier dressed weights offer plenty of pork to the market.