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.

Friday Closing Livestock Market Update - Cattle Inventory Increased 1% from year ago levels

GENERAL COMMENTS:

Livestock futures eroded through most of the Friday trading session with cattle and lean hog futures spending most of the session under pressure. Late day buying support ahead of the cattle on feed report release helped to stimulate additional near term buying in live cattle futures, but the rest of the complex remained unphased at the end of the week. Cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 11.2 million head on Sept. 1, 2026. The inventory was 1% above Sept. 1, 2025, USDA NASS reported Sept. 18. Hog prices closed lower on the Daily Direct Afternoon hog report, down $0.84 with a weighted average of $81.76 on 663 hogs. December corn closed down 3 at $5.275 and December soybean meal closed down $12.70 at $358.6. The Dow Jones Industrial Average is down 95.40 at 51,682.64.

LIVE CATTLE:

Live cattle futures closed mixed Sept. 18 ith traders focusing on the afternoon cattle on feed report that was released following market closed. The fact that the report was not out until after market trade ended for the week, now pushes any reaction to the report to Monday morning trade. This typically can bring about both market anticipation and market calmness heading into the Monday market. But generally, the report was not significantly different from pre-report estimates and what most analysts had projected, and likely market prices have priced into all cattle trade. With cattle and calves on feed for the slaughter market in the United

States for feedlots with capacity of 1,000 or more head totaled 11.2 million head on Sept. 1, 2026. The inventory was 1% above Sept. 1, 2025, and placements in feedlots during August 1.62 million head, 9% below 2025, the focus on placements and marketings being the lowest August total since the series began in 1996, is creating some additional concerns. Total cattle marketed during August totaled 1.52 million head, 3% below 2025. Being the lowest on record for August may create some additional longstanding concern through the beef industry, well beyond overall supply levels.

No new trade has been noted thus far Friday, but bids have been renewed in Nebraska at $222 and $350. More trade will likely develop during late afternoon or early evening Friday. So far this week, Northern dressed cattle have traded at mostly $350, which is steady with last week's weighted average, and there has not been any Southern trade yet. October live cattle closed $0.28 higher at $215.925, December live cattle closed $0.38 higher at $216.625 and February live cattle closed $0.08 higher at $217.35. 

Friday's slaughter is estimated at 8,000 head, 98,000 head less than a week ago and 83,000 head less than a year ago. 

Boxed beef prices closed mixed: choice down $0.21 ($371.94) and select up $1.38 ($353.26) with a movement of 86.13 loads (61.73 loads of choice, 4.49 loads of select, 8.18 loads of trim and 11.73 loads of ground beef).

MONDAY'S CATTLE CALL: Steady, Trade activity early next week is expected to remain muted, as both sides return to the drawing board following the cattle on feed report and this week's cash activity which should wrap up late Friday.

FEEDER CATTLE:

Feeder cattle futures led the market lower Friday. Cattle on feed reports came in neutral to slightly bullish in the post market release posted placements in August of 1.62 million head, 9% below 2025, NASS reported. Net placements were 1.57 million head. Placements were the lowest for August since the series began in 1996. During August, placements of cattle and calves weighing less than 600 pounds were 320,000 head, 600-699 pounds were 240,000 head, 700-799 pounds were 355,000 head, 800-899 pounds were 387,000 head, 900-999 pounds were 230,000 head, and 1,000 pounds and greater were 85,000 head. Early pre-report estimates were looking for a 3% reduction in placements. This is the lowest August placements since reporting began in 1996. But with lackluster marketing levels in August, and growing overall cattle inventory, the impact on price support next week is still under significant uncertainty. September feeders closed $1.25 lower at $333.575, October feeders closed $0.88 lower at $323.50 and November feeders closed $0.65 lower at $318.00. The CME Feeder Cattle Index for September 16: down $0.67, $342.50.

LEAN HOGS:

Lean hog futures continue to remain generally unsupported through late week trade. With buyer support generally unavailable, allowing prices to slowly erode lower focusing on fundamental short-term demand seen in the market. October lean hog futures were the least impacted Friday, while the rest of the complex fell nearly $1 per cwt through late week trade. The combined softness in surrounding markets added to the general market apathy that developed across lean hog futures.

All nearby lean hog futures are trading well below the 40 day moving average price level, which is adding technical pressure to the already soft market structure. October lean hogs closed $0.80 lower at $78.1, December lean hogs closed $1.05 lower at $68.55 and February lean hogs closed $0.98 lower at $70.15. Friday's hog slaughter is estimated at 483,000 head, 3,000 head less than a week ago and 2,000 head more than a year ago. Pork Cutouts totaled 227.51 loads with 212.94 loads of pork cuts and 14.57 loads of trim. Pork cutout values are down $0.56 at $86.98. The CME Lean Hog Index for September 16: down $0.79, $85.02.

MONDAY'S HOG CALL: Steady to $1 lower. Market erosion is expected to continue to limit packer interest at higher price levels early next week

Friday Midday Livestock Market Summary - Markets Soften

GENERAL COMMENTS:

Livestock futures have remained generally quiet early Friday morning, with increased focus on the afternoon release of the cattle on feed report. Although limited additional cash market activity is expected to be seen until late afternoon, the early movement of steady price levels from last week's levels may set the overall trend of the market for the week. Hog markets remain under light pressure, but little additional fundamental news has developed during late-week trade. December corn is down 2 3/4 at $5.278 and December soybean meal is down $14.10 at $357.20. The Dow Jones Industrial Average is down 222.87 at 51,555.17.

LIVE CATTLE:

Live cattle futures bounced higher in initial early trade. Although the expected increase in cattle on feed numbers likely to be seen in the afternoon release of the cattle on feed report seems to be essentially worked through current price levels. But trade has slowed through the morning, allowing prices to falter in most nearby contracts. This is following the general trend of light to moderate losses over the last few days. In cash cattle trade, following Thursday's light trade where dressed cattle sold at mostly $350 (steady with last week's weighted average), the cash cattle market remains quiet at Friday's start. No bids are currently on the table, and it's likely that trade could be delayed until after today's Cattle on Feed report is released and fully assessed. October live cattle are $0.05 lower at $215.60, December live cattle are $0.25 lower at $216 and February live cattle are $0.43 lower at $216.85. 

Boxed beef prices are mixed: choice down $0.82 ($371.33) and select up $1.82 ($353.70), with a movement of 64.70 loads (50.09 loads of choice, 3.43 loads of select, 3.36 loads of trim and 7.82 loads of ground beef).

FEEDER CATTLE:

Feeder cattle futures have shown the most significant pressure through livestock trade Friday morning. Although the expectation is that overall placements will be reduced from year-ago levels, the concern about continued marketing levels and overall demand seems to be limiting feeder cattle markets during Friday morning trade. Although limited support initially developed Friday, this momentum was short-lived and gave way to moderate to firm pressure at midday. Although, to be fair, very little new fundamental or technical information seems to be available at this point.

September feeders are $1.23 lower at $333.60, October feeders are $1.05 lower at $323.325 and November feeders are $0.83 lower at $317.825.

LEAN HOGS :

Lean hog futures are holding moderate losses with light pressure seen in front-month October contracts, although deferred contracts are holding losses near $1 per cwt at midday. The lack of new information through the market during late-week trade and traders seemingly focused more on cattle and grain trade through the end of the week has allowed hog futures to shift lower due more to lack of interest than any other factor. October lean hogs are $0.35 lower at $78.55, December lean hogs are $0.58 lower at $69.025 and February lean hogs are $0.78 lower at $70.35. Hog Prices are unreported due to confidentiality on the Daily Direct Morning Hog report. Pork Cutouts totaled 157.75 loads, with 148.20 loads of pork cuts and 9.55 loads of trim. Pork cutout values are down $0.59 at $86.65.

Friday Morning Livestock Market Update - Traders May Adjust Positions Ahead of Cattle on Feed Report

GENERAL COMMENTS:

The proverbial rug was pulled from under the cattle the past two days. Futures closed at the lowest level in two weeks. Last week's strong cash prices and Thursday's initial trade at steady cash are not providing continued support. Light trade took place for Northern dressed cattle at steady money with last week. However, the greater concern is that boxed beef prices are not performing well. Choice boxed beef fell $3.66 and select declined $2.69 on Thursday. Could it be that consumers are concerned about the tariff-free beef that is to be imported over 90 days that beef demand is being affected? The Cattle on Feed report will be released at 2 pm. Central Time today. Estimates are for cattle on feed on September 1st at 101.89% of a year ago, with a range of estimates of 101.4% to 102.3%. Placements in August are at 96.8%, with a range of estimates of 93.9% to 98.4%. Cattle marketed is estimated at 96.1% with a range of 95.3% to 96.4%.

Hog futures continue to struggle. The positive aspect of Thursday is that they did not make new contract lows in the December contract. However, that cannot be said about the rest of the complex, as contracts made new lows. Support remains elusive as the path of least resistance has been down. Pork cutouts did find support on Thursday, posting a gain of $1.19, but that is a small consolation in the current bearish market. There was no price change reported on the National Daily Direct Afternoon Hog report due to confidentiality, as only 45 head were traded. Short covering is likely into the weekend; short-term traders do not like to carry many exposed positions through the weekend.

	BULL SIDE		BEAR SIDE
1)	The Cattle on Feed report is expected to show lower placements than a year ago. The herd is not rebuilding.	1)	Short-term demand from retail outlets may be impacted by some consumers reducing ground beef purchases due to the tariff-free imports allowed into the country.
2)	If cash trade is steady this week, futures should find support as the price discount will be reduced.	2)	The number of cattle on feed is expected to be higher than a year ago, according to today's report.
3)	Hog futures may see strength as short-covering may take place ahead of the weekend.	3)	New contract lows on Thursday maintain the bearish mood of the market. Buyers see little to provide support.
4)	The packers may be more aggressive in the cash market due to very few hogs sold on Thursdays and the possibility that they need to finish purchases for the week.	4)	The path of least resistance is down and may take a monumental effort and better fundamentals to turn the market higher.

Thursday Closing Livestock Market Update - Cattle Sink Sharply Lower

GENERAL COMMENTS:

The cattle contracts plummeted lower through Thursday's end as the market remains unable to gain strong footing. Some light cash cattle trade was noted in the North at $350 which is steady with last week's weighted average. Do note that on Friday the monthly Cattle on Feed report is set to be released. December corn is down 3 3/4 cents per bushel and December soybean meal is up $5.70. The Dow Jones Industrial Average is up 316.14 points and NASDAQ is up 439.88 points.

LIVE CATTLE:

Thursday ended up being an utter and sheer disappointment for the live cattle complex as the contracts sank $3.00 lower before closing, and the momentum that was expected to push the fed cash cattle market higher quickly dissipated. October live cattle closed $2.80 lower at $215.65, December live cattle closed $3.95 lower at $216.25 and February live cattle closed $3.62 lower at $217.27. Today's close did push the spot December contract back below its 40-day moving average. Throughout the day trade at $350 was noted in the North, but otherwise the cash market was rather uneventful. Dressed trade at $350 is steady with last week's weighted average, and most of the cattle traded today were marked for delivery for the weeks of September 21st or September 28th. Bids of $220 were offered throughout the day in the South, but no Southern live deals were noted. More than anything the board's sharp deterioration on Thursday kept the cash market from trading higher, and whenever it's a Cattle on Feed report week, the cash market typically sees some more cautiousness than normal ahead of the reports unveiling. 

Thursday's slaughter is estimated at 107,000 head -- 2,000 head less than a week ago and 5,000 head less than a year ago.

Boxed beef prices closed lower: choice down $3.66 ($372.15) and select down $2.69 ($351.88) with a movement of 101 loads (68.32 loads of choice, 9.17 loads of select, 3.80 loads of trim and 19.74 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. Given that there's already been some trade at steady prices, that will likely be the market's trend this week.

FEEDER CATTLE:

And to be expected, with the sharp decline in the live cattle complex, the feeder cattle contracts also fell lower through Thursday's close. September feeders closed $3.65 lower at $334.82, October feeders closed $5.27 lower at $324.37 and November feeders closed $4.45 lower at $318.65. At Winter Livestock Auction in Pratt, Kansas, compared to last week feeder steers weighing 750 to 975 pounds sold $3.00 higher to $3.00 lower. Steers weighing 400 pounds to 750 pounds sold lower on lighter receipts. Feeder heifers weighing 800 to 925 pounds traded steady, Heifers weighing 400 to 800 pounds sold $6.00 to $8.00 higher. Slaughter cows and bulls traded $2.00 to $4.00 lower. Feeder cattle supply over 600 pounds was 87%. The CME feeder cattle index 9/16/2026: up $0.43, $343.17.

LEAN HOGS:

Although pork cutout values were supportive through the day's end, traders didn't pay the slight uptick in fundamental support much attention as demand was weak earlier this week. October lean hogs closed $0.22 higher at $78.90, December lean hogs closed $0.35 lower at $69.60 and February lean hogs closed $0.62 lower at $71.12. Hog prices are unavailable on the Daily Direct Afternoon Hog Report because of confidentiality. However, we can see that only 45 head traded throughout the day and that the market's five-day rolling average now sits at $83.70. Pork cutouts totaled 277.97 loads with 253.44 loads of pork cuts and 24.53 loads of trim. Pork cutout values: up $1.19, $87.54. Thursday's slaughter is estimated at 493,000 head -- steady with a week ago and 19,000 head more than a year ago. The CME lean hog index 9/16/2026: down $0.79, $86.60.

FRIDAY'S HOG CALL: Lower. Given that demand has mostly been soft this week, it's highly unlikely that packers will show the market much attention on Friday.

Thursday Midday Livestock Market Summary - Early Dressed Sales are Marked at $350

GENERAL COMMENTS:

The livestock complex is trading mixed again into the day's noon hour as the cattle contracts can't seem to find the fundamental support that traders desire, but the lean hog contracts are trading mildly higher. Some light cash cattle trade has developed in the North at $350 which is steady with last week's weighted average. December corn is down 5 1/4 cents per bushel and December soybean meal is up $7.30. The Dow Jones Industrial Average is up 374.04 points and NASDAQ is up 424.92 points.

LIVE CATTLE:

The live cattle complex continues to trade lower as traders simply aren't seeing the fundamental support they had hoped would develop this week surface. October live cattle are down $0.60 at $217.85, December live cattle are down $1.37 at $218.77 and February live cattle are down $1.47 at $219.42. Unfortunately, today's decline does put the spot December live cattle contract back below it's 40-day moving average. There's been some light developments this morning in the fed cash cattle market where dressed cattle in the North have been traded at $350 -- which is fully steady with last week's weighted average. Most of those cattle have been marked for delivery for the week's of Sept. 21 and Sept. 29. Bids of $220 are on the table in Kansas, but otherwise there hasn't been any more trade.

Boxed beef prices are lower: choice down $3.68 ($372.13) and select down $2.30 ($352.27) with a movement of 71 loads (47.43 loads of choice, 7.06 loads of select, zero loads of trim and 16.98 loads of ground beef).

FEEDER CATTLE:

And again today, keeping in alignment with the live cattle complex, the feeder cattle contracts are also trading lower. September feeders are down $2.22 at $336.25, October feeders are down $2.82 at $326.80 and November feeders are down $1.87 at $321.22. The spot October feeder cattle contract is now trading below its 40-day moving average as well.

LEAN HOGS :

The lan hog complex is also trading lower even though pork cutout values are higher today. October lean hogs are up $0.27 at $78.95, December lean hogs are down $0.05 at $69.90 and February lean hogs are down $0.37 at $71.37. If demand holds strong over the next couple of days, then there is a chance that maybe next week the market could see the contracts gradually trade higher. The projected lean hog index for 9/16/2026 is down $0.79 at $85.02, and the actual index for 9/15/2026 is down $0.79 at $85.81. Hog prices are unavailable on the Daily Direct Morning Hog Report, however we can see that only 25 head have traded and that the market's five-day rolling average now sits at $84.24. Pork cutouts total 134.02 loads with 119.96 loads of pork cuts and 14.06 loads of trim. Pork cutout values: up $1.93, $88.28.

Thursday Morning Livestock Market Update - Choppy Trading Activity Expected

GENERAL COMMENTS:

Cattle futures fell below the uptrend on Wednesday as traders liquidated some long positions, concerned about whether cash will advance this week. The packers have some cattle already purchased ahead and may not be very aggressive as boxed beef prices remain variable. Some positioning may already have taken place ahead of next week's Cattle on Feed report. In other news, the port at Santa Teresa, New Mexico, prepares to reopen for the importation of cattle from Mexico on Sept. 24. The Cattle on Feed report will be released on Friday, Sept. 18. Estimates are for cattle on feed on Sept. 1 at 101.89% of a year ago. Placements in August are at 96.8%. Cattle marketed is estimated at 96.1%. Boxed beef prices were lower on Wednesday, with choice down $0.27 and select down $1.79. Some grocery stores in Wisconsin are reportedly not accepting the foreign tariff-free beef coming in under the recent federal import initiative.

The liquidation phase ran its course Wednesday after a lower open. This does not indicate that a bottom has been reached. Market fundamentals are not supportive, as both cash and cutouts remain weak. The National Daily Direct Afternoon Hog report showed cash down $1.98 to $82.60, with a moderate movement of hogs. Pork cutout values declined $1.15. The chart gap above the market may take some time to fill given the fundamental weakness. Hog weights increased last week, averaging 285.9 pounds.

	BULL SIDE		BEAR SIDE
1)	It remains uncertain when tariff-free beef will make it to the grocery stores and how much actually will be imported over the 90-day period.	1)	The weakness of boxed beef prices will leave packers unwilling to increase bids for cattle as they try to protect their margins.
2)	The weakness on Wednesday may have been a reaction to the resumption of imports through the port in New Mexico and traders positioning ahead of the Cattle on Feed report.	2)	The recent uptrend in cattle futures may be in jeopardy due to contracts closing below the uptrend line.
3)	The liquidation phase has run its course. Traders may be more confident to buy into the market anticipating a price retracement.	3)	Weekly hog weights increased 2.5 pounds to average 285.9 pounds. Although weights are 0.7 pounds below a year ago, it was a large increase.
4)	A chart gap remains above the market from earlier in the week that will be filled at some point.	4)	Liquidation of hog futures may have run its course, but that does not indicate support has been found.

Wednesday Closing Livestock Market Update - Mixed Tones Follow the Complex

GENERAL COMMENTS:

The livestock complex ended the day mixed, with the cattle contract falling lower on a lack of fundamental support in this week's market and upon hearing news that the Santa Teresa, New Mexico, port is scheduled to reopen to Mexican cattle imports Sept. 24. Meanwhile, the lean hog complex was lent some technical support from traders. December corn is down 1 1/2 cents per bushel and December soybean meal is up $0.20. The Dow Jones Industrial Average is down 631.21 points and the NASDAQ is down 3.15 points.

LIVE CATTLE:

Between not seeing immediate fundamental support in today's market, mixed with the news that spread that the Santa Teresa, New Mexico, port is scheduled to reopen Sept. 24, the live cattle complex drifted lower. Unfortunately, today's descent did at times have the market trading below its 40-day moving average, but thankfully the market didn't close below that threshold. October live cattle closed $2.25 lower at $218.45, December live cattle closed $3.15 lower at $220.20 and February live cattle closed $3.77 lower at $220.90. Some light (very light) cash cattle trade was noted in the North at $350, but not enough cattle traded to say that any sort of an accurate test has been established yet for the week. And with the board's recent pressure, it's anyone's guess at this point whether or not the market will be able to achieve higher prices as initially hoped. 

Wednesday's slaughter is estimated at 102,000 head -- 7,000 head less than a week ago and 16,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.27 ($375.81) and select down $1.79 ($354.57) with a movement of 119 loads (73.06 loads of choice, 14.38 loads of select, 16.01 loads of trim and 15.75 loads of trim).

THURSDAY'S CATTLE CALL: Steady. Given the board is trading lower and that on Friday there's another Cattle on Feed report set to be released, this week's market may simply trade steady.

FEEDER CATTLE:

The feeder cattle complex also followed the direction of the live cattle complex, trading lower thanks to yet another scheduled date of a port reopening to Mexican cattle imports. The onset of the news pushed the market lower as increasing imports could have a negative effect on domestic feeder cattle prices. September feeders closed $1.80 lower at $338.47, October feeders closed $4.20 lower at $329.65 and November feeders closed $5.80 lower at $323.10. At the Philip Livestock Auction in Philip, South Dakota, compared to last week, feeder steers weighing 500 to 550 pounds sold $10.00 higher, but other classes of feeder steers weren't well tested. Feeder heifers weighing 900 to 950 pounds traded $10.00 to $12.00 stronger, heifers weighing 900 to 1,000 pounds sold $8.00 to $10.00 higher, and heifers weighing 1,000 to 1,050 pounds sold $10.00 to $12.00 higher. Feeder cattle supply over 600 pounds was 46%. The CME feeder cattle index 9/15/2026: up $1.16, $342.74.

LEAN HOGS:

The lean hog complex ended the day mostly higher, as traders did find some technical support in today's market. October lean hogs closed $0.40 lower at $78.67, December lean hogs closed $0.30 higher at $69.95 and February lean hogs closed $0.15 lower at $71.75. Today's slight support was extended to the market by traders, but if there's no improvement in fundamental support in the coming days, then the market could be subject to trading lower once again. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.98 with a weighted average price of $82.60, ranging from $81.00 to $84.00 on 6,699 head and a five-day rolling average of $84.19. Pork cutouts totaled 329.13 loads, with 289.10 loads of pork cuts and 40.03 loads of trim. Pork cutout values: down $1.15, $86.35. Wednesday's slaughter is estimated at 488,000 head -- 2,000 head more than a week ago and 4,000 head less than a year ago. The CME lean hog index 9/14/2026: down $0.61, $86.60.

THURSDAY'S HOG CALL: Lower. Given that pork cutout values are lower again, it's unlikely that the cash market will see much more support this week.

Prices recede, but cattle fundamentals remain

Cattle markets softened during August after reaching record highs earlier this summer. Recent policy developments coupled with a rebound in hay market prices have tempered producer optimism. Producers who marketed cattle earlier or locked in contracts at peak prices continue to benefit from historically strong margins, while those still holding cattle have seen prices ease. Fed cattle markets have softened since July. Calf values have also retreated by 15% from midsummer peaks, although they remain among the highest levels producers have ever received. Despite the recent correction, fundamentals remain supportive as cattle inventories stay historically tight and beef demand continues to hold up remarkably well, even with retail beef prices at record levels.

Feed and forage concerns are becoming a larger focus as producers plan for fall and winter. Across much of the West, deteriorating pasture conditions and earlier-than-normal range removal are forcing some operations to begin supplemental feeding sooner than usual. As of August 31, 59% of Arizona, 46% of Idaho, 55% of Montana, and 39% of Oregon pasture and rangeland was rated poor to very poor. At the same time, strengthening hay prices are increasing winter feed costs. Some producers were able to receive disaster assistance payments of $36 to $38 per head, which has helped offset a portion of rising feed and transportation expenses.

Processing capacity remains a concern for many cattle producers. Tyson Foods announced in August that it is seeking a buyer for its Wallula, Washington, beef processing facility. While the plant is expected to continue operating under new ownership, the announcement highlights broader industry concerns about long-term packing capacity and its potential impact on future herd expansion. At the same time, producers are closely monitoring recent federal policy developments. A September 4 executive order calls for reviews of federal grazing policies, wolf management, and mandatory country-of-origin labeling (COOL) authority for beef products.

Beef imports remain a focal point of politics, resulting in a series of shifting and sometimes inconsistent policy decisions that have added uncertainty to the cattle market. In August, the announcement of a 90-day tariff waiver allowing up to 300,000 metric tons of imported ground beef surprised many producers. While the U.S. typically imports 70,000 to 80,000 metric tons of lean beef trim per month, utilization of the full allocation would temporarily push imports well above normal levels. Although the additional volume is not expected to significantly alter overall beef supplies or materially reduce retail beef prices, many producers viewed the decision negatively given historically tight cattle inventories and strong producer profitability. This announcement came on the heels of a 30,000-pound recall of imported beef products, leading some producers to worry that consumer confidence and demand for beef products could be negatively impacted.

Profitability

Cattle feeders: Slightly profitable - Bearish 12-month outlook
Cow-calf producers: Very profitable - Bearish 12-month outlook

Strong fed cattle prices continue to offset elevated feeder cattle costs, although narrowing margins and softer cattle prices have reduced profitability from earlier highs. 

The outlook has turned more bearish over the next 12 months as calf prices have retreated from record highs and concerns grow over increased beef imports, higher feed costs, and growing uncertainty surrounding cattle prices and producer margins. 

Wednesday Midday Livestock Market Summary - Bids Surface in Nebraska

GENERAL COMMENTS:

The livestock complex is again trading mixed with the cattle contracts continuing to trade lower as traders yearn for further fundamental support, but the lean hog complex has found some mild technical support. Bids of $345 to $348 are currently on the table in Nebraska but no trade has developed yet. December corn is down 5 1/2 cents per bushel and December soybean meal is down $1.10. The Dow Jones Industrial Average is down 47.54 points and the NASDAQ is up 179.47 points.

LIVE CATTLE:

The live cattle complex continues to drift lower as traders remain apprehensive about advancing the market without seeing stronger fundamental support. And while it's assumed that later this week the fed cash cattle market could trade higher -- traders know better than to count their eggs before they hatch. October live cattle are down $0.62 at $220.10, December live cattle are down $1.55 at $221.80 and February live cattle are down $1.92 at $222.75. The fed cash cattle market has seen some interest develop as currently bids of $345 to $348 are being offered in Nebraska -- but otherwise the market remains quiet, with no other bids being offered. Asking prices still remain unestablished, and although bids are on the table in Nebraska -- with feedlot managers desiring to see the market trade higher again this week -- it's likely that trade will be delayed until later in the week.

Boxed beef prices lower: choice down $0.03 ($376.05) and select down $0.59 ($355.77) with a movement of 65 loads (35.33 loads of choice, 7.09 loads of select, 13.65 loads of trim and 9.26 loads of ground beef).

FEEDER CATTLE:

And again today in keeping with alignment to the live cattle complex -- the feeder cattle contracts are also trading lower. September feeders are up $0.45 at $340.72, October feeders are down $1.35 at $332.50 and November feeders are down $3.02 at $325.87. Thankfully demand remained strong in sale barns on Tuesday even though the futures complex was slightly weaker -- and hopefully that remains the case again today even as the board continues to be pressured.

LEAN HOGS :

The lean hog complex is trading mixed as traders have found some technical support following the recent trading days of immense pressure. October lean hogs are down $0.07 at $79.00, December lean hogs are up $0.50 at $70.15 and February lean hogs are up $0.02 at $71.92. It is helpful that the midday pork cutout values are up over a $1.00 higher -- but in order for that to lend much value to the market -- it will need to trade consistently over the course of multiple days. Pork cutouts total 201.81 loads with 177.09 loads of pork cuts and 24.72 loads of trim. Pork cutout values: up $1.48, $88.98. Hog prices are lower on the Daily Direct Morning Hog Report, down $2.37 with a weighted average price of $82.92, ranging from $81.00 to $84.00 on 4,491 head and a five-day rolling average of $84.24.

Wednesday Morning Livestock Market Update - Fundamentals Show Little to Get Excited About

GENERAL COMMENTS:

After the opening, cattle futures fell back as traders liquidated long positions to bank profits after the recent increase. Although cash cattle prices may be higher this week, demand fundamentals are lacking. Boxed beef prices were higher on Tuesday, with choice up $0.77 and select up $1.81; it was little consolation after a period of mixed boxed beef prices. Even with the decline in futures on Tuesday, the trend is still up, as the weakness only erased Monday's gains. The Cattle on Feed report will be released on Friday. Estimates are for cattle on feed on September 1^st at 101.89% of a year ago. Placements in August are at 96.8%. Cattle marketed is estimated at 96.1%.

Hogs have been unable to find fundamental or technical support. New contract lows were again seen across the board on Tuesday. Heavy liquidation has taken place over the past three days. Liquidation generally runs its course over the period of three days and could result in a bounce in futures today. A chart gap remains from Monday's open, which will be filled at some point. The National Daily Direct Afternoon Hog report was up $1.76 on good cash activity. However, the $2.28 weakness in cutouts offset the support of cash. The slaughter pace continues to outpace a year ago as the hog supply remains abundant.

	BULL SIDE		BEAR SIDE
1)	The Cattle on Feed report is estimated to show 3.2% lower placements than a year ago.	1)	Boxed beef prices have been choppy, and that trend may not change anytime soon.
2)	The uptrend remains intact in cattle futures despite the weakness on Tuesday.	2)	Cattle placements are estimated to be higher on Friday's report, with many of those being heavier-weight cattle that will come to the market shortly.
3)	Hogs have completed three days of liquidation. Short covering may take place after a possible lower open.	3)	New contract lows again in hogs provide no indication as to where support will be.
4)	A chart gap remains above the market in hog futures, which will be filled at some time.	4)	Pork cutout values continue to show weakness, indicating reduced consumer demand.

Tuesday Closing Livestock Market Update - Weaker Tones Find the Contracts

GENERAL COMMENTS:

The livestock complex ended the day lower as traders were simply displeased with the level of fundamental support in the marketplace currently. Hopefully fundamental support will arise later in the week, but for today that didn't help the market much. December corn is up 2 1/2 cents per bushel and December soybean meal is up $9.20. The Dow Jones Industrial Average is down 328.09 points and the NASDAQ is down 204.84 points.

LIVE CATTLE:

Although traders opened the market higher at Tuesday's start, they quickly abandoned their bullish start for the day as they became worried about not seeing further fundamental support. And while it's assumed that the fed-cash cattle market could lend that support later this week -- it's simply too early in the week to tell. But it is worth noting that closing boxed beef prices did end the day stronger -- which may lend some additional support to the market on Wednesday. October live cattle closed $1.55 lower at $220.70, December live cattle closed $1.80 lower at $223.35 and February live cattle closed $1.62 lower at $224.67. No cash cattle trade developed throughout the day and it's likely that again this week trade will be delayed until sometime after Wednesday. But with feedlot managers able to push the market higher last week -- it's assumed that prices could trend that way again this week. No bids or asking prices have been established yet this week. 

Tuesday's slaughter is estimated at 108,000 head -- 1,000 head less than a week ago and 14,000 head less than a year ago.

Boxed beef prices closed higher: choice up $0.77 ($376.08) and select up $1.81 ($356.36) with a movement of 101 loads (71.11 loads of choice, 17.51 loads of select, zero loads of trim and 12.50 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Higher. Feedlot managers are eager to push the market and there's a chance that they may be able to push prices higher again this week.

FEEDER CATTLE:

And as one would only logically expect, the feeder cattle complex ended the day lower too, once again keeping in alignment with the live cattle complex. September feeders closed $3.30 lower at $340.27, October feeders closed $4.00 lower at $333.85 and November feeders closed $3.87 lower at $328.90. At Joplin Regional Stockyards in Carthage, Missouri compared to their last sale two weeks ago, feeder steers under 700 pounds sold $20.00 to $40.00 higher. Heavier weights traded steady to $15.00 higher. Feeder heifers sold $5.00 to $20.00 higher. Feeder cattle supply over 600 pounds was 85%. The CME feeder cattle index 9/14/2026: down $0.13, $341.58.

LEAN HOGS:

The lean hog contracts also ended the day lower as traders continue to struggle to find the support they need to drive the market in any other direction other than lower. October lean hogs closed $0.52 lower at $79.07, December lean hogs closed $1.60 lower at $69.65 and February lean hogs closed $1.70 lower at $71.90. What was noteworthy about Tuesday's developments, however, in the hog sector was the market did close below its support plane at $80 in the spot October contract. So where the market goes next in terms of a bottom, well that's a good question. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.76 with a weighted average price of $84.58 on 8,726 head. Pork cutouts totaled 274.03 loads with 243.41 loads of pork cuts and 30.62 loads of trim. Pork cutout values: down $2.28, $87.50. Tuesday's slaughter is estimated at 488,000 head -- 10,000 head more than a week ago and 1,000 head more than a year ago. The CME lean hog index 9/11/2026: down $0.73, $87.21.

WEDNESDAY'S HOG CALL: Lower. With pork cutout values lower, it's likely that cash prices will be too.

Tuesday Midday Livestock Market Update - Weaker Tones Take Over the Complex

GENERAL COMMENTS:

Weaker tones have taken over the livestock complex as the market trades lower into Tuesday's noon hour. Still, no cash cattle trade has developed. December corn is down 1 1/4 cents per bushel and December soybean meal is up $8.70. The Dow Jones Industrial Average is down 415.98 points and the NASDAQ is down 171.73 points.

LIVE CATTLE:

Although the live cattle complex started the day higher, the market has now transitioned into lower territory as traders are longing to see better fundamental support before they advance the market any further. The market's recent rally has been substantial, but before traders likely push it any further, they're hoping to see promising trade again this week in the fed cash cattle market. October live cattle are down $1.52 at $220.72, December live cattle are down $2.12 at $223.02 and February live cattle are down $1.87 at $224.42. No trade has developed yet in the fed cash cattle market, and it's likely that this week could be delayed until Thursday or Friday. Both bids and asking prices remain elusive at this point.

Boxed beef prices are mixed: choice up $1.15 ($376.46) and select down $0.19 ($354.36) with a movement of 56 loads (35.25 loads of choice, 10.58 loads of select, zero loads of trim and 10.27 loads of ground beef).

FEEDER CATTLE:

And in keeping in alignment with the live cattle complex, it comes as no surprise to see the feeder cattle contracts trading lower into Tuesday's noon hour. September feeders are down $3.12 at $340.50, October feeders are down $3.60 at $334.25 and November feeders are down $3.50 at $329.27. It will be interesting to see how the board's softened tone today affects feeder cattle prices as sales were stronger last week, and also on Monday.

LEAN HOGS :

And the lean hog complex is keeping with its lower trend into Tuesday's noon hour as the market simply lacks enough fundamental support to do otherwise. October lean hogs are down $0.40 at $79.20, December lean hogs are down $1.52 at $69.70 and February lean hogs are down $1.55 at $72.00. The spot October contract is currently trading below the market's support plane, and is beginning to trade below that threshold.

The projected lean hog index is delayed from the source. Hog prices are higher on the Daily Direct Morning Hog Report, up $1.28 with a weighted average price of $85.11, ranging from $83.00 to $88.00 on 6,341 head and a five-day rolling average of $85.80. Pork cutouts total 172.44 loads with 158.26 loads of pork cuts and 14.17 loads of trim. Pork cutout values: down $1.02, $88.76.

Tuesday Morning Livestock Market Update - Optimism Is Alive and Well for Cattle

GENERAL COMMENTS:

Cattle futures opened higher and maintained the strength through the close. The October live cattle contract moved back to the highest level since Aug. 12. Feeder cattle showed similar price movement, with the September contract moving to the highest close since Aug. 11. Higher cash trade last week is fueling the strength as the packers stepped up to the plate as the feedlots held for higher prices. Southern live cattle trade took place late last week, with cash as much as $4.00 higher. October futures still carry a discount to cash; there is still sufficient time to adjust higher if cash remains strong. Boxed beef prices remain lackluster, with choice down $0.63 and select up $1.42. The packers will fight to maintain margins.

Hog futures gapped lower at the open and never returned to close the gap throughout the day. New contract lows were made in the October, December, and February contracts, but fortunately they did not close on their lows. Unfortunately, the October contract closed at a new low. The National Daily Direct Afternoon Hog report showed cash down $2.56 to $82.82 and the lowest level in a long time. The packers did not purchase a large volume of hogs and are expected to step up more aggressively today. Pork cutout values were not as bearish, declining $0.02. The slaughter pace remains strong, and it appears hogs are being pulled forward, but the packers continue to purchase sufficient supplies at lower prices.

	BULL SIDE		BEAR SIDE
1)	Higher cash last week will provide feedlots confidence to hold for higher prices again this week.	1)	Boxed beef prices remain variable. Supermarket beef prices have declined for the second consecutive month.
2)	Technical traders may have their sights set on the previous highs on Aug. 6. Fundamentals suggest this will happen.	2)	The packers will fight to maintain margins and will limit what they will pay for cattle as long as boxed beef remains lackluster.
3)	Hog futures have had two days of liquidation, with the bounce from the lows possibly indicating the selling wave is finished.	3)	It is uncertain whether liquidation in hog futures is finished or whether new contract lows will result in further selling.
4)	Low prices should cure low prices, and pork values certainly are low enough to stimulate demand.	4)	Lower pork cutout prices are a reflection of reduced demand. The higher slaughter pace keeps sufficient pork available to the market.

Monday Closing Livestock Market Update - Cattle Continue to Rally on Excellent Support

GENERAL COMMENTS:

For the cattle complex, it was another refreshing and invigorating day as the cattle contracts continued to rally higher. But for the lean hog complex it was another letdown of a day as the market sank lower. December corn is up 3 cents per bushel and December soybean meal is up $3.40. The Dow Jones Industrial Average is down 141.30 points and the NASDAQ is down 111.85 points.

LIVE CATTLE:

The live cattle complex ended the day on a strong note as most of the contracts closed $2.00 higher. But after being fueled by last week's strong market, traders were again eager to see the market start the week off higher, hopeful that this week's trade will be as fruitful as last week's was. October live cattle closed $2.57 higher at $222.25, December live cattle closed $2.92 higher at $225.15 and February live cattle closed $2.30 higher at $226.30. No cash cattle trade developed throughout the day, and no bids or asking prices were presented either. But with feedlot managers able to advance the market last week, it's assumed that feedlot managers will attempt to push the market higher again this week. Monday's slaughter is estimated at 106,000 head -- incomparable to last week but 3,000 head less than a year ago.

Last week Northern dressed cattle traded for mostly $350, which is $5.00 to $6.00 higher than the previous week's weighted average. And Southern live cattle waited to trade until the week's bitter end, but it was worth it, as Southern live cattle traded for $225 to $226, which is $3.00 to $4.00 higher than the previous week's weighted average.

Boxed beef prices closed mixed: choice down $0.63 ($375.31) and select up $1.42 ($354.55) with a movement of 97 loads (62.53 loads of choice, 7.11 loads of select, 13.56 loads of trim and 14.03 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady to somewhat higher. With feedlot managers able to advance the market last week, they'll surely have their hopes set on higher prices again this week.

FEEDER CATTLE:

The feeder cattle complex continued to rally through Monday's end, elated by last week's success and hopeful that the market will be able to accomplish something similar again this week. September feeders closed $5.75 higher at $343.57, October feeders closed $5.35 higher at $337.85 and November feeders closed $4.60 higher at $332.77. And it was noted last week that buyer demand was stronger in the countryside, but today's CME feeder cattle index was quite impressive to see, with a daily advance of more than $10.00 higher. At the Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to their last sale two weeks ago and at the mid-session point, feeder steers and steer calves were trading $15.00 to $25.00 higher. But some unweaned steers under 500 pounds traded up to $20.00 lower. Feeder heifers were trading $10.00 to $15.00 higher and heifer calves sold $15.00 to $20.00 stronger. Feeder cattle supply over 600 pounds was 60%. The CME feeder cattle index 9/11/2026: up $10.49, $341.71.

LEAN HOGS:

The lean hog complex wasn't able to turn its luck around before Monday's close as the contracts still ended the day lower. October lean hogs closed $1.92 lower at $79.60, December lean hogs closed $1.45 lower at $71.25 and February lean hogs closed $1.60 lower at $73.60. And until consumer support strengthens, it's unlikely that traders will be able to move the market beyond its resistance at $84.00 in the spot October contract. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.56 with a weighted average price of $82.82 on 1,515 head. Pork cutouts totaled 229.95 loads, with 214.17 loads of pork cuts and 15.78 loads of trim. Pork cutout values: down $0.02, $89.78. Monday's slaughter is estimated at 492,000 head -- incomparable to last week but 6,000 head more than a week ago. The CME lean hog index 9/10/2026: down $0.28, $87.94.

TUESDAY'S HOG CALL: Steady to somewhat higher. Packers weren't very aggressive in Monday's market, which could push them to be more aggressive on Tuesday.