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.
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