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.
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