Thursday Midday Livestock Market Summary - Traders Continue to Wait for Fundamental Support

GENERAL COMMENTS:

The livestock complex is trading mostly lower into midday Thursday, as traders are patiently trying to wait, hoping that fundamental support will arise sometime soon. Asking prices are now noted in the Nebraska at $360 and in the South at $232. December corn is down 1 1/2 cents per bushel and December soybean meal is up $2.30. The Dow Jones Industrial Average is up 28.64 points and the NASDAQ is down 590.04 points.

LIVE CATTLE:

After rallying all week, the live cattle complex is now trading merely sideways, hoping and praying that fundamental support will soon arise. It's widely believed that on Friday, the month's Cattle on Feed report will likely be bullish, and that fed cash cattle prices will trade steady to somewhat higher as well. But just as in any race, the final mile can seem like the longest stretch when you're waiting. October live cattle are down $0.05 at $230.37, December live cattle are down $0.02 at $231.10 and February live cattle are down $0.40 at $233.50. Still no cash cattle trade has developed, and currently no bids are on the table either. Asking prices are noted in the South at $232, and in Nebraska at $360.

Boxed beef prices are lower: choice down $2.00 ($370.59) and select down $0.65 ($354.69) with a movement of 65 loads (42.63 loads of choice, 10.39 loads of select, zero loads of trim and 11.55 loads of ground beef).

FEEDER CATTLE:

And in keeping with the live cattle complex, the feeder cattle contracts are also trading lower into midday Thursday. October feeders are down $1.47 at $346.35, November feeders are down $2.00 at $346.82 and January feeders are down $2.30 at $343.52. And until the live cattle contracts trade higher again, it's unlikely that the feeder cattle contracts will change their direction.

LEAN HOGS:

The lean hog complex is also trading lower, as although midday pork cutout values are higher, traders aren't going to be convinced to trade the complex higher until they see more consistent support. December lean hogs are steady at $65.72, February lean hogs are down $0.27 at $67.65 and April lean hogs are down $0.35 at $72.35. The projected lean hog index for 10/21/2026 is down $0.67 at $72.15 and the actual index for 10/20/2026 is down $0.20 at $72.82. Hog prices are lower on the Daily Direct Morning Hog Report, down $1.53 with a weighted average price of $66.48, ranging from $65.00 to $70.00 on 667 head and a five-day rolling average of $67.52. Pork cutouts total 192.33 loads with 178.92 loads of pork cuts and 13.40 loads of trim. Pork cutout values: up $1.85, $76.35.