Thursday Closing Livestock Market Update - Early Sales in the Fed Cash Cattle Market were Marked at $345 Dressed

GENERAL COMMENTS:

Again, on Thursday, it was disappointing to note the decline in the livestock complex which largely was attributed to the lack of fundamental support. Some light cash cattle trade was noted in Nebraska at $345. December corn is down 1 3/4 cents per bushel and December soybean meal is down $8.20. The Dow Jones Industrial Average is up 52.66 points and the NASDAQ is down 345.35 points.

Thursday's export report shared that beef net sales of 13,000 mt for 2026 were down 11% from the previous week but up 11% from the prior 4-week average. The three largest buyers were South Korea (4,600 mt), Japan (2,400 mt) and Mexico (2,100 mt). Pork net sales of 26,900 mt for 2026 were down 24% from the previous week and 16% from the prior 4-week average. The three largest buyers were Mexico (19,100 mt), South Korea (3,400 mt) and Japan (2,300 mt).

LIVE CATTLE:

The live cattle complex ended the day slightly softer -- unable to push the contracts higher without improved fundamental support. October live cattle closed $0.27 higher at $221.87, December live cattle closed $0.22 lower at $223.55 and February live cattle closed $0.70 lower at $225.85. Some light cash cattle trade developed in Nebraska at $345 which is steady to $3.00 lower than last week's weighted average. But otherwise the other major feeding states have yet to trade cattle. More trade will develop on Friday, especially in the South where there's been no trade done yet this week. 

Thursday's slaughter is estimated at 101,000 head -- 8,000 head less than a week ago and 12,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.77 ($374.85) and select down $2.48 ($351.73) with a movement of 131 loads (95.32 loads of choice, 20.02 loads of select, 4.42 loads of trim and 10.79 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. Given that the North was able to hold prices mostly steady, it's likely that Southern feedlot managers will try to do the same.

FEEDER CATTLE:

The feeder cattle complex also ended the day lower -- unable to gain any substantial technical position without having first the support from traders or the live cattle complex. Which is quite unfortunate given that sales were a tick stronger this afternoon in some parts of the countryside for feeder cattle. October feeders closed $0.12 lower at $338.02, November feeders closed $0.92 lower at $334.87 and January feeders closed $1.97 lower at $328.42. At the Winter Livestock Auction in Dodge City, Kansas, compared to last week, steers over 600 pounds and heifers over 650 pounds traded $20.00 higher. Steers and heifers over 850 pounds traded $5.00 higher. Steers and heifers under 650 pounds traded steady, with a softer undertone. Feeder cattle supply over 600 pounds was 78%. The CME feeder cattle index 10/7/2026: down $1.14, $336.73.

LEAN HOGS:

The lean hog complex ended the day lower and disappointed as not only did the futures market close lower -- but once again pork demand was softer as well. October lean hogs closed $1.10 lower at $75.82, December lean hogs closed $0.50 lower at $68.60 and February lean hogs closed $0.05 lower at $69.87. Hopefully Friday's WASDE report gives the market a better look at what demand could be in the quarters head. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.07 with a weighted average price of $72.51 on 761 head. Pork cutouts totaled 309.97 loads with 275.54 loads of pork cuts and 34.43 loads of trim. Pork cutout values: down $2.07, $79.64. Thursday's slaughter is estimated at 493,000 head -- 16,000 head more than a week ago and 1,000 head more than a year ago. The CME lean hog index 10/6/2026: down $0.31, $78.91.

FRIDAY'S HOG CALL: Lower. At this point packers have likely boughten the vast majority of their needs already from the cash market. 

Thursday Midday Livestock Market Update - Without Stronger Fundamental Support, Traders Push Contracts Lower

GENERAL COMMENTS:

Without better fundamental support, the livestock contracts are trading lower into Thursday's noon hour. Bids have surfaced in Nebraska, but no cash cattle trade has developed just yet. December corn is down 2 1/4 cents per bushel and December soybean meal is down $8.30. The Dow Jones Industrial Average is down 149.71 points and NASDAQ is down 163.29 points.

Thursday's export report shared that beef net sales of 13,000 mt for 2026 were down 11% from the previous week but up 11% from the prior 4-week average. The three largest buyers were South Korea (4,600 mt), Japan (2,400 mt) and Mexico (2,100 mt). Pork net sales of 26,900 mt for 2026 were down 24% from the previous week and 16% from the prior 4-week average. The three largest buyers were Mexico (19,100 mt), South Korea (3,400 mt) and Japan (2,300 mt).

LIVE CATTLE:

The live cattle complex is trading lower into Thursday's noon hour as the market continues to look for fundamental support, but no cash cattle trade has developed just yet. Bids of $340 to $345 are currently on the table in Nebraska, but otherwise, no packer interest has developed. There's still a chance that trade could be delayed until Friday as feedlot managers may hold out to see if packer demand improves as time passes. It's unlikely packers will get too much more aggressive this week as they were able to secure just over 88,000 head in last week's market. October live cattle are down $0.87 at $220.72, December live cattle are down $1.27 at $222.50 and February live cattle are down $1.47 at $225.07.

Boxed beef prices are lower: choice down $0.75 ($374.87) and select down $2.12 ($352.09) with a movement of 67 loads (41.08 loads of choice, 14.97 loads of select, 4.42 loads of trim and 6.19 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts are also trading lower, in line with the live cattle complex. October feeders are down $1.90 at $336.25, November feeders are down $2.62 at $333.17 and January feeders are down $3.40 at $327.00. Until either the live cattle contracts or the fed cash cattle market trade higher, it's likely that this slightly weaker tone will remain the theme for the feeder cattle market.

LEAN HOGS:

Without stronger interest from consumers, traders have again elected to allow the lean hog contracts to drift lower as the market's fundamental support is weak. October lean hogs are down $0.72 at $76.20, December lean hogs are down $0.60 at $68.50 and February lean hogs are down $0.27 at $69.65. And unfortunately, given the time of the week -- even if pork demand were to improve this afternoon or on Friday -- it's unlikely that traders will become much more supportive of the complex at this point in time. The projected lean hog index for 10/7/2026 is down $0.50 at $78.41, and the actual index for 10/6/2026 is down $0.31 at $78.91. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.42 with a weighted average price of $72.54, ranging from $69.00 to $80.00 on 726 head and a five-day rolling average of $75.32. Pork cutouts total 168.90 loads with 145.16 loads of pork cuts and 23.74 loads of trim. Pork cutout values: down $0.14, $81.57.

Thursday Morning Livestock Market Update - Technicals Still Supportive for Cattle

GENERAL COMMENTS:

The October fed cattle contract remains above the nine-day moving average as well as the 20-day moving average. From a technical perspective, this is supportive for cattle moving forward. Feeder cattle did pull back Wednesday but that is to be expected after Tuesday's sharp rally. Choice and select cuts fell Wednesday with choice down $3.31 and select cutouts down $2.13. Harvest is finally underway in many of the wet regions across the country bringing relief for the feedlots struggling to find feed to purchase. On the other side, many cow-calf growers have delayed weaning from the hassle of muddy lots and the availability of still-growing, green pastures with all the rain in September.

The lean hog futures contracts had a setback on Wednesday, falling anywhere from $1 to $2.275 in the deferred months. Pork cutouts were also lower, falling $2.13 on the carcass to as much as $6.64 lower for pork bellies. Slaughter numbers for the week have been strong with 16,000 more head already over last week and 11,000 head more than this time last year.

	BULL SIDE		BEAR SIDE
1)	Cattle numbers are still tight despite government intervention and imports.	1)	Last week's high slaughter numbers for cattle give little hope that packers will continue to participate much for this week's trade.
2)	High corn prices along with high fuel prices make margins tight for the cattle feeder. The availability of beef has been sufficient up until this point due to high carcass weights. Tightening margins could bring weights down.	2)	Between live cattle now crossing the border from Mexico and beef being imported, the administration is doing what they can to lower beef prices.
3)	The funds hold the cards for hogs. Although they are extremely short this week, a quick exit could bring price support to futures.	3)	With pork cutouts weaker, packers will most likely put a halt to additional buying this week.
4)	Hog inventories are down year over year, especially in the breeding herd. Long term this could be supportive as tightening supply.	4)	Fundamentals are weaker for hogs with reduced prices and indexes. Futures have no incentive to rally from here.

Wednesday Closing Livestock Market Update - A Dull and Uneventful Day Led Contracts Lower

GENERAL COMMENTS:

Wednesday ended up being a dull and dismal day for the livestock complex with little to no fundamental support surfacing, which led all three of the markets to end the day lower. No cash cattle trade developed throughout the day. December corn is down 6 cents per bushel and December soybean meal is up $11.00. The Dow Jones Industrial Average is down 341.41 points and the NASDAQ is down 61.20 points.

LIVE CATTLE:

The live cattle complex ended the day lower as traders didn't see enough immediate support in today's market to justifiably push the market higher. October live cattle closed $0.37 higher at $221.60, December live cattle closed $0.32 lower at $223.77 and February live cattle closed $0.62 lower at $226.55. No cash cattle trade developed throughout Wednesday's hours, and no bids were offered. Trade could begin to develop on Thursday but will likely be delayed until Friday. 

Wednesday's slaughter is estimated at 108,000 head -- 10,000 head more than a week ago and 9,000 head less than a year ago.

Boxed beef prices closed lower: choice down $3.31 ($375.62) and select down $2.13 ($354.21) with a movement of 114 loads (75.99 loads of choice, 15.22 loads of select, 6.78 loads of trim and 15.73 loads of ground beef).

THURSDAY'S CATTLE CALL: Lower. Given that packers were able to buy over 88,000 head in last week's market, they won't likely participate much in this week's trade.

FEEDER CATTLE:

The feeder cattle complex also ended the day lower, as traders were not willing to move the feeder cattle contracts higher without the support of the live cattle complex. October feeders closed $2.35 lower at $338.15, November feeders closed $2.47 lower at $335.80 and January feeders closed $1.42 lower at $330.40. At the Winter Livestock Auction in La Junta, Colorado, compared to last week, feeder steers under 450 pounds sold sharply lower, while feeder steers over 450 pounds sold sharply higher. Feeder heifers under 550 pounds sold evenly steady, while heifers over 550 pounds sold sharply higher. Feeder cattle supply over 600 pounds was 32%. The CME feeder cattle index 10/6/2026: up $0.65, $337.87.

LEAN HOGS:

The lean hog complex ended the day lower as well, as traders were left with no other sound option but to send the contracts lower upon seeing afternoon pork cutout values lower. October lean hogs closed $1.00 lower at $76.92, December lean hogs closed $1.27 lower at $69.10 and February lean hogs closed $1.40 lower at $69.92. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $3.30 with a weighted average price of $72.44 on 1,801 head. Pork cutouts totaled 309.25 loads, with 267.54 loads of pork cuts and 41.71 loads of trim. Pork cutout values: down $2.13, $81.71. Wednesday's slaughter is estimated at 495,000 head -- 16,000 head more than a week ago and 11,000 head more than a year ago. The CME lean hog index 10/5/2026: down $0.41, $79.22.

THURSDAY'S HOG CALL: Lower. With pork cutout values weaker, it's unlikely packers are going to get more aggressive in this week's market at this point.

Wednesday Midday Livestock Market Summary - Weaker Trends Summarize the Complex

GENERAL COMMENTS:

The livestock complex is back to trading lower as traders once again long for fundamental support to guide the contract's direction. No cash cattle trade has developed yet, and it's most likely that trade will be delayed for at least another day or two. December corn is down 5 1/2 cents per bushel and December soybean meal is up $7.30. The Dow Jones Industrial Average is down 400.26 points and the NASDAQ is down 126.75 points.

LIVE CATTLE:

The live cattle complex is trading mostly lower into Wednesday's noon hour as the market longs to see an uptick in fundamental support to guide its direction. And at this point, no cash cattle trade has developed, so traders are merely letting the contracts drift back into their sideways trading range. October live cattle are up $0.20 at $221.42, December live cattle are down $0.70 at $223.40 and February live cattle are down $0.92 at $226.25. Asking prices are noted in Nebraska at $228 to $230 live and $350 dressed. But otherwise the fed cash cattle market still hasn't seen any trade developed and bids have surfaced at this point. Trade will likely be delayed until Thursday, if not until Friday.

Boxed beef prices are lower: choice down $3.28 ($375.65) and select down $0.21 ($356.13) with a movement of 64 loads (44.11 loads of choice, 10.13 loads of select, 3.92 loads of trim and 5.79 loads of ground beef).

FEEDER CATTLE:

Following Tuesday's sharp gains, the feeder cattle complex is back to trading lower as the market hopes to see greater fundamental support arise. And with the live cattle complex trading lower, it's not likely that the feeder cattle complex will break out on its own and trade higher until it sees the live cattle market do so. October feeders are down $1.47 at $339.02, November feeders are down $1.45 at $336.82 and January feeders are down $0.62 at $331.20.

LEAN HOGS:

And again, without better fundamental support, the lean hog contracts are scaling lower. More than anything, for the hog complex it's the decline in pork demand which is a sore subject for the market and makes it difficult to gain any substantial ground from a technical standpoint. October lean hogs are down $0.92 at $77.00, December lean hogs are down $1.47 at $68.90 and February lean hogs are down $1.60 at $69.72. The projected lean hog index for 10/6/2026 is down $0.31 at $78.91 and the actual index for 10/5/2026 is down $0.41 at $79.22. Hog prices are lower on the Daily Direct Morning Hog Report, down $3.97 with a weighted average price of $72.12, ranging from $69.00 to $75.50 on 1,067 head and a five-day rolling average of $75.67. Pork cutouts total 155.28 loads, with 144.49 loads of pork cuts and 10.78 loads of trim. Pork cutout values: down $1.02, $82.82.

Wednesday Morning Livestock Market Update - Renewed Buying Should Begin This Week

GENERAL COMMENTS:

Commodities had a big day Tuesday, with livestock and grains both seeming to find a lot of buying interest. Traders believe the rally is due purely to money flow, as there was no fundamental reason for live cattle to be $4 to $5 higher, feeders to climb $7 to $9, and corn to also be up over 10 cents. Daily slaughter levels continue to be strong as the threat of ICE raids subsides. Mexican feeder crossings are at 25,450 head through Oct. 5.

Hogs had a bit of a setback on the nearby futures contracts Tuesday despite most other commodities rallying. Pork cut-out values fell $2.17, with the deepest price cuts found in Picnic cuts, falling $9.05 per 100 pounds. Slaughter numbers are strong, with slight gains versus last week and already 16,000 head more than a year ago this week.

	BULL SIDE		BEAR SIDE
1)	An influx of money into the agricultural sector brings hope for continued buying.	1)	Higher slaughter gives packers more cattle to work with and can reduce their urgency to bid aggressively.
2)	Tax relief from red-dye diesel fuel losing on-road restrictions until the end of the year brings relief to wallets as cattle producers stretch budgets with growing feed costs and gives confidence for continued buying.	2)	Between live cattle now crossing the border from Mexico and beef being imported, the administration is doing what it can to lower beef prices.
3)	The funds are holding a record short position in hog futures. Any supportive fundamental news could trigger significant short covering.	3)	Recent hog strength in futures lacks fundamental news to continue much higher.
4)	Mexico has been an important source of demand for U.S. pork, giving some fundamental support to futures.	4)	Pork cutout values are weaker, Hog prices on the Daily Direct Afternoon Hog Report are down, and the CME Index is also lower, giving a lot of indication that the futures rally may be hitting headwinds.

Tuesday Closing Livestock Market Update - Cattle Rally Aggressively Upon Hearing of Red-Dyed Diesel Executive Order

GENERAL COMMENTS:

The livestock complex again ended the day mixed, with the cattle contracts rallying upon hearing of the executive order for red-dyed diesel, but the lean hog contracts still saw their nearby contracts end the day lower. No cash cattle trade has developed yet. December corn is up 10 3/4 cents per bushel and December soybean meal is up $7.70. The Dow Jones Industrial Average is up 253.38 points and NASDAQ is up 122.48 points.

LIVE CATTLE:

Tuesday came as a bullish surprise to the cattle complex, which seemed to be mostly fueled by the announcement from President Trump that he intends to sign an executive order to waive the off-road requirement and allow anyone to purchase tax-free, red-dyed diesel. The bullishness helped rally the complex to the upper end of its current trading range. October live cattle closed $3.97 higher at $221.22, December live cattle closed $4.12 higher at $224.10 and February live cattle closed $5.12 higher at $227.17. No cash cattle trade developed throughout the day. Both bids and asking prices remain elusive at this point. 

Tuesday's slaughter is estimated at 110,000 head -- 2,000 head more than a week ago and 8,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $0.67 ($378.93) and select down $2.23 ($356.34) with a movement of 125 loads (84.05 loads of choice, 19.25 loads of select, 6.86 loads of trim and 14.35 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady. Given that packers were able to buy a sizeable volume of cattle last week, it's unlikely thatthey'll have to be as aggressive in the market this week.

FEEDER CATTLE:

The excitement seen in the live cattle complex was only amplified throughout the feeder cattle market as its contracts closed anywhere from $6.00 to $9.00 higher. Seeing the bullishness in the live cattle market only made traders all that more eager to drive the feeder cattle contracts higher, and depending on the specifics of the executive order dealing with dyed diesel, it could help support sale barn prices too in time. October feeders closed $$6.65 higher at $340.50, November feeders closed $8.15 higher at $338.27 and January feeders closed $9.22 higher at $331.82. At the Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers over 800 pounds traded steady to $2.00 lower; those under 800 pounds sold $3.00 to $8.00 lower. Feeder heifers sold mostly steady; those weighing 600 to 700 pounds traded $5.00 higher. Heifer calves traded $5.00 to $10.00 higher. Feeder cattle supply over 600 pounds was 66%. The CME feeder cattle index 10/5/2026: down $0.54, $337.22.

LEAN HOGS:

The lean hog complex ended the day mixed, with most of the nearby contracts ending the day lower, while the deferred contracts were able to maintain a slightly higher position through the day's end. Pork cutout values were weaker this afternoon, which could have added to the pressure that the nearby contracts felt. October lean hogs closed $0.07 higher at $77.92, December lean hogs closed $0.57 lower at $70.37 and February lean hogs closed $1.37 lower at $71.32. Hog prices are lower on the Daily Direct Afternoon Hog Report, down $1.07 with a weighted average price of $75.74, on 6,700 head. Pork cutouts total 305.33 loads, with 264.65 loads of pork cuts and 40.69 loads of trim. Pork cutout values: down $2.17, $83.84. Tuesday's slaughter is estimated at 494,000 head -- 1,000 head more than a week ago and 16,000 head more than a year ago. The CME lean hog index 10/2/2026: down $0.57, $79.63.

WEDNESDAY'S HOG CALL: Lower. With pork cutout values a tick lower on Wednesday, cash prices could be lower.

Tuesday Midday Livestock Market Summary - Cattle Rally Upon Red Dye Diesel Executive Order

GENERAL COMMENTS:

The livestock complex is trading mixed with the cattle complex reacting to the announcement of the red-dye diesel executive order, but the lean hog complex is remaining cautious still. No cash cattle trade has developed yet. December corn is up 8 1/2 cents per bushel and December soybean meal is up $7.20. The Dow Jones Industrial Average is up 324.34 points and the NASDAQ is up 179.99 points.

LIVE CATTLE:

The live cattle complex is off like a rocket heading into Tuesday's noon hour as the complex is successfully fronting at $3.00 to $4.00 rally into the afternoon. More than anything else the excitement in the marketplace likely stems from President Trump's announcement that he's going to sign an executive order to officially waive the off-road requirement and allow anyone to purchase tax-free, red-dyed diesel. With fuel costs on the forefront of everyone's mind, and especially those involved in agriculture, the announcement brings some market excitement. October live cattle are up $2.57 at $219.82, December live cattle are up $3.17 at $223.15 and February live cattle are up $3.87 at $225.92. Still no trade has developed in the fed cash cattle market as both bids and asking prices remain elusive. Trade will likely be delayed until later in the week.

Boxed beef prices are higher: choice up $4.20 ($382.46) and select up $2.05 ($360.62) with a movement of 49 loads (40.37 loads of choice, 5.27 loads of select, zero loads of trim and 2.88 loads of ground beef).

FEEDER CATTLE:

And upon hearing about the red-dye diesel announcement, and upon seeing the live cattle contracts trading higher, the feeder cattle complex couldn't help itself to trade higher too. October feeders are up $4.27 at $338.12, November feeders are up $5.45 at $335.60 and January feeders are up $6.72 at $329.32. Currently the spot November contract is trading above its 100-day moving average. It will be interesting to see if the complex can hold above that threshold ahead of the day's close.

LEAN HOGS:

And the lean hog complex is back to trading slightly lower, unsure if the market possess enough support to break through the resistance at $70.00. Thankfully midday pork cutout values are higher, and if support remains stable then there's a chance that traders could try to push the contracts higher, but at this point the market remains cautious not wanting to be over zealous. October lean hogs are up $0.22 at $78.07, December lean hogs are down $0.45 at $70.50 and February lean hogs are down $1.07 at $71.62. The projected lean hog index for 10/5/2026 is down $0.41 at $79.22 and the actual index for 10/2/2026 is down $0.57 at $79.63. Hog prices are lower on the Daily Direct Morning Hog Report, down $2.43 with a weighted average price of $76.09, ranging from $74.00 to $80.00 on 3,682 head and a five-day rolling average of $76.75. Pork cutouts total 162.06 loads with 144.75 loads of pork cuts and 17.31 loads of trim. Pork cutout values: up $1.17, $87.18.

Tuesday Morning Livestock Market Update - Hogs Rally as Cattle Markets Face Pressure

GENERAL COMMENTS:

Live cattle futures as well as feeder cattle prices were under pressure Monday with support levels still holding. Feeders have found a bit more strength than fats lately but with producers beginning to wean across the Plains, seasonal pressure may be on the horizon. Imported beef prices were lower with light trade activity. With recent immigration arrests, processors struggled with a shortage of plant workers, but most have returned to work this week. Slaughter volumes are expected to remain steady at some of the highest numbers we have seen in the calendar year.

Hogs found strength on Monday on slightly better pork demand. Pork cutout values were higher on Monday while slaughter numbers remain strong. With the momentum hog futures have seen, the market approached a two-week high.

	BULL SIDE		BEAR SIDE
1)	Strong cash trade in cattle brings hope for future price momentum.	1)	Margins bring concern to processors with boxed beef weakness and tight cattle supplies.
2)	Live cattle supplies are still tight, bringing tight slaughter numbers available for processors to purchase.	2)	The Mexican ports are slowly gaining traction with larger volumes of cattle crossing the border each week.
3)	The funds are holding a record short position in hog futures. Any supportive fundamental news could trigger significant short-covering.	3)	Record funds short positions are difficult to get much momentum without a more substantial storyline to cause a meaningful shift in trade bias.
4)	Cutout values show some new strength in pork demand.	4)	Hog supplies are plentiful, putting a damper on much hope for a continued rally.

Monday Closing Livestock Market Update - Cattle Hedge on the Side of Caution while Hogs Rally

GENERAL COMMENTS:

The livestock complex ended the day mixed, with the cattle contracts closing lower while the lean hog contracts rallied. New showlists are lower in Texas and Nebraska, but slightly higher in Kansas. December corn is down 1/2 cent per bushel and December soybean meal is steady. The Dow Jones Industrial Average is up 90.94 points and the NASDAQ is up 286.45 points.

LIVE CATTLE:

The live cattle complex ended the day lower as traders were fearful of being too supportive of the complex early in the week. But if Monday's boxed beef demand is any indication of the support that the market will at least see from boxed beef prices, that's a good start. October live cattle closed $1.60 lower at $217.25, December live cattle closed $1.50 lower at $219.97 and February live cattle closed $1.10 lower at $222.05. No cash cattle trade developed throughout the day, and both bids and asking prices remain elusive at this point. New showlists are lower in Texas and Nebraska, but slightly higher in Kansas. Monday's slaughter is estimated at 105,000 head -- 10,000 head more than a week ago and 5,000 head more than a year ago.

Last week Southern live cattle traded at mostly $221, which is steady with the previous week's weighted average, and Northern dressed cattle traded at $345 to $350, which is also steady with the previous week's weighted average. Last week's negotiated cash cattle trade totaled 88,019 head. Of which 80% (70,390 head) were committed to the market's nearby delivery, while the remaining 20% (17,629 head) were committed to the market's deferred delivery option.

Boxed beef prices closed higher: choice up $4.07 ($378.26) and select up $4.08 ($358.57) with a movement of 67 loads (45.86 loads of choice, 9.20 loads of select, zero loads of trim and 11.78 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady to somewhat lower. Given that packers were able to buy over 88,000 head in last week's fed cash cattle market, it likely means that they won't need to be as aggressive in this week's cash sector.

FEEDER CATTLE:

And in keeping in alignment with the live cattle complex the feeder cattle contracts also ended the day lower. October feeders closed $0.77 lower at $333.85, November feeders closed $1.02 lower at $330.12 and January feeders closed $1.95 lower at $322.60. At the Joplin Regional Stockyards in Carthage, Missouri, compared to last week and at their mid-session point, last week feeder steers and heifers were trading steady to $5.00 lower. Feeder cattle supply over 600 pounds was 59%. The CME feeder cattle index 10/2/2026: up $0.92, $337.76.

LEAN HOGS:

Meanwhile, with the stronger uptick in pork demand, the lean hog contracts were able to flourish throughout Monday's trade. October lean hogs closed $0.02 lower at $77.85, December lean hogs closed $0.82 higher at $70.95 and February lean hogs closed $1.37 higher at $72.70. Pork cutouts totaled 260.16 loads, with 236.84 loads of pork cuts and 23.32 loads of trim. Pork cutout values: up $1.53, $86.01. Hog prices closed $0.42 lower on the Daily Direct Afternoon Hog Report, with a weighted average price of $76.81 on 1,539 head. Monday's slaughter is estimated at 493,000 head -- 9,000 head more than a week ago and 2,000 head more than a year ago. The CME lean hog index 10/1/2026: down $0.51, $80.20.

TUESDAY'S HOG CALL: Higher. Given that there was more interest in pork cuts today, it's likely that packers could be more active in Tuesday's cash market.

Monday Midday Livestock Market Summary - Cattle Remain Cautious While Hogs Rally

GENERAL COMMENTS:

The livestock complex is trading mixed into Monday's noon hour as the cattle contracts remain hesitant, but the lean hog contracts are rallying thanks to increased pork demand. New showlists are lower in Texas and Nebraska, but slightly higher in Kansas. Corn is down 3/4 cent per bushel and December soybean meal is steady. The Dow Jones Industrial Average is down 24.86 points and NASDAQ is up 184.04 points.

LIVE CATTLE:

At Monday's start, the live cattle complex is erring on the side of caution as traders are letting the contracts drift slightly lower, while still keeping within the market's sideways trading range. October live cattle are down $0.82 at $218.02, December live cattle are down $0.87 at $220.60 and February live cattle are down $0.97 at $222.17. Although midday boxed beef prices are higher, traders are still aware that last week demand softened, and they only received mixed support from the fed cash cattle market as Northern cattle traded steady, but thankfully, Southern live cattle were able to trade higher. More than anything, traders are entering the new week again looking for greater fundamental support to support the contracts. New showlists are lower in Texas and Nebraska, but slightly higher in Kansas.

Last week, Southern live cattle traded at mostly $226, which is $4.00 higher than the previous week's weighted average. Northern dressed cattle traded in a wide range from $345 to $350, which is mostly steady with the previous week's weighted average.

Boxed beef prices are higher: choice up $2.22 ($376.41) and select up $2.09 ($356.58) with a movement of 39 loads (30.10 loads of choice, 4.42 loads of select, zero loads of trim and 4.27 loads of ground beef).

FEEDER CATTLE:

And in typical fashion, the feeder cattle complex is also trading lower as the market wants to trade in line with the live cattle complex. And with the live cattle contracts trading lower and traders yet to know how buyer demand will be in sales this week in sale barns, traders are also letting the feeder cattle contracts scale moderately lower. October feeders are down $1.12 at $333.50, November feeders are down $1.15 at $329.92 and January feeders are down $1.92 at $322.62. Another facet adding pressure to the feeder cattle complex is also the market's 100-day moving average, which the market attempted to conquer last week, but ultimately fell back below before the weekend.

LEAN HOGS:

The cattle contracts may be trading lower, but the lean hog contracts have found some much needed support and are pushing a modest rally into Monday's noon hour. Thanks to the uptick in pork demand (as midday pork cutout values are up over $3.00 higher), traders feel as though they've been given the green light to support the contracts and help push them higher. October lean hogs are up $0.07 at $77.95, December lean hogs are up $0.62 at $70.75 and February lean hogs are up $1.15 at $72.47. The projected lean hog index for 10/2/2026 is down $0.57 at $79.63, and the actual index for 10/1/2026 is down $0.51 at $80.20. Hog prices are higher on the Daily Direct Morning Hog Report, up $1.27 with a weighted average price of $78.52, ranging from $68.00 to $81.00 on 387 head and a five-day rolling average of $77.87. Pork cutouts total 146.53 loads with 134.08 loads of pork cuts and 12.45 loads of trim. Pork cutout values: up $3.26, $87.74. 

Monday Morning Livestock Market Update - Renewed Buying Should Begin the Week

GENERAL COMMENTS:

Even though cash cattle were trading no worse than steady, traders liquidated into the weekend to take some profits off the table. Traders have been positioning themselves ahead of the weekend to limit exposure and take profits on recently established positions, rather than risking unexpected news developing over the weekend. Northern dressed cattle traded steady in the North following the pattern established earlier in the week. Southern live cattle traded $4.00 higher. This may give traders the confidence to be more aggressive buyers Monday. Boxed beef prices were mixed, with choice down $2.60 and select up $1.60. The Commitment of Traders report showed fund traders increasing their net-long position in live cattle by 4,103 contracts to a total of 53,193. The funds increased their net-long position by 161 contracts and are now net long 8,166 contracts.

Hogs bounced from contract lows as traders did not want to push the market lower into the weekend. Traders took profits on recent short positions rather than pressing the market much lower into the weekend. It is uncertain whether traders will renew selling to begin the week or if they may not press the market much lower. The National Daily Direct Afternoon report showed cash up $0.30 as packers needed to finish up their purchases for the week. However, further strength in futures may be limited due to pork cutout values declining $0.81. The Commitment of Traders report showed the fund traders as net sellers of 8,495 futures contracts, increasing their short positions to a record net-short position of 50,635 contracts.

	BULL SIDE		BEAR SIDE
1)	Steady to higher cash trade last week should provide support to cattle futures as packers need cattle.	1)	It is difficult to determine whether packers will be willing to bid higher for cattle.
2)	Cattle futures hold a discount to cash, which is likely to be reduced as the month progresses.	2)	The weakness of boxed beef last week may limit what packers will pay for cattle. They need to protect their margins.
3)	The funds are holding a record short position in hog futures. Any supportive fundamental news could trigger significant short-covering.	3)	The bounce in hog futures on Friday may be only that -- a bounce with weakness continuing.
4)	If hog futures can hold the recent lows, traders may have more confidence to buy into the market for the long term.	4)	Packers continue to have a plentiful supply of hogs available for purchase, leaving them less aggressive.

Friday Closing Livestock Market Update - Cattle Close Lower but Hogs Ran Higher

GENERAL COMMENTS:

The cattle contracts ended the day lower as traders' ambitions ahead of the week grew weary and although Southern live cattle were able to trade higher, traders did also note the weaker tone in boxed beef prices later in the week. Throughout the week Southern live cattle were marked at $226 which is $4.00 higher than last week's weighted average and Northern dressed cattle sold anywhere from $345 to $350 which is steady with last week's weighted average. December corn is down 4 1/2 cents per bushel and December soybean meal is down $5.80. The Dow Jones Industrial Average is up 258.43 points and the NASDAQ is up 321.11 points.

From Friday to Friday livestock futures scored the following changes: October live cattle down $0.03, December live cattle down $0.68; October feeder cattle down $0.30, November feeder cattle down $0.82; October lean hogs down $0.35, December lean hogs up $1.10.

LIVE CATTLE:

The live cattle contracts simply ran out of momentum and gusto ahead of Friday's close. And while yes, it was terrific to see Southern live cattle trade $4.00 higher in the South, traders simply grew weary ahead of Friday's end and weren't willing to advance the contracts outside of their current trading range ahead of Friday's close. October live cattle closed $0.45 lower at $218.85, December live cattle closed $1.70 lower at $221.47 and February live cattle closed $2.30 lower at $223.15. Throughout the week Southern live cattle were marked at $226 which is $4.00 higher than last week's weighted average and Northern dressed cattle sold anywhere from $345 to $350 which is steady with last week's weighted average.

Friday's slaughter is estimated at 100,000 head -- 13,000 head more than a week ago and 3,000 head more than a year ago. Saturday's slaughter is anticipated to be around 38,000 head. The week's total slaughter is estimated at 548,000 head -- 64,000 head more than a week ago and 19,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $2.60 ($374.19) and select up $1.60 ($354.49) with a movement of 119 loads (80.91 loads of choice, 8.12 loads of select, 11.55 loads of trim and 18.59 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Feedlot managers will likely again try to advance the market next week as they will be able to successfully do so in the South this week.

FEEDER CATTLE:

With the weaker undertone seen in the live cattle complex, the feeder cattle contracts also ended the day lower. October feeders closed $4.25 lower at $334.62, November feeders closed $5.20 lower at $331.15 and January feeders closed $5.15 lower at $324.55. The decline in the spot November contract did pull the market back below its 100-day moving average. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week feeder steers over 700 pounds traded steady to $5.00 higher but steers under 700 pounds sold $7.00 to $12.00 lower. Feeder heifers over 750 pounds traded $2.00 to $7.00 stronger, while those under 750 pounds traded $2.00 to $4.00 lower. Steer calves sold unevenly steady, but heifer calves traded $5.00 to $10.00 lower. Demand was called good for heavier weight feeder, but just moderate for calves and stockers. Feeder cattle supply over 600 pounds was 52%. The CME feeder cattle index 10/1/2026: down $2.13, $336.84.

LEAN HOGS:

The lean hog complex was lent some trader support late in the week which successfully helped the contracts close higher by Friday's end. October lean hogs closed $0.37 higher a $77.87, December lean hogs closed $1.20 higher at $70.12 and February lean hogs closed $1.57 higher at $71.32. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.30 with a weighted average price of $77.23 on 739 head. Pork cutouts totaled 295.53 loads with 243.18 loads of pork cuts and 52.35 loads of trim. Pork cutout values: down $0.81, $84.48. Friday's slaughter is estimated at 489,000 head -- 4,000 head more than a week ago and 7,000 head more than a year ago. Saturday's slaughter is projected to be around 137,000 head. The CME lean hog index 9/30/2026: down $0.24, $80.71.

MONDAY'S HOG CALL: Lower. Packers rarely show much interest in the cash hog market on Mondays. 

Friday Midday Livestock Market Update - Cattle Dip Lower While Hogs Rally

GENERAL COMMENTS:

Some light trade has been noted this morning in Texas at $226, and bids are on the table currently in Kansas at $226. But even with the moderate support of the fed cash cattle market trading higher in the South -- the cattle contracts are trading lower into Friday's noon hour. December corn is down 5 1/2 cents per bushel and December soybean meal is down $6.30. The Dow Jones Industrial Average is up 177.50 points and the NASDAQ is up 326.95 points.

LIVE CATTLE:

Heading into Friday's noon hour the live cattle complex is trading mostly lower, as traders seem unwilling to advance the contracts any more ahead of the weekend even though fed cash cattle prices in the South are trading higher. October live cattle are down $1.05 at $218.25, December live cattle are down $1.50 at $221.67 and February live cattle are down $2.00 at $223.42. There's been some trade noted this morning in Texas at $226, which is $4.00 higher than last week's weighted average. Bids of $226 are currently on the table in Kansas, and bids of $221 live and $345 are on the table in Nebraska. More trade will likely develop ahead of the day's close, but it's looking like the week's trend may be set at this point -- steady in the North and $4.00 higher in the South.

Boxed beef prices are mixed: choice down $2.43 ($374.36) and select up $0.47 ($353.36) with a movement of 79 loads (60.70 loads of choice, 2.82 loads of select, 6.82 loads of trim and 8.42 loads of ground beef).

FEEDER CATTLE:

And the combination of seeing the live cattle complex trade lower and growing nervous about being above the market's 100-day moving average, has also sent the feeder cattle contracts trading lower into Friday's noon hour. October feeders are down $4.10 at $334.77, November feeders are down $4.85 at $331.50 and January feeders are down $4.82 at $324.87. Unless the live cattle complex makes a surprising turn around ahead of the day's close, it's most likely that the complex will end the day moderately lower.

LEAN HOGS:

The lean hog complex is trading higher into Friday's noon hour as traders have noted the slight uptick in consumer demand, and are willing to extend some light support to the market ahead of the week's end. October lean hogs are up $0.45 at $77.95, December lean hogs are up $0.92 at $69.85 and February lean hogs are up $1.15 at $70.90. The projected lean hog index for 10/1/2026 is down $0.51 at $80.20 and the actual index for 9/30/2026 is down $0.24 at $80.71. Hog prices average $77.25 on the Daily Direct Morning Hog Report, ranging from $69.00 to $81.00 on 719 head and a five-day rolling average of $77.85. Pork cutouts total 152.28 loads with 136.22 loads of pork cuts and 16.06 loads of trim. Pork cutout values: up $0.81, $86.10.

Friday Morning Livestock Market Update - Higher Cash Cattle Trade Unlikely

GENERAL COMMENTS:

Cattle futures closed higher on the idea that cash cattle would trade steady to higher. Cash trading activity took place on Thursday at steady money. However, the hope for higher cash may have been taken off the table by the weakness of boxed beef on Thursday. Choice boxed beef fell $6.00, with select plummeting $7.70. This certainly will not help to foster higher cash trade. Feeder cattle posted nice gains, possibly solidifying a head-and-shoulders bottom. The November feeder cattle contract closed above the 100-day moving average for the first time since July 6.

Hog futures closed higher in contracts after the second half of next year. However, all contracts made new contract lows at some point during the day. The market has been unable to find support. Without consistent strength in cash and cutouts, there has been little reason for traders to buy into the market for the long term. Traders continue to trade short-term in an attempt to make a quick profit. Packers paid less for hogs again on Thursday and showed limited interest with light volume. The National Daily Direct Afternoon Hog report showed cash down $0.79. Pork cutout values were up $0.34, but that will provide little incentive to buy the market. The fund traders likely added to their net-short positions again this week.

	BULL SIDE		BEAR SIDE
1)	The November and later feeder cattle contracts closed above the 100-day moving average. This and a head-and-shoulders bottom could generate greater buying interest.	1)	The extreme weakness in boxed beef on Thursday does not bode well for the market. High food and fuel prices may reduce demand.
2)	Cash may be no worse than steady this week. This should support futures as they hold a discount to cash.	2)	Cash cattle may not trade any better than steady this week. It may be a disappointment to traders.
3)	Hog futures are oversold and could see a bounce ahead of the weekend.	3)	New contract lows in hog futures on Thursday do not bode well for the market. Technical traders continue to sell into the market.
4)	Low prices cure low prices, and hogs certainly have moved to a level at which demand should improve.	4)	There are plenty of hogs ready to come to the market. Packers remain less aggressive and have been able to purchase the hogs they need to maintain a strong slaughter pace.

Thursday Closing Livestock Market Update - Cattle Continue to Trade Mildly Higher

GENERAL COMMENTS:

The livestock complex ended the day mixed, with cattle contracts able to maintain their higher position through the day's end, and the nearby lean hog contracts pressured to trade lower. Some light cash cattle trade was noted throughout the day in the North at $345 to $348. December corn is up 1 1/2 cents per bushel and December soybean meal is down $3.60. The Dow Jones Industrial Average is up 20.51 points and the NASDAQ is up 10.54 points.

LIVE CATTLE:

The live cattle complex was able to maintain its slightly higher position through Thursday's end as traders continue to believe that the fed cash cattle market could lend some support late this week. Some light cash cattle trade was noted throughout the day in Nebraska at $345 to $348, which is mostly steady with last week's trading range, which was $345 to $350. But most of the cattle sold today were marked for delivery for the week of Oct. 11. Bids of $226 were offered throughout the day in Kansas and Texas, but no Southern trade was disclosed. October live cattle closed $0.62 higher at $219.30, December live cattle closed $0.47 higher at $223.17 and February live cattle closed $0.37 higher at $225.45. 

Thursday's slaughter is estimated at 109,000 head -- 19,000 head more than a week ago and 3,000 head less than a year ago.

Boxed beef prices closed lower: choice down $6.00 ($376.79) and select down $7.70 ($352.89) with a movement of 117 loads (82.40 loads of choice, 12.90 loads of select, 6.19 loads of trim and 15.24 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady to somewhat higher. Given that the North has been able to keep prices steady this week (where there's more market-ready cattle available), it's likely that the South will be able to do that as well, if not trade the market a tick higher.

FEEDER CATTLE:

With the added support of the live cattle market's stable and steady trend, the feeder cattle contracts were also able to round out the day higher. It is worth noting that the spot November feeder cattle contract did close above its 100-day moving average, which the contract hasn't done since early in July. October feeders closed $2.45 higher at $338.87, November feeders closed $2.05 higher at $336.35 and January feeders closed $2.02 higher at $329.70. At the Winter Livestock Auction in Pratt, Kansas, compared to last week, feeder steers weighing 800 to 975 pounds sold $3.00 to $10.00 higher, with places up to $17.00 higher. A lower trend was noted, however, on steers weighing less than 800 pounds. Not enough heifers were sold to find an accurate test. Feeder cattle supply over 600 pounds was 77%. The CME feeder cattle index 9/30/2026: up $0.94, $338.97.

LEAN HOGS:

The lean hog complex ended the day mixed, with its nearby contracts ending the day slightly lower while the deferred contracts closed higher. More than anything, the inconsistent support is likely what has the nearby contracts troubled at the time being. October lean hogs closed $1.22 lower at $77.50, December lean hogs closed $0.50 lower at $68.92 and February lean hogs closed $0.42 lower at $69.75. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.79 with a weighted average price of $76.93 on 614 head. Pork cutouts totaled 264.82 loads, with 233.13 loads of pork cuts and 31.70 loads of trim. Pork cutout values: up $0.34, $85.29. Thursday's slaughter is estimated at 493,000 head -- 4,000 head more than a week ago and steady with a year ago. The CME lean hog index 9/29/2026: up $0.01 to $80.95.

FRIDAY'S HOG CALL: Lower. It's most likely that packers have bought the vast majority of their cash needs out of the market already.

Thursday Midday Livestock Market Summary - Dressed Sales Start to Develop at $345 to $348

GENERAL COMMENTS:

The livestock complex is again trading mixed as traders are helping drive the cattle contracts higher while the lean hog contracts are trading lower. Some light cash cattle trade has developed in Nebraska at $345 to $348 but no trade has developed yet in the South. December corn is down 3 cents per bushel and December soybean meal is down $5.90. The Dow Jones Industrial Average is down 53.90 points and NASDAQ is down 38.93 points.

LIVE CATTLE:

Upon seeing that some light dressed cattle sales are trading mostly steady with last week's weighted average, the live cattle contracts (aside from some of the 2027 contracts) are trading mostly higher. October live cattle is up $0.77 at $219.45, December live cattle is up $0.22 at $222.92 and February live cattle is down $0.15 at $224.92. Some light trade has developed this morning in the cash sector as dressed sales have been marked at $345 to $348, which is mostly steady with last week's weighted average, but those sales were committed for delivery on the week of 10/19/2026. Bids of $226 are on the table in Kansas and Texas, but no Southern sales have been confirmed just yet.

Boxed beef prices are lower: choice down $3.81 ($378.98) and select down $5.45 ($355.14) with a movement of 67 loads (45.80 loads of choice, 7.70 loads of select, 4.77 loads of trim and 8.38 loads of ground beef).

FEEDER CATTLE:

And upon seeing the live cattle contracts trading mostly higher, the feeder cattle complex is elated to again have enough support to trade higher into Thursday's noon hour. October feeders are up $1.60 at $338.02, November feeders are up $0.90 at $335.20 and January feeders are up $0.72 at $328.40. The spot November contract is currently trading above it's 100-day moving average -- which is quite a bullish signal given that the complex has traded above that threshold since early in July.

LEAN HOGS:

The lean hog complex is back to trading lower as there isn't much interest in the cash market and pork cutout values haven't been supported enough to lend any sizeable difference in terms of fundamental support. October lean hogs are down $0.92 at $77.80, December lean hogs are down $0.50 at $68.92 and February lean hogs are down $0.67 at $69.50. The projected lean hog index for Sept. 30 is down $0.24 at $80.71 and the actual index for Sept. 29 is up $0.01 at $80.95. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However we can see that only 174 head have traded Thursday morning and that the market's five-day rolling average now sits at $78.02. Pork cutouts total 146.04 loads with 128.98 loads of pork cuts and 17.06 loads of trim. Pork cutout values: up $0.10, $85.05. 

Thursday Morning Livestock Market Update - Feeder Cattle Futures Show Technical Support

GENERAL COMMENTS:

Traders found some support as a few dressed cattle sales took place at steady money with last week. That has been the early consensus, but it has not been enough to establish a trend for the week. There is anticipation that higher prices will develop. The slaughter pace has returned back to normal this week after the disruption last week. Boxed beef prices did not follow through with gains on Wednesday. Choice boxed beef increased $0.13 while select boxed beef declined $3.89. Live cattle futures are holding support in a sideways range, while feeder cattle continue their uptrend. The technical action in feeder cattle futures on Wednesday points to higher prices as the market may be on its way to fulfilling a head and shoulders bottom.

Hog futures held well on Wednesday, but remain unable to find consistent supportive fundamentals. Both cash and cutouts were lower again. The National Daily Direct Afternoon Hog report showed cash down $1.02. Packers may not need to be aggressive for the rest of this week due to a substantial number of hogs having already been purchased. Pork cutout values declined $2.82 with lower prices in all categories. Hog weights increased significantly from the previous week, averaging 289.2 pounds.

	BULL SIDE		BEAR SIDE
1)	Live cattle futures are holding support while feeder cattle develop an uptrend. There is optimism over steady to higher cash this week.	1)	Live cattle futures have been moving in a sideways pattern, unable to find sufficient support to develop an uptrend.
2)	Feeder cattle futures moved above the neckline of the head and shoulders pattern. This may increase interest from technical traders to buy into the market.	2)	Live cattle futures hold a discount to cash in the anticipation that price weakness may develop before the end of the month.
3)	Hog futures are holding above the recent lows and may be building support.	3)	Weekly hog weights increased by 2.3 pounds from the previous week, averaging 289.2 pounds. This is 1.3 pounds higher than a year ago.
4)	Hog slaughter remains strong and should keep hogs current. It also indicates demand is good as pork is moving.	4)	There are a lot of market-ready hogs available, leaving packers less aggressive in the cash market.

Wednesday Closing Livestock Market Update - Cattle Rally Thanks to Trader Support

GENERAL COMMENTS:

The livestock complex ended the day mixed with the cattle contracts ending the day higher while the lean hog contracts closed lower. Some light cash cattle trade again developed in the North, but not enough cattle have traded to say that any sort of a trend has been established yet for the week. December corn is down 21 1/4 cents per bushel and December soybean meal is down $2.10. The Dow Jones Industrial Average is down 443.87 points and the NASDAQ is up 63.52 points.

LIVE CATTLE:

Trader support remained ample through Wednesday's close as traders continue to be hopeful that fundamental support will arise later this week and lend the market the extra shot of encouragement that it needs. October live cattle closed $1.45 higher at $218.67, December live cattle closed $1.90 higher at $222.70 and February live cattle closed $2.15 higher at $225.07. Throughout the day some light trade developed in the North again at mostly $350 -- but the trade was extremely light so it's too early to say that any sort of a trend has been established for the week. Asking prices are noted in the North at $360, but are not yet established in the South. 

Wednesday's slaughter is estimated at 98,000 head -- 4,000 head more than a week ago and 19,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $0.13 ($382.79) and select down $3.89 ($360.59) with a movement of 108 loads (55.61 loads of choice, 13.16 loads of select, 11.86 loads of trim and 27.62 loads of ground beef).

THURSDAY'S CATTLE CALL: Higher. Given that last week's trade was light and that the board is supportive, it's likely that feedlot managers will be able to at least hold the market steady, if not push it a tick higher.

FEEDER CATTLE:

The feeder cattle complex was also able to maintain its rally through the day -- feeling well supported by traders and the uptick in the live cattle complex. The spot November contract is nearing resistance at its 100-day moving average, which will likely require support like what the market saw today in order to conquer. October feeders closed $2.77 higher a $336.42, November feeders closed $3.40 higher at $334.30 and January feeders closed $4.27 higher at $327.67. At Bassett Livestock Auction in Bassett, Nebraska compared to the last sale two weeks ago, there was only a limited number of steers weighing 1,000 to 1,050 pounds but they traded $2.00 to $11.00 higher, while those weighing 950 pounds to 1,000 pounds sold $3.00 to $6.00 lower. Feeder cattle supply over 600 pounds was 100%. The CME feeder cattle index 9/29/2026: up $0.26, $338.03.

LEAN HOGS:

With trader support null and pork cutout values closing lower yet again, the lean hog contracts ended the day lower. October lean hogs closed $0.65 lower at $78.72, December lean hogs closed $0.27 lower at $69.42 and February lean hogs closed $0.45 lower at $70.17. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.02 with a weighted average price of $77.72 on 3,583 head. Pork cutouts total 354.81 loads with 313.84 loads of pork cuts and 40.97 loads of trim. Pork cutout values: down $2.82, $84.95. Wednesday's slaughter is estimated at 486,000 head -- steady with a week ago and 3,000 head more than a year ago. The CME lean hog index 9/28/2026: down $0.27, $80.94.

THURSDAY'S HOG CALL: Lower. At this point it's likely that packers have the vast majority of their needs already out of the cash market. 

Wednesday Midday Livestock Market Summary - Cattle Scale Higher While Hogs Dip Lower

GENERAL COMMENTS:

The livestock complex is again trading mixed as traders are helping drive the cattle contracts higher, but the lean hog contracts are trading lower. Bids have surfaced in Nebraska at $345, but given that asking prices are noted at $360, it's unlikely that trade will develop soon. December corn is down 20 1/2 cents per bushel and December soybean meal is down $0.10. The Dow Jones Industrial Average is down 52.32 points and NASDAQ is up 254.77 points.

LIVE CATTLE:

Even though midday boxed beef prices are mixed and we've yet to see much trade in the fed cash cattle market, the live cattle contracts are trading higher into Wednesday's noon hour. October live cattle are up $2.22 at $219.45, December live cattle are up $2.45 at $223.25 and February live cattle are up $2.52 at $225.45. Still no new trade has developed in the fed cash cattle market, but some early bids and asking prices have surfaced ahead of Wednesday's noon hour. Asking prices are noted in eastern Nebraska at $360, and some bids have also surfaced in Nebraska at $345. But given that there's quite a difference between the two prices, it's likely that trade will be delayed until later in the week.

Boxed beef prices are mixed: choice up $0.01 ($382.67) and select down $2.41 ($362.07) with a movement of 70 loads (37.07 loads of choice, 7.15 loads of select, 7.64 loads of trim and 18.41 loads of ground beef).

FEEDER CATTLE:

Thankfully with the added support of the live cattle contracts trading higher, the feeder cattle contracts are also pushing a substantial $4.00 rally into Wednesday's noon hour. October feeders are up $3.55 at $337.20, November feeders are up $4.00 at $334.90 and January feeders are up $4.65 at $328.05. Given that the board's support is significant, it's likely that feeder cattle prices may even see a tick more support from buyers Wednesday.

LEAN HOGS :

Meanwhile the lean hog complex continues to be stuck in a sideways, choppy trading range as traders aren't seeing enough support. And with midday pork cutout values lower, it's likely that this lower trend will be kept through the afternoon. October lean hogs are down $0.42 at $78.95, December lean hogs are down $0.15 at $69.55 and February lean hogs are down $0.32 at $70.30. The projected lean hog index for 9/29/2026 is up $0.01 at $80.95 and the actual index for 9/28/2026 is down $0.27 at $80.94. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.55 with a weighted average price of $77.46, ranging from $69.00 to $79.00 on 1,908 head and a five-day rolling average of $78.10. Pork cutouts totaled 177.49 loads with 153.61 loads of pork cuts and 23.88 loads of trim. Pork cutout values: down $0.28, $87.49.