Tuesday Morning Livestock Market Update - Pork Cutouts Rebound

GENERAL COMMENTS:

Monday did not have the close for live cattle that the market was hoping for. Some early strength in the day made it seem like Friday's move lower was a month-end move only. Unfortunately, futures lost ground by the close. Feeder cattle did manage to hang on to some small gains, closing $0.65 to $1.025 higher. Cash markets were weaker last week and much of it is due to a temporary surge in available cattle ready to slaughter. It is said that in 2-3 weeks, the market will have worked through this heaviness in available fats.

Lean hog futures managed to pull some small gains in the deferred months; however, December closed 70 cents lower Monday at $58.17. Pork cutouts finally found a day higher on Monday, climbing $2.18. One day of small gains isn't enough to get the market excited as fundamentally nothing has changed. Commitments of Traders report showed record number of short contracts held by managed money. Without new news, they have little incentive to liquidate their positions.

	BULL SIDE		BEAR SIDE
1)	Low placements and low cattle on feed will help support the market.	1)	Technicals are bearish with cattle breaking through support Friday.
2)	Support from the high Feeder Cattle Index will keep futures from trailing too far from cash prices.	2)	Pressure from cash values traded is expected to continue for a few weeks as the market works through a surge in fats ready for market.
3)	A massive managed money position carrying a record number of shorts can lift markets quickly if they decide to take profits.	3)	Record net short of 51,646 contracts for managed money is a lot of pressure on futures.
4)	Higher pork cutouts on Monday will support the market.	4)	The Daily Direct Hog report continues to fall, giving more reason for futures to follow.

Monday Closing Livestock Market Summary - Mixed Tones Follow The Complex

GENERAL COMMENTS:

The livestock complex ended Monday mixed again, with fundamental support desperately needed to give traders the reassurance they yearn for. New showlists for the week are lower in Texas, but slightly higher in Nebraska, and noticeably higher in Kansas. December corn is up 1/2 cent per bushel and December soybean meal is down $5.00. The Dow Jones Industrial Average is up 213.67 points and the NASDAQ is down 272.68 points.

LIVE CATTLE:

With the feeling of last week's dramatic downturn still fresh on everyone's mind, the live cattle contracts ended Monday lower again as traders desperately need to see some fundamental support arise as the market's confidence was shaken last week. December live cattle closed $1.25 lower at $219.70, February live cattle closed $0.67 lower at $223.52 and April live cattle closed $0.47 lower at $226.15. No cash cattle trade developed throughout the day. New showlists for the week are lower in Texas, but slightly higher in Nebraska, and noticeably higher in Kansas. Last week, Southern live cattle were mostly marked at $224, which is $3.00 lower than the previous week's weighted average, but the Northern dressed cattle traded anywhere from $348 to $365, which was $13.00 lower than the previous week's weighted average. 

Monday's slaughter is estimated at 104,000 head -- 2,000 head less than a week ago and 6,000 head less than a year ago.

Boxed beef prices closed higher: choice up $0.38 ($365.04) and select up $2.96 ($354.94) with a movement of 81 loads (43.12 loads of choice, 10.50 loads of select, 16.79 loads of trim and 10.50 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady to somewhat lower. With the market's confidence shaken last week, it's likely that cash prices will trade steady at best, but they could trade lower later this week.

FEEDER CATTLE:

Although the live cattle complex ended Monday mostly lower, the feeder cattle complex was able to keep its slightly higher position through the day's close. November feeders closed $0.65 higher at $338.42, January feeders closed $0.90 higher at $332.67 and March feeders closed $1.02 higher at $328.30. But even so, the damage done to the market last week in terms of overall confidence pushed feeder cattle prices lower in sale barns across the country. At the Joplin Regional Stockyards in Carthage, Missouri, at their mid-session point, feeder steers were trading $4.00 to $10.00 lower and feeder heifers were trading steady. Feeder cattle supply over 600 pounds was 46%. The CME feeder cattle index 10/30/2026: down $0.77, $350.46.

LEAN HOGS:

The lean hog complex was able to end the day slightly higher, as traders merely allowed the market to chop sideways, hoping that pork demand will remain strong throughout the week. And while yes, pork cutout values did close higher today, before traders can put much confidence in the demand aspect of the market, they're going to need to see multiple days of stronger demand. December lean hogs closed $0.70 lower at $58.17, February lean hogs closed $0.12 higher at $63.87 and April lean hogs closed $0.15 higher at $69.65. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $10.28 with a weighted average price of $50.01 on 3,655 head. Pork cutouts totaled 310.84 loads, with 272.50 loads of pork cuts and 38.34 loads of trim. Pork cutout values: up $2.18, $72.28. Monday's slaughter is estimated at 492,000 head -- 8,000 head more than a week ago and 4,000 head less than a year ago. The CME lean hog index 10/29/2026: up $0.27, $66.57.

TUESDAY'S HOG CALL: Higher. Given that prices were so much lower today, it's likely that packers will show the market a tick more interest on Tuesday.

Monday Midday Livestock Market Summary - Traders Handle Contracts Gingerly

GENERAL COMMENTS:

Mixed tones dominate the livestock complex at Monday's noon hour as traders continue to yearn for greater fundamental support. New showlists for the week are lower in Texas, but slightly higher in Nebraska, and noticeably higher in Kansas. December corn is down 3/4 cent per bushel and December soybean meal is steady. The Dow Jones Industrial Average is up 498.89 points and the NASDAQ is up 77.19 points.

LIVE CATTLE:

Following last week's mixed trade, the live cattle complex is continuing the trend with the market's nearby contracts falling slightly lower, while the deferred contracts have been able to thus far maintain a slightly stronger position. December live cattle are down $0.70 at $220.25, February live cattle are down $0.22 at $223.97 and April live cattle are down $0.20 at $226.42. Friday's decline pushed the spot December contract back below the market's 100-day moving average, and with the nearby contracts continuing to trade lower, today's action has pushed the market even further from that threshold. New showlists for the week are lower in Texas, but slightly higher in Nebraska, and noticeably higher in Kansas.

Boxed beef prices are higher: choice up $0.14 ($364.80) and select up $2.75 ($354.73) with a movement of 42 loads (18.25 loads of choice, 3.32 loads of select, 12.98 loads of trim and 7.79 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts are trading mostly higher into Monday's noon hour, as traders remain hopeful that the market may be able to change its trajectory in the nearing day's from late last week's lower trend. November feeders are down $0.20 at $337.57, January feeders are up $0.42 at $332.30 and March feeders are up $0.77 at $328.05. But if the live cattle contracts don't turn higher, it's unlikely that the feeder cattle contracts will be able to trade higher for much longer.

LEAN HOGS:

And the market's mixed tones are also being seen in the lean hog complex as the nearby contracts trade lower, but some of the deferred months are trading mildly higher. December lean hogs are down $0.80 at $58.07, February lean hogs are down $0.17 at $63.57 and April lean hogs are down $0.10 at $69.40. Luckily pork demand is higher at the week's start -- but in order for it to mean much to traders, they're going to need to see higher prices for multiple days. The projected lean hog index for 10/30/2026 is down $0.82 at $65.75, and the actual index for 10/29/2026 is down $0.73 at $66.57. Hog prices are unavailable on the Daily Direct Morning Hog Report, but we can see that only 505 head have traded and that the five-day rolling average now sits at $59.44. Pork cutouts total 188.68 loads with 169.19 loads of pork cuts and 19.49 loads of trim. Pork cutout values: up $2.36, $72.46. 

Monday Morning Livestock Market Update - Will Cattle Fall Further?

GENERAL COMMENTS:

Cattle markets were ugly Friday. Many of the feeder cattle contracts were trading over $10 lower and the majority of the futures months for live cattle contracts were over $5 lower. Traders had expected some setback from technical selling but not to the degree that the market fell apart. It is speculated that month-end selling was the accelerator. Cash markets were weaker late last week as it seems like packers are having no problems finding cattle available to buy. There is some speculation that the fed cattle numbers ready for slaughter are temporarily inflated, but once pass this short window, will become scarce again.

Lean hog futures traded lower Friday, closing out the week over $7 lower on the December contract. The market is feeling the pressure with pork cutout values sinking lower as well as the availability of hogs being abundant. With heavier hog weights, it is easy to assume that barns are backed up with more hogs ready for slaughter. Last week, the government announced they would be buying $41 million worth of pork to help feed families in need. On the Commitments of Traders report, managed money sold another 4,833 contracts, now short a new record of 51,646 contracts.

	BULL SIDE		BEAR SIDE
1)	The Cattle on Feed report was bullish in October and fundamentally will support the market.	1)	December live cattle futures broke through support with Friday's sell-off.
2)	The Feeder Cattle Index is still holding strong, ignoring futures volatility.	2)	Cash prices are lower for cattle in the North, on top of lower boxed values.
3)	A $41 million pledge from USDA to buy pork will help boost the market.	3)	Record net short for managed money of 51,646 contracts set last week.
4)	Holidays are around the corner, and with that, new demand for pork products.	4)	Pork cutout values continue to fall.

Friday Closing Livestock Market Update - Lack of Fundamental Support Drives Contracts Lower

GENERAL COMMENTS:

It was a pitiful day for the livestock complex as traders grew frustrated with the market and its lack of fundamental support, which led to the contracts ending the day lower. At the time of this writing, the fed cash cattle market has only traded a handful of cattle, and prices have been lower than last week's weighted average. December corn is down 3 1/2 cents per bushel and December soybean meal is down $4.70. The Dow Jones Industrial Average is down 572.25 points and the NASDAQ is down 747.72 points.

From Friday to Friday, livestock futures scored the following changes: October live cattle down $5.88, December live cattle down $10.18; November feeder cattle down $10.55, January feeder cattle down $13.58; December lean hogs down $6.70; December corn down $0.08.

LIVE CATTLE:

With a lack of fundamental support, the live cattle contracts waived their white flag, tucked their tails and ran lower through Friday's end and into the weekend. December live cattle closed $5.35 lower at $220.95, February live cattle closed $5.27 lower at $224.20 and April live cattle closed $5.45 lower at $226.62. Some light trade was reported today in the South at $225, which is $2.00 lower than last week's weighted average, and there's been no more trade noted in the North following Wednesday's light movement at $350 to $352, which is $13.00 to $15.00 lower than the previous week's weighted average. If more trade doesn't develop later this afternoon, that would be two weeks in a row now of packers buying extremely few cattle in the fed cash cattle market. Which could potentially leave them bought for the upcoming week.

Friday's slaughter is estimated at 96,000 head -- steady with a week ago and 2,000 head less than a year ago. Saturday's slaughter is projected to be around 13,000 head. The week's total slaughter is estimated at 543,000 head -- 3,000 head less than a week ago and 14,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $2.62 ($364.66) and select up $0.35 ($351.98) with a movement of 126 loads (100.70 loads of choice, 8.66 loads of select, 10.36 loads of trim and 5.85 loads of ground beef).

MONDAY'S CATTLE CALL: Before we can accurately gauge where the market may go next week, we need to see what exactly pans out in this week's trade.

FEEDER CATTLE:

The CME's current trading limits for cattle contracts present challenges for some market participants. Daily feeder cattle contract moves of up to $10.00 can increase volatility and significantly raise risk exposure and marketing costs. And that's exactly what the market did today -- it fell more than $10.00 in most of the feeder cattle contracts as traders wiped their hands of the market before Friday's end. So why the big decline, you ask? Good question, because shouldn't a $10.00 decline be justified by some earth-shattering development? Well, that wasn't the case today. Traders were frustrated with the market's lack of fundamental support and let the contracts sink lower ahead of the weekend. November feeders closed $8.70 lower at $337.77, January feeders closed $10.17 lower at $331.77 and March feeders closed $10.50 lower at $327.27. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week and throughout the entire state, feeder steers traded steady, but stocker steers sold $3.00 to $8.00 lower.Feeder heifers sold steady to $5.00 higher. Steer and heifer calves traded $5.00 to $10.00 higher. Feeder cattle supply over 600 pounds was 56%. The CME feeder cattle index 10/29/2026: down $0.17, $351.26.

LEAN HOGS:

The lean hog complex ended the day lower too as traders continue to be frustrated by the lack of consumer demand. December lean hogs closed $0.95 lower at $58.87, February lean hogs closed $0.97 lower at $63.75 and April lean hogs closed $1.12 lower at $69.50. And until there's some sort of fundamental improvement, this sideways lower chop is likely going to continue to be the lean hog market's trajectory. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $3.49 with a weighted average price of $60.29 on 3,701 head. Pork cutouts totaled 314.97 loads, with 270.62 loads of pork cuts and 44.35 loads of trim. Pork cutout values: down $0.59, $70.10. Friday's slaughter is estimated at 486,000 head -- 29,000 head more than a week ago and 26,000 head more than a year ago. Saturday's slaughter is projected to be around 190,000 head. The CME lean hog index 10/28/2026: down $1.00, $67.30.

MONDAY'S HOG CALL: Lower. Packers rarely buy aggressively in the cash hog market on Mondays.

Friday Midday Livestock Market Update - Weaker Tones Follow Contracts

GENERAL COMMENTS:

The livestock complex is continuing to trade lower as there simply hasn't been enough fundamental support in this week's market to entice traders into pushing the contracts higher at this point in time. There was some light trade noted this morning in Kansas at $225 but otherwise no sales have been reported. December corn is down 1 1/4 cents per bushel and December soybean meal is down $3.10. The Dow Jones Industrial Average is down 353.09 points and the NASDAQ is down 678.30 points.

LIVE CATTLE:

It's been a painstaking morning for the live cattle complex as the market is currently trading $3.00 to $5.00 lower into Friday's noon as traders are disappointed by the lack of fundamental support this week. The market has only seen a light test in the fed cash cattle market, but it's fully assumed that prices will be lower this week when sizeable trade does begin to develop. There was a light report this morning noting that some Southern cattle had traded in Kansas at $225, but again not enough moved at those prices to note any sort of a weekly trend. And earlier this week on dressed cattle were traded at $350 to $352, but likewise that was only on a thin volume. So as traders sit anxiously waiting to see exactly what this week's trade is going to amount to, their support for the complex is diminishing rather quickly as unfortunately fundamental support simply hasn't been sufficient enough to keep the contracts stable this week. October live cattle are down $3.27 at $224.00, December live cattle are down $5.22 at $221.07 and February live cattle are down $5.02 at $224.45.

Boxed beef prices are mixed: choice down $0.40 ($366.88) and select up $1.65 ($353.28) with a movement of 101 loads (86.80 loads of choice, 3.83 loads of select, 8.11 loads of trim and 1.96 loads of ground beef).

FEEDER CATTLE:

And upon seeing the live cattle contracts tuck and run, the feeder cattle market has suffered gravely as currently its contracts are trading anywhere from $7.00 to $9.00 lower into Friday's noon hour. November feeders are down $7.90 at $338.57, January feeders are down $8.97 at $332.97 and March feeders are down $9.07 at $328.77. And until there's some support found in the market's fundamentals, a lower trend is likely going to continue to be the feeder cattle market's trajectory.

LEAN HOGS:

The lean hog complex is trading lower into Friday's noon hour as overall, it's been a disappointing week for the hog sector too as demand remain unstable. And while yes, this morning pork prices may be higher, that's simply not enough assurance to motivate traders into pushing the market higher at this point in time. December lean hogs are down $0.97 at $58.85, February lean hogs are down $1.10 at $63.62 and April lean hogs are down $0.87 at $69.75. The projected lean hog index for 10/29/2026 is down $0.73 at $66.57, and the actual index for 10/28/2026 is down $1.00 at $67.30. Hog prices are lower on the Daily Direct Morning Hog Report, down $1.66 with a weighted average price of $61.40, ranging from $49.00 to $67.00 on 2,691 head and a five-day rolling average of $59.78. Pork cutouts total 189.91 loads with 168.35 loads of pork cuts and 21.56 loads of trim. Pork cutout values: up $3.05, $73.74. 

Friday Morning Livestock Market Update - USDA Announces $472.5 Million Food Purchase

GENERAL COMMENTS:

While beef was left out of USDA's announcement Thursday morning about purchasing American-grown and raised food products, cattle markets did get an announcement of their own later in the afternoon. USDA Rural Development announced a loan guarantee for a new beef processing facility in Dimmitt, Texas. USDA's Business and Industry Guaranteed Loan Program (B&I Program) will use funds to support construction of a locally owned USDA inspected 400 head processing facility.

Lean hog futures traded higher on Thursday, with some initial buying right at the opening bell, coming off multiyear lows. Midmorning was the timing of USDA's announcement to purchase $41 million of American-raised pork to help feed families in need. A similar program was used back in 2020-2021, which had a significantly larger dollar invested, but overall boosted the markets it purchased products from. Pork cutout values were lower yet again on Thursday afternoon, falling $1.76 on the carcass. Pork bellies fell $10.93, which was very concerning.

	BULL SIDE		BEAR SIDE
1)	The Feeder Cattle Index is currently $4.50 higher than the futures market, giving support to futures.	1)	Cattle exports were 41% lower week over week and 33% lower than the average of the last four weeks.
2)	Corn market has been under pressure during harvest from selling pressure and lower-than-expected export pace. This will help support feeder cattle prices.	2)	Weaker cash trade for cattle helped push markets lower again on Thursday.
3)	A $41 million pledge from USDA to buy pork will help boost the market.	3)	Pork bellies fell $10.93 on Thursday afternoon, now valued at $65.69.
4)	Early buying price action in lean hog futures Thursday, before any news was released, could be seen as a good sign that buyers are looking for opportunities to jump in the market after multiyear lows were traded.	4)	Commitments of Traders report will be released later Friday and the market is expecting managed money to have sold more lean hog contracts.

Thursday Closing Livestock Market Update - Muted Tones Follow Complex

GENERAL COMMENTS:

Thursday came and went and the livestock contracts didn't see much change throughout the day's trade. The cattle contracts still closed lower as traders long for improved fundamental support, but the lean hog contracts were able to close a touch higher thanks to trader support. December corn is down 1/2 cent per bushel and December soybean meal is down $6.40. The Dow Jones Industrial Average is down 132.54 points and the NASDAQ is down 365.13 points.

LIVE CATTLE:

Sitting around and hoping for greater fundamental support to develop, the live cattle contracts again ended Thursday lower as no new cash cattle trade developed. October live cattle closed $0.10 lower at $227.27, December live cattle closed $1.02 lower at $226.30 and February live cattle closed $1.02 lower at $229.47. More than anything traders would likely at least keep the contracts trading steady if the cash market could trade steady as well, but if fundamental support doesn't improve, a lower tone may again become the market's theme. Throughout the day bids of $348 dressed were offered in Nebraska, and bids of $225 live were offered in Kansas, but no sales were confirmed. 

Thursday's slaughter is estimated at 109,000 head -- 6,000 head more than a week ago and 5,000 head less than a year ago.

Boxed beef prices closed lower: choice down $1.72 ($367.28) and select down $3.62 ($351.63) with a movement of 101 loads (69.11 loads of choice, 7.95 loads of select, 9.18 loads of trim and 15.13 loads of ground beef).

FRIDAY'S CATTLE CALL: Lower. With the board not showing much optimism, and feedlot managers having larger showlists this week, it's likely that the week's trend could be lower.

FEEDER CATTLE:

Thursday was another quiet day for the feeder cattle complex as the market managed to close mixed: lower in its nearby contracts, but slightly higher in the deferred months. October feeders closed $0.32 lower at $351.10, November feeders closed $0.27 lower at $346.47 and January feeders closed $0.15 lower at $241.95. And until the nearby live cattle contracts trade higher, it's unlikely that the nearby feeder cattle contracts will be able to either. At the Winter Livestock Auction in Dodge City, Kansas, compared to last week, steers over 750 pounds traded steady with a strong undertone noted. Heifers weighing 750 to 850 pounds sold steady to $6.50 higher, but those over 850 pounds weren't well tested. Steer and heifer calves sold steady. Feeder cattle supply over 600 pounds was 82%. The CME feeder cattle index 10/28/2026: up $0.43, $351.43.

LEAN HOGS:

And believe it or not, even though pork cutout values still ended Thursday lower, the lean hog contracts were able to rally mildly thanks to continued trader support. December lean hogs closed $1.22 higher at $59.82, February lean hogs closed $0.55 higher at $64.72 and April lean hogs closed steady at $70.62. But while today's slightly higher end is a pleasant note, it's unlikely that traders will move the market substantially higher without an improvement in consumer demand. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $7.22 with a weighted average price of $63.78 on 2,129 head. Pork cutouts totaled 272.22 loads with 232.04 loads of pork cuts and 40.17 loads of trim. Pork cutout values: down $1.76, $70.69. Thursday's slaughter is estimated at 497,000 head -- steady with a week ago and 22,000 head more than a year ago. The CME lean hog index 10/27/2026: down $1.06, $68.30.

FRIDAY'S HOG CALL: Lower. At this point packers have likely secured the vast majority of their needs for the week.

Thursday Midday Livestock Market Summary - Cattle Dip Lower While Hogs Chop Sideways

GENERAL COMMENTS:

The livestock complex is trading mixed into Thursday's noon hour as the cattle contracts continue to scale lower, while the lean hog contracts have found mild technical support. Bids are on the table in both the North and South but no new trade has been noted. December corn is up 3/4 cent per bushel and December soybean meal is down $5.30. The Dow Jones Industrial Average is down 147.74 points and the NASDAQ is down 354.61 points.

LIVE CATTLE:

The live cattle complex is continuing to trade lower as traders remain leery of whether or not adequate fundamental support is going to develop later this week. There's only been a light test thus far in the fed cash cattle market, but on Wednesday Northern cattle did trade at $350 to $352 -- which is $13.00 to $15.00 lower than the previous week's weighted average -- but too few of cattle traded to say that any sort of an accurate trend has been established. But a cautious, weaker tone has again settled back into the cattle complex. October live cattle are down $0.87 at $226.50, December live cattle are down $1.97 at $225.32 and February live cattle are down $1.80 at $228.70. Bids of $345 to $348 are currently on the table in Nebraska, and bids of $225 are being offered in Kansas, but no new trade has developed yet today.

Boxed beef prices are lower: choice down $1.50 ($367.50) and select down $3.70 ($351.55) with a movement of 54 loads (39.31 loads of choice, 6.00 loads of select, zero loads of trim and 8.73 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading lower as it doesn't want to move oppositely of the live cattle market and would also like to see continued fundamental support. October feeders are down $0.42 at $351.00, November feeders are down $1.45 at $345.30 and January feeders are down $1.62 at $340.47. If the board continues to trend lower, feeder cattle prices in the countryside could soften.

LEAN HOGS:

And after a painstaking decline, the lean hog complex has found some mild technical support which is allowing the contracts to trade slightly higher. December lean hogs are up $1.55 at $60.15, February lean hogs are up $0.40 at $64.57 and April lean hogs are up $0.05 at $70.70. A sideways/to somewhat lower trend in the lean hog complex is likely as pork demand doesn't seem to be improving. The projected lean hog index for 10/28/2026 is down $1.00 at $67.30, and the actual index for 10/27/2026 is down $1.06 at $68.30. Hog prices are higher on the Daily Direct Morning Hog Report, up $7.24 with a weighted average price of $63.06, ranging from $54.00 to $67.00 on 929 head and a five-day rolling average of $59.23. Pork cutouts total 153.50 loads with 130.28 loads of pork cuts and 23.22 loads of trim. Pork cutout values: down $1.39, $71.06. 

Thursday Morning Livestock Market Update - Cash Trade Pressure Cattle Markets

GENERAL COMMENTS:

Feeder cattle and live cattle contracts were due for a correction with the speed the market has climbed recently. For fed cattle, the cash trade has the market under pressure as it appears packers are finding plenty of cattle to purchase despite what is expected to be tight supply. Iowa, Minnesota and Nebraska traded $222-$245 live and $348-$365 dressed Wednesday. Futures held current technical support levels, so traders are not concerned with Wednesday's market selloff.

The deferred contracts in lean hog futures found some strength in Wednesday's trade. So, while the nearby futures contracts are still feeling the pressure of decreased pork demand, the market is seeing a small buying opportunity in the spring months. The December contract has fallen to lows not seen since fall of 2020. Pork cutouts were lower again on Wednesday. For the Weekly Average Hog Weight report, carcass-basis hogs averaged 219.0 pounds, up 0.7 pounds on the week and 2.5 pounds higher on the year. The national average live weight was 289.5 pounds, up 1 pound from last week. Weights are rising faster than the normal seasonal pattern, setting a bearish tone on more available supply to come.

	BULL SIDE		BEAR SIDE
1)	Cattle herd size is not improving as the market had hoped.	1)	Packers are having no trouble finding cattle to buy despite lower expected herd numbers.
2)	Technical support is still holding steady for cattle markets.	2)	Weaker cash trade for cattle helped push markets lower Wednesday.
3)	Holidays are around the corner and a family gathering with ham is tradition.	3)	Lean hog futures find their lowest prices since fall of 2020.
4)	Deferred months finding strength in lean hog futures show the market has some confidence that demand will increase in the future.	4)	Higher hog weights generally mean hogs are backing up on farms, and more pork supply is coming.

Wednesday Closing Livestock Market Update - Cattle Question if Enough Support is Going to Develop this Week

GENERAL COMMENTS:

The livestock complex again ended the day mixed with the cattle contracts questioning if enough support is going to develop throughout the week to justify pushing the contracts higher, but the lean hog contracts closed a tick stronger. Some light cash cattle trade developed in Nebraska at $350 to $352. December corn is up 3 cents per bushel and December soybean meal is up $1.10. The Dow Jones Industrial Average is up 97.53 points and the NASDAQ is up 72.04 points.

LIVE CATTLE:

With concerns rising that the market may not see the level of fundamental support which the complex saw last week -- traders grew anxious throughout the afternoon and allowed the contracts to fade lower. October December live cattle closed $3.52 lower at $227.32, February live cattle closed $3.07 lower at $230.50 and April live cattle closed $3.02 lower at $232.70. Some light cash cattle trade developed this afternoon in North at $350 to $352, and while it's early in the week to say that any sort of a trend has developed yet -- a lower trend is obvious in that price range. Bids of $226 were offered throughout the day in Kansas, but no Southern trade was noted. Given that feedlot managers carried more supply into this week's trade, there's a chance that prices could indeed be lower. 

Wednesday's slaughter is estimated at 109,000 head -- 1,000 head less than a week ago and 9,000 head less than a year ago.

Boxed beef prices closed lower: choice down $3.22 ($369.00) and select down $3.60 ($355.25) with a movement of 107 loads (63.57 loads of choice, 16.65 loads of select, 10.08 loads of trim and 16.40 loads of ground beef).

THURSDAY'S CATTLE CALL: Lower. Given that the market has already seen some lower trade develop, it's likely that the week's trend will be weaker.

FEEDER CATTLE:

And as to be expected, the feeder cattle contracts closed lower too upon seeing a weakening trend in the live cattle contracts. October feeders closed $1.37 lower at $351.42, November feeders closed $3.27 lower at $346.75 and January feeders closed $5.00 lower at $342.10. At Beaver Livestock Auction in Beaver, Oklahoma, compared to last week feeder steers over 600 pounds traded $5.00 to $15.00 lower, but those weighing 800 to 1,000 pounds traded steady to $2.00 higher. Feeder heifers over 700 pounds sold $10.00 to $20.00 higher, but those weighing 600 to 700 pounds traded $15.00 lower. Steer and heifer calves sold $5.00 to $15.00 higher. Feeder cattle supply over 600 pounds was 73%. The CME feeder cattle index 10/27/2026: up $0.33, $351.00.

LEAN HOGS:

And although pork cutout values again ended the day lower, traders lent the lean hog complex some modest support which allowed the contracts to close higher. Following the grave decline in which the market has seen over the last three months, any help from traders is warmly welcomed even if it's just for a day's higher end. December lean hogs closed $3.42 lower at $58.60, February lean hogs closed $0.75 lower at $64.17 and April lean hogs closed $0.30 higher at $70.62. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.38 with a weighted average price of $56.56 on 6,663 head. Pork cutouts totaled 338.15 loads with 287.11 loads of pork cuts and 51.04 loads of trim. Pork cutout values: down $0.64, $72.45. Wednesday's slaughter is estimated at 490,000 head -- steady with a week ago and 5,000 head more than a year ago. The CME lean hog index 10/26/2026: down $0.70, $69.36.

THURSDAY'S HOG CALL: Lower. With pork cutout values trending lower, it's unlikely that packers are going to jump aggressively in the cash market. 

Wednesday Midday Livestock Market Summary - Mixed Tones Continue to be Seen in the Livestock Complex

GENERAL COMMENTS:

The livestock complex is again trading mixed as the cattle contracts drift lower while the lean hog complex has found some mild technical support. No cash cattle trade has developed yet but bids have surfaced in Kansas and Nebraska. December corn is up 2 3/4 cents per bushel and December soybean meal is down $0.40. The Dow Jones Industrial Average is up 139.70 points and the NASDAQ is down 4.16 points.

LIVE CATTLE:

Without any fed cash cattle trade having developed yet, and with morning boxed beef prices being lower, it doesn't come as a real surprise to see the live cattle contracts trading lower. October live cattle are down $2 at $228, December live cattle are down $2.57 at $228.35 and February live cattle are down $2 at $231.57. Some bids have surfaced in the fed cash cattle complex, but no trade has been reported just yet. Bids of $350 are currently on the table in Nebraska, and bids of $226 are being offered in Kansas - but feedlot managers have thus far passed on those bids as they hope to see cattle trade higher later this week.

Boxed beef prices are lower: choice down $2.51 ($369.71) and select down $1.71 ($357.14) with a movement of 72 loads (39.82 loads of choice, 7.78 loads of select, 9.70 loads of trim and 14.94 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading lower as trader desire to see greater fundamental support before they will likely advance the contracts any higher. October feeders are down $0.67 at $352.15, November feeders are down $2.62 at $347.45 and January feeders are down $4.22 at $342.92. Today's slight pull back isn't traders saying, "we regret pushing the market to this level," but rather instead that they desire to see greater support before they can confidently push the contracts any higher.

LEAN HOGS:

And although a couple of the nearby lean hog contracts are trading lower, most of the market is trading higher as traders have lent the market some mild support following the week's earlier decline. December lean hogs are down $2.12 at $59.90, February lean hogs are down $0.35 at $64.55 and April lean hogs are up $0.42 at $70.75. The projected lean hog index for 10/27/2026 is down $1.06 at $68.30, and the actual index for 10/26/2026 is down $0.70 at $69.36. Hog prices are lower on the Daily Direct Morning Hog Report, down $6 with a weighted average price of $55.82, ranging from $45 to $67 on 4,028 head and a five-day rolling average of $59.40. Pork cutouts total 190.70 loads with 161.79 loads of pork cuts and 28.92 loads of trim. Pork cutout values: up $3.11, $76.20. 

Wednesday Morning Livestock Market Update - Another Mexican Cattle Port Opens

GENERAL COMMENTS:

Live cattle traded both higher and lower throughout Tuesday with the final bell showing small gains on the soon expiring October contract and the deferred contracts 35 to 77.5 cents/cwt lower. Feeder cattle had a strong close with the October contract up $2.90 and the November contract up $1.475 at settlement. The Feeder Cattle Index was estimated at $350.67 Tuesday, the first time above 350 in over two months. Beef cutout values had another large increase on Tuesday afternoon with choice up $2.78 and select $1.29 higher. 620 head of Mexican feeder cattle crossed at the Columbus, New Mexico, port on its first day back in operation, with an estimated 150,000 head total of Mexican imports expected by the end of the year.

Lean hog futures continue to be under pressure as futures fell anywhere from $2.65 nearby to $1.925 lower on the April contract. The December contract made another new contract low today by trading 61.625. Fundamentals have not changed and it is expected that managed money will continue to sell lean hog futures until the demand picture changes or slaughter numbers decrease. Smithfield Foods reported lower sales forecast for 2026, adding to the overall bearish tone to the market. Pork cutouts fell again on Tuesday, down another 71 cents on the carcass and as much as $3.19 lower on the belly or $2.28 lower on the loin. Picnic cuts have improved since Monday at $2.56 higher.

	BULL SIDE		BEAR SIDE
1)	Low placements will continue to support the feeder cattle market.	1)	Another Mexican cattle port opened this week, with the first day of operation already at 50% of the typical volume seen before closure.
2)	Beef cutouts have been increasing steadily since last week, showing improved demand.	2)	As chicken and pork prices decline, beef will eventually price itself out of demand with cheaper protein alternatives.
3)	In four out of the last five years, pork cutout values peaked for fourth quarter in October. Holiday demand is still something for the market to look forward to.	3)	Lean hogs hit another contract low on the December contract Tuesday.
4)	The U.S. hog herd is down 2% from September 2025.	4)	Pork cutout values have declined over 30% from their summer peak.

Tuesday Closing Livestock Market Update - Weaker Tones Follow the Livestock Complex

GENERAL COMMENTS:

The livestock complex ended the day lower with traders desiring to see greater fundamental support. No cash cattle trade developed throughout the day and both bids and asking prices remain elusive at this point. December corn is down 6 1/4 cents per bushel and December soybean meal is down $5.60. The Dow Jones Industrial Average is up 15.99 points and the NASDAQ is up 308.43 points.

LIVE CATTLE:

The live cattle complex ended the day mostly lower as traders simply didn't see enough immediate support in the day's trade to justify pushing the contracts any higher for the time being. October live cattle closed $0.02 higher at $230.00, December lean hogs closed $0.35 lower at $230.85 and February live cattle closed $0.77 lower at $233.57. No cash cattle trade developed throughout the day and both bids and asking prices remail elusive at this point. Trade will likely be delayed until Thursday or Friday. 

Tuesday's slaughter is estimated at 110,000 head -- 2,000 head less than a week ago and 9,000 head less than a year ago.

Boxed beef prices closed higher: choice up $2.78 ($372.22) and select up $1.29 ($358.85) with a movement of 120 loads (78.09 loads of choice, 12.85 loads of select, 9.90 loads of trim and 18.81 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Higher. Given that packers only bought 40,000 head in last week's market likely means that they'll need to be more aggressive this week.

FEEDER CATTLE:

And even though the live cattle complex closed lower, the feeder cattle contracts powered onward throughout the day, keeping their mild rally through Tuesday's close thanks to continued support in the countryside. October feeders closed $2.90 higher at $352.80, November feeders closed $1.47 higher at $350.02 and January feeders closed $1.10 higher at $347.10. At Roswell Livestock Auction in Roswell, New Mexico compared to last week steer calves weighing 300 to 500 pounds sold $12.00 to $25.00 higher but those weighing 500 to 600 pounds traded $2.00 to $10.00 lower. Feeder steers weighing 600 to 700 pounds traded $12.00 to $17.00 higher. Heifer calves weighing 350 to 450 pounds were either, but the heifers weighing 450 to 500 pounds traded $8.00 to $10.00 lower and those weighing 500 to 600 pounds traded steady. Feeder cattle supply over 600 pounds was 19%. The CME feeder cattle index 10/26/2026: up $2.12, $350.67.

LEAN HOGS:

Unfortunately, the lean hog complex's sharp decline continued through Tuesday's end. December lean hogs closed $2.65 lower at $62.02, February lean hogs closed $2.10 lower at $64.92 and April lean hogs closed $1.92 lower at $70.32. And until the demand outlook changes for the hog complex -- a lower trend may continue to be the market's theme. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.52 with a weighted average price of $57.94 on 8,561 head. Pork cutouts totaled 366.19 loads with 321.94 loads of pork cuts and 44.25 loads of trim. Pork cutout values: down $0.71, $73.09. Tuesday's slaughter is estimated at 493,000 head -- 5,000 head more than a week ago and 10,000 head more than a year ago. The CME lean hog index for 10/23/2026: down $1.10, $70.06.

WEDNESDAY'S HOG CALL: Lower. Packers bought a moderate volume in Tuesday's trade, and with the sharp decline in the futures market, it's likely that cash prices won't be higher anytime soon with pork cutout values trending lower. 

Tuesday Midday Livestock Market Update - Weaker Tones Push Most Contracts Lower

GENERAL COMMENTS:

The livestock complex is trading mostly lower into Tuesday's noon hour as traders continue to yearn for increased fundamental support. No cash cattle trade has developed at this point and it's likely that trade will be delayed until Friday. December corn is down 4 3/4 cents per bushel and December soybean meal is down $4.10. The Dow Jones Industrial Average is up 25.55 points and the NASDAQ is up 346.36 points.

LIVE CATTLE:

The live cattle complex is trading mostly lower into Tuesday's noon hour as although traders recognize the rally in boxed beef prices -- they want to see what the fed cash cattle market is going to accomplish this week before they will likely support the contracts much more. And if this week's trade is anything like what we've seen in recent weeks -- trade will likely be delayed until Friday. No trade has developed yet and both bids and asking prices remain elusive at this point too. October live cattle are up $0.17 at $230.15, December live cattle are down $0.47 at $230.72 and February live cattle are down $0.77 at $233.50.

Boxed beef prices are higher: choice up $4.15 ($373.59) and select up $2.55 ($360.11) with a movement of 76 loads (44.79 loads of choice, 7.72 loads of select, 8.59 loads of trim and 14.65 loads of ground beef).

FEEDER CATTLE:

And although most of the live cattle contracts are trading lower, some of the nearby feeder cattle contracts are continuing to trade higher as traders are pleased with the demand in which feeder cattle/calves are bringing at sale barns across the country. October feeders are up $2.62 at $352.52, November feeders are up $1.10 at $349.65 and January feeders are up $0.40 at $346.40. The feeder cattle complex may be able to maintain its modest rally in nearby contracts through the day's end, but if the complex is to rally throughout the week -- seeing continued support from the live cattle complex will be vital.

LEAN HOGS:

A lack of consumer demand continues to erode the lean hog complex, and the market is currently enduring a staggering decline this morning. December lean hogs are down $2.37 at $62.30, February lean hogs are down $1.92 at $65.10 and April lean hogs are down $2.10 at $70.20. Given that market is currently trading at its lowest price since January of 2024 -- it's tough telling where the market's technical support could be found next. The projected lean hog index for Oct. 26 is down $0.70 at $69.36 and the actual index for Oct. 23 is down $1.10 at $70.06. Hog prices are lower on the Daily Direct Morning Hog Report, down $4.36 with a weighted average price of $61.82, ranging from $55 to $67 on 2,496 head and a five-day rolling average of $65.83. Pork cutouts total 198.85 loads with 178.76 loads of pork cuts and 20.09 loads of trim. Pork cutout values: down $0.99, $72.81. 

Tuesday Morning Livestock Market Update - Cattle Strength in Deferred Contracts

GENERAL COMMENTS:

The market expected cattle futures to be a little more exciting than the trade actually was on Monday after a bullish Cattle on Feed report. Feeder cattle saw the biggest impact with the deferred months rallying faster than the nearby months. Traders were bear spreading futures given the lower placements. Cash trade last week was stronger for live cattle, with an average price paid more than $3 higher than the week before even with the lack of trade that took place. Packers were patient last week with only 40,128 traded versus 90,762 the week before, but they will need to step back into the market this week.

Lean hogs have struggled with lack of bullish news for the market to cling onto. Pork cutout values continue to fall as buyers have an abundance of supply available. Slaughter volumes remain high, also putting pressure on wholesale prices. The Commitment of Traders report showed managed money bought back 1,804 by Tuesday, Oct. 20. However, it is expected that funds will continue to sell additional contracts following the move lower in futures late last week.

	BULL SIDE		BEAR SIDE
1)	Feeder cattle will have long-term support from the lowest September placements recorded in over 30 years.	1)	There are plenty of live cattle ready to come to market in the near term and could pressure the market.
2)	Beef cutouts were strongly higher on Monday's afternoon update.	2)	November feeder cattle futures are struggling to close above the trend line and could be resistance going forward.
3)	The Cold Storage report showed a slight decrease in frozen inventories from last month on Friday's report.	3)	Weak demand weighs heavily on pork prices.
4)	Low prices typically bring in new buying interest.	4)	Higher hog inventories show long-term bearishness in an already weak market.

Monday Closing Livestock Market Update - Cattle Continue to Rally into the New Week

GENERAL COMMENTS:

The livestock complex ended Monday mixed, with the cattle contracts able to rally mildly while the hog contracts again closed lower thanks to weak demand. New showlists for the week are steady in Kansas, but slightly higher in Texas and Nebraska. December corn is down 1 cent per bushel and December soybean meal is down $5.90. The Dow Jones Industrial Average is up 146.42 points and the NASDAQ is up 214.04 points.

LIVE CATTLE:

With the hope that the market's strong fundamental underpinning will hold true throughout the week ahead, traders once again drove the live cattle contracts stronger throughout Monday. October live cattle closed $0.10 higher at $229.97, December live cattle closed $0.07 higher at $231.20 and February live cattle closed $1.00 higher at $234.35. No cash cattle trade developed throughout the day. New showlists for the week are steady in Kansas, but slightly higher in Texas and Nebraska. Monday's slaughter is estimated at 106,000 head -- 1,000 head more than a week ago and 3,000 head more than a year ago.

Last week Northern dressed cattle traded from $355 to $365, but mostly at $365, which is $15.00 higher than the previous week's weighted average, and Southern live cattle traded anywhere from $225 to $228, but mostly at $227, which is $3.00 higher than the previous week's weighted average.

Boxed beef prices closed higher: choice up $3.65 ($369.44) and select up $4.87 ($357.56) with a movement of 89 loads (53.91 loads of choice, 8.33 loads of select, 12.43 loads of trim and 14.13 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady to somewhat higher. Given that packers bought only 40,000 head in last week's market, prices are likely to stay steady, if not tick higher again, this week.

FEEDER CATTLE:

The feeder cattle contracts ended Monday stronger too, being fueled once again by strong trader support, and by the fact that ample fundamental support is helping rally the cattle complex right now. October feeders closed $1.57 higher at $349.90, November feeders closed $0.42 higher at $348.55 and January feeders closed $0.65 higher at $346.00. At the Joplin Regional Stockyards in Carthage, Missouri, compared to last week and at their mid-session point, feeder steers under 600 pounds were trading from $5.00 lower to $5.00 higher. Heavier weights were trading $5.00 to $12.00 higher. Feeder heifers were selling $4.00 to $13.00 higher. Feeder cattle supply over 600 pounds was 69%. The CME feeder cattle index 10/23/2026: up $3.46, $348.55.

LEAN HOGS:

Lean hog contracts ended the day lower as pork cutout values closed lower again. Demand continues to be the lean hog market's biggest hurdle, with traders simply unwilling to advance the contracts to any degree without stronger fundamental support. December lean hogs closed $0.90 lower at $64.67, February lean hogs closed $0.60 lower at $67.02 and April lean hogs closed $0.42 lower at $72.25. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $7.94 with a weighted average price of $59.64 on 3,675 head. Pork cutouts totaled 344.71 loads, with 303.65 loads of pork cuts and 41.06 loads of trim. Pork cutout values: down $0.29, $73.80. Monday's slaughter is estimated at 496,000 head -- 20,000 head more than a week ago and 6,000 head more than a year ago. The CME lean hog index 10/22/2026: down $1.09, $71.16.

TUESDAY'S HOG CALL: Steady. Given that pork demand remains null, it's likely that packer demand will be modest at best.

Monday Midday Livestock Market Summary - Cattle Inch Higher While Hogs Remain Hesitant

GENERAL COMMENTS:

The livestock complex is trading mixed into midday Monday as the cattle contracts rally thanks to last week's success, but the lean hog complex isn't as confident given that pork demand has been so finicky. New showlists for the week are steady in Kansas, but slightly higher in Texas and Nebraska. December corn is down 1/2 cent per bushel and December soybean meal is down $6.10. The Dow Jones Industrial Average is up 100.60 points and the NASDAQ is up 240.32 points.

LIVE CATTLE:

Following last week's bullish Cattle on Feed report, the live cattle complex is again trading higher into midday Monday. Although it feels odd to say, it's still unclear exactly where fed cash cattle prices landed last week as trade was light and didn't develop until late Friday and Saturday. But some live cattle trade was noted in the South at $230, and Northern dressed cattle were rumored to have traded anywhere from $358 to $362. But before we can say certainly where the week's weighted averages landed, we will have to see what the midday report unveils. Either way, the market is charging higher into midday Monday, grateful for strong fundamental support. October live cattle are up $0.02 at $229.90, December live cattle are steady at $231.12 and February live cattle are up $0.75 at $234.10. New showlists for the week are steady in Kansas, but slightly higher in Texas and Nebraska.

Boxed beef prices are higher: choice up $3.37 ($369.16) and select up $4.36 ($357.05) with a movement of 39 loads (22.21 loads of choice, 3.44 loads of select, 7.30 loads of trim and 5.86 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is again climbing higher into midday Monday as traders feel as though the market is well supported by ample fundamental support. October feeders are up $1.02 at $349.35, November feeders are up $0.25 at $348.37 and January feeders are up $0.47 at $345.80. And so long as the live cattle complex continues to trade higher, the feeder cattle complex will likely follow suit.

LEAN HOGS:

The lean hog complex is trading lower into midday Monday, as although midday pork cutout values are a tick higher, traders aren't willing to advance the contracts simply because prices are higher for a day. Pork demand has been a lingering issue for the hog complex, and it's not likely that the market is going to change its direction until there's greater confidence that consumers are going to show more interest. The projected lean hog index for 10/23/2026 is down $1.08 at $70.08, and the actual index for 10/22/2026 is down $0.99 at $71.16. Hog prices average $66.18 on the Daily Direct Morning Hog Report, ranging from $63.50 to $67.00 on 535 head and a five-day rolling average price of $66.99. Pork cutouts totaled 190.85 loads, with 171.32 loads of pork cuts and 19.53 loads of trim. Pork cutout values: up $1.31, $75.40.

Monday Morning Livestock Market Update - Lowest September Cattle Placements and Marketings

GENERAL COMMENTS:

The October Cattle on Feed report was released Friday afternoon, and it's expected to bring some fireworks to the futures market Monday. Total cattle on feed was 11.37 million head, 100% of last year. Placements were at 1.777 million head, only 88% of last year. Feeders should really react to such a large drop from last year. Fed cattle marketed were reported at 1.524 million head, 93% of the total from last year. Heifer inventories were 4.3 million head, down 1% from last year. The Cold Storage report was also released Friday afternoon with total beef stocks down 5,051,000 pounds from August, and down 2,954,000 pounds from one year ago.

The Cold Storage report had total pork inventories up 9% from 2025 at 427,813,000 pounds of pork. That is down 1% from September. The biggest changes were hams, up 28% from last year, pork bellies were up 7% from last year, however, down 12% from last month. Loins inventory is up 25% year over year and 5% higher than last month. While inventories are slightly lower than last month, most were quite a bit higher than last year. With the holidays coming, a slight drop in pork inventory can make a difference in price as most are trying to grow their inventories rather than cut. The market will watch cutout values this week to see if demand increases going forward.

	BULL SIDE		BEAR SIDE
1)	Placements at 88% are going to have the biggest impact on feeders but overall bullish for the cattle markets.	1)	Beef cutout values have been choppy lately, giving uncertainty to demand.
2)	Beef cold storage inventory is down 1% from last month and last year.	2)	High priced beef can cause damage to consumer demand as budgets drive purchases.
3)	Pork cold storage inventories are down 1% from last month.	3)	Pork inventories are up 9% from September 2025.
4)	Managed money bought 1,804 contracts back last week in lean hog futures.	4)	Lean hog futures continue to make new lows. From a technical perspective, they do not appear to have found a bottom yet.

Friday Closing Livestock Market Update - No Cash Cattle Trade has Developed Yet

GENERAL COMMENTS:

What a day it was. The Cattle on Feed report was extremely bullish with placements down 12%, and the fed cash cattle market has yet to trade any cattle as packers and feedlot managers go toe to toe. It will be interesting to pick up where this week left off on Monday. December corn is down 4 1/2 cents per bushel and December soybean meal is down $1.20. The Dow Jones Industrial Average is down 639.45 points and the NASDAQ is down 55.46 points.

From Friday-to-Friday livestock futures scored the following changes: October live cattle up $2.32, December live cattle up $2.78; October feeder cattle up $4.70, November feeder cattle up $6.23; December down hogs down $1.35, December corn down $0.18.

LIVE CATTLE:

Friday came and went and thankfully traders continued to support the live cattle contracts although no cash cattle trade has developed at the time of this writing. Thankfully the day's Cattle on Feed report was extremely bullish, but as I mentioned, no trade has developed yet in the cash sector. It's fully assumed that prices will trade at least steady this week, if not higher, but feedlot managers and packers have again gone toe-to-toe and so far no one has budged. Bids of $226 were offered throughout the day in Kanas, but no other bids were even noted. It's likely that we won't know until Monday's official USDA report comes out what happened over the week. But hats off to the feedlot managers that continue to hold the line, and push for stronger cash prices. October live cattle closed $0.12 higher at $229.87, December live cattle closed steady at $231.12 and February live cattle closed $0.10 lower at $233.35.

Friday's slaughter is estimated at 96,000 head -- 6,000 head less than a week ago and 16,000 head less than a year ago. Saturday's slaughter is projected to be around 20,000 head. The week's total slaughter is estimated to be 546,000 head -- 7,000 head less than a week ago and 27,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $3.68 ($365.79) and select up $2.28 ($352.69) with a movement of 124 loads (95.47 loads of choice, 8.35 loads of select, 10.16 loads of trim and 10.18 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Before we can anticipate what next week's market may do, we need to see what this week's trade amounts to.

FEEDER CATTLE:

The feeder cattle complex ended the day higher -- believing that the Cattle on Feed report would be bullish, and grateful for the continued support of the live cattle contracts and traders. And thankfully, Friday's Cattle on Feed report was extremely bullish with placements being down 12% compared to a year ago. October feeders closed $2.22 higher at $348.32, November feeders closed $1.20 higher at $348.12 and January feeders closed $1.35 lower at $345.32. The Oklahoma Weekly Cattle Auction summary shared that compared to a week ago, feeder steers throughout the state traded $10.00 to $20.00 higher, expect those weighing 700 to 800 pounds which traded $4.00 to $8.00 higher. Feeder heifers were unevenly steady. Steer calves traded $25.00 to $30.00 higher. Heifer calves over 500 pounds sold $7.00 to $10.00 higher, and those under 500 pounds traded $15.00 to $20.00 higher. Feeder cattle supply over 600 pounds was 55%. The CME feeder cattle index 10/22/2026: up $1.52, $345.09.

LEAN HOGS:

The lean hog complex was able to maintain its modest rally through Friday's close, as traders lent the complex some light technical support ahead of the week's close. Pork cutout values still closed lower, and the long-term problem of pork demand will again carry into next week's trade. December lean hogs closed $0.02 higher at $65.57, February lean hogs closed $0.20 higher at $67.62 and April lean hogs closed $0.22 higher at $72.67. Pork cutouts totaled 304.26 loads with 276.43 loads of pork cuts and 27.83 loads of trim. Pork cutout values: down $1.14, $74.09. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.92 with a weighted average price of $67.40 on 2,573 head. Friday's slaughter is estimated at 462,000 head -- 10,000 head less than a week ago and 4,000 head more than a year ago. Saturday's slaughter is projected to be around 202,000 head. The CME lean hog index 10/21/2026: down $0.67, $72.15.

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