Wednesday Closing Livestock Market Update - Traders Lend Cattle Contracts Additional Support

GENERAL COMMENTS:

The livestock complex ended the day higher as traders lent the cattle and lean hog contracts additional support ahead of Wednesday's close. No new cash cattle trade developed throughout the day, but bids were offered in both regions. December corn is up 13 cents per bushel and December soybean meal is up $10.10. The Dow Jones Industrial Average is down 113.52 points and the NASDAQ is down 21.10 points.

LIVE CATTLE:

The live cattle complex ended the day mostly higher, aside from the spot October contract, which closed just mildly lower. Nothing fundamentally changed for the better in the complex, but instead, traders lent the contracts a little bit more support ahead of the afternoon's close, which helped change their position from red to green before closing. October live cattle closed $0.17 lower at $210.77, December live cattle closed $0.45 higher at $212.57 and February live cattle closed $0.57 higher at $214.07. Following Tuesday's light business, packers offered bids in the cash market on Wednesday, but trade sat mostly idle as packers don't want to see prices advance, and obviously feedlot managers would like to see the market move higher. Bids were offered throughout the day in the South at $218 to $220, but Southern cattle are priced at mostly $223 to $225, and northern bids were offered throughout the day in Nebraska at $218 to $245. More trade will need to develop in the South, especially before the week is over. On Tuesday, Northern cattle traded at mostly $345, which is $10.00 lower than the previous week's weighted average. 

Wednesday's slaughter is estimated at 105,000 head -- 1,000 head less than a week ago and 13,000 head less than a year ago.

Boxed beef prices closed lower: choice down $3.40 ($385.13) and select down $6.30 ($362.68) with a movement of 119 loads (69.37 loads of choice, 19.95 loads of select, 7.69 loads of trim and 22.07 loads of ground beef).

THURSDAY'S CATTLE CALL: Lower. The market's trend this week is going to be lower.

FEEDER CATTLE:

The feeder cattle complex ended the day mostly higher, aside from its two nearby contracts which closed just mildly lower. Just like the live cattle complex, traders were willing to throw the market a bone ahead of closing, which helped the contracts end the day mostly higher. Nothing has changed with the market's fundamentals, making the outlook bullish for the immediate future. September feeders closed $0.27 lower at $319.00, October live cattle closed $0.92 higher at $314.25 and November feeders closed $1.80 higher at $307.50. At the Winter Livestock Auction in Dodge City, Kansas, compared to last week, steers over 800 pounds traded $5.00 to $10.00 lower and heifers over 700 pounds traded $5.00 to $10.00 lower as well. Stocker steer and heifer calves traded sharply lower. Boning utility slaughter cows traded $10.00 lower, while lean utility slaughter cows sold $5.00 lower. Feeder cattle supply over 600 pounds was 54%. The CME feeder cattle index 8/25/2026: down $1.19, $334.27.

LEAN HOGS:

And like the cattle contracts, the lean hog contracts finally found some technical support in Wednesday's market, which helped the contracts close higher, even with both pork cutout values ending the day lower and cash prices too. October lean hogs closed $0.45 higher at $80.90, December lean hogs closed $0.62 higher at $70.97 and February lean hogs closed $0.55 higher at $73.72. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.27 with a weighted average price of $90.75 on 11,391 head. Pork cutouts totaled 273.80 loads, with 236.35 loads of pork cuts and 37.45 loads of trim. Pork cutout values: down $2.12, $95.55. Wednesday's slaughter is estimated at 484,000 head -- 13,000 head more than a week ago and steady with a year ago. The CME lean hog index 8/24/2026: down $0.21, $92.65.

THURSDAY'S HOG CALL: Lower. With pork demand lower, it's unlikely that packers are going to advance the cash market at this point.

Wednesday Midday Livestock Market Update - Lack of Fundamental Support Keeps Contracts Jittery

GENERAL COMMENTS:

The livestock complex is again trading mixed into Wednesday's noon hour as the cattle futures lack support but the lean hog contracts are chopping sideways thanks to trader support. Bids are on the table in Nebraska and Kansas -- but no new trade has developed in the fed cash cattle market. December corn is up 12 1/4 cents per bushel and December soybean meal is up $7.40. The Dow Jones Industrial Average is down 145.92 points and NASDAQ is down 95.22 points.

LIVE CATTLE:

The live cattle complex is mostly trading lower into Wednesday's noon hour as traders are aware it's unlikely fundamental support is going to arise later this week. With packers now possessing the lion's share of the market's leverage, fed cash cattle prices will likely continue to scale lower for the unforeseeable future; uncertainty surrounding the border reopening causes market anxiousness as well. October live cattle are down $0.75 at $210.20, December live cattle are down $0.22 at $211.95 and February live cattle are down $0.10 at $213.40. Following the movement that transpired in the North on Tuesday at mostly $345 (which is $10.00 lower than the previous week's weighted average), no new trade has developed but bids are on the table. Bids are currently being offered in Kansas at $218 live, and in Nebraska at $218 live and $345 dressed. More trade will need to develop in the South before the week is over, and some more light trade could develop in the North as well.

Boxed beef prices are lower: choice down $1.05 ($387.48) and select down $2.69 ($366.29) with a movement of 63 loads (31.90 loads of choice, 11.86 loads of select, 2.97 loads of trim and 15.84 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts are also trading lower into Wednesday's noon hour as the market isn't finding the support and reassurance it needs. Thus far this week feeder cattle prices have been mostly lower in sale barns across the country and the light test we've seen in the fed cash cattle market has been lower too -- both of which pressure the market to trade lower. September feeders are down $2.80 lower at $316.47, October feeders are down $1.45 at $311.87 and November feeders are down $0.77 at $304.92.

LEAN HOGS:

The lean hog contracts are trading slightly higher into Wednesday's noon hour as traders are merely letting the contracts chop sideways. More than anything, a sideways chop should be expected of the contracts as fundamental support isn't stable enough to justify trading the contracts notably higher. October lean hogs are up $0.10 at $80.55, December lean hogs are up $0.45 at $70.80 and February lean hogs are up $0.27 at $73.45. The projected CME Lean Hog Index for 8/25/2026 is down $0.23 at $92.42, and the actual index for 8/24/2026 is down $0.21 at $92.65. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.27 with a weighted average price of $90.88, ranging from $83.00 to $91.50 on 8,483 head and a five-day rolling average of $91.64. Pork cutouts total 157.90 loads with 139.35 loads of pork cuts and 18.55 loads of trim. Pork cutout values: down $0.75, $96.92.

Wednesday Morning Livestock Market Update - Fundamental Support Remains Elusive

GENERAL COMMENTS:

Light cash cattle trade took place on Tuesday, indicating significantly lower prices may be experienced again this week. Packers are taking advantage of the market's bearishness to buy at lower prices, while boxed beef increases, improving margins. Boxed beef prices on Tuesday were higher, with choice up $2.84 and select up $3.96. The cattle market is caught in a downdraft with live cattle futures closing at the lowest level since Dec. 1, 2025. Feeder cattle futures have followed the same pattern and are near closing a chart gap that has remained open since then. However, it is uncertain whether closing the chart gap would turn technical traders into aggressive buyers in the current market environment. Reports are that 700 head of cattle from Mexico moved into the U.S. on the first day the border was reopened. There were no reports as to the age and weight classes of those cattle.

Hog futures cannot catch a break with new contract lows again on Tuesday. Futures breaking below recent support does not bode well for the market. The weakness in pork cutout values indicates reduced demand. Cutout values declined $2.26 on Tuesday. Cutouts were lower in all categories except ribs, which gained $1.06. Bellies fell $6.60. The National Daily Direct Afternoon Hog report showed cash up $1.62 on good volume. Packers may remain somewhat aggressive Wednesday, but likely not as much because of weakness in cutouts.

	BULL SIDE		BEAR SIDE
1)	Cattle futures are oversold and could retrace if the bearishness prevalent in the market subsides.	1)	Light cash cattle trade on Tuesday indicates lower prices again this week as packers take advantage of market weakness.
2)	If feeder cattle close the chart gaps remaining from Dec. 1, short-covering and buying interest may surface.	2)	The path of least resistance is down, and cattle futures are in a downward spiral.
3)	Hog futures are oversold and may be nearing a point where traders are unwilling to push the market lower and cover their short positions.	3)	New contract lows in hog futures do not bode well for the market finding support anytime soon.
4)	The cure for low prices is low prices, as it improves demand. Consumers may increase pork consumption as they stretch their food dollars.	4)	Traders have been unable to find consistent fundamental support for hogs.

Tuesday Closing Livestock Market Update - Traders' Concern about the Market's Trajectory Pushes Contracts Lower

GENERAL COMMENTS:

It was another lackadaisical day for the livestock complex, as all three markets closed lower. Some light cash cattle trade developed in Nebraska at $345 dressed and $218 to $219 live. December corn is up 8 cents per bushel and December soybean meal is up $0.60. The Dow Jones Industrial Average is up 160.24 points and the NASDAQ is up 171.11 points.

LIVE CATTLE:

The live cattle complex endured another challenging day, with futures contracts trading lower amid market uncertainty. Traders felt as though they had no other option but to let the contracts drift lower through the day's end, as there isn't enough fundamental support arising in the market to help ease nervousness. And while yes, boxed beef prices did end the day higher, the likelihood that cash prices will trade lower this week, mixed with the border reopening to Mexican cattle imports, has weighed heavily on the market. October live cattle closed $2.65 lower at $210.95, December live cattle closed $2.07 lower at $212.12 and February live cattle closed $2.10 lower at $213.50. Throughout the day, some light cash cattle trade was noted in Nebraska, where dressed cattle were trading at mostly $345, and live sales were marked at $218 to $219. The cattle sold today were mostly committed for delivery for the week of 9/8/2026 and 9/14/2026. Otherwise, no cash cattle trade developed, but asking prices are noted at $228 to $230 in the South. 

Tuesday's slaughter is estimated at 107,000 head -- 1,000 head more than a week ago and 11,000 head less than a year ago.

Boxed beef prices closed higher: choice up $2.84 ($388.53) and select up $3.96 ($368.98) with a movement of 101 loads (55.42 loads of choice, 19.08 loads of select, 15.54 loads of trim and 10.98 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Lower. The light test that the market's seen thus far has been lower, and given that packers have the lion's share of the market's leverage favoring their position, it's likely that the rest of the trade that develops this week will be lower too.

FEEDER CATTLE:

The feeder cattle contracts ended the day lower too as traders simply weren't comfortable doing anything else with the contracts. September feeders closed $4.95 lower at $319.27, October feeders closed $4.95 lower at $313.32 and November feeders closed $5.27 lower at $305.70. At the Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers under 750 pounds traded $5.00 to $15.00 lower, but the heavier weights traded from $5.00 lower to $6.00 higher. Feeder heifers under 700 pounds sold $8.00 to $20.00 lower. Heavier weights sold $2.00 to $6.00 lower. Feeder cattle supply over 600 pounds was 80%. The CME feeder cattle index 8/24/2026: down $3.01, $335.46.

LEAN HOGS:

And although cash prices ended the day slightly higher, that wasn't enough to ease traders' concerns and help the lean hog contracts close higher. October lean hogs closed $0.67 lower at $80.45, December lean hogs closed $1.12 lower at $70.35 and February lean hogs closed $1.25 lower at $73.17.

Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.62 with a weighted average price of $91.02 on 8,883 head. Pork cutouts totaled 290.96 loads, with 264.21 loads of pork cuts and 26.75 loads of trim. Pork cutout values: down $2.26, $97.67. Tuesday's slaughter is estimated at 488,000 head -- 21,000 head more than a week ago and 9,000 head more than a year ago. The CME lean hog index 8/21/2026: down $0.40, $92.86.

WEDNESDAY'S HOG CALL: Lower. Given that pork cutout values were lower on Tuesday, cash prices could be lower as well.

Tuesday Midday Livestock Market Summary - Traders Lack Confidence in Market's Fundamentals

GENERAL COMMENTS:

The livestock complex is enduring another challenging day as the market is left depleted of fundamental support. Some light cash cattle trade is currently developing in Nebraska; but otherwise the market sits idle with no other sales noted. December corn is up 6 1/2 cents per bushel and December soybean meal is up $1.30. The Dow Jones Industrial Average is up 72.43 points and NASDAQ is up 157.40 points.

LIVE CATTLE:

Although midday boxed beef prices are higher, the live cattle contracts continue their lower trend as the market needs reassurance as to what the immediate market ramifications are going to be from the border reopening Monday at the Douglas, Arizona, port to Mexican cattle imports. While midday boxed beef prices substantially higher, that fundamental support isn't enough to lend traders any confidence at this point in time. October live cattle are down $2.20 at $211.40, December live cattle are down $1.75 at $212.45 and February live cattle are down $1.70 at $213.90. Some light cash cattle trade is currently being reported in the North at $345 and those cattle were committed for delivery on the weeks of Sept. 8 and Sept. 14. Otherwise, the cash market sits idle with no trade developed yet. But asking prices in the South are noted at $228 to $230.

Boxed beef prices are higher: choice up $2.43 ($388.12) and select up $5.46 ($370.48) with a movement of 59 loads (31.52 loads of choice, 11.32 loads of select, 11.70 loads of trim and 4.19 loads of ground beef).

FEEDER CATTLE:

The losses in the feeder cattle complex are even more severe as its contracts are $3.00 to $4.00 lower headed into Tuesday's noon hour. Couple the border reopening with the fact that buyers have been more selective in sale barns here recently; neither of those two factors help support the feeder cattle market, unfortunately. September feeders are down $4.55 at $319.67, October feeders are down $4.17 at $314.10 and November feeders are down $4.32 at $306.65.

LEAN HOGS:

The lean hog complex isn't in any better of a position than the cattle contracts are as its market is also trading lower into Tuesday's noon hour. But with both cash prices and pork cutout values lower, a lower trend is the only thing to be expected. October lean hogs are down $0.60 at $80.52, December lean hogs are down $0.75 at $70.72 and February lean hogs are down $0.95 at $73.47. The projected CME Lean Hog Index for 8/21/2026 is down $0.40 at $92.86 and the actual index for 8/20/2026 is down $0.46 at $93.26. Hog prices on the Daily Direct Morning Hog Report average $90.61, ranging from $89.00 to $92.00 on 4,162 head and a five-day rolling average of $92.36. Pork cutouts total 180.19 loads with 163.44 loads of pork cuts and 16.75 loads of trim. Pork cutout values: down $2.31, $97.62.

Tuesday Morning Livestock Market Update - Cattle Futures May Show Further Weakness

GENERAL COMMENTS:

Traders were positive at the open, as the lower placement number on the Cattle on Feed report provided early strength. However, that was short-lived as uncertainty gained the upper hand and the market fell back after the first 10 minutes of trade and never looked back. The announcement by President Trump over the weekend was to import 300,000 metric tons of beef over the next 90 days, with a promise to reduce ground beef prices by 25%. There was no indication as to where the beef would come from or how logistically this could be accomplished in that short of time frame. It feels more like a gesture to create uncertainty rather than reality. The U.S. border was reopened for Mexican cattle at the Douglas, Arizona, port. It is uncertain how many cattle will cross during the next few weeks or months and what impact that will have on the current market. Other ports will reopen over time. Traders found it difficult to find any bullish support during the day. Choice boxed beef was unchanged from Friday at $385.69, with select increasing $3.70 to $365.02.

Hog futures had an uneventful day with limited price swings. Whether most of the focus was on the cattle or grain markets is uncertain, but the day's end showed little price change. Cash and cutouts were mixed. The National Daily Direct Afternoon Hog report showed cash falling $4.87, with the weighted average now below $90 at $89.40. However, very few hogs traded, making it surprising it was even reported. Pork cutout values increased $1.97. The slaughter pace remains strong and above a year ago, but packers have plentiful supplies available.

	BULL SIDE		BEAR SIDE
1)	Cattle futures may be overdone to the downside with short-covering potentially taking place.	1)	The current negativity in the cattle market and further weakness in futures may trigger further liquidation.
2)	The reality is that cattle supplies remain tight and the herd will not be rebuilt anytime soon.	2)	Consumers could reduce beef consumption if they are concerned about the safety of large quantities of imported beef coming in over a short duration of time.
3)	Hog futures are oversold and may retrace if the current level of support holds.	3)	Hog supplies show no sign of tightening, with packers having a plentiful supply available to them.
4)	Packers were not able to purchase many hogs at lower prices. They may step up aggressively Tuesday.	4)	Continued weakness in cash hogs does not bode well for the market moving forward.

Monday Closing Livestock Market Update - Weaker Tones Follow Livestock Contracts

GENERAL COMMENTS:

The livestock complex ended the day mostly lower, as traders are reluctant to be overly supportive of the contracts amid shaky fundamental support. New showlists for the week are lighter in Texas and Kansas, but slightly higher in Nebraska. December corn is up 7 cents per bushel and December soybean meal is up $2.80. The Dow Jones Industrial Average is up 140.15 points and the NASDAQ is down 200.26 points.

LIVE CATTLE:

It was a grim day for the live cattle complex as traders were well aware of the fact that the border reopened today for Mexican cattle imports into the U.S. However, the limited knowledge of what kind of cattle, how many cattle and where those cattle would immediately end up in the supply chain had the market on edge throughout the day. October live cattle closed $4.32 lower at $213.60, December live cattle closed $4.30 lower at $214.20 and February live cattle closed $3.72 lower at $215.60. No cash cattle trade developed throughout the day, and both bids and asking prices remain elusive at this point. New showlists for the week are lighter in Texas and Kansas, but slightly higher in Nebraska. Monday's slaughter is estimated at 98,000 head -- 1,000 head more than a week ago and 10,000 head less than a year ago.

Last week Northern dressed cattle traded at mostly $355 to $356, which is $9.00 to $10.00 lower than the previous week's weighted average. Southern live cattle traded at $225, which is $3.00 lower than the previous week's weighted average, but the Southern Plains didn't move very many cattle.

Boxed beef prices closed mixed: choice steady ($385.69) and select up $3.70 ($365.02) with a movement of 79 loads (47.06 loads of choice, 12.04 loads of select, 8.69 loads of trim and 11.29 loads of ground beef).

TUESDAY'S CATTLE CALL: Lower. With packers possessing the lion's share of the market's leverage, prices will likely be lower again this week.

FEEDER CATTLE:

The grim nature that was cast across the cattle complex took its biggest toll on the feeder cattle contracts, as most of them closed $4.00 to $5.00 lower. More than anything, the feeder cattle complex is concerned that buyer demand is softening, and that supplies may increase with the border reopening. September feeders closed $4.80 lower at $324.22, October feeders closed $5.37 lower at $318.27 and November feeders closed $5.27 lower at $310.97. At the Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers traded $4.00 to $10.00 lower, but there were instances where steers traded $15.00 lower on those over 900 pounds. Feeder heifers sold $2.00 to $8.00 lower. Steer and heifer calves sold $5.00 to $15.00 lower. The sale report did note that "demand was moderate but buyers were a little more selective for kind and condition." The CME feeder cattle index 8/21/2026: down $2.53, $338.47.

LEAN HOGS:

The lean hog complex ended the day lower as traders remain hesitant to be overly supportive of the market. Thankfully, pork cutout values ended the day higher, which may lend some additional support to the market later in the week, but even so, traders weren't overly aggressive in Monday's market. October lean hogs closed $0.25 higher at $81.12, December lean hogs closed $0.05 lower at $71.47 and February lean hogs closed steady at $74.42. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $4.87 with a weighted average price of $89.40 on 500 head. Pork cutouts totaled 253.86 loads, with 239.01 loads of pork cuts and 14.85 loads of trim. Pork cutout values: up $1.97 to $99.93. Monday's slaughter is estimated at 490,000 head -- 6,000 head more than a week ago and 39,000 head more than a year ago. The CME lean hog index 8/20/2026: down $0.46, $93.26.

TUESDAY'S HOG CALL: Higher. Packers may be slightly more aggressive in Tuesday's market given that pork cutout demand was higher on Monday.

Monday Midday Livestock Market Summary - Cattle Trade Lower as Mexican Imports Resume

GENERAL COMMENTS:

With Mexican cattle imports resuming at the Douglas, Arizona, port Monday (Aug. 24), the cattle contracts are checked up and trading lower in hesitant action. New showlists for the week are lighter in Texas and Kansas, but slightly higher in Nebraska. December corn is up 13 1/2 cents per bushel and December soybean meal is up $3.70. The Dow Jones Industrial Average is up 147.22 points and NASDAQ is down 96.45 points.

LIVE CATTLE:

Although the live cattle complex opened Monday initially higher, the market has now changed direction and is trending lower as traders are currently keeping their distance. The contracts are falling anywhere from $2.00 to $3.00 lower into Monday's noon hour. October live cattle are down $3.90 at $214.02, December live cattle are down $3.75 at $214.82 and February live cattle are down $3.27 at $216.05. More than anything it's likely the complex is weaker Monday morning as the market is soberly aware of the fact that Mexican cattle imports are going to resume today at the Douglas, Arizona, port of entry. It's also likely that again this week fed cash cattle prices will be challenged as packers continue to hold the lion's share of the market's leverage at this point. New showlists for the week are lighter in Texas and Kansas, but slightly higher in Nebraska.

Last week Northern dressed cattle traded at mostly $355 to $356, which is $9.00 to $10.00 lower than the previous week's weighted average. Southern live cattle traded at $225, which is $3.00 lower than the previous week's weighted average; but the Southern Plains didn't move very many cattle.

Boxed beef prices are mixed: choice down $0.84 ($384.85) and select up $3.34 ($364.66) with a movement of 41 loads (24.85 loads of choice, 6.23 loads of select, 2.84 loads of trim and 6.69 loads of ground beef).

FEEDER CATTLE:

Knowing that Mexican feeder cattle are likely walking across the border right now as we speak has the feeder cattle contracts trading anywhere from $4.00 to mostly $5.00 lower into Monday's noon hour. September feeder cattle are down $5.30 at $323.72, October feeders are down $5.37 at $318.27 and November feeders are down $5.15 at $311.10. It's likely the market will keep with this lower trend through Monday's end given there's so much unknown about the border crossings right now.

LEAN HOGS:

The lean hog complex is trading mixed into Monday's noon hour with most of the contracts mildly higher, but a few of the furthest deferred contracts are lower. It's helpful that morning pork cutout values are higher, which is something the market desperately needs to continue to see if prices are going to keep with a stronger trend. October lean hogs are up $0.32 at $81.20, December lean hogs are up $0.35 at $71.82 and February lean hogs are up $0.27 at $74.70. The projected CME Lean Hog Index for 8/21/2026 is down $0.40 at $92.86 and the actual index for 8/20/2026 is down $0.46 at $93.26. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 155 head have traded and the market's five-day rolling average now sits at $93.58. Pork cutouts total 156.61 loads with 147.43 loads of pork cuts and 9.18 loads of trim. Pork cutout values: up $1.93, $99.89.

Monday Morning Livestock Market Update - Cattle Futures May Show Volatile Trade

GENERAL COMMENTS:

Cash cattle traded lower for the week. Northern dressed cattle were as much as $10.00 lower while Southern live cattle traded as much as $3.00 lower than the previous week. Cash had fallen around $35.00 over the past number of weeks, moving some feedlots into the red. The news on Friday of President Trump announcing the elimination of all quotas on imported beef as well as tariffs had already been anticipated; there was an actual number associated with it. Trump indicated he will sign an executive order to import 300,000 metric tons of beef over the next 90 days and promised to reduce ground beef prices by 25%. There is no indication as to where the beef will come from. Boxed beef prices fell on Friday with choice down $4.24 and select down $2.42. The Cattle on Feed report was neutral to bullish but may not have much impact. On feed as of Aug. 1 was 102.0% with an average estimate of 102.5%. Placements in July were 89.0% with an estimate of 93.5%. Marketings in July were 93.0% with an estimate of 92.5%. The Commitment of Traders report showed fund traders as net sellers of 2,982 live cattle futures contracts, reducing their long position to 62,967. They were net sellers of 641 contracts in feeder cattle, reducing their net-long position to 10,261.

Hog futures posted a higher close on the likelihood that short-covering took place ahead of the weekend. Traders have not been taking long-term positions, and those holding short positions did not want to hold them over a weekend during which unexpected news could develop. Both cash and cutouts were higher on Friday, which could provide support to begin the week. The National Daily Direct Afternoon Hog report was up $1.93 on good volume. Pork cutouts were up $1.47. The Commitment of Traders report showed fund traders as net sellers of 4,634 futures contracts, increasing their net-short position to 28,997.

	BULL SIDE		BEAR SIDE
1)	Placements in July were 11% below a year ago and 4.5% below the trade estimates.	1)	More beef imports to increase the supply of ground beef and lower prices may further negatively impact cash cattle prices.
2)	Cattle futures reversed on Friday after a gap-lower opened, then closed higher and near the highs in most contracts. Bearish news may be factored in.	2)	Packers paid lower prices for cattle and were able to purchase some for deferred delivery.
3)	Both cash hogs and pork cutouts closed higher on Friday. It is not usual to see packers being aggressive at the end of the week.	3)	The strength in hog futures on Friday may just have been the result of short-covering and not a change in trend.
4)	Hog futures are oversold, and traders may not be willing to press the market lower.	4)	Traders increased their net-short position in the hog market, according to the Commitment of Traders report. The overall attitude remains bearish.

Friday Closing Livestock Market Update - Contracts End Higher

GENERAL COMMENTS:

Although it was a busy, chaotic day for the cattle complex, at least the futures ended the day higher and so did the lean hog contracts. Some light cash cattle trade developed in the South throughout the day at $225, which is $3.00 lower than the previous week's weighted average. Do note this coming Monday, the border is set to reopen to Mexican cattle imports at the Douglas, Arizona, port of entry. December corn is up 5 cents per bushel and December soybean meal is up $2.00. The Dow Jones Industrial Average is up 520.06 points and NASDAQ is up 108.57 points.

From Friday-to-Friday livestock futures scored the following changes: August live cattle down $0.57, October live cattle down $0.95; August feeder cattle down $6.07, September feeder cattle down $5.52; October lean hogs down $14.53; September corn up $0.25, December corn up $0.25.

LIVE CATTLE:

Talk about a wild day. Talk about a disappointing week. To kick Friday morning off, President Trump announced over the next 90 days the U.S. will allow up to 300,000 metric tons (mt) of product for ground beef to be imported with no quota tariff. He also stated the administration has a commitment that this beef will be sold at 25% below current prices. This news weakened the futures complex right off the bat, but luckily ahead of the day's end the market was able to recover mostly. Even so, yet another level of complexity has entered the marketplace, the cattle complex is highly volatile and subject to change at any second. October live cattle closed $0.07 lower at $217.92, December live cattle closed $0.22 higher at $218.50 and February live cattle closed $0.42 higher at $219.32. Throughout the week, Northern dressed cattle traded at mostly $355 to $356 which is $9.00 to $10.00 lower than the previous week's weighted average. At the time of writing, the Southern Plains had only traded a small volume of cattle that were mostly $225, which is $3.00 lower than the previous week's weighted average. It is also worth noting that a lot of the cattle traded in the North were committed for delivery for the week of Sept. 7. 

Friday's slaughter is estimated at 99,000 head -- 1,000 head less than a week and year ago. Saturday's slaughter is projected to be around 15,000 head. The week's total slaughter is estimated at 523,000 head -- 6,000 head more than a week ago and 32,000 head less than a year ago.

Boxed beef prices closed lower: choice down $4.24 (385.69) and select down $2.42 ($361.32) with a movement of 91 loads (48.07 loads of choice, 8.96 loads of select, 25.36 loads of trim and 8.41 loads of ground beef).

MONDAY'S CATTLE CALL: Lower. As packers continue to gain more leverage in the marketplace, fed cash cattle prices will likely continue to trade lower.

FEEDER CATTLE:

The feeder cattle complex was able to close mostly higher Friday, although it was bombarded with news from the president and the monthly Cattle on Feed report. September feeders closed $0.10 higher at $329.02, October feeders closed $0.95 higher at $323.65 and November feeders closed $1.37 higher at $316.25. As assumed, Friday's Cattle on Feed report was the same usual story of greater on-feed totals, but lighter placements and lighter marketings. 

The Oklahoma Weekly Cattle Auction Summary shared that, compared to last week, feeder steers over 900 pounds traded steady to $2.00 lower, but steers under 900 pounds sold $7.00 to $11.00 lower. Feeder heifers traded $8.00 to $16.00 lower. Steer calves weighing over 500 pounds sold $12.00 to $15.00 lower, and those under 500 pounds traded $20.00 to $30.00 lower. Heifer calves sold $10.00 to $20.00 lower. Slaughter cows sold $5.00 to $7.00 lower and slaughter bulls traded $6.00 softer. Feeder cattle supply over 600 pounds was 65%. The CME Feeder Cattle Index 8/20/2026: down $0.85, $341.00.

LEAN HOGS:

The back-and-forth nature continues in the lean hog complex as following Thursday's lower close, the lean hog contracts were able to end the day mildly higher on Friday thanks to trader support. October lean hogs closed $0.65 higher at $80.87, December lean hogs closed $0.77 higher at $71.52 and February lean hogs closed $0.60 higher at $74.42. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.93 with a weighted average price of $94.27 on 3,410 head. Pork cutouts totaled 357.22 loads with 326.61 loads of pork cuts and 30.61 loads of trim. Friday's slaughter is estimated at 454,000 head -- 34,000 head more than a week ago and 1,000 head more than a year ago. Saturday's slaughter is projected to be around 39,000 head. The CME Lean Hog Index 8/19/2026: down $0.24, $93.72.

MONDAY'S HOG CALL: Lower. Given that packers bought hogs late in the week, it's likely they won't be aggressive in Monday's cash market.

Friday Midday Livestock Market Summary - External Pressure Shakes Cattle Futures, But Hogs Find Late-Week Support

GENERAL COMMENTS:

The livestock complex is trading mixed into Friday's noon hour as the cattle complex isn't finding the fundamental support it needs, but the hog contracts are trading higher. Some trade has been noted in Texas at $225, and bids are on the table in Kansas for the same price. December corn is up 2 1/2 cents per bushel and December soybean meal is down $0.10. The Dow Jones Industrial Average is up 410.48 points and NASDAQ is up 143.77 points.

LIVE CATTLE:

Friday morning President Trump announced that over the next 90 days the U.S. will allow up to 300,000 metric tons (mt) of product for ground beef to be imported with no quota tariff. He also stated the administration has a commitment that this beef will be sold at 25% below current prices. This news weakened the futures complex dramatically at the day's open, but since then the complex has found some stability and is trading mixed into the noon hour with the nearby contracts lower while the deferred contracts trade higher. October live cattle are down $0.70 at $217.30, December live cattle are down $0.42 at $217.85 and February live cattle are down $0.32 at $218.57. Some light cash cattle trade has finally developed in the South where cash cattle are selling for mostly $225. Some light trade also has been noted in Nebraska at $223. Do remember that this afternoon the monthly Cattle on Feed report is set to be released as well.

Boxed beef prices are lower: choice down $3.79 ($386.14) and select down $0.33 ($363.41) with a movement of 68 loads (29.90 loads of choice, 6.16 loads of select, 24.74 loads of trim and 7.05 loads of ground beef).

FEEDER CATTLE:

Amid new developments regarding imported beef and the continued decline of the cash market, the feeder cattle complex is trading lower into Friday's noon hour. September feeders are down $0.95 at $327.97, October feeders are down $0.07 at $322.62 and November feeders are up $0.35 at $315.22. It's likely the market could find even more pressure heading up to the afternoon's close as traders know that the monthly Cattle on Feed report will be released later this week and that on Monday, Mexican cattle imports resume.

LEAN HOGS:

The lean hog contracts are trading higher into Friday's noon hour as traders are extending a little late-week support to the sector. It's also helpful that midday pork cutout values are up over $3.00. October lean hogs are up $0.62 at $80.85, December lean hogs are up $0.87 at $71.62 and February lean hogs are up $0.67 at $74.50. The projected CME Lean Hog Index for 8/20/2026 is down $0.46 at $93.26 and the actual index for 8/19/2026 is down $0.24 at $93.72. Hog prices are higher on the Daily Direct Morning Hog Report, up $1.83 with a weighted average price of $94.58, ranging from $87.00 to $96.00 on 3,265 head and a five-day rolling average of $93.35. Pork cutouts totaled 205.85 loads with 186.90 loads of pork cuts and 18.94 loads of trim. Pork cutout values: up $3.49, $99.98.

Friday Morning Livestock Market Update - Traders Look Ahead to the Cattle on Feed Report

GENERAL COMMENTS:

Cattle futures are trying to find support. Overall, traders remain bullish, but the market needs to show sufficient reason for them to turn aggressive buyers. There may be strength Friday as short-covering may take place ahead of the Cattle on Feed report released this afternoon. The estimates for the report are for on-feed numbers on Aug. 1 at 102.5% of a year ago with a range of 102.3-102.9%. Placements in July at 93.5% with a range of 92.3-95.1%. Marketings in July at 92.6% with a range of 92.2-93.4%. This is the first time in quite a while that the range of estimates for placements has been this narrow. Cash cattle are expected to trade lower Friday as packers remain unaggressive. Boxed beef prices on Thursday were lower, with choice down $5.06 and select down $0.43.

Hog futures continue to struggle as fundamentals provide little support. The October contract fell to support on Thursday as cash and cutouts continue to struggle. The National Daily Direct Afternoon Hog report showed a minor gain of $0.24, but cash is expected to be lower Friday. Pork cutouts declined $1.09. Packers are reducing the slaughter pace compared to a year ago as they attempt to balance supply with demand while maintaining their margins. Futures may increase Friday as traders may cover some short positions ahead of the weekend.

	BULL SIDE		BEAR SIDE
1)	July placements are expected to be 6.5% below a year ago, which should be supportive to the market.	1)	Lower cash again this week indicates packers have the upper hand and intend to maintain their positive margins.
2)	Lower cash cattle trade has already been factored into the market. Short-covering may take place ahead of the Cattle on Feed report.	2)	Cattle from Mexico will begin to move to the U.S. beginning on Monday. This may maintain a negative posture in the market.
3)	Hog futures are oversold with short-covering possible ahead of the weekend.	3)	Hog futures have been unable to find support this week, leaving traders unwilling to buy futures aggressively.
4)	Lower pork prices should improve demand. Reduced slaughter may be temporary as packers will need to balance the supply with demand.	4)	Cash and cutouts continue to exhibit weakness, and a reflection of slower demand.

Thursday Closing Livestock Market Update - Mixed Tones Continue to Dominate the Complex

GENERAL COMMENTS:

The livestock complex again ended the day mixed, as cattle contracts received a little extra support from traders, while lean hog contracts ended the day lower. On Friday, the monthly Cattle on Feed report is set to be released. December corn is up 5 1/2 cents per bushel and December soybean meal is down $1.80. The Dow Jones Industrial Average is down 703.84 points and the NASDAQ is down 263.92 points.

Thursday's export report shared that beef net sales of 9,300 mt for 2026 were down 36% from the previous week and 37% from the prior 4-week average. The three largest buyers were Mexico (1,600 mt), South Korea (1,400 mt) and Taiwan (1,400 mt). Pork net sales of 27,300 mt for 2026 were down 25% from the previous week and 15% from the prior 4-week average. The three largest buyers were Mexico (10,700 mt), South Korea (3,500 mt) and Japan (2,900 mt).

LIVE CATTLE:

Despite the fact that boxed beef prices and fed cash cattle prices both ended the day lower, the futures market received a bone from traders as they were willing to mildly support the contracts through Thursday's end. October live cattle closed $0.77 higher at $218.00, December live cattle closed $1.12 higher at $218.27 and February live cattle closed $1.10 higher at $218.90. Do remember that on Friday the monthly Cattle on Feed report is set to be released. The cash cattle market saw bids offered throughout the day in both regions, but the day's movement was light. So far this week, the only strong test has been in the North, where dressed cattle have traded at $355 to $356, which is $9.00 to $10.00 lower than last week's weighted average, and some live sales have been marked in the North at $255 as well. The South has yet to trade cattle, although bids were offered throughout the day in Kansas at $255. But given that packers were able to secure more inventory in recent weeks and with Friday releasing the monthly Cattle on Feed report, this week's trade could be light in volume and slow to develop. It's also worth noting that the majority of the cattle that traded on Wednesday were marked for delivery on the week of September 7. 

Thursday's slaughter is estimated at 103,000 head -- 3,000 head less than a week ago and 14,000 head less than a year ago.

Boxed beef prices closed lower: choice down $5.06 ($389.93) and select down $0.43 ($363.74) with a movement of 110 loads (88.85 loads of choice, 14.17 loads of select, zero loads of trim and 6.86 loads of ground beef).

FRIDAY'S CATTLE CALL: Lower. With packers having ample supply available to them, it's likely that prices will continue to be lower on Friday.

FEEDER CATTLE:

Apart from a couple of the nearby contracts, the feeder cattle complex was also able to end the day mostly higher. September feeders closed $0.20 lower at $328.92, October feeders closed $0.65 higher at $322.70 and November feeders closed $0.80 higher at $314.87. The cautious nature of the feeder cattle complex could be stemming from a number of factors: the fact that on Friday the monthly COF report is set to be released, the fact that on Monday the border reopens to Mexican cattle, or the fact that fed cash cattle prices are trading lower, which dampens the excitement in the feeding sector; all weigh heavily on the market. At the Winter Livestock Auction in Pratt, Kansas, compared to last week, there wasn't enough supply to accurately test those weighing 650 to 950 pounds. But good demand was seen on steers and heifers weighing under 600 pounds. Slaughter cows and bulls sold $2.00 to $6.00 lower. Feeder cattle supply over 600 pounds was 81%. The CME feeder cattle index 8/19/2026: down $0.51, $341.85.

LEAN HOGS:

And the topsy-turvy nature continues in the lean hog complex as the market ended the day mixed: lower in its nearby contracts but higher in its deferred contracts. More than anything, traders are hopeful that demand will increase in later months but remain uncertain about what to expect for tomorrow, let alone next week. October lean hogs closed $1.27 lower at $80.22, December lean hogs closed $0.67 lower at $70.75 and February lean hogs closed $0.42 lower at $73.82. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.24 with a weighted average price of $92.34 on 1,306 head. Pork cutouts totaled 256.15 loads, with 222.98 loads of pork cuts and 33.17 loads of trim. Pork cutout values: down $1.09 to $96.49. Thursday's slaughter is estimated at 451,000 head -- 23,000 head less than a week ago and 20,000 head less than a year ago. The CME lean hog index 8/18/2026: down $0.82, to $93.96.

FRIDAY'S HOG CALL: Lower. At this point, it's most likely that packers have secured all they need in the cash market aside from some minor cleanup trade.

Thursday Midday Livestock Market Summary - Traders Let Contracts Chop Sideways

GENERAL COMMENTS:

The livestock complex continues to chop sideways as traders are desperate for greater fundamental support but aren't seeing it surface in the market consistently. Some bids are on the table currently in the cash market and packer interest will likely improve as the day trades on. December corn is up 5 3/4 cents per bushel and December soybean meal is up $0.40. The Dow Jones Industrial Average is down 420.28 points and NASDAQ is down 194.36 points.

Thursday's export report shared that beef net sales of 9,300 mt for 2026 were down 36% from the previous week and 37% from the prior 4-week average. The three largest buyers were Mexico (1,600 mt), South Korea (1,400 mt) and Taiwan (1,400 mt). Pork net sales of 27,300 mt for 2026 were down 25% from the previous week and 15% from the prior 4-week average. The three largest buyers were Mexico (10,700 mt), South Korea (3,500 mt) and Japan (2,900 mt).

LIVE CATTLE:

Despite fed cash cattle prices that are thus far trading lower this week and midday boxed beef prices that are lower too, traders are mildly supporting the live cattle contracts into Thursday's noon hour. More than anything this seems to be a sideways chop following Wednesday's weaker close. August live cattle are up $0.97 at $224.40, October live cattle are up $1.60 at $218.82 and December live cattle are up $2.07 at $219.22. Bids are starting to surface again in the fed cash cattle market as currently packers are offering $355 to $356 dressed and $225 live in Nebraska, and $225 live in Kansas. Some moderate trade developed Wednesday at $355 to $356 in Iowa and Nebraska but otherwise the cash market has yet to trade any cattle in the South.

Boxed beef prices are lower: choice down $2.85 ($392.14) and select down $0.61 ($363.56) with a movement of 51 loads (35.93 loads of choice, 11.05 loads of select, zero loads of trim and 3.69 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also higher as traders continue to work both the live cattle and feeder cattle contracts in the same direction. August feeders are up $0.25 at $337.10, September feeders are up $0.80 at $329.92 and October feeders are up $1.55 at $323.60. Even with the board's slight improvement, it's unlikely buyers will be much more aggressive in the countryside as there are a lot of unweaned calves working their way into the market and they come with high risk.

LEAN HOGS:

The sideways chop is continuing in the lean hog complex as traders frankly aren't confident with what to do with this market. Fundamental support is too wishy washy to count on, so at this point the back and forth of higher one day and lower the next is likely to continue in the hog sector. October lean hogs are down $1.12 at $80.37, December lean hogs are down $0.50 at $70.92 and February lean hogs are down $0.17 at $74.07. The projected CME Lean Hog Index for 8/19/2026 is down $0.24 at $93.72 and the actual index for 8/18/2026 is down $0.82 at $93.96. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.51 with a weighted average price of $92.75, ranging from $91.00 to $96.50 on 1,036 head and a five-day rolling average of $92.90. Pork cutouts total 137.22 loads with 123.97 loads of pork cuts and 13.24 loads of trim. Pork cutout values: up $0.38, $97.96.

Thursday Morning Livestock Market Update - Weakness Continues to Dominate

GENERAL COMMENTS:

Cattle futures are struggling to find support. Packers have been able to purchase cattle at lower prices over the past few weeks, and it appears they may be able to do so again this week. Some light trade took place on Wednesday at lower prices, with Northern dressed at $355 and Southern live at $225, and were purchased for deferred delivery. Packers have finally seen their margins move into positive territory due to lower cash prices and higher boxed beef prices. Boxed beef prices closed mixed, with choice up $3.84 and select down $2.21. The Cattle on Feed report will be released on Friday after the market closes.

Hog futures closed in positive territory, but that provides little consolation that support has been found. The National Daily Direct Afternoon hog report showed a decline of $2.27, with the weighted average price down to $92.10. Packers have been able to purchase hogs without having to be aggressive. This does not bode well for the market and will make it difficult for futures to find support. The volume of hogs purchased on Wednesday was moderate, which may leave them less aggressive Thursday. Pork cutout values declined $1.54, adding to the bearishness.

	BULL SIDE		BEAR SIDE
1)	Boxed beef prices have increased significantly so far this week and should provide support to the market.	1)	Lower cash cattle trade on Wednesday may have set the stage for lower prices for the week.
2)	The Cattle on Feed report will be released on Friday. Traders may not press the market lower ahead of the report, but may cover short positions.	2)	Support will need to hold in cattle futures, or further liquidation may take place.
3)	Hog futures are oversold and may bounce as traders may not be willing to press the market much lower.	3)	Weekly hog weight increased 0.4 pounds to average 282.6 pounds. This is 1.5 pounds higher than a year ago.
4)	Lower pork prices should improve demand as it is less expensive than beef, as consumers are struggling with high food and fuel prices.	4)	Lower pork prices keep packers less aggressive in the cash market.

Wednesday Closing Livestock Market Update - Cattle Close Lower While Hogs Rallied Slightly

GENERAL COMMENTS:

The livestock complex ended the day mixed again with the cattle contracts now concerned that not enough fundamental support is going to develop in this week's market, but the lean hog contracts closed mildly higher. Some light cash cattle trade developed in Nebraska at $355 to $356 dressed. December corn is up 10 cents per bushel and December soybean meal is up $6.80. The Dow Jones Industrial Average is up 119.65 points and the NASDAQ is up 41.38 points.

LIVE CATTLE:

With very little support developing from the market's fundamentals, the live cattle contracts ended the day lower. August live cattle closed $1.47 lower at $223.42, October live cattle closed $1.70 lower at $217.22 and December live cattle closed $2.05 lower at $217.15. Some cash cattle trade was noted throughout the afternoon in mostly Nebraska, where dressed cattle traded at mostly $355, but some sales were also marked at $356, and a handful of live cattle traded in Nebraska at $255. Most of the cattle were noted for delivery on the week of September 9. Otherwise, the cash cattle market was quiet throughout the day, with bids being offered in other regions but no sales noted. Asking prices are noted at $230 in Texas but not established in other regions. 

Wednesday's slaughter is estimated at 106,000 head -- steady with a week ago and 9,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $3.84 ($394.99) and select down $2.12 ($364.17) with a movement of 87 loads (52.42 loads of choice, 17.94 loads of select, 4.13 loads of trim and 12.49 loads of ground beef).

THURSDAY'S CATTLE CALL: Lower. With the board softer, and with packers able to secure more inventory in recent weeks, it's likely that this week's trade will be lower.

FEEDER CATTLE:

The feeder cattle contracts ended the day lower as traders simply didn't have enough support in the complex to justify soundly trading the contracts higher. August feeder cattle closed $2.37 lower at $336.85, September feeders closed $4.22 lower at $329.12 and October feeders closed $4.27 lower at $322.05. At the Winter Livestock Auction in Dodge City, Kansas, compared to last week, heifers weighing 650 pounds or more sold $5.00 to $9.00 lower. Stocker steers and heifers weighing 300 to 550 pounds traded $10.00 to $20.00 higher. Feeder steers weren't well tested, but a weaker undertone was true. Feeder cattle supply over 600 pounds was 80%. The CME feeder cattle index 8/18/2026: down $1.19, $342.36.

LEAN HOGS:

It was another day where technical support carried the lean hog contracts higher through the day's close, as both cash prices and pork cutout values were disappointing. October lean hogs closed $0.77 higher at $81.50, December lean hogs closed $0.50 higher at $71.42 and February lean hogs closed $0.25 higher at $74.25. Until core fundamental support improves, and mainly in the for of stronger consumer demand, it's likely the contracts won't find tremendous upward range. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.27 with a weighted average price of $92.10 on 4,752 head. Pork cutouts totaled 295.29 loads with 252.30 loads of pork cuts and 43.00 loads of trim. Pork cutout values: down $1.54, $97.58. Wednesday's slaughter is estimated at 476,000 head -- 8,000 head less than a week ago and 1,000 head less than a year ago. The CME lean hog index 8/17/2026: down $0.69, $94.78.

THURSDAY'S HOG CALL: Lower. With pork cutout values being lower, it's unlikely that packers will eagerly support the cash market on Thursday.

Wednesday Midday Livestock Market Update - Traders Remain Leery of Overly Supporting Cattle Contracts

GENERAL COMMENTS:

The livestock complex continues to trade mixed but now it's the cattle contracts that are lower while the lean hog contracts are higher. Some bids have surfaced in the fed cash cattle market, but no trade has developed yet. December corn is up 7 3/4 cents per bushel and December soybean meal is up $5.10. The Dow Jones Industrial Average is up 215.92 points and NASDAQ is up 164.73 points.

LIVE CATTLE:

The live cattle contracts are mostly lower into Wednesday's noon hour as traders are reluctant to believe enough fundamental support is going to develop this week to help move the contracts much higher. No cash cattle trade has developed yet in the fed cash cattle market, but packers are beginning to offer up bids. Bids of $225 live and $355 dressed are currently being offered in Nebraska and Iowa and bids of $225 live are on the table in Texas as well. Asking prices of $230 are noted in Texas, but are not well established for the other regions. August live cattle are down $0.92 at $223.97, October live cattle are down $1.00 at $217.92 and December live cattle are down $1.12 at $218.07.

Boxed beef prices are mixed: choice up $4.13 ($395.28) and select down $1.50 ($364.79) with a movement of 49 loads (28.92 loads of choice, 9.17 loads of select, zero loads of trim and 10.85 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts are trading lower into Wednesday's noon hour as well as the market not only desires to trade in alignment with the live cattle contracts, but it's also not seeing grandiose support in the countryside as feeder cattle prices have been softer in recent weeks. August feeders are down $2.07 at $337.15, September feeders are down $3.35 at $330.00 and October feeders are down $3.55 at $322.77. But with the live cattle contracts trading lower and the cash market not expected to trade higher it is likely this sideways to somewhat lower chop will continue in the feeder cattle market.

LEAN HOGS:

Following Tuesday's dive lower, the lean hog contracts have found some technical support in Wednesday's market. Unfortunately it's likely the support won't go that far as both cash prices and pork cutout values are lower -- but at this point any support is support. October lean hogs are up $0.62 at $81.35, December lean hogs are up $0.52 at $71.45 and February lean hogs are up $0.30 at $74.30. The projected CME Lean Hog Index for 8/18/2026 is down $0.82 at $93.96 and the actual index for 8/17/2026 is down $0.69 at $94.78. Hog prices are lower on the Daily Direct Afternoon Hog Report, down $2.13 with a weighted average price of $92.24, ranging from $90.00 to $94.00 on 3,510 head and a five-day rolling average of $93.07. Pork cutouts total 190.93 loads with 168.48 loads of pork cuts and 22.44 loads of trim. Pork cutout values: down $0.76, $98.36.

Wednesday Morning Livestock Market Update - Strong Boxed Beef May Provide Support

GENERAL COMMENTS:

The resumption of processing at the Fort Morgan plant and the exceptional strength in boxed beef on Monday resulted in cattle futures opening higher and trading in positive territory on Tuesday, but the early strength waned, resulting in limited price gains by the close. Boxed beef prices were exceptionally higher again on Tuesday, with choice up $11.58 and select up $2.03. Boxed beef prices are regaining ground very quickly. It is difficult to say whether the strength in boxed beef will be sufficient for packers to bid aggressively for cattle this week or if they will hold and try to improve their margins further. The Cattle on Feed report will be released on Friday and may limit futures movement ahead of the report. Cash trade may also be delayed until then.

Hog futures could not find footing after the open, resulting in triple-digit losses by the close. Bullish traders have been unable to find positive fundamentals, resulting in the path of least resistance being lower. The National Daily Direct Afternoon Hog report showed cash up $0.90 with a substantial volume of hogs traded. Pork cutouts were up $0.37. Both of these gains may have limited influence on the market Wednesday. Packers will need to purchase more hogs, but they are unlikely to be aggressive given the available supply of market-ready hogs.

	BULL SIDE		BEAR SIDE
1)	The exceptional strength of boxed beef prices so far this week indicates demand has increased and may continue to do so.	1)	The cattle market has not reacted much to the recent bullish news as traders remain cautious about the overall impact.
2)	There may be limited downside potential in cattle prices as cattle supplies are low and there is little rebuilding of the beef herd.	2)	Packers have cattle purchased for deferred delivery and may not need to be aggressive in the cash market this week.
3)	Hogs fell significantly and may be overdone to the downside. Short covering may take place.	3)	New contract lows in hogs provide little reason for traders to be bullish. Support remains elusive.
4)	Lower prices will cure lower prices. Demand for pork should improve as consumers stretch their food dollar.	4)	Packers have had little reason to become aggressive in the cash market as hog supplies remain plentiful.

Tuesday Closing Livestock Market Update - Mixed Tones Follow the Contracts

GENERAL COMMENTS:

The livestock complex ended the day mixed, as cattle contracts rallied while lean hog contracts fell. No cash cattle trade developed throughout the day. December corn is down 1 1/2 cents per bushel and December soybean meal is up $0.10. The Dow Jones Industrial Average is down 116.38 points and the NASDAQ is down 355.20 points.

LIVE CATTLE:

With bullish support from news that broke late Monday afternoon regarding the Cargill plant in Colorado, and a noticeable uptick in boxed beef prices, the live cattle contracts ended the day higher. August live cattle closed $0.35 higher at $224.90, October live cattle closed $0.15 higher at $218.92 and December live cattle closed $0.80 higher at $219.20. No cash cattle trade developed throughout the day, and both bids and asking prices remain elusive at this point. Late Monday afternoon, news broke that workers at the Cargill plant in Fort Morgan, Colorado, have agreed to come back to work after the union voted to ratify a contract that will increase wages. The plant has been closed since May but hopes to be processing cattle the week of Sept. 7. The plant has historically employed around 2,000 workers and has the capacity to process more than 4,000 head per day. This news has obviously come as a breath of fresh bullish air to the marketplace and is helping drive the cattle contracts higher. 

Tuesday's slaughter is estimated at 106,000 head -- 2,000 head less than a week ago and 12,000 head less than a year ago.

Boxed beef prices closed higher: choice up $11.58 ($391.15) and select up $2.03 ($366.29) with a movement of 118 loads (75.24 loads of choice, 11.81 loads of select, 12.53 loads of trim and 18.85 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Lower. Given that packers have been able to secure more supply in recent weeks, it's likely that this week's cash cattle trade will be lower.

FEEDER CATTLE:

And in keeping in perfect alignment with the live cattle complex, the feeder cattle contracts also ended the day higher. Unfortunately, that wasn't reflected in sales in the countryside as prices were softer for calves again today, especially for unweaned calves. August feeders closed $0.75 lower at $339.22, September feeders closed $0.40 higher at $333.35 and October feeders closed $0.97 higher at $326.32. At the OKC West Livestock Auction in El Reno, Oklahoma, steer and heifer calves traded $15.00 to $25.00 lower on light test in most weight classes. The sale report did note that 48% of the calves were unweaned. The CME feeder cattle index 8/17/2026: down $0.88, $343.55.

LEAN HOGS:

The lean hog complex ended the day lower as traders simply aren't comfortable with the level of support the market is currently seeing from its fundamentals. And while, yes, today support was almost abundant as both cash prices and pork cutout values closed higher. That's not been the market's norm here lately. December lean hogs closed $1.60 lower at $70.92, February lean hogs closed $1.77 lower at $74.00 and April lean hogs closed $1.62 lower at $79.40. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.90 with a weighted average price of 93.52 on 10,290 head. Pork cutouts totaled 264.23 loads, with 237.25 loads of pork cuts and 26.98 loads of trim. Pork cutout values: up $0.37 to $99.12. Tuesday's slaughter is estimated at 476,000 head -- 3,000 head more than a week ago and 3,000 head less than a year ago. The CME lean hog index 8/14/2026: down $0.21 to $95.47.

WEDNESDAY'S HOG CALL: Steady/somewhat lower. Packers may need some more supply, but, likely, they won't drive the market much higher.

Tuesday Midday Livestock Market Update - Bullish News Helps Drive Cattle Contracts Higher

GENERAL COMMENTS:

The livestock complex is trading mixed into Tuesday's noon hour, with the cattle contracts receiving bullish news that's helping drive contracts higher, but traders remain on edge about being too supportive of the lean hog complex. News broke Monday afternoon that the Cargill beef plant in Fort Morgan, Colorado, is set to begin processing cattle on Sept. 7, which is helping propel the cattle contracts higher. December corn is down 1/2 cent per bushel and December soybean meal is up $0.30. The Dow Jones Industrial Average is down 87.49 points and NASDAQ is down 303.26 points.

LIVE CATTLE:

Late Monday afternoon, news broke that workers at the Cargill plant in Fort Morgan, Colorado, have agreed to come back to work after the union voted to ratify a contract that will increase wages. The plant has been closed since May but hopes to be processing cattle the week of Sept. 7. The plant has historically employed around 2,000 workers and has the capacity to process more than 4,000 head per day. This news has obviously come as a breath of fresh bullish air to the marketplace and is helping drive the cattle contracts higher. August live cattle are up $0.65 at $225.20, October live cattle are up $0.95 at $219.72 and December live cattle are up $1.65 at $220.02. No cash cattle trade has developed yet, and both bids and asking prices remain elusive at this point.

Boxed beef prices are higher: choice up $10.04 ($389.61) and select up $2.54 ($366.80) with a movement of 69 loads (49.60 loads of choice, 5.50 loads of select, 7.43 loads of trim and 6.60 loads of ground beef).

FEEDER CATTLE:

And upon absorbing the same bullish news that the live cattle market did regarding the Cargill plant in Colorado, along with the further support of seeing the live cattle contracts trading higher, the feeder cattle contracts are also trading higher into Tuesday's noon hour. August feeders are up $0.87 at $340.82, September feeders are up $2.50 at $335.45 and October feeders are up $3.05 at $328.40. But the market may be challenged later this week as a Cattle on Feed report is set to be released, and on Monday, Mexican cattle imports are expected to arrive for the first time in over a year.

LEAN HOGS:

Although midday pork cutout values and cash prices are higher, the lean hog contracts are trading lower as traders are going to need to see more than a day's worth of support to really feel comfortable supporting the contracts. October lean hogs are down $1.15 at $80.57, December lean hogs are down $1.82 at $70.72 and February lean hogs are down $1.90 at $73.87. Helping drive the carcass price higher is the loin's $2.98 increase, and the rib's $2.77 increase as well. The projected lean hog index for 8/17/2026 is down $0.69 at $94.78 and the actual index for 8/14/2026 is down $0.21 at $95.47. Hog prices are higher on the Daily Direct Morning Hog Report, up $2.69 with a weighted average price of $94.37, ranging from $88.00 to $95.00 on 2,850 head and a five-day rolling average of $93.90. Pork cutouts total 177.26 loads with 160.89 loads of pork cuts and 16.37 loads of trim. Pork cutout values: up $0.99, $99.74.