Thursday Midday Livestock Market Summary - Pressure Builds for the Complex

GENERAL COMMENTS:

The livestock complex has been hit with some pressure and currently all three of the markets are trading lower. Bids are on the table for most of the major feeding states, but no new trade has been noted following Wednesday's movement. December corn is down 1 1/4 cents per bushel and December soybean meal is up $0.10. The Dow Jones Industrial Average is down 327.18 points and NASDAQ is down 46.20 points.

LIVE CATTLE:

The live cattle contracts are mildly retreating Thursday morning as traders aren't confident that the market possesses enough support to challenge the market's resistance at its 40-day moving average. August live cattle are down $2.02 at $232.10, October live cattle are down $3.72 at $225.72 and December live cattle are down $3.32 at $225.35. And in terms of the cash cattle market, bids are on the table, and trade is merely waiting to cut loose at this point. There was a light trade on Wednesday at $370 in Nebraska (which is $3 higher than last week's weighted average), but otherwise, no new trade has developed. Asking prices are firm in the South at $235.

Boxed beef prices are mixed: choice down $5.10 ($362.87) and select up $0.97 ($349.03) with a movement of 81 loads (58.63 loads of choice, 14.34 loads of select, zero loads of trim and 8.13 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is again following the direction of the live cattle contracts, and so, as one goes down, so goes the other. August feeders are down $3.40 at $349.92, September feeders are down $4.67 at $343.57 and October feeders are down $5.75 at $333.67. And just like the live cattle complex, it's likely the market's technical barrier at its 40-day moving average is causing the market grief right now.

LEAN HOGS:

And with pork cutout values down again Thursday morning, it comes as no real surprise that the lean hog contracts are trading lower. August lean hogs are down $0.80 at $95.80, October lean hogs are down $1.07 at $81.95 and December lean hogs are down $1.30 at $73.35. But with both the ham and the picnic falling more than $4 lower, it's no wonder the carcass price is being pulled lower. The projected lean hog index for 8/5/2026 is down $0.29 at $96.66 and the actual index for 8/4/2026 is down $0.22 at $96.95. Hog prices are unavailable on the Daily Direct Morning Hog Report due to confidentiality. However, we can see that only 1,001 head have traded Thursday morning and that the market's five-day rolling average now sits at $99.37. Pork cutouts total 133.42 loads with 114.79 loads of pork cuts and 18.63 loads of trim. Pork cutout values: down $1.56, $99.49.

Thursday Morning Livestock Market Update - Cattle Futures Trend Higher

GENERAL COMMENTS:

Cattle futures turned higher on Wednesday, keeping the uptrend intact. The seasonal lows for beef demand may be passed with traders feeling optimistic over further upside price potential. Boxed beef prices have not turned to move consistently higher but show signs of support. Choice boxed beef declined $1.68 while select increased $1.56. Some light cash cattle traded in the North with dressed prices $3 higher. This likely set the stage for the rest of the week. Feedlots will retain confidence that they can receive higher prices and will hold for them. The various events that have happened and are currently taking place indicate that cattle prices may regain much of what had been lost. The cattle herd may not rebuild anytime soon. The drought and wildfires are moving cattle to feedlots and slaughter rather than retaining and rebuilding.

Hog futures were unable to find support. The nearby August contract goes off the board next week on Friday and closed at the lowest price since June 26. Bullish traders have become disillusioned over the inability of futures to recover the previous losses. The National Daily Direct Afternoon Hog report showed cash down $0.64 with a good volume of hogs traded. Packers may not bid higher Thursday to see how many hogs they will be able to purchase at lower prices. Then, if need be, they will be more aggressive on Friday. Pork cutout values were higher, posting a gain of $1.22. Hog weights declined and are nearly in line with a year ago at 281.2 pounds.

	BULL SIDE		BEAR SIDE
1)	Early cash cattle trade at $3 higher likely set the stage for higher cash the rest of the week.	1)	Boxed beef prices may remain choppy for a while. This may limit the upside potential for beef prices.
2)	The rebuilding of the cattle herd is questionable and will likely be delayed.	2)	Packers continue to reduce slaughter as they attempt to improve their margins. Feedlots cannot hold cattle indefinitely and will sell.
3)	Hog futures may find technical support near these levels. Traders could step in to purchase for the longer term.	3)	Hog futures have not been able to recover the previous substantial losses. Bullish traders are exiting the market.
4)	The weekly hog weights declined 1.5 pounds to average 281.2 pounds. This is only 0.1 pounds above a year ago.	4)	The increasing support shown in cash and pork cutouts seem to have tempered. This may limit the price potential of futures.

Wednesday Closing Livestock Market Update - Dressed Cattle Begin to Trade at $370 -- $3.00 Higher

GENERAL COMMENTS:

The livestock complex ended the day mixed, with cattle contracts closing higher again while lean hog contracts ended lower. Some light cash cattle trade was noted throughout the day in the North at $370, which is $3.00 higher than last week's weighted average. December corn is down 5 1/2 cents per bushel and December soybean meal is down $2.80. The Dow Jones Industrial Average is up 330.57 points and the NASDAQ is down 180.56 points.

LIVE CATTLE:

The live cattle complex had another strong day, with futures contracts closing higher thanks to added support from boxed beef prices and the light test that began to develop in this week's fed cash cattle market. August live cattle closed $2.22 higher at $234.17, October live cattle closed $1.57 higher at $229.47 and December live cattle closed $1.40 higher at $228.67. Depending on what we see develop later this week in the cash market, traders may become a little apprehensive to support the futures market much more as they're nearing the market's 40-day moving average, which will impose some technical pressure. But if the cash market continues to boldly trade higher and boxed beef prices are supportive too, then there's the chance that traders rally onward without skipping a beat. Some light cash cattle trade developed throughout the day at $370 in the North, which is $3.00 higher than last week's weighted average. Bids were offered throughout the day in the South at $230 to $235, but no confirmed sales were noted. Some dressed cattle sales did inch up to $371, but the vast majority of the trade was done at $370. And some of the Northern trade was booked for delivery for the week of August 18. Asking prices are firm at $235 in the South. 

Wednesday's slaughter is estimated at 106,000 head -- 1,000 head less than a week ago and 8,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $1.68 ($367.97) and select up $1.56 ($348.06) with a movement of 109 loads (65.91 loads of choice, 18.02 loads of select, 9.21 loads of trim and 15.52 loads of ground beef).

THURSDAY'S CATTLE CALL: Higher. With feedlot managers committed to pushing the market higher, it's likely that this week's trend is going to be higher.

FEEDER CATTLE:

The feeder cattle complex ended the day higher too as traders continue to see support trickle into the complex from the strong rally of the live cattle complex. August feeder cattle closed $2.12 higher at $353.32, September feeders closed $2.22 higher at $348.37 and October feeders closed $2.27 higher at $339.42. Sale barn receipts were light today, making it difficult to find a sizeable sale report to quote. The CME feeder cattle index 8/4/2026: down $0.48, $348.65.

LEAN HOGS:

The lean hog complex ended the day weaker as traders are unwilling to advance the contracts any more without steady and stable fundamental support. And while yes, afternoon pork cutout values closed a tick higher, traders aren't confident in the immediate demand picture right now. August lean hogs closed $1.25 lower at $96.60, October lean hogs closed $1.32 lower at $83.02 and December lean hogs closed $1.12 lower at $74.65. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.64 with a weighted average price of $99.01 on 7,227 head. Pork cutouts totaled 301.22 loads with 264.57 loads of pork cuts and 36.65 loads of trim. Pork cutout values: up $1.22, $101.05. Wednesday's slaughter is estimated at 484,000 head -- 13,000 head more than a week ago and 17,000 head more than a year ago. The CME lean hog index 8/3/2026: down $0.51, $97.17.

THURSDAY'S HOG CALL: Lower. At this point, packers have likely secured the vast majority of their needs in this week's cash market already.

Wednesday Midday Livestock Market Summary - Light Cash Cattle Sales Begin to Develop

GENERAL COMMENTS:

The livestock complex is trading mixed Wednesday's noon hour as the cattle contracts are gladly trading higher thanks to continued trader support and the recent developments in the fed cash cattle market. However, the lean hog market isn't seeing the same level of support. Some light trade has been noted in the North at $370 and bids are currently on the table in the South at $230 to $235. December corn is down 4 3/4 cents per bushel and December soybean meal is down $2.30. The Dow Jones Industrial Average is up 454.45 points and NASDAQ is down 92.29 points.

LIVE CATTLE:

The live cattle complex is trading higher into Wednesday's noon hour, and thankfully that has sparked some exciting developments in the fed cash cattle market too. August live cattle are up $2.60 at $234.60, October live cattle are up $2.10 at $230.00 and December live cattle are up $1.77 at $229.05. The cash cattle market is beginning to see some action develop as trade has been noted this morning in Nebraska at mostly $370, which is $2 to $3 higher than last week's weighted average, but there have been a few traded at $371 as well. Some of the cattle that were sold in Nebraska were committed for delivery on the week of 8/17/2026. Bids of $230 to $235 are currently on the table in the Southern Plains, but asking prices in that region are firm at $235.

Boxed beef prices are mixed: choice down $0.40 ($369.25) and select up $3.52 ($350.02) with a movement of 60 loads (37.45 loads of choice, 8.84 loads of select, zero loads of trim and 13.28 loads of ground beef).

FEEDER CATTLE:

And with the continued support of the live cattle complex, the feeder cattle contracts are also rallying into Wednesday's noon hour. August feeders are up $2.60 at $353.80, September feeders are up $3.15 at $349.27 and October feeders are up $3.37 at $340.52. And so long as the live cattle contracts continue to trail higher, it's likely that the feeder cattle contracts will do the same.

LEAN HOGS:

The lean hog complex is back to trading lower even though midday pork cutout values are higher, traders aren't confident in the market right now. August lean hogs are down $1 at $96.85, October lean hogs are down $1.40 at $82.95 and December lean hogs are down $1.47 at $74.30. And until traders see consistent support from consumers, they'll likely remain leery of being overly supportive. The projected lean hog index is delayed from the source. Hog prices on the Daily Direct Morning Hog Report average $99.43, ranging from $98.00 to $101.00 on 3,590 head, and a five-day rolling average of $100.30. Pork cutouts total 142.52 loads with 122.76 loads of pork cuts and 19.76 loads of trim. Pork cutout values: up $2.40, $102.23.