Friday Midday Livestock Market Summary - Weaker Tones Find the Complex

GENERAL COMMENTS:

The livestock complex is trading fully lower into midday Friday as the market longs for more consistent fundamental support. Bids are on the table in Nebraska and Kansas, but no new cash cattle trade has developed. December corn is down 4 1/2 cents per bushel and December soybean meal is down $1.50. The Dow Jones Industrial Average is down 278.93 points and the NASDAQ is down 97.86 points.

LIVE CATTLE:

All in all, it's been a quiet, lower-trending day for the live cattle complex as there's yet to be any more cash cattle trade develop and the futures contracts are back to trading lower. October live cattle are down $1.25 at $213.05, December live cattle are down $1.12 at $215.00 and February live cattle are down $1.12 at $216.60. The cash cattle market remains rather uneventful thus far through Friday's trade, as the only developments today are some bids in Kansas at $220 and in Nebraska at $218. Otherwise, no new cash cattle trade has developed. So far this week Southern live cattle have traded at mostly $219 live ($3.00 lower than last week's weighted average and Northern dressed cattle have traded at mostly $344 to $345 (steady to $1.00 lower than last week's weighted average).

Boxed beef prices are mixed: choice down $1.87 ($375.03) and select up $3.51 ($354.23) with a movement of 69 loads (50.53 loads of choice, 6.29 loads of select, 8.35 loads of trim and 3.34 loads of ground beef).

FEEDER CATTLE:

And like normal, if the live cattle complex is trading lower, in this current market environment, you can almost bet on the fact that the feeder cattle contracts are trading lower, and today they are. September feeders are down $2.52 at $323.32, October feeders are down $1.95 at $319.15 and November feeders are down $1.65 at $313.65. Although the board was supportive on Thursday, feeder cattle prices held mostly steady with the week's trend in the countryside.

LEAN HOGS:

The lean hog complex is back to trading lower, as the market is waving its white flag, seeming to say, "there's not enough stable support in the complex right now to justify taking the risk and challenging the market's resistance threshold." With that, the lean hog contracts are trading fully lower into Friday's noon hour. October lean hogs are down $1.07 at $82.37, December lean hogs are down $1.47 at $72.45 and February lean hogs are down $1.45 at $75.15. The projected lean hog index for 9/3/2026 is down $0.54 at $90.54, and the actual index for 9/2/2026 is up $0.23 at $91.08. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that there have been only 593 head traded and that the market's five-day rolling average now sits at $89.38. Pork cutouts total 148.31 loads, with 140.11 loads of pork cuts and 8.21 loads of trim. Pork cutout values: up $0.14, $91.26.

Friday Morning Livestock Market Update - Pork Bellies Plummet Lower

GENERAL COMMENTS:

Cattle had a great trading session on Thursday, bringing a little life back to a dreadful market as of late. Live cattle led the way with most contracts trading $2 to $4 higher on the day. Feeder cattle followed along with most contracts over $6 higher.

Hogs had a rough day Thursday with most futures contracts trading 30 to 40 cents lower on the day. Pork cutouts were down $4.50 at $91.12 but the major shock was a huge decline in pork bellies. Pork bellies were down $32.13 -- one of the biggest drops we've seen. Slaughter numbers were down Thursday.

	BULL SIDE		BEAR SIDE
1)	If beef product labeling is announced this week as U.S. Agriculture Secretary Rollins suggested, the market is hoping for country of origin to be on the label, giving way for consumers to demand American products.	1)	The news cycle has the greatest risk for the cattle markets. The government is trying everything they can to reduce the cost of beef in the grocery store but also regain some herd size. Both goals are difficult to use policy or government intervention to accomplish each at the same time.
2)	Momentum from a futures bounce could help with a technical rally after a disappointing last couple of weeks in the cattle complex.	2)	Sale barn values of feeder cattle are still lower in most locations except for lighter-weight cattle.
3)	Slaughter numbers on hogs were down by 19,000 head week-over-week and 20,000 head year-over-year. A lower day of slaughter could limit pork to hit the market, giving way to a small demand rally.	3)	A break in pork cutout values as well as hog index prices does not bode well for continued futures strength.
4)	Labor Day weekend can bring some end of the summer grilling to help both pork and beef prices.	4)	From a technical perspective, hogs have some resistance to break through on the chart to continue higher. Fundamentally it is going to be difficult to do so with lower cutout values.

Thursday Closing Livestock Market Update - Cattle Rally Aggressively Thanks to Trader Support

GENERAL COMMENTS:

The livestock complex ended the day mixed, with the cattle contracts sharply higher, but the lean hog contracts lower again as consumer demand isn't shaping up as traders hoped it would. Bids of $219 to $220 were offered throughout the day in Kansas, but no sales were noted. October lean hogs are down $0.33 at $83.45, December corn is down 2 3/4 cents per bushel and December soybean meal is up $5.90. The Dow Jones Industrial Average is up 624.16 points and the NASDAQ is up 366.23 points.

LIVE CATTLE:

It was a rather impressive and unexpected day for the live cattle complex, as the contracts were granted ample technical support from traders, which allowed the contracts to end the day $2.00 to $4.00 higher. And it wasn't because of a surplus of fundamental support, but rather as a helpful push from traders who were willing to help the contracts mildly correct after having been pressured immensely over the last two months. October live cattle closed $4.12 higher at $214.30, December live cattle closed $4.10 higher at $216.12 and February live cattle closed $3.72 higher at $217.72. Throughout the day, bids of $219 to eventually $220 were offered in the South, but no new sales were noted. With feedlot managers seeing the board's rally today, they're hopeful to keep prices as close to steady as possible. There was some trade noted earlier in the week at $219 live ($3.00 lower than last week's weighted average) in the South and $344 to $345 in the North (steady to $1.00 lower than last week's weighted average). 

Thursday's slaughter is estimated at 105,000 head -- steady with a week ago and 16,000 head less than a year ago.

Boxed beef prices closed lower: choice down $1.88 ($376.90) and select down $2.86 ($350.72) with a movement of 117 loads (87.24 loads of choice, 13.93 loads of select, zero loads of trim and 15.99 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady to $1.00 lower. Given the market's current trend, it is likely that prices will keep with what's already been seen this week.

FEEDER CATTLE:

Upon traders seeing a bullish effort being pushed in the live cattle complex, they were more than willing to give the green light to the feeder cattle contracts to trade higher as well, and given that the contracts closed mostly $6.00 higher, today's rally was no small feat. September feeders closed $6.87 higher at $325.85, October feeders closed $6.72 higher at $321.10 and November feeders closed $6.95 higher at $315.30. At the Winter Livestock Auction in Pratt, Kansas, compared to last week, feeder steers weighing 600 to 900 pounds traded $4.00 to $12.00 lower; however, steers weighing 725 to 750 pounds sold close to steady. Steers under 600 pounds traded $6.00 to $10.00 higher. Not enough heifers under 425 pounds to 925 pounds traded for an accurate market test, but a lower trend was noted. Demand was called moderate, but for steers under 600 pounds, demand was strong. Slaughter cows and bulls sold steady to $3.00 lower. Feeder cattle supply over 600 pounds was 54%. The CME feeder cattle index 9/2/2026: down $0.91.

LEAN HOGS:

Without stronger consumer support, again today the lean hog complex closed lower. October lean hogs closed $0.32 lower at $83.45, December lean hogs closed $0.40 lower at $73.92 and February lean hogs closed $0.27 lower at $76.60. And until there's enough fundamental support available in the market, it's unlikely that traders will challenge the current resistance. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.49 with a weighted average price of $88.03 on 3,185 head. Pork cutouts totaled 189.72 loads, with 174.45 loads of pork cuts and 15.28 loads of trim. Pork cutout values: down $4.50, $91.12. Thursday's slaughter is estimated at 467,000 head -- 19,000 head less than a week ago and 20,000 head less than a year ago. The CME lean hog index 9/1/2026: up $0.27, $90.85.

FRIDAY'S HOG CALL: Lower. With pork cutout values lower, it's likely that cash prices will be lower on Friday too.

Thursday Midday Livestock Market Summary - Cattle Jump Higher

GENERAL COMMENTS:

It's another mixed day for the livestock complex as the cattle contracts are trading higher, but the lean hog contracts are back to trading lower. A single bid of $219 is being offered in Kansas, but no new trade has developed following Wednesday's light business. December corn is down 2 1/2 cents per bushel and December soybean meal is up $5.80. The Dow Jones Industrial Average is up 599.87 points and the NASDAQ is up 330.31 points.

Thursday's export report shared that beef net sales of 12,900 mt for 2026 were up 41% from the previous week, but down 2% from the prior 4-week average. The three largest buyers were South Korea (4,700 mt), Hong Kong (1,700 mt) and Japan (1,600 mt). Pork net sales of 35,000 mt for 2026 were down 10% from the previous week but up 8% from the prior 4-week average. The three largest buyers were Mexico (17,800 mt), China (5,900 mt) and Japan (2,700 mt).

LIVE CATTLE:

The live cattle contracts are pushing a bullish rally into Thursday's noon hour as the market is currently trading anywhere from $3.00 to $4.00 higher. It's tough to pinpoint where the market's explosive burst of support is stemming from as boxed beef prices are lower this morning, but it is encouraging that of the light cash cattle trade that we've seen in the North, prices were at least steady with last week's weighted average. October live cattle are up $4.37 at $214.52, December live cattle are up $4.52 at $216.55 and February live cattle are up $4.35 at $218.35. The cash cattle market remains quiet at Thursday's noon hour, with a bid of $219 currently on the table in Kansas, but otherwise no developments have surfaced. There was some light trade noted on Wednesday at $345 in the North, which is steady with last week's weighted average, but no other trade has been noted. The futures market is trading notably higher, which could potentially help feedlot managers hold this week's trade steady.

Boxed beef prices are lower: choice down $1.48 ($377.30) and select down $2.58 ($351.00) with a movement of 72 loads (54.35 loads of choice, 6.38 loads of select, zero loads of trim and 11.42 loads of ground beef).

FEEDER CATTLE:

Upon seeing the live cattle contracts trading notably higher, the feeder cattle contracts have elected to charge onward as well, as they're currently trading anywhere from $5.00 to $7.00 higher. Hopefully today's higher push will help feeder cattle sales in the countryside. September feeders are up $6.60 at $325.57, October feeders are up $7.10 at $321.55 and November feeders are up $7.85 at $316.20.

LEAN HOGS :

Unfortunately the bullish push that's helping drive the cattle contracts higher hasn't trickled over into the lean hog complex as its market is now trading lower. More than anything it's likely that the market's resistance is holding the lean hog complex from trading any higher as traders desire to see greater fundamental support before tackling that big of a technical barrier. October lean hogs are down $0.50 at $83.27, December lean hogs are down $0.52 at $73.80 and February lean hogs are down $0.42 at $76.45. The projected lean hog index for 9/2/2026 is up $0.23 at $91.08 and the actual index for 9/1/2026 is up $0.27 at $90.85. Hog prices closed $3.30 lower at $87.09, ranging from $85.00 to $89.00 on 844 head and a five-day rolling average of $89.44. Pork cutouts total 113.05 loads with 105.63 loads of pork cuts and 7.42 loads of trim. Pork cutout values: down $2.77, $92.85.