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

GENERAL COMMENTS:

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

LIVE CATTLE:

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

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

FEEDER CATTLE:

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

LEAN HOGS:

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

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

GENERAL COMMENTS:

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

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

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

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

GENERAL COMMENTS:

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

LIVE CATTLE:

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

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

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

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

FEEDER CATTLE:

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

LEAN HOGS:

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

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

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

GENERAL COMMENTS:

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

LIVE CATTLE:

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

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

FEEDER CATTLE:

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

LEAN HOGS :

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