Friday Midday Livestock Market Update - Weaker Tones Follow Contracts

GENERAL COMMENTS:

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

LIVE CATTLE:

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

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

FEEDER CATTLE:

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

LEAN HOGS:

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

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

GENERAL COMMENTS:

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

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

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

Thursday Closing Livestock Market Update - Muted Tones Follow Complex

GENERAL COMMENTS:

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

LIVE CATTLE:

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

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

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

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

FEEDER CATTLE:

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

LEAN HOGS:

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

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

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

GENERAL COMMENTS:

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

LIVE CATTLE:

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

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

FEEDER CATTLE:

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

LEAN HOGS:

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