Market News

Cattle futures higher, lean hogs lower

At the Chicago Mercantile Exchange, live and feeder cattle futures were sharply higher, with feeders taking the lead on a drop post-USDA report drop in corn. The USDA did lower its 2026 beef production outlook, while increasing import expectations. December live cattle were up $3.50 at $227.05 and February was $3.62 higher at $229.47. November feeders were $7.07 higher at $341.95 and January was up $7.92 at $336.35.

Direct cash cattle trade wrapped up a quiet week. Bids surfaced on Friday at $220 in Kansas and at $218 live and $345 dressed in Nebraska.  

At the Hub City Livestock Auction in South Dakota, compared to last week best test on yearling steers 850 to 899 pounds mostly steady, 950 to 1049 pounds steady to $5 lower. Heifers were not well compared. The USDA says demand was good to very good. Receipts were down on the week, but up on the year. Feeder supply included 81 percent steers and 92 percent of the offering was over 600 pounds. Medium and large 1 feeder steers 865 to 876 pounds brought $335.50 to $357 with an average price of $346.78. Medium and large 1 feeder heifers 865 to 889 pounds brought $304 to $310.50 with an average price of $308.04.

Boxed beef was mixed with Choice $1.50 lower at $373.35 and. Select $2.57 higher at $354.30. The Choice Select Spread is $19.05

Estimated cattle slaughter was 94,000 head, down 6,000 on the week and up 300 on the year.

Lean hog futures were down on technical weakness, shrugging off the session’s cash and wholesale fundamentals. The USDA cut its 2026 pork production guess and made modest changes to imports, exports, and consumption. December was $.77 lower at $87.82 and February was down $.62 at $69.25.

Cash hogs were higher with a very light negotiated run. The market rebounded slightly after a few days of light business where prices were mostly lower. Processors ended the week a little more aggressive in their procurement efforts. There is some concern about the strength of global and domestic demand.

Barrows and gilts at the National Daily Direct were  $1.75 higher with a base range of $64 to $80 with a weighted average price of $74.26; Iowa/Minnesota was $1.27 higher with a weighted average price of $74.59; Western Cornbelt was $1.71 higher at $75.03; Eastern Cornbelt was not reported.

Butcher hog prices at the Midwest cash markets were not available. Dorchester, Wisconsin was steady at $60 throughout the week.At Illinois, slaughter sows were steady with moderate demand for light offerings at $45 to $57. Barrows and gilts prices were steady with moderate demand for moderate offerings at $51 to $61. Boars ranged from $25 to $35 and $15 to $20.

Pork values were $.86 higher at $80.50. Picnics, ribs, hams and bellies were higher. Loins and butts were lower.  

Estimated hog slaughter is 485,000 head, up 2,000 on the week and 8,000 on the year.