DTN Midday Livestock Comments          08/21 11:54

   External Pressure Shakes Cattle Futures Friday, But Hogs Find Late-Week 
Support 

   Some cash cattle trade has been noted in Texas at $225 and bids are on the 
table in Kansas for the same price.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is trading mixed into Friday's noon hour as the cattle 
complex isn't finding the fundamental support it needs, but the hog contracts 
are trading higher. Some trade has been noted in Texas at $225, and bids are on 
the table in Kansas for the same price. December corn is up 2 1/2 cents per 
bushel and December soybean meal is down $0.10. The Dow Jones Industrial 
Average is up 410.48 points and NASDAQ is up 143.77 points.

LIVE CATTLE:

   Friday morning President Trump announced that over the next 90 days the U.S. 
will allow up to 300,000 metric tons (mt) of product for ground beef to be 
imported with no quota tariff. He also stated the administration has a 
commitment that this beef will be sold at 25% below current prices. This news 
weakened the futures complex dramatically at the day's open, but since then the 
complex has found some stability and is trading mixed into the noon hour with 
the nearby contracts lower while the deferred contracts trade higher. October 
live cattle are down $0.70 at $217.30, December live cattle are down $0.42 at 
$217.85 and February live cattle are down $0.32 at $218.57. Some light cash 
cattle trade has finally developed in the South where cash cattle are selling 
for mostly $225. Some light trade also has been noted in Nebraska at $223. Do 
remember that this afternoon the monthly Cattle on Feed report is set to be 
released as well.

   Boxed beef prices are lower: choice down $3.79 ($386.14) and select down 
$0.33 ($363.41) with a movement of 68 loads (29.90 loads of choice, 6.16 loads 
of select, 24.74 loads of trim and 7.05 loads of ground beef).

FEEDER CATTLE:

   Amid new developments regarding imported beef and the continued decline of 
the cash market, the feeder cattle complex is trading lower into Friday's noon 
hour. September feeders are down $0.95 at $327.97, October feeders are down 
$0.07 at $322.62 and November feeders are up $0.35 at $315.22. It's likely the 
market could find even more pressure heading up to the afternoon's close as 
traders know that the monthly Cattle on Feed report will be released later this 
week and that on Monday, Mexican cattle imports resume.

LEAN HOGS:

   The lean hog contracts are trading higher into Friday's noon hour as traders 
are extending a little late-week support to the sector. It's also helpful that 
midday pork cutout values are up over $3.00. October lean hogs are up $0.62 at 
$80.85, December lean hogs are up $0.87 at $71.62 and February lean hogs are up 
$0.67 at $74.50. The projected CME Lean Hog Index for 8/20/2026 is down $0.46 
at $93.26 and the actual index for 8/19/2026 is down $0.24 at $93.72. Hog 
prices are higher on the Daily Direct Morning Hog Report, up $1.83 with a 
weighted average price of $94.58, ranging from $87.00 to $96.00 on 3,265 head 
and a five-day rolling average of $93.35. Pork cutouts totaled 205.85 loads 
with 186.90 loads of pork cuts and 18.94 loads of trim. Pork cutout values: up 
$3.49, $99.98.

   ShayLe Stewart can be reached shayle.stewart@dtn.com




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