By Meghan Grebner | September 4, 2026

Direct cash cattle trade activity remains quiet, with bids yet to resurface and asking prices few and far between. Cash cattle business in the major feeding regions typically develops later in the week, and Fridays preceding a holiday weekend often see abbreviated sessions. Some light business has been conducted in the North at mostly $345 dressed, fully steady with the prior week's weighted average basis. Additional business is still expected to develop before the end of the day.

Boxed beef was mixed at midday, with light and heavy demand for moderate offerings. Choice was $1.87 lower at $375.03, while Select was $3.51 higher at $354.23, putting the Choice/Select spread at $20.80. The spread, which reflects the price premium buyers pay for higher-grading Choice carcasses over Select, has been a key profitability gauge for cattle feeders, and Friday marks the close of trade ahead of the Labor Day holiday weekend, traditionally one of the biggest grilling-demand periods of the year for beef and pork.

At the Ogallala Livestock Auction in Nebraska, steers and heifers were unevenly steady on yearlings, with no trend established for cattle weighing less than 800 pounds. The USDA says demand was moderate to good, and several preg-checked open heifers were included in the offering. Receipts were up from two weeks ago. Feeder supply included 49 percent steers, with 91 percent of the offering weighing more than 600 pounds. Medium and Large 1 feeder steers weighing 807 to 833 pounds brought $340 to $359.50, and feeder heifers at 901 to 919 pounds brought $330.50 to $345.25. Medium and Large 1 feeder heifers weighing 820 to 841 pounds brought $331 to $352, while feeder heifers at 902 to 948 pounds brought $290 to $310.50.

Cash hog prices at the major directs were not reported due to confidentiality. USDA withholds direct hog price reports when too few packers or transactions meet reporting thresholds, which commonly happens around holidays when negotiated volume thins. Processors have pulled back on procurement efforts, likely because they already have needed numbers in hand ahead of the long holiday weekend. The industry continues to monitor the availability of market-ready hogs and hog weights as they relate to demand. While there continue to be some bright spots in both global and domestic markets, lingering concerns remain about long-term demand strength. The five-day rolling average for barrows and gilts at the National Daily Direct is $89.38, $89.11 for Iowa/Minnesota, and $90.05 for the Western Corn Belt.

Butcher hog prices at the Midwest cash markets are $6 lower at $60. At Illinois, slaughter sows were steady with moderate demand for light offerings at $43 to $55. Barrows and gilts were steady with moderate demand for moderate offerings at $55 to $65. Boars ranged from $22 to $32 and $10 to $13.

Pork values were firm at midday, up $0.14 at $91.26. Bellies, picnics, butts, ribs, and loins were all higher, while hams were sharply lower. The pork cutout, a composite value of the major primals, serves as a benchmark for packer margins and wholesale demand, and broad-based strength across most cuts heading into the holiday suggests retailers were still filling feature programs.