Livestock futures ended the week on the defensive at the Chicago Mercantile Exchange, with live cattle lower and feeder cattle mixed as traders awaited direct business ahead of the long Labor Day holiday weekend, a period that typically slows cash market activity as packers and feedyards wind down procurement. October live cattle closed $1.35 lower at $212.95, and December live cattle finished $1.40 lower at $214.72. October feeder cattle closed 95 cents lower at $320.15, while November feeders ended 57 cents lower at $314.72. Cattle futures have been trading at historically high levels in recent years as the U.S. herd remains at multi-decade lows following prolonged herd liquidation, keeping supplies tight even as feeders have expanded placements.

Direct cash cattle trade was quiet for the most part on Friday. For the week, dressed business in the North traded at $344 to $345, steady to $1 lower than the prior week's weighted averages. Live deals in the South covered a wide range of $219 to $223, which was $3 lower to $1 higher than the previous week's business. How negotiated cash trade develops after the holiday weekend will help signal whether packers need to chase cattle supplies again or can hold bids steady.

At the Apache Livestock Auction in Oklahoma, feeder steers weighing less than 700 pounds were $10 lower. Feeder heifers under 650 pounds were steady to $10 lower, while feeder heifers over 650 pounds were $3 to $6 higher. Steer calves and heifer calves were $10 to $20 lower. The USDA reported quality was good to attractive with good demand. Receipts were down from both the prior week and a year ago. The feeder supply was 55 percent steers, with 46 percent of the offering weighing more than 600 pounds. Medium and Large 1 feeder steers weighing 618 to 643 pounds brought $327.50 to $384, and Medium and Large 1 feeder heifers weighing 662 to 693 pounds brought $309 to $315.

Boxed beef closed mixed on light and heavy demand for moderate offerings. Choice was 73 cents lower at $376.17, and Select was $5.15 higher at $355.87, putting the Choice/Select spread at $20.30. The narrowing Choice/Select spread, driven by Select's sharp gain, can pressure packer margins on higher-grading cattle and is a key spread traders watch as a gauge of retail and foodservice beef demand mix. Estimated cattle slaughter was 97,000 head, down 6,000 from the prior week and down more than 22,000 from a year ago. Saturday's estimated kill is 17,000 head, down 7,000 on the week but up more than 10,000 on the year.

Lean hog futures also closed lower, pressured by technical selling and demand uncertainty. October lean hogs fell $1.15 to $82.30, and December lean hogs dropped $1.45 to $72.47.

Cash hog prices were not reported due to confidentiality, with only a handful of negotiated purchases — a common occurrence when negotiated volumes fall below USDA reporting thresholds. The slow finish to the week in the cash hog market was not a big surprise, as processors pulled back on procurement, likely because they already had 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 $90.15; the Iowa/Minnesota average is $89.55, and the Western Corn Belt average is $89.53.

Butcher hog prices at Midwest cash markets were $6 lower at $60. In 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 closed higher, up $1.74 at $92.86. Bellies jumped more than $12 on Friday, with picnics and ribs also sharply higher and butts up. Hams and loins were lower. The strength in bellies and ribs reflects seasonal feature demand heading into the holiday weekend, traders note. Estimated hog slaughter was 424,000 head, down 23,000 on the week and down more than 48,000 on the year. Saturday's estimated kill is 19,000 head, down 10,000 on the week and down more than 364,000 on the year.

Source: Brownfield Ag News, September 4, 2026, by Meghan Grebner (https://www.brownfieldagnews.com/market-news/live-cattle-hog-futures-finish-the-week-lower/)