DTN Midday Livestock Comments          01/23 11:50

   Cash Cattle Begin to Trade, Steady to $5.00 Higher 

   Some light cash cattle trade has been reported in the South at mostly $233 
which is mostly steady with the previous week's weighted average, and some 
dressed cattle have traded at $370 which is $5.00 higher than last week's 
weighted average. 

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   Thus far, it's been a rallying day for the cattle complex, while the lean 
hog contracts trade mixed. Some light cash cattle trade has developed in the 
South at $233 and some Northern business has been noted at $370 which is $5.00 
higher than the previous week's weighted average.  March corn is up 5 1/2 cents 
per bushel and March soybean meal is up $3.60. The Dow Jones Industrial Average 
is down 243.65 points and the NASDAQ is up 121.64 points.

   Friday's export report shared that beef net sales of 15,400 mt for 2026 were 
primarily for Hong Kong (3,700 mt), Japan (3,100 mt) and Mexico (2,500 mt). 
Pork net sales of 33,200 mt for 2026 were primarily for Mexico (11,800 mt), 
South Korea (5,100 mt) and Japan (3,400 mt).

LIVE CATTLE:

   The live cattle complex is trading sharply higher into midday Friday as 
traders have grown more confident, and some light cash cattle trade has 
developed. February live cattle are up $2.80 at $235.17, April live cattle are 
up $2.60 at $237.42 and June live cattle are up $2.35 at $233.25. Some light 
trade has been reported mostly in the South at $233 which is fully steady with 
last week's weighted average. And some Northern dressed cattle have also traded 
at $370 which is $5.00 higher than the previous week's weighted average. Do 
note that later this afternoon the monthly Cattle on Feed report is set to be 
unveiled and more cash cattle trade will likely develop after that.

   Boxed beef prices are mixed: choice up $1.25 ($368.70) and select down $0.43 
($361.30) with a movement of 80 loads (57.92 loads of choice, 10.00 loads of 
select, 5.90 loads of trim and 6.05 loads of ground beef).

FEEDER CATTLE:

   The feeder cattle complex is also trading slightly higher, but its gusto 
this morning hasn't been as aggressive or notable as the live cattle market's, 
which could potentially be because demand in the countryside has been slightly 
off. January feeders are up $1.87 at $365.60, March feeders are up $1.72 at 
$361.00 and April feeders are up $1.22 at $359.17. This afternoon's Cattle on 
Feed report is likely going to show a bullish outlook for the feeder cattle 
complex as placements are again anticipated to be lower than a year ago.

LEAN HOGS:

   The lean hog complex is trading mixed as the nearby contracts are trading a 
bit lower while the deferred months continue to scale higher. February lean 
hogs are down $0.05 at $88.42, April lean hogs are down $0.15 at $96.20 and 
June lean hogs are down $0.07 at $108.55. The nearby contracts are likely 
trading lower as the market experiences some technical exhaustion following the 
sharp rally the market has recently seen.

   The projected lean hog index for 1/22/2026 is up $0.55 at $83.62 and the 
actual index for 1/21/2026 is up $0.67 at $83.07. Hog prices average $80.86 on 
the Daily Direct Morning Hog Report, with a total movement of 432 head and a 
five-day rolling average of $80.86 as well. Pork cutouts total 162.71 loads 
with 145.74 loads of pork cuts and 16.97 loads of trim. Pork cutout values: up 
$1.46, $96.08.

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




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