Today's livestock markets displayed mixed action, with Live Cattle and Feeder Cattle futures trading lower as declining wholesale beef prices capped momentum. Live cattle gave back a portion of Friday's gains but held near two-month highs. Feeder cattle also dropped amid expectations of increased 2026 imports, though lighter cattle weights could reduce forward beef supply. Meanwhile, Lean Hog futures rebounded from Friday's contract low, finding buying support on market expectations of lower pork production. Across the complex, implied volatility sat at 14.7% for Live Cattle, 16.3% for Feeders, and 18.4% for Lean Hogs.