Tuesday Morning Livestock Market Update - Cattle Futures May Settle Back

GENERAL COMMENTS:

Traders gained some confidence on Monday to buy into the contracts with feeder cattle leading the charge. Futures bouncing from technical support on Friday increased the interest of traders to buy into the market. However, the recent volatility may be moving traders to take short-term positions rather than buying and holding. It may be difficult for futures to regain the losses of the past month as market fundamentals and perceptions have changed. The weakness of cash cattle prices recently is expected to continue this week as we move closer to Thanksgiving. Traders will also be cautious over the Cattle on Feed report that will be released on Friday. Boxed beef prices were mixed on Monday, with choice down $0.32 and select up $2.06.

Hog futures are trying to rebuild support, but the best we may hope for in the near term is stability. Cash showed minor strength on Monday as packers took advantage of the lower prices to purchase hogs. The National Daily Direct Afternoon report showed a gain of $0.30 on rather light trade volume. Higher cash may continue as packers should be more aggressive Tuesday. Pork cutouts were down $0.21, making it difficult for traders to get excited over a strong upside potential for prices. Futures may recover some of the losses of last week, but the rebound might be limited.

	BULL SIDE		BEAR SIDE
1)	Cattle futures held technical support, which may provide confidence for traders to buy into the market.	1)	Cash cattle are expected to trade lower again this week as packers have purchased cattle for deferred delivery and will do so again this week.
2)	Chart gaps remain above the market, which may be filled at some point before the contracts expire.	2)	The upcoming Cattle on Feed report may limit trader buying interest for the rest of the week.
3)	Hogs futures might regain some of the losses seen last week as contacts held support.	3)	The fundamentals of the hog market are not very supportive, leaving traders limited in their interest to buy and hold contracts.
4)	Packers may be more aggressive Tuesday as they need to purchase hogs for the week and possibly purchase ahead for the week of Thanksgiving.	4)	Packers may slow the slaughter pace moving through Thanksgiving and the end of the month.

Monday Closing Livestock Market Update - Traders Push Contracts Higher

GENERAL COMMENTS:

The livestock complex was able to close higher as traders poured a tick more interest into the marketplace. New showlists appear to be mixed, higher in Texas, but lower in Kansas and Nebraska/Colorado. December corn is up 4 1/2 cents per bushel and December soybean meal is up $8.30. The Dow Jones Industrial Average is down 557.24 points and the NASDAQ is down 192.52 points.

LIVE CATTLE:

The live cattle complex rounded out the day higher as traders noted the announcement made last Friday that tariffs on food were going to be reduced, which did include beef. The current tariff on Brazilian beef remains at 40%, but it was reduced nonetheless. December live cattle closed $2.12 higher at $221.27, February live cattle closed $2.25 higher at $221.77 and April live cattle closed $2.25 higher at $221.82. New showlists appear to be mixed, higher in Texas, but lower in Kansas and Nebraska/Colorado. Monday's slaughter is estimated at 116,000 head – 3,000 head more than a week ago but 3,000 head less than a year ago.

Throughout last week's trade, Southern live cattle were marked at $226 to mostly $228, which is $3.00 lower than the previous week's weighted average. Northern dressed cattle traded anywhere from $346 to $355, but mostly at $351, which is $8.00 lower than the previous week's weighted average. And to only make matters worse, packers were able to get some cattle committed for delivery for the weeks of Dec. 1 and Dec. 8 as they slowly, but surely, are buying up supplies to ensure that they're not short bought in the weeks ahead and potentially run the risk of letting feedlot managers gain the upper hand in the market again. Last week's negotiated cash cattle trade totaled 55,342 head. Of that, 83% (45,792 head) were committed to the market's nearby delivery, while the remaining 17% (9,550 head) were committed to the market's deferred delivery option.

Boxed beef prices closed mixed: choice down $0.32 ($370.41) and select up $2.06 ($356.30) with a movement of 75 loads (43.81 loads of choice, 11.94 loads of select, zero loads of trim and 19.04 loads of ground beef).

TUESDAY'S CATTLE CALL: Lower. Given that packers have been able to secure some inventory, it's likely that this week's trade will be lower.

FEEDER CATTLE:

The feeder cattle complex successfully traded higher throughout the day as the market continues to closely follow the live cattle market's direction. January feeders closed $5.72 higher at $326.27, March feeders closed $5.20 higher at $318.55 and April feeders closed $4.75 higher at $315.82. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week and at their midsession point, feeder steers were selling $4.00 higher to $6.00 lower and feeder heifers were trading $5.00 higher to $5.00 lower. The CME feeder cattle index 11/14/2025: up $1.89, $341.89.

LEAN HOGS:

The lean hog complex closed mixed, mostly higher, although a couple of the Spring 2026 contracts closed lower. December lean hogs closed $0.07 higher at $78.57, February lean hogs closed $0.05 higher at $79.42 and April lean hogs closed $0.12 lower at $83.02. Monday's higher close was despite the fact that pork demand continues to lack, which will be something traders watch closely throughout the week. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.30 with a weighted average price of $76.14 on 3,210 head. Pork cutouts totaled 292.13 loads with 244.06 loads of pork cuts and 48.07 loads of trim. Pork cutout values: down $0.21, $97.01. Monday's slaughter is estimated at 494,000 head – steady with a week ago and 5,000 head more than a year ago. The CME lean hog index 11/13/2025: down $0.32, $97.35.

TUESDAY'S HOG CALL: Higher. Monday's movement was light, so it's likely that Tuesday will see more packer interest.

Monday Midday Livestock Market Summary - Traders Show the Complex Ample Support

GENERAL COMMENTS:

The livestock complex is trading higher into Monday's noon hour as trader support remains ample. New showlists appear to be mixed, higher in Texas, but lower in Kansas and Nebraska/Colorado. December corn is up 5 1/4 cents per bushel and December soybean meal is up $6.80. The Dow Jones Industrial Average is down 36.39 points and NASDAQ is up 14.10 points.

LIVE CATTLE:

The live cattle complex is trading higher into Monday's noon hour as traders note the announcement that came on Friday that tariffs on food was going to be reduced. The current tariff on Brazilian beef remains at 40%, so it's still unknown how this will affect the greater marketplace as the U.S. still needs lean beef, but a 40% tariff is still a relatively strong barrier. December live cattle are up $1.40 at $220.60, February live cattle are up $1.57 at $221.10 and April live cattle are up $1.65 at $221.22. New showlists appear to be mixed, higher in Texas, but lower in Kansas and Nebraska/Colorado.

Throughout last week's trade, Southern live cattle were marked at $226 to mostly $228, which is $3.00 lower than the previous week's weighted average. Northern dressed cattle traded anywhere from $346 to $355, but mostly at $351, which is $8.00 lower than the previous week's weighted average. And to only make matters worse, packers were able to get some cattle committed for delivery for the weeks of Dec. 1 and Dec. 8 as they slowly, but surely are buying up supplies to ensure that they're not short bought in the weeks ahead and potentially run the risk of letting feedlot managers gain the upper hand in the market again. Last week's negotiated cash cattle trade totaled 55,342 head. Of that, 83% (45,792 head) were committed to the market's nearby delivery, while the remaining 17% (9,550 head) were committed to the market's deferred delivery option.

Boxed beef prices are mixed: choice down $0.74 ($369.99) and select up $0.73 ($354.97) with a movement of 37 loads (22.85 loads of choice, 5.65 loads of select, zero loads of trim and 8.68 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading higher into Monday's noon hour as the feeder cattle market has been closely following the direction of the live cattle contracts. January feeders are up $4.87 at $325.42, March feeders are up $4.17 at $317.52 and April feeders are up $4.00 at $315.07. As long as the live cattle complex remains strong through the day's end, it's likely that the feeder cattle complex will too.

LEAN HOGS:

The lean hog complex is trading mixed as the futures market wants to trade higher but needs reassurance from consumers that they're going to show up at the meat counter with more demand before they'll do so confidently. December lean hogs are up $0.30 at $78.80, February lean hogs are up $0.37 at $79.75 and April lean hogs are up $0.05 at $83.17. It's likely a slightly higher close for the day is in sight as the greater livestock complex is being met with ample trader support.

The projected lean hog index is delayed from the source. Hog prices are unavailable on the Daily Direct Morning Hog Report because no hogs have traded yet. The only thing we are able to see is that the five-day rolling average now sits at $81.50. Pork cutouts total 194.63 loads with 153.03 loads of pork cuts, and 41.60 loads of trim. Pork cutout values: down $0.22, $97.00.

Monday Morning Livestock Market Update - Traders May Begin Week With Caution

GENERAL COMMENTS:

Cattle will have a difficult time regaining the losses of the past month. This was evident last week as futures fell back to the lows after the large increase Monday. Although cattle numbers remain tight, lower cash is dictating the strength of the market. Boxed beef has not provided much reason for traders to feel bullish about the market. Boxed beef on Friday declined $2.84 for choice and was down $0.79 for select. Feedlots face another week of difficult decisions on whether to hold or to sell cattle and move them the week before Thanksgiving. Packers have some cattle purchased ahead and may not be very aggressive this week, and certainly not next week. Feeder cattle prices in the country are mixed, but have been trending lower.

The strong gain at the beginning of last week was eliminated throughout the rest of the week. It was positive that futures held support at the end of the week, but market fundamentals will need to turn supportive to regain the losses. Pork cutouts were positive on Friday, posting a gain of $1.96. The cash price fell with the National Daily Direct Afternoon Hog report down $2.02. This may limit the upside potential of the market Monday. Packers may be somewhat aggressive Monday as they may want to purchase early and also take advantage of the lower prices. Futures will need to hold support, or further pressure may unfold.

	BULL SIDE		BEAR SIDE
1)	Cattle futures are oversold and could see continued strength after closing positive on Friday.	1)	There is a possibility of further cash cattle weakness this week as packers continue to reduce slaughter speeds.
2)	Cattle futures might find a bottom after the action last week. There may be a limit to the decline of cash due to low cattle supplies.	2)	It seems cattle traders have turned aggressive sellers on futures price increases for the time being. This will limit upside potential.
3)	Hog futures had a nice bounce early last week, and futures holding support after the decline may indicate a bottom for prices.	3)	Hog futures continue to struggle as market fundamentals cannot find solid support.
4)	Hog futures are oversold and could see further short-covering after prices were unable to break support on Friday.	4)	The WASDE report Friday did not show many positive price estimates for the rest of this year and 2026. This provided little long-term support for the time being.