Friday Closing Livestock Market Update - Southern Live Cattle Trade $7 Higher, Northern Dressed Cattle Trade $11 to $16 Higher

GENERAL COMMENTS:

The livestock complex rallied throughout the day as all three of the livestock markets closed higher Friday afternoon. And shortly after midday, some Southern live cattle began trading at $225, $7.00 above last week's weighted average. March corn is down 2 1/2 cents per bushel and January soybean meal is down $3.80. The Dow Jones Industrial Average is up 104.05 points and the NASDAQ is up 72.99 points.

From Friday to Friday, livestock futures scored the following changes: December live cattle up $11.58, February live cattle up $9.30; January feeder cattle up $15.08, March feeder cattle up $15.45; December lean hogs up $1.05, February lean hogs up $1.28; December corn up $0.01, March corn down $0.03.

LIVE CATTLE:

The live cattle complex had a terrific day, rallying throughout the futures complex and seeing continued demand in the cash cattle complex as well. December live cattle closed $0.52 higher at $81.65, February live cattle closed $0.42 higher at $82.27 and April live cattle closed $1.00 higher at $86.77. But what was most exciting for the market, potentially to see develop, was the rally in the fed cash cattle market, as shortly after midday, finally some Southern live cattle traded at $225, which is $7.00 higher than last week's weighted average. A light trade was reported in the North yesterday with dressed deals ranging from $340 to $345, $11 to $16 higher than the prior week's weighted averages.

Friday's slaughter is estimated at 115,000 head, incomparable to last week but 3,000 head less than a year ago. Saturday's slaughter is projected to be around 10,000 head. The week's total slaughter is estimated at 600,000 head, incomparable to the previous week but 14,000 head less than a year ago.

Boxed beef prices closed lower: choice down $1.52 ($361.20) and select down $2.93 ($347.39) with a movement of 152 loads (125.12 loads of choice, 14.28 loads of select, zero loads of trim and 12.24 loads of ground beef).

MONDAY'S CATTLE CALL: Steady to somewhat higher. Packers are likely tight on supply, and prices could potentially trade higher again next week.

FEEDER CATTLE:

It ended up being a stellar week for the feeder cattle complex as the market was able to conquer its 40-day moving average ahead of the week's end. It not only saw support and interest throughout the futures complex, but also in feeder cattle in the countryside this past week. With the help of stronger trade in the live cattle complex and stronger fed cash cattle trade, the feeder cattle complex had all the support it could have ever wished for. January feeders closed $2.47 higher at $339.05, March feeders closed $3.57 higher at $333.30 and April feeders closed $3.62 higher at $332.22. The Oklahoma Weekly Cattle Auction Summary shared that throughout the entire state, and when compared to last week's prices, feeder cattle traded mostly $15.00 to $30.00 higher compared to last week's light, holiday test. Calves traded mostly $20.00 to $40.00 higher. Slaughter cows traded $2.00 to $6.00 higher and slaughter bulls sold $6.00 stronger. Feeder cattle supply over 600 pounds was 55%. The CME feeder cattle index 12/4/2025: up $1.93, $343.73.

LEAN HOGS:

The lean hog complex was also able to rally through the day's end, thankful for the continued fundamental and technical support. December lean hogs closed $0.52 higher at $81.65, February lean hogs closed $0.42 higher at $82.27 and April lean hogs closed $1.00 higher at $86.77.

It's worth noting that this afternoon, the carcass price was able to jump over $3.00 higher as every single major cut closed higher, but the butt alone jumped $5.18, the picnic jumped $5.05, and the loin rallied $3.90 higher. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.12 with a weighted average price of $71.53 on 1,767 head. Pork cutouts totaled 305.85 loads with 277.17 loads of pork cuts and 28.67 loads of trim. Pork cutout values: up $3.06, $96.39. Friday's slaughter is estimated at 476,000 head, incomparable to last week but 5,000 head less than a year ago. Saturday's slaughter is projected to be around 283,000 head. The CME lean hog index 12/3/2025: up $0.16, $81.83.

MONDAY'S HOG CALL: Lower. Packers rarely invest much in the cash market on Mondays, so likely, packers will again follow suit there.

Friday Midday Livestock Market Update - Traders Push Contracts Higher

GENERAL COMMENTS:

The livestock complex is having another strong day, as all three markets are trading higher into Friday's noon hour. Still no cash cattle trade has developed in the Southern Plains, but trade should begin to develop at any point in time now. March corn is down 2 cents per bushel and January soybean meal is down $2.20. The Dow Jones Industrial Average is up 77.45 points and the NASDAQ is up 41.32 points.

LIVE CATTLE:

The live cattle contracts are trading higher into Friday's noon hour as traders remain pleased with the higher uptick thus far in the fed cash cattle market. On Thursday, some Northern dressed cattle traded at $340 to $345, which is $11.00 to $16.00 higher than last week's weighted average. The South remains at an utter standstill, but trade should begin to develop at any minute. Asking prices for cattle in the South are set at $225 plus and in the North at $346 plus. December live cattle are up $2.12 at $223.57, February live cattle are up $0.97 at $224.97 and April live cattle are up $0.62 at $225.80.

Boxed beef prices are lower: choice down $0.04 ($362.68) and select down $0.84 ($349.48) with a movement of 100 loads (81.03 loads of choice, 8.93 loads of select, zero loads of trim and 10.25 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading higher into Friday's noon hour, pushing mostly $1.00 advancements into the afternoon. January feeders are up $1.17 at $337.75, March feeders are up $1.82 at $331.55 and April feeders are up $1.72 at $330.32. Currently, the spot January contract is trading above the market's 40-day moving average, which hasn't been done since Oct. 24, but the market isn't confident enough that there's enough support to conquer the 100-day moving average.

LEAN HOGS:

The lean hog contracts are off to a fruitful day as the market continues to push onward and higher, currently pressuring the market's resistance at $82.00 in the spot February contract. December lean hogs are up $0.62 at $81.75, February lean hogs are up $0.90 at $82.75 and April lean hogs are up $1.17 at $86.95. It is helping that midday pork cutout values are up over $3.00 higher, which is a significant jump and helps traders feel as though demand will remain a key factor moving forward.

The projected lean hog index for 12/4/2025 is down $0.02 at $81.81, and the actual index for 12/3/2025 is up $0.16 at $81.83. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.44 with a weighted average price of $72.52, ranging from $63.00 to $74.00 on 1,432 head and a five-day rolling average of $70.42. Pork cutouts total 206.40 loads with 187.75 loads of pork cuts and 18.65 loads of trim. Pork cutout values: up $3.50, $96.83.

Friday Morning Livestock Market Update - Southern Cattle Expected to Trade Higher

GENERAL COMMENTS:

It was another good day for cattle futures. Traders have been confident that cash cattle would trade higher, and that is what finally took place. Packers had to step up to purchase cattle as they were short-bought and paid $11.00 to $16.00 more in Nebraska than last week. There has been no cash trading activity in Southern live cattle so far, but it will take place today. Feedlots will hold for higher prices due to the higher cash trade and strong futures this week. Boxed beef prices have been lower this week, but that may not have an impact on what packers will need to pay to obtain the cattle they need. Choice boxed beef was down $1.09, with select down $2.80. Packer margins have reached the highest level they have been this year, but that may come to an end throughout the rest of this month. Cattle futures may not push much higher today, as futures may have higher cash already factored in.

Hog futures extend gains on Thursday, supported by technical trading activity and stronger cash. The stronger cash was a little surprising, as it was anticipated that much of the buying for the week had already been completed. The National Daily Direct Afternoon Hog report showed cash up $0.56. Cash is expected to be lower today as packers may have purchased much of what they need. Pork cutouts declined $0.69, limiting the strength provided by higher cash. Futures are nearing technical resistance. Failure to break above resistance may trigger more aggressive selling, moving futures lower again if fundamentals do not provide consistent support.

	BULL SIDE		BEAR SIDE
1)	A large jump in cash cattle prices in Nebraska on Thursday should set the stage for the rest of cash trading this week.	1)	Cattle futures have increased rapidly over a short period of time. Profit-taking may take place ahead of the weekend.
2)	Feeder cattle futures have had higher highs and higher lows for six consecutive trading sessions. Futures are nearing the chart gap remaining from October.	2)	Continued weakness of boxed beef prices may limit the upside price potential of cash prices.
3)	Hog futures may solidify a head and shoulders bottom formation if they can maintain the gains of the past two days. This would increase further buying interest.	3)	Hog futures may struggle to break above technical resistance without stronger fundamental support.
4)	Pork demand may increase as December progresses, and pork prices are reasonable.	4)	Packers have most of their needs purchased for the week, leaving them less aggressive on the cash market. Hog futures may see limited volatility.

Thursday Closing Livestock Market Update - Dressed Cattle in Nebraska Jump $11.00 to $16.00 Higher

GENERAL COMMENTS:

All in all, it was a rallying day for the livestock complex as all three of the markets closed higher. But what really took the cake throughout Thursday's trade was the massive jump in fed cash cattle prices in the North. Some light trade has developed in Nebraska at $340 to $345, which is $11.00 to $16.00 higher than last week's weighted average. March corn is up 3 3/4 cents per bushel and January soybean meal is down $0.10. The Dow Jones Industrial Average is down 87.50 points and NASDAQ is up 3.64 points.

LIVE CATTLE:

The live cattle complex enjoyed a day of mostly widespread support as, not only did the futures contracts continue to scale higher through Thursday's close, but the stronger presence of the futures market helped start some positive business in this week's fed cash cattle market too. December live cattle closed $2.50 higher at $221.45, February live cattle closed $2.10 higher at $224.00 and April live cattle closed $1.77 higher at $225.17. Thus far this week there's been some light cash cattle trade noted in Nebraska at $340 to $345, which is $11.00 to $16.00 higher than last week's weighted average. There's yet to be any cattle traded in the South, but upon seeing the big advancement that feedlot managers were able to score in the North, it's almost guaranteed prices will be higher in the South too. Asking prices are noted at $225 in the South and at $340-plus in the North. 

Thursday's slaughter is estimated at 121,000 head -- incomparable to last week, but 3,000 head more than a year ago.

Boxed beef prices closed lower: choice down $1.09 ($362.72) and select down $2.80 ($350.32) with a movement of 158 loads (119.60 loads of choice, 21.18 loads of select, 5.30 loads of trim and 11.47 loads of ground beef).

FRIDAY'S CATTLE CALL: Higher. With the North able to secure prices sharply higher than last week's weighted average, it's likely the South will trade cattle higher too when trade develops in that region.

FEEDER CATTLE:

Upon seeing continued support from the futures market and from the live cattle complex in the form of stronger fed cash cattle trade and a rallying futures complex, it was an easy decision for the feeder cattle complex to trade higher through Thursday's close. January feeders closed $4.72 higher at $336.57, March feeders closed $3.92 higher at $329.72 and April feeders closed $3.42 higher at $328.60. At Clovis Livestock Auction in Clovis, New Mexico, compared to their last sale two weeks ago, steer calves weighing 300 to 350 pounds sold steady; steers weighing 350 to 600 pounds traded $11.00 to $35.00 higher; yearling steers weighing 600 to 700 pounds sold $6.00 to $15.00 higher. Heifer calves weighing 400 to 600 pounds sold $21.00 to $34.00 higher; feeder heifers weighing 600 to 750 pounds traded $35.00 to $50.00 higher. Feeder cattle supply over 600 pounds was 47%. The CME Feeder Cattle Index 12/3/2025: $4.02, $341.80.

LEAN HOGS:

The lean hog complex also successfully rounded out Thursday stronger, but that wasn't because of the help from the market's fundamentals, but rather instead because of the continued interest of traders. December lean hogs closed $0.57 higher at $81.12, February lean hogs closed $0.85 higher at $81.85 and April lean hogs closed $1.05 higher at $85.77. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.56 with a weighted average price of $72.65 on 3,640 head. Pork cutouts totaled 280.50 loads with 254.62 loads of pork cuts and 25.88 loads of trim. Pork cutout values: down $0.69, $93.33. Thursday's slaughter is estimated at 490,000 head -- incomparable to last week, and 18,000 head more than a year ago. The CME Lean Hog Index 12/2/2025: up $0.06, $81.67.

FRIDAY'S HOG CALL: Lower. At this point it's most likely packers are done buying for the week and Friday's cash trade will be lower.