Friday Closing Livestock Market Update - JBS to Close California Plant as Meat Processors Feel Pressure

GENERAL COMMENTS:

The livestock complex rounded out the day mixed as the cattle contracts dipped lower, but the lean hog contracts continued to rally through the week's end. No new cash cattle trade was noted. March corn is down 5 3/4 cents per bushel and January soybean meal is up $0.40. The Dow Jones Industrial Average is down 245.96 points and NASDAQ is down 398.69 points.

LIVE CATTLE:

Really what Friday's trade amounted to was the fact that although fed cash cattle prices traded higher, and lent the market more than enough support, traders didn't feel as though they possessed enough gusto to challenge the resistance at the 100-day moving average, which ultimately then only gave the contracts an option to trade lower. December live cattle closed $0.57 lower at $229.80, February live cattle closed $1.40 lower at $229.55 and April live cattle closed $1.27 lower at $229.40. Throughout the week Southern live cattle traded at mostly $230, which is $6.00 higher than the previous week's weighted average, and Northern dressed cattle traded at mostly $353 to $355, which is $10.00 to $12.00 higher than the previous week's weighted average.

Friday's slaughter is estimated at 105,000 head -- 10,000 head less than a week and year ago. Saturday's slaughter is projected to be around 7,000 head. The week's total slaughter is estimated at 596,000 head -- 4,000 head less than a week ago and 13,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $0.67 ($357.44) and select up $0.76 ($344.22) with a movement of 120 loads (83.62 loads of choice, 11.44 loads of select, 16.12 loads of trim and 8.83 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Next week's trade will really depend on how many cattle packers were able to get bought this week and whether or not they feel like they have enough cattle committed for over the holiday run.

FEEDER CATTLE:

The feeder cattle complex pushed a bold rally on Thursday, to the degree in which the spot January contract closed slightly above the market's 100-day moving average. But on Friday, traders couldn't convince themselves the market needed to trade any higher, which ultimately led to the complex's slight decline ahead of the weekend. January feeders closed $4.30 lower at $339.10, March feeders closed $3.60 lower at $334.07 and April feeders closed $3.35 lower at $333.22. The Oklahoma Weekly Cattle Auction summary stated, compared to last week, feeder steers over 900 pounds traded steady, steers under 900 pounds sold $10.00 to $15.00 higher. Feeder heifers traded $7.00 to $10.00 higher. Steer and heifer calves sold $10.00 to $20.00 stronger. Slaughter cows sold steady to $2.00 higher and slaughter bulls traded $4.00 higher. Demand for slaughter cattle was better than recent weeks. Feeder cattle supply over 600 pounds was 54%. The CME Feeder Cattle Index 12/11/2025: up $1.30, $346.77.

LEAN HOGS:

The lean hog complex continued to rally and thrive through Friday's end as the contracts pushed higher. February lean hogs closed $0.35 higher at $84.52, April lean hogs closed $0.30 higher at $89.52 and June lean hogs closed $0.15 higher at $101.05. Today's push largely came as traders were willing to continue to fan the market higher even though fundamental support wasn't evident. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.41 with a weighted average price of $71.28 on 1,345 head. Pork cutouts totaled 282.84 loads with 255.52 loads of pork cuts and 27.31 loads of trim. Pork cutout values: down $0.63, $98.21. Friday's slaughter is estimated at 477,000 head -- 1,000 head more than a week ago and 5,000 head more than a year ago. Saturday's slaughter is projected to be around 285,000 head. The CME Lean Hog Index 12/10/2025: up $0.41, $82.57.

MONDAY'S HOG CALL: Lower. Packers rarely show the cash hog market much interest on Mondays.

Friday Midday Livestock Market Update - Cattle Back Away from the Market's 100-Day Moving Average

GENERAL COMMENTS:

The livestock complex is trading mixed into Friday's noon hour as the cattle contracts drift lower, away from the market's resistance at its 100-day moving average, but the lean hog contracts are continuing to trade higher. No new cash cattle trade has developed. March corn is down 3 1/2 cents per bushel and January soybean meal is up $0.80. The Dow Jones Industrial Average is down 254.39 points and the NASDAQ is down 413.48 points.

LIVE CATTLE:

Following Thursday's rally, the live cattle complex is once again trading slightly lower as the market still doesn't believe it possesses enough support to challenge the market's resistance at its 100-day moving average. One could argue that the rally this week in the fed cash cattle market should be enough support to help traders make that move, but from a technical standpoint, traders still aren't confident about that leap. If traders were to challenge the resistance at the 100-day moving average, they'd need to believe that there's enough support in the marketplace to not only conquer that threshold, but also sustain a position above that mark as a move over the 100-day moving average would signal continued support, which is likely what traders are struggling with most at this point given that they obviously see that the market holds ample fundamental support this week, but don't know what's in store for the upcoming holiday weeks. So far this week Northern dressed cattle have traded at mostly $353 to $355, which is $10.00 to $12.00 higher than last week's weighted average, and Southern live cattle have traded at mostly $230, which is $6.00 higher than last week's weighted average. No new trade has developed at this point, but bids are on the table again in Nebraska. February live cattle are down $1.25 at $229.72, April live cattle are down $0.97 at $229.70 and June live cattle are down $0.80 at $223.37.

Boxed beef prices are mixed: choice down $0.85 ($357.26) and select up $1.32 ($344.87) with a movement of 89 loads (61.32 loads of choice, 8.07 loads of select, 15.07 loads of trim and 4.20 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex doesn't seem to believe it has enough support either to sustain its position above the market's 100-day moving average, and it's currently trading below that threshold. January feeders are down $2.87 at $340.52, March feeders are down $2.17 at $335.50 and April feeders are down $2.07 at $334.50. Today's slight regression doesn't likely mean that traders believe the market needs to again trade vastly lower, but rather that they potentially jumped the gun on challenging the resistance at the market's 100-day moving average.

LEAN HOGS:

While the cattle contracts are trading mostly lower this morning, the lean hog complex is fighting to keep its upward momentum. February lean hogs are up $0.32 at $84.50, April lean hogs are up $0.35 at $89.57 and June lean hogs are up $0.07 at $100.97. Today's support mostly comes from traders' willingness to continue to advance the complex as pork cash prices and pork cutout values are lower.

The projected lean hog index for 12/11/2025 is up $0.23 at $82.80, and the actual index for 12/10/2025 is up $0.41 at $82.57. Hog prices are lower on the Daily Direct Morning Hog Report, down $1.11 with a weighted average price of $70.93, ranging from $68.00 to $74.00 on 345 head and a five-day rolling average of $71.60. Pork cutouts total 202.88 loads with 184.90 loads of pork cuts and 17.97 loads of trim. Pork cutout values: down $0.30, $98.54.

Friday Morning Livestock Market Update - Strong Cash Should Support Futures

GENERAL COMMENTS:

Cattle futures gapped open to move closer to the price gaps that were left from Oct. 27. Now there is a gap above and one below. Both of these will likely be filled in the near term as volatility will remain prevalent. Cattle futures have regained much of what has been lost since President Trump indicated the government was going to do something about high beef prices. This demonstrates that the market is operating on fundamentals, as it should. A tight supply and good demand will support higher prices. Packers were aggressive on Thursday, with Southern live cattle trading $6.00 higher and Northern dressed trading $12.00 higher. This has set the stage for higher cash trade across the regions. However, despite the high cash trade last week and this week, concerns persist about the continued weakness of boxed beef prices. On Thursday, choice boxed beef declined $1.25, with select down $1.42.

Today is the last day to trade December hog futures, with February taking over as the lead contract. February pushed through price resistance, joining the other contracts posting strong gains. The July contract closed above $101. The June contract traded above $101, but could not hold that level, closing slightly below. Traders continue to exhibit more confidence in the market, with the gains in pork cutouts indicating strength in demand. Pork cutout values increased $1.57 on Thursday. Surprisingly, cash traded higher on the National Daily Direct Afternoon Hog report, showing a gain of $1.64. Packers are likely done for the week, with cash expected to be lower today.

	BULL SIDE		BEAR SIDE
1)	The higher cash prices paid for cattle set the stage for cash trade today. Packers need cattle and are aggressively paying for them.	1)	The strength in cattle futures on Thursday's open left a chart gap below the market that will be filled.
2)	Cattle futures are near to closing the chart gaps that had been remaining since Oct. 27. Further strength is likely to be seen to close the gaps.	2)	Cattle futures factored in the strength of cash on Thursday, which may leave them mixed today with some profit-taking possible ahead of the weekend.
3)	Hog futures have enjoyed strong buying interest from both technical and fundamental traders.	3)	Hog futures have posted strong gains and are ripe for a retracement.
4)	Pork cutout prices have found support as demand has improved. Stronger cutouts are likely to provide support to cash prices.	4)	Increasing hog weights may limit the volume of hogs packers need to purchase to satisfy the stronger demand. This may limit cash strength.

Thursday Closing Livestock Market Update - Stronger Trade in Fed Cash Cattle Markets Helps Futures Complex Trade Higher

GENERAL COMMENTS:

The livestock complex closed fully higher as traders poured support into the marketplace. Throughout the day, live cattle in the South traded at $230, which is $6.00 higher, and Northern dressed cattle traded at $355, which is $12.00 higher than last week's weighted average. March corn is up 2 1/4 cents per bushel and January soybean meal is up $0.90. The Dow Jones Industrial Average is up 646.26 points and the NASDAQ is down 60.30 points.

LIVE CATTLE:

The live cattle contracts ended the day fully higher, feeling fully supported by the gains seen in today's fed cash cattle market. December live cattle closed $3.57 higher at $230.37, February live cattle closed $2.42 higher at $230.95 and April live cattle closed $2.30 higher at $230.67. The spot February contract rallied up to the market's 100-day moving average, but the contract still didn't close above that mark. Throughout the day, some light trade was reported in the South at $230, which is $6.00 higher than last week's weighted average, and some trade was also reported in the North at $355, which is $12.00 higher than last week's weighted average. 

Thursday's slaughter is estimated at 123,000 head, 2,000 head more than a week ago and 2,000 head less than a year ago.

Boxed beef prices closed lower: choice down $1.25 ($358.11) and select down $1.42 ($343.26) with a movement of 151 loads (74.03 loads of choice, 17.73 loads of select, 45.71 loads of trim and 13.42 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. Given that cattle have now traded in both regions, it's likely that the week's trend is set.

FEEDER CATTLE:

The feeder cattle complex rallied aggressively through Thursday's end, feeling empowered and well supported by the gains seen today in the fed cash cattle market, and by the continued support of feeder cattle demand in the countryside. January feeders closed $5.02 higher at $343.40, March feeders closed $4.85 higher at $337.67 and April feeders closed $4.67 higher at $336.57. At the Napoleon Livestock Auction in Napoleon, North Dakota, compared to last week, feeder steers weighing 400 to 450 pounds and steers weighing 500 to 550 pounds sold $5.00 to $8.00 lower, but steers weighing 550 to 600 pounds and steers weighing 650 to 700 pounds traded $30.00 to $32.00 higher, and steers weighing 600 to 650 pounds and steers weighing 700 to 750 pounds traded $44.00 to $47.00 higher. Feeder heifers weighing 450 to 500 pounds sold $5.00 to $10.00 lower, heifers weighing 500 to 550 pounds traded $28.00 lower and heifers weighing 550 to 600 pounds traded $12.00 to $15.00 higher. Feeder cattle supply over 600 pounds was 42%. The CME feeder cattle index 12/10/2025: up $1.44, $345.47.

LEAN HOGS:

The lean hog complex closed higher as a bullish undertone overtook the livestock complex today, and amid pork demand seeming to gain some slight strength, the market closed higher with ease. What was potentially most impressive was that the spot February contract closed well above the market's resistance at $82.00. February lean hogs closed $1.75 higher at $84.17, April lean hogs closed $1.85 higher at $89.22 and June lean hogs closed $1.17 higher at $100.90. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.64 with a weighted average price of $71.69, on 3,988 head. Pork cutouts totaled 285.43 loads, with 266.69 loads and 18.74 loads of trim. Pork cutout values: up $1.57, $98.84. Thursday's slaughter is estimated at 494,000 head, 4,000 head more than a week ago and 21,000 head more than a year ago. The CME lean hog index 12/9/2025: up $0.27, $82.16.

FRIDAY'S HOG CALL: Lower. Packers are likely done buying this week in the cash hog market.