Tuesday Midday Livestock Market Update - Cattle Rally While Hogs Dip Lower

GENERAL COMMENTS:

The livestock contracts are trading mixed into Tuesday's noon hour with the cattle contracts still rallying, while the lean hog contracts are trading lower. Still no cash cattle trade has developed. December corn is up 11 1/4 cents per bushel and December soybean meal is up $4.30. The Dow Jones Industrial Average is down 347.94 points and NASDAQ is down 402.98 points.

LIVE CATTLE:

Luckily, this far throughout the day the live cattle contracts have kept with Monday's rally, as currently the live cattle contracts are pushing a $1 to $2 rally into the noon hour. December live cattle are up $2.30 at $218.52, February live cattle are up $1.65 at $221.75 and April live cattle are up $1.45 at $224.35. At this point the rally's momentum seems to be stemming from trader support, and it's too early in the week to see what's going to become of this week's fed cash cattle market. But with packers having been able to secure more inventory in recent weeks, it's assumed that fed cash cattle prices will trade steady at best this week. No bids or asking prices are listed at this time and no trade has developed. Trade will likely be delayed until Thursday or Friday.

Tuesday's WASDE report showed mostly disappointing news for the cattle and beef markets of 2026 and 2027. Beef production for 2026 was decreased by 40 million pounds as packers are running slower slaughter speeds in the fourth quarter than initially assumed. Quarterly steer price projection showed a decrease from the remaining quarter of 2026, but no changes for 2027. Steers in the fourth quarter of 2026 are anticipated to average $220, steers in the first quarter of 2027 are expected to average $235 (unchanged), steers in the second quarter are expected to average $235 (unchanged) and steers in the third quarter of 2027 are expected to average $240 (unchanged). Beef imports for 2026 increased by 89 million pounds as beef demand remains strong but the domestic supply remains historically low. And beef exports increased by one million pound as demand into East Asian markets remains strong.

Boxed beef prices are higher: choice up $2.57 ($365.31) and select up $0.58 ($354.31) with a movement of 57 loads (44.71 loads of choice, 4.95 loads of select, zero loads of trim and 6.96 loads of ground beef).

FEEDER CATTLE:

And again, being able to follow the live cattle market's lead, the feeder cattle contracts are trading higher into Tuesday's noon hour. November feeders are up $1.35 at $329.70, January feeders are up $2.10 at $326.27 and March feeders are up $2.65 at $322.85. Currently the spot January feeder cattle contract is trying to trade above its 100--day moving average, which will remain a threshold to monitor through the day's close as that could be a bullish signal if the market closes above that mark.

LEAN HOGS:

And while the cattle contracts rally, the lean hog contracts are back to trading lower as traders aren't willing to advance the contracts when both cash hog prices and pork cutout values are lower. December lean hogs are up $0.02 at $55.90; February lean hogs are down $0.25 at $60.57 and April lean hogs are down $0.30 at $66.50. The lean hog index for Nov. 9, 2026 is down $0.29 at $59.99 and the actual index for Nov. 6, 2026 is down $1.29 at $60.28. Pork cutouts total 204.19 loads with 186.64 loads of pork cuts and 17.55 loads of trim. Pork cutout values: Down $0.97, $69.84. Hog prices are lower on the Daily Direct Morning Hog Report, down $2.98 with a weighted average price of $40.12, ranging from $35 to $45 on 5,320 head and a five--day rolling average of $40.98.

Tuesday's WASDE report showed mostly bearish news for the pork and hog markets of 2026 and 2027. Pork production for 2026 increased by 35 million pounds as there's more market ready supply than initially assumed in the fourth quarter. Quarterly hog price projections showed a decline for most upcoming quarters are they're more front--end supply than there is demand. Hogs in the fourth quarter of 2026 are expected to average $53 (down $2.00), hogs in the first quarter of 2027 are expected to average $58 (down $2.00), hogs in the second quarter of 2027 are expected to average $63 (down $2.00) and hogs in the third quarter are expected to average $68 (unchanged). Pork exports fell by 79 million pounds as there is increasingly more global competition, and pork imports fell by 15 million pounds as well.

 

Tuesday Morning Livestock Market Update - Tyson Announcement Boosts Cattle Markets

GENERAL COMMENTS:

Monday kicked off the week with higher trade in all livestock futures markets. Live cattle gained $2.15 to $3.05, a much-needed boost after last week's meltdown spurred by a bearish cash market. Feeder cattle managed to hold support levels from Friday's low and climbed $6.025 higher. Fundamentally, feeder cattle numbers are tight and while there is a surplus of fat cattle ready for market, the long-term outlook still looks tight for cattle numbers. Tyson's announcement spurred buying in the futures market as they also unveiled their plan to fully reopen the second production shift at its Amarillo, Texas, beef facility by summer of 2027.

Lean hog futures managed to rally $2.35 on the nearby futures month with gains through April. The summer months declined but with a strong premium to today's market, it is not surprising to see the lower trade. Pork cutout values increased slightly Monday afternoon, continuing the small amount of strength seen late last week. Cash prices still are pressuring the market, although packers started the week off strong with an estimated 496,000 head slaughtered.

	BULL SIDE		BEAR SIDE
1)	Tyson Foods restoration of the second production shift at its Amarillo, Texas, beef facility increases buyer capacity for live cattle.	1)	Cash prices for cattle are expected to remain weak over the next few weeks.
2)	Technical support for feeder cattle futures was reinforced Monday as markets bounced further from Friday's lows off the support line.	2)	The second shift announcement at Tyson's Amarillo beef facility is most likely in response to the anticipated Mexican cattle feeder cattle numbers expected to cross the border.
3)	Holiday ham demand is expected to provide support to pork prices.	3)	High global supplies of pork and the lack of China demand will continue to weigh on hog markets.
4)	Higher slaughter numbers are helping to work through the large hog supply.	4)	A record short managed money position is difficult to get positive momentum against.

Monday Closing Livestock Market Update - Cattle Close Higher, Hogs Close Mixed

GENERAL COMMENTS:

The cattle contracts were able to round out Monday higher, and even some of the nearby contracts were able to. The uptick in morale was warmly welcomed throughout the sector. New showlists for the week are lower in Nebraska and Texas, but higher in Kansas. December corn is down 2 1/4 cents per bushel and December soybean meal is up $1.50. The Dow Jones Industrial Average is up 1,104.02 points and the NASDAQ is up 673.72 points.

LIVE CATTLE:

After trading lower for the last nine straight days, the live cattle complex finally found some support and was able to rally through Monday's closing bell. December live cattle closed $2.15 higher at $216.20, February live cattle closed $2.90 higher at $220.10 and April live cattle closed $3.05 higher at $222.90. New showlists for the week are lower in Nebraska and Texas, but higher in Kansas. No cash cattle trade developed throughout the day.

And helping add some bullishness to the marketplace was Tyson's announcement that broke early Monday morning that the company intends to fully reopen its second production shift at its Amarillo, Texas, beef facility by summer of 2027. The reopening of the Amarillo second shift will increase production and hopefully help keep product steadily available to consumers and fed cash cattle supplies manageable. 

Last week, packers were able to purchase 69,555 head in the negotiated cash cattle market. Of that, 72% (49,988 head) were committed to the market's nearby delivery option, while the remaining 28% (19,567 head) were committed to the market's deferred delivery option. Last week Southern live cattle traded at mostly $216 to $218, which is $6.00 to $8.00 lower than the previous week's weighted average, and Northern dressed cattle traded at mostly $340, which is $12.00 lower than the previous week's weighted average. 

Monday's slaughter is estimated at 107,000 head -- 3,000 head more than a week ago and 5,000 head less than a year ago.

Boxed beef prices closed higher: choice up $1.95 ($362.74) and select up $0.17 ($353.73) with a movement of 69 loads (44.51 loads of choice, 7.79 loads of select, 7.81 loads of trim and 9.34 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady to somewhat lower. Unfortunately, packers have been able to secure more inventory in recent weeks, which will likely keep cash prices from rallying.

FEEDER CATTLE:

A day of stronger closes, and yes, the feeder cattle complex fell in that boat as well, as traders were more than willing to advance the contracts through Monday's close as the live cattle contracts were rallying aggressively. November feeders closed $6.02 higher at $328.35, January feeders closed $5.80 higher at $324.17 and March feeders closed $6.35 higher at $320.20. The spot January contract attempted to trade above the market's 100-day moving average, but wasn't able to conquer that threshold before the day's close. At the Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers under 550 pounds traded steady to $15.00 higher, but the heavier weights traded $5.00 to $15.00 lower. Feeder heifers sold $2.00 to $12.00 lower. Feeder cattle supply over 600 pounds was 62%. The CME feeder cattle index 11/6/2026: down $4.56, $332.85.

LEAN HOGS:

The lean hog contracts ended Monday mixed, with the nearby contracts able to rally through the close, while the deferred contracts remained skeptical. But a partially higher close is better than no higher close at all, and it becomes even more exciting when you note the small uptick in pork cutout values too. Hopefully both trends remain through the week, and some short-covering develops in the hog sector. December lean hogs closed $2.35 higher at $55.87, February lean hogs closed $2.12 higher at $60.82 and April lean hogs closed $0.32 higher at $66.82. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.49 with a weighted average price of $44.72 on 5,510 head. Pork cutouts totaled 335.96 loads, with 307.30 loads of pork cuts and 28.66 loads of trim. Pork cutout values: up $0.16, $70.81. Monday's slaughter is estimated at 496,000 head -- 4,000 head more than a week ago and 5,000 head more than a year ago. The CME lean hog index 11/5/2026: down $1.29, $61.57.

TUESDAY'S HOG CALL: Steady. Packers were fairly aggressive in Monday's market, which could mean that they're somewhat short bought and need more hogs.

Monday Midday Livestock Market Summary - Stronger Trader Support Drives Contracts Higher

GENERAL COMMENTS:

The livestock complex is headed into Monday's noon hour fully higher - which is a breath of fresh air compared to the lower trend in which the market endured last week. New showlists for the week are lower in Nebraska and Texas, but higher in Kansas. December corn is down 1 3/4 cents per bushel and December soybean meal is up 10 cents. The Dow Jones Industrial Average is up 1,052.19 points and the NASDAQ is up 652.12 points.

LIVE CATTLE:

Whether traders deemed that the market had had enough downward pressure, or if it's Tyson's announcement that broke Monday morning - regardless of the rhyme or reason, it's refreshing to see the cattle contracts again trading higher. Early Monday morning, Tyson Foods announced that the company intends to fully reopen their second production shift at their Amarillo, Texas, Beef facility by the summer of 2027. The reopening of the Amarillo second shift will increase production and hopefully help keep product steadily available to consumers, and fed cash cattle supplies manageable.

December live cattle are up $2.50 at $216.55, February live cattle are up $3.35 at $220.55 and April live cattle are up $3.35 at $223.20. New showlists for the week are lower in Nebraska and Texas, but higher in Kansas.

Last week Southern live cattle traded at mostly $218, which is $6 lower than the previous week's weighted average and Northern dressed cattle traded at mostly $340, which is $8 to $25 lower than the previous week's weighted average.

Boxed beef prices are mixed: choice up $1.61 ($362.40) and select down $1.07 ($352.49) with a movement of 36 loads (17.22 loads of choice, 5.26 loads of select, 7.45 loads of trim and 6.49 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also rallying boldly into Monday's noon hour as the market is elated to finally see some support from traders and from the live cattle complex. November feeders are up $6.42 at $328.75, January feeders are up $6.55 at $324.92 and March feeders are up $7.20 at $321.05. And so long as the live cattle contracts continue to trade higher, the feeder cattle contracts should be able to maintain their rally through the day's close.

LEAN HOGS:

And although not all the lean hog contracts are trading higher - at least the nearby contracts are which is a fine change of pace for the market as it's been incredibly pressure over the last month. December lean hogs are up $2.72 at $56.25, February lean hogs are up $1.65 at $60.35 and April lean hogs are down $0.05 at $66.45. It is helpful that midday pork cutout values are higher too, as a lack of demand has hindered the market immensely over the last month.

If traders can lend the market some support, and pork cutout values can continue to trade higher - the market may be able to trade steady if not a tick higher. The projected lean hog index for Nov. 6, 2026 is down $1.29 at $60.28, and the actual index for Nov. 5, 2026 is down $1.29 at $61.57. Hog prices are lower on the Daily Direct Afternoon Hog Report, down $1.86 with a weighted average price of $43.10, ranging from $40 to $49 on 797 head and a five-day rolling average of $45.23. Pork cutouts totaled 176.26 loads with 156.45 loads of pork cuts and 19.81 loads of trim. Pork cutout values: up $0.92, $71.57.