Tuesday Closing Livestock Market Update - Nebraska Trades Some Dressed Cattle Early at $340

GENERAL COMMENTS:

Tuesday was another grim day for the livestock complex with not enough support developing to encourage traders to push any of the contracts higher through the day's close. Some light cash cattle trade developed throughout the afternoon in Nebraska at $340, which likely means that the week's trend will be lighter given that sales are developing this early in the week. December corn is down 5 3/4 cents per bushel and December soybean meal is down $1.60. The Dow Jones Industrial Average is down 260.89 points and the NASDAQ is up 206.45 points.

LIVE CATTLE:

The live cattle complex ended Tuesday lower, and upon seeing some light cash cattle trade develop lower this afternoon in Nebraska, a weaker trend will likely be the week's mantra. Some light dressed cattle trade was noted this afternoon in Nebraska at $340, and the bulk of those sales were committed for delivery for the week of 11/23/2026. It's too soon to say what the exact weekly trend will be, but it's safe to assume that it will be lower. And it's never a good sign when trade breaks out this early in the week for feedlot managers, when cattle trade early in the week prices are typically lower. December live cattle closed $1.55 lower at $218.15, February live cattle closed $2.10 lower at $221.42 and April live cattle closed $2.45 lower at $223.70. 

Tuesday's slaughter is estimated at 110,000 head -- steady with a week ago and 9,000 head less than a year ago.

Boxed beef prices closed higher: choice up $0.19 ($365.23) and select up $3.43 ($358.37) with a movement of 140 loads (104.29 loads of choice, 9.10 loads of select, 12.85 loads of trim and 14.02 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Lower. With the week's early test lower and packers securing more inventory in recent weeks, the week's overall trend will likely be lower.

FEEDER CATTLE:

Without enough support, the feeder cattle complex didn't have any other option but to trade the feeder cattle contracts lower through Tuesday's close. And until the live cattle complex sees some support, it's highly unlikely that the feeder cattle contracts will trade higher. November feeders closed $3.90 lower at $334.52, January feeders closed $4.30 lower at $328.37 and March feeders closed $4.32 lower at $323.97. At the Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, true yearlings were selling $4.00 to $12.00 lower. Steer and heifer calves were trading $10.00 to $20.00 lower on lesser quality calves, and some prices even dipped $30.00 lower. Feeder cattle supply over 600 pounds was 42%. The CME feeder cattle index 11/2/2026: not available at this time.

LEAN HOGS:

And to no one's surprise, the lean hog contracts ended Tuesday lower too. And while yes, again this afternoon pork cutouts improved mildly, to give the market some real footing the complex is going to need to see substantial improvements in demand, not minor. December lean hogs closed $0.42 higher at $58.60, February lean hogs closed $0.35 lower at $63.52 and April lean hogs closed $0.27 lower at $69.37. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $4.62 with a weighted average price of $45.39 on 12,803 head. Pork cutouts totaled 283.61 loads with 249.39 loads of pork cuts and 34.21 loads of trim. Pork cutout values: up $0.15, $72.43. Tuesday's slaughter is estimated at 493,000 head -- steady with a week ago and 6,000 head more than a year ago. The CME lean hog index for 10/30/2026: up $0.18, $65.75.

WEDNESDAY'S HOG CALL: Steady to somewhat lower. With demand not improving much, it's unlikely that packers are going to be much more aggressive in the cash market.

Tuesday Midday Livestock Market Update - Contracts Continue to Scale Lower

GENERAL COMMENTS:

Tuesday's market has been rather uneventful for the livestock complex as most of the contracts are trading lower as trades simply don't believe that there's enough fundamental support in the marketplace to do anything different. Still no cash cattle trade has developed and both bids and asking prices remain elusive. December corn is down 4 1/4 cents per bushel and December soybean meal is down $2.10. The Dow Jones Industrial Average is down 270.94 points and the NASDAQ is up 229.71 points.

LIVE CATTLE:

It's another day of sitting around, waiting and hoping that fundamental support will arise in the market, but still traders remain hesitant to be overly supportive of the contracts in the meantime. December live cattle are down $0.60 at $219.10, February live cattle are down $1.12 at $222.55 and April live cattle are down $1.65 at $224.50. And while yes midday boxed beef prices are higher, traders are hoping to see added fundamental support from the fed cash cattle market -- which may or may develop later this week. No cash cattle trade has developed yet and both bids and asking prices remain elusive at this point. Trade will likely be delayed until Thursday or Friday again this week.

Boxed beef prices are higher: choice up $1.24 ($366.28) and select up $3.83 ($358.77) with a movement of 65 loads (49.88 loads of choice, 6.03 loads of select, zero loads of trim and 9.08 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading lower now as it's unwilling to move its market in the opposite direction of the live cattle market. November feeders are down $3.25 at $335.17, January feeders are down $3.97 at $328.70 and March feeders are down $3.72 at $324.57. And until the live cattle market finds enough fundamental support and turns higher, the feeder cattle complex will likely continue to trade lower as well.

LEAN HOGS:

The lean hog complex is trading lower into Tuesday's noon hour as well as even though midday pork cutout values are up slightly, the market simply doesn't possess enough fundamental support right now to confidently trade the contracts higher. December lean hogs are up $0.35 at $58.52, February lean hogs are down $0.40 at $63.47 and April lean hogs are down $0.42 at $69.22. The projected lean hog index is delayed from the source. Hog prices average $47.07, ranging from $40.00 to $58.50 on the Daily Direct Morning Hog Report, on 7,300 head and a five-day rolling average of $53.00. Pork cutouts total 162.43 loads with 137.17 loads of pork cuts and 25.27 loads of trim. Pork cutout values: up $2.24, $74.52.

Tuesday Morning Livestock Market Update - Pork Cutouts Rebound

GENERAL COMMENTS:

Monday did not have the close for live cattle that the market was hoping for. Some early strength in the day made it seem like Friday's move lower was a month-end move only. Unfortunately, futures lost ground by the close. Feeder cattle did manage to hang on to some small gains, closing $0.65 to $1.025 higher. Cash markets were weaker last week and much of it is due to a temporary surge in available cattle ready to slaughter. It is said that in 2-3 weeks, the market will have worked through this heaviness in available fats.

Lean hog futures managed to pull some small gains in the deferred months; however, December closed 70 cents lower Monday at $58.17. Pork cutouts finally found a day higher on Monday, climbing $2.18. One day of small gains isn't enough to get the market excited as fundamentally nothing has changed. Commitments of Traders report showed record number of short contracts held by managed money. Without new news, they have little incentive to liquidate their positions.

	BULL SIDE		BEAR SIDE
1)	Low placements and low cattle on feed will help support the market.	1)	Technicals are bearish with cattle breaking through support Friday.
2)	Support from the high Feeder Cattle Index will keep futures from trailing too far from cash prices.	2)	Pressure from cash values traded is expected to continue for a few weeks as the market works through a surge in fats ready for market.
3)	A massive managed money position carrying a record number of shorts can lift markets quickly if they decide to take profits.	3)	Record net short of 51,646 contracts for managed money is a lot of pressure on futures.
4)	Higher pork cutouts on Monday will support the market.	4)	The Daily Direct Hog report continues to fall, giving more reason for futures to follow.

Monday Closing Livestock Market Summary - Mixed Tones Follow The Complex

GENERAL COMMENTS:

The livestock complex ended Monday mixed again, with fundamental support desperately needed to give traders the reassurance they yearn for. New showlists for the week are lower in Texas, but slightly higher in Nebraska, and noticeably higher in Kansas. December corn is up 1/2 cent per bushel and December soybean meal is down $5.00. The Dow Jones Industrial Average is up 213.67 points and the NASDAQ is down 272.68 points.

LIVE CATTLE:

With the feeling of last week's dramatic downturn still fresh on everyone's mind, the live cattle contracts ended Monday lower again as traders desperately need to see some fundamental support arise as the market's confidence was shaken last week. December live cattle closed $1.25 lower at $219.70, February live cattle closed $0.67 lower at $223.52 and April live cattle closed $0.47 lower at $226.15. No cash cattle trade developed throughout the day. New showlists for the week are lower in Texas, but slightly higher in Nebraska, and noticeably higher in Kansas. Last week, Southern live cattle were mostly marked at $224, which is $3.00 lower than the previous week's weighted average, but the Northern dressed cattle traded anywhere from $348 to $365, which was $13.00 lower than the previous week's weighted average. 

Monday's slaughter is estimated at 104,000 head -- 2,000 head less than a week ago and 6,000 head less than a year ago.

Boxed beef prices closed higher: choice up $0.38 ($365.04) and select up $2.96 ($354.94) with a movement of 81 loads (43.12 loads of choice, 10.50 loads of select, 16.79 loads of trim and 10.50 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady to somewhat lower. With the market's confidence shaken last week, it's likely that cash prices will trade steady at best, but they could trade lower later this week.

FEEDER CATTLE:

Although the live cattle complex ended Monday mostly lower, the feeder cattle complex was able to keep its slightly higher position through the day's close. November feeders closed $0.65 higher at $338.42, January feeders closed $0.90 higher at $332.67 and March feeders closed $1.02 higher at $328.30. But even so, the damage done to the market last week in terms of overall confidence pushed feeder cattle prices lower in sale barns across the country. At the Joplin Regional Stockyards in Carthage, Missouri, at their mid-session point, feeder steers were trading $4.00 to $10.00 lower and feeder heifers were trading steady. Feeder cattle supply over 600 pounds was 46%. The CME feeder cattle index 10/30/2026: down $0.77, $350.46.

LEAN HOGS:

The lean hog complex was able to end the day slightly higher, as traders merely allowed the market to chop sideways, hoping that pork demand will remain strong throughout the week. And while yes, pork cutout values did close higher today, before traders can put much confidence in the demand aspect of the market, they're going to need to see multiple days of stronger demand. December lean hogs closed $0.70 lower at $58.17, February lean hogs closed $0.12 higher at $63.87 and April lean hogs closed $0.15 higher at $69.65. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $10.28 with a weighted average price of $50.01 on 3,655 head. Pork cutouts totaled 310.84 loads, with 272.50 loads of pork cuts and 38.34 loads of trim. Pork cutout values: up $2.18, $72.28. Monday's slaughter is estimated at 492,000 head -- 8,000 head more than a week ago and 4,000 head less than a year ago. The CME lean hog index 10/29/2026: up $0.27, $66.57.

TUESDAY'S HOG CALL: Higher. Given that prices were so much lower today, it's likely that packers will show the market a tick more interest on Tuesday.