Wednesday Closing Livestock Market Update - Cattle Close Higher While Hogs Continue to Skate Lower

GENERAL COMMENTS:

Although the live cattle contracts were pressured earlier in the day, luckily by the day's end the market was able to close higher alongside the feeder cattle contracts. Still no cash cattle trade has developed. December corn is down 1 cent per bushel and December soybean meal is up $3.20. The Dow Jones Industrial Average is up 254.60 points and the NASDAQ is up 400.32 points.

LIVE CATTLE:

All in all it was a quiet day for the live cattle complex as the market traded back and forth, not overly confident if the market could hold a stronger trend through the day's close -- but luckily all the contracts did besides the spot December contract. December live cattle closed $0.22 lower at $218.97, February live cattle closed $0.12 higher at $222.70 and April live cattle closed $0.50 higher at $225.62. No cash cattle trade developed throughout the day as packers continue to let the week pass not feeling pressured to get more cattle bought in a quick manner as they sit on ample supply. 

Wednesday's slaughter is estimated at 107,000 head -- 2,000 head less than a week ago and 14,000 head less than a year ago.

Boxed beef prices closed lower: choice down $2.72 ($360.26) and select down $4.15 ($347.47) with a movement of 95 loads (62.71 loads of choice, 10.90 loads of select, 9.79 loads of trim and 11.14 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady to somewhat lower. Given that packers hold plenty of supply right now, prices will likely be lower again this week.

FEEDER CATTLE:

The feeder cattle contracts continued to rally through Wednesday's end as the market was grateful for traders' continued support. It is a positive technical signal that the spot January contract was able to maintain its position above the market's 100-day moving average. November feeders closed $2.27 higher a $332.62, January feeders closed $1.12 higher at $327.80 and March feeders closed $0.77 higher at $324.12. At Ozarks Regional Stockyards in West Plains, Missouri, compared to last week steers were traded unevenly at $5.00 lower to $5.00 higher. But heifers traded mostly steady to $5.00 higher. Demand was good but especially good on grazing calves. Feeder cattle supply over 600 pounds was 35%. The CME feeder cattle index 11/10/2026: up $0.19, $330.61.

LEAN HOGS:

And to no one's surprise, the lean hog complex closed lower -- yet again. But without much improvement seen in pork demand -- this sideways to somewhat lower trend is likely going to continue to be the market's theme. December lean hogs closed $0.22 higher at $56.02, February lean hogs closed $0.22 lower at $60.52 and April lean hogs closed $0.42 lower at $66.47. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.32 with a weighted average price of $37.52 on 4,767 head. Pork cutouts totaled 303.49 loads with 275.36 loads of pork cuts and 28.14 loads of trim. Pork cutout values: down $0.18, $69.34. Wednesday's slaughter is estimated at 462,000 head -- 33,000 head less than a week ago and 25,000 head less than a year ago. The CME lean hog index 11/9/2026: down $0.29, $59.99.

THURSDAY'S HOG CALL: Lower. Without anything improving in terms of demand, the cash hog market will likely continue to trade lower.

Wednesday Midday Livestock Market Summary - Traders Hope to See Fundamental Support Improve

GENERAL COMMENTS:

Traders have lessened their support of the live cattle complex as they hope to see greater fundamental support develop. There's not been any fed cash cattle trade develop yet. December corn is down 2 cents per bushel and December soybean meal is up $2.80. The Dow Jones Industrial Average is up 109.28 points and the NASDAQ is up 533.96 points.

LIVE CATTLE:

Traders have mildly pulled back their support from the live cattle complex as currently only a handful of the deferred 2027 contracts are trading higher into Wednesday's noon hour. December live cattle are down $0.97 at $218.25, February live cattle are down $0.42 at $222.15 and April live cattle are down $0.02 at $225.10. And there's a chance that traders could simply allow the contracts to now trade sideways or slightly lower until greater fundamental support arises. There's yet to be any trade in the fed cash cattle market, and currently no bids or asking prices are noted.

Boxed beef prices are lower: choice down $2.38 ($360.60) and select down $2.21 ($349.41) with a movement of 55 loads (35.05 loads of choice, 5.40 loads of select, 5.96 loads of trim and 9.04 loads of ground beef).

FEEDER CATTLE:

And although the live cattle contracts are trading slightly lower, the feeder cattle contracts have thus far been able to maintain their slightly stronger position. November feeders are up $1.35 at $331.70, January feeders are up $0.45 at $327.12 and March feeders are up $0.15 at $323.50. But given how closely the feeder cattle complex has followed the live cattle market over the last couple of months, it wouldn't be surprising to see the contracts trade lower if the live cattle complex doesn't see an improvement in its position soon.

LEAN HOGS:

And although midday pork cutout values may be up mildly, the lean hog contracts are still trading lower as a mere $0.23 rally isn't enough to dig the market out of the hole it's plummeted into. December lean hogs are down $0.15 at $55.65, February lean hogs are down $0.52 at $60.22 and April lean hogs are down $0.35 at $66.55. The projected lean hog index for 11/10/2026 is down $0.21 at $59.78, and the actual index for 11/9/2026 is down $0.29 at $59.99. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 1,415 head have traded and that the market's five-day rolling average sits at $40.87. Pork cutouts total 196.88 loads with 176.91 loads of pork cuts and 19.97 loads of trim. Pork cutout values: up $0.23, $69.75.

Wednesday Morning Livestock Market Update - USDA Proposes Grazing Expansion

GENERAL COMMENTS:

Cattle markets moved higher again on Tuesday, continuing the strength started earlier this week. Feeder cattle were up $2 or more while live cattle futures climbed as much as $3 by the close. In addition to the proposed grazing rule change, the USDA also announced that it is ready to begin the hiring process for the nation's largest facility to combat New World Screwworm, meaning they are one step closer to opening at the expected April 2027 date. USDA also released the November WASDE report Tuesday morning. Beef production for 2026 was reduced 40 million pounds from the October report, coming in at 24,830 million pounds. Imports increased 89 million pounds, while exports increased 1 million pounds. Total use was 28.928 billion pounds, up 57 million from last month's projections. Ending stocks were reduced by a net of 10 million pounds. Production was lower in this month's report, with 2027 expectations at 24,588 million pounds. An expected reduction of 242 million pounds from this year to next. With that, there is also a reduction in total use, bringing ending stocks to 575 million pounds.

The WASDE report increased expected pork production by 35 million pounds to 27,672 million pounds for 2026. Imports were 15 million lower, while exports were reduced to 6,979 million pounds, a reduction of 81 million in foreign sales. Total use was increased this month for 2026 by 92 million pounds, yet the net ending stocks were unchanged for this year. 2027 saw slightly lower imports and exports but higher total use, indicating expect domestic use to grow from 2026 to 2027. Lean hog futures were mixed Tuesday, with nearby futures months trading lower while spring and beyond traded higher.

	BULL SIDE		BEAR SIDE
1)	New grazing rule change proposed could bring more buyers to the cattle market with opportunities to graze more land.	1)	A new screwworm facility brings confidence that the United States can combat future threats of screwworm, allowing more Mexican cattle ports to open on schedule.
2)	The WASDE report is expecting lower beef production for the remainder of the year.	2)	Cash prices for fed cattle will continue to be pressured while northern supply is backlogged.
3)	Low prices typically cure low prices; with consumers buying affordable protein sources, pork is a bargain buy.	3)	Pork cutouts cannot find any traction. A couple small increases are quickly taken away by a single day of decline.
4)	The WASDE projected domestic demand to increase for pork in 2027.	4)	Expected pork exports were lowered in the WASDE report, showing lower international demand.

Tuesday Closing Livestock Market Update - Cattle Close Fully Higher While Hogs Round Out the Day Mixed

GENERAL COMMENTS:

Thanks to trader support, again Tuesday the cattle contracts secured another higher close. Meanwhile, the lean hog contracts closed mixed with traders still hoping that fundamental support would improve. December corn is up 9 3/4 cents per bushel and December soybean meal is up $5.80. The Dow Jones Industrial Average is down 157.86 points and NASDAQ is down 187.27 points.

LIVE CATTLE:

With the support of traders ---- the live cattle complex was granted another fantastic day as the market closed $2 to $3 higher. More than anything traders have seemed to collectively agree that: Yes, the market traded sharply lower over the last two weeks, that's enough downward pressure for the meantime, it's time to put a bottom in this move. December live cattle closed $3 higher at $219.20, February live cattle closed $2.47 higher at $222.57 and April live cattle closed $2.22 higher at $225.12. No cash cattle trade developed throughout the and both bids and asking prices remain elusive at this point. 

Tuesday's slaughter is estimated at 111,000 head -- 4,000 head more than a week ago and 5,000 head less than a year ago.

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 closed mixed: choice up $0.24 ($362.98) and select down $2.11 ($351.62) with a movement of 111 loads (83.01 loads of choice, 11.07 loads of select, 6.09 loads of trim and 10.95 loads of ground beef).

WEDNEDAY'S CATTLE CALL: Steady. It's rather refreshing to see the cattle contracts trading higher, but even so, it's assumed that best case scenario this week for the fed cash cattle market is that prices will trade steady as packers have recently been able to build up supply.

FEEDER CATTLE:

With the added support of seeing the live cattle contracts trade higher, the feeder cattle complex was also able to rally $2 to $4 higher through Tuesday's close. More than anything Tuesday's rally is a continuation of Monday's rally as traders are willing to turn the market's direction to a higher one following the immense downturn which the sector saw over the last two weeks. November feeders closed $2 higher at $330.35, January feeders closed $2.50 higher at $326.67 and March feeders closed $3.15 higher at $323.35. At Oklahoma National Stockyards in Oklahoma City, Oklahoma compared to last week feeder steers and heifers traded unevenly steady. But steer calves traded $10 to $20 higher, with instances of $30 higher. Heifer calves sold $5 to $15 higher. Feeder cattle supply over 600 pounds was 49%. The CME feeder cattle index Nov. 9, 2026: down $2.43, $330.42.

LEAN HOGS:

Well, a mixed close is better than a fully lower close and that's exactly what the lean hog complex saw Tuesday -- where most of its nearby contracts close higher, while the deferred months ended the day lower. More than anything the market is desperate for support. Support from traders, support from consumers -- support from anywhere would be nice to help turn the market's direction. December lean hogs closed $0.07 lower at $55.80, February lean hogs closed $0.07 lower at $60.75 and April lean hogs closed $0.07 higher at $66.90. But the April 2027 through July 2027 lean hog contracts all closed higher. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $4.88 with a weighted average price of $39.84 on 7,146 head. Pork cutouts totaled 312.45 loads with 274.91 loads of pork cuts and 37.55 loads of trim. Pork cutout values: down $1.29, $69.52. Tuesday's slaughter is estimated at 495,000 head -- 9,000 head more than a week ago and 29,000 head more than a year ago. The CME lean hog index Nov. 6, 2026: down $1.29, $60.28.

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), hogs in the first quarter of 2027 are expected to average $58 (down $2), hogs in the second quarter of 2027 are expected to average $63 (down $2) 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.

WEDENSDAY'S HOG CALL: Lower. Packers have been buying early this week in the cash market which could mean that they won't need to be aggressive later this week.