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.

Thursday Midday Livestock Market Summary - Traders Continue to Push Livestock Contracts Higher

GENERAL COMMENTS:

The livestock contracts are trading fully higher into midday Thursday, as the market is pleased to see continued interest from traders. Now, both midday pork cutout values and boxed beef prices are lower, but the cash cattle complex is holding its breath, hoping that the fed cash cattle market will trade higher later this week. March corn is up 3 1/2 cents per bushel and January soybean meal is up $1.10. The Dow Jones Industrial Average is down 51.12 points and the NASDAQ is up 10.49 points.

LIVE CATTLE:

The live cattle complex is trading higher into Thursday's noon hour, although midday boxed beef prices are lower, traders are hopeful that the fed cash cattle market will trade cattle stronger later this week. A few bids are currently on the table at $218 live in Kansas, and $216 live and $335 to $340 dressed in Nebraska but no cattle have traded yet. Asking prices are firm at $225 in the South and $340 plus in the North. The market still has plenty of room to trade higher before it runs into resistance pressure, which will likely happen around the market's 100-day moving average ($231.33).

Boxed beef prices are lower: choice down $0.78 ($363.03) and select down $3.22 ($349.90) with a movement of 86 loads (67.88 loads of choice, 14.18 loads of select, zero loads of trim and 4.39 loads of ground beef).

FEEDER CATTLE:

Upon seeing the live cattle contracts continue to trade higher, the feeder cattle contracts are currently pushing a moderate $1.00 to $3.00 rally into Thursday's noon hour. This week's rally hasn't only developed throughout the futures complex, but its support has also affected feeder cattle prices, which are trading higher in the countryside once again. January feeders are up $3.22 at $335.07, March feeders are up $2.52 at $328.37 and April feeders are up $1.87 at $327.05.

LEAN HOGS:

The lean hog complex is also trading higher as the market continues to see adequate technical support, even though pork cutout values aren't trading higher today. December lean hogs are up $0.50 at $81.05, February lean hogs are up $0.80 at $81.80 and April lean hogs are up $0.90 at $85.62. At this point, it's likely that the bulk of this week's trade in the cash hog market is essentially done with, although a few more clean-up sales still could develop.

The projected lean hog index for 12/3/2025 is up $0.16 at $81.83 and the actual index for 12/2/2025 is up $0.06 at $81.67. Hog prices are higher on the Daily Direct Morning Hog Report, up $3.07 with a weighted average price of $72.08, ranging from $68.00 to $74.00 on 1,113 head and a five-day rolling average of $69.89. Pork cutouts total 159.00 loads with 139.68 loads of pork cuts and 19.32 loads of trim. Pork cutout values: down $0.54, $93.48.

Thursday Morning Livestock Market Update - Hog Futures May See Further Buying Interest

GENERAL COMMENTS:

The optimism for higher cash cattle trade continued to gain momentum. There has been little indication as to the strength or weakness of cash trade. However, the strong gains in futures should provide feedlots with the desire to hold for higher prices. Packers have been limiting slaughter in an attempt to improve margins. Boxed beef prices were mixed on Wednesday, with choice down $0.91 and select up $2.34. Feeder cattle prices seemed to have found support again, now that live cattle futures have found support. Feeder cattle prices at auctions were higher in most categories this week as feedlots remain aggressive while looking for cattle.

Support was uncovered in hog futures on Wednesday as technical traders may have stepped in to purchase after the three days of price weakness ran their course. If further strength is seen today, more aggressive buying may surface as a head and shoulders formation may be developing. However, strength needs to be supported by positive fundamentals. The National Daily Direct Afternoon Hog report showed cash up $0.76. A significant volume of hogs traded, which could result in packers being less aggressive the rest of the week and paying lower prices. Pork cutouts slipped with values down $0.20. Weekly hog weights showed further gains with an average of 293.8 pounds.

	BULL SIDE		BEAR SIDE
1)	Higher cattle futures this week have increased the optimism for higher cash prices to develop. Feedlots will have the confidence to hold for higher prices.	1)	Cattle futures may have rebounded too quickly and may experience some weakness as traders wait for cash to trade.
2)	Higher prices are being paid in the country for feeder cattle as the supply remains tight and feedlots need to maintain cattle numbers.	2)	Boxed beef prices appear to be struggling, which may limit the potential upside in prices. Packers may not be aggressive in the cash market in an attempt to improve margins.
3)	Hog futures may be developing a head and shoulders bottom, which could increase buying by technical traders.	3)	Weekly hog weights continue to increase with an average weight of 293.8 pounds, up 0.4 pounds from the previous week and 4.7 pounds above a year ago.
4)	The three days of liquidation may have run their course in hog futures. Traders may be willing to support the market this month on the idea of better demand developing.	4)	Pork cutouts continue to lack consistent support. The volume of pork available keeps the market supplied.

Wednesday Closing Livestock Market Update - Traders Push Contracts Higher

GENERAL COMMENTS:

Overall, it was a mostly supportive day for the livestock contracts as all three of the markets closed higher. Still no trade has developed in the fed cash cattle market, but asking prices are noted at $225 in the South. March corn is down 6 1/2 cents per bushel and January soybean meal is down $0.30. The Dow Jones Industrial Average is up 408.44 points and the NASDAQ is up 40.42 points.

LIVE CATTLE:

It was another supportive day for the live cattle complex as the contracts were able to inch their way higher, finding modest support from consumers' beef demand. December live cattle closed $0.47 higher at $218.95, February live cattle closed $1.10 higher at $221.90 and April live cattle closed $0.97 higher at $223.40. Still no trade has developed in this week's fed cash cattle market, but it is assumed that prices will trade higher this week. Asking prices are noted at $225 in the South, but otherwise, the market remains idle and extremely quiet. 

Wednesday's slaughter is estimated at 117,000 head, 7,000 head less than a week ago and 6,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $0.91 ($363.81) and select up $2.34 ($353.12) with a movement of 140 loads (102.66 loads of choice, 14.23 loads of select, 7.25 loads of trim and 15.46 loads of ground beef).

THURSDAY'S CATTLE CALL: Higher. With the board trading higher and with boxed beef prices finding more support this week too, it's assumed that the cash cattle market will see stronger trade this week.

FEEDER CATTLE:

The feeder cattle complex had all the support it needed to trade higher as demand in the countryside has perked back up for calves and feeders, and with the live cattle contracts trading higher too, it was an easy decision for the feeder cattle contracts to scale higher. January feeders closed $1.97 higher at $331.85, March feeders closed $1.87 higher at $325.80 and April feeders closed $1.87 higher at $325.17. At the Philip Livestock Auction in Philip, South Dakota, compared to their last sale two weeks ago, steers weighing 450 to 500 pounds traded $10.00 higher, steers weighing 550 to 650 pounds sold steady to $5.00 higher, heifers weighing 450 to 500 pounds sold $10.00 lower, heifers weighing 500 to 550 traded $10.00 higher, heifers weighing 550 to 600 pounds sold steady to $5.00 higher and heifers weighing 600 to 650 pounds sold $5.00 to $10.00 higher. Feeder cattle supply over 600 pounds was 58%. The CME feeder cattle index 12/2/2025: up $5.42, $337.78.

LEAN HOGS:

The lean hog complex was able to round out the day stronger as the market found an opportunity to finally trade higher after enduring some lower pressure earlier this week. December lean hogs closed $0.05 higher at $80.55, February lean hogs closed $0.82 higher at $81.00 and April lean hogs closed $0.90 higher at $84.72. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.76 with a weighted average price of $72.09 on 9,983 head. Pork cutouts totaled 288.48 loads with 244.20 loads of pork cuts and 44.27 loads of trim. Pork cutout values: down $0.20, $94.02. Wednesday's slaughter is estimated at 492,000 head, 5,000 head more than a week ago and 3,000 head more than a year ago. The CME lean hog index 12/1/2025: down $0.06, $81.61.

THURSDAY'S HOG CALL: Lower. At this point, it's likely that packers have done the vast majority of their buying in the cash market and that prices will likely trade lower throughout the week.

Wednesday Midday Livestock Market Update - Cattle Continue to Trade Higher Upon Stronger Fundamentals

GENERAL COMMENTS:

The cattle complex is trading higher again today as traders are pleased to see the continued uptick in boxed beef prices. Still no cash cattle trade has developed but asking prices are noted at $225 plus in the South. March corn is down 6 3/4 cents per bushel and January soybean meal is down $0.40. The Dow Jones Industrial Average is up 375.78 points and NASDAQ is up 44.34 points.

LIVE CATTLE:

The live cattle complex is trading higher into Wednesday's noon hour, thankful to again see stronger boxed beef prices. The market initially opened lower at Wednesday's start, but upon seeing improved fundamentals, traders felt as though there was enough support in the market to justify trading the contracts higher. December live cattle are up $1.37 at $219.85, February live cattle are up $1.67 at $222.57 and April live cattle are up $1.52 at $223.95. Still no cash cattle trade has developed, but asking prices are noted in the South at $225, and are still not established in the North. It is assumed that cash prices will be higher this week with the uptick in boxed beef prices and with the board's support.

The other factor that could be helping drive the cattle contracts higher is the announcement from Texas Agriculture Commissioner Sid Miller that another detection of New World screwworm (NWS) was found in Montemorelos, Nuevo Leon, Mexico, which is approximately 120 miles south of the Texas border. This development could mean that the border will stay closed longer than assumed.

Boxed beef prices are higher: choice up $0.68 ($365.40) and select up $2.31 ($353.09) with a movement of 79 loads (53.75 loads of choice, 9.28 loads of select, 4.12 loads of trim and 11.50 loads of ground beef).

FEEDER CATTLE:

With the live cattle market's support, the feeder cattle complex is trading over $3.00 higher into Wednesday's noon hour. It was rather impressive to note some of the sales made Tuesday afternoon at sale barns across the country as some were trading $20.00 to $30.00 higher, with instances as much as $50.00 higher than the week before. That obviously showed up in the CME feeder cattle index as well, which jumped $12.66 to $332.36. Today's support of the futures contracts should only encourage more buying in sale barns this afternoon. January feeders are up $3.12 at $333.00, March feeders are up $3.25 at $327.17 and April feeders are up $2.90 at $326.20.

LEAN HOGS:

After enduring a couple days of weaker trade, the lean hog complex is back to trading higher as the market is no longer up against immediate resistance pressure. December lean hogs are up $0.20 at $80.70, February lean hogs are up $0.97 at $81.15 and April lean hogs are up $0.90 at $84.72. Helping encourage traders to send the contracts higher is also the fact that pork cutout values are a tick stronger.

The projected lean hog index is delayed from the source. Hog prices are lower on the Daily Direct Morning Hog Report, down $1.05 with a weighted average price of $69.01, ranging from $65.00 to $74.00 on 3,063 head and a five-day rolling average of $69.36. Pork cutouts totaled 172.37 loads with 148.58 loads of pork cuts and 23.79 loads of trim. Pork cutout values: up $0.47, $94.69.

Wednesday Morning Livestock Market Update - Cattle Futures May See Limited Upside Potential

GENERAL COMMENTS:

Cattle futures rallied on their own accord and not a reaction to bullish news. The weakness of Monday was reversed as the perception of traders turned positive. There seemed to have been a change in perception that packers could be more aggressive this week, and cash might trade higher. It is still too early to assess cash trade, but market strength would lend itself to that idea. However, boxed beef prices suffered a substantial loss, with choice down $4.17 and select down $7.10. This eliminated the gains on Monday and then some. This may indicate that the weakness in boxed beef may continue. The action on Tuesday may have been traders moving the market more closely in line with cash.

Hog futures slipped for the third consecutive day, eliminating more of the gains last week. It appears that the gains last week were due to holiday trade and end-of-the-month positioning. Packers were not aggressive on Tuesday, with the National Daily Direct Afternoon Hog report down $0.35. Pork cutouts were unable to provide support with values down $0.57, declining by the same amount they gained on Monday. Packers need to purchase more hogs and should be more aggressive today. However, it appears that higher hog weights have led to a reduced need for maintaining an aggressive slaughter pace.

	BULL SIDE		BEAR SIDE
1)	April and later live cattle and all feeder cattle futures contracts moved through and closed above technical resistance on Tuesday. This may trigger further buying interest.	1)	The large decline in boxed beef prices eliminated the gains on Monday and keeps the downtrend in boxed beef prices intact.
2)	There is no doubt that cattle numbers are tight and will remain that way for some time to come.	2)	The substantial volatility will continue in the cattle markets, depending on news or lack thereof on any given day.
3)	Hog futures have declined for three consecutive days. That is generally the duration of a liquidation phase and is what seems to have taken place after the strong gains last week. This could increase buying interest.	3)	Hog futures have been unable to maintain the gains of last week, indicating the strength was not fundamentally induced.
4)	Hog futures could be developing a head-and-shoulders bottom, which could provide technical traders with the confidence to buy into the market.	4)	Higher hog weights continue to provide plenty of pork to the market, and packers are less aggressive in the cash market.

Tuesday Closing Livestock Market Update - Cattle Leap Higher as Traders Build in Bullish Support for 2026

GENERAL COMMENTS:

It was a wild rallying day for the cattle complex as both the live cattle and feeder cattle markets stormed higher, as traders seem to be recognizing that fed cattle supplies in the first months of 2026 are going to be thin. Still no cash cattle trade has developed, but it's assumed that prices will be higher this week. March corn is up 5 cents per bushel and January soybean meal is down $3.00. The Dow Jones Industrial Average is up 276.75 points and the NASDAQ is up 162.81 points.

LIVE CATTLE:

It was a crazy day for the live cattle complex as the market shot higher, rallying mostly $4.00 higher in all the live cattle contracts. Pinpointing the exact reason why the contracts rallied so aggressively is difficult, given that no wildly bullish news broke today, and no "wild" advancements were seen in the market's immediate fundamentals. But as the industry begins to look at 2026, and let's all remember that the futures complex is very anticipatory, it seems that collectively the market is recognizing that fed cattle supplies are going to be tight in the first few months of 2026. That's not to say the market won't face challenges during that time, as who knows when the border will reopen, but thankfully, the bullish token remains favorable to producers, as supplies will be thin in the first half of 2026. December live cattle closed $4.27 higher at $218.47, February live cattle closed $4.87 higher at $220.80 and April live cattle closed $4.87 higher at $222.42. No cash cattle trade developed throughout the day, but asking prices are noted at $225 in Texas. 

Tuesday's slaughter is estimated at 122,000 head, 3,000 head less than a week ago and 4,000 head less than a year ago.

Boxed beef prices closed lower: choice down $4.17 ($364.72) and select down $7.10 ($350.78) with a movement of 115 loads (79.50 loads of choice, 13.63 loads of select, 6.91 loads of trim and 15.00 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Higher. It's assumed that this week's fed cash cattle trade will be higher as packers recognize that supplies are going to be thin moving through the remainder of the year and well into 2026.

FEEDER CATTLE:

It was a robust rallying day for the feeder cattle complex as the market saw the live cattle contracts trading higher and gladly took that opportunity as a chance to drive the feeder cattle contracts sharply higher. January feeders closed $8.80 higher at $329.87, March feeders closed $8.40 higher at $323.92 and April feeders closed $8.45 higher at $323.30. The market still has some room to trade higher before the complex will run into resistance pressure at the market's 100-day moving average – which will likely be a rough threshold for traders to conquer and require unwavering support. Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers traded $8.00 to $15.00 higher and feeder heifers sold $15.00 to $25.00 stronger. Steer and heifer calves sold $20.00 to $30.00 higher, with instances of $40.00 higher. Feeder cattle supply over 600 pounds was 55%. The CME feeder cattle index 12/1/2025: up $12.66, $332.36.

LEAN HOGS:

The lean hog complex closed lower as the market wasn't confident that there was enough support in the marketplace to justify trading the contracts higher. The market's fundamentals throughout the day were mixed, as pork cutout values dipped lower and cash prices were lower too, but the cash market did see an increase in today's volume traded. December lean hogs closed $0.27 higher at $80.50, February lean hogs closed $0.12 lower at $80.17 and April lean hogs closed $0.45 lower at $83.82. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.35 with a weighted average price of $71.33 on 7,744 head. Pork cutouts totaled 338.03 loads with 288.72 loads of pork cuts and 49.31 loads of trim. Pork cutout values: down $0.57, $94.22. Tuesday's slaughter is estimated at 489,000 head, 3,000 head less than a week ago and 5,000 head less than a year ago. The CME lean hog index 11/28/2025: down $0.25, $81.67.

WEDNESDAY'S HOG CALL: Steady. Packers will need to still secure more volume ahead of the week's end, but prices may not necessarily trade higher.

Tuesday Midday Livestock Market Summary - Cattle Push Higher

GENERAL COMMENTS:

The cattle complex is rallying aggressively into Tuesday's noon hour as traders are pleased with the market's fundamentals although they understand risk still remains; still, they believe in the short term, enough downside has been endured. Still no developments have surfaced in the fed cash cattle market. March corn is up 5 1/4 cents per bushel and January soybean meal is down $1.40. The Dow Jones Industrial Average is up 243.12 points and NASDAQ is up 162.28 points.

LIVE CATTLE:

Traders seemed to take note that on Monday boxed beef demand was stronger as both midday and closing boxed beef prices were higher, which has helped push the live cattle contracts substantially higher into Tuesday's noon hour. Now it is a little disheartening to see midday boxed beef prices are a tick lower Tuesday -- but thankfully that hasn't affected the futures market thus far. December live cattle are up $3.82 at $218.02, February live cattle are up $4.55 at $220.42 and April live cattle are up $4.60 at $222.15. Still no trade in the cash cattle market and no bids or asking prices have surfaced.

Boxed beef prices are lower: choice down $2.69 ($366.20) and select down $4.74 ($353.14) with a movement of 73 loads (55.30 loads of choice, 7.92 loads of select, zero loads of trim and 9.85 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is again following the direction of the live cattle market, which has thankfully pushed feeders to a sporty $5.00 to $6.00 rally. January feeders are up $6.40 at $327.97, March feeders are up $6.05 at $321.57 and April feeders are up $6.00 at $320.85. Tuesday's vibrant rally should help strengthen feeder cattle sales in the countryside this afternoon.

LEAN HOGS:

Although pork cutout values are a tick higher Tuesday morning, the lean hog complex is trading lower as traders question if there truly enough support in the marketplace to push the contracts higher. December lean hogs are up $0.12 at $80.35, February lean hogs are down $0.57 at $79.72 and April lean hogs are down $0.72 at $83.55. Given that packers weren't very active in last week's market, it wouldn't be surprising to see more demand from packers developing at any point in time now.

The projected CME Lean Hog Index is delayed from the source. Hog prices on the Daily Direct Morning Hog Report average $70.06, ranging from $65.00 to $74.00 on 1,535 head and a five-day rolling average of $70.06. Pork cutouts total 209.12 loads with 187.66 loads of pork cuts and 21.46 loads of trim. Pork cutout values: up $0.22, $95.01.

Tuesday Morning Livestock Market Update - Traders May Remain Cautious Amid Choppy Trade

GENERAL COMMENTS:

The cattle market began on a positive note with the anticipation that there would be follow-through buying after the bounce last week. However, that did not materialize as traders exercised caution. Traders likely wanted to see positive fundamental evidence to carry contracts higher. There was a positive development in boxed beef as both categories closed higher. Choice cuts increased $2.07, with select cuts up $6.83. But traders may need more than one day of gains in boxed beef to turn the trend high. A higher cash cattle trade will need to develop, or the best that might be hoped for in the near term is sideways trade. Some higher trade developed for feeder cattle in the sale barns as the supply of cattle remains tight, and lower prices will increase feedlot interest.

Hog futures could not find renewed buying interest on the first day of the month with traders uncertain whether market fundamentals will be supportive of continued strength. The National Daily Direct Afternoon Hog report showed cash down $0.41. This was not too negative considering the light volume of hogs purchased. Packers might be aggressive today as they want to purchase the volume of hogs they need earlier in the week rather than later. Pork cutout values gained $0.57. Any increase in demand this month may be readily met due to higher pork tonnage from heavier weights.

	BULL SIDE		BEAR SIDE
1)	Sharply higher boxed beef prices on Monday may indicate beef demand through the holiday was strong, with retail needing to restock large amounts of beef.	1)	The inability of cattle futures to show further strength indicates the buying exuberance of last week may have run its course.
2)	Feeder cattle traded higher at auctions on Monday as cattle supplies remain low, and feedlots took advantage of the lower prices.	2)	Packers may not be very aggressive this week in the cash market as they have been able to purchase a fair amount of cattle for slaughter this week.
3)	High pork cutouts suggested holiday demand was good, and retail outlets need to restock pork products.	3)	Hog futures were likely lower due to futures not following through to the upside on Friday. Traders may be concerned that fundamental support may be limited.
4)	Packers might be more aggressive in the cash market as pork demand is expected to improve this month.	4)	Traders need to see consistent strength in cash and cutouts, or hog prices will continue to flounder with limited upside potential.

Monday Closing Livestock Market Update - Traders Played a Safe Hand When Dealing with Contracts

GENERAL COMMENTS:

The livestock contracts closed mostly lower Monday afternoon as traders were hesitant to overly support the contracts ahead of seeing what develops fundamentally this week. New showlists appear to be mixed, higher in Kansas, about steady in Nebraska/Colorado, but lower in Texas. March corn is down 2 3/4 cents per bushel and January soybean meal is down $4.10. The Dow Jones Industrial Average is down 427.09 points and the NASDAQ is down 89.77 points.

LIVE CATTLE:

Boxed beef prices may have traded higher throughout the day, but traders still weren't willing to advance the complex ahead of seeing what shakes out fundamentally this week. December live cattle closed $1.37 lower at $214.20, February live cattle closed $1.92 lower at $215.92 and April live cattle closed $2.00 lower at $217.55. The market has plenty of room to trade higher before it runs into immediate resistance pressure, which will likely come around the 100-day moving average at $231.24. Monday's slaughter is estimated at 115,000 head, 5,000 head less than a week ago and 1,000 head less than a year ago. New showlists appear to be mixed, higher in Kansas, about steady in Nebraska/Colorado, but lower in Texas.

Last week Northern dressed cattle traded at mostly $330, which is $13.00 lower than the previous week's weighted average, and Southern live cattle traded at mostly $220, which is $2.00 to $4.00 lower than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 55,928 head. Of that 90% (50,228 head) were committed to the market's nearby delivery, while the remaining 10% (5,700 head) were committed to the market's deferred delivery option.

Boxed beef prices are higher: choice up $2.07 ($368.89) and select up $6.83 ($357.88) with a movement of 93 loads (68.81 loads of choice, 11.34 loads of select, 4.79 loads of trim and 8.44 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady/somewhat lower. Packers were able to buy a sizeable volume last week and commit 90% of them to the nearby delivery option, which likely means that they won't have to be as aggressive in this week's market.

FEEDER CATTLE:

The feeder cattle complex closed mixed, with the market's nearby contracts ending slightly lower, but the furthest deferred months closed higher. The feeder cattle complex again closely followed the direction of the live cattle complex, which was lower through Monday's end. It was positive to see that feeder cattle prices in the countryside were higher, as they should be given the severe pressure the market has been under the last month, and given that the marketplace still sits with historically low supplies in the countryside. January feeders closed $2.90 lower at $321.07, March feeders closed $2.32 lower at $315.52 and April feeders closed $1.77 lower at $314.85. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week and at their midpoint, feeder steers and heifers were selling $5.00 to $20.00 higher. Feeder cattle supply over 600 pounds was 56%. The CME feeder cattle index 11/28/2025: up $0.94, $319.70.

LEAN HOGS:

The lean hog complex closed lower as traders pulled back the reins ahead of Monday's close. Last week's cash hog trade was minimal, so traders will hope that packer demand will increase, and consumer demand as well, in terms of pork cutout values. December lean hogs closed $0.37 lower at $80.22, February lean hogs closed $0.70 lower at $80.30 and April lean hogs closed $0.62 lower at $84.27. Hog prices on the Daily Direct Afternoon Hog Report averaged $71.68 (down $0.41) on 1,941 head. Pork cutouts total 230.36 loads with 192.54 loads of pork cuts and 37.82 loads of trim. Pork cutout values: up $0.57, $94.79. Monday's slaughter is estimated at 492,000 head, 3,000 head less than a week ago and 7,000 head more than a year ago. The CME lean hog index 11/26/2025: down $0.35, $81.92.

TUESDAY'S HOG CALL: Higher. With last week's trade so minimal, packers will likely need to be more aggressive this week.

Monday Midday Livestock Market Summary - Cattle Remain Cautious While Hogs Inch Higher

GENERAL COMMENTS:

The livestock complex is trading mixed into midday Monday, as the market hopes to see fundamental support improve in the cattle complex before traders push the cattle contracts much higher, but the lean hog contracts are trading slightly stronger. New showlists appear to be mixed, higher in Kansas, about steady in Nebraska/Colorado, but lower in Texas. March corn is down 1 1/4 cents per bushel and January soybean meal is down $3.10. The Dow Jones Industrial Average is down 204.00 points and the NASDAQ is down 34.42 points.

LIVE CATTLE:

Following last week's rally, the live cattle complex is trading more cautiously into Monday's noon hour as the market is hoping that fundamentals will improve. It is positive, however, to see midday boxed beef prices stronger, which is likely happening as retailers are restocking their coolers following the Thanksgiving rush. December live cattle are down $2.25 at $213.27, February live cattle are down $3.10 at $214.32 and April live cattle are down $2.45 at $217.10. New showlists appear to be mixed, higher in Kansas, about steady in Nebraska/Colorado, but lower in Texas.

Last week Northern dressed cattle traded at mostly $330, which is $13.00 lower than the previous week's weighted average, and Southern live cattle traded at mostly $220, which is $2.00 to $4.00 lower than the previous week's weighted average.

Boxed beef prices are higher: choice up $3.83 ($370.65) and select up $2.93 ($353.98) with a movement of 33 loads (24.23 loads of choice, 3.25 loads of select, zero loads of trim and 5.26 loads of ground beef).

FEEDER CATTLE:

After rallying aggressively late last week, the feeder cattle complex is now trading cautiously as traders yearn to see better fundamental support. And again, in keeping with its typical behavior as of late, the feeder cattle complex is closely following the direction of the live cattle contracts. January feeders are down $4.20 at $319.77, March feeders are down $3.25 at $314.57 and April feeders are down $2.57 at $314.05.

LEAN HOGS:

The lean hog complex is trading mostly higher into Monday's noon hour as the market is hopeful that demand will continue to remain strong this week. December lean hogs are up $0.20 at $80.77, February lean hogs are up $0.12 at $81.15 and April lean hogs are up $0.40 at $85.30. It is positive to note that midday pork cutout values are stronger, with the belly's $5.47 jump and the picnic's $3.59 increase being the leaders of today's cutout rally.

The projected lean hog index for 11/28/2025 is down $0.25 at $81.67 and the actual index for 11/26/2025 is down $0.55 at $81.92. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. The only thing that's been published this morning is that the market has only traded 175 head. Pork cutouts total 94.21 loads with 81.35 loads of pork cuts and 12.86 loads of trim. Pork cutout values: up $1.64, $95.86.

Monday Morning Livestock Market Update - Traders May Exercise Caution on the Open

GENERAL COMMENTS:

Cattle futures had a positive close to a holiday-shortened week. The rebound was technical in nature and in reaction to a statement made earlier in the week by Secretary of Agriculture Brooke Rollins. Southern cash cattle traded as much as $4.00 lower for the week after some late business was accomplished in Kansas at less of a loss than earlier in the week. Northern dressed cattle maintained a sharp loss of as much as $13.00 lower. Boxed beef prices were lower with choice down $1.46 and select down $4.46. Continued weakness in boxed beef is expected to unfold, which would have an impact on the upside potential for cattle prices. The exuberance of the statement from the Secretary of Agriculture may run its course, as the statement that there would be a staged reopening of the Mexican border for imports of cattle whenever it reopens is logical and in line with the previous time it was reopened. Traders likely have digested the statement and will turn their focus back to the fundamentals.

Hog futures had a positive week but were unable to follow through with continued buying interest and further fundamental support. Cash was lower on the National Daily Direct Afternoon Hog report with a decline of $1.48 on light activity. Pork cutouts slipped $0.03, but the increase in the offal value drop credit kept the daily equivalent price unchanged from Wednesday. The February and April contracts did close above the sharp downtrend line drawn off the September high, but later contracts have not been able to break above the trendline. Technical traders may have difficulty supporting the market without the fundamentals following suit.

	BULL SIDE		BEAR SIDE
1)	Packers in Kansas had to increase bids to obtain the cattle they needed on Friday, and reducing the losses may provide confidence for feedlots to hold this week.	1)	The strength in cattle futures may be short-lived as traders digest the statement by the Secretary of Agriculture and end-of-the-month short covering.
2)	There is a chart gap above the market that may be filled if packers need to be more aggressive this month.	2)	Boxed beef prices continue to show weakness, which will have an impact on what packers will pay for cattle.
3)	Hog futures may continue to correct from an oversold market, which could move futures above the downtrend line that has been prominent since late September.	3)	Fundamentals in the hog market have yet to provide consistent support. Until that is uncovered, the upside may be limited.

Friday Closing Livestock Market Update - Cattle Continue to Rally Aggressively

GENERAL COMMENTS:

The cattle complex was thankfully met with tremendous demand again on Friday, which helped the contracts rally substantially through the week's end. A few more sales were noted in the South, but today's business was mostly clean up in the fed cash cattle market. The Dow Jones Industrial Average is up 289.30 points and the NASDAQ is up 151.00 points.

From Friday to Friday, livestock contracts scored the following changes: December live cattle up $1.13, February live cattle up $3.07; January feeder cattle up $9.75, March feeder cattle up $10.80; December lean hogs up $2.80, February lean hogs up $3.30.

LIVE CATTLE:

The live cattle complex ended the week on a strong note as traders were pleased to continue to see widespread technical support and interest, which ultimately led to the market's higher close. It wasn't because of better market fundamentals that the complex closed higher, as cash prices were weaker this week and boxed beef prices traded mostly lower, but because traders took note of the positive message Agriculture Secretary Brooke Rollins had to share earlier this week, the market closed higher. December live cattle closed $4.55 higher at $215.57, February live cattle closed $4.92 higher at $217.85 and April live cattle closed $5.30 higher at $219.55. There was a tick more cash cattle trade noted in the South at $220, which is $5.00 higher than the prices seen earlier this week but still $2.00 to $4.00 lower than last week's weighted average. Earlier in the week, Northern dressed cattle were trading at mostly $330, which is $13.00 lower than last week's weighted average.

Friday's slaughter is estimated at 112,000 head, 7,000 head more than a week ago and 1,000 head less than a year ago. Saturday's slaughter is projected to be around 19,000 head. The week's total slaughter is estimated at 501,000 head, incomparable to last week but 31,000 head less than a year ago.

Boxed beef prices closed lower: choice down $1.46 ($366.82) and select down $4.46 ($351.05) with a movement of 82 loads (63.08 loads of choice, 5.50 loads of select, 7.35 loads of trim and 5.83 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. It's tough to call next week's trend before knowing exactly how many cattle traded this week.

FEEDER CATTLE:

The feeder cattle complex was also met with tremendous demand throughout the day as the market successfully closed anywhere from $8.00 to $9.00 higher Friday afternoon. It seemed to be the positive remarks made earlier in the week by Agriculture Secretary Brook Rollins that helped change the market's morale. January feeders closed $8.85 higher at $323.97, March feeders closed $8.80 higher at $317.85 and April feeders closed $8.92 higher at $316.62. The CME feeder cattle index 11/27/2025: down $3.20, $318.76.

LEAN HOGS:

The lean hog complex ended the day mixed, with contracts closing along both sides of steady. February lean hogs closed $0.37 lower at $81.00, April lean hogs closed $0.45 lower at $84.90 and June lean hogs closed $0.40 lower at $96.75. Following Wednesday's big jump, the market didn't see the same level of support on Friday as traders weren't confident that the market possessed enough support to push the contracts any higher ahead of the weekend. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.48 with a weighted average price of $72.09 on 1,168 head. Pork cutouts totaled 185.07 loads with 167.64 loads of pork cuts and 17.43 loads of trim. Pork cutout values: down $0.03, $94.22. Friday's slaughter is estimated at 416,000 head, 72,000 head less than a week ago and 5,000 head less than a year ago. Saturday's slaughter is estimated to be around 273,000 head. The CME lean hog index 11/26/2025: not available at this time.

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

Friday Midday Livestock Market Summary - Cattle Continue to Rally After the Thanksgiving Holiday

GENERAL COMMENTS:

The rally evident throughout the cattle complex ahead of Thursday's Thanksgiving holiday has thankfully remained strong following the holiday break, as both the live cattle and feeder cattle contracts are trading higher into midday Friday. Some light cash cattle trade is currently being reported in the South, where prices are marked at $220, $5.00 higher than the cattle traded earlier in the week, but still $2.00 to $4.00 lower than last week's weighted average. March corn is up 2 cents per bushel and January soybean meal is down $2.30. The Dow Jones Industrial Average is up 277.25 points and the NASDAQ is up 97.14 points.

LIVE CATTLE:

The live cattle complex is still sporting a fruitful rally into Friday's noon hour, as traders seem to be again believing in the market's bullish long-term fundamentals despite plenty of volatility over the last month. December live cattle are up $5.00 at $216.02, February live cattle are up $5.12 at $218.05 and April live cattle are up $5.20 at $219.45. There's some light cash cattle trade currently being reported in the South at $220, which is roughly $5.00 higher than the business that developed earlier in the week, but still $2.00 to $4.00 lower than last week's weighted average. No new dressed cattle trade has developed at this point. Earlier in the week, Northern dressed cattle were trading at mostly $330, which is $13.00 lower than last week's weighted average.

Boxed beef prices are lower: choice down $1.39 ($366.89) and select down $5.13 ($350.38) with a movement of 60 loads (46.58 loads of choice, 2.89 loads of select, 5.35 loads of trim and 4.79 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts are seeing the biggest day of gains as some of the contracts are up their daily trading limit, up $9.25. Helping spur this positive momentum was the interview shared with Agriculture Secretary Brooke Rollins, where she discussed several important issues, such as the border. The main points she stated about the border's reopening (when it does happen) are that not all of the ports will reopen at once, and that it will be a slow and methodical process, and the market will not see a million imported cattle show up overnight, which was a major relief to hear. January feeders are up $9.25 at $324.37, March feeders are up $9.25 at $318.30 and April feeders are up $9.25 at $316.95.

LEAN HOGS:

The lean hog complex is trading along both sides of steady as the market looks for continued reassurance following Wednesday's dramatic rally. December lean hogs are up $0.20 at $80.62, February lean hogs are down $0.07 at $81.30 and April lean hogs are down $0.02 at $85.32. There's been very little interest this week in the cash hog market, but pork cutout values are again up slightly.

The projected lean hog index for 11/26/2025 is down $0.55 at $81.92 and the actual index for 11/25/2025 is down $0.54 at $82.27. Hog prices on the Daily Direct Morning Hog Report are unavailable again because of confidentiality. However, we can see that only 738 head have traded. Pork cutouts total 118.24 loads with 106.18 loads of pork cuts and 12.06 loads of trim. Pork cutout values: up $0.50, $94.75.

Friday Morning Livestock Market Update - A Shorter Trading Day Will Not Lack Volatility

GENERAL COMMENTS:

Cattle futures found support on Wednesday, possibly from a combination of things. The comments by Secretary of Agriculture Brooke Rollins about when the reopening of the Mexican border to feeder cattle takes place in the future are that it will be opened in stages and not all ports at once. That may have had some influence, but not much, as that is how they opened the border last time, and that would make logical sense. More in likely, it was the combination of some short covering ahead of the holiday period and futures holding a substantial discount to the level at which cash cattle have traded for the week. Northern dressed cattle traded as much as $15.00 lower, with Southern live cattle as much as $9.00 lower. This is the largest weekly cash decline we have seen in a long time. It isn't easy to anticipate the movement of futures today based on the volatility seen so far this week. It is also an abbreviated trading day. Boxed beef prices were lower with choice down $1.81 and select down $0.42.

Hog futures posted a strong day on Wednesday with the strongest one-day gains since Nov. 10. The market may be building support, causing short covering to take place ahead of the holiday season and the end of the month. It is uncertain whether that will continue today, with packers likely having sufficient hogs purchased for the week. The National Daily Direct Afternoon Hog report on Wednesday showed cash up $1.85. Pork cutout values jumped $2.00 with higher prices in all cutout categories. The weekly hog weights increase again, with the average weight up 0.9 pounds from the previous week.

	BULL SIDE		BEAR SIDE
1)	Even with sharply lower cash for the week, cattle futures showed a significant discount.	1)	The remarks by Rollins were nothing outside of what would be logical with the border reopening. The strength on Wednesday may be overshadowed by uncertainty.
2)	Even though Secretary of Agriculture Brooke Rollins talked about the Mexican border, there is no date for its reopening anytime soon.	2)	Significantly lower cash this week might keep pressure on the market with increases in futures being selling opportunities.
3)	Hog futures found support from an oversold market and positive fundamentals. Low prices may finally be curing low prices.	3)	Weekly hog weights continue to increase, with last week showing a gain of 0.9 pounds, averaging 293.4 pounds, up 4.9 pounds from a year ago.
4)	Hog futures seem to be building a base, providing traders with more confidence to buy into the market for the long term.	4)	The hog market has yet to find consistency in underlying cash and cutouts. The market may have limited upside potential until this develops.

Wednesday Closing Livestock Market Update - Traders Appreciated Hearing Ag Secretary Brooke Rollin's Positive Remarks about the Cattle Market

GENERAL COMMENTS:

The livestock complex was granted some additional support ahead of the Thanksgiving holiday, as most of the contracts closed higher. Some light cash cattle trade developed, but prices held mostly steady with Tuesday's business. March corn is up 7 cents per bushel and January soybean meal is down $0.00. The Dow Jones Industrial Average is up 314.67 points and the NASDAQ is up 189.10 points.

**The markets will be closed on Thursday, Nov. 27, for the Thanksgiving holiday. Regular DTN commentary will resume Friday, Nov.28. Happy Thanksgiving to all our customers!**

LIVE CATTLE:

Pinpointing the exact reason why the cattle complex jumped significantly higher on Wednesday is challenging, and if the market had only traded $1.00 to $2.00 higher, I may have said that it was simply a pre-holiday run. However, given that the live cattle contracts rallied mostly $4.00 to $5.00 higher, I'm led to believe that the marketplace found comfort in what Agriculture Secretary Brooke Rollins said Tuesday afternoon in an interview with Lonesome Lands. A couple of major points were discussed in the interview: Rollins stated that when the U.S.-Mexico border reopens, not all ports will reopen at once and that "you will not see 1 million head of cattle show up overnight, it's going to be a slow and gradual process." Rollins also stated that the port in Arizona is likely to reopen first, as it's the furthest from any detected New World screwworm. Rollins also stated there's not an ag industry that she's more bullish about than cattle.

Needless to say, the industry found this to be promising news, as too much volatility has shaken the market over the last month. December live cattle closed $4.02 higher at $211.02, February live cattle closed $5.60 higher at $212.92 and April live cattle closed $5.67 higher at $214.25. There was some light clean-up trade noted in the North today, but prices remained mostly steady with Tuesday's trade. Throughout the week, North is at $330, which is $13.00 lower than last week's weighted average, and some light trade has been noted in the South, anywhere from $204 to mostly $215. However, not enough cattle have traded in the South to say that a true trend has developed. 

Wednesday's slaughter is estimated at 124,000 head, 4,000 head more than a week ago and 1,000 head more than a year ago.

Boxed beef prices closed lower: choice down $1.81 ($368.28) and select down $0.42 ($355.51) with a movement of 175 loads (121.36 loads of choice, 16.88 loads of select, 16.40 loads of trim and 20.75 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. Given that cattle have traded in both regions, it's likely that prices will remain steady with the week's trend.

FEEDER CATTLE:

The feeder cattle complex again followed closely with the action seen in the live cattle market, which led the complex to a fruitful $8.00 rally. More than anything, traders seemed to note the positive remarks made by Agriculture Secretary Brooke Rollins and took that as the support they needed to drive the contracts higher again. January feeders closed $8.05 higher at $315.12, March feeders closed $8.17 higher at $309.05 and April feeders closed $8.30 higher at $307.70. The CME feeder cattle index 11/25/2025: down $2.09, $329.88.

LEAN HOGS:

The lean hog complex had a notable rally too throughout Wednesday's trade as traders were pleased to see the uptick in pork demand and also found increased technical support. December lean hogs closed $1.97 higher at $80.42, February lean hogs closed $2.37 higher at $81.37 and April lean hogs closed $2.40 higher at $85.35. It was rather impressive to note on this afternoon's cutout report that every single major cut closed higher for the day. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.85 with a weighted average price of $73.57 on 2,018 head. Pork cutouts totaled 381.18 loads with 327.75 loads of pork cuts and 53.43 loads of trim. Pork cutout values: up $2.00, $94.25. Wednesday's slaughter is estimated at 487,000 head, 7,000 head less than a week ago and 2,000 head less than a year ago. The CME lean hog index 11/24/2025: down $0.80, $82.81.

FRIDAY'S HOG CALL: Lower. Packers won't likely show much interest in the market on Friday.

Wednesday Midday Livestock Market Update - Cattle Trade Higher After Agriculture Secretary Brooke Rollins Comments

GENERAL COMMENTS:

The livestock contracts are trading fully higher at midday Wednesday as the hog complex is pleased to see a slight uptick in demand, and the cattle contracts are happy to have heard positive news from Agriculture Secretary Brooke Rollins in an interview she did on Tuesday. No new cash cattle trade has developed. March corn is up 7 cents per bushel and January soybean meal is up $0.40. The Dow Jones Industrial Average is up 429.10 points and the NASDAQ is up 218.05 points.

LIVE CATTLE:

Wednesday's rally in the cattle complex could be in part due to the interview that Lonesome Lands shared with Agriculture Secretary Brooke Rollins. A couple of major points were discussed in the interview: Rollins stated that when the U.S.-Mexico border reopens, not all ports will reopen at once and that "you will not see 1 million head of cattle show up overnight, it's going to be a slow and gradual process." Rollins also stated the port in Arizona is likely to reopen first as it's furthest away from any detected New World screwworm. Rollins also stated there's not an ag industry that she's more bullish about than cattle.

December live cattle are up $4.30 at $211.30, February live cattle are up $5.90 at $213.22 and April live cattle are up $5.92 at $214.50. No new cash cattle trade has been reported, but bids are on the table in Kansas at $215. On Tuesday, some trade developed in the North at $330, which is $15.00 lower than last week's weighted average. Although there have not been many cattle traded in the South, a handful of deals were marked at $215, which is $7.00 to $9.00 lower than last week's weighted average.

Boxed beef prices are mixed: choice down $1.45 ($368.64) and select up $2.55 ($358.48) with a movement of 115 loads (76.90 loads of choice, 10.97 loads of select, 12.76 loads of trim and 14.74 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading notably higher (mostly $7.00 to $8.00 higher) as the market is pleased to hear positive news from Ag Secretary Brooke Rollins. January feeders are up $7.97 at $315.05, March feeders are up $8.62 at $309.52 and April feeders are up $8.70 at $308.10. So long as the live cattle contracts continue to trade higher through Wednesday's close, it's likely feeder cattle contracts will as well.

LEAN HOGS:

The lean hog complex is also trading higher as the market is pleased to note a slight bump in pork demand and is likely receiving a little extra spill-over support from the cattle complex. December lean hogs are up $1.37 at $79.82, February lean hogs are up $1.97 at $80.95 and April lean hogs are up $2.10 at $85.05. Packers have made it bluntly clear that they don't need many hogs this week.

The projected lean hog index for 11/25/2025 is down $0.54 at $82.27, and the actual index for 11/24/2025 is down $0.80 at $82.81. Hog prices are unavailable again on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 200 head have traded this morning and that the market's five-day rolling average now sits at $70.92. Pork cutouts totaled 212.91 loads with 172.82 loads of pork cuts and 40.09 loads of trim. Pork cutout values: up $0.98, $93.23.

Wednesday Morning Livestock Market Update - Significantly Lower Cash Trade Surfaces

GENERAL COMMENTS:

It would seem that cattle futures are overdone to the downside after the sharp decline, but are they? Limited cash cattle trade on Tuesday showed substantial weakness, with Northern dressed cattle trading $15.00 lower and Southern live cattle as much as $9.00 lower. This is the largest weekly cash decline we have seen in a long time. Feedlots may be selling in fear as lower prices are possible in the near term, and heavy cattle need to be marketed. Holding onto cattle to heavier weights is not a profitable endeavor right now. Boxed beef pieces were mixed with choice down $0.40 and select up $0.42. The markets will be closed on Thursday for Thanksgiving.

Hog futures held their ground with summer contracts posting triple-digit gains. Packers were not aggressive with purchases again on Tuesday, as the National Daily Direct Afternoon report showed an average price of $73.25, with no change due to the limited volume of hogs traded. However, the average is lower than on Monday, indicating lower prices. Pork cutout values declined $1.53 and eliminated $1.00 more than the gain on Monday. This keeps the market on the defensive. However, further short covering could take place ahead of the holiday. Hog futures will continue to face some headwind unless the market finds stability and increased demand due to lower pork prices.

	BULL SIDE		BEAR SIDE
1)	Even with lower cash trade this week, live cattle futures will hold a substantial discount. This may allow the market to regain some of the loss.	1)	The substantial weakness of the cash cattle trade on Tuesday sets the stage for the rest of the week.
2)	The rebound on most cattle futures contracts on Tuesday may indicate that the recent bearish news could have been factored in.	2)	Bearish news will continue to reverberate throughout the market, likely through the rest of the year. Both cash cattle and feeder cattle prices are declining.
3)	Hog futures give the impression they are trying to build support. The oversold market, Thanksgiving holiday and the end of the month might provide further support.	3)	Limited packer interest this week may provide little support to the market as traders remain uncertain over demand.
4)	The December hog contract has three chart gaps above the market. Chart gaps are generally filled before the contract closes out. The contract will cease trading on Dec. 12.	4)	Hog weights have been increasing and may remain significantly higher than a year ago through December.

Tuesday Closing Livestock Market Update - Cattle Find Some Technical Support, Cash Still Trades Lower

GENERAL COMMENTS:

The livestock complex had a mixed day where the cattle contracts saw a little more support, but the sentiment throughout the countryside still remains on edge. Some light cash cattle trade developed throughout the day at $330 in the North and $215 in the South. December corn is down 1/4 cent per bushel and January soybean meal is up $2.10. The Dow Jones Industrial Average is up 664.18 points and the NASDAQ is up 153.58 points.

LIVE CATTLE:

The futures market may have mildly recovered following Monday's sharp descent, but the sentiment throughout the greater marketplace hasn't changed. And with anything, upon seeing fed cash cattle prices dip even lower, the bearish tone throughout the market is thick right now. December live cattle closed $0.20 lower at $207.00, February live cattle closed $0.20 lower at $207.32 and April live cattle closed $0.67 higher at $208.57. The bearish sentiment that came from Tyson's announcement last Friday worked its way into the fed cash cattle market too as some light trade was reported throughout the day in the North at $330 which is $15.00 lower than last week's weighted average, and although there's not been many cattle traded in the South, a handful of deals have been marked at $215 which is $7.00 to $9.00 lower than last week's weighted average. More cattle will obviously need to trade before the week's end, but it's likely the week's prices are mostly set. Asking prices for cattle in the South are set at $220, but are still not fully established in the North.

Tuesday's slaughter is estimated at 125,000 head, 4,000 head more than a week ago and 1,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $0.40 ($370.09) and select up $0.42 ($355.93) with a movement of 215 loads (175.01 loads of choice, 23.19 loads of select, 4.08 loads of trim and 13.01 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady with the week's trend. Given that it's a holiday week, the market doesn't expect to see a whole lot of cattle traded this week, and so it's likely that the prices that developed today could be the market's trend for the week.

FEEDER CATTLE:

The feeder cattle contracts may have found technical support throughout Tuesday's trade, but that support wasn't noted as sales were still lower. January feeders closed $2.10 higher at $307.07, March feeders closed $3.07 higher at $300.87 and April feeders closed $3.30 higher at $299.40. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers and heifers traded $10.00 to $20.00 lower. Steer and heifer calves sold $20.00 to $30.00 lower, and heifer calves traded up to $40.00 lower. The sale report did note that with the cattle futures down, buyers were bewildered and very frustrated. Feeder cattle supply over 600 pounds was 53%. The CME feeder cattle index 11/24/2025: down $4.41, $331.97.

LEAN HOGS:

The lean hog complex closed mostly higher, aside from the spot February contract, which closed just below steady, as traders continue to yearn to see better demand from consumers. However, it is supportive that the contracts are establishing some technical footing as the market has been trading in a sideways trading range over the week and a half. Hog prices on the Daily Direct Afternoon Hog Report averaged $73.25, ranging from $68.00 to $86.00 on 1,930 head. Pork cutouts totaled 308.98 loads with 259.28 loads of pork cuts and 49.70 loads of trim. Pork cutout values: down $1.53, $92.25. Tuesday's slaughter is estimated at 492,000 head, 2,000 head less than a week ago and steady with a year ago. The CME lean hog index 11/21/2025: down $1.20, $83.61.

WEDNESDAY'S HOG CALL: Steady. We will likely see some packer interest in the market on Wednesday, but on Thursday and Friday, packers won't likely participate.

Tuesday Midday Livestock Market Summary - Dressed Cattle Trading $15.00 Lower

GENERAL COMMENTS:

The livestock complex is trading mixed, but there remains a bearish undertone about the cattle contracts. Some light dressed cattle trade has developed in the North, where cattle are trading at mostly $330, $15.00 lower than last week's weighted average. December corn is down 1/4 cent per bushel and January soybean meal is up $1.80. The Dow Jones Industrial Average is up 537.20 points and the NASDAQ is up 65.26 points.

LIVE CATTLE:

It's technically a mixed but mostly lower morning for the live cattle complex. Although some of the deferred contracts are trading higher, spot and nearby contracts are trading lower. There's even been some trade already in the fed cash cattle market. December live cattle are down $0.25 at $206.95, February live cattle are down $0.45 at $207.02 and April live cattle are up $0.27 at $208.22. There's been a light movement of dressed trade this morning in Nebraska, where cattle are trading anywhere from $325 to $330, but mostly at $330, which is a $15.00 decline from last week's weighted average. Still no trade has developed yet in the South, and asking prices are still not known in that region. Delivery dates for the cattle that have traded have been set for mostly the week of Dec. 1 and Dec. 8.

Boxed beef prices are higher: choice up $1.56 ($372.05) and select up $3.46 ($358.97) with a movement of 74 loads (55.78 loads of choice, 8.21 loads of select, 4.08 loads of trim and 5.76 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is trading higher following Monday's sharp decline. January feeders are up $0.75 at $305.97, March feeders are up $2.02 at $299.82 and April feeders are up $2.25 at $298.35. Traders seem to be recovering some position that was lost on Monday, but it's more a technical reaction than a decision being made because more confidence has truly been established in the marketplace.

LEAN HOGS:

The lean hog contracts continue to trade slightly higher as the market crosses its fingers that the uncertainty in the cattle sector could be gained opportunity for the hog complex. December lean hogs are up $0.37 at $78.57, February lean hogs are steady at $79.17 and April lean hogs are up $0.52 at $83.05. The market still hasn't gained a strong fundamental foothold, as pork cutout values are lower.

The projected lean hog index for 11/24/2025 is down $0.80 at $82.81, and the actual index for 11/21/2025 is down $1.20 at $83.61. Hog prices are again unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 365 head have traded this morning and that the market's five-day rolling average now sits at $70.92. Pork cutouts total 206.21 loads with 182.58 loads of pork cuts and 23.63 loads of trim. Pork cutout values: down $0.56, 93.22.