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

GENERAL COMMENTS:

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

LIVE CATTLE:

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

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

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

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

FEEDER CATTLE:

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

LEAN HOGS:

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

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

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

GENERAL COMMENTS:

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

LIVE CATTLE:

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

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

FEEDER CATTLE:

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

LEAN HOGS:

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

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

Friday Morning Livestock Market Update - Strong Cash Should Support Futures

GENERAL COMMENTS:

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

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

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

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

GENERAL COMMENTS:

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

LIVE CATTLE:

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

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

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

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

FEEDER CATTLE:

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

LEAN HOGS:

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

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

Cattle market volatility and tariff update

Volatility has recently emerged in the cattle markets, diverging from typical seasonal trends. While late summer and fall usually bring a surge of calves and lower prices, this year saw prices peak by mid-October before declining. Nationally, 500-600 lb steer calf prices dropped 9% from October to November, as the market priced in the possibility of reopening the Mexican border, reduced tariffs on Brazilian beef and increased Argentinean beef imports, versus seasonal factors. Despite the decline, prices remain historically strong. Even with the strong income, producers face rising production costs.

Tight cattle supplies are driving challenges for feedlots and packers, with processing facilities running at just 76% capacity, the lowest in over a decade. If low utilization persists, some facilities may close in 2026. While the planned closure of two plants will reduce overall capacity by 7.5%, there will still be 20,000 more hooks than the beef available for packers.

The sharp rise in retail beef prices, up over 13% from last year and 25% from the five-year average, has sparked significant debate. The presidential administration has called for a renewed investigation into meat packers, though a similar investigation occurred in 2021. It’s unlikely that government investigations will lead to lower retail beef prices in the near term. Meanwhile, consumers continue to buy beef despite high prices.

What are the tariff rates for beef, and how do they impact U.S. producers?

For U.S. producers, maintaining strong international trade relationships and market share is critical. Given shifting trade policies, year-to-date U.S. beef exports are down 10% compared to last year, with exports to China—the third-largest market—dropping 39%.

On Aug. 1, the presidential administration revised tariff rates. The top five export markets for U.S. beef—Japan, South Korea, China, Mexico, and Canada—account for 76% of all U.S. beef exports. The U.S. primarily exports beef cuts less popular domestically, such as short plate cuts, short ribs, chuck short ribs, and gooseneck rounds. Current import duties for South Korea (which represents 21% of total export value) and Japan (accounting for 18% of exports) are 2.7% and 21.6% respectively. Meanwhile Canada (13% of export value) and Mexico (13% of export value) remain exempt from additional tariffs under the USMCA agreement. China’s trade restrictions on U.S. beef have been volatile. In May, reciprocal tariffs raised the import duty on U.S. beef to 147%. Additionally, many U.S. beef processing facilities lost their export licenses to China (which previously accounted for 15% of export value). Since then, tariffs have dropped to 32% (as of the date of this report), and some facilities have regained export approval. There is potential for further market access, as China may relist 20 more U.S. plants for beef imports in the near term. While these developments offer hope for increased trade, ongoing negotiations and policy shifts mean uncertainty about the future of U.S.-China beef trade persists.

On the import side, tariff adjustments have also been made. About 70% of these imports are lean beef trimmings used for ground beef. Australia now faces a 10% duty (up from 0%), and New Zealand's rate increased to 5%. Argentina’s tariff quota quadrupled to 80,000 metric tons with duty rates unchanged.

On Nov. 14, an executive order reduced Brazil’s beef tariff by 40%, lowering the effective rate to 26.4%. Earlier this year, higher tariffs had slashed Brazil’s beef shipments to the U.S., forcing U.S. processors to turn to higher-cost suppliers. As a major supplier of lower-end beef cuts, Brazil’s reduced presence strained the market.

Brazil’s tariff reduction is expected to lower costs for U.S. meat processors and improve market access, helping to protect market share. During the period of elevated tariffs, Brazil redirected much of its beef exports to Mexico and China, potentially impacting U.S. competitiveness.

In the short term, U.S. meat processors will remain reliant on imported beef to meet domestic demand, maintain affordable beef prices, and make operational adjustments, at least until the U.S. cattle herd expands. Some packing plants are closing facilities. It’s reasonable to anticipate that during this downturn, packing plants facing financial losses may close or reduce shifts at their least efficient or oldest facilities.

Profitability

Cattle feeders: Profitable - Neutral 12-month outlook
Cow-calf producers: Very profitable - Neutral 12-month outlook

Tight calf supplies and robust demand have intensified competition for feeder cattle. Profitability is expected to remain resilient, supported by cost-of-gain efficiencies and strong box beef prices.

Historically tight cattle inventories, limited availability of replacement heifers, and firm calf prices continue to underpin profitability for cow-calf operations.

Thursday Midday Livestock Market Update - Dressed Cattle Traded $12 Higher at $355

GENERAL COMMENTS:

With the help of some bullish developments in the fed cash cattle market, the cattle complex is beginning to push on the market's resistance at its 100-day moving average. A light trade has developed in Nebraska where dressed cattle are trading at $355, $12.00 higher than last week's weighted average. March corn is up 1/2 cent per bushel and January soybean meal is up $1.00. The Dow Jones Industrial Average is up 628.45 points and the NASDAQ is down 146.91 points.

LIVE CATTLE:

The live cattle complex is growing braver as the market is currently pushing a $1.00 to $2.00 rally into Thursday's noon hour, but in doing so has grown increasingly closer to pushing the market's resistance at its 100-day moving average. But until this point, traders haven't been convinced that the market possesses enough support to break above that threshold. Upon seeing some sharply higher sales develop in the fed cash cattle market, traders have grown braver. A few deals have been marked this morning at $355 dressed in Nebraska, which is $12.00 higher than last week's weighted average. December live cattle are up $3.75 at $230.55, February live cattle are up $2.72 at $231.22 and April live cattle are up $2.35 at $230.72.

Boxed beef prices are mixed: choice down $0.42 ($358.94) and select up $0.77 ($345.65) with a movement of 114 loads (52.95 loads of choice, 9.31 loads of select, 40.08 loads of trim and 11.42 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex has taken the brave leap of faith as it's currently seeing its spot January contract trade above its 100-day moving average. January feeders are up $5.10 at $343.47, March feeders are up $4.82 at $337.65 and April feeders are up $4.52 at $336.42. With the bullish developments in the fed cash cattle market, there's a chance that the market could close with this momentum.

LEAN HOGS:

The lean hog complex has also broken through its resistance at $82.00 as the spot February contract is currently trading above $84.00. A bullish tone has seemed to overtake the livestock complex, which is helping lend the lean hog complex a little more support, and it's also favorable that pork cutout values are higher again this morning. February lean hogs are up $1.77 at $84.20, April lean hogs are up $1.87 at $89.22 and June lean hogs are up $1.07 at $100.80.

The projected lean hog index for 12/10/2025 is up $0.41 at $82.57, and the actual index for 12/9/2025 is up $0.27 at $82.16. Hog prices on the Daily Direct Morning Hog Report averaged $72.04, ranging from $66.00 to $74.00 on 3,674 head and a five-day rolling average of $71.80. Pork cutouts total 133.01 loads with 118.97 loads of pork cuts and 14.04 loads of trim. Pork cutout values: up $0.83, $98.10.

Thursday Morning Livestock Market Update - Hog Futures May Find Further Support

GENERAL COMMENTS:

Live cattle futures found buying interest with contracts closing near the highs and the highest close since Nov. 3. On one hand, traders are bullish due to continued tight cattle supplies, while on the other hand, boxed beef prices continue to show weakness. Boxed beef prices were lower on Wednesday with choice down $1.68 and select down $3.15. Cash cattle have not traded, providing no indication of direction. Feedlots are willing to hold out for higher prices as they have yet to post their offers. Packers will try to defend their margins in the face of weaker boxed beef.

Hog futures found support on Wednesday, with the February contract closing at the highest price since Nov. 11, and the April and later contracts pushing through resistance. The August contract closed above $100, marking the highest close since Oct. 22. Friday is the last day to trade the spot December contract, with limited price movement expected today. Pork cutouts seem to be finding support as demand improves. Pork cutout values on Wednesday gained $0.83 to average $97.27. The National Daily Direct Afternoon Hog report showed cash down $1.38 with packers able to purchase a moderate amount of hogs.

	BULL SIDE		BEAR SIDE
1)	Feedlots seem confident they can receive higher prices again this week and have not posted offers as they wait to see how aggressive packers may be.	1)	Boxed beef prices continue to show weakness, indicating that slower demand has developed. This may reduce slaughter.
2)	There are chart gaps in both live and feeder cattle futures that might be filled at some point. Prices are not far below those gaps.	2)	Packers may be less aggressive this week, which could result in lower cash cattle trade.
3)	Hog futures are seeing a greater interest from traders willing to buy and hold. The trend is up and increasing that interest.	3)	Weekly hog weights jumped 1.3 pounds to an average of 295.1 pounds. This is 6 pounds higher than a year ago.
4)	Slaughter remains strong as increased demand for pork requires packers to process more to meet that demand.	4)	Packers may have most of their hogs purchased for the week, leaving them less aggressive and resulting in lower cash.

Wednesday Closing Livestock Market Update - Traders Push Contracts Higher

GENERAL COMMENTS:

The livestock complex again closed mostly higher Wednesday afternoon as traders remain encouraged about the marketplace, even though they aren't willing to challenge the resistance threshold. Bids of $222 live were offered throughout the day in Nebraska, but no cattle traded. March corn is down 3 3/4 cents per bushel and January soybean meal is down $0.10. The Dow Jones Industrial Average is up 497.46 points and the NASDAQ is up 77.67 points.

LIVE CATTLE:

The live cattle complex maintained its higher trend through Wednesday's close, as traders remain optimistic about the complex. However, they don't seem to believe the market has enough support to break above the 100-day moving average. December live cattle closed $0.02 lower at $226.80, February live cattle closed $1.57 higher at $228.52 and April live cattle closed $1.47 higher at $228.37. Bids of $222 live were offered throughout the day in Nebraska, but no cattle traded. It's still unknown at this point what asking prices are for either region, as the countryside has been extremely quiet thus far this week. 

Wednesday's slaughter is estimated at 123,000 head, 6,000 head more than a week ago and 2,000 head less than a year ago.

Boxed beef prices closed lower: choice down $1.68 ($359.36) and select down $3.15 ($344.88) with a movement of 152 loads (110.05 loads of choice, 22.94 loads of select, 6.38 loads of trim and 12.56 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady/somewhat higher. Given that feedlot managers aren't seeming rushed to price their pens, I'm led to believe that prices could be steady if not somewhat higher again this week.

FEEDER CATTLE:

Like the live cattle complex, the feeder cattle contracts maintained their higher position through Wednesday's end, with mostly a $1.00 to $2.00 advancement seen throughout the contracts. And, also like the live cattle complex, the feeder cattle market desires to trade higher and is seeing strong fundamental support in terms of buyer demand in the countryside, but even so, traders remain cautious to pressure the market's 100-day moving average. At Ozarks Regional Stockyards in West Plains, Missouri, compared to last week, feeder steers and heifers traded $10.00 to $20.00 higher. Steer and heifer calves sold $6.00 to $12.00 higher, with peewee calves trading as much as $20.00 to $30.00 higher. Feeder cattle supply over 600 pounds was 41%. The CME feeder cattle index 12/9/2025: down $0.47, $344.03.

LEAN HOGS:

The lean hog complex rounded the day out slightly higher, encouraged by the continued support of consumer demand, but still not willing to close much beyond the market's resistance around $82.00 in the spot February contract. February lean hogs closed $0.55 higher at $82.42, April lean hogs closed $0.85 higher at $87.37 and June lean hogs closed $0.80 higher at $99.72. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.38 with a weighted average price of $70.05 on 5,105 head. Pork cutouts totaled 332.49 loads with 304.25 loads of pork cuts and 28.23 loads of trim. Pork cutout values: up $0.83, $97.27. Wednesday's slaughter is estimated at 490,000 head, 8,000 head more than a week ago and 7,000 head more than a year ago. The CME lean hog index 12/8/2025: up $0.05, $81.89.

THURSDAY'S HOG CALL: Lower. At this point, it's most likely that packers have fulfilled most of their needs already in the cash market.

Wednesday Midday Livestock Market Summary - Traders Allow Contracts to Inch Higher

GENERAL COMMENTS:

The livestock complex is trading mostly higher into midday Wednesday as traders remain hopeful that the market's support is going to come to fruition at some point this week. A single bid is currently on the table in Nebraska, but no cattle have traded yet. March corn is down 3 1/4 cents per bushel and January soybean meal is down $0.00. The Dow Jones Industrial Average is up 212.66 points and the NASDAQ is down 64.33 points.

LIVE CATTLE:

Although just mild at this point, the live cattle complex is pushing a minor rally into Wednesday's noon hour. Traders are simply "working with what they've got" as they desire to push the complex higher but can only do so in a cautious manner as they're nearing the market's 100-day moving average, which at this point remains too much of a resistance plane to tackle. December live cattle are down $0.75 at $226.07, February live cattle are up $0.75 at $227.70 and April live cattle are up $0.52 at $227.42. A single bid has surfaced in the fed cash cattle market at $222 live in Nebraska. So far, it's being passed, and no other business has developed. Asking prices are still unknown at this point.

Boxed beef prices are lower: choice down $2.00 ($359.04) and select down $1.60 ($346.43) with a movement of 89 loads (60.22 loads of choice, 12.30 loads of select, 5.44 loads of trim and 10.66 loads of ground beef).

FEEDER CATTLE:

With corn prices down $0.04 to $0.05 this morning, and with the live cattle complex allowing for a mild rally in its market, the feeder cattle complex has taken the liberty to trade its market $1.00 to $2.00 higher into midday Wednesday. January feeders are up $2.27 at $337.77, March feeders are up $2.17 at $332.32 and April feeders are up $1.95 at $331.42. At this point, it's unlikely that the market will trade much higher as there has not been any significant fundamental development to give traders enough encouragement to break through the market's resistance at the 100-day moving average. But when the fed cash cattle market begins to trade this week, if prices are substantially higher again this week, then that may be the silver lining that traders needed.

LEAN HOGS:

The lean hog complex continues to hover around its resistance threshold at $82.00 in the spot February contract as the market desires to trade higher, but hasn't seen enough sure-fire support in the complex just yet to justify challenging that threshold. December lean hogs are up $0.02 at $82.52, February lean hogs are up $0.50 at $82.37 and April lean hogs are up $0.80 at $87.32. Yes, pork cutout values are a tick higher this morning, but traders need more support than a $0.33 jump in the carcass price.

The projected lean hog index for 12/9/2025 is up $0.27 at $82.16, and the actual index for 12/8/2025 is up $0.05 at $81.89. Due to packer submission issues, the Daily Direct Hog Report is delayed at this time. Pork cutouts total 200.52 loads with 189.80 loads of pork cuts and 10.72 loads of trim. Pork cutout values: up $0.33, $96.77.

Wednesday Morning Livestock Market Update - Traders Wait for Cash Cattle Trade

GENERAL COMMENTS:

Traders were biding their time on Tuesday, waiting for cash cattle to trade. There is a sense that cash will trade steady to higher, but it is uncertain how aggressive packers may need to be. Neither packers nor feedlots have tipped their hand, and neither solid bids nor offers have been posted. It is uncertain how much the winter weather will impact sales, but it will impact cattle performance. The WASDE report did not have much impact on grain prices and will keep feed prices in check. The estimates for beef prices and production in the report held mixed news. Higher beef production is estimated, but cattle prices were reduced from the previous report. Boxed beef prices were mixed with choice up $0.14 and select down $0.57.

The December hog futures contract closed higher as it remains close to cash. The last trading day for December is Friday. The rest of the contracts closed with minor losses, regaining much of the weakness experienced during the day. It seemed that traders did not want to press the market lower and short-covered into the close. The National Daily Direct Afternoon Hog report showed an increase of $1.39 on a moderate volume of hogs traded. This may require packers to remain somewhat aggressive again today. Pork cutout values gained $0.93. Even with higher weights, packers retain a strong slaughter pace. The WASDE report showed little change from the previous report, with estimated prices showing little change.

	BULL SIDE		BEAR SIDE
1)	The significantly higher cash prices for cattle last week may result in steady to higher cash this week. Feedlots may choose to hold for better cash this week or may not be interested in selling due to the winter weather.	1)	Beef packers may be unwilling to pay more for cattle this week as the uncertainty of boxed beef prices makes them cautious.
2)	A benign WASDE report for grains should keep feed prices reasonable and maintain profitability for cattle feeders.	2)	Packers may not need to be aggressive with purchasing cattle this week, which may result in no better than steady prices.
3)	The rebound of hog futures from the lows on Tuesday was a good sign that traders may not want to press the market to the downside. This may improve trader buying interest.	3)	Weekly hog weights increased again, with the average weight at 293.8 pounds, up 0.4 pounds from the previous week. This is 4.7 pounds higher than a year ago.
4)	Packers are expected to need more hogs to fill their needs for the week and may pay more to obtain them.	4)	Pork cutout prices have yet to find stability, and until they do, further upside price potential may be limited.

Tuesday Closing Livestock Market Update - Traders Let Contracts Close Lower

GENERAL COMMENTS:

The livestock complex closed mostly lower as traders simply didn't see enough support in the market to challenge resistance thresholds. No cash cattle trade developed throughout the day. March corn is up 4 1/4 cents per bushel and January soybean meal is down $5.00. The Dow Jones Industrial Average is down 179.03 points and the NASDAQ is up 30.59 points.

LIVE CATTLE:

The live cattle complex ended the day slightly higher, as the spot February contract was able to inch just past its 40-day moving average, but the market wasn't strong enough just yet to rival the 100-day moving average. Traders are longing to see what develops fundamentally this week, as they'll likely base their decision on whether or not to challenge the 100-day moving average off that development. December live cattle closed $0.50 lower at $226.82, February live cattle closed $0.27 higher at $226.95 and April live cattle closed $0.20 higher at $226.90. No cash cattle trade developed throughout the day, and both bids and asking prices remain elusive at this point. Tuesday's slaughter is estimated at 123,000 head, 1,000 head more than a week ago and 4,000 head more than a year ago.

Tuesday's WASDE report shared mixed news for cattle and beef markets of 2025 and 2026. Beef production for 2025 was increased as both fed and non-fed slaughter have increased, and as carcass weights continue to be at an all-time high. Beef production for 2025 is now estimated at 25,950 million pounds -- up 194 million pounds from last month's report. Beef production for 2026 increased from last month's report as well -- now estimated to total 25,725 million pounds, up 335 million pounds from last month's estimate. Cattle prices, unfortunately, softened substantially from last month's report to reflect the market's recent prices and to account for reduced shackle space in 2026. Steer prices in the fourth quarter of 2025 are expected to average $226 (down $8.00 from last month), steers in the first quarter of 2026 are expected to average $230 (down $12.00 from last month), steers in the second quarter of 2026 are expected to average $234 (down $11.00 from last month's report) and steers in the third quarter of 2026 are expected to average $236 (down $12.00 from last month's report). Beef imports for 2025 are lowered by 20 million pounds, and beef exports for 2025 are lowered by 45 million pounds as well. Beef imports for 2026 are increased by 500 million pounds as reduced tariffs will affect the influx of beef, but beef exports were decreased by 40 million pounds.

Boxed beef prices closed mixed: choice up $0.14 ($361.04) and select down $0.57 ($348.03) with a movement of 140 loads (94.58 loads of choice, 25.93 loads of select, 7.17 loads of trim and 12.47 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady/somewhat higher. Although packers were able to buy up some inventory last week, I personally believe that they still could be active in this week's market as they need to secure supplies for the Christmas to New Years' time span.

FEEDER CATTLE:

Although the live cattle complex closed slightly higher, the feeder cattle contracts weren't able to do the same, as the market didn't see enough fundamental reassurance to make that move happen. Yes, feeder cattle demand is excellent right now, but the live cattle contracts didn't close higher in a bold manner, and the pressure at the market's 100-day moving average is significant. January feeders closed $0.15 lower at $335.50, March feeders closed $0.27 lower at $330.15 and April feeders closed $0.25 lower at $329.47. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers weighing over 800 pounds traded $6.00 to $10.00 higher and steers weighing under 800 pounds sold $15.00 to $30.00 higher. Feeder heifers traded $6.00 to $10.00 higher. Steer and heifer calves sold $15.00 to $30.00 higher, with spots up to $40.00 higher. Feeder cattle supply over 600 pounds was 55%. The CME feeder cattle index 12/8/2025: up $1.44, $344.50.

LEAN HOGS:

Although pork demand remained strong through the day's end, the lean hog contracts weren't able to break beyond the market's resistance at $82.00. December lean hogs closed $0.20 higher at $82.50, February lean hogs closed $0.52 lower at $81.87 and April lean hogs closed $0.45 lower at $86.52. Traders need to see ample, undeniable fundamental support before they'll likely attempt to take on that resistance. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.39 with a weighted average price of $71.43 on 4,671 head. Pork cutouts totaled 306.31 loads with 252.25 loads of pork cuts and 54.06 loads of trim. Pork cutout values: up $0.93, $96.44. Tuesday's slaughter is estimated at 493,000 head, 4,000 head more than a week ago and 7,000 head more than a year ago. The CME lean hog index 12/5/2025: up $0.03, $81.84.

Tuesday's WASDE report shared mixed news for the hog and pork markets of 2025 and 2026. Pork production for 2025 was decreased by 25 million pounds, and pork production for 2026 remained steady at 27,475 million pounds. Quarterly price projections also saw a decrease as hog prices in the fourth quarter of 2025 are expected to average $64 (down $2.00 from last month's report), hog prices in the first quarter of 2026 are expected to average $64 (down $1.00 from last month's report), hog prices in the second quarter of 2026 are expected to average $70 (unchanged from last month) and hog prices in the third quarter of 2026 are expected to average $71 (unchanged from last month). 2025 pork imports increased by 10 million pounds, but pork exports for 2025 decreased by 10 million pounds. Pork imports for 2026 increased by 15 million pounds to 1,175 million pounds, but pork exports for 2026 increased by 60 million pounds to 7,020 million pounds.

WEDNESDAY'S HOG CALL: Steady. Packers will likely need to be aggressive for at least another day in this week's market.

Tuesday Midday Livestock Market Summary - Resistance Pressure Keeps Contracts Trading Lower

GENERAL COMMENTS:

The livestock complex is trading cautiously into Tuesday's noon hour as traders are well aware and respecting the market's resistance thresholds and currently don't see enough support in the market to push the contracts above those thresholds. No bids or asking prices have surfaced yet in the fed cash cattle market. March corn is up 1 1/4 cents per bushel and January soybean meal is down $3.00. The Dow Jones Industrial Average is up 111.78 points and the NASDAQ is up 46.86 points.

LIVE CATTLE:

The live cattle complex is off to a mild rally this morning as the market desires to trade higher, but traders aren't confident that the market possesses enough support to break through the market's stiff resistance at its 40-day and 100-day moving averages just yet. December live cattle are down $0.20 at $227.12, February live cattle are up $0.55 at $227.22 and April live cattle are up $0.52 at $227.22. Still no cash cattle trade has developed and bids and asking prices remain elusive at this point.

Tuesday's WASDE report shared mixed news for cattle and beef markets of 2025 and 2026. Beef production for 2025 was increased as both fed and non-fed slaughter have increased, and as carcass weights continue to be at an all-time high. Beef production for 2025 is now estimated at 25,950 million pounds -- up 194 million pounds from last month's report. Beef production for 2026 increased from last month's report as well -- now estimated to total 25,725 million pounds, up 335 million pounds from last month's estimate. Cattle prices, unfortunately, softened substantially from last month's report to reflect the market's recent prices and to account for reduced shackle space in 2026. Steer prices in the fourth quarter of 2025 are expected to average $226 (down $8.00 from last month), steers in the first quarter of 2026 are expected to average $230 (down $12.00 from last month), steers in the second quarter of 2026 are expected to average $234 (down $11.00 from last month's report) and steers in the third quarter of 2026 are expected to average $236 (down $12.00 from last month's report). Beef imports for 2025 are lowered by 20 million pounds, and beef exports for 2025 are lowered by 45 million pounds as well. Beef imports for 2026 are increased by 500 million pounds as reduced tariffs will affect the influx of beef, but beef exports were decreased by 40 million pounds.

Boxed beef prices are higher: choice up $2.07 ($362.97) and select up $1.32 ($349.92) with a movement of 80 loads (54.96 loads of choice, 12.35 loads of select, 3.71 loads of trim and 8.98 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is trading right in line again this week with the live cattle market -- seeing more than enough fundamental support in feeder cattle sales in the countryside -- but without the technical reassurance from the live cattle market, traders aren't willing to push the contracts beyond the 40-day and 100-day moving averages just yet. January feeders are down $0.47 at $335.17, March feeders are down $0.12 at $330.30 and April feeders are up $0.27 at $330.00. Yesterday afternoon, feeder cattle prices were marked anywhere from $5.00 to $30.00 higher as demand has again perked back up in the countryside.

LEAN HOGS:

And just like the cattle complex, the market's resistance simply seems too stiff for the lean hog complex to challenge at this point in time, as most of the contracts are trading lower into the day's noon hour. December lean hogs are down $0.02 at $82.27, February lean hogs are down $0.37 at $82.00 and April lean hogs are down $0.60 at $86.37. It's likely that the market will keep this slightly lower tone through the day's end, as it's going to take substantial fundamental support to develop before traders will likely challenge that resistance threshold. And although midday pork cutout values are higher, traders are going to need to see consistent support as well.

Tuesday's WASDE report shared mixed news for the hog and pork markets of 2025 and 2026. Pork production for 2025 was decreased by 25 million pounds, and pork production for 2026 remained steady at 27,475 million pounds for 2026. Quarterly price projections also saw a decrease as hog prices in the fourth quarter of 2025 are expected to average $64 (down $2.00 from last month's report), hog prices in the first quarter of 2026 are expected to average $64 (down $1.00 from last month's report), hog prices in the second quarter of 2026 are expected to average $70 (unchanged from last month) and hog prices in the third quarter of 2026 are expected to average $71 (unchanged from last month). 2025 pork imports increased by 10 million pounds, but pork exports for 2025 decreased by 10 million pounds. Pork imports for 2026 increased by 15 million pounds to 1,175 million pounds, but pork exports for 2026 increased by 60 million pounds to 7,020 million pounds.

The projected lean hog index for 12/8/2025 is up $0.05 at $81.89, and the actual index for 12/5/2025 is up $0.03 at $81.84. Hog prices on the Daily Direct Morning Hog Report average $71.01, ranging from $62.00 to $74.00 on 2,391 head and a five-day rolling average of $70.66. Pork cutouts total 183.41 loads with 158.10 loads of pork cuts and 25.30 loads of trim. Pork cutout values: up $2.76, $98.27.

Tuesday Morning Livestock Market Update - Mixed Trading Activity Is Expected

GENERAL COMMENTS:

Cattle futures closed lower, which was somewhat expected after the recent substantial increase in futures prices put them closely in line with cash. Until traders get a better idea of the potential for cash trade, they may remain less aggressive. The current anticipation is for cash trade to be steady. The feedlots will attempt to hold out for higher prices, but this may not be feasible due to a struggling boxed beef market. Boxed beef prices were mixed with choice down $0.30 and select up $1.21. Strong demand remains for feeder cattle in the country, with auction prices continuing to command a premium. This will keep prices from decreasing very much despite the government's efforts to reduce beef prices. Beef prices are high because of tight supplies and strong consumer demand.

Hog futures maintained support despite weakness in cash and cutouts. For now, technical trading and the trader's perception of good demand have been supporting the market. The July futures contract closed above $100, where it has not been since Oct. 27. The National Daily Direct Afternoon Hog report showed cash down $1.49. Pork cutout values declined $0.88. Packers are expected to be more aggressive in their purchases today, which should result in higher cash prices.

	BULL SIDE		BEAR SIDE
1)	Feeder cattle prices are strong as feedlots continue to buy cattle to fill their lots to remain efficient and meet demand.	1)	Cattle futures may have difficulty increasing much further unless cash cattle find further support this week.
2)	Despite the weakness of cattle futures on Monday, the recent strong uptrend remains intact.	2)	Packers purchased a large volume of cattle last week, which may leave them less aggressive this week.
3)	The June through August hog contract broke through and closed above technical resistance on Monday. This could trigger further buying interest.	3)	Hog futures may have limited upside potential as cash and cutouts are not finding consistent support.
4)	The October hog contract closed at a new high, indicating greater optimism is developing over better prices next year.	4)	Hog supplies are plentiful in the country, allowing packers to be less aggressive with purchases. Heavier weights mean more pork with fewer hogs.

Monday Morning Livestock Market Update - Cattle Futures May See Initial Pressure

GENERAL COMMENTS:

Cattle futures were supported last week by the potential for higher cash cattle trade. Traders were rewarded for their assessment by substantially higher cash prices. Southern live cattle traded $7.00 higher with Northern dressed cattle trading as much as $16.00 higher. The strong price rally seen over the past two weeks may have run its course, as lower boxed beef prices and the announcement on Saturday that President Trump has ordered his administration to examine price-fixing and the impact of foreign ownership in the food supply chain. The last time he talked about looking into the activities in the beef industry, the market fell. Even though the beef industry was not mentioned directly this time, it may have a similar impact. Cash cattle jumped higher last week, but further weakness in boxed beef may limit further upside potential. Choice boxed beef declined $1.32, with select down $2.93, adding to an already negative week for boxed beef prices.

Hog futures showed further strength with contracts moving through and closing above technical resistance. That certainly provided support through the end of the week and may result in follow-through buying Monday. Cash was lower on Friday, with the National Daily Direct Afternoon Hog report down $1.12. However, this was more than offset by pork cutouts jumping $3.06. All categories of cutouts were higher, with butts and picnics showing gains of $5.18 and $5.05, respectively. The Head and Shoulders pattern remains intact, which could mean further upside price gains may develop.

	BULL SIDE		BEAR SIDE
1)	Strong cash cattle is an indication of the tight market fundamentals and continued good demand.	1)	President Trump is setting up a task force to look into price-fixing and the impact of foreign ownership in the food system. This may trigger a knee-jerk bearish reaction in the cattle market.
2)	Feedlots will not be anxious to sell this week due to packers being short-bought last week and likely not having purchased many for deferred delivery.	2)	Boxed beef prices continue to show weakness and could put pressure on cattle futures.
3)	The Head and Shoulders bottom formation indicates that further upside for futures is possible as technical traders remain interested in buying into the market.	3)	Hogs have had more technical support than they have had fundamental support. This may limit upside price potential.
4)	Pork cutouts may find overall support through December as demand is expected to improve.	4)	Packers may not be aggressive Monday as they wait to see the level of pork movement through the weekend.

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.