GENERAL COMMENTS:
The livestock complex ended the day mixed, with the cattle contracts committed to their lower trend through the week's end, but the lean hog contracts successfully closed higher. A few more sales were noted in the North this afternoon, but not much developed in the fed cash cattle market throughout the day as packers had already done most of their buying for the week. December corn is down 1 3/4 cents per bushel and December soybean meal is up $0.30. The Dow Jones Industrial Average is down 220.43 points and the NASDAQ is down 7.30 points.
From Friday to Friday, livestock futures scored the following changes: October live cattle down $3.68, December live cattle down $3.32; September feeder cattle down $4.95, October feeder cattle down $6.57; October lean hogs up $1.00, December lean hogs up $0.92; September corn up $0.01, December corn down $0.02.
LIVE CATTLE:
It was a lower ending, uneventful day for the live cattle complex aside from the late sampling of trade that did develop in Nebraska this afternoon. Throughout the week, the cash cattle market struggled to really establish a consistent trend for the week as Southern live cattle traded for $242 to $243, which is steady to $1.00 higher than last week's weighted average. Northern dressed cattle traded mostly at $383, which is $2.00 lower than last week's weighted average. But lo and behold, a regional packer in Nebraska got hungry this afternoon and ended up buying some cattle for $387, which is $4.00 higher than the rest of the week's business and $1.00 higher than last week's weighted average. Which then makes the mind ask: If feedlot managers in the North had held out until Friday to trade their pens, could they have sold everything for $387 as opposed to $383?
October live cattle closed $0.97 lower at $235.97, December live cattle closed $1.10 lower at $237.45 and February live cattle closed $1.20 lower at $238.67.
Friday's slaughter is estimated at 118,000 head, 17,000 head more than a week ago and 7,000 head less than a year ago. Saturday's slaughter is projected to be around 6,000 head. The week's total slaughter is estimated at 487,000 head, 78,000 head less than a week ago and 60,000 head less than a year ago.
Boxed beef prices closed lower: choice down $3.45 ($410.76) and select down $2.58 ($385.19) with a movement of 120 loads (83.22 loads of choice, 12.91 loads of select, 8.14 loads of trim and 15.23 loads of ground beef).
MONDAY'S CATTLE CALL: Steady. Before a trend for next week can be assumed, we need to see how many cattle were bought this week.
FEEDER CATTLE:
Much like the rest of the week, the feeder cattle complex rounded out the day lower as the market continued to closely follow the mannerisms of the live cattle complex. Although demand has remained strong in the countryside for feeder cattle, trades simply weren't willing to advance the contracts this week as they struggled to justify how they could soundly advance the contracts anymore. September feeders closed steady at $359.82, October feeders closed $1.05 lower at $357.90 and November feeders closed $1.92 lower at $356.15. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers traded steady to $3.00 higher, and feeder heifers traded $1.00 to $7.00 stronger. Steer calves weighing over 500 pounds sold $12.00 to $13.00 higher, but those under 500 pounds sold steady. Heifer calves over 500 pounds sold $7.00 to $10.00 higher, and those under 500 pounds sold steady. Feeder cattle supply over 600 pounds was 57%. The CME feeder cattle index 9/4/2025: up $2.61, $363.96.
LEAN HOGS:
It was an eventful week for the lean hog complex all the way up until the week's very end as the market successfully managed to round out the week higher. Traders were feeling ambitious earlier in the day and tried to run the spot October contract up to the market's resistance plane around $97, but traders quickly realized they didn't possess enough support for that kind of bullish move. October lean hogs closed $1.00 higher at $96.02, December lean hogs closed $1.02 higher at $88.32 and February lean hogs closed $0.87 higher at $90.37. It was helpful to see pork cutout values end the day stronger, which was mainly again because of the $5.48 jump in the picnic and the $3.72 jump in the loin. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $3.18 with a weighted average price of $101.25 on 1,483 head. Pork cutouts totaled 321.79 loads with 293.94 loads of pork cuts and 27.85 loads of trim. Pork cutout values: up $2.55, $115.87. Friday's slaughter is estimated at 476,000 head, 18,000 head more than a week ago and 8,000 head less than a year ago. Saturday's slaughter is projected to be around 382,000 head. The CME lean hog index 9/3/2025: up $0.05, $105.97.
MONDAY'S HOG CALL: Lower. Packers rarely support the cash hog market on Mondays.
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