GENERAL COMMENTS:
The livestock complex had a lackluster end to the week as prices closed softer as traders simply seemed to distance themselves from the complex throughout the day. A few more cash cattle sales were reported throughout the day, but they were mostly clean-up in nature. December corn is up 10 1/4 cents per bushel and December soybean meal is up $0.90. The Dow Jones Industrial Average is down 273.78 points and the NASDAQ is up 98.03 points.
From Friday to Friday, livestock futures scored the following changes: October live cattle down $6.00, December live cattle down $5.52; September feeder cattle down $9.42, October feeder cattle down $12.10; October lean hogs up $1.10, December lean hogs up $0.30; September corn remained steady, December corn up $0.12.
LIVE CATTLE:
It was a rather disappointing week and a disappointing day for the live cattle complex. And although most of the market's notable declines are seasonal habits, a lower end after such a bullish run since June seems displeasing, nonetheless. October live cattle closed $2.30 lower at $229.97, December live cattle closed $2.20 lower at $231.92 and February live cattle closed $2.02 lower at $233.22. It is important to note that the spot October contract did, unfortunately, close below the market's 40-day moving average, which could mean that next week the market could see continued downward pressure, as technically speaking, that's a negative signal. A few more cash cattle sales developed throughout the week, but prices held steady with the week's trend. Throughout the week, Southern live cattle traded at mostly $240, which is $2.00 lower than last week's weighted average and Northern dressed cattle traded at $375 to $378, which is $5.00 to $8.00 lower than last week's weighted average.
Friday's slaughter is estimated at 95,000 head, 23,000 head less than a week ago and 24,000 head less than a year ago. Saturday's slaughter is projected to be around 7,000 head. The week's total slaughter is estimated at 561,000 head, comparable to last week, but 62,000 head less than a year ago.
Boxed beef prices closed lower: choice down $0.75 ($400.04) and select down $1.51 ($378.44) with a movement of 128 loads (100.08 loads of choice, 9.28 loads of select, 9.38 loads of trim and 9.09 loads of ground beef).
MONDAY'S CATTLE CALL: Lower. It's likely that for the upcoming weeks, cash prices will trade lower.
FEEDER CATTLE:
It was a bitter and disappointing day for the feeder cattle complex as the contracts tumbled substantially lower ahead of the day's end, which largely came about because the live cattle market was trading lower and because the market fundamentals (fed cash cattle trade and boxed beef prices) were weaker this week as well. September feeders closed $4.82 lower at $350.40, October feeders closed $6.55 lower at $345.80 and November feeders closed $7.22 lower at $343.25. Demand in the countryside was a tick softer this week as the board had a slightly negative effect on prices, and as more unweaned calves are making their way to sale barns for the fall run. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers traded $1.00 to $6.00 lower and feeder heifers traded $3.00 to $7.00 lower. Steer calves sold steady to $5.00 lower, and heifer calves traded $10.00 to $20.00 lower. The sale report noted that the market was lower on all classes of cattle and was pressured by an abundance of unweaned calves coming to town and by the board's weaker tone throughout the week. Feeder cattle supply over 600 pounds was 52%. The CME feeder cattle index 9/11/2025: down $0.40, $363.08.
LEAN HOGS:
Like the cattle contracts, the lean hog complex stalled out ahead of the week's end and rounded out the day mostly lower as trade support had to come by throughout Friday's market. October lean hogs closed $1.05 lower at $97.12, December lean hogs closed $0.62 lower at $88.62 and February lean hogs closed $0.20 lower at $90.37. It's still impressive that although the spot October contract closed slightly lower, the market was able to maintain its position at the market's resistance threshold at $97.00. And this afternoon, pork cutout values thankfully closed higher, but sadly, the positive fundamental gesture was a little too late to help persuade traders to push the contracts higher. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $3.35 with a weighted average price of $103.94 on 2,190 head. Pork cutouts totaled 372.89 loads with 333.45 loads of pork cuts and 39.44 loads of trim. Pork cutout values: $1.34, $114.51. Friday's slaughter is estimated at 473,000 head, 2,000 head more than a week ago and 6,000 head less than a year ago. Saturday's slaughter is projected to be around 94,000 head. The CME lean hog index 9/10/2025: up $0.11, $106.04.
MONDAY'S HOG CALL: Lower. Packers rarely aggressively participate in the cash hog market on Monday
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