GENERAL COMMENTS:
All in all, Friday was a winning day for the livestock contracts, as traders allowed the contracts to close mildly stronger. The week's fed cash cattle trade didn't amount to much, but some more trade could develop late Friday afternoon. December corn was up 1/4 cent per bushel, and December soybean meal was down $0.70. The Dow Jones Industrial Average was up 172.85 points, and the NASDAQ was up 160.75 points.
From Friday to Friday, livestock futures scored the following changes: October live cattle up $3.60, December live cattle up $3.80; September feeder cattle up $8.75, October feeder cattle up $8.30; October lean hogs up $0.85, December lean hogs down $1; December corn down $0.06, March corn down $0.06.
LIVE CATTLE:
Traders may have struggled with how to handle the live cattle complex throughout the week, but by Friday's close, the market was indeed able to close slightly higher. October live cattle closed $1.20 higher at $233.57, December live cattle closed $1.57 higher at $235.72, and February live cattle closed $1.67 higher at $237.45. At the time of this writing, the fed cash cattle market hadn't seen many cattle trade, but thus far throughout the week, Southern live cattle have mostly traded for $239 to $240, which is steady to $1 lower than last week's weighted average, and Northern dressed cattle traded at mostly $370, which is $6 lower than last week's weighted average. At this point, it's a coin toss on whether packers are going to up their bids to get some more cattle bought so they aren't short bought in the weeks ahead, or if feedlot managers are simply going to elect to roll the cattle they didn't get traded onto next week's showlist. Asking prices for cattle left to trade are firm at $242 plus in the South and $372 plus in the North.
Friday's slaughter is estimated at 87,000 head -- 12,000 head less than a week ago and 23,000 head less than a year ago. Saturday's slaughter is projected to be around 5,000 head. The week's total slaughter is estimated at 552,000 head -- 13,000 head less than a week ago and 62,000 head less than a year ago.
Boxed beef prices closed lower: choice down $3.76 ($382.05) and select down $1.39 ($359.92) with a movement of 131 loads (90.87 loads of choice, 17.57 loads of select, 7.74 loads of trim and 14.39 loads of ground beef).
MONDAY'S CATTLE CALL: Steady/somewhat lower. Given the seasonal decline of fed cash cattle price and boxed beef prices, it's likely that prices will trade steady to somewhat lower next week unless packers are shorter bought than we realize.
FEEDER CATTLE:
Although the feeder cattle complex endured some pressure throughout the week, the market was able to close on a positive note by Friday's end. October feeders closed $2.37 higher at $354.10, November feeders closed $3.70 higher at $350.92 and January feeders closed $3.75 higher at $343.92. And even though feeder cattle sales saw some softness this week compared to recent weeks, it was again highlighted in Friday's USDA Cattle on Feed report just how sparse the supplies are of feeder cattle in the U.S., as the number of cattle placed during the month of August was down 10% compared to a year ago.
The Oklahoma Weekly Cattle Auction Summary revealed that, compared to last week, feeder steers traded $1 to $7 lower, and feeder heifers traded mostly $5 to $11 lower. Steer calves traded $12 to $17 lower, and heifer calves traded $15 to $20 lower. The market report shared that feeder cattle prices came under pressure from multiple fronts: the psychological effect of waning boxed beef prices, the fact that farmers in the region are sowing wheat and are in the field and not at sale barns, and the sheer fact that late September/October is commonly referred to as "dead calf season," as wild temperature swings amid the stresses of weaning can gravely affect freshly weaned calves. But even with some downward pressure endured, it's still rather incredible that the CME feeder cattle index has maintained a position over $360. The CME feeder cattle index 9/18/2025: down $1.99, $360.63.
LEAN HOGS:
The lean hog complex was able to round out the day higher, as traders mildly supported the contracts through the day's close. It did help that pork cutout values closed slightly higher, but again this week, traders could have used more fundamental support. October lean hogs closed $0.50 higher at $97.97, December lean hogs closed $0.07 lower at $87.62 and February lean hogs closed $0.10 higher at $89.80. If it weren't for the loin's $2.81 decline, the carcass price would have likely been able to close noticeably higher, as all the other major cuts closed stronger. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.99 with a weighted average price of $103.61 on 7,279 head. Pork cutouts totaled 285.39 loads with 257.86 loads of pork cuts and 27.53 loads of trim. Pork cutout values: up $0.08, $112.03. Friday's slaughter is estimated at 484,000 head -- 17,000 head more than a week ago and 3,000 head more than a year ago. Saturday's slaughter is projected to be around 169,000 head. The CME lean hog index 9/17/2025: down $0.16, $105.70.
MONDAY'S HOG CALL: Lower. Packers rarely support the cash hog market on Mondays.
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