GENERAL COMMENTS:
The livestock complex closed mostly higher Friday afternoon as traders showed the market fair support. A few more cash cattle deals developed, but prices remained steady with the week's trend. December corn is down 3 3/4 cents per bushel and December soybean meal is up $1.40. The Dow Jones Industrial Average is up 307.13 points and the NASDAQ is up 97.11 points.
From Friday to Friday, livestock futures scored the following changes: October live cattle down $1.77, December live cattle down $1.42; October feeder cattle up $2.90, November feeder cattle up $3.55; October lean hogs up $3.53, December lean hogs up $3.43; December corn down $0.02, March corn down $0.03.
Friday's Cold Storage report shared that total red meat supplies in freezers were down 2% from the previous month, and down 7% from last year. Total pounds of beef in freezers were down 1% from last month, but up 2% from a year ago. Frozen pork supplies were down 3% from the previous month and down 13% from last year. Stocks of pork bellies were down 25% from the previous month and down 8% from last year.
LIVE CATTLE:
It was a dismal day for the live cattle complex as traders were disappointed to see the spot December contract close below the market's 40-day moving average. Likely, traders will again be met with pressure early next week to continue to push the contracts lower, but time will tell. A few more sales were noted in the North this afternoon, but prices remained steady with the week's average. Throughout the week, Northern dressed cattle traded at mostly $365, which is $6.00 lower than last week's weighted average. Southern live cattle traded at mostly $237, which is $3.00 lower than last week's weighted average. It was especially disappointing to note that some of the dressed cattle were booked for commitment on the weeks of October 6 and October 13, as packers are trying to build up more and more supply around them so that they can continue to push prices lower in the weeks ahead. October live cattle closed $0.25 lower at $231.80, December live cattle closed steady at $234.30 and February live cattle closed $0.45 higher at $23.50.
Friday's slaughter is estimated at 88,000 head, 1,000 head more than a week ago and 27,000 head less than a year ago. Saturday's slaughter is projected to be around 1,000 head. The week's total slaughter is estimated at 555,000 head, 3,000 head more than a week ago and 61,000 head less than a year ago.
Boxed beef prices closed lower: choice down $0.54 ($371.43) and select down $1.01 ($352.44) with a movement of 95 loads (54.87 loads of choice, 9.84 loads of select, 19.41 loads of trim and 10.74 loads of ground beef).
MONDAY'S CATTLE CALL: Lower. The live cattle market's trend is likely going to be lower for the upcoming weeks until holiday beef demand kicks in.
FEEDER CATTLE:
The feeder cattle complex was thankfully able to maintain its higher trend through the day's end and was able to remain elevated above the market's 40-day moving average. October feeders closed $2.95 higher at $357.00, November feeders closed $2.25 higher at $354.47 and January feeders closed $1.87 higher at $347.82. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers traded $7.00 to $13.00 higher and steer calves sold $10.00 to $15.00 stronger. Feeder heifers and heifer calves sold $10.00 to $15.00 higher. The same report did note that after two weeks of declines seen on feeder cattle and calf prices, prices have nearly rebounded to record highs. The news of New World screwworm being just 70 miles away from the Southern border and likely indicating that the U.S. won't open Mexican cattle imports anytime soon, along with farmers reentering the market after sowing wheat, has all contributed to the increase in demand again this week. Feeder cattle supply over 600 pounds was 51%. The CME feeder cattle index 9/25/2025: up $0.94, $365.04.
LEAN HOGS:
The lean hog complex had a tremendous day where the spot December contract was able to close at a new contract high, mainly being fueled by the uptick in pork demand late in the week and by Thursday's positive Quarterly Hogs and Pigs report. October lean hogs closed $1.40 higher at $101.50, December lean hogs closed $2.42 higher at $91.05 and February lean hogs closed $2.25 higher at $92.15. The biggest contributing factors as to why the carcass price closed higher were the picnic's $4.16 jump and the loin's $4.01 jump. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.32 with a weighted average price of $103.18 on 1,869 head. Pork cutouts totaled 278.81 loads with 251.15 loads of pork cuts and 27.67 loads of trim. Pork cutout values: up $2.53, $113.52. Friday's slaughter is estimated at 471,000 head, 8,000 head less than a week ago and 3,000 head less than a year ago. Saturday's slaughter is projected to be around 132,000 head. The CME lean hog index 9/24/2025: up $0.06, $105.06.
MONDAY'S HOG CALL: Lower. Packers rarely jump aggressively into the cash hog market on Mondays.
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