GENERAL COMMENTS:
It's a fruitful morning for the livestock complex as all three of the markets are trading higher into Friday's noon hour. Bids are on the table in the cash market, but no new trade has developed just yet. December corn is down 1 cent per bushel and December soybean meal is unchanged. The Dow Jones Industrial Average is up 119.65 points and NASDAQ is up 101.49 points.
LIVE CATTLE:
The live cattle complex is trading fully higher into Friday's noon hour as the marketplace has again found some favor from traders. October live cattle are up $1.07 at $233.45, December live cattle are up $1.47 at $235.62 and February live cattle are up $1.47 at $237.15. Bids are on the table this morning in the fed cash cattle sector as more cattle need to trade before the week's end. Asking prices are firm at $242 plus in the South and at $372 plus in the North. So far this week, a light trade took place in the North at $370, which is $6.00 lower than last week's weighted average. And yes, a regional packer did pay as much as $376, which is steady with last week's weighted average, but that was only on a few head. Some light trade did take place in the South at $240, which is steady last week's weighted average as well. Do note that this afternoon, the monthly Cattle on Feed report will be shared, and the placement data will again be the wild card as pre-report estimates were all over the place.
Boxed beef prices are lower: choice down $2.80 ($383.01) and select down $2.22 ($359.09) with a movement of 100 loads (72.71 loads of choice, 11.16 loads of select, 5.60 loads of trim and 11.01 loads of ground beef).
FEEDER CATTLE:
And once again, the feeder cattle complex is falling right in line with what the live cattle contracts are doing as traders push both markets higher. It is worth noting, however, that the market is again seeing the biggest day-over-day gains in the furthest deferred months as those contracts are trading as much as $4.00 higher. October feeders are up $2.30 at $354.02, November feeders are up $3.80 at $351.02 and January feeders are up $4.00 at $344.17.
LEAN HOGS:
The lean hog complex is trading mostly higher into Friday's noon hour as traders are comfortable letting the complex chop sideways/slightly higher. It is helpful that midday pork cutout values are stronger, but it's unlikely that traders are going to do anything wild in the futures complex ahead of the weekend. October lean hogs are up $0.45 at $97.92, December lean hogs are down $0.20 at $87.50 and February lean hogs are up $0.07 at $89.77.
The projected lean hog index for 9/18/2025 is down $0.36 at $105.34, and the actual index for 9/17/2025 is down $0.16 at $105.70. Hog prices are lower on the Daily Direct Morning Hog Report, down $1.63 with a weighted average price of $104.94, ranging from $96.00 to $108.00 on 2,674 head and a five-day rolling average of $105.92. Pork cutouts total 155.12 loads with 138.34 loads of pork cuts and 16.78 loads of trim. Pork cutout values: up $1.87, $113.82.
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