GENERAL COMMENTS:
Heading into Friday's noon hour, it's been a fruitful day thus far for the livestock contracts as they're all currently trading higher. No new cash cattle trade has developed at this point, but bids are on the table again. December corn is down 4 cents per bushel and December soybean meal is up $0.80. The Dow Jones Industrial Average is up 293.12 points and the NASDAQ is up 27.76 points.
LIVE CATTLE:
After starting the day off with a rocky start, the live cattle complex is thankfully trading higher into Friday's noon hour, but with the market's deferred contracts again seeing the biggest daily increases. October live cattle are up $0.50 at $232.55, December live cattle are up $0.65 at $234.95 and February live cattle are up $1.02 at $237.07. The spot December contract is thankfully back to trading slightly above the market's 40-day moving average, which will continue to be an important threshold to monitor, as a close beneath that price point could indicate continued downward pressure. Bids are currently on the table in both Kansas and Nebraska, but no new sales have been confirmed yet for the day. Thus far this week Northern dressed cattle have traded at mostly $365, which is $6.00 lower than last week's weighted average and Southern live cattle have been marked at mostly $237, which is $3.00 lower than the previous week's weighted average. More trade will likely develop this afternoon.
Boxed beef prices are mixed: choice up $0.50 ($372.47) and select down $0.25 ($353.20) with a movement of 49 loads (25.10 loads of choice, 5.41 loads of select, 9.93 loads of trim and 8.60 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is also trading higher into Friday's noon hour as the market continues to closely track alongside the live cattle market. Unlike the live cattle market, however, the feeder cattle contracts are seeing steady gains of mostly $2.00 advancements throughout all the contracts, nearby and deferred. October feeders are up $2.57 at $356.62, November feeders are up $1.97 at $34.20 and January feeders are up $2.10 at $348.05. The spot November contract is currently trading above the market's 40-day moving average, and hopefully, with continued strong sales in the countryside, the market should be able to close above that threshold so long as nothing dramatic happens before the day's end.
LEAN HOGS:
Feeling empowered by Thursday's Quarterly Hogs and Pigs report and by the morning uptick in pork cutout values, the lean hog complex is trading fully higher into Friday's noon hour. As a matter of fact, the market is currently seeing the spot December contract reach new contract highs as fundamental support is ample. October lean hogs are up $1.42 at $101.50, December lean hogs are up $2.80 at $91.42 and February lean hogs are up $2.65 at $92.57. The market will likely be able to sustain this momentum through the day's end.
The projected lean hog index for 9/25/2025 is down $0.23 at $104.83, and the actual index for 9/24/2025 is up $0.06 at $105.06. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.18 with a weighted average price of $104.20, ranging from $95.00 to $106.00 on 1,119 head and a five-day rolling average of $105.07. Pork cutouts total 201.58 loads with 184.71 loads of pork cuts and 16.87 loads of trim. Pork cutout values: up $3.59, $114.58.
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