GENERAL COMMENTS:
It was a supportive day for the livestock markets as most of the contracts closed higher. New showlists appear to be mixed, higher in Kansas, but lower in Texas and Nebraska/Colorado. December corn is up 3 3/4 cents per bushel and December soybean meal is up $1.60. The Dow Jones Industrial Average is up 114.09 points and the NASDAQ is up 98.31 points.
LIVE CATTLE:
The live cattle complex traded mostly higher throughout the day, although the spot October contract did close slightly lower as traders began to move some of their positions over to the upcoming December contract. But overall, the live cattle complex did close higher as traders were pleased to find a little extra trader support in this week's market following last week's deterioration. October live cattle closed $0.17 lower at $235.80, December live cattle closed $0.12 higher at $237.57 and February live cattle closed $0.55 higher at $239.22. Monday's slaughter is estimated at 106,000 head, incomparable to last week but 8,000 head more than a year ago.
Last week Southern live cattle traded at mostly $242, which is mostly steady with the previous week's weighted average, and Northern dressed cattle traded at mostly $383, which is $2.00 lower than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 73,490 head. Of that 76% (55,506 head) were committed to the market's nearby delivery option, while the remaining 24% (17,984 head) were committed to the market's deferred delivery option.
Boxed beef prices closed mixed: choice down $1.07 ($409.69) and select up $0.15 ($385.34) with a movement of 118 loads (68.89 loads of choice, 17.47 loads of select, 20.51 loads of trim and 11.00 loads of ground beef).
TUESDAY'S CATTLE CALL: Lower. Given that packers were able to build up some supply last week, it's likely that they'll attempt to push prices lower this week.
FEEDER CATTLE:
It was a supportive day for the feeder cattle complex as the market saw ample support from traders and was able to close higher without fears of immediate resistance pressure affecting their moves. September feeders closed $1.12 higher at $360.95, October feeders closed $1.27 higher at $359.17 and November feeders closed $1.97 higher at $358.12. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to their last sale two weeks ago and at their midsession point, feeder steers were trading steady to $3.00 lower, but feeder heifers were trading mostly steady. Steer calves were trading steady and heifer calves were selling $2.00 to $6.00 lower. The sale report did note that although this is only the second week of September, the fall run is most evidently happening last this week's offering was well over 9,000 head, and their last sales were just over 6,000 head. Feeder cattle supply over 600 pounds was 53%. The CME feeder cattle index 9/5/2025: up $3.07, $367.03.
LEAN HOGS:
Aside from the nearby contracts, the lean hog complex was able to round out the day higher, as trader support was ample. October lean hogs closed $0.87 lower at $95.15, December lean hogs closed $0.17 lower at $88.15 and February lean hogs closed $0.30 higher at $90.67. More than anything, the market's resistance at $97.00 in the spot October contract was its limiting factor as to why traders felt more confident in letting the contract drift lower as opposed to wrestling with its long-time resistance. And again this afternoon, it was the picnic's $5.54 jump that helped really push the afternoon carcass price higher. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.58 with a weighted average price of $103.83 on 4,275 head. Pork cutouts totaled 267.57 loads with 237.50 loads of pork cuts and 30.07 loads of trim. Pork cutout values: up $0.51, $116.38. Monday's slaughter is estimated at 488,000 head, incomparable to last week but 4,000 head more than a year ago. The CME lean hog index 9/4/2025: down $0.05, $105.92.
TUESDAY'S HOG CALL: Stead/somewhat higher. Given that pork demand was stronger, there's a chance that packers could be a tick more aggressive in Tuesday's market.
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