GENERAL COMMENTS:
It was a grandiose day for the cattle complex, as the futures complex switched direction from Friday's descent lower to a higher trajectory throughout Monday. New showlists appear to be mixed, higher in Kansas but lower in Texas and Nebraska/Colorado. December corn is down 6 3/4 cents per bushel, and December soybean meal is down $2.90. The Dow Jones Industrial Average is up 31.44 points, and the NASDAQ is up 175.05 points.
LIVE CATTLE:
The live cattle complex powered through Monday's closing and was able to end the day stronger, as traders, immediately from the day's start, turned the market higher and only supported it more and more throughout the day. All the live cattle contracts were able to close at least $4 higher, if not more, as traders believed that Friday's move was overdone. This comes as a sign of relief, as everyone was on pins and needles upon seeing the spot October live cattle contract close below its 40-day moving average on Friday. October live cattle closed $4.62 higher at $234.60, December live cattle closed $4.35 higher at $236.27, and February live cattle closed $4.57 higher at $237.80. New showlists appear to be mixed, higher in Kansas but lower in Texas and Nebraska/Colorado. Monday's slaughter is estimated at 110,000 head -- 4,000 head more than a week ago and 10,000 head less than a year ago.
Last week, Northern dressed cattle traded at mostly $375 to $378, which is $5 to $8 lower than the previous week's weighted average. Southern live cattle traded at mostly $238 to $240, which is $2 to $4 lower than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 61,263 head. Of that, 67% (40,913 head) were committed to the market's nearby delivery, while the remaining 33% (20,350 head) were committed to the market's deferred delivery option.
Boxed beef prices closed mixed: choice down $1.51 ($398.53) and select up $0.36 ($378.80) with a movement of 101 loads (76.69 loads of choice, 13.07 loads of select, zero loads of trim and 11.26 loads of ground beef).
TUESDAY'S CATTLE CALL: Lower. Even though the futures market started the week on a powerful note, it's still likely that fed cash cattle prices will trade lower this week, as packers have been able to buy some supply in recent weeks.
FEEDER CATTLE:
Following the live cattle market's lead once again, the feeder cattle complex was pleased to see the live cattle complex shaking the doggish attitude it embodied on Friday and instead turned sharply higher throughout Monday's trade. September feeders closed $8.40 higher at $358.80, October feeders closed $8.70 higher at $354.50, and November feeders closed $7 higher at $350.25. Given the recent decline in the feeder cattle complex, the market is no longer up against the immediate concern of being close to resistance pressure and has plenty of more room to trade higher if traders remain confident. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week and at their midsession point, feeder steers traded steady, but feeder heifers traded $2 to $6 lower. The market report did note that there was good demand for feeder cattle, as the board had reassured buyers that Friday's softness wasn't going to be the market's trend. But on the other hand, steer and heifer calves traded $10 to $20 lower, with unweaned calves seeing the biggest decline. Feeder cattle supply over 600 pounds was 54%. The CME feeder cattle index 9/12/2025: up $0.93, $362.15.
LEAN HOGS:
Although the lean hog complex couldn't rally as significantly as the cattle complex, the market still secured a higher end for the day. October lean hogs closed $0.40 higher at $97.52, December lean hogs closed $0.22 higher at $88.85, and February lean hogs closed $0.07 higher at $90.45. The market is at a point where it will likely need to see significant fundamental support if it's going to break much higher, as the spot October contract is trading around the contract's all-time high. Pork cutout values were down slightly, as the $3.34 decline in the belly pulled the carcass price lower. Hog prices closed $1.93 higher on the Daily Direct Afternoon Hog Report, with a weighted average price of $105.87 on 4,062 head. Pork cutouts totaled 313.71 loads with 275.25 loads of pork cuts and 38.47 loads of trim. Pork cutout values: down $0.44, $114.07. Monday's slaughter is estimated at 490,000 head -- 2,000 head more than a week ago and 16,000 head more than a year ago. The CME lean hog index 9/11/2025: up $0.10, $106.14.
TUESDAY'S HOG CALL: Steady/somewhat higher. Packers will need more hogs before the week is over.
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