GENERAL COMMENTS:
The livestock complex rounded out the day mostly weaker as traders didn't see the support they needed in the marketplace. New showlists appear to be mixed, with higher values in Kansas, but lower values in Texas and Nebraska/Colorado. December corn is down 1/2 cent per bushel and December soybean meal is up $0.80. The Dow Jones Industrial Average is up 68.78 points and the NASDAQ is up 107.08 points.
LIVE CATTLE:
It was a dismal day for the live cattle complex as the contracts rounded out the day fully lower. More than anything, Monday's weaker close seems to be a stopping point for traders as they seem unknowing of which way the cattle contracts need to trade next. Unfortunately, with the market's fundamentals lending little support, the lower trend could likely continue. Not to mention, from a technical standpoint, it wasn't good to see the spot December live cattle contract close below its 40-day moving average, as that will likely lead to more downward pressure. October live cattle closed $0.47 lower at $231.32, December live cattle closed $0.47 lower at $233.82 and February live cattle closed $0.27 lower at $236.22. New showlists appear to be mixed, with higher values in Kansas, but lower values in Texas and Nebraska/Colorado. Monday's slaughter is estimated at 113,000 head, 3,000 head more than a week ago and 6,000 head less than a year ago.
Last week Northern dressed cattle traded at 365 to $369, but mostly at $365, which is $6.00 lower than the previous week's weighted average and Southern live cattle traded at mostly 237, which is $3.00 lower than the previous week's weighted average. And last week's negotiated cash cattle trade totaled 56,622 head. Of that 67% (37,689 head) were committed to the market's nearby delivery, while the remaining 33% (18,933 head) were committed to the market's deferred delivery option.
Boxed beef prices closed lower: choice down $0.75 ($370.68) and select down $3.55 ($348.89) with a movement of 117 loads (66.42 loads of choice, 19.59 loads of select, 17.16 loads of trim and 13.48 loads of ground beef).
TUESDAY'S CATTLE CALL: Lower. With boxed beef prices continuing to trade lower, it's likely packers will try to push cash prices lower this week, too.
FEEDER CATTLE:
Following right in line with the live cattle contracts, the feeder cattle contracts also rounded out the day fully lower. October feeders closed $0.80 lower at $356.20, November feeders closed $0.60 lower at $353.87 and January feeders closed $0.47 lower at $347.35. Unfortunately, the lower waning nature of the futures complex did seem to soften some sales this afternoon in the countryside. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeders and heifers traded steady to $3.00 lower on a very light test. Steer and heifer calves sold mostly $5.00 to $10.00 lower on a lower quality set. Feeder cattle supply over 600 pounds was 56%. The CME feeder cattle index 9/26/2025: up $2.57, $367.61.
LEAN HOGS:
The lean hog complex closed mixed with the market's nearby contracts rounding out the day slightly softer, but the deferred months were still able to maintain their slightly higher position through the day's end. October lean hogs closed $0.35 lower at $101.15, December lean hogs closed $0.70 lower at $90.35 and February lean hogs closed $0.27 lower at $91.90. It didn't help matters that the market's fundamentals were of little help today, as both cash prices and the pork carcass price closed lower.
Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.74 with a weighted average price of $102.44 on 4,694 head. Pork cutouts totaled 274.96 loads with 222.49 loads of pork cuts and 52.47 loads of trim. Pork cutout values: down $1.30, $112.22. Monday's slaughter is estimated at 490,000 head – steady with a week ago and 4,000 head more than a year ago. The CME lean hog index 9/25/2025: down $0.23, $104.83.
TUESDAY'S HOG CALL: Steady. Although the market's fundamentals were slightly weaker today, packers will need to step into the market and secure inventory soon.
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