GENERAL COMMENTS:
It was a mostly fruitful day for the livestock complex as the majority of the contracts closed higher. No new cash cattle trade developed throughout the day. December corn is up 2 3/4 cents per bushel and December soybean meal is up $1.90. The Dow Jones Industrial Average is up 617.08 points and NASDAQ is up 157.01 points.
Thursday's export report shared that October live cattle are down $0.13 at $231.025, October feeder cattle are down $0.60 at $349.8, October lean hogs are up $0.20 at $97.025, December corn is up 1 1/2 cents per bushel and December soybean meal is up $2.20. The Dow Jones Industrial Average is up 162.65 points and the NASDAQ is up 93.54 points.
Beef net sales of 12,100 mt for 2025 were down 27% from the previous week but up 8% from the prior 4-week average. The three largest buyers were Japan (3,400 mt), South Korea (2,400 mt) and Hong Kong (1,900 mt). Pork net sales of 17,300 mt for 2025 were down 27% the previous week and 35% from the prior 4-week average. The three largest buyers were China (8,200 mt), Mexico (4,700 mt) and Honduras (1,500 mt).
LIVE CATTLE:
The live cattle complex successfully rounded out the day higher as traders were willing to advance the contracts given the sharp technical decline in which the market has endured in recent days. Following the massive technical meltdown on Tuesday, it's been relieving to see the contracts trading mostly higher as all eyes were on the market's 40-day moving average to see if the contracts would break below that threshold, which would then likely signal more technical turmoil. But instead, traders have deemed that at least for the meantime, enough position has been eroded away and the contracts are again safe to trade slightly higher.
October live cattle closed $1.12 higher at $232.27, December live cattle closed $1.45 higher at $234.12 and February live cattle closed $1.25 higher at $235.25. No new cash cattle trade developed throughout the day, but bids were offered all day in both Nebraska and Kansas. Asking prices for cattle left to trade remain firm in the South at $243 and in the North at $378 plus. So far this week, Northern dressed cattle have traded from $375 to $378, which is $5.00 to $8.00 lower than last week's weighted average and no Southern live cattle have traded.
Thursday's slaughter is estimated at 117,000 head -- 4,000 head less than a week and year ago.
Boxed beef prices closed lower: choice down $4.85 ($400.79) and select down $3.73 ($379.95) with a movement of 112 loads (73.92 loads of choice, 14.29 loads of select, 12.82 loads of trim and 11.02 loads of ground beef).
FRIDAY'S CATTLE CALL: Lower. It's likely that the North will continue to see cattle trade at the prices in which they have been this week. When trade does develop in the South, it will be for cheaper money as well, but the week-over-week decline may not be as steep as what's been seen in the North.
FEEDER CATTLE:
The feeder cattle complex successfully managed to keep its contracts fully higher through the day's end, which was a nice change compared to Tuesday and Wednesday's trade. Throughout most of the day, the nearby contracts maintained a strong uptick where most of the contracts were trading at least $2.00 higher, but all of the feeder cattle contracts closed at least $1.00 higher. September feeders closed $2.02 higher at $355.22, October feeders closed $1.95 higher at $352.35 and November feeders closed $2.20 higher at $350.47. At Winter Livestock Auction in Pratt, Kansas compared to last week, feeder steers weighing 700 to 925 pounds sold unevenly steady, anywhere from $5.00 higher to $5.00 lower. Feeder heifers weighing 600 to 900 pounds sold $2.00 to $9.00 higher. Not enough heifers from 400 to 600 pounds were traded for an accurate trend, but a steady undertone was noted. Feeder cattle supply over 600 pounds was 80%. The CME feeder cattle index 9/10/2025: up $1.99, $105.93.
LEAN HOGS:
It was a noteworthy day for the lean hog complex as the nearby contracts powered through the market's resistance and were able to maintain that momentum through the day's end. And largely, traders decided to do this solely on their own accord as the market hasn't lent them much fundamental support. October lean hogs closed $1.35 higher at $98.17, December lean hogs closed $0.97 higher at $89.25 and February lean hogs closed $0.35 higher at $90.57. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.47 with a weighted average price of $107.29 on 3,273 head. Pork cutouts totaled 292.49 loads with 258.94 loads of pork cuts and 33.55 loads of trim. Pork cutout values: down $1.60, $113.17. Thursday's slaughter is estimated at 487,000 head -- 2,000 head less than a week ago and 2,000 head more than a year ago. The CME lean hog index 9/9/2025: up $0.06, $105.93.
FRIDAY'S HOG CALL: Lower. At this point, it's unlikely that packers will engage much more in the cash hog market ahead of the week's end.
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