GENERAL COMMENTS:
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:
Again today, the live cattle complex is stepping forward and trading higher as traders seem to agree that the market has seen enough downward pressure for the time being. Thankfully, again today we see that trades are moving the contracts away from the market's 40-day moving average, which thankfully is happening because a close below that threshold would likely signal more downward pressure. October live cattle are up $1.05 at $232.22, December live cattle are up $1.35 at $234.10 and February live cattle are up $1.32 at $235.32. Although there are again bids beginning to renew in the countryside, no new trade has developed. 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. Asking prices for cattle left to trade remain firm at $243 in the South and $378 plus in the North.
Boxed beef prices are mixed: choice up $0.31 ($405.95) and select down $1.23 ($382.45) with a movement of 54 loads (31.92 loads of choice, 4.89 loads of select, 11.23 loads of trim and 5.75 loads of ground beef).
FEEDER CATTLE:
Thankfully, the feeder cattle complex has now also found support as all of its contracts are trading well over $1.00 higher. It's the market's nearby contracts that are trading above $2.00 higher, while most of the deferred contracts are just trading $1.00 higher into Thursday's noon hour, but luckily, the gloomy pressure that rested above the market on Tuesday and Wednesday has seemed to fade away. September feeder cattle are up $2.55 at $355.75, October feeder cattle are up $2.32 at $352.70 and November feeders are up $2.62 at $350.90.
LEAN HOGS:
It's been a noteworthy morning for the lean hog complex as the market has found enough support to gingerly break above its resistance at $97.00 in the spot October contract. But surprisingly, this seems to be a move being made by traders alone, as the market isn't lending much fundamental support, the day's export report wasn't that fruitful and midday pork cutout values are lower. October lean hogs are up $1.40 at $98.22, December lean hogs are up $0.87 at $89.15 and February lean hogs are up $0.40 at $90.62.
The projected lean hog index for 9/10/2025 is up $0.10 at $106.04, and the actual index for 9/9/2025 is up $0.06 at $105.93. Hog prices on the Daily Direct Morning Hog Report average $107.64, ranging from $104.00 to $108.00 on 1,860 head and a five-day rolling average of $106.83. Pork cutouts total 169.79 loads with 145.36 loads of pork cuts and 24.43 loads of trim. Pork cutout values: down $0.91, $113.86.
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