The livestock complex ended the day mixed as the cattle contracts grew stronger the longer the day traded onward, but the lean hog contracts closed fully lower. Still no cash cattle trade has developed, and no asking prices have surfaced. December corn is down 6 cents per bushel, and December soybean meal is down $2.10. The Dow Jones Industrial Average is up 81.82 points and the NASDAQ is up 68.86 points.
LIVE CATTLE:The live cattle complex was able to round out the day stronger, with the market seeing its deferred contracts see the biggest day-over-day increase as they closed mostly over $1.00 higher. October live cattle closed $0.52 higher at $231.85, December live cattle closed $0.95 higher at $234.77 and February live cattle closed $0.95 higher at $237.17. But compared to the day's initial opening, it was pleasing to see the contracts end stronger, as at first, traders elected to send the contracts drifting lower. The spot December contract still closed below its 40-day moving average, but luckily, the market didn't endure significantly more pressure. What is especially interesting to note, however, is the slight increase in the choice cut this afternoon. It's been a seasonal move in which both boxed beef prices and fed cash cattle prices have traded lower, but at some point, a seasonal bottom will be reached. And one day's worth of a stronger close isn't enough to say a bottom has been made, but it is something the market will continue to watch moving forward. No cash cattle trade developed throughout the day, and at this point, both bids and asking prices remain elusive.
Tuesday's slaughter is estimated at 120,000 head, 1,000 head less than a week ago and 4,000 head less than a year ago.
Boxed beef prices closed mixed: choice up $0.35 ($371.03) and select down $1.64 ($347.25) with a movement of 122 loads (82.67 loads of choice, 24.54 loads of select, 7.84 loads of trim and 7.07 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Steady to somewhat lower. Worse scenario, the fed cash cattle market could trade lower, but there is room to argue that prices could trade at least steady this week as packers may be closer to the knife than they'd like as they committed the vast majority of last week's purchase to the nearby delivery option.
FEEDER CATTLE:Only growing stronger from the day's initially weaker start, traders quickly turned the contracts higher and then were elated to note the larger-than-anticipated grain stocks report, which highlighted 1.532 billion bushels of corn, as that likely guarantees that feed prices are going to remain affordable to feedlots in the near-term. October feeders closed $4.82 higher at $361.02, November feeders closed $5.47 higher at $359.35 and January feeders closed $5.70 higher at $353.05. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers sold anywhere from $10.00 lower to $5.00 higher, and feeder heifers sold unevenly steady across all weight ranges with price swings commonly $5.00 lower to $5.00 higher. The CME feeder cattle index 9/29/2025: down $2.28, $365.33.
LEAN HOGS:The lean hog complex didn't gain any ground throughout the day, and actually, the market continued with its downward trend as most of the contracts fell more than $1.00 lower throughout the day. October lean hogs closed $1.30 lower at $99.85, December lean hogs closed $1.62 lower at $88.72 and February lean hogs closed $1.60 lower at $90.30. It was helpful, however, to see a big movement in today's cash market, but that could also mean that packers won't be as aggressive in the cash market later in the week. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.19 with a weighted average price of $102.25 on 18,067 head. Pork cutouts totaled 309.94 loads with 281.53 loads of pork cuts and 28.41 loads of trim. Pork cutout values: down $1.88, $110.34. Tuesday's slaughter is estimated at 481,000 head, 6,000 head more than a week ago and 8,000 head less than a year ago. The CME lean hog index 9/26/2026: down $0.05, $104.78.
WEDNESDAY'S HOG CALL: Lower. With today's big movement in the cash market, packers will likely be at least aggressive in the market one more day this week, but the volume won't likely be as big, and it's likely that prices are lower.
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