GENERAL COMMENTS:
It's been another strong morning for the livestock complex as all the contracts except some of the nearby live cattle contracts are trading higher into Tuesday's noon hour. Still no cash cattle trade has developed. December corn is up 2 cents per bushel and December soybean meal is down $1.80. The Dow Jones Industrial Average is up 38.76 points and the NASDAQ is down 83.31 points.
LIVE CATTLE:
The live cattle complex is trading mixed into Tuesday's noon hour, seeming as though the nearby contracts are hesitant to advance much more, as the market questions whether or not it has enough support to surpass current resistance levels. Meanwhile, the deferred contracts are trading fully higher, with once again the furthest deferred months seeing the greatest gains. October live cattle are down $0.95 at $236.17, December live cattle are down $0.72 at $239.52 and February live cattle are down $0.20 at $242.15. No developments have surfaced in the fed cash cattle market, as it's most likely that trade will be delayed until later in the week.
Boxed beef prices are mixed: choice up $2.06 ($383.45) and select down $0.74 ($361.35) with a movement of 50 loads (29.51 loads of choice, 10.91 loads of select, 3.24 loads of trim and 6.69 loads of ground beef).
FEEDER CATTLE:
The live cattle contracts may be feeling some resistance pressure, but the feeder cattle contracts are trading higher -- full steam ahead. October feeders are up $1.60 at $362.95, November feeders are up $2.15 at $362.05 and January feeders are up $3.30 at $356.47. It was interesting to note as well that the morale in the countryside was stronger, as prices were mostly higher across all weight classes. More than anything, it seemed as though the support of the futures complex reassured buyers to continue on with their bidding.
LEAN HOGS:
It's a breakout kind of morning for the lean hog contracts as traders have pushed the contracts well beyond their previous resistance thresholds. October lean hogs are up $1.42 at $100.22, December lean hogs are up $1.67 at $90.42 and February lean hogs are up $1.07 at $91.77. If the market is to maintain this elevated position, it will be imperative that demand holds strong and lends traders some additional fundamental support. Please also note that on Thursday, the Quarterly Hogs and Pigs report will be released from the USDA.
The projected lean hog index for 9/22/2025 is down $0.08 at $104.90, and the actual index for 9/19/2025 is down $0.36 at $104.98. Hog prices are higher on the Daily Direct Morning Hog Report, up $1.58 with a weighted average price of $106.10, ranging from $96.00 to $110.00 on 6,180 head and a five-day rolling average of $105.86. Pork cutouts total 142.47 loads with 131.92 loads of pork cuts and 10.55 loads of trim. Pork cutout values: up $0.75, $114.05.
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