GENERAL COMMENTS:
The livestock complex is trading mostly higher as both the live cattle and lean hog markets are trading higher, but the feeder cattle market remains mixed. No new cash cattle trade has been reported today, but bids are on the table. December corn is down 2 cents per bushel and December soybean meal is down $2.90. The Dow Jones Industrial Average is down 242.32 points and the NASDAQ is up 52.27 points.
LIVE CATTLE:
The live cattle complex is trading higher into Wednesday's noon hour as the market is slightly recovering some position lost from Tuesday's meltdown. October live cattle are up $0.72 at $230.90, December live cattle are up $1.40 at $232.57 and February live cattle are up $1.50 at $233.85. The spot October contract continues to trade slightly above the market's 40-day moving average ($229.74), which will be a threshold to continue to monitor. If traders let the contracts fall below that point, a downward trend will likely continue. A few bids are currently on the table at $236 in Kansas and $235 live and $375 dressed in Nebraska, but no new sales have been reported following Tuesday's business. On Tuesday afternoon, there was a thin movement in the North at $378, which is $5.00 lower than the previous week's weighted average, but there weren't enough cattle traded to say that an accurate trend has been set for the week. Asking prices in the South are firm at $243 and in the North at $380.
Boxed beef prices are lower: choice down $1.20 ($406.47) and select down $1.00 ($385.96) with a movement of 78 loads (59.78 loads of choice, 10.96 loads of select, zero loads of trim and 6.76 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex hasn't recovered as much as the live cattle contracts have, as only its nearby contracts are trading higher while the deferred months continue to trade moderately lower. September feeders are up $1.97 at $353.67, October feeders are up $0.67 at $350.65 and November feeders are down $0.32 at $348.55. It seems as though Tuesday's sharp descent took the air out of the feeder cattle contracts, which is why they're slower to recover today.
LEAN HOGS:
The lean hog complex is chopping merely sideways as the market as traders want to support the complex, but neither do they believe that they possess enough support to really push the contracts beyond the market's resistance. October lean hogs are up $1.10 at $97.22, December lean hogs are up $0.52 at $88.37 and February lean hogs are up $0.15 at $90.37. It is helpful that again this morning the carcass price is higher, which is mainly because of the ham's $3.45 jump, and the belly's $2.71 gain.
The projected lean hog index for 9/9/2025 is up $0.06 at $105.93 and the actual index for 9/8/2025 is down $0.04 at $105.87. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.49 with a weighted average price of $107.42, ranging from $98.00 to $111.00 on 6,290 head and a five-day rolling average of $106.55. Pork cutouts total 190.29 loads with 177.16 loads of pork cuts and 13.13 loads of trim. Pork cutout values: up $1.55, $115.66.
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