GENERAL COMMENTS:
It has been a lower-trending day thus far for the livestock contracts as all three markets are trading lower into Wednesday's noon hour. Still no bids have surfaced for the fed cash cattle market, and trade will likely be delayed until later in the week. December corn is down 1 3/4 cents per bushel and December soybean meal is down $0.20. The Dow Jones Industrial Average is down 162.42 points and the NASDAQ is down 144.27 points.
LIVE CATTLE:
After two consecutive days of mostly stronger trading, the live cattle complex is trading lower into Wednesday's noon hour, as traders are reluctant to advance the complex any higher without seeing immediate fundamental support, as many of the contracts are up against resistance pressure. Not to mention, it's also hindering the market's confidence to see the equity markets trading lower into the day's noon hour as well. October live cattle are down $0.50 at $235.10, December live cattle are down $0.57 at $238.15 and February live cattle are down $0.82 at $240.30. Asking prices are now being reported in the South at $244 to $245-plus, but are still not established in the North. Trade could develop later today, but it's most likely that trade will develop sometime later this week.
Boxed beef prices are lower: choice down $1.63 ($379.17) and select down $2.19 ($357.71) with a movement of 121 loads (60.89 loads of choice, 30.22 loads of select, 12.64 loads of trim and 17.43 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is also trading lower into Wednesday's noon hour as traders seem to be hitting the pause button on the market's advancement for the time being. Thankfully, feeder cattle sales have been trending mostly higher again this week after last week's slight dip. October feeders are down $1.62 at $360.50, November feeders are down $1.72 at $359.02 and January feeders are down $2.10 at $353.02.
LEAN HOGS:
The lean hog complex is also trading lower as the market hasn't been able to sustain Tuesday's breakout move. It's not helping matters either this morning that both cash prices and pork cutout values are lower, and given that packers were aggressive early in the week for buying the cash market, it's likely that the cash prices will be softer throughout the rest of the week. October lean hogs are down $1.12 at $99.40, December lean hogs are down $2.22 at $88.50 and February lean hogs are down $1.80 at $90.12. Keep in mind that tomorrow (Thursday), the Quarterly Hogs and Pigs report will be released from the USDA.
The projected lean hog index for 9/23/2025 is up $0.10 at $105.00 and the actual index for 9/22/2025 is down $0.08 at $104.90. Hog prices are lower on the Daily Direct Morning Hog Report, down $1.38 with a weighted average price of $104.72, ranging from $98.00 to $108.00 on 4,273 head and a five-day rolling average of $105.47. Pork cutouts total 194.64 loads with 160.81 loads of pork cuts and 33.83 loads of trim. Pork cutout values: down $0.71, $111.97.
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