Friday Closing Livestock Market Update - Cattle Dip Lower With Cash Prices Trading Weaker

GENERAL COMMENTS:

After a couple weeks of dramatic trading, it was somewhat of a relief to end this week on a mild note. Nothing catastrophic, nothing wild, just a typical Friday where the cattle complex drifted slightly lower and the hog complex found some mild support ahead of the day's end. December corn is up 1 1/4 cents per bushel and December soybean meal is up $6.00. The Dow Jones Industrial Average is up 40.75 points and NASDAQ is up 143.82 points.

From Friday-to-Friday livestock futures scored the following changes: October live cattle up $2.85, December live cattle down $4.25; November feeder cattle down $13.33, January feeder cattle down $16.28; December lean hogs down $0.63, February lean hogs down $1.77; December corn up $0.08, March corn up $0.07.

LIVE CATTLE:

Although the live cattle complex was given the opportunity to trade higher earlier this week upon receiving confirmation from Ag Secretary Brooke Rollins that the U.S./Mexico border isn't going to reopen anytime soon, the market still ran out of support by Friday as not enough bullishness had festered in the rest of the market to justify trading the contracts any higher. December live cattle closed $1.42 lower at $229.67, February live cattle closed $1.82 lower at $227.67 and April live cattle closed $1.97 lower at $226.72. Throughout the week, Northern dressed cattle traded at mostly $358 to $360, which is $9.00 to $11.00 lower than last week's weighted average, and Southern live cattle traded at mostly $235, which is $3.00 to $4.00 lower than the previous week's weighted average.

Friday's slaughter is estimated at 98,000 head -- 12,000 head less than a week ago and 20,000 head less than a year ago. Saturday's slaughter is projected to be around 4,000 head. The week's total slaughter is projected at 559,000 head -- 14,000 head less than a week ago and 56,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.14 ($378.13) and select down $0.87 ($358.65) with a movement of 115 loads (82.58 loads of choice, 14.00 loads of select, 8.33 loads of trim and 9.88 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Depending on how the board trades next week and depending on how many cattle packers get bought this week there's a chance feedlot managers will be able to hold prices at least steady.

FEEDER CATTLE:

Following in the live cattle market's wake, the feeder cattle contracts also rounded out the week on a lower note as the market simply didn't have enough support to trade the contracts any higher. November feeders closed $2.95 lower at $338.87, January feeders closed $3.32 lower at $331.90 and March feeders closed $2.10 lower at $327.12. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers traded $20.00 to $30.00 lower, and feeder heifers sold $30.00 to $35.00 lower. Steer calves traded mostly $40.00 to $50.00 lower and heifer calves sold $30.00 to $40.00 lower. Slaughter cows traded steady to $4.00 lower and slaughter bulls sold $1.00 lower. Feeder cattle supply over 600 pounds was 45%. The CME Feeder Cattle Index 10/30/2025: down $4.75. $347.25.

LEAN HOGS:

The lean hog complex was given a little support ahead of the weekend as most of its contracts rounded out the day higher. It was slightly encouraging to see pork cutout values higher this afternoon, which potentially lent traders some support as well. But more than anything it's likely traders allowed the contracts to close higher as the market is establishing new support. December lean hogs closed $0.45 higher at $81.27, February lean hogs closed $0.42 higher at $82.52 and April lean hogs closed $0.12 higher at $86.22. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.57 with a weighted average price of $84.17 on 401 head. Pork cutouts totaled 409.52 loads with 361.69 loads of pork cuts and 47.83 loads of trim. Pork cutout values: up $1.67, $101.95. Friday's slaughter is estimated at 462,000 head -- 7,000 head more than a week ago and 16,000 head less than a year ago. Saturday's slaughter is projected to be around 180,000 head. The CME lean hog index 10/29/2025: down $0.33, $91.53.

MONDAY'S HOG CALL: Lower. Packers rarely support the cash hog market much on Mondays.

Friday Midday Livestock Market Update - Packers Need to Secure More Inventory to Avoid Being Short Bought

GENERAL COMMENTS:

Mixed tones are again being seen across the livestock complex as the cattle contracts are trading mostly lower, but the lean hog contracts have finally found some mild support. Still no new cash cattle trade has developed, but packers will likely get more aggressive Friday afternoon as they need to secure more inventory to avoid being short bought. December corn is up 1 1/2 cents per bushel and December soybean meal is up $4.60. The Dow Jones Industrial Average is down 51.33 points and NASDAQ is up 133.12 points.

LIVE CATTLE:

The live cattle complex is trading lower into Friday's noon hour as the market has exhausted the mild support it found midweek. With no positive notes developing from the fed cash cattle market, or sharply higher boxed beef prices, traders are remaining cautious players in the cattle complex as there's been so much volatility over the last two weeks. December live cattle are down $1.37 at $229.67, February live cattle are down $1.42 at $228.07 and April live cattle are down $1.42 at $227.27. No more trade has developed in the fed cash cattle market, but traders will need to secure more supply this afternoon to avoid being short bought heading into next week. Asking prices are noted at $238 to $240 but are still not established in the North.

Thus far this week Northern dressed cattle have traded at mostly $358 to $360, which is $9.00 to $11.00 lower than the previous week's weighted average, and although only a handful of cattle have traded in the South, Southern live cattle have been marked at mostly $235, which is $3.00 to $4.00 lower than the previous week's weighted average.

Boxed beef prices are mixed: choice up $0.40 ($378.67) and select down $0.29 ($359.23) with a movement of 77 loads (59.22 loads of choice, 6.92 loads of select, 4.82 loads of trim and 6.41 loads of ground beef).

FEEDER CATTLE:

Following right in line with the live cattle market's trend Friday morning, feeder cattle contracts are trading mostly lower into the noon hour. Although feeder cattle aren't trading as sharply lower in the countryside as they were late last week and even earlier this week, the market continues to see cattle trading cheaper as a tremendous amount of confidence has been stripped from the marketplace. Although buyers know that supplies are thin, they were keenly reminded the last two weeks that regardless of whatever the market's fundamentals are volatility will always be a big player in the cattle complex. November feeders are down $0.97 at $340.85, January feeders are down $0.55 at $333.67 and March feeders are down $0.32 at $328.90.

LEAN HOGS:

After having trailed lower throughout most of the week, the lean hog complex has finally stumbled into some mild technical support as the contracts are trading mixed into Friday's noon hour. December lean hogs are up $0.70 at $81.52, February lean hogs are up $0.22 at $82.32 and April lean hogs are up $0.07 at $86.17. Yes, pork cutout values are up a tick Friday morning, which traders could be mindful of; but more than anything ahead of today's close traders seem to be acknowledging the sharp decline the market has made this week and are letting the contracts find a little support ahead of the week's end.

The projected CME Lean Hog Index is delayed from the source. Hog prices on the Daily Direct Morning Hog Report average $85.41, ranging from $84.00 to $86.00 on 309 head and a five-day rolling average of $87.94. Pork cutouts total 270.68 loads with 235.69 loads of pork cuts and 34.99 loads of trim. Pork cutout values: up $2.58, $102.86.

Friday Morning Livestock Market Update - Cash Cattle Trade Significantly Lower

GENERAL COMMENTS:

Friday is the last trading day for the October live cattle contract. Futures made a large adjustment to the upside Thursday to move in line with cash. The October feeder cattle contract went off the board down $0.60, adjusting to the anticipated settlement price. Lower cash trade has already been factored in, as cash trade showed live cattle trading $4.00 lower and dressed cattle trading $9.00 lower. This follows the lead of some light trade that took place Monday. It seems feedlots were hoping for further strength in futures, which could reduce the decline in cash, but the activity on Thursday did not support that hope. Packers want to improve margins and will not bid up. Boxed beef prices closed lower with choice down $3.11 and select down $2.27. This is the first time this week that both categories closed lower. Feeder cattle in the country are seeing lower prices at auctions. The sharp decline in futures over the past week has weakened the cash prices.

Hog futures are not finding support. Futures continue to make lower lows as the trend is down. There is nothing to stop the bleeding. Packers were able to purchase hogs at lower prices as most of the business had been accomplished earlier in the week. The National Daily Direct Afternoon Hog report showed cash down $0.79. Pork cutouts posted a minor gain of $0.04, leaving the market with little fundamental support. The slaughter pace remains strong, indicating good demand, but higher weights and plentiful hogs leave prices struggling.

	BULL SIDE		BEAR SIDE
1)	Lower cash is already factored into cattle futures. Traders might buy into the market ahead of the weekend as the pressure on futures has subsided.	1)	Significantly lower cash cattle trade is reflective of a market that may see slowing demand.
2)	The October live cattle contract will cease trading today, with December taking over as the front month on Monday, having a substantial discount to cash.	2)	The uncertainty over what impact the government might have to reduce beef prices will keep traders uneasy and cautious over buying the break.
3)	There may be some short-covering in hog futures ahead of the weekend as the maket is oversold and traders close out their books for the month.	3)	Continued lower lows in hog futures leave traders with little reason to be bullish on the maket. Traders see no reason to liquidate their short positions.
4)	Lower pork prices should stimulate greater demand moving toward the holiday season.	4)	Packers remain less aggressive in the cash market as there remains a sufficient supply of market-ready hogs available.

Thursday Closing Livestock Market Update - Traders Halfheartedly Support Cattle Contracts

GENERAL COMMENTS:

It was a lackadaisical day for the livestock complex as the cattle contracts closed slightly higher while the hog contracts again drifted lower. Some more light cash cattle trade developed, but more business will need to develop on Friday. December corn is down 3 3/4 cents per bushel and December soybean meal is up $6.90. The Dow Jones Industrial Average is down 109.88 points and the NASDAQ is down 377.33 points.

LIVE CATTLE:

After the last couple of weeks, the live cattle complex was somewhat joyful to have a mundane, mildly supportive day after having plummeted in days past. The live cattle contracts saw only mild support from traders, but after multiple days on end when prices were crashing, modest day-over-day support is a blessing, the market noted today. December live cattle closed $0.20 higher at $231.10, February live cattle closed $0.05 higher at $229.50 and April live cattle closed $0.07 lower at $228.70. Some light cash cattle trade did develop throughout the day, but its volume was limited and could mean that prices could still vary on Friday. However, some live deals were noted at $235, which is $3.00 to $4.00 lower than last week's weighted average. And some more cattle traded in the North at $360, which is steady with the week's business, but still $9.00 lower than last week's weighted average

Thursday's slaughter is estimated at 114,000 head, 5,000 head less than a week ago and 6,000 head less than a year ago.

Boxed beef prices closed lower: choice down $3.11 ($378.27) and select down $2.27 ($359.52) with a movement of 102 loads (62.95 loads of choice, 20.60 loads of select, 8.26 loads of trim and 9.72 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. Given that trade has now developed in both regions, it's likely that prices will stay steady with the week's trend.

FEEDER CATTLE:

Aside from its nearby contracts, the feeder cattle complex again closed higher as the market was simply relieved to have no new headlines crater the market today. November feeders closed $0.25 lower at $341.82, January feeders closed $0.20 higher at $334.22 and March feeders closed $0.67 higher at $329.22. Even though today's close was slightly lower in the spot November contract, the contract is still trading above its 100-day moving average. At the R Livestock Auction in Monroe, Utah, compared to last week, feeder cattle sold sharply lower, and so did calves and yearlings. Slaughter cows sold $4.00 to $5.00 lower, and slaughter bulls traded $8.00 to $10.00 cheaper. Feeder cattle supply over 600 pounds was 24%. The CME feeder cattle index 10/29/2025: down $4.62, $352.00.

LEAN HOGS:

The same story remains the theme for the lean hog complex as the market once again closed somewhat lower, until it really gains a foothold on the market, as demand isn't gaining enough support. December lean hogs closed $0.05 higher at $80.82, February lean hogs closed $0.22 lower at $82.10 and April lean hogs closed $0.45 lower at $86.10. Unfortunately, this lower waning trend will likely continue until consumer demand perks back up. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.79 with a weighted average price of $84.74 on 1,895 head. Pork cutouts totaled 267.08 loads with 230.08 loads of pork cuts and 37.00 loads of trim. Pork cutout values: up $0.04, $100.28. Thursday's slaughter is estimated at 483,000 head, 7,000 head more than a week ago and 3,000 head less than a year ago. The CME lean hog index 10/28/2025: down $0.17, $91.86.

FRIDAY'S HOG CALL: Lower. Packers won't likely engage much in Friday's cash market.

Thursday Midday Livestock Market Summary - Cattle Inch Higher While Hogs Dip Lower

GENERAL COMMENTS:

It's been a quiet morning for the livestock complex as the cattle contracts are trading slightly higher, but the lean hog contracts are still trading lower as demand remains weak. There are some bids on the table for the fed cash cattle market, but no new trade has developed. December corn is down 2 cents per bushel and December soybean meal is up $6.80. The Dow Jones Industrial Average is up 240.64 points and the NASDAQ is down 183.70 points.

LIVE CATTLE:

The live cattle complex is continuing to trade higher as traders simply remain pleased to have a quiet, uneventful day in the marketplace. After plummeting lower the last week and a half, it's refreshing for the market to have a slightly bullish, no-headline, non-earth-shattering type of day -- just quiet and subtle trading. December live cattle are up $0.85 at $231.75, February live cattle are up $1.15 at $230.60 and April live cattle are up $1.02 at $229.80. Bids are on the table in both Nebraska and Kansas, but following the trade earlier this week, no more business has developed. Asking prices are noted in the South at $238 to $240. Earlier this week Northern dressed cattle sold for $360, which is $9.00 lower than the previous week's weighted average.

Boxed beef prices are lower: choice down $3.29 ($378.09) and select down $2.20 ($359.59) with a movement of 70 loads (43.15 loads of choice, 15.95 loads of select, 4.68 loads of trim and 6.11 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is continuing to trade higher as the market remains relieved to have heard on Wednesday that the U.S/Mexico border isn't likely going to reopen any time soon to Mexican cattle imports. This was the silver lining after a week and a half of downward trading that the market desperately needed to hear to help push prices back higher. November feeders are up $2.85 at $344.92, January feeders are up $3.20 at $337.25 and March feeders are up $3.65 at $332.20. Thankfully, the market is now trading above its 100-day moving average in the spot November contract, which is a slow start to some hopeful recovery.

LEAN HOGS:

The lean hog complex is once again trading lower as no significant fundamental improvements have surfaced. December lean hogs are up $0.25 at $81.02, February lean hogs are steady at $82.32 and April lean hogs are down $0.10 at $86.45. Until consumer support rounds the corner and shows more demand, the market will likely continue to trade in this sideways doggish manner.

The projected lean hog index for 10/29/2025 is down $0.33 at $91.53 and the actual index for 10/28/2025 is down $0.17 at $91.86. Hog prices are unavailable on the Daily Direct Morning Hog Report because zero hogs have been traded this morning. The report does continue to note that the market's five-day rolling average remains at $87.99. Pork cutouts total 163.68 loads with 135.54 loads of pork cuts and 28.15 loads of trim. Pork cutout values: up $0.07, $100.31.

Thursday Morning Livestock Market Update - Futures Movement May Determine Cash Cattle Prices

GENERAL COMMENTS:

The cattle market was desperately searching for something to stem the liquidation Wednesday and found it when the Secretary of Agriculture Brooke Rolllins confirmed cattle imports from Mexico will not resume anytime soon. The reopening of the border was one of the bearish points that put pressure on the market. How much impact beef imports from Argentina will have is questionable, but it is a factor that will still need to be considered. Cash cattle did not trade Wednesday. If cattle futures are stronger Thursday, feedlots may wait until Friday to sell cattle. If there is weakness, they may be willing to sell cattle today. Boxed beef closed higher with choice up $1.73 and select up $1.79.

Hog futures spent time in positive territory Wednesday but were unable to hold gains into the close, except for the October and December 2026 contracts. The lower highs and, in some cases, lower lows do not indicate a market that is ready to turn higher. As anticipated, packers were not aggressive on Wednesday with the Daily Direct Afternoon Hog report showing a decline of $2.50. Pork cutout values increased $0.22, but are far from providing solid support to the market. Unfortunately, hog weights increased last week by 1.1 pounds, averaging 292.2 pounds. This keeps plenty of pork available to the market.

	BULL SIDE		BEAR SIDE
1)	The Mexican border will remain closed with no indication of it reopening anytime soon. Cattle supplies will remain tight.	1)	Even though the Mexican border will remain closed, uncertainty in the market may limit the upside potential for cattle prices.
2)	Traders may feel more confident about the continued strength of beef prices even though there is uncertainty about what the government will do next. Consumer demand remains strong.	2)	Cash cattle trade is expected to be lower, with feedlots being willing to move cattle rather than take a chance on prices next week.
3)	Hog futures are very oversold. The last time they were at this level, the market moved substantially higher.	3)	Weekly hog weights increased by 1.1 pounds to an average of 291.2 pounds. This is 5.2 pounds above a year ago, keeping pork supplies plentiful.
4)	Packers continue to process a lot of hogs, which should eventually tighten supplies.	4)	Hog futures have been unable to find technical support, keeping the downtrend intact.

Wednesday Closing Livestock Market Update - Keeping the Border Closed Allowed the Cattle Complex to Rally and Find Technical Support

GENERAL COMMENTS:

It was a promising day for the cattle complex as both the live cattle and feeder cattle markets were able to close higher upon hearing that the U.S/Mexico border isn't going to reopen anytime soon. No new cash cattle trade developed. December corn is up 2 cents per bushel and December soybean meal is up $2.20. The Dow Jones Industrial Average is down 74.37 points and the NASDAQ is up 130.98 points.

LIVE CATTLE:

After some unneeded pain and plenty of anxiety, the live cattle complex was finally able to close higher again after receiving confirmation that Ag Secretary Brooke Rollins doesn't intend to open the U.S/Mexico border for cattle imports anytime soon. This was the news headline that the market needed to see to feel comfortable trading any direction but lower, and it finally came today. December live cattle closed $4.32 higher at $230.90, February live cattle closed $5.35 higher at $229.45 and April live cattle closed $5.42 higher at $228.77. A few more bids were offered throughout the day in the North, but no more cattle traded following the light business that developed earlier in the week. And upon seeing the board strengthen today, there's a chance that when more fed cash cattle trade develops later this week, prices will be better than what they were on Monday and Tuesday. Asking prices are noted anywhere from $234 to $240 in the South but are still not established in the North. Earlier this week, Northern dressed cattle traded for $360, which is $9.00 lower than the previous week's weighted average. 

Wednesday's slaughter is estimated at 119,000 head, 1,000 head more than a week ago and 6,000 head less than a year ago.

Boxed beef prices closed higher: choice up $1.73 ($381.38) and select up $1.79 ($361.79) with a movement of 137 loads (88.68 loads of choice, 16.58 loads of select, 15.41 loads of trim and 15.92 loads of ground beef).

THURSDAY'S CATTLE CALL: Lower. I believe that the market will likely trade lower than last week's weighted average, but not as sharply lower as the trade that developed earlier this week, as the board has turned favorable.

FEEDER CATTLE:

The feeder cattle complex thankfully found some support in Wednesday's trade as news broke that the U.S/Mexico border isn't going to reopen in the near future. The market had been on pins and needles waiting to get confirmation about what developed last week in the meeting Ag Secretary Brooke Rollins had, and luckily, the market was at last given that key piece of information. November feeders closed $8.67 higher at $342.07, January feeders closed $9.15 higher at $334.02 and March feeders closed $8.90 higher at $328.55. At the Springfield Livestock Marketing Center in Springfield, Missouri, compared to last week, steers sold anywhere from $25.00 to $40.00 lower, but heifers traded $20.00 to $30.00 lower. Feeder cattle supply over 600 pounds was 24%. The CME feeder cattle index 10/28/2025: down $3.63, $356.62.

LEAN HOGS:

The lean hog complex continues to drift lower, and then lower, and then lower a little bit more as the market lacks the fundamental support it needs to change the market's technical direction. December lean hogs closed $0.05 lower at $80.77, February lean hogs closed $0.12 lower at $82.32 and April lean hogs closed $0.32 lower at $86.55. And while yes, pork cutout values were a tick higher this afternoon, traders need to see more than a day's worth of higher prices before they'll reflect that change in the futures complex. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.50 with a weighted average price of $85.53, ranging from $82.00 to $90.00 on 3,385 head and a five-day rolling average of $87.36. Pork cutouts totaled 294.18 loads with 247.86 loads of pork cuts and 46.32 loads of trim. Pork cutout values: up $0.22, $100.24. Wednesday's slaughter is estimated at 492,000 head, 1,000 head less than a week ago and 7,000 head more than a year ago. The CME lean hog index 10/27/2025: down $0.24, $92.03.

THURSDAY'S HOG CALL: Lower. Packers were extremely aggressive earlier in the week, which likely means that they won't have to buy many more hogs this week.

Wednesday Midday Livestock Market Update - Keeping the Border Closed Pushes Cattle Contracts Higher

GENERAL COMMENTS:

After much chaos and disarray, the cattle contracts are finally trading higher as news has spread that the US does not have a date on the table for reopening the U.S.-Mexico border for cattle imports. This was the news that the market needed to hear, as the uncertainty was crippling the market. No more cash cattle trade has developed following the light business that transpired earlier in the week. December corn is up 1/4 cent per bushel and December soybean meal is up $4.40. The Dow Jones Industrial Average is up 282.69 points and the NASDAQ is up 121.34 points.

LIVE CATTLE:

The live cattle complex is finally trading higher as the market has received confirmation that, although Agriculture Secretary Brooke Rollins spoke with officials in Mexico last Friday, there is no date currently on the table to reopen the border, as New World screwworm remains a concern. This was the bullish news that the market needed to hear to trade higher following last week's catastrophic decline. December live cattle are up $4.72 at $231.37, February live cattle are up $5.92 at $230.02 and April live cattle are up $5.95 at $220.30. This positive news has helped the spot December live cattle contract turn higher, and thankfully, now the contract is trading back above the market's 100-day moving average. No new trade has developed in the fed cash cattle market, following the light business that developed Monday afternoon. So far this week, there's been some cattle traded in the North at $360, which is $9.00 lower than the previous week's weighted average. There is a chance that if the board continues to trade higher than the fed cash cattle market may see prices better than what was traded on Monday. Asking prices range anywhere from $234 to $240 in the South and are still not established in the North.

Boxed beef prices are higher: choice up $2.48 ($382.13) and select up $1.28 ($361.28) with a movement of 89 loads (54.11 loads of choice, 13.35 loads of select, 12.34 loads of trim and 9.48 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex saw the headline it needed to see to begin to put fear behind it and again trade higher. Upon receiving confirmation that the US intends to keep its border closed and does not have a date pinned down for when it intends to see the border reopened to allow Mexican cattle to be imported into the U.S., the feeder cattle complex can now again breathe easy. November feeders are up $10.95 at $344.35, January feeders are up $11.75 at $336.57 and March feeders are up $11.20 at $330.85.

LEAN HOGS:

Pork cutout values may be a tick higher, but the lean hog complex can't seem to muster up enough support to really move the contracts higher. December lean hogs are down $0.10 at $80.72, February lean hogs are down $0.07 at $82.37 and April lean hogs are down $0.22 at $86.65. The cash market will likely continue to trade lower as packers were extremely aggressive in Tuesday's market and won't likely need many more hogs ahead of the week's end.

The projected lean hog index for 10/28/2025 is down $0.17 at $91.86 and the actual index for 10/27/2025 is down $0.24 at $92.03. Hog prices are lower on the Daily Direct Morning Hog Report, down $5.13 with a weighted average price of $83.63, ranging from $82.00 to $87.00 on 2,375 head and a five-day rolling average $87.90. Pork cutouts total 184.92 loads with 153.80 loads of pork cuts and 31.12 loads of trim. Pork cutout values: up $1.28, $101.30.

Wednesday Morning Livestock Market Update - Futures May Show Stability

GENERAL COMMENTS:

Much of the selling pressure subsided in live cattle futures, with contracts closing mixed Tuesday. No chart gaps remained for the day. Feeder cattle were another story as futures opened substantially lower, leaving another chart gap. Generally, chart gaps are filled at some point, but it may be a tall order in the current market environment. Those who had been caught in the market and were finally able to liquidate are unlikely to step back in anytime soon. Cash cattle are expected to trade lower based on limited cash trading activity at $10.00 lower on Monday and the large decline in futures. Boxed beef prices were mixed with choice up $1.77 and select down $1.66.

Hog futures were under pressure with most contracts posting triple-digit losses. The bleeding just will not end. The June and July contracts broke below support, likely adding to the pressure. The strength of cash was not able to provide support. The National Daily Direct Afternoon Hog report was up $2.74 as packers became more aggressive to take advantage of the lower price. They were able to purchase a large volume of hogs, which may allow them to be less aggressive the rest of the week. Pork cutout values were down $1.06, with the weakness from picnics down $4.70 and butts down $3.36.

	BULL SIDE		BEAR SIDE
1)	The liquidation of cattle futures may have run its course and could find stability.	1)	The damage has been done to the cattle market. It may be difficult for futures to recover from the uncertainty of beef prices going forward.
2)	The cattle complex may be overdone to the downside. Chart gaps remain above the current level of the market, which may be filled.	2)	Light cash cattle traded $10.00 lower Monday and may have set the stage for cash later this week.
3)	Hog futures are significantly oversold and will bounce if stability is found in the cash market.	3)	Hog futures made lower lows Tuesday, with the June and July contracts breaking below support. This may keep pressure on the market.
4)	Hog slaughter remains strong and will continue to process market-ready hogs to keep them from backing up in the country.	4)	Packers purchased a large volume of hogs on Tuesday. They may be less aggressive the rest of the week, resulting in lower cash.

Tuesday Closing Livestock Market Update - Weakened Morale Drives the Cattle Contracts Lower

GENERAL COMMENTS:

It was another lower-waning day for the livestock complex as the lean hog market isn't seeing the consumer support it wishes to see, and the cattle complex remains on edge following the slew of events that have sent prices crashing lower. No new cash cattle trade developed throughout the day. December corn is up 3 1/4 cents per bushel and December soybean meal is up $8.30. The Dow Jones Industrial Average is up 161.78 points and the NASDAQ is up 190.03 points.

LIVE CATTLE:

The live cattle complex attempted to trade fully higher throughout the day, but with a strong essence of uncertainty and a lack of confidence still plaguing the cattle market, a mixed close for the end of the day was the best the market could accomplish. December live cattle closed $0.60 lower at $226.57, February live cattle closed $0.10 higher at $224.10 and April live cattle closed $0.42 higher at $223.35. Do note that the spot December contract is still trading below the market's 100-day moving average, which remains as a bearish underpinning. Bids were offered throughout the day, but no more cattle traded. Some light business was reported in the North on Monday at $335 to $360. Asking prices are noted at $240 plus in the South but are still not established in the North. 

Tuesday's slaughter is estimated at 119,000 head, 2,000 head more than a week ago and 6,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $1.77 ($379.65) and select down $1.66 ($360.00) with a movement of 123 loads (77.99 loads of choice, 15.29 loads of select, 13.16 loads of trim and 16.07 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady/somewhat. Best case scenario, the fed cash cattle market will walk away trading cattle steady, but it's more likely that prices will trade lower this week as the board continues to be pressured.

FEEDER CATTLE:

It was another grueling day for the feeder cattle complex as the market remains on edge, waiting to hear if anything has changed regarding the border. Unfortunately, it's not likely that the market will gain any confidence or begin to trade stably until some details about U.S. Agriculture Secretary Brooke Rollin's meeting with Mexico (that happened last Friday) are shared. November feeders closed $5.05 lower at $333.40, January feeders closed $9.55 lower at $324.87 and March feeders closed $11.65 lower at $319.65. At the Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers and heifers traded $30.00 to $40.00 lower, and steer and heifer calves traded mostly $40.00 to $50.00 lower. Feeder cattle supply over 600 pounds was 49%. The CME feeder cattle index 10/27/2025: down $7.30, $360.25.

LEAN HOGS:

The lean hog complex again fell lower this afternoon as the market still isn't seeing the consumer support it needs to feel confident. December lean hogs closed $0.67 lower at $80.82, February lean hogs closed $0.95 lower at $82.45 and April lean hogs closed $1.12 lower at $86.87. The cash market did see a huge movement this afternoon, but that could mean that packers won't have to be nearly as aggressive throughout the remainder of the week. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.74 with a weighted average price of $88.03 on 19,486 head. Pork cutouts totaled 320.38 loads with 264.38 loads of pork cuts and 56.00 loads of trim. Pork cutout values: down $1.06, $100.02. Tuesday's slaughter is estimated at 492,000 head, 5,000 head more than a week ago and 1,000 head more than a year ago. The CME lean hog index 10/24/2025: down $0.68, $92.27.

WEDNESDAY'S HOG CALL: Lower. Given how many hogs packers were able to secure in today's market, it's unlikely that they'll need to be aggressive later this week.

Tuesday Midday Livestock Market Summary - Cautious Tones Remain the Theme in the Cattle Complex

GENERAL COMMENTS:

The livestock complex is trading mixed into midday Tuesday, as traders are leery of being overly supportive of the livestock contracts. Some bids are on the table in the cash cattle market, but no new trade has developed following Monday's light business. December corn is up 5 cents per bushel and December soybean meal is up $7.20. The Dow Jones Industrial Average is up 244.46 points and the NASDAQ is up 121.74 points.

LIVE CATTLE:

The live cattle complex has found some stability in Tuesday's market, as trades are now letting the contracts trade mildly higher. December live cattle are down $0.07 at $227.10, February live cattle are up $0.52 at $224.52 and April live cattle are up $1.10 at $224.02. Meanwhile, the turmoil that's shaken the cattle complex to its core is still rattling the fed cash cattle market as bids are on the table early this morning, and packers were able to get some cattle bought Monday afternoon. Asking prices are noted at $240 plus in the South but are still not established in the North. A light trade was reported by Mandatory in the North yesterday, with dressed deals showing a rather wide range of $355 to $360.

Boxed beef prices are mixed: choice up $0.80 ($378.68) and select down $0.30 ($361.36) with a movement of 70 loads (44.74 loads of choice, 7.90 loads of select, 6.17 loads of trim and 11.23 loads of ground beef).

FEEDER CATTLE:

The live cattle complex may be trading higher, but the feeder cattle market is still trading sharply lower as the market is unsettled and uneasy without knowing what happened between Agriculture Secretary Brooke Rollins and Mexican officials in their meeting last Friday. November feeders are down $3.70 at $334.52, January feeders are down $7.97 at $326.45 and March feeders are down $9.40 at $321.90. Unfortunately, until some answers are provided or some clarity develops, it's unlikely that the market is going to trade anything but lower.

LEAN HOGS:

The lean hog complex is continuing to trade lower as the market is still disappointed in the lack of support it's seeing from consumers. December lean hogs are down $0.45 at $81.05, February lean hogs are down $0.75 at $82.65 and April lean hogs are down $0.85 at $87.15. And until traders see more support develop, a steady/somewhat lower trend is most likely.

The projected lean hog index for 10/27/2025 is down $0.24 at $92.03 and the actual index for 10/24/2025 is down $0.68 at $92.27. Hog prices on the Daily Direct Morning Hog Report average $88.76, ranging from $80.00 to $90.00 on 13,479 head and a five-day rolling average of $88.16. Pork cutouts total 192.61 loads with 156.25 loads of pork cuts and 36.36 loads of trim. Pork cutout values: down $0.04, $101.04.

Tuesday Morning Livestock Market Update - Selling Pressure May Subside

GENERAL COMMENTS:

Traders had little time to liquidate positions in feeder cattle before prices were locked limit down the rest of Monday. There may be further liquidation as margin calls are piling and equity is being eliminated rapidly. Live cattle futures were able to move off limits near the end of the day, allowing for sellers to exit their positions. Cattle futures will have expanded limits again Tuesday. The sharp decline has struck fear into the cattle industry, with a few Northern dressed cattle traded at $10.00 lower. Further trade may not be quite as low, but this indicates feedlots will be willing to move cattle at lower prices. Boxed beef was higher in both categories, with choice up $2.12 and select up $3.69, but that is not expected to impact the market much Tuesday. Feeder cattle prices have been melting down in recent auctions as the fear of lower prices grips the market.

Hogs just keep plodding along, but may have felt some spillover pressure on Monday, pushing futures lower. However, the lack of strong fundamentals does not provide much for traders to get excited over, leaving futures unable to find support. Packers were not aggressive in the cash market on Monday, with the National Daily Direct Afternoon Hog report down $0.27. The good news is they did not purchase a large volume of hogs. This may result in them bidding up to procure a larger volume Tuesday. Pork cutouts were lower with values down $1.66. Slaughter remains strong, but not sufficient to tighten supplies.

	BULL SIDE		BEAR SIDE
1)	Liquidation usually runs its course in two to three days, and this is day three. The pressure may subside.	1)	Feeder cattle futures locked limit down most of Monday, which may result in further liquidation to begin Tuesday as traders want to exit positions.
2)	Boxed beef prices were higher as demand remains strong. This may provide support once the liquidation is finished.	2)	A few cash cattle were traded in the North at $10.00 lower. That does not bode well for the rest of the week.
3)	Hog futures are oversold and ripe for a bounce. The last time it was this oversold, futures increased substantially.	3)	Hog futures made new lows in the December, February, and April contracts. Support remains elusive.
4)	The strong slaughter pace should keep hog supplies current. The availability of hogs might tighten into the end of the year.	4)	Packers have been able to purchase hogs without being aggressive. This may continue as long as weights remain high.

Monday Closing Livestock Market Update - Fear Drove the Cattle Complex to Its Limits

GENERAL COMMENTS:

It was a painstaking day for the cattle complex as traders continued to drive the contracts lower as fear continues to drive the contracts lower. New showlists appear to be mixed, higher in Kansas and Texas, but lower in Nebraska/Colorado. December corn is up 5 1/2 cents per bushel and December soybean meal is up $4.10. The Dow Jones Industrial Average is up 337.47 points and the NASDAQ is up 432.59 points.

LIVE CATTLE:

It was an absolutely pitiful day for the live cattle complex as the contracts were anywhere from $6.00 to $9.00 lower by the day's close, being driven sharply lower by fear, and fear alone. Following the chaos that was ensued last week from President Trump's remarks that beef prices are too high, to the hinting that Argentia should import more beef, to the industry knowing that Agriculture Secretary Brooke Rollis had a meeting with Mexico on Friday but has yet to be informed on what came about that meeting; traders couldn't stand the idea of another negative news headline being shared, so they elected to drive the market sharply lower instead of seeing what the day would unveil. Nothing negative developed from a news sense, and the market yet again saw boxed beef prices inch higher. But today, traders were only fixated on their own fears, which is what drove the market sharply lower. December live cattle closed $6.75 lower at $227.17, February live cattle closed $9.42 lower at $224.00 and April live cattle closed $9.82 lower at $22.92. Monday's slaughter is estimated at 105,000 head, 13,000 head more than a week ago and 15,000 head less than a year ago. Some light trade was reported in the North, where dressed cattle traded anywhere from $358 to $360, but the rest of the countryside was quiet. New showlists appear to be mixed, higher in Kansas and Texas, but lower in Nebraska/Colorado.

Last week, Northern dressed cattle traded at mostly $370, which is $2.00 lower than the previous week's weighted average. Southern live cattle traded at mostly $238, which is $2.00 lower than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 77,274 head. Of that 81% (62,778 head) were committed to the market's nearby delivery, and the remaining 19% (14,496 head) were committed to the market's deferred delivery option.

Boxed beef prices closed higher: choice up $2.12 ($377.88) and select up $3.69 ($361.66) with a movement of 117 loads (80.50 loads of choice, 16.25 loads of select, 11.43 loads of trim and 8.48 loads of ground beef).

TUESDAY'S CATTLE CALL: Lower. With the board continuing to push fear and chaos, fed cash cattle prices will likely be lower again this week as well.

FEEDER CATTLE:

It was a brutal day for the feeder cattle complex as the market continues to sit on pins and needles, waiting for Agriculture Secretary Brooke Rollins to share what came about her meeting with Mexico last Friday. More than anything psychologically, fear and emotional turmoil are what's driving this market lower, and until traders and cattlemen like have some confidence that the negative news lines are going to stop being printed, they feel as though the only option for them is to trade the market lower. More specifically, people want to know where Rollins stands right now with Mexican cattle imports and the border. November feeders closed $13.75 lower at $338.45, January feeders closed $13.75 lower at $334.42 and March feeders closed $13.75 lower at $331.30. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers traded $25.00 to $40.00 lower, and feeder heifers sold $20.00 to $40.00 lower. Feeder cattle supply over 600 pounds was 73%. The CME feeder cattle index 10/24/2024: up $0.47, $367.55.

LEAN HOGS:

The lean hog complex closed lower as the market didn't see enough support to push the contracts higher. December lean hogs closed $0.40 lower at $81.50, February lean hogs closed $0.90 lower at $83.40 and April lean hogs closed $0.95 lower at $88.00. Pork cutout values did close lower again, with the butt closing $4.53 lower. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.27 with a weighted average price of $85.29 on 1,485 head. Pork cutouts totaled 358.37 loads with 307.35 loads of pork cuts and 51.02 loads of trim. Pork cutout values: down $1.66, $101.08. The CME lean hog index 10/23/2025: down $0.68, $92.95. Monday's slaughter is estimated at 493,000 head, 1,000 head more than a week ago and 5,000 head more than a year ago. The CME lean hog index 10/23/2025: down $0.68, $92.95.

TUESDAY'S HOG CALL: Higher. Packers will likely be more aggressive in the market on Tuesday to secure supply.

Monday Midday Livestock Market Summary - Cattle Hit Expanded Limits

GENERAL COMMENTS:

It's been an utterly miserable Monday morning for the cattle complex as both the live cattle and feeder cattle markets have hit their expanded trading limits. They continue to be pressured by the market's anxiousness from last week's developments and fearing that more negative news could develop. New showlists appear to be mixed, higher in Kansas and Texas, but lower in Nebraska/Colorado. December corn is up 8 cents per bushel and December soybean meal is up $4.80. The Dow Jones Industrial Average is up 240.96 points and NASDAQ is up 378.73 points.

LIVE CATTLE:

It's completely fair to say, "it's been a miserable day," before the clock hits noon CDT, when both the live cattle and feeder cattle contracts are trading at their expanded limits. December live cattle are down $10.75 at $223.17, February live cattle are down $10.75 at $222.67 and April live cattle are down $10.75 at $222.00. Upon searching for a reason as to "why" the market was suffering so severely this morning, unfortunately there's no new tangible reason why the market is enduring such catastrophic losses. Instead, the market continues to be pressured by the chaos that's been endured over the last two weeks between President Trump stating that he'd like to see beef prices lowered, talked about increased imports from Argentina and the technical pandemonium that's ensued ever since.

Last week, Northern dressed cattle traded at mostly $370, which is $2.00 lower than the previous week's weighted average. Southern live cattle traded at mostly $238, which is $2.00 lower than the previous week's weighted average.

Boxed beef prices are higher: choice up $1.64 ($377.40) and select up $5.29 ($363.26) with a movement of 59 loads (44.83 loads of choice, 4.46 loads of select, 5.42 loads of trim and 4.11 loads of ground beef).

FEEDER CATTLE:

It's another gut-wrenching day for the feeder cattle complex as the market continues to sink unnervingly lower, already hitting its expanded limit for the day. November feeders are down $13.75 at $338.45, January feeders are down $13.75 at $334.42 and March feeders are down $13.75 at $331.30. Unfortunately, the spot November feeder cattle contract is nearly hitting its 100-day moving average, which could trigger even more technical pressure.

LEAN HOGS:

The lean hog complex is also trading slightly lower into Monday's noon hour, feeling unsupported by the market's fundamentals. December lean hogs are down $0.27 at $81.62, February lean hogs are down $0.70 at $83.60 and April lean hogs are down $0.72 at $88.22. Until consumer support improves, it's unlikely that the market will see much more upside potential from a technical sense.

The projected lean hog index for 10/24/2025 is down $0.68 at $92.27, and the actual index for 10/23/2025 is down $0.68 at $92.95. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 165 head have traded, and the market's five-day rolling average now sits at $88.93. Pork cutouts totaled 193.76 loads with 163.12 loads of pork cuts and 30.65 loads of trim. Pork cutout values: down $1.34, $101.40.

Monday Morning Livestock Market Update - Follow-Through Selling Expected

GENERAL COMMENTS:

Cattle traders had been struggling throughout last week with the rhetoric from the government over the high beef prices and statements they were going to implement steps to reduce prices. Then, Secretary of Agriculture Brooke Rollins was to meet with Mexico's agricultural minister about the potential of reopening the border for feeder cattle imports despite her previous stance about not doing that anytime soon. The pressure in futures triggered stops and pushed both live and feeder cattle futures to their limits down. This opens up expanded limits again Monday of live cattle at $10.75 and feeder cattle at $13.75. Cash cattle traded $2.00 lower in both the North and the South, which would have also added to the pressure had not futures already been limit down. Boxed beef closed higher with choice up $2.62 and select up $3.23. This may have little impact on the market Monday.

Hogs did not receive any spillover pressure from cattle, but also did not find any meaningful support. Cash traded lower all week as packers were able to purchase the hogs they needed without having to bid up to obtain them. Packers may step up Monday to take advantage of the lower prices unless a heavy supply of market-ready hogs remains. Pork cutouts jumped $3.03, pushing values back up above $100 to $102.74. Technically, the market has been unable to find support, but it is oversold.

	BULL SIDE		BEAR SIDE
1)	Any increase in imports of beef or feeder cattle will take time to increase the beef or cattle supply. Beef prices may not decline much in the near term.	1)	Cattle futures were locked limit down across the board with the potential for follow-through selling to continue Monday.
2)	The selling pressure ahead of the weekend might have run its course. Traders may try to bottom pick the market for a short-term trade.	2)	More beef imports and the potential for resuming cattle imports from Mexico will limit upside price potential.
3)	Pork prices might be low enough to stimulate consumer demand. This could provide support, as pork supplies may not build up.	3)	The ability of packers to purchase the hogs they needed at lower prices last week may keep them less aggressive again this week.
4)	The average weight for hogs declined last week, which could become the trend through the end of the year. This would reduce the tonnage available to the market.	4)	The market has been unable to prove itself fundamentally through higher cash and consistently stronger cutouts.

Friday Closing Livestock Market Update - Talks with Mexico Drive Cattle Contracts Lower

GENERAL COMMENTS:

It was another brutal day for the cattle complex as the market remains on edge, knowing that Agriculture Secretary Rollins is meeting with Mexico's agricultural minister. Cash cattle prices traded $2.00 lower in both the North and the South. December corn is down 4 3/4 cents per bushel and December soybean meal is up $1.80. The Dow Jones Industrial Average is up 472.51 points and the NASDAQ is up 263.07 points.

From Friday to Friday, livestock futures scored the following changes: October live cattle down $6.50, December live cattle down $7.90; October feeder cattle down $17.65, November feeder cattle down $19.50; December lean hogs down $0.47, February lean hogs down $0.48; December corn up $0.01, March corn remained steady.

LIVE CATTLE:

It was a rough week for the live cattle complex, as the market battled one headline after another. First, the market sank upon hearing that President Trump wanted to lower beef prices and proposed importing more beef into the U.S. from Argentina. Then on Friday, the market plummeted again upon hearing that U.S. Agriculture Secretary Brooke Rollins was meeting with Mexico's agricultural minister, as Mexico obviously wants the border to reopen as soon as possible. In past statements, Rollins has indicated that the border isn't going to reopen any time soon and that, before it can, New World screwworm needs to be significantly further away from the border than it currently is. Rollins has not issued a statement regarding their meeting yet.

December live cattle closed $7.25 lower at $233.92, February live cattle closed $7.25 lower at $233.42 and April live cattle closed $7.25 lower at $232.75. At the time of this writing, only a handful of cattle have traded, but so far Northern dressed deals have been marked at $370 and Southern live cattle have been marked at $238, both of which is $2.00 lower than last week's weighted average.

Friday's slaughter is estimated at 110,000 head, 18,000 head more than a week ago and 2,000 head less than a year ago. Saturday's slaughter is projected to be around 17,000 head. The week's total slaughter is estimated at 573,000 head, 6,000 head more than a week ago and 52,000 head less than a year ago.

Boxed beef prices closed higher: choice up $2.62 ($375.76) and select up $3.23 ($357.97) with a movement of 133 loads (101.45 loads of choice, 11.08 loads of select, 9.55 loads of trim and 11.39 loads of ground beef).

MONDAY'S CATTLE CALL: Lower. With the board's weakness, packers will likely try to use the market's technical uncertainty as a way to weaken the cash market.

FEEDER CATTLE:

The feeder cattle complex was especially shaken to know about the meeting with Mexico today, which led to the market's limit lower close. November feeders closed $9.25 lower at $352.20, January feeders closed $9.25 lower at $348.17 and March feeders closed $9.25 lower at $345.05. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers traded $10.00 to $15.00 lower and feeder heifers sold $5.00 to $10.00 lower. Steer calves sold $5.00 to $15.00 higher, and heifer calves sold unevenly steady. Slaughter cows sold steady to $3.00 lower, and slaughter bulls traded $3.00 lower. Feeder cattle supply over 600 pounds was 53%. The CME feeder cattle index 10/23/2025: down $3.54, $367.08.

LEAN HOGS:

The lean hog complex closed mostly higher, although a couple of the nearby contracts closed lower as the concern about consumer demand lingers. December lean hogs closed $0.12 higher at $81.90, February lean hogs closed $0.05 higher at $84.30 and April lean hogs closed $0.02 lower at $88.95. Traders will be closely monitoring demand next week, as that will likely be the deciding factor if the contracts can begin to muster support and trade higher. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.82 with a weighted average price of $85.56 on 1,515 head. Pork cutouts totaled 426.21 loads with 378.88 loads of pork cuts and 47.33 loads of trim. Pork cutout values: up $3.03, $102.74. Friday's slaughter is estimated at 455,000 head, 12,000 head more than a week ago and 27,000 head less than a year ago. Saturday's slaughter is projected to be around 181,000 head. The CME lean hog index 10/22/2025: down $0.55, $93.63.

MONDAY'S HOG CALL: Lower. Packers rarely buy aggressively in the cash market on Mondays.

Friday Midday Livestock Market Update - Cattle Trade Sharply Lower as the Market is Psychotically Drained

GENERAL COMMENTS:

Emotional damage done this past week is the primary reason why the cattle complex is trading lower. With the chaos that ensued over the announcement of potentially cheapening beef prices with Argentina imports, the market was a hot topic this week for everyone. Now that the market sits a couple of hours away from closing for the week, traders are waving their white flag, all but saying, "We've had enough already, let this week end." December corn is down 4 3/4 cents per bushel and December soybean meal is up $1.60. The Dow Jones Industrial Average is up 485.37 points and the NASDAQ is up 286.60 points.

LIVE CATTLE:

Where do I even begin in writing comments today? As you look across the futures complex, all you see when you gaze across the cattle contracts is sharply lower prices -- mostly $7.25 lower in the live cattle complex, and limit lower again in the feeder cattle arena. My phone has been blowing up this morning with the same message being asked: what did we miss? What happened this morning? What's causing today's mudslide? The market seems psychologically fried from this past week, and traders have all but wiped their hands of the market today. There's too much volatility and uncertainty being laced within the complex (mostly being driven by headlines and posts on social platform X) for there to be any sound decision-making and credence put on the market's bullish, long-term fundamental trajectory. I wish there was a more tangible reason as to why the market was trading lower this morning, but after the week the market has endured, traders are just waving their white flag, waiting for the board to close and the week to thankfully end.

December live cattle are down $7.25 at $233.92, February live cattle are down $7.25 at $233.42 and April live cattle are down $7.25 at $232.75. There's some light trade being noted in the North, where dressed cattle are trading at $370, which is $2.00 lower than last week's weighted average. Some Southern trade is being reported at $238, which is also $2.00 lower than last week's weighted average.

Boxed beef prices are higher: choice up $2.76 ($375.90) and select up $2.87 ($357.61) with a movement of 109 loads (84.91 loads of choice, 7.34 loads of select, 8.60 loads of trim and 7.85 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is trading at its daily limit, down $9.25, as traders have had enough of the cattle complex uncertainty this week. November feeders are down $9.25 at $352.20, January feeders are down $9.25 at $348.17 and March feeders are down $9.25 at $345.05. Unfortunately, today's severe decline has pushed the November spot back below its 40-day moving average, which is not a good technical signal.

LEAN HOGS:

The lean hog complex is currently trading mixed as the market doesn't have enough support to really push prices higher ahead of the day's close, so a mixed tone is what traders feel safest with. December lean hogs are up $0.55 at $82.32, February lean hogs are up $0.12 at $84.47 and April lean hogs are down $0.10 at $88.87. It's likely that the complex will close with this lackadaisical tone and hope that next week's market shows more support so it can trade higher from there.

The projected lean hog index for 10/23/2025 is down $0.68 at $92.95, and the actual index for 10/22/2025 is down $0.55 at $93.63. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 425 head have traded and that the market's five-day rolling average now sits at $89.15. Pork cutouts total 273.97 loads with 243.80 loads of pork cuts and 30.16 loads of trim. Pork cutout values: up $2.95, $102.66.

Friday Morning Livestock Market Summary - Hog Futures Are Unable to Find Support

GENERAL COMMENTS:

Live cattle futures showed uncertainty with nearby contracts remaining close to the expectation for cash, while later contracts were impacted by spillover weakness from feeder cattle. Feeder cattle futures continue to suffer from the uncertainty of the impact the government will have on beef prices. There has not been sufficient cattle trade this week to indicate prices. There were a few traded in the North from steady to $1.00 lower. It is unclear whether feedlots will hold as they know any government intervention will take time to implement, and packers will need cattle or move them rather than take the risk of lower prices next week. Boxed beef prices were higher, with choice up $2.49 and select up $1.13. Estimates have been released for the Cattle on Feed report that is scheduled for today, but it is not expected to be released due to the government shutdown.

Hog futures just cannot seem to escape the selling pressure. Futures gave the impression that support was developing, but the weakness on Thursday moved nearby futures below the support level. The fundamentals remain weak with cash trade lower so far this week. It is unlikely packers will bid up for hogs as they have purchased most of what they need. The National Daily Direct Afternoon report showed cash down $1.78. Pork cutouts showed minor weakness with a loss of $0.04. Futures are oversold, but traders are not likely to short cover or buy the break without fundamental support.

	BULL SIDE		BEAR SIDE
1)	It will take some time for any government ideas to be implemented that will impact beef prices or the increase in the cattle herd. The recent weakness may be temporary.	1)	The government's plan to both reduce beef prices and increase cattle production will keep uncertainty in the market and limit the upside price potential.
2)	Feeder cattle futures have chart gaps above the market that may be filled. The number of cattle or the supply of beef is not going to increase anytime soon.	2)	Cash cattle may trade lower this week as feedlots may move heavier cattle rather than risk lower prices next week.
3)	Hog futures are oversold and could bounce into the weekend. Futures have chart gaps that need to be filled.	3)	Nearby hogs moved below support on Thursday, which could result in further technical selling.
4)	Lower pork prices should stimulate demand. Hog numbers should tighten into next year, resulting in a reduced pork supply.	4)	Cash hogs and pork cutouts have not been able to find support this week. That may keep traders bearish into the weekend.

Thursday Closing Livestock Market Update - Traders Remain Skeptical of Overly Supporting the Complex

GENERAL COMMENTS:

The livestock complex closed mostly lower Thursday afternoon as there simply wasn't enough support in the market to help the contracts do anything different. Bids were offered throughout the day in the fed cash cattle market, but no cattle have traded yet. December corn is up 5 cents per bushel and December soybean meal is up $2.30. The Dow Jones Industrial Average is up 144.20 points and the NASDAQ is up 201.40 points.

LIVE CATTLE:

The live cattle complex tried to trade higher throughout the day, but the market ended the day mixed Thursday afternoon as traders were reluctant to become too bold following the chaos that ensued this week. December live cattle closed $1.35 higher at $241.17, February live cattle closed $0.30 higher at $240.67 and April live cattle closed $0.12 lower at $240.00. Bids were offered throughout the day, mostly in the North, but by the later part of the afternoon, some bids also developed in Kansas. At the time of this writing, no major trade had been reported, but asking prices are noted at $243 plus in the South and are still not established in the North. With feedlot managers aiming to see prices trade higher again this week, it's not unusual to see trade delayed until Friday. 

Thursday's slaughter is estimated at 119,000 head, 1,000 head more than a week ago and 5,000 head less than a year ago.

Note the monthly Cattle on Feed report could be released tomorrow afternoon, but with the government still shut down, it's just as likely that the report isn't shared, as most USDA offices remain closed.

Boxed beef prices closed higher: choice up $2.49 ($373.14) and select up $1.13 ($354.74) with a movement of 117 loads (65.06 loads of choice, 22.50 loads of select, 14.20 loads of trim and 15.13 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady/somewhat higher. Feedlot managers want to continue to see the cash market trade higher, but packers could use this week's chaotic nature as leverage as to why prices should just trade steady.

FEEDER CATTLE:

The feeder cattle complex never traded higher throughout the day as quietly traders had the attitude of, "This week has been a wreck, we aren't going to dabble in the market until things stabilize." November feeders closed $2.77 lower at $361.45, January feeders closed $3.60 lower at $357.42 and March feeders closed $4.12 lower at $354.30. Thankfully, the spot November contract was able to maintain a position above the market's 40-day moving average, which, if the market falls below that threshold, could signal more downward pressure. At the Winter Livestock Auction in Dodge City, Kansas, compared to last week, steers and heifers under 500 pounds that were of a larger, reputation lot with multiple vaccines sold steady, while the small lots that weren't vaccinated sold $20.00 to $25.00 lower. Steers over 700 pounds traded steady to somewhat weaker, but the heifers weighing 600 to 650 pounds traded 7.00 higher. Feeder cattle supply over 600 pounds was 55%. The CME feeder cattle index 10/22/2025: down $1.38, $370.62.

LEAN HOGS:

With both cash prices and pork cutout values being lower, the lean hog contracts stood little chance of closing higher this afternoon. December lean hogs closed $0.62 lower at $81.77, February lean hogs closed $0.87 lower at $84.35 and April lean hogs closed $0.77 lower at $88.97. Unfortunately, it's unlikely that the market will trade higher on Friday as there simply isn't enough support for traders to lean on, but a mixed to slightly lower close is likely. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.78 with a weighted average price of $86.38 on 1,000 head. Pork cutouts totaled 327.85 loads with 291.71 loads of pork cuts and 36.14 loads of trim. Pork cutout values: down $0.04, $99.71. Thursday's slaughter is estimated at 486,000 head, 6,000 head less than a week and a year ago. The CME lean hog index 10/21/2025: down $0.80, $94.18.

FRIDAY'S HOG CALL: Lower. Packers have bought most of their needs for the week.

Thursday Midday Livestock Market Summary - Mixed Tones Overtake the Complex

GENERAL COMMENTS:

It's another mixed day for the livestock complex as yes, the live cattle contracts are trading higher, but both the lean hog and feeder cattle contracts are trading lower. Some bids have surfaced in the fed cash cattle market, but still no sizeable volumes have traded. December corn is up 1 1/2 cents per bushel and December soybean meal is up $0.50. The Dow Jones Industrial Average is up 91.03 points and NASDAQ is up 170.97 points.

LIVE CATTLE:

Now that the industry has had time to see and absorb Agriculture Secretary Brooke Rollins plan to revitalize the U.S. beef herd, the market is back to trading higher as traders and industry experts saw no real issue with the proposal. 

December live cattle are up $2.10 at $241.92, February live cattle are up $0.97 at $241.35 and April live cattle are up $0.62 at $240.75. There are some bids beginning to hit the market as packers have offered $238 live in Nebraska and $370 dressed in Nebraska. But at this time, no major sales have been reported. Asking prices are still not established in the North but are now listed in the South at $243 plus. Packer interest could improve later this afternoon, but it's most likely that trade is delayed until Friday as feedlot managers are going to try to see prices trade higher again this week.

Boxed beef prices are higher: choice up $1.83 ($372.48) and select up $0.50 ($354.11) with a movement of 75 loads (41.91 loads of choice, 17.74 loads of select, 5.19 loads of trim and 9.66 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is still trading sorely lower, as it remains uneasy with the cattle complex being a hot ticket item this week for the President. November feeders are down $0.80 at $363.42, January feeders are down $1.65 at $359.37 and March feeders are down $2.15 at $356.27. The spot November contract is nearing the market's 40-day moving average, which would be a bad threshold to cross for the market as it could signal more downward pressure.

LEAN HOGS:

With pork cutout values lower again today, it comes as no real surprise that the lean hog complex is trading lower yet again. December lean hogs ae down $0.42 at $81.97, February lean hogs are down $0.65 at $84.57 and April lean hogs are down $0.62 at $89.12. Unfortunately, it's most likely that the market will continue to trade sideways/somewhat lower throughout the remainder of the day and week as support is expected to significantly change ahead of the week's end.

The projected lean hog index for 10/22/2025 is down $0.55 at $93.63, and the actual index for 10/21/2025 is down $0.80 at $94.18. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.68 with a weighted average price of $86.35, ranging from $82.00 to $88.00 on 960 head and a five-day rolling average of $89.17. Pork cutouts totaled 195.99 loads with 169.96 loads of pork cuts and 26.03 loads of trim. Pork cutout values: down $0.91, $98.84.

Thursday Morning Livestock Market Update - Market Uncertainty Fosters Liquidation

GENERAL COMMENTS:

Cattle traders are uncertain what is going to take place based on government reports. On one hand, President Trump indicated that steps will be taken to reduce beef prices with the main point being the increase in beef imports. On the other hand, the administration is taking steps to support the cattle industry through other means and encourage beef production. This uncertainty may be sufficient to reduce prices substantially as liquidation in the market may continue. Former President Ronald Reagan, in his critique of government overreach, famously said the nine most terrifying words are "I'm from the government, and I'm here to help." It is uncertain what the impact of the futures market over the past week will have on the cash cattle trade. Boxed beef prices were mixed on Wednesday, with choice cuts down $1.28 and select up $1.04.

Hog futures were mixed with nearby contracts under pressure while later contracts posted minor gains. It is uncertain whether futures have found support and will develop a sideways range as traders assess the potential of the market through the end of the year. The fundamentals of the market do not provide much support with both cash and cutouts down again on Wednesday. The National Direct Afternoon Hog report showed cash down $1.36 on a large volume of hogs purchased. This leaves little reason for packers to be aggressive the rest of the week. Pork cutout values declined $0.84. Hog weights may have finally peaked with the weight down 0.9 pounds, averaging 290.1 pounds.

	BULL SIDE		BEAR SIDE
1)	The items being discussed by the government to reduce high beef prices will take time to implement, and there is uncertainty about how much of a difference it will make anyway. The fundamentals are supportive.	1)	The uncertainty of government intervention in the cattle industry may put further pressure on cattle futures.
2)	Cash cattle are expected to trade no worse than steady this week. This would provide support to futures.	2)	Cattle futures fell through support on Wednesday, which may result in further liquidation today.
3)	Hog futures may be building support. The heavy supply of market-ready hogs may have been processed with supply and demand becoming more balanced.	3)	Hog weights remain 4.6 pounds higher than a year ago, leaving a sufficient supply available to the market.
4)	Hog weights are finally decreasing. The average weight was 290.1 pounds, down 0.9 pounds from the previous week.	4)	Packers may not be aggressive the rest of the week as they have already purchased a large volume of hogs.

Wednesday Closing Livestock Market Update - Cattle Markets Plummet Ahead of Rollins' Announcement

GENERAL COMMENTS:

It was a mixed day for the livestock complex as the lean hog market saw little attention, but the cattle complex was driven sharply lower by fear as traders didn't know what to expect of Ag Sectary Brooke Rollins announcement on efforts to help the beef industry. Still no sizeable volumes have traded in the fed cash cattle market. December corn is up 3 1/4 cents per bushel and December soybean meal is up $3.10. The Dow Jones Industrial Average is down 334.33 points and NASDAQ is down 213.27 points.

LIVE CATTLE:

It was another "hold your breath and wait" kind of day for the cattle complex as traders were queasy as they tried to patiently wait to see what US Ag Secretary Brooke Rollins was going to announce this afternoon. You can read her plan to fortify the American Beef Industry here:

At the time of this writing, I haven't had enough time to spend carefully reading each point, but under the section, "Protect and Promote American Beef Through Transparent Labeling" sounded a lot like COOL (Country of Original Labeling) in my mind, as the PDF read, "Only products that have been born, raised and slaughtered in the United States will be eligible to make U.S.-origin labeling claims, ensuring any premiums derived from those claims only benefit producers and processors utilizing American beef."

The market, traders, producers, and everyone in between need more time to process this announcement before it can be soberly absorbed. But in the time leading up to the announcements, the cattle complex again plummeted lower as traders were fearful of what may lie in the unknown. December live cattle closed $5.60 lower at $239.82, February live cattle closed $5.90 lower at $240.37 and April live cattle closed $6.27 lower at $240.12. Some live cattle traded in the North at $239 to $240, but not enough cattle traded to say that any sort of trend was established. Still, asking prices remain elusive. 

Wednesday's slaughter is estimated at 118,000 head, 4,000 head less than a week ago and 6,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $1.28 ($370.65) and select up $1.04 ($353.61) with a movement of 153 loads (112.03 loads of choice, 24.05 loads of select, 7.03 loads of trim and 9.94 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady/somewhat higher. Given that supplies are only going to tighten in the months to come, packers will again need to be aggressive in this week's market to avoid being short bought.

FEEDER CATTLE:

With the market anxious and overly flowing with fear ahead of Agriculture Secretary Brooke Rollin's announcement this afternoon, the feeder cattle complex was dropped on its head as traders again let the market close limit lower. November feeders closed $9.25 lower at $364.22, January feeders closed $9.25 lower at $361.02 and March feeders closed $9.25 lower at $358.42. At Philip Livestock Auction in Philip, South Dakota, compared to last week, feeder steers under 600 pounds traded $10.00 to $15.00 lower, steers weighing 600 to 700 pounds sold $8.00 to $12.00 stronger. Feeder heifers weighing 400 to 450 pounds traded $10.00 to $12.00 lower, heifers weighing 450 to 550 pounds sold $5.00 to $10.00 lower, heifers weighing 550 to 600 pounds sold $10.00 to $15.00 lower and those weighing 950 to 1,000 pounds traded steady. Feeder cattle supply over 600 pounds was 29%. The CME feeder cattle index 10/21/2025: down $0.99, $372.00.

LEAN HOGS:

The lean hog complex traded without much action throughout Wednesday's hours, with the nearby contracts drifting lower while the deferred contracts saw a little more support. December lean hogs closed $0.87 lower at $82.40, February lean hogs closed $0.52 lower at $85.22 and April lean hogs closed $0.25 lower at $89.75. Unfortunately, the conversation remains the same as traders simply don't have enough support in the present to confidently push the contracts any higher. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.36 with a weighted average price of $88.16 on 9,086 head. Pork cutouts total 308.93 loads with 270.09 loads of pork cuts and 38.84 loads of trim. Pork cutout values: down $0.84, $99.75. Wednesday's slaughter is estimated at 493,000 head, 1,000 head more than a week ago and 8,000 head more than a year ago. The CME lean hog index 10/20/2025: down $0.60, $94.98.

THURSDAY'S HOG CALL: Lower. At this point, packers have likely bought most of what they're going to buy this week.