GENERAL COMMENTS:
It was an incredible day for the cattle contracts as support rallied the contracts higher through the week's end despite the fact that the equity markets still closed lower. At the time of this writing, no Southern live cattle have traded, but Northern dressed cattle were being marked at $362, which is $2.00 higher than the previous week's weighted average. December corn is down 5 1/4 cents per bushel and December soybean meal is down $1.90. The Dow Jones Industrial Average is down 878.82 points and the NASDAQ is down 820.20 points.
From Friday to Friday, livestock futures scored the following changes: October live cattle up $7.45, December live cattle up $8.03; October feeder cattle up $18.33, November feeder cattle up $20.48; October lean hogs down $1.97, December lean hogs down $3.27; December corn down $0.06, March corn down $0.07.
LIVE CATTLE:
The feeder cattle complex may have been the driving force behind the cattle market's rally this week, but the live cattle complex joined the party by Friday's close! Throughout the day the live cattle complex traded on both sides of steady, but thankfully after the day's noon hour traders were able to hone their minds into the fact that boxed beef prices had been incredibly supportive throughout the week and although the market hasn't seen any Southern live cattle trade just yet, Northern cattle have been trading at $362 which is $2.00 higher than last week's weighted average. And to be the true icing on top of the cake, today's close in the spot December contract scored yet another new contract high.
Friday's slaughter is estimated at 91,000 head, steady with a week ago and 13,000 head less than a year ago. Saturday's slaughter is projected at 10,000 head. The week's total slaughter is estimated at 547,000 head, 15,000 head less than a week ago and 38,000 head less than a year ago.
Boxed beef prices closed higher: choice up $0.35 ($365.57) and select up $2.06 ($346.39) with a movement of 124 loads (84.89 loads of choice, 20.51 loads of select, 4.99 loads of trim and 13.36 loads of ground beef).
MONDAY'S CATTLE CALL: Steady. Until we see exactly what all pans out this week, it's hard to say what to expect of next week's trade.
FEEDER CATTLE:
There are good days in the marketplace, good runs, and heck, even good years, but this past week was utterly incredible for the feeder cattle complex. If you look up above to the weekly changes, throughout the week, October feeder cattle rallied $18.33 from last Friday's close, and the spot November feeder cattle contract alone rallied $20.48 from last Friday's close. Steam rolling past anyone's wildest belief, the feeder cattle contracts soared higher as traders continued to advance the market on the understanding that supplies are only going to grow thinner moving into 2026, and with the U.S./Mexico border not expected to reopen anytime soon, prices should remain high as demand is red hot for cattle. Not to mention, it did help this past week that boxed beef prices traded higher, too, but there's no denying that the feeder cattle market led the rally for the cattle complex this week. October feeders closed $1.47 higher at $375.50, November feeders closed $1.85 higher at $375.90 and January feeders closed $2.90 higher at $371.95. The Oklahoma Weekly Cattle Auction Summary shared that throughout the week, feeder steers traded $4.00 to $8.00 higher, and feeder heifers traded $4.00 to $9.00 higher, except those weighing 600 to 700 pounds, which traded $2.00 to $8.00 lower. Steer calves over 450 pounds traded steady to $5.00 higher, and those under 450 pounds traded $15.00 lower. Heifer calves over 450 pounds sold $1.00 to $3.00 higher and those under 450 pounds traded $10.00 lower. Feeder cattle supply over 600 pounds was 58%. The CME feeder cattle index 10/9/2025: up $0.57, $367.92.
LEAN HOGS:
The lean hog complex rounded out the day mixed as the market saw most of its contracts close lower, but some of the furthest deferred months were able to close mildly higher ahead of the day's end. More than anything, traders simply felt unsupported as throughout the majority of the week, pork demand was soft and the cash market never really lent enough support to speak of. December lean hogs closed $0.32 lower at $84.02, February lean hogs closed $0.37 lower at $86.30 and April lean hogs closed $0.20 lower at $90.02. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.07 with a weighted average price of $96.40 on 5,043 head. Pork cutouts totaled 358.53 loads with 317.15 loads of pork cuts and 41.38 loads of trim. Pork cutout values: up $1.78, $104.42. Friday's slaughter is estimated at 478,000 head, 7,000 head less than a week ago and 4,000 head less than a year ago. Saturday's slaughter is projected to be around 153,000 head. The CME lean hog index 10/8/2025: down $0.62, $100.08.
MONDAY'S HOG CALL: Steady to somewhat higher. It will be interesting to see how packers handle next week's cash hog market, as they were very lackadaisical in this week's market, and that should logically mean that they'll need to be more aggressive next week.
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