GENERAL COMMENTS:
The livestock complex had a rough day as the cattle contracts fell sharply lower upon hearing more news that President Trump is working to cheapen beef prices, and the lean hog complex again saw weak consumer demand. It was impressive, however, to see strong trade in the fed cash cattle market as Northern prices rallied $9.00 higher and Southern prices jumped $5.00 higher. December corn is up 3/4 cent per bushel and December soybean meal is up $4.10. The Dow Jones Industrial Average is up 238.37 points and the NASDAQ is up 117.43 points.
From Friday to Friday, livestock futures scored the following changes: October live cattle up $1.78, December live cattle down $0.70; October feeder cattle down $3.55, November feeder cattle down $4.20; December lean hogs down $1.65, February lean hogs down $1.52; December corn up $0.09, March corn up $0.08.
LIVE CATTLE:
It was a painstaking day for the live cattle complex as traders opted to pull their support from the marketplace on Friday upon hearing comments from President Trump that his administration is working to make beef prices more affordable.
The news couldn't have come at a more inopportune time as fundamental support gushed into the marketplace this week. Between boxed beef prices trading higher and fed cash cattle trading higher as well, it's safe to speculate that if this news line hadn't hit the market, it's likely that both the live cattle and feeder cattle contracts would have closed higher.
December live cattle closed $6.05 lower at $241.82, February live cattle closed $6.72 lower at $242.82 and April live cattle closed $7.22 lower at $243.02. Throughout the week, Northern dressed cattle traded at mostly $372, which is $9.00 higher than last week's weighted average. Southern live cattle traded at $240, which is $5.00 higher than last week's weighted average.
Friday's slaughter is estimated at 92,000 head, 1,000 head more than a week ago and 15,000 head less than a year ago. Saturday's slaughter is projected at 9,000 head. The week's total slaughter is estimated at 567,000 head, 20,000 head more than a week ago and 40,000 head less than a year ago.
Boxed beef prices closed higher: choice up $0.66 ($366.77) and select up $1.34 ($350.27) with a movement of 188 loads (134.66 loads of choice, 23.82 loads of select, 17.79 loads of trim and 11.36 loads of ground beef).
MONDAY'S CATTLE CALL: Steady. Without knowing exactly how many cattle traded, it's hard to say how prices will lean next week.
FEEDER CATTLE:
The feeder cattle complex all but had the rug pulled out from under its feet as the contracts closed mostly limit lower upon hearing President Trump's remarks about wanting to lower beef prices. November feeders closed $9.25 lower at $371.70, January feeders closed $9.25 lower at $369.30 and March feeders closed $9.25 lower at $367.45. It's tough saying how long this pressure will affect the market because if anything, the fundamentals have only grown stronger, but until there's a clearer picture of what Trump intends to do, the market will likely remain on edge. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers and heifers traded $10.00 to $15.00 higher, with the biggest advancement on the seven weight steers, which were $20.00 higher and averaged over $4.00 per pound for the first time. Steer calves traded $15.00 to $25.00 higher. Heifer calves sold $20.00 to $30.00 higher. Slaughter cows sold $1.00 to $5.00 higher, and slaughter bulls sold steady. Feeder cattle supply over 600 pounds was 58%. The CME feeder cattle index 10/16/2025: up $1.41, $376.51.
LEAN HOGS:
The lean hog complex closed mostly lower Friday afternoon, as there again wasn't enough support backing the market to keep the contracts from trading lower. December lean hogs closed $0.22 lower at $82.37, February lean hogs closed $0.32 lower at $84.77 and April lean hogs closed $0.20 lower at $88.65. It will be important to monitor demand again next week, as the market could continue to drop lower if demand doesn't improve. Pork cutouts totaled 339.14 loads with 292.00 loads of pork cuts and 47.14 loads of trim. Pork cutout values: up $0.53, $102.70. Friday's slaughter is estimated at 443,000 head, 35,000 head less than a week ago and 33,000 head less than a year ago. Saturday's slaughter is projected at 185,000 head. The CME lean hog index 10/15/2025: down $0.61, $96.59.
MONDAY'S HOG CALL: Lower. Packers rarely buy aggressively in the cash hog market on Mondays.
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