GENERAL COMMENTS:
The livestock complex is trading mixed into Friday's noon hour as the live cattle contracts are still trading mostly lower, but both the lean hog and feeder cattle contracts are trading slightly higher. No new cash cattle trade has developed yet, but more trade should develop ahead of the day's close as virtually no cattle have traded yet in the South. December corn is down 1/4 cent per bushel and December soybean meal is steady. The Dow Jones Industrial Average is up 517.63 points and the NASDAQ is up 54.36 points.
LIVE CATTLE:
The live cattle complex is trading mostly lower as the market continues to feel stalemated, not seeing the support it needs to drive the contracts any higher. Between weaker cash cattle prices and lower waning boxed beef prices, the market is stuck trading steady/somewhat lower as there's not enough support to do anything different for the time being. Before the week ends, there should still be some more cash cattle trade to develop; however, there's only been a thin movement in the North so far, and virtually no movement yet at all in the South. Asking prices are noted at $235 to $237 in the South and $362 plus in the North. October live cattle are down $0.12 at $230.40, December live cattle are up $0.22 at $233.70 and February live cattle are down $0.22 at $235.72.
Boxed beef prices are mixed: choice down $0.27 ($363.95) and select up $2.19 ($345.59) with a movement of 122 loads (99.98 loads of choice, 12.11 loads of select, 4.04 loads of trim and 5.91 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is back to trading slightly higher as traders are currently willing to mildly support the contracts. October feeders are up $2.10 at $356.40, November feeders are up $1.70 at $354.10 and January feeders are up $1.07 at $348.25. And so long as the live cattle complex doesn't plunge sharply lower, the market could maintain this mild rally through the day's end.
LEAN HOGS:
The lean hog complex is finally seeing support work its way into the market as pork cutout values are higher, and trades are allowing the contracts to trade mildly higher as well. October lean hogs are up $0.35 at $99.02, December lean hogs are up $0.70 at $87.37 and February lean hogs are up $0.75 at $89.20. The biggest factor helping drive the carcass price higher this morning is the belly's $6.82 jump, and the picnics $4.24 gain as well.
The projected lean hog index for 10/2/2025 is down $0.86 at $102.84, and the actual index for 10/1/2025 is down $0.56 at $103.70. Hog prices are lower on the Daily Direct Morning Hog Report, down $1.03 with a weighted average price of $98.74, ranging from $92.00 to $102.00 on 1,928 head with a five-day rolling average of $101.32. Pork cutouts totaled 222.26 loads with 193.55 loads of pork cuts and 28.70 loads of trim. Pork cutout values: up $2.05, $109.40.
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