GENERAL COMMENTS:
It's been a rough morning for the cattle complex as traders have ripped nearly all their support for the market out of the complex upon hearing Thursday afternoon that President Trump could have established some sort of deal to lower beef prices. Meanwhile, the lean hog complex is finally seeing a little more support as traders note the uptick in pork cutout values. December corn is up 2 cents per bushel and December soybean meal is up $3.70. The Dow Jones Industrial Average is up 236.91 points and the NASDAQ is up 60.43 points.
LIVE CATTLE:
It's been a tumultuous morning for the cattle complex thus far as the market opened in a panicked manner, as on Thursday afternoon, President Trump shared that the administration is going to do something about beef prices being too high. Although no specific details have been shared just yet, there's a belief that some sort of deal could have been done with Argentina, as President Trump just met with their President, Javier Milei, at the White House. This comes at such an un-opportunistic time as the fed cash cattle market is trading anywhere from $5.00 to $9.00 higher, which should have a bolstering effect on the market, but this looming news has clouded that positive fundamental achievement. December live cattle are down $5.77 at $242.07, February live cattle are down $6.40 at $243.15 and April live cattle are down $6.62 at $243.62. A light trade is currently being reported in the North, where most of the cattle are trading at $372, which is $9.00 higher than last week's weighted average. A few sales have also been reported in the South, where cattle are trading at $240, which is $5.00 higher than last week's weighted average. Asking prices for cattle in the South remain firm at $242 plus and in the North atIt comes as no real surprise that the news from President Trump about a potential fix on beef prices being too high has sent the feeder cattle complex limit lower in all of its contracts except the soon-to-expire October 2025 contract. This news development has been gut-wrenching for the market as the cattle complex was just in the middle of adding another record-breaking high to the complex's already impressive rally, but this development has completely shaken the complex. November feeders are down $9.25 at $371.70, January feeders are down $9.25 at $369.30 and March feeders are down $9.25 at $367.45. $375.
Boxed beef prices are higher: choice up $0.89 ($367.00) and select up $1.43 ($350.36) with a movement of 139 loads (107.34 loads of choice, 14.24 loads of select, 12.05 loads of trim and 5.27 loads of ground beef).
FEEDER CATTLE:
It comes as no real surprise that the news from President Trump about a potential fix on beef prices being too high has sent the feeder cattle complex limit lower in all of its contracts except the soon-to-expire October 2025 contract. This news development has been gut-wrenching for the market as the cattle complex was just in the middle of adding another record-breaking high to the complex's already impressive rally, but this development has completely shaken the complex. November feeders are down $9.25 at $371.70, January feeders are down $9.25 at $369.30 and March feeders are down $9.25 at $367.45.
LEAN HOGS:
The lean hog complex is trading mostly higher, although a couple of the nearby contracts are trading slightly lower. The market's positive turn could be partly because of the uptick in pork cutout prices, but it could also be that traders believe the market has traded lower enough for the time being. December lean hogs are down $0.02 at $82.57, February lean hogs are steady at $85.10 and April lean hogs are up $0.12 at $88.97.
The projected lean hog index for 10/16/2025 is down $0.47 at $96.12, and the actual index for 10/15/2025 is down $0.61 at $96.59. Hog prices are lower on the Daily Direct Morning Hog Report, down $1.75 with a weighted average price of $89.81, ranging from $84.00 to $92.00 on 626 head and a five-day rolling average of $93.75. Pork cutouts total 226.47 loads with 197.40 loads of pork cuts and 29.07 loads of trim. Pork cutout values: up $2.57, $104.74.
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