GENERAL COMMENTS:
It was a lackadaisical day for the livestock complex as traders seemed to regroup after the weekend but weren't willing to really move the contracts one way or another without seeing what's going to develop fundamentally this week. New showlists appear to be lower in all major feeding areas again this week. December corn is up 3/4 cent per bushel and December soybean meal is up $4.00. The Dow Jones Industrial Average is up 515.97 points and the NASDAQ is up 310.57 points.
LIVE CATTLE:
Although the live cattle complex plummeted lower last Friday, traders were willing to jump back into action throughout Monday's trade and help the market recover some of it's lost position. December live cattle closed $1.82 higher at $243.65, February live cattle closed $1.70 higher at $244.52 and April live cattle closed $1.72 higher at $244.75. More than anything today's action seemed like a recovery move more than anything as traders do continue to recognize the market's strong fundamental position but are also very keenly aware of the technical risk and sheer vulnerability that comes with not only trading at these record high prices, but also upon having rallied so aggressively in the last two weeks. New showlists appear to be lower in all major feeding areas again this week. Monday's slaughter is estimated at 95,000 head, 11,000 head less than a week ago and 24,000 head less than a year ago.
Last week Northern cattle traded for mostly $372, which is $9.00 higher than the previous week's weighted average, and Southern live cattle traded at mostly $240 which is $5.00 higher than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 87,831 head. Of that 74% (65,338 head) were committed to the market's nearby delivery, and the remaining 26% (22,493 head) were committed to the market's deferred delivery option.
Boxed beef prices closed higher: choice up $2.41 ($369.18) and select up $3.19 ($353.46) with a movement of 86 loads (44.95 loads of choice, 16.51 loads of select, 3.61 loads of trim and 20.57 loads of ground beef).
TUESDAY'S CATTLE CALL: Steady/somewhat higher. With boxed beef prices continuing to trend higher and feedlot managers knowing that packers need more inventory, feedlot managers are likely going to aim for higher prices again this week.
FEEDER CATTLE:
The feeder cattle complex rounded out the day mostly lower, although the spot November contract was able to close slightly higher. The feeder cattle complex has been the biggest driver of the cattle market's recent rally, but with some technical concern still lingering throughout the market, traders were hesitant throughout the day. November feeders closed $0.97 higher at $372.67, January feeders closed $0.12 lower at $369.17 and March feeders closed $0.95 lower at $366.50. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers and heifers were trading $5.00 to $15.00 lower at the market's midsession point. Meanwhile, steer calves were traded steady, expect those weighing 400 to 500 pounds which were traded $10.00 to $20.00 higher. Heifer calves were selling $5.00 to $15.00 lower. Feeder cattle supply over 600 pounds was 62%. The CME feeder cattle index 10/17/2025: down $0.36, $376.15.
LEAN HOGS:
The lean hog complex rounded out the day mixed with the market's nearby contracts closing lower, but the deferred months ended the day higher. The split decision seemed to stem from the fact that traders are wanting to see more consumer demand for pork currently but also know that supplies are likely going to tighten in the months ahead. December lean hogs closed $0.30 lower a $82.07, February lean hogs closed $0.05 lower at $84.72 and April lean hogs closed $0.30 higher at $88.95. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.40 with a weighted average price of $89.74 on 3,273 head. Pork cutouts totaled 310.75 loads with 272.08 loads of pork cuts and 38.67 loads of trim. Pork cutout values: down $0.62, $102.08. Monday's slaughter is estimated at 492,000 head, 7,000 head more than a week ago and 11,000 head more than a year ago. The CME lean hog index 10/16/2025: down $0.47, $96.12.
TUESDAY'S HOG CALL: Higher. Packers will likely aim to secure more support on Tuesday.
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