GENERAL COMMENTS:
It was a painstaking day for the cattle complex as traders continued to drive the contracts lower as fear continues to drive the contracts lower. New showlists appear to be mixed, higher in Kansas and Texas, but lower in Nebraska/Colorado. December corn is up 5 1/2 cents per bushel and December soybean meal is up $4.10. The Dow Jones Industrial Average is up 337.47 points and the NASDAQ is up 432.59 points.
LIVE CATTLE:
It was an absolutely pitiful day for the live cattle complex as the contracts were anywhere from $6.00 to $9.00 lower by the day's close, being driven sharply lower by fear, and fear alone. Following the chaos that was ensued last week from President Trump's remarks that beef prices are too high, to the hinting that Argentia should import more beef, to the industry knowing that Agriculture Secretary Brooke Rollis had a meeting with Mexico on Friday but has yet to be informed on what came about that meeting; traders couldn't stand the idea of another negative news headline being shared, so they elected to drive the market sharply lower instead of seeing what the day would unveil. Nothing negative developed from a news sense, and the market yet again saw boxed beef prices inch higher. But today, traders were only fixated on their own fears, which is what drove the market sharply lower. December live cattle closed $6.75 lower at $227.17, February live cattle closed $9.42 lower at $224.00 and April live cattle closed $9.82 lower at $22.92. Monday's slaughter is estimated at 105,000 head, 13,000 head more than a week ago and 15,000 head less than a year ago. Some light trade was reported in the North, where dressed cattle traded anywhere from $358 to $360, but the rest of the countryside was quiet. New showlists appear to be mixed, higher in Kansas and Texas, but lower in Nebraska/Colorado.
Last week, Northern dressed cattle traded at mostly $370, which is $2.00 lower than the previous week's weighted average. Southern live cattle traded at mostly $238, which is $2.00 lower than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 77,274 head. Of that 81% (62,778 head) were committed to the market's nearby delivery, and the remaining 19% (14,496 head) were committed to the market's deferred delivery option.
Boxed beef prices closed higher: choice up $2.12 ($377.88) and select up $3.69 ($361.66) with a movement of 117 loads (80.50 loads of choice, 16.25 loads of select, 11.43 loads of trim and 8.48 loads of ground beef).
TUESDAY'S CATTLE CALL: Lower. With the board continuing to push fear and chaos, fed cash cattle prices will likely be lower again this week as well.
FEEDER CATTLE:
It was a brutal day for the feeder cattle complex as the market continues to sit on pins and needles, waiting for Agriculture Secretary Brooke Rollins to share what came about her meeting with Mexico last Friday. More than anything psychologically, fear and emotional turmoil are what's driving this market lower, and until traders and cattlemen like have some confidence that the negative news lines are going to stop being printed, they feel as though the only option for them is to trade the market lower. More specifically, people want to know where Rollins stands right now with Mexican cattle imports and the border. November feeders closed $13.75 lower at $338.45, January feeders closed $13.75 lower at $334.42 and March feeders closed $13.75 lower at $331.30. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers traded $25.00 to $40.00 lower, and feeder heifers sold $20.00 to $40.00 lower. Feeder cattle supply over 600 pounds was 73%. The CME feeder cattle index 10/24/2024: up $0.47, $367.55.
LEAN HOGS:
The lean hog complex closed lower as the market didn't see enough support to push the contracts higher. December lean hogs closed $0.40 lower at $81.50, February lean hogs closed $0.90 lower at $83.40 and April lean hogs closed $0.95 lower at $88.00. Pork cutout values did close lower again, with the butt closing $4.53 lower. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.27 with a weighted average price of $85.29 on 1,485 head. Pork cutouts totaled 358.37 loads with 307.35 loads of pork cuts and 51.02 loads of trim. Pork cutout values: down $1.66, $101.08. The CME lean hog index 10/23/2025: down $0.68, $92.95. Monday's slaughter is estimated at 493,000 head, 1,000 head more than a week ago and 5,000 head more than a year ago. The CME lean hog index 10/23/2025: down $0.68, $92.95.
TUESDAY'S HOG CALL: Higher. Packers will likely be more aggressive in the market on Tuesday to secure supply.
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