GENERAL COMMENTS:
The livestock complex is off to a stronger start Monday morning as traders seem willing and motivated to push the contracts higher. It is helping matters that both pork cutout values and boxed beef prices are higher. December corn is up 1 1/2 cents per bushel and December soybean meal is down $0.60. The Dow Jones Industrial Average is down 134.15 points and NASDAQ is up 153.56 points.
LIVE CATTLE:
The live cattle futures are off to a stronger start for the week as the market takes the positive close of last Friday and continues to run with the support available in the marketplace. October live cattle are up $0.50 at $231.52, December live cattle are up $1.07 at $235.57 and February live cattle are up $1.55 at $238.37. It is worth noting that both choice and select prices are stronger this morning. If that trend continues, it could lend traders some additional support they weren't counting on.
Last week Northern dressed trade began to develop on Tuesday and saw small increments of cattle trade throughout the remainder of the week. Northern trade was mostly marked at $360, which is $5.00 lower than the previous week's weighted average. Southern live cattle waited to trade until late Friday afternoon, where most of the business was done at $233, which is $3.00 lower than the previous week's weighted average.
Boxed beef prices are higher: choice up $0.66 ($362.93) and select up $1.95 ($347.33) with a movement of 61 loads (45.33 loads of choice, 11.58 loads of select, zero loads of trim and 4.58 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is again following the same direction as the live cattle contracts as its market is trading higher too. October feeders are up $4.17 at $361.35, November feeders are up $4.65 at $360.07 and January feeders are up $4.65 at $354.37. What could become problematic for the market moving forward is the nearby contracts are reaching resistance levels which could pressure traders to turn the contracts lower unless something substantial develops fundamentally. October is commonly referred to as "dead calf month" at sale barns as the severe temperature swings and the stressful conditions of weaning can be too much for calves. So mixed demand could remain the theme at sales barns for the next couple of week.
LEAN HOGS:
It seems as though the support established in the lean hog complex is holding true again this week as the contracts are continuing to trade higher. December lean hogs are up $0.02 at $87.32, February lean hogs are up $0.20 at $89.50 and April lean hogs are up $0.32 at $92.25. It is helpful again Monday morning that pork cutout values are higher with demand being robustly strong as the only cut trading lower is the picnic, which is down $1.06.
The projected CME Lean Hog Index for 10/3/2025 is down $0.82 at $102.02 and the actual index for 10/2/2025 is down $0.86 at $102.84. Hog prices are lower on the Daily Direct Morning Hog Report, down $2.19 with a weighted average price of $96.55, ranging from $90.00 to $99.00 on 1,621 head and a five-day rolling average of $100.72. Pork cutouts total 158.30 loads with 135.85 loads of pork cuts and 22.45 loads of trim. Pork cutout values: up $1.40, $109.70.
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