GENERAL COMMENTS:
The livestock complex closed mostly lower Thursday afternoon as there simply wasn't enough support in the market to help the contracts do anything different. Bids were offered throughout the day in the fed cash cattle market, but no cattle have traded yet. December corn is up 5 cents per bushel and December soybean meal is up $2.30. The Dow Jones Industrial Average is up 144.20 points and the NASDAQ is up 201.40 points.
LIVE CATTLE:
The live cattle complex tried to trade higher throughout the day, but the market ended the day mixed Thursday afternoon as traders were reluctant to become too bold following the chaos that ensued this week. December live cattle closed $1.35 higher at $241.17, February live cattle closed $0.30 higher at $240.67 and April live cattle closed $0.12 lower at $240.00. Bids were offered throughout the day, mostly in the North, but by the later part of the afternoon, some bids also developed in Kansas. At the time of this writing, no major trade had been reported, but asking prices are noted at $243 plus in the South and are still not established in the North. With feedlot managers aiming to see prices trade higher again this week, it's not unusual to see trade delayed until Friday.
Thursday's slaughter is estimated at 119,000 head, 1,000 head more than a week ago and 5,000 head less than a year ago.
Note the monthly Cattle on Feed report could be released tomorrow afternoon, but with the government still shut down, it's just as likely that the report isn't shared, as most USDA offices remain closed.
Boxed beef prices closed higher: choice up $2.49 ($373.14) and select up $1.13 ($354.74) with a movement of 117 loads (65.06 loads of choice, 22.50 loads of select, 14.20 loads of trim and 15.13 loads of ground beef).
FRIDAY'S CATTLE CALL: Steady/somewhat higher. Feedlot managers want to continue to see the cash market trade higher, but packers could use this week's chaotic nature as leverage as to why prices should just trade steady.
FEEDER CATTLE:
The feeder cattle complex never traded higher throughout the day as quietly traders had the attitude of, "This week has been a wreck, we aren't going to dabble in the market until things stabilize." November feeders closed $2.77 lower at $361.45, January feeders closed $3.60 lower at $357.42 and March feeders closed $4.12 lower at $354.30. Thankfully, the spot November contract was able to maintain a position above the market's 40-day moving average, which, if the market falls below that threshold, could signal more downward pressure. At the Winter Livestock Auction in Dodge City, Kansas, compared to last week, steers and heifers under 500 pounds that were of a larger, reputation lot with multiple vaccines sold steady, while the small lots that weren't vaccinated sold $20.00 to $25.00 lower. Steers over 700 pounds traded steady to somewhat weaker, but the heifers weighing 600 to 650 pounds traded 7.00 higher. Feeder cattle supply over 600 pounds was 55%. The CME feeder cattle index 10/22/2025: down $1.38, $370.62.
LEAN HOGS:
With both cash prices and pork cutout values being lower, the lean hog contracts stood little chance of closing higher this afternoon. December lean hogs closed $0.62 lower at $81.77, February lean hogs closed $0.87 lower at $84.35 and April lean hogs closed $0.77 lower at $88.97. Unfortunately, it's unlikely that the market will trade higher on Friday as there simply isn't enough support for traders to lean on, but a mixed to slightly lower close is likely. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.78 with a weighted average price of $86.38 on 1,000 head. Pork cutouts totaled 327.85 loads with 291.71 loads of pork cuts and 36.14 loads of trim. Pork cutout values: down $0.04, $99.71. Thursday's slaughter is estimated at 486,000 head, 6,000 head less than a week and a year ago. The CME lean hog index 10/21/2025: down $0.80, $94.18.
FRIDAY'S HOG CALL: Lower. Packers have bought most of their needs for the week.
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