GENERAL COMMENTS:
It's another mixed day for the livestock complex as yes, the live cattle contracts are trading higher, but both the lean hog and feeder cattle contracts are trading lower. Some bids have surfaced in the fed cash cattle market, but still no sizeable volumes have traded. December corn is up 1 1/2 cents per bushel and December soybean meal is up $0.50. The Dow Jones Industrial Average is up 91.03 points and NASDAQ is up 170.97 points.
LIVE CATTLE:
Now that the industry has had time to see and absorb Agriculture Secretary Brooke Rollins plan to revitalize the U.S. beef herd, the market is back to trading higher as traders and industry experts saw no real issue with the proposal.
December live cattle are up $2.10 at $241.92, February live cattle are up $0.97 at $241.35 and April live cattle are up $0.62 at $240.75. There are some bids beginning to hit the market as packers have offered $238 live in Nebraska and $370 dressed in Nebraska. But at this time, no major sales have been reported. Asking prices are still not established in the North but are now listed in the South at $243 plus. Packer interest could improve later this afternoon, but it's most likely that trade is delayed until Friday as feedlot managers are going to try to see prices trade higher again this week.
Boxed beef prices are higher: choice up $1.83 ($372.48) and select up $0.50 ($354.11) with a movement of 75 loads (41.91 loads of choice, 17.74 loads of select, 5.19 loads of trim and 9.66 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is still trading sorely lower, as it remains uneasy with the cattle complex being a hot ticket item this week for the President. November feeders are down $0.80 at $363.42, January feeders are down $1.65 at $359.37 and March feeders are down $2.15 at $356.27. The spot November contract is nearing the market's 40-day moving average, which would be a bad threshold to cross for the market as it could signal more downward pressure.
LEAN HOGS:
With pork cutout values lower again today, it comes as no real surprise that the lean hog complex is trading lower yet again. December lean hogs ae down $0.42 at $81.97, February lean hogs are down $0.65 at $84.57 and April lean hogs are down $0.62 at $89.12. Unfortunately, it's most likely that the market will continue to trade sideways/somewhat lower throughout the remainder of the day and week as support is expected to significantly change ahead of the week's end.
The projected lean hog index for 10/22/2025 is down $0.55 at $93.63, and the actual index for 10/21/2025 is down $0.80 at $94.18. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.68 with a weighted average price of $86.35, ranging from $82.00 to $88.00 on 960 head and a five-day rolling average of $89.17. Pork cutouts totaled 195.99 loads with 169.96 loads of pork cuts and 26.03 loads of trim. Pork cutout values: down $0.91, $98.84.
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