GENERAL COMMENTS:
It was another lower-waning day for the livestock complex as the lean hog market isn't seeing the consumer support it wishes to see, and the cattle complex remains on edge following the slew of events that have sent prices crashing lower. No new cash cattle trade developed throughout the day. December corn is up 3 1/4 cents per bushel and December soybean meal is up $8.30. The Dow Jones Industrial Average is up 161.78 points and the NASDAQ is up 190.03 points.
LIVE CATTLE:
The live cattle complex attempted to trade fully higher throughout the day, but with a strong essence of uncertainty and a lack of confidence still plaguing the cattle market, a mixed close for the end of the day was the best the market could accomplish. December live cattle closed $0.60 lower at $226.57, February live cattle closed $0.10 higher at $224.10 and April live cattle closed $0.42 higher at $223.35. Do note that the spot December contract is still trading below the market's 100-day moving average, which remains as a bearish underpinning. Bids were offered throughout the day, but no more cattle traded. Some light business was reported in the North on Monday at $335 to $360. Asking prices are noted at $240 plus in the South but are still not established in the North.
Tuesday's slaughter is estimated at 119,000 head, 2,000 head more than a week ago and 6,000 head less than a year ago.
Boxed beef prices closed mixed: choice up $1.77 ($379.65) and select down $1.66 ($360.00) with a movement of 123 loads (77.99 loads of choice, 15.29 loads of select, 13.16 loads of trim and 16.07 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Steady/somewhat. Best case scenario, the fed cash cattle market will walk away trading cattle steady, but it's more likely that prices will trade lower this week as the board continues to be pressured.
FEEDER CATTLE:
It was another grueling day for the feeder cattle complex as the market remains on edge, waiting to hear if anything has changed regarding the border. Unfortunately, it's not likely that the market will gain any confidence or begin to trade stably until some details about U.S. Agriculture Secretary Brooke Rollin's meeting with Mexico (that happened last Friday) are shared. November feeders closed $5.05 lower at $333.40, January feeders closed $9.55 lower at $324.87 and March feeders closed $11.65 lower at $319.65. At the Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers and heifers traded $30.00 to $40.00 lower, and steer and heifer calves traded mostly $40.00 to $50.00 lower. Feeder cattle supply over 600 pounds was 49%. The CME feeder cattle index 10/27/2025: down $7.30, $360.25.
LEAN HOGS:
The lean hog complex again fell lower this afternoon as the market still isn't seeing the consumer support it needs to feel confident. December lean hogs closed $0.67 lower at $80.82, February lean hogs closed $0.95 lower at $82.45 and April lean hogs closed $1.12 lower at $86.87. The cash market did see a huge movement this afternoon, but that could mean that packers won't have to be nearly as aggressive throughout the remainder of the week. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.74 with a weighted average price of $88.03 on 19,486 head. Pork cutouts totaled 320.38 loads with 264.38 loads of pork cuts and 56.00 loads of trim. Pork cutout values: down $1.06, $100.02. Tuesday's slaughter is estimated at 492,000 head, 5,000 head more than a week ago and 1,000 head more than a year ago. The CME lean hog index 10/24/2025: down $0.68, $92.27.
WEDNESDAY'S HOG CALL: Lower. Given how many hogs packers were able to secure in today's market, it's unlikely that they'll need to be aggressive later this week.
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