GENERAL COMMENTS:
The livestock complex is again trading mixed as the lean hog contracts continue to tumble lower, but the cattle contracts are again being led higher by the feeder cattle market. Still no cash cattle trade has developed, and trade will likely be delayed until Thursday or Friday. December corn is up 1 1/4 cents per bushel and December soybean meal is down $0.10. The Dow Jones Industrial Average is up 218.83 points and the NASDAQ is down 75.92 points.
LIVE CATTLE:
Although the live cattle complex started the day off weaker, the market has since turned its direction and is now trading fully higher into the noon hour as traders are pleased to see morning boxed beef prices higher again. December live cattle are up $1.42 at $246.17, February live cattle are up $1.07 at $248.27. Again today, the uptick in the futures complex has pushed most of the nearby contracts to new contract highs. Still no developments have surfaced in the fed cash cattle market, and it's likely that with feedlot managers able to push prices higher last week, they'll again try to advance the market and wait to trade any of their pens until late in the week.
Boxed beef prices are higher: choice up $0.70 ($364.61) and select up $0.67 ($350.42) with a movement of 67 loads (41.93 loads of choice, 6.60 loads of select, 5.02 loads of trim and 13.00 loads of ground beef).
FEEDER CATTLE:
Once again leading the charge, the feeder cattle complex is trading fully higher into Tuesday's market, with a snappy $4.00 to $5.00 rally being the theme throughout the complex. November feeders are up $4.60 at $381.42, January feeders are up $4.67 at $378.40 and March feeders are up $4.85 at $376.20. With strong equity markets, cheap feed and incredible demand, it's been almost easy for the feeder cattle market to push the contracts higher as demand continues to be wildly strong.
LEAN HOGS:
The lean hog complex hasn't been as fortunate today as its contracts are trading lower and are nearing support thresholds in the spot December contract. One would hope that the support plane around $82.00 would hold strong and not be broken through, but with demand being fickle in the hog sector right now, it's anyone's guess how low traders are going to send this thing. December lean hogs are down $1.95 at $82.90, February lean hogs are down $1.72 at $85.30 and April lean hogs are down $1.25 at $89.05. Yes, pork cutout values are up a bit this morning, but traders are going to need to see more than a midday report's worth of higher prices before they'll say that demand is truly shining through in the market.
The projected lean hog index for 10/13/2025 is down $0.58 at $97.99, and the actual index for 10/10/2025 is down $0.86 at $98.57. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality; however, we can see that only 2,110 head have traded and that the market's five-day rolling now sits at $97.31. Pork cutouts total 186.66 loads with 173.29 loads of pork cuts and 13.37 loads of trim. Pork cutout values: up $0.32, $103.91.
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