GENERAL COMMENTS:
The livestock complex rounded out the day mixed, as traders weren't confident about which way the livestock markets should trade today. Still no cash cattle trade has developed, but packer interest should improve on Thursday. December corn is up 3 3/4 cents per bushel and December soybean meal is up $1.60. The Dow Jones Industrial Average is down 17.15 points and the NASDAQ is up 148.38 points.
LIVE CATTLE:
The live cattle complex fluctuated throughout the day, trading higher and lower at different points in time, but ultimately the market ended the day mixed, with its nearby contracts able to close slightly higher while the deferred contracts closed slightly lower. Today's higher close yet again scores a new contract high for the spot December contract, and traders are hopeful that if fundamental support rains down on the market later in the week (in the form of a stronger fed cash cattle trade), then there's still the chance the futures market could trade even higher. So far, no cash cattle trade has developed as feedlot managers continue to be patient and haven't shown the market much interest yet. Asking prices are noted in the South at $240 plus and are still not established in the North. December live cattle closed $0.27 higher at $246.77, February live cattle closed $0.22 higher at $248.75 and April live cattle closed $0.10 lower at $249.57.
Wednesday's slaughter is estimated at 122,000 head, 4,000 head more than a week ago and 3,000 head more than a year ago.
Boxed beef prices closed mixed: choice up $2.06 ($366.48) and select down $1.30 ($349.16) with a movement of 156 loads (102.21 loads of choice, 15.09 loads of select, 20.85 loads of trim and 17.92 loads of ground beef).
THURSDAY'S CATTLE CALL: Higher. With the board being so supportive, feedlot managers will likely attempt to push this week's fed cash cattle market higher again.
FEEDER CATTLE:
The feeder cattle complex also ended the day mixed, but opposite from that of the live cattle complex, the nearby feeder cattle contracts closed a tick lower, while the deferred months closed mostly higher. More than anything, traders continue to recognize the fact that although supplies are tight now, they're only going to grow thinner in 2026, which is likely why traders elected to keep those deferred contracts higher. November feeders closed $0.65 lower at $380.67, January feeders closed $0.20 lower at $377.85 and March feeders closed $0.07 higher at $375.50. At Miles City Livestock Commission in Miles City, Montana, compared to last week, steer calves sold $20.00 to $25.00 higher, and heifer calves traded steady to $10.00 stronger. Feeder cattle supply over 600 pounds was 15%. The CME feeder cattle index 10/14/2025: up $1.45, $374.47.
LEAN HOGS:
The lean hog complex closed higher as the futures complex finally seemed to find some technical support after being pressured throughout Tuesday's trade. December lean hogs closed $0.45 higher at $83.60, February lean hogs closed $0.25 higher at $85.70 and April lean hogs closed $0.27 higher at $89.32. Unfortunately, pork cutout values closed lower this afternoon, which could cause traders angst on Thursday, but that's to be seen. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.37 with a weighted average price of $93.42 on 6,378 head. Pork cutouts totaled 340.15 loads with 290.93 loads of pork cuts and 49.22 loads of trim. Pork cutout values: down $1.80, $101.96. Wednesday's slaughter is estimated at 492,000 head, 8,000 head more than a week ago and 6,000 head more than a year ago. The CME lean hog index 10/13/2025: down $0.58, $97.99.
THURSDAY'S HOG CALL: Steady/somewhat lower. Given that packers have now boughten somewhat aggressively in the market for the past two days, it's likely that prices will either soften or trade lower on Thursday and Friday.
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