The livestock complex again closed mixed, with the cattle contracts fully higher but the lean hog complex weaker. The feeder cattle market continues to be the driver of the cattle market's rally, as just this afternoon the spot November contract closed at a new contract high. December corn is up 2 1/4 cents per bushel and December soybean meal is up $1.10. The Dow Jones Industrial Average is down 1.20 points and the NASDAQ is up 255.02 points.
LIVE CATTLE:It was another significant day for the live cattle complex as the market was able to close fully higher, mainly encouraged and fueled by the feeder cattle market's rallying momentum and by the slight uptick in choice demand. October live cattle closed $0.75 higher at $233.85, December live cattle closed $1.15 higher at $238.87 and February live cattle closed $1.50 higher at $242.22. There's a chance that the board's uptick could inspire feedlot managers to fight, tooth and nail, to hold cash prices at least steady, but that's yet to be seen, as still no cash cattle trade has developed. Asking prices are noted in the South at $235 to $237 but are still not known in the North.
Wednesday's slaughter is estimated at 118,000 head, 3,000 head more than a week ago and 7,000 head less than a year ago.
Boxed beef prices closed mixed: choice up $0.19 ($366.16) and select down $3.64 ($345.24) with a movement of 142 loads (80.12 loads of choice, 26.85 loads of select, 8.75 loads of trim and 26.40 loads of ground beef).
THURSDAY'S CATTLE CALL: Steady/somewhat lower. There's a chance that feedlot managers may dig their heels in the ground and fight for steady prices this week, especially in the South where market-ready supplies of fed cattle are less.
FEEDER CATTLE:Although it doesn't abide by logic, as the feeder cattle complex should theoretically follow whatever the live cattle market does, that's not the case this week, and the old market saying of "feeders are the leaders" stands true as it's the feeder cattle complex that's seeing aggressive gains this week. October feeders closed $4.00 higher at $369.50, November feeders closed $4.57 higher at $368.82 and January feeders closed $4.52 higher at $363.52. And today's close in the spot November contract does indeed secure another new contract high as traders remain eager to advance the contracts, and thankfully, demand in the countryside has remained strong and supportive this week as well. At the Winter Livestock Auction in Dodge City, Kansas, compared to last week, steers over 700 pounds traded $10.00 higher, while steers weighing 500 to 650 pounds sold steady to $5.00 higher, and those weighing 300 to 500 pounds sold $5.00 to $15.00 lower. Heifers over 600 pounds traded $4.00 to $12.00 higher, and those under 600 pounds sold with a steady to somewhat soft undertone. Slaughter cows sold steady to $4.00 to $5.0 higher. Feeder cattle supply over 600 pounds was 68%. The CME feeder cattle index 10/7/2025: up $1.27, $365.51.
LEAN HOGS:With not enough support arising from consumers this week, or really even from the cash market either, traders were once again left no other real option but to let the lean hog contracts close lower. October lean hogs closed $0.22 lower at $97.62, December lean hogs closed $0.07 lower at $86.10 and February lean hogs closed $0.15 lower at $88.12. And while cash prices did close slightly higher, this week's movement in the cash market has been light, and that wasn't enough support to offset yet another lower close in pork cutout values. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.42 with a weighted average price of $99.05 on 5,468 head and a five-day rolling average of $99.00. Pork cutouts totaled 405.17 loads with 331.95 loads of pork cuts and 73.21 loads of trim. Pork cutout values: down $2.21, $103.82. Wednesday's slaughter is estimated at 489,000 head, 6,000 head more than a week ago and 4,000 head more than a year ago. The CME lean hog index 10/6/2025: down $0.60, $101.42.
THURSDAY'S HOG CALL: Higher. Packers have bought very few hogs this week, and although it's getting late in the week for their typical buying, they still need to secure more supply.
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