GENERAL COMMENTS:
The livestock complex is mixed again into Wednesday's noon hour as the cattle contracts continue to scale higher while the lean hog market is still under pressure. Still no cash cattle trade has developed but asking prices are now noted in the South at $237 to $240. December corn is down 3 cents per bushel and December soybean meal is down $2.40. The Dow Jones Industrial Average is down 9.32 points and NASDAQ is up 45.25 points.
LIVE CATTLE:
Despite the U.S. government shutdown, the live cattle complex is trudging on with business as normal. Currently the live cattle contracts are trading higher into Wednesday's noon hour, with yet again the market's deferred contracts seeing the biggest day-over-day gains. But even so, the spot December contract is still trading slightly below the market's 40-day moving average, which continues to be a threshold the market is struggling to conquer. Still no cash cattle trade has developed but asking prices are now noted in the South at $237 to $240 but are still elusive in the North. With no packer interest having developed yet, it's likely the week's trade will be delayed another day if not two. October live cattle are down $0.47 at $231.37, December live cattle are steady at $234.80 and February live cattle are up $0.47 at $237.67.
Boxed beef prices are mixed: choice down $0.37 ($370.66) and select up $2.46 ($349.71) with a movement of 84 loads (57.04 loads of choice, 23.88 loads of select, zero loads of trim and 3.21 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is also scaling higher into Wednesday's noon hour as the market points to the corn complex's continued decline as a slightly bullish factor. October feeders are down $0.12 at $360.90, November feeders are up $0.35 at $359.45 and January feeders are up $0.70 at $353.75. The market is growing closer to resistance levels which could cause traders some angst, but for the meantime traders are content to scale the contracts higher.
LEAN HOGS:
The lean hog complex is continuing to struggle as the market is currently trading below support at $87.00 in the spot December contract -- which has been a threshold the market has respected early September. October lean hogs are down $1.27 at $98.57, December lean hogs are down $1.47 at $87.25 and February lean hogs are down $1.02 at $89.27. And again, adding to the market's disappointment is the fact that pork cutout values are lower.
The projected CME Lean Hog Index for 9/30/2025 is down $0.47 at $104.26, and the actual index for 9/29/2025 is down $0.05 at $104.73. Hog prices closed lower on the Daily Direct Morning Hog Report, down $2.38 with a weighted average price of $99.95, ranging from $95.00 to $102.00 on 1,740 head and a five-day rolling average of $102.43. Pork cutouts total 207.72 loads with 186.53 loads of pork cuts and 21.19 loads of trim. Pork cutout values: down $1.59, $108.75.
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