GENERAL COMMENTS:
The livestock complex is trading mostly lower into Wednesday's noon hour as fundamental support has been down. December corn is up 3 1/4 cents per bushel and December soybean meal is up $3.10. Still no cash cattle trade has developed, and it's looking like the week's trade could be delayed until Thursday or Friday at this point. The Dow Jones Industrial Average is down 209.77 points and the NASDAQ is down 271.76 points.
LIVE CATTLE:
Thus far, it's been a dismal day for the live cattle complex as the market has seen little fundamental support arise in the marketplace this week to help assure traders that they should confidently push the contracts back higher. Not to mention, the market seems to be sitting on its hands waiting for Agriculture Secretary Brooke Rollins to share more details about what the Trump administration plans to do to restore and revitalize the beef cow herd in America. Her announcement is expected to come sometime later today. December live cattle are down $2.35 at $243.07, February live cattle are down $2.40 at $243.87 and April live cattle are down $2.42 at $243.97. There's been nothing to develop yet in the fed cash cattle market, although it is assumed that again this week, prices will trade steady if not a little higher. Yes, packers were able to secure a sizeable volume just last week, but the fact remains that the market is only going to see supplies tighten through the remainder of 2025 and into 2026.
Boxed beef prices are mixed: choice down $1.21 ($370.72) and select is up $0.41 ($352.98) with a movement of 104 loads (79.27 loads of choice, 16.15 loads of select, zero loads of trim and 8.39 loads of ground beef).
FEEDER CATTLE:
The live cattle complex may be trading slightly lower, but the feeder cattle market has completely rocked back on its heels, seeming to grit its teeth until there's more clarity on what US Ag Secretary Brooke Rollins has to say. The feeder cattle complex has seen all-time, record-breaking prices within the last year as limited supplies have forced feedlots to bid more aggressively for calves and feeders. More than anything, the feeder cattle complex seems unhinged as the market is concerned that the plan could negatively affect these historic prices. November feeders are down $6.37 at $367.10, January feeders are down $7.00 at $363.27 and March feeders are down $7.25 at $360.42.
LEAN HOGS:
The lean hog complex continues to trade mixed as the nearby contracts need to see more immediate fundamental support before traders will confidently advance any of those contracts, but the deferred months are trading higher as traders believe that support should increase when supplies tighten in the coming months. December lean hogs are down $0.55 at $82.72, February lean hogs are down $0.22 at $85.52 and April lean hogs are down $0.15 at $89.95. Yes, pork cutout values are up this morning, but traders need to see more than one day's worth of higher trade before they'll feel supported.
The projected lean hog index for 10/21/2025 is down $0.80 at $94.18 and the actual index for 10/20/2025 is down $0.60 at $94.98. Hog prices are lower on the Daily Direct Morning Hog Report, down $3.63 with a weighted average price of $87.03, ranging from $86.00 to $90.00 on 5,584 head and a five-day rolling average of $89.49. Pork cutouts totaled 179.29 loads with 154.21 loads of pork cuts and 25.07 loads of trim. Pork cutout values: up $1.25, $101.84.
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