Friday Closing Livestock Market Update - Cattle Continue to Rally Aggressively

GENERAL COMMENTS:

The cattle complex was thankfully met with tremendous demand again on Friday, which helped the contracts rally substantially through the week's end. A few more sales were noted in the South, but today's business was mostly clean up in the fed cash cattle market. The Dow Jones Industrial Average is up 289.30 points and the NASDAQ is up 151.00 points.

From Friday to Friday, livestock contracts scored the following changes: December live cattle up $1.13, February live cattle up $3.07; January feeder cattle up $9.75, March feeder cattle up $10.80; December lean hogs up $2.80, February lean hogs up $3.30.

LIVE CATTLE:

The live cattle complex ended the week on a strong note as traders were pleased to continue to see widespread technical support and interest, which ultimately led to the market's higher close. It wasn't because of better market fundamentals that the complex closed higher, as cash prices were weaker this week and boxed beef prices traded mostly lower, but because traders took note of the positive message Agriculture Secretary Brooke Rollins had to share earlier this week, the market closed higher. December live cattle closed $4.55 higher at $215.57, February live cattle closed $4.92 higher at $217.85 and April live cattle closed $5.30 higher at $219.55. There was a tick more cash cattle trade noted in the South at $220, which is $5.00 higher than the prices seen earlier this week but still $2.00 to $4.00 lower than last week's weighted average. Earlier in the week, Northern dressed cattle were trading at mostly $330, which is $13.00 lower than last week's weighted average.

Friday's slaughter is estimated at 112,000 head, 7,000 head more than a week ago and 1,000 head less than a year ago. Saturday's slaughter is projected to be around 19,000 head. The week's total slaughter is estimated at 501,000 head, incomparable to last week but 31,000 head less than a year ago.

Boxed beef prices closed lower: choice down $1.46 ($366.82) and select down $4.46 ($351.05) with a movement of 82 loads (63.08 loads of choice, 5.50 loads of select, 7.35 loads of trim and 5.83 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. It's tough to call next week's trend before knowing exactly how many cattle traded this week.

FEEDER CATTLE:

The feeder cattle complex was also met with tremendous demand throughout the day as the market successfully closed anywhere from $8.00 to $9.00 higher Friday afternoon. It seemed to be the positive remarks made earlier in the week by Agriculture Secretary Brook Rollins that helped change the market's morale. January feeders closed $8.85 higher at $323.97, March feeders closed $8.80 higher at $317.85 and April feeders closed $8.92 higher at $316.62. The CME feeder cattle index 11/27/2025: down $3.20, $318.76.

LEAN HOGS:

The lean hog complex ended the day mixed, with contracts closing along both sides of steady. February lean hogs closed $0.37 lower at $81.00, April lean hogs closed $0.45 lower at $84.90 and June lean hogs closed $0.40 lower at $96.75. Following Wednesday's big jump, the market didn't see the same level of support on Friday as traders weren't confident that the market possessed enough support to push the contracts any higher ahead of the weekend. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.48 with a weighted average price of $72.09 on 1,168 head. Pork cutouts totaled 185.07 loads with 167.64 loads of pork cuts and 17.43 loads of trim. Pork cutout values: down $0.03, $94.22. Friday's slaughter is estimated at 416,000 head, 72,000 head less than a week ago and 5,000 head less than a year ago. Saturday's slaughter is estimated to be around 273,000 head. The CME lean hog index 11/26/2025: not available at this time.

MONDAY'S HOG CALL: Lower. Packers rarely show much interest in the cash hog market on Mondays.

Friday Midday Livestock Market Summary - Cattle Continue to Rally After the Thanksgiving Holiday

GENERAL COMMENTS:

The rally evident throughout the cattle complex ahead of Thursday's Thanksgiving holiday has thankfully remained strong following the holiday break, as both the live cattle and feeder cattle contracts are trading higher into midday Friday. Some light cash cattle trade is currently being reported in the South, where prices are marked at $220, $5.00 higher than the cattle traded earlier in the week, but still $2.00 to $4.00 lower than last week's weighted average. March corn is up 2 cents per bushel and January soybean meal is down $2.30. The Dow Jones Industrial Average is up 277.25 points and the NASDAQ is up 97.14 points.

LIVE CATTLE:

The live cattle complex is still sporting a fruitful rally into Friday's noon hour, as traders seem to be again believing in the market's bullish long-term fundamentals despite plenty of volatility over the last month. December live cattle are up $5.00 at $216.02, February live cattle are up $5.12 at $218.05 and April live cattle are up $5.20 at $219.45. There's some light cash cattle trade currently being reported in the South at $220, which is roughly $5.00 higher than the business that developed earlier in the week, but still $2.00 to $4.00 lower than last week's weighted average. No new dressed cattle trade has developed at this point. Earlier in the week, Northern dressed cattle were trading at mostly $330, which is $13.00 lower than last week's weighted average.

Boxed beef prices are lower: choice down $1.39 ($366.89) and select down $5.13 ($350.38) with a movement of 60 loads (46.58 loads of choice, 2.89 loads of select, 5.35 loads of trim and 4.79 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts are seeing the biggest day of gains as some of the contracts are up their daily trading limit, up $9.25. Helping spur this positive momentum was the interview shared with Agriculture Secretary Brooke Rollins, where she discussed several important issues, such as the border. The main points she stated about the border's reopening (when it does happen) are that not all of the ports will reopen at once, and that it will be a slow and methodical process, and the market will not see a million imported cattle show up overnight, which was a major relief to hear. January feeders are up $9.25 at $324.37, March feeders are up $9.25 at $318.30 and April feeders are up $9.25 at $316.95.

LEAN HOGS:

The lean hog complex is trading along both sides of steady as the market looks for continued reassurance following Wednesday's dramatic rally. December lean hogs are up $0.20 at $80.62, February lean hogs are down $0.07 at $81.30 and April lean hogs are down $0.02 at $85.32. There's been very little interest this week in the cash hog market, but pork cutout values are again up slightly.

The projected lean hog index for 11/26/2025 is down $0.55 at $81.92 and the actual index for 11/25/2025 is down $0.54 at $82.27. Hog prices on the Daily Direct Morning Hog Report are unavailable again because of confidentiality. However, we can see that only 738 head have traded. Pork cutouts total 118.24 loads with 106.18 loads of pork cuts and 12.06 loads of trim. Pork cutout values: up $0.50, $94.75.

Friday Morning Livestock Market Update - A Shorter Trading Day Will Not Lack Volatility

GENERAL COMMENTS:

Cattle futures found support on Wednesday, possibly from a combination of things. The comments by Secretary of Agriculture Brooke Rollins about when the reopening of the Mexican border to feeder cattle takes place in the future are that it will be opened in stages and not all ports at once. That may have had some influence, but not much, as that is how they opened the border last time, and that would make logical sense. More in likely, it was the combination of some short covering ahead of the holiday period and futures holding a substantial discount to the level at which cash cattle have traded for the week. Northern dressed cattle traded as much as $15.00 lower, with Southern live cattle as much as $9.00 lower. This is the largest weekly cash decline we have seen in a long time. It isn't easy to anticipate the movement of futures today based on the volatility seen so far this week. It is also an abbreviated trading day. Boxed beef prices were lower with choice down $1.81 and select down $0.42.

Hog futures posted a strong day on Wednesday with the strongest one-day gains since Nov. 10. The market may be building support, causing short covering to take place ahead of the holiday season and the end of the month. It is uncertain whether that will continue today, with packers likely having sufficient hogs purchased for the week. The National Daily Direct Afternoon Hog report on Wednesday showed cash up $1.85. Pork cutout values jumped $2.00 with higher prices in all cutout categories. The weekly hog weights increase again, with the average weight up 0.9 pounds from the previous week.

	BULL SIDE		BEAR SIDE
1)	Even with sharply lower cash for the week, cattle futures showed a significant discount.	1)	The remarks by Rollins were nothing outside of what would be logical with the border reopening. The strength on Wednesday may be overshadowed by uncertainty.
2)	Even though Secretary of Agriculture Brooke Rollins talked about the Mexican border, there is no date for its reopening anytime soon.	2)	Significantly lower cash this week might keep pressure on the market with increases in futures being selling opportunities.
3)	Hog futures found support from an oversold market and positive fundamentals. Low prices may finally be curing low prices.	3)	Weekly hog weights continue to increase, with last week showing a gain of 0.9 pounds, averaging 293.4 pounds, up 4.9 pounds from a year ago.
4)	Hog futures seem to be building a base, providing traders with more confidence to buy into the market for the long term.	4)	The hog market has yet to find consistency in underlying cash and cutouts. The market may have limited upside potential until this develops.

Wednesday Closing Livestock Market Update - Traders Appreciated Hearing Ag Secretary Brooke Rollin's Positive Remarks about the Cattle Market

GENERAL COMMENTS:

The livestock complex was granted some additional support ahead of the Thanksgiving holiday, as most of the contracts closed higher. Some light cash cattle trade developed, but prices held mostly steady with Tuesday's business. March corn is up 7 cents per bushel and January soybean meal is down $0.00. The Dow Jones Industrial Average is up 314.67 points and the NASDAQ is up 189.10 points.

**The markets will be closed on Thursday, Nov. 27, for the Thanksgiving holiday. Regular DTN commentary will resume Friday, Nov.28. Happy Thanksgiving to all our customers!**

LIVE CATTLE:

Pinpointing the exact reason why the cattle complex jumped significantly higher on Wednesday is challenging, and if the market had only traded $1.00 to $2.00 higher, I may have said that it was simply a pre-holiday run. However, given that the live cattle contracts rallied mostly $4.00 to $5.00 higher, I'm led to believe that the marketplace found comfort in what Agriculture Secretary Brooke Rollins said Tuesday afternoon in an interview with Lonesome Lands. A couple of major points were discussed in the interview: Rollins stated that when the U.S.-Mexico border reopens, not all ports will reopen at once and that "you will not see 1 million head of cattle show up overnight, it's going to be a slow and gradual process." Rollins also stated that the port in Arizona is likely to reopen first, as it's the furthest from any detected New World screwworm. Rollins also stated there's not an ag industry that she's more bullish about than cattle.

Needless to say, the industry found this to be promising news, as too much volatility has shaken the market over the last month. December live cattle closed $4.02 higher at $211.02, February live cattle closed $5.60 higher at $212.92 and April live cattle closed $5.67 higher at $214.25. There was some light clean-up trade noted in the North today, but prices remained mostly steady with Tuesday's trade. Throughout the week, North is at $330, which is $13.00 lower than last week's weighted average, and some light trade has been noted in the South, anywhere from $204 to mostly $215. However, not enough cattle have traded in the South to say that a true trend has developed. 

Wednesday's slaughter is estimated at 124,000 head, 4,000 head more than a week ago and 1,000 head more than a year ago.

Boxed beef prices closed lower: choice down $1.81 ($368.28) and select down $0.42 ($355.51) with a movement of 175 loads (121.36 loads of choice, 16.88 loads of select, 16.40 loads of trim and 20.75 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. Given that cattle have traded in both regions, it's likely that prices will remain steady with the week's trend.

FEEDER CATTLE:

The feeder cattle complex again followed closely with the action seen in the live cattle market, which led the complex to a fruitful $8.00 rally. More than anything, traders seemed to note the positive remarks made by Agriculture Secretary Brooke Rollins and took that as the support they needed to drive the contracts higher again. January feeders closed $8.05 higher at $315.12, March feeders closed $8.17 higher at $309.05 and April feeders closed $8.30 higher at $307.70. The CME feeder cattle index 11/25/2025: down $2.09, $329.88.

LEAN HOGS:

The lean hog complex had a notable rally too throughout Wednesday's trade as traders were pleased to see the uptick in pork demand and also found increased technical support. December lean hogs closed $1.97 higher at $80.42, February lean hogs closed $2.37 higher at $81.37 and April lean hogs closed $2.40 higher at $85.35. It was rather impressive to note on this afternoon's cutout report that every single major cut closed higher for the day. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.85 with a weighted average price of $73.57 on 2,018 head. Pork cutouts totaled 381.18 loads with 327.75 loads of pork cuts and 53.43 loads of trim. Pork cutout values: up $2.00, $94.25. Wednesday's slaughter is estimated at 487,000 head, 7,000 head less than a week ago and 2,000 head less than a year ago. The CME lean hog index 11/24/2025: down $0.80, $82.81.

FRIDAY'S HOG CALL: Lower. Packers won't likely show much interest in the market on Friday.

Wednesday Midday Livestock Market Update - Cattle Trade Higher After Agriculture Secretary Brooke Rollins Comments

GENERAL COMMENTS:

The livestock contracts are trading fully higher at midday Wednesday as the hog complex is pleased to see a slight uptick in demand, and the cattle contracts are happy to have heard positive news from Agriculture Secretary Brooke Rollins in an interview she did on Tuesday. No new cash cattle trade has developed. March corn is up 7 cents per bushel and January soybean meal is up $0.40. The Dow Jones Industrial Average is up 429.10 points and the NASDAQ is up 218.05 points.

LIVE CATTLE:

Wednesday's rally in the cattle complex could be in part due to the interview that Lonesome Lands shared with Agriculture Secretary Brooke Rollins. A couple of major points were discussed in the interview: Rollins stated that when the U.S.-Mexico border reopens, not all ports will reopen at once and that "you will not see 1 million head of cattle show up overnight, it's going to be a slow and gradual process." Rollins also stated the port in Arizona is likely to reopen first as it's furthest away from any detected New World screwworm. Rollins also stated there's not an ag industry that she's more bullish about than cattle.

December live cattle are up $4.30 at $211.30, February live cattle are up $5.90 at $213.22 and April live cattle are up $5.92 at $214.50. No new cash cattle trade has been reported, but bids are on the table in Kansas at $215. On Tuesday, some trade developed in the North at $330, which is $15.00 lower than last week's weighted average. Although there have not been many cattle traded in the South, a handful of deals were marked at $215, which is $7.00 to $9.00 lower than last week's weighted average.

Boxed beef prices are mixed: choice down $1.45 ($368.64) and select up $2.55 ($358.48) with a movement of 115 loads (76.90 loads of choice, 10.97 loads of select, 12.76 loads of trim and 14.74 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading notably higher (mostly $7.00 to $8.00 higher) as the market is pleased to hear positive news from Ag Secretary Brooke Rollins. January feeders are up $7.97 at $315.05, March feeders are up $8.62 at $309.52 and April feeders are up $8.70 at $308.10. So long as the live cattle contracts continue to trade higher through Wednesday's close, it's likely feeder cattle contracts will as well.

LEAN HOGS:

The lean hog complex is also trading higher as the market is pleased to note a slight bump in pork demand and is likely receiving a little extra spill-over support from the cattle complex. December lean hogs are up $1.37 at $79.82, February lean hogs are up $1.97 at $80.95 and April lean hogs are up $2.10 at $85.05. Packers have made it bluntly clear that they don't need many hogs this week.

The projected lean hog index for 11/25/2025 is down $0.54 at $82.27, and the actual index for 11/24/2025 is down $0.80 at $82.81. Hog prices are unavailable again on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 200 head have traded this morning and that the market's five-day rolling average now sits at $70.92. Pork cutouts totaled 212.91 loads with 172.82 loads of pork cuts and 40.09 loads of trim. Pork cutout values: up $0.98, $93.23.

Wednesday Morning Livestock Market Update - Significantly Lower Cash Trade Surfaces

GENERAL COMMENTS:

It would seem that cattle futures are overdone to the downside after the sharp decline, but are they? Limited cash cattle trade on Tuesday showed substantial weakness, with Northern dressed cattle trading $15.00 lower and Southern live cattle as much as $9.00 lower. This is the largest weekly cash decline we have seen in a long time. Feedlots may be selling in fear as lower prices are possible in the near term, and heavy cattle need to be marketed. Holding onto cattle to heavier weights is not a profitable endeavor right now. Boxed beef pieces were mixed with choice down $0.40 and select up $0.42. The markets will be closed on Thursday for Thanksgiving.

Hog futures held their ground with summer contracts posting triple-digit gains. Packers were not aggressive with purchases again on Tuesday, as the National Daily Direct Afternoon report showed an average price of $73.25, with no change due to the limited volume of hogs traded. However, the average is lower than on Monday, indicating lower prices. Pork cutout values declined $1.53 and eliminated $1.00 more than the gain on Monday. This keeps the market on the defensive. However, further short covering could take place ahead of the holiday. Hog futures will continue to face some headwind unless the market finds stability and increased demand due to lower pork prices.

	BULL SIDE		BEAR SIDE
1)	Even with lower cash trade this week, live cattle futures will hold a substantial discount. This may allow the market to regain some of the loss.	1)	The substantial weakness of the cash cattle trade on Tuesday sets the stage for the rest of the week.
2)	The rebound on most cattle futures contracts on Tuesday may indicate that the recent bearish news could have been factored in.	2)	Bearish news will continue to reverberate throughout the market, likely through the rest of the year. Both cash cattle and feeder cattle prices are declining.
3)	Hog futures give the impression they are trying to build support. The oversold market, Thanksgiving holiday and the end of the month might provide further support.	3)	Limited packer interest this week may provide little support to the market as traders remain uncertain over demand.
4)	The December hog contract has three chart gaps above the market. Chart gaps are generally filled before the contract closes out. The contract will cease trading on Dec. 12.	4)	Hog weights have been increasing and may remain significantly higher than a year ago through December.

Tuesday Closing Livestock Market Update - Cattle Find Some Technical Support, Cash Still Trades Lower

GENERAL COMMENTS:

The livestock complex had a mixed day where the cattle contracts saw a little more support, but the sentiment throughout the countryside still remains on edge. Some light cash cattle trade developed throughout the day at $330 in the North and $215 in the South. December corn is down 1/4 cent per bushel and January soybean meal is up $2.10. The Dow Jones Industrial Average is up 664.18 points and the NASDAQ is up 153.58 points.

LIVE CATTLE:

The futures market may have mildly recovered following Monday's sharp descent, but the sentiment throughout the greater marketplace hasn't changed. And with anything, upon seeing fed cash cattle prices dip even lower, the bearish tone throughout the market is thick right now. December live cattle closed $0.20 lower at $207.00, February live cattle closed $0.20 lower at $207.32 and April live cattle closed $0.67 higher at $208.57. The bearish sentiment that came from Tyson's announcement last Friday worked its way into the fed cash cattle market too as some light trade was reported throughout the day in the North at $330 which is $15.00 lower than last week's weighted average, and although there's not been many cattle traded in the South, a handful of deals have been marked at $215 which is $7.00 to $9.00 lower than last week's weighted average. More cattle will obviously need to trade before the week's end, but it's likely the week's prices are mostly set. Asking prices for cattle in the South are set at $220, but are still not fully established in the North.

Tuesday's slaughter is estimated at 125,000 head, 4,000 head more than a week ago and 1,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $0.40 ($370.09) and select up $0.42 ($355.93) with a movement of 215 loads (175.01 loads of choice, 23.19 loads of select, 4.08 loads of trim and 13.01 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady with the week's trend. Given that it's a holiday week, the market doesn't expect to see a whole lot of cattle traded this week, and so it's likely that the prices that developed today could be the market's trend for the week.

FEEDER CATTLE:

The feeder cattle contracts may have found technical support throughout Tuesday's trade, but that support wasn't noted as sales were still lower. January feeders closed $2.10 higher at $307.07, March feeders closed $3.07 higher at $300.87 and April feeders closed $3.30 higher at $299.40. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers and heifers traded $10.00 to $20.00 lower. Steer and heifer calves sold $20.00 to $30.00 lower, and heifer calves traded up to $40.00 lower. The sale report did note that with the cattle futures down, buyers were bewildered and very frustrated. Feeder cattle supply over 600 pounds was 53%. The CME feeder cattle index 11/24/2025: down $4.41, $331.97.

LEAN HOGS:

The lean hog complex closed mostly higher, aside from the spot February contract, which closed just below steady, as traders continue to yearn to see better demand from consumers. However, it is supportive that the contracts are establishing some technical footing as the market has been trading in a sideways trading range over the week and a half. Hog prices on the Daily Direct Afternoon Hog Report averaged $73.25, ranging from $68.00 to $86.00 on 1,930 head. Pork cutouts totaled 308.98 loads with 259.28 loads of pork cuts and 49.70 loads of trim. Pork cutout values: down $1.53, $92.25. Tuesday's slaughter is estimated at 492,000 head, 2,000 head less than a week ago and steady with a year ago. The CME lean hog index 11/21/2025: down $1.20, $83.61.

WEDNESDAY'S HOG CALL: Steady. We will likely see some packer interest in the market on Wednesday, but on Thursday and Friday, packers won't likely participate.

Tuesday Midday Livestock Market Summary - Dressed Cattle Trading $15.00 Lower

GENERAL COMMENTS:

The livestock complex is trading mixed, but there remains a bearish undertone about the cattle contracts. Some light dressed cattle trade has developed in the North, where cattle are trading at mostly $330, $15.00 lower than last week's weighted average. December corn is down 1/4 cent per bushel and January soybean meal is up $1.80. The Dow Jones Industrial Average is up 537.20 points and the NASDAQ is up 65.26 points.

LIVE CATTLE:

It's technically a mixed but mostly lower morning for the live cattle complex. Although some of the deferred contracts are trading higher, spot and nearby contracts are trading lower. There's even been some trade already in the fed cash cattle market. December live cattle are down $0.25 at $206.95, February live cattle are down $0.45 at $207.02 and April live cattle are up $0.27 at $208.22. There's been a light movement of dressed trade this morning in Nebraska, where cattle are trading anywhere from $325 to $330, but mostly at $330, which is a $15.00 decline from last week's weighted average. Still no trade has developed yet in the South, and asking prices are still not known in that region. Delivery dates for the cattle that have traded have been set for mostly the week of Dec. 1 and Dec. 8.

Boxed beef prices are higher: choice up $1.56 ($372.05) and select up $3.46 ($358.97) with a movement of 74 loads (55.78 loads of choice, 8.21 loads of select, 4.08 loads of trim and 5.76 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is trading higher following Monday's sharp decline. January feeders are up $0.75 at $305.97, March feeders are up $2.02 at $299.82 and April feeders are up $2.25 at $298.35. Traders seem to be recovering some position that was lost on Monday, but it's more a technical reaction than a decision being made because more confidence has truly been established in the marketplace.

LEAN HOGS:

The lean hog contracts continue to trade slightly higher as the market crosses its fingers that the uncertainty in the cattle sector could be gained opportunity for the hog complex. December lean hogs are up $0.37 at $78.57, February lean hogs are steady at $79.17 and April lean hogs are up $0.52 at $83.05. The market still hasn't gained a strong fundamental foothold, as pork cutout values are lower.

The projected lean hog index for 11/24/2025 is down $0.80 at $82.81, and the actual index for 11/21/2025 is down $1.20 at $83.61. Hog prices are again unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 365 head have traded this morning and that the market's five-day rolling average now sits at $70.92. Pork cutouts total 206.21 loads with 182.58 loads of pork cuts and 23.63 loads of trim. Pork cutout values: down $0.56, 93.22.

Tuesday Morning Livestock Market Update - Follow-Through Selling Likely in Cattle Futures

GENERAL COMMENTS:

The limit lower trade in cattle futures results in expanded limits today. The fact that some traders could not liquidate long positions due to futures being limit down may increase the desire to sell at the open to exit those positions. Even though the Cattle on Feed report was neutral to bullish, the Tyson plant closing in Nebraska was a bearish development. This, along with the plant in Amarillo, Texas, reducing its capacity, is a bearish development. The market has recently seen uncertainty on top of uncertainty, resulting in live cattle futures falling to the lowest level since late June and feeder cattle to the lowest level since early July. Boxed beef prices were lower on Monday with choice down $0.99 and select down $1.47.

Hog futures found buying interest after the weakness on Friday. It is uncertain what triggered the buying interest, other than an oversold market and the potential for increasing demand through the end of the year. The shorter trading week and the end of the month may have increased the interest in short covering. Packers were a bit more aggressive on Monday, with the cash price average at $74.08, on limited trading activity. They should be more aggressive today to purchase hogs early due to the upcoming Thanksgiving holiday. Pork cutout values increased $0.35.

	BULL SIDE		BEAR SIDE
1)	The supply of cattle remains low, and there is little evidence of the herd rebuilding. In fact, the weakness may result in heifers continuing to move to feedlots.	1)	Cattle futures locked limit down most of the day Monday, which likely will result in follow-through selling as traders liquidate positions.
2)	Cattle futures are oversold, and the end of the month may see some short covering due to the recent sharp decline in futures.	2)	Boxed beef continues to see weakness, which will keep packers on the defensive to protect margins.
3)	Hogs may see stronger cash and higher cutouts as December approaches and demand improves.	3)	Hog futures have yet to find solid support. Higher cash and stronger cutout prices have been short lived.
4)	Hog futures are bound to retrace as the price has declined almost steadily since late September.	4)	Packers have plenty of market-ready hogs available at higher weights, keeping the market supplied with pork.

Monday Closing Livestock Market Update - Cattle Close Limit Lower

GENERAL COMMENTS:

It was a mixed day for the livestock complex as the cattle contracts plummeted upon hearing about the Tyson plant closure in Nebraska, but the lean hog contracts closed higher. Showlists are higher in all major feeding regions. December corn is down 1 3/4 cents per bushel and January soybeans are down $0.90. The Dow Jones Industrial Average is up 202.86 and the NASDAQ is up 598.93 points.

LIVE CATTLE:

Plain and simple, it was an ugly, painstaking day for the live cattle complex as the market closed limit lower. Traders took Tyson's announcement of them closing their plant in Lexington, Nebraska, and reducing their plant in Amarillo, Texas, as a bearish sign for the marketplace and consequently pulled the contracts down substantially. December live cattle closed $7.25 lower at $207.20, February live cattle closed $7.25 lower at $207.52 and April live cattle closed $7.25 lower at $207.90. Bids and asking prices are still not established, and no cattle traded throughout the day. 

Monday's slaughter is estimated at 120,000 head, 4,000 head more than a week ago and 2,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.99 ($370.49) and select down $1.47 ($355.51) with a movement of 120 loads (78.72 loads of choice, 18.23 loads of select, 11.69 loads of trim and 11.61 loads of ground beef).

TUESDAY'S CATTLE CALL: Lower. Given that it's a holiday week and that the board is trading sharply lower, it's likely that the cash cattle market will trade lower again this week.

FEEDER CATTLE:

Today was another blood bath for the feeder cattle complex as the market yet again closed limit lower. Fueled by the nervousness that came upon the marketplace by Tyson's announcement, and upon seeing the live cattle contracts dive sharply lower, the feeder cattle market stood no chance at closing anything but lower this afternoon. January feeders closed $9.25 lower at $304.97, March feeders closed $9.25 lower at $297.80 and April feeders closed $9.25 lower at $296.10. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers and heifers traded $5.00 to $20.00 lower. Feeder cattle supply over 600 pounds was 61%. The CME feeder cattle index 11/21/2025: down $3.34, $336.38.

LEAN HOGS:

The lean hog complex had a better day than the cattle contracts did as the market has not only found a little technical support but also sees the downturn in the cattle sector as potential opportunity. December lean hogs closed $0.40 higher at $78.20, February lean hogs closed $1.47 higher at $79.17 and April lean hogs closed $1.22 higher at $82.52. It will still be imperative for the market's long-term success to see pork demand increase.

Hog prices are unavailable on the Daily Direct Afternoon Hog Report because of confidentiality. However, we can see that only 1,540 head have traded and that the market's five-day rolling average now sits at $74.08. Pork cutouts totaled 304.06 loads with 255.85 loads of pork cuts and 48.21 loads of trim. Pork cutout values: up $0.35, $93.78. Monday's slaughter is estimated at 495,000 head, 1,000 head more than a week ago and 3,000 head more than a year ago. The CME lean hog index 11/20/2025: down $0.90, $84.81.

TUESDAY'S HOG CALL: Higher. Packers showed the cash hog market little interest on Monday, so it's likely that they'll be more aggressive on Tuesday.

Monday Midday Livestock Market Summary - Cattle Trade Sharply Lower Upon Hearing About Plant Closures

GENERAL COMMENTS:

The livestock complex is trading mixed into Monday's noon hour as the cattle contracts are trading at or near their daily limit lower, but the lean hog contracts are trading mildly higher. Showlists are higher in all major feeding regions. December corn is down 1 1/2 cents per bushel and January soybean meal is unchanged. The Dow Jones Industrial Average is up 198.93 points and NASDAQ is up 550.19 points.

LIVE CATTLE:

It's a painstaking morning -- there's no other way to put it. Following Tyson Food's announcement on Friday that they're closing their plant in Lexington, Nebraska, and going to reduce their throughput in Amarillo, Texas, to only a single shift per day -- the market has taken the news poorly. Having sufficient shackle space is a big concern for grassroot producers and the thought of losing availability is rather concerning. December live cattle are down $7.25 at $207.20, February live cattle are down $7.25 at $207.52 and April live cattle are down $7.25 at $207.90. Showlists are higher in all major feeding regions.

Last week, Northern dressed cattle were marked at mostly $345, $6 lower than the prior week's weighted average basis Nebraska. Southern live deals were marked at $222 to $224, $4 to $6 lower than the previous week's weighted average.

Boxed beef prices are lower: choice down $1.45 ($370.03) and select down $0.66 ($356.32) with a movement of 73 loads (46.97 loads of choice, 11.26 loads of select, 8.81 loads of trim and 5.60 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex dropped $9.25 (its daily trading limit) right from the day's get-go as traders fully believed that the only direction that the market could go on Monday was lower. January feeders are down $9.25 at $304.97, March feeders are down $9.25 at $297.80 and April feeders are down $9.25 at $296.10. It's unlikely that the market finds any significant support ahead of the day's close.

LEAN HOGS:

But adversely, the lean hog complex is trading higher into Monday's noon hour as the market sees the chaos in the cattle sector as potentially room for increased demand in the hog sector. December lean hogs are up $0.35 at $78.15, February lean hogs are up $1.35 at $79.05 and April lean hogs are up $1.12 at $82.42. Pork cutout values are up slightly this morning too, but more than anything, traders seem to be finding some technical footing in the market.

The projected lean hog index for 11/21/2025 is down $1.20 at $83.61, and the actual index for 11/20/2025 is down $0.90 at $84.81. Hog prices are unavailable on the Daily Direct Morning Hog Report because no hogs have traded yet. The only thing we can see this morning is that the five-day rolling average still sits at $74.35. Pork cutouts total 175.43 loads with 152.79 loads of pork cuts and 22.64 loads of trim. Pork cutout values: up $0.20, $93.63.

Monday Morning Livestock Market Update - Market Uncertainty May Make for Difficult Trade

GENERAL COMMENTS:

The delayed October and much-anticipated November Cattle on Feed report was released. The report was neutral to friendly, as on-feed numbers were nearly what was expected at 97.9%. Placements in October were friendly, with the actual coming in at 90% and lower than estimates. This was no surprise as cattle are not being imported from Mexico, and some minor heifer retention is being noted. Marketings were slightly lower than estimates at 92%. The October report was also released, but it does not have much impact on the market, as it is after the fact. Placements were higher in September than expected, but still 6% lower than the previous year. The greater impact on the market was lower cash for the week, with Northern dressed cattle down $6.00 and Southern live down as much as $6.00. Boxed beef was higher, with choice up $0.20 and select up $2.80. For the week, choice declined $3.78 with select down $2.61. Futures may find some stability, but a higher trend may be difficult to unfold.

Hog futures could not find support, closing at new lows again. Traders see little fundamental support to generate buying interest. Cash prices continue to weaken, with the National Daily Direct Afternoon Hog report down $1.23. Packers were not aggressive in their buying last week and may not be again this week due to the Thanksgiving holiday. Pork cutouts jumped $3.22 and may have some impact on the market today. Traders are unlikely to turn aggressive buyers this holiday-shortened week unless they intend to cover some short positions to close out the month later in the week.

	BULL SIDE		BEAR SIDE
1)	Placements in feedlots in October were 10% below a year ago. This should provide support for futures.	1)	Tyson is closing the Lexington, Nebraska, plant and moving the Amarillo, Texas, plant to a single shift, which might put pressure on the market.
2)	Last week's bearish news has been thrown at the market, and traders have had the weekend to digest the news. Renewed buying interest may develop at the lower prices.	2)	The import tariffs on Brazilian beef have been eliminated, making it possible for an increase in beef imports.
3)	A significant increase in pork cutout prices on Friday could indicate that lower prices may finally increase demand.	3)	Hog futures continue to make new lows, and traders continue to trade with the bearish trend.
4)	Hog futures remain significantly oversold and may see short covering and positioning ahead of Thanksgiving and the end of the month.	4)	Increasing hog weights continue to keep pork supplies plentiful. Higher supplies are offsetting better demand.

Friday Closing Livestock Market Update - Lack of Fundamental Support Sent Contracts Lower

GENERAL COMMENTS:

The livestock complex closed fully lower, with simply not enough support from the market's fundamentals to allow the contracts any other option ahead of the weekend. The only positive development late this week was Friday's Cattle on Feed report, which showed placements down 10% compared to a year ago. December corn is down 1 cent per bushel and January soybean meal is up $1.60. The Dow Jones Industrial Average is up 493.15 points and the NASDAQ is up 195.03 points.

From Friday to Friday, livestock futures scored the following changes: December live cattle down $4.70, February live cattle down $4.75; January feeder cattle down $6.32, March feeder cattle down $6.30; December lean hogs closed $0.70, February lean hogs down $1.68; December corn down $0.05, March corn down $0.07.

LIVE CATTLE:

What a topsy-turvy day. At first, the live cattle complex opened sharply lower as traders reacted to President Trump's announcement that tariffs on Brazilian beef were going to be lifted, but then around midday the market received a wave of support, only to eventually fall back lower ahead of the day's close. December live cattle closed $0.27 lower at $214.45, February live cattle closed $0.62 lower at $214.77 and April live cattle closed $0.42 lower at $215.15. Throughout the week, Northern dressed deals have been marked at mostly $345, $6 lower than the prior week's weighted average basis Nebraska, while Southern live deals have been done at $222 to $224, $4 to $6 lower than the previous week's weighted averages.

It was reported this afternoon that Tyson Foods is closing its packing plant in Lexington, Nebraska, and intends to convert its Amarillo, Texas, facility to a single, full-capacity shift.

Friday's slaughter is estimated at 105,000 head, 12,000 head more than a week ago and 13,000 head less than a year ago. Saturday's slaughter is projected to be around 7,000 head. The week's total slaughter is estimated at 585,000 head, 9,000 head more than a week ago and 50,000 head less than a year ago.

Boxed beef prices closed higher: choice up $0.20 ($371.48) and select up $2.80 ($356.98) with a movement of 145 loads (104.61 loads of choice, 18.17 loads of select, 9.67 loads of trim and 13.04 loads of ground beef).

MONDAY'S CATTLE CALL: Lower. With packers continuing to have the upper hand currently in the fed cash cattle market, next week's trade will likely be lower as it will be a holiday-shortened week.

FEEDER CATTLE:

The feeder cattle complex may have closed lower on Friday afternoon, but it was at least granted a bullish Cattle on Feed report after the day's close. January feeders closed $2.15 lower at $314.22, March feeders closed $1.50 lower at $307.05 and April feeders closed $1.20 lower at $305.35. The biggest finding in Friday's Cattle on Feed report was that placements were down 10% compared to a year ago, and an all-time low for October since the report began back in 1996. DTN's comments regarding the Cattle on Feed report:

The Oklahoma weekly Cattle Auction Summary shared that compared to last week and throughout the state, feeder steers traded $4.00 higher, but feeder heifers sold mostly $3.00 to $5.00 lower, except those weighing 600 to 700 pounds, which traded $6.00 higher. Steer calves sold steady to $5.00 higher and heifer calves under 500 pounds sold $10.00 to $20.00 lower, but heifers over 500 pounds traded steady. Feeder cattle supply over 600 pounds was 51%. The CME feeder cattle index 11/20/2025: down $1.44, $339.72.

LEAN HOGS:

The lean hog complex closed fully lower, feeling as if the uptick in pork demand came a little too late in the week to have much real effect on the futures complex. December lean hogs closed $1.67 lower at $77.80, February lean hogs closed $1.95 lower at $77.70 and April lean hogs closed $2.42 lower at $81.30. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.23 with a weighted average price of $70.64 on 2,004 head. Pork cutouts totaled 374.74 loads with 324.33 loads of pork cuts and 50.41 loads of trim. Pork cutout values: up $3.22, $93.43. Friday's slaughter is estimated at 488,000 head, steady with a week ago and 1,000 head more than a year ago. Saturday's slaughter is projected to be around 139,000 head. The CME lean hog index 11/19/2025: down $0.56, $8571.

MONDAY'S HOG CALL: Lower. Packers rarely show much interest in the cash hog market on Mondays.

Friday Midday Livestock Market Summary - Cattle Quickly Recover, Trade Higher

GENERAL COMMENTS:

The livestock complex is trading mixed into midday Friday, as cattle are trading slightly higher, but the hog contracts continue to drift lower. No new cash cattle trade has developed, but some more clean-up trade could surface after the afternoon's Cattle on Feed report is released. December corn is down 1 cent per bushel and January soybean meal is up $0.80. The Dow Jones Industrial Average is up 696.77 points and the NASDAQ is up 252.57 points.

LIVE CATTLE:

After trading sharply lower as traders at first reacted poorly to the news that broke late Thursday afternoon that President Trump has lifted the tariff on Brazilian beef, as odd as it may sound, the market is back to trading higher into Friday's noon hour. December live cattle are up $0.77 at $215.50, February live cattle are up $0.55 at $215.95 and April live cattle are up $0.75 at $216.32. Besides the slightly higher boxed beef prices this morning, it's tough to pinpoint exactly what's giving traders enough support to look beyond Thursday's trade development. Nevertheless, for the sake of cattle producers, higher trade is higher trade, and that's always a win. No new cash cattle trade has developed. Do remember that later this afternoon the monthly Cattle on Feed report will be released.

So far this week, Northern dressed deals have been marked at mostly $345, $6 lower than the prior week's weighted average basis Nebraska, while Southern live deals have been done at $222 to $224, $4 to $6 lower than the previous week's weighted averages.

Boxed beef prices are higher: choice up $0.33 ($371.61) and select up $4.24 ($358.42) with a movement of 105 loads (76.51 loads of choice, 11.64 loads of select, 9.07 loads of trim and 8.00 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is taking more of a cautious approach to Friday's trade, as some of its contracts are trading higher, but the nearby contracts are still trading lower. The feeder cattle complex remains on edge as everyone in the industry knows that eventually the border is going to reopen, which will ripple a negative effect throughout the futures complex, and later this afternoon the monthly Cattle on Feed report is set to be released. January feeders are down $1.32 at $315.22, March feeders are down $0.32 at $308.22 and April feeders are up $0.02 at $306.57.

LEAN HOGS:

The lean hog complex is trading fully lower into midday Friday, as the market, once again, comes up empty-handed in terms of enough fundamental support. December lean hogs are down $1.32 at $78.15, February lean hogs are down $1.32 at $78.32 and April lean hogs are down $1.77 at $81.85. And while yes, pork cutout values may be higher this morning, traders need to see more than one day's worth of higher trade to keep the contracts trading higher.

The projected lean hog index is delayed from the source. Hog prices are down $1.93 on the Daily Direct Morning Hog Report, with a weighted average price of $70.31, ranging from $69.00 to $73.00 on 844 head and a five-day rolling average of $74.35. Pork cutouts total 254.15 loads with 225.29 loads of pork cuts and 28.86 loads of trim. Pork cutout values: up $2.59, $92.80.

Friday Morning Livestock Market Update - Traders Wait For Cash and Cattle on Feed Report

GENERAL COMMENTS:

Cattle futures face a headwind as lower cash prices are expected due to early cash sales being lower. The Cattle on Feed report will be released Friday afternoon, next week is a holiday-shortened week, and President Trump signed an order to remove tariffs on Brazilian food products. No cash cattle sales took place Thursday with further activity likely to take place after the release of the Cattle on Feed report. Estimates for the report are for on-feed numbers as of Nov. 1 at 97.7% of a year ago, with a range of estimates from 96.9% to 98.6%. Placements in October were at 91.6% with the range of estimates at 89.5% to 95.5%. Cattle marketed at 92.3% with estimates at 92.0% to 93.1%. It is uncertain whether USDA will include comparisons from the missed October report. President Trump signed an order to remove the 40% tariffs on Brazilian food products, including beef, that were imposed in July. Brazil is a key supplier of beef to the U.S. This will open the door for increased imports, further pressuring beef prices over time. Boxed beef was higher on Thursday, with choice up $0.05 and select up $0.63.

Hog futures were able to defy the bearishness of cash and cutouts again on Thursday. Technical buying provided support as the market is oversold and the weekend and holiday-shortened week is coming. Packers have not been aggressive buyers this week, as they may already have purchased a significant number of hogs ahead of time. Hog weights continue to increase, providing more tonnage from fewer hogs. The National Daily Direct Afternoon Hog report showed cash down $2.74, continuing the negative week. Pork cutouts fell $2.93, pushing values down to $90.21.

	BULL SIDE		BEAR SIDE
1)	The Cattle on Feed report is expected to show continued tight cattle numbers.	1)	The tariffs on Brazilian food, including beef, are being removed retroactively to Nov. 13. This will require the refunding of duties collected since that date.
2)	Short-covering may take place ahead of the weekend with cattle futures holding a discount to the lower expected cash trade.	2)	Lower cash is expected Friday when the cattle trade takes place in the country.
3)	There has been interest in buying hog futures to either cover short positions ahead of the weekend or due to the market being extremely oversold.	3)	The continued weakness in cash hogs and pork cutouts this week may be evident Friday as packers do not seem to need many hogs and demand is less than expected.
4)	Low prices will cure low prices. The demand for pork should improve as consumers stretch their food dollar.	4)	Heavier hogs mean more pork will be available with fewer hogs. Less expensive feed prices may keep this trend intact.

Thursday Closing Livestock Market Update - Cattle Lack Support, Hogs Find Technical Footing

GENERAL COMMENTS:

The livestock complex closed mixed, with the cattle contracts continuing their downward trend for the day, but the lean hog contracts stumbled into some technical support. No new cash cattle trade developed throughout the day. December corn is down 3 1/4 cents per bushel and December soybean meal is down $4.90. The Dow Jones Industrial Average is down 386.51 points and the NASDAQ is down 486.18 points.

LIVE CATTLE:

It was another disappointing day for the live cattle complex as trades simply looked at the market and all but said, "there isn't enough support here to turn the market's direction: let the contracts fade lower," and fade lower is what the market did throughout Thursday's trade. December live cattle closed $1.57 lower at $214.72, February live cattle closed $1.85 lower at $215.40 and April live cattle closed $2.22 lower at $215.57. Bids were offered throughout the day in the North, but no more sales were noted. There's a chance that feedlot managers could hold off on trading any more cattle until after everyone sees Friday's Cattle on Feed report. So far this week, Northern dressed cattle have traded at mostly $345, which is $6.00 lower than last week's weighted average and Southern live cattle have traded at mostly $224, which is $4.00 lower than the previous week's weighted average. 

Thursday's slaughter is estimated at 120,000 head, steady with a week ago but 6,000 head less than a year ago.

Boxed beef prices closed higher: choice up $0.05 ($371.28) and select up $0.63 ($354.18) with a movement of 116 loads (79.15 loads of choice, 13.95 loads of select, 4.94 loads of trim and 17.56 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. Given that cattle have traded in both regions, it's likely that the week's trend is set.

FEEDER CATTLE:

Continuing to follow closely in the live cattle market's wake, the feeder cattle contracts also closed lower. January feeders closed $5.07 lower at $316.37, March feeders closed $4.85 lower at $308.55 and April feeders closed $4.17 lower at $306.55. One of the biggest disappointing factors about the market's current state is that feeder cattle trends in the sale barn are heavily swayed by the futures market's daily performance. Although the industry still sits with record low inventory, just because the darn board is trading lower, so do most sales in the countryside.

At Kist Livestock Auction in Mandan, North Dakota, compared to last week, the market started weak for the first sales of the day but turned stronger by the sale's midpoint and held higher until the tail end. Compared to the week before, feeder steers weighing 450 to 550 pounds traded $5.00 to $15.00 lower, steers weighing 550 to 650 pounds traded $19.00 to $22.00 lower and steers weighing 650 to 700 pounds sold $8.00 lower. Feeder cattle supply over 600 pounds was 29%. The CME feeder cattle index 11/20/2025: up $1.14, $341.16.

LEAN HOGS:

Oddly enough, the lean hog complex was able to maintain its higher position through Thursday's end, even though the market's fundamentals remain weak. Both pork cutout values and cash prices traded lower throughout the day, but traders must be concluding that the market has seen enough of a technical downturn for the time being. December lean hogs closed $0.62 higher at $79.47, February lean hogs closed $0.62 higher at $79.65 and April lean hogs closed $0.65 higher at $83.72. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.74 with a weighted average price of $71.87 on 1,353 head. Pork cutouts totaled 279.50 loads with 215.19 loads of pork cuts and 64.31 loads of trim. Pork cutout values: down $2.93, $90.21. Thursday's slaughter is estimated at 494,000 head, steady with a week ago and 17,000 head more than a year ago. The CME lean hog index 11/18/2025: down $0.40, $86.27.

FRIDAY'S HOG CALL: Lower. At this point, it's looking like packers simply didn't need many hogs for the week.

Thursday Midday Livestock Market Summary - Cattle Dip Lower While Hogs Find Support

GENERAL COMMENTS:

The livestock complex is again trading mixed as the cattle contracts dip lower upon not seeing enough fundamental support in the market, but the lean hog contracts are trading higher. No new cash cattle trade has developed, but bids are on the table in Nebraska. December corn is down 3 cents per bushel and December soybean meal is down $4.80. The Dow Jones Industrial Average is down 183.57 points and the NASDAQ is down 176.07 points.

LIVE CATTLE:

Without seeing more fundamental support, the live cattle complex is trading lower into midday Thursday as traders are disappointed to note the decline in fed cash cattle prices again this week, and aren't overly thrilled with boxed beef prices being mixed again this morning. December live cattle are down $2.80 at $213.50, February live cattle are down $2.65 at $214.62 and April live cattle are down $2.60 at $215.20. Bids have been renewed again in Nebraska ($345 dressed and $218 live), but no more sales have been noted at this point. So far this week Northern dressed cattle have traded at mostly $345, which is $6.00 lower than last week's weighted average. Southern live cattle have traded at $224, which is $4.00 lower than the previous week's weighted average.

Boxed beef prices are mixed: choice down $0.29 ($370.94) and select up $0.29 ($353.84) with a movement of 70 loads (41.76 loads of choice, 9.74 loads of select, 4.94 loads of trim and 13.91 loads of ground beef).

FEEDER CATTLE:

To no one's surprise, with the live cattle contracts still trading lower, the feeder cattle contracts again have opted to follow suit. January feeders are down $5.87 at $315.67, March feeders are down $5.40 at $308.00 and April feeders are down $4.72 at $306.00. This weaker trend will likely continue through the day's close as the week's fundamental support has simply been lacking.

LEAN HOGS:

Again today, the lean hog contracts are trading higher as traders seem to believe that the market has trended lower enough for the time being. It is helpful that pork cutout values are a tick higher this morning, but the volume of cash hogs traded over the week has been relatively thin. December lean hogs are up $0.60 at $79.45, February lean hogs are up $0.77 at $79.80 and April lean hogs are up $0.80 at $83.87.

The projected lean hog index is delayed from the source. Hog prices are on the Daily Direct Morning Hog Report average $72.24, ranging from $70.00 to $75.00 on 390 head, and a five-day rolling average of $75.29. Pork cutouts total 174.44 loads with 121.08 loads of pork cuts and 53.36 loads of trim. Pork cutout values: up $0.34, $93.48.

Thursday Morning Livestock Market Update - Lower Cash Will Pressure Market

GENERAL COMMENTS:

It was surprising to see trade develop in cash cattle on Wednesday. Cash cattle traded $6.00 lower in the North and $4.00 lower in the South. Generally, when there is a Cattle on Feed report, cash trade does not develop until Friday. Feedlots seem anxious to move cattle early, as cattle continue to get heavier with little benefit due to declining prices. Heavy cattle will be the norm as feed prices are low, but when feeding to heavier weights provides no benefit, the cattle need to be sold. Boxed beef declined with choice down $0.72 and select down $1.40. The average estimates for Friday's Cattle on Feed report are for on-feed numbers as of Nov. 1 at 97.7% of a year ago. Placements in October at 91.6% with cattle marketed at 92.3%. It is uncertain whether USDA will include comparisons from the missed October report.

The rebound in hogs seemed to be purely technical. It seems short-covering took place due to the oversold market conditions and ahead of the weekend and the upcoming holiday week. There is no indication prices have found support. Neither cash nor cutouts were supportive. The National Direct Afternoon Hog report showed cash down $0.95, but still with light trading activity. Packers will need to step up to purchase and may be more aggressive Thursday. Pork cutouts fell $2.25, with values down to $93.12. The weekly hog weights averaged 292.5 pounds, an increase from the previous week.

	BULL SIDE		BEAR SIDE
1)	Low placements of cattle are expected in October, which indicates the market should remain supported.	1)	Cattle marketings are estimated to be 7.7% below a year ago. There are fewer cattle, but feedlots are holding them longer.
2)	Limited rebuilding of the cattle herd is taking place. This will prolong the tightness of cattle supplies.	2)	Cattle weights continue to increase, with the inventory of cattle on feed 150 days or more estimated to be nearly 20.0% above a year ago.
3)	Traders may want to cover their short positions ahead of the weekend due to the market being oversold.	3)	Weekly hog weights continue to increase. The average weights for the week ending Nove. 15 with 292.5 pounds, up 0.6 pounds from the previous week and 5.1 pounds higher than a year ago.
4)	Packers may be more aggressive in the cash market Thursday as they need to purchase quite a few hogs to round out their needs for the week.	4)	The fundamentals in the hog market remain bearish. The market is struggling to find support.

Wednesday Closing Livestock Market Update - Fed Cash Cattle Prices Dip $6.00 Lower in the North and $4.00 Lower in the South

GENERAL COMMENTS:

The livestock complex closed mixed, with the cattle contracts disappointed still in the market's weak fundamentals, but the lean hog contracts found some trader support ahead of the day's close. Some light dressed cash cattle trade developed in the North at $345, which is $6.00 lower than last week's weighted average, and Southern live cattle traded at $224, which is $4.00 lower than last week's weighted average. December corn is down 7 cents per bushel and December soybean meal is down $8.10. The Dow Jones Industrial Average is up 47.03 points and the NASDAQ is up 131.38 points.

LIVE CATTLE:

It was a disappointing day for the live cattle complex as the market received none of the fundamental support it hoped for -- boxed beef prices closed lower, and of the light cash cattle trade that developed, weaker prices were the theme of the market. December live cattle closed $3.72 lower at $216.30, February live cattle closed $3.60 lower at $217.25 and April live cattle closed $3.52 at $217.80. Throughout the day, some light cash cattle trade was noted in the North, where dressed cattle traded at mostly $345, which is $6.00 lower than last week's weighted average. Southern live cattle traded at mostly $224, which is $4.00 lower than last week's weighted average. Asking prices in the South for cattle left to trade are at $230, but are still unestablished in the North. 

Wednesday's slaughter is estimated at 120,000 head, 2,000 head less than a week ago and 5,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.72 ($371.23) and select down $1.40 ($353.55) with a movement of 179 loads (131.65 loads of choice, 32.46 loads of select, 7.16 loads of trim and 7.76 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady with the week's trend. Given that cattle have now traded in both regions, it's likely that the week's prices are set.

FEEDER CATTLE:

The feeder cattle complex continued to follow the direction of the live cattle market and drifted lower through the day's close. January feeders closed $4.60 lower at $321.45, March feeders closed $5.00 lower at $313.40 and April feeders closed $5.02 lower at $310.72. At R Livestock Connection in Monroe, Utah, compared to last week, feeder steers traded $3.00 to $7.00 higher and feeder heifers under 500 pounds traded $4.00 to $12.00 higher, while heifers weighing over 500 pounds sold $8.00 lower. Slaughter cows sold steady to $8.00 higher on a light offering. Slaughter bulls traded $5.00 lower on a light test. Feeder cattle supply over 600 pounds was 19%. The CME feeder cattle index 11/18/2025: up $0.56, $340.02.

LEAN HOGS:

The lean hog complex closed higher as traders seemed to have stumbled into some technical support. December lean hogs closed $0.95 higher at $78.85, February lean hogs closed $1.00 higher at $79.02 and April lean hogs closed $1.45 higher at $83.07. Today's higher close wasn't because of an increase in fundamental support, as both cash prices and pork cutout values closed lower. Like I said earlier, today's higher note came as traders happened to find some additional technical support.

Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.95 with a weighted average price of $74.61 on 1,428 head. Pork cutouts totaled 317.46 loads with 273.19 loads of pork cuts and 44.28 loads of trim. Pork cutout values: down $2.25, $93.14. Wednesday's slaughter is estimated at 494,000 head, steady with last week and 6,000 head more than a year ago. The CME lean hog index 11/17/2025: down $0.33, $86.67.

THURSDAY'S HOG CALL: Steady to somewhat higher. The cash market really hasn't seen much movement this week, and so either packers are planning on buying more aggressively on Thursday, or they're simply not planning on buying many hogs this week.

Wednesday Midday Livestock Market Summary - Without Enough Fundamental Support, Cattle Contracts Fall Lower

GENERAL COMMENTS:

The cattle contracts are trading lower into Wednesday's noon hour as the market is disgruntled with the lack of fundamental support. Some light trade has developed in the North, where dressed cattle are trading at $345, which is $6.00 lower than last week's weighted average. December corn is down 6 1/2 cents per bushel and December soybean meal is down $6.90. The Dow Jones Industrial Average is down 158.50 points and the NASDAQ is down 43.11 points.

LIVE CATTLE:

Without a steadfast stamp of approval from the market's fundamentals, the live cattle contracts are back to trading lower. The market would anticipate that beef demand will begin a sharp fourth-quarter rally in the next week or two, as consumers secure their meat for the Christmas holiday. Still, with beef prices already high compared to years past, the market sits in an unknown position, unsure how much of a fourth-quarter rally is really going to play out. December live cattle are down $5.27 at $214.75, February live cattle are down $4.95 at $215.90 and April live cattle are down $4.47 at $216.85. And making matters even worse is the fact that some light cash cattle trade has begun to develop. Some light dressed cattle trade has developed in the North at $345, which is $6.00 lower than last week's weighted average. No trade has developed in the South yet, but bids are currently on the table at $224, and asking prices are firm at $230.

Boxed beef prices are mixed: choice up $0.31 ($372.26) and select down $1.89 ($353.06) with a movement of 116 loads (81.70 loads of choice, 23.15 loads of select, 4.79 loads of trim and 6.66 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading sharply lower as the market continues to closely follow the direction of the live cattle contracts. January feeders are down $5.95 at $320.30, March feeders are down $6.17 at $312.22 and April feeders are down $6.22 at $309.52. And until something changes the direction of the live cattle complex, the feeder cattle market will likely trade lower.

LEAN HOGS:

Although midday pork cutout values are lower, once again, the lean hog contracts are trading slightly higher into Wednesday's noon hour as the market has seemed to stumble into some technical support. December lean hogs are up $0.87 at $78.77, February lean hogs are up $1.20 at $79.22 and April lean hogs are up $1.62 at $83.25. It will be interesting to see if the market is able to maintain this momentum through the day's close, as neither cash prices nor pork cutout values are higher, which makes this move solely a technical push.

The projected lean hog index is delayed from the source. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only a measly 88 head have traded this morning and that the market's five-day rolling average now sits at $76.55. Pork cutouts totaled 187.76 loads with 165.75 loads of pork cuts and 22.01 loads of trim. Pork cutout values: down $1.22, $94.17.

Wednesday Morning Livestock Market Update - Cattle Futures May Struggle to Find Support

GENERAL COMMENTS:

Traders were hesitant to buy into the cattle market aggressively Tuesday. The reduction of tariffs on certain countries, announced on Friday, has created uncertainty about the potential impact on beef imports. Along with that uncertainty is the upcoming Cattle on Feed report, scheduled for release Friday. The report is not expected to show any substantial increase in cattle numbers, if any at all, but the uncertainty may keep futures choppy the rest of the week. Traders have been waiting for the resumption of the Commitments of Traders report to see the position of fund traders. A report will be released Wednesday, but it will not be up to date and will reflect traders' positions as of Sept. 30. It will take until the end of January for these reports to become timely again. The report will be somewhat meaningless as it plays catch-up. Boxed beef prices were mixed with choice up $1.54 and select down $1.35.

The hog market has been frustrating as it has been unable to find solid fundamental support. Futures fell below the previous low again, leaving the downtrend intact. Packers were not aggressive in the cash market on Tuesday, with the National Daily Direct Afternoon Hog report down $0.58. They should step up Wednesday, as they need to purchase significantly more hogs than they already have so far this week. Pork cutouts continue to struggle as demand remains lackluster. Futures remain oversold, with the brief strength last week doing little to change that position.

	BULL SIDE		BEAR SIDE
1)	Some hope has surfaced that cash cattle prices may be no worse than steady this week. Packers do not seem to have many cattle purchased for deferred delivery.	1)	The upcoming Cattle on Feed report will be released on Friday. This may keep futures sideways the rest of the week.
2)	Cattle futures have chart gaps above the market that may be filled at some point.	2)	Traders see too much uncertainty in the market at this time to generate buying interest. Further weakness is possible.
3)	Packers should be more aggressive Wednesday and bid higher for hogs as they need to increase their purchases for the week.	3)	Continued lower lows in hog futures keeps the downtrend intact and traders bearish.
4)	Hog futures are oversold and could see a repeat of the movement of futures last week before the end of the month.	4)	The decline in cash and cutouts has not been able to generate greater demand for pork.

Tuesday Closing Livestock Market Update - Complex Mixed Again

GENERAL COMMENTS:

It was another mixed day for the livestock complex as traders weren't comfortable pushing the contracts higher without seeing more fundamental support. No cash cattle trade developed. December corn is up 2 cents per bushel and December soybean meal is down $3.80. The Dow Jones Industrial Average is down 498.50 points and the NASDAQ is down 275.22 points.

LIVE CATTLE:

It was another mixed day for the live cattle complex. At times, the live cattle contracts traded higher, but at other times, the contracts drifted lower as the market remained indecisive about which direction it should trade next. More than anything, traders continue to long for fundamental support, and boxed beef prices did close mixed, but there's not a good pulse on what the fed cash cattle market is going to shake out to be this week just yet. December live cattle closed $1.25 lower at $220.02, February live cattle closed $0.92 lower at $220.85 and April live cattle closed $0.50 lower at $221.32. No bids or asking prices have surfaced yet in the fed cash cattle market. 

Tuesday's slaughter is estimated at 121,000 head, 5,000 head more than a week ago but 6,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $1.54 ($371.95) and select down $1.35 ($354.95) with a movement of 163 loads (98.38 loads of choice, 28.15 loads of select, 14.49 loads of trim and 21.97 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady. Packers have increased throughput this week, which could push them to be a tick more aggressive in the fed cash cattle market, but they'll be careful not to do so too aggressively, as they don't want cash prices to increase.

FEEDER CATTLE:

The feeder cattle complex also closed mixed as the market continues to closely track the actions of the live cattle contracts. And without a sure-fire direction from the live cattle market, traders opted to let most of the feeder cattle contracts drift lower through Tuesday's close as they also remain cautious. January feeders closed $0.22 lower at $326.05, March feeders closed $0.15 lower at $318.40 and April feeders closed $0.07 lower at $315.75. At Oklahoma Stockyards in Oklahoma City, Oklahoma, compared to last week, all classes of feeder cattle traded unevenly steady. The sale report did note that on Monday, when the board opened and stayed green, cautious optimism set in, and bidding leveled out at mostly steady money. Feeder cattle supply over 600 pounds was 52%. The CME feeder cattle index 11/17/2025: down $2.40, $339.49.

LEAN HOGS:

The lean hog contracts ended the day fully lower, again disgusted by the fact that pork demand hasn't seen an increase, and therefore, there's little else for the market to do but trade lower. December lean hogs closed $0.67 lower at $77.90, February lean hogs closed $1.40 lower at $78.02 and April lean hogs closed $1.40 lower at $81.62. The biggest reason why the afternoon carcass price fell was the $3.99 decline in the ham. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.58 with a weighted average price of $75.56 on 6,131 head. Pork cutouts total 362.74 loads with 336.29 loads of pork cuts and 26.45 loads of trim. Pork cutout values: down $1.62, $95.39. Tuesday's slaughter is estimated at 494,000 head, 34,000 head more than a week ago and 5,000 head more than a year ago. The CME lean hog index 11/14/2025: down $0.94, $87.00.

WEDNESDAY'S HOG CALL: Higher. Packers haven't shown the market much interest yet, so Wednesday will likely see an increase in packer demand.

Tuesday Midday Livestock Market Summary - Traders Scout Market for More Support

GENERAL COMMENTS:

The livestock complex is trading mixed: with the cattle contracts teetering along both sides of steady, while the hog contracts are trading fully lower. Still no developments have surfaced in the fed cash cattle market. December corn is up 1 1/2 cents per bushel and December soybean meal is down $3.00. The Dow Jones Industrial Average is down 635.31 points and the NASDAQ is down 336.90 points.

LIVE CATTLE:

The live cattle complex is trading mixed, erring on the side of caution as traders would like to see the contracts trade fully higher but need sure-fire fundamental support this week to successfully do so. December live cattle are down $1.10 at $220.17, February live cattle are down $0.77 at $220.97 and April live cattle are down $0.27 at $221.45. No developments have surfaced in the fed cash cattle market, and trade will likely be delayed until later in the week, as that's usually what happens whenever a Cattle on Feed report is released. No bids or asking prices are currently on the table.

Boxed beef prices are mixed: choice up $2.87 ($373.28) and select down $0.55 ($355.75) with a movement of 90 loads (52.27 loads of choice, 11.01 loads of select, 14.00 loads of trim and 12.62 loads of ground beef).

FEEDER CATTLE:

Likewise, the feeder cattle complex is also trading in a mixed manner as the market isn't confident that there will be enough support in the market to trade fully higher. January feeders are down $0.07 at $326.20, March feeders are up $0.10 at $318.65 and April feeders are down $0.25 at $315.57. Until something wildly bullish develops, the feeder cattle complex will likely continue to trade in a sideways manner as it's going to take some substantial support to push the contracts back over the market's 100-day moving average.

LEAN HOGS:

The lean hog complex is trading fully lower and currently pressuring the market's support plane as traders aren't seeing enough support arise in the marketplace to send the contracts higher. December lean hogs are down $0.62 at $77.95, February lean hogs are down $1.47 at $77.92 and April lean hogs are down $1.05 at $81.97. With midday pork cutout values lower, the complex could likely continue this trend through the day's close.

The projected lean hog index for 11/17/2025 is down $0.33 at $86.67, and the actual index for 11/14/2025 is down $0.94 at $87.00. Hog prices on the Daily Direct Morning Hog Report average $75.66, ranging from $68.00 to $77.00 on 3,231 head and a five-day rolling average of $77.31. Pork cutouts totaled 208.12 loads with 192.88 loads of pork cuts and 15.24 loads of trim. Pork cutout values: down $0.94, $96.07.