It was another mixed day for the livestock complex as the cattle contracts found a little extra support, but the lean hog complex still closed lower. Some more light cash cattle trade was reported, but prices were steady with the week's trend. December corn is down 1 1/2 cents per bushel and December soybean meal is up $4.40. The Dow Jones Industrial Average is up 32.97 points and the NASDAQ is down 82.01 points.
From Friday to Friday, livestock futures scored the following changes: December live cattle down $8.33, February live cattle down $7.93; November feeders cattle down $12.48, January feeder cattle down $12.33; December lean hogs down $1.88, February lean hogs down $3.18; December corn down $0.04, and March corn down $0.02.
LIVE CATTLE:The live cattle contracts were finally able to muster up some trader support before the week's end, which luckily allowed the contracts to close a tick higher. More than anything, traders simply deemed that the market had endured enough downward pressure for the week and that a slightly higher close ahead of the week's end wasn't too risky a move for the market. December live cattle closed $2.57 higher at $221.35, February live cattle closed $3.00 higher at $219.75 and April live cattle closed $3.02 higher at $319.72. The spot December contract still remains far below its 100-day moving average, which will be a threshold to continue to monitor.
Throughout the week, Northern dressed cattle traded anywhere from $355 to $362, but mostly at $360, which is $2.00 higher than the previous week's weighted average. Southern live cattle traded at $230 but mostly at $232, which is $4.00 lower than the previous week's weighted average.
Friday's slaughter is estimated at 96,000 head, 2,000 head less than a week ago and 20,000 head less than a year ago. Saturday's slaughter is projected to be around 3,000 head. The week's total slaughter is estimated at 555,000 head, 4,000 head less than a week ago and 65,000 head less than a year ago.
MONDAY'S CATTLE CALL: Steady. Packers strategically have been reducing slaughter speeds as an attempt to keep beef prices high and fed cash cattle prices on retreat. But with only buying moderately in this week's market, it's tough to say whether or not they secure enough supply for the weeks to come. It will be imperative to check to see how many cattle packers got bought in this week's market to have a better understanding of their demand moving forward.
FEEDER CATTLE:The feeder cattle complex was also able to close slightly higher ahead of Friday's end as traders believed the market had endured enough pressure earlier in the week. November feeders closed $4.35 higher at $326.40, January feeders closed $3.97 higher at $319.57 and March feeders closed $2.97 higher at $313.97. The spot January contract remains well below the market's 100-day moving average, which is always a bearish technical signal. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers traded $2.00 to $8.00 higher, except those weighing 700 to 850 pounds, which traded $4.00 to $7.00 lower. Feeder heifers sold $1.00 to $4.00 lower. Steer calves sold $25.00 to $30.00 higher and heifer calves sold $5.00 to $10.00 higher. Slaughter cows sold steady to $3.00 lower and slaughter bulls sold $4.00 lower. The summary also noted that "volatility in the feeder cattle futures continues to create uncertainty across the cattle industry. This week, trade varied considerably, with some sales reporting cattle $10.00 to $20.00 lower, while other sales noted cattle $20.00 to $30.00 higher. Much of the price variation simply depended on which day the sale took place and how cattle futures had performed the day before." The CME feeder cattle index 11/6/2025: down $1.86, $345.96.
LEAN HOGS:And keeping with its normal trend, the lean hog complex closed lower Friday afternoon as traders simply weren't willing to do anything else with the market ahead of the weekend. December lean hogs closed $0.42 higher at $79.40, February lean hogs closed $0.47 lower at $79.35 and April lean hogs closed $0.50 lower at $83.40. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.32 with a weighted average price of $83.99 on 799 head. Pork cutouts totaled 300.47 loads with 277.71 loads of pork cuts and 22.76 loads of trim. Pork cutout values: up $1.80, $98.98. Friday's slaughter is estimated at 471,000 head, 20,000 head more than a week ago and 15,000 head less than a year ago. Saturday's slaughter is projected to be around 224,000 head. The CME lean hog index 11/5/2025: down $0.26, $90.60.
MONDAY'S HOG CALL: Lower. Packers rarely dive into the cash hog market aggressively on Mondays.
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