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.
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