GENERAL COMMENTS:
The livestock complex was able to close higher as traders poured a tick more interest into the marketplace. New showlists appear to be mixed, higher in Texas, but lower in Kansas and Nebraska/Colorado. December corn is up 4 1/2 cents per bushel and December soybean meal is up $8.30. The Dow Jones Industrial Average is down 557.24 points and the NASDAQ is down 192.52 points.
LIVE CATTLE:
The live cattle complex rounded out the day higher as traders noted the announcement made last Friday that tariffs on food were going to be reduced, which did include beef. The current tariff on Brazilian beef remains at 40%, but it was reduced nonetheless. December live cattle closed $2.12 higher at $221.27, February live cattle closed $2.25 higher at $221.77 and April live cattle closed $2.25 higher at $221.82. New showlists appear to be mixed, higher in Texas, but lower in Kansas and Nebraska/Colorado. Monday's slaughter is estimated at 116,000 head – 3,000 head more than a week ago but 3,000 head less than a year ago.
Throughout last week's trade, Southern live cattle were marked at $226 to mostly $228, which is $3.00 lower than the previous week's weighted average. Northern dressed cattle traded anywhere from $346 to $355, but mostly at $351, which is $8.00 lower than the previous week's weighted average. And to only make matters worse, packers were able to get some cattle committed for delivery for the weeks of Dec. 1 and Dec. 8 as they slowly, but surely, are buying up supplies to ensure that they're not short bought in the weeks ahead and potentially run the risk of letting feedlot managers gain the upper hand in the market again. Last week's negotiated cash cattle trade totaled 55,342 head. Of that, 83% (45,792 head) were committed to the market's nearby delivery, while the remaining 17% (9,550 head) were committed to the market's deferred delivery option.
Boxed beef prices closed mixed: choice down $0.32 ($370.41) and select up $2.06 ($356.30) with a movement of 75 loads (43.81 loads of choice, 11.94 loads of select, zero loads of trim and 19.04 loads of ground beef).
TUESDAY'S CATTLE CALL: Lower. Given that packers have been able to secure some inventory, it's likely that this week's trade will be lower.
FEEDER CATTLE:
The feeder cattle complex successfully traded higher throughout the day as the market continues to closely follow the live cattle market's direction. January feeders closed $5.72 higher at $326.27, March feeders closed $5.20 higher at $318.55 and April feeders closed $4.75 higher at $315.82. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week and at their midsession point, feeder steers were selling $4.00 higher to $6.00 lower and feeder heifers were trading $5.00 higher to $5.00 lower. The CME feeder cattle index 11/14/2025: up $1.89, $341.89.
LEAN HOGS:
The lean hog complex closed mixed, mostly higher, although a couple of the Spring 2026 contracts closed lower. December lean hogs closed $0.07 higher at $78.57, February lean hogs closed $0.05 higher at $79.42 and April lean hogs closed $0.12 lower at $83.02. Monday's higher close was despite the fact that pork demand continues to lack, which will be something traders watch closely throughout the week. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.30 with a weighted average price of $76.14 on 3,210 head. Pork cutouts totaled 292.13 loads with 244.06 loads of pork cuts and 48.07 loads of trim. Pork cutout values: down $0.21, $97.01. Monday's slaughter is estimated at 494,000 head – steady with a week ago and 5,000 head more than a year ago. The CME lean hog index 11/13/2025: down $0.32, $97.35.
TUESDAY'S HOG CALL: Higher. Monday's movement was light, so it's likely that Tuesday will see more packer interest.
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