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.
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