GENERAL COMMENTS:
It was another lower-waning day for the livestock complex as all three of the markets closed lower. Some cash cattle trade developed throughout the day as well, and prices traded mostly $3.00 lower in the South, but $7.00 to $10.00 lower in the North. December corn is up 6 1/4 cents per bushel and December soybean meal is up $7.40. The Dow Jones Industrial Average is down 797.60 points and the NASDAQ is down 536.10 points.
LIVE CATTLE:
It was a bitter day for the live cattle complex as not only did boxed beef prices close lower, but the fed cash cattle market was disappointing too. Around midday, some Southern live cattle began to trade at $282, which is $3.00 lower than last week's weighted average. Although the market's movement has been light in the North, some dressed sales have been marked anywhere from $350 to $353, which is $7.00 to $10.00 lower than last week's weighted average. And to add another disfavor-able twist to the market, some of the cattle boughten today in the North were committed for delivery for the weeks of Dec. 1 and Dec. 8. This obviously had a negative overall effect on the marketplace as trades saw that as evidence that packers are slowly trying to build up supply so that they won't have to be as aggressive in the market moving forward when supplies wane. December live cattle closed $6.27 lower at $219.00, February live cattle closed $6.02 lower at $218.95 and April live cattle closed $5.90 lower at $218.60.
Thursday's slaughter is estimated at 120,000 head, 8,000 head more than a week ago and 4,000 head less than a year ago.
Boxed beef prices closed lower: choice down $0.88 ($373.57) and select down $4.91 ($355.03) with a movement of 131 loads (88.95 loads of choice, 20.46 loads of select, 8.78 loads of trim and 12.45 loads of ground beef).
FRIDAY'S CATTLE CALL: Steady. Given that cattle have now traded in both regions, it's likely that the week's prices are set.
FEEDER CATTLE:
It was a dramatic day for the feeder cattle complex as not only did the market close lower, but in fact it closed limit lower in most of its contracts. November feeders closed $2.02 lower at $337.00, January feeders closed $9.02 lower at $318.45 and March feeders closed $9.25 lower at $311.77. The market was displeased to see the weaker fundamentals in the live cattle complex's realm, which obviously trickled down and affected the feeder cattle market as well. At the Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves weighing 300 to 400 pounds traded $2.00 to $30.00 higher, steers weighing 400 to 450 pounds sold $15.00 lower, but steers weighing 450 to 500 pounds traded $5.00 higher and steers weighing 500 to 600 pounds sold steady to $25.00 lower. Heifer calves weighing 300 to 400 pounds sold $15.00 to $30.00 lower, heifers weighing 400 to 450 pounds sold $2.00 higher but heifers weighing 450 to 550 pounds traded $10.00 to $30.00 lower and heifers weighing 550 to 600 pounds sold $12.00 stronger. The sale report did note that buyer attendance was excellent. Feeder cattle supply over 600 pounds was 34%. The CME feeder cattle index 11/12/2025: up $1.75, $342.42.
LEAN HOGS:
With consumer demand not lending much support, the lean hog complex spent its time drifting lower throughout Thursday's trade, giving back all the ground that Monday's market secured. December lean hogs closed $2.55 lower at $78.07, February lean hogs closed $2.67 lower at $78.85 and April lean hogs closed $2.70 lower at $82.85. Unfortunately, the lean hog complex will likely continue with this trend until consumer support improves. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.92 with a weighted average price of $77.86 on 1,451 head. Pork cutouts totaled 278.20 loads with 239.70 loads of pork cuts and 38.50 loads of trim. Pork cutout values: down $0.88, $95.26. Thursday's slaughter is estimated at 494,000 head, 30,000 head more than a week ago and 7,000 head more than a year ago. The CME lean hog index 11/12/2025: down $0.04, $89.13.
FRIDAY'S HOG CALL: Lower. It's likely at this point that packers have fulfilled the vast majority of their needs for the week.
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