It was another disappointing day for the cattle complex as more rumors shook the market lower, as traders are concerned about what's going to happen with the U.S.-Mexico border. Still no cash cattle trade has developed. December corn is down 2 3/4 cents per bushel and December soybean meal is down $3.40. The Dow Jones Industrial Average is down 251.44 points and the NASDAQ is down 486.08 points.
LIVE CATTLE:Just after closing higher Monday afternoon, the cattle complex catches wind of a new rumor and, of course, acts dramatically and falls sharply lower. Rumors were noted early Tuesday morning that President Trump remains "very focused" on reopening the U.S.-Mexico border, even though recently Agriculture Secretary Brooke Rollins has stated that the border won't open until the threat of New World screwworm isn't as concerning. Regardless of what was said on either account (that being on behalf of the President or by the Ag Secretary), the market elected to react in a negative manner as most of the live cattle contracts closed anywhere from $3.00 to $5.00 lower. December live cattle closed $4.42 lower at $227.77, February live cattle closed $5.02 lower at $225.37 and April live cattle closed $4.52 lower at $224.82. Still no trade has surfaced in the fed cash cattle market and both bids and asking prices remain elusive at this time.
Tuesday's slaughter is estimated at 118,000 head, 1,000 head less than a week ago and 7,000 head less than a year ago.
Boxed beef prices closed mixed: choice down $1.67 ($377.58) and select up $1.32 ($361.25) with a movement of 167 loads (117.07 loads of choice, 18.46 loads of select, 10.17 loads of trim and 20.92 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Steady/somewhat lower. Even though supplies are relatively thin in the countryside, if the board dives lower again, packers will use that as a way to push fed cash cattle prices even lower.
FEEDER CATTLE:Just when it seemed as though the market was potentially moving past receiving wrecking ball-type headlines, a new one surfaces. As mentioned in my comments above, what cratered the cattle market's confidence on Tuesday was that President Trump was noted to be "very focused" on reopening the U.S.-Mexico border. Before that, the industry was resting somewhat confidently on the statements previously made by Agriculture Secretary Brooke Rollins that the border isn't going to open until the threat of New World screwworm is further away from the border. But now, upon receiving mixed signals, the market has again elected to throw its hands in the air and run lower. November feeders closed $7.60 lower at $334.97, January feeders closed $7.30 lower at $329.22 and March feeders closed $7.60 lower at $324.92. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers traded $10.00 to $40.00 higher. Feeder heifers sold $5.00 to $15.00 higher. The sales report did note that the market mostly recovered from the downturn endured in the previous weeks. Feeder cattle supply over 600 pounds was 59%. The CME feeder cattle index 11/3/2025: up $3.46, $346.79.
LEAN HOGS:The lean hog complex again drifted lower through Tuesday's close as the market continues to struggle with consumer demand. Yes, the cash market did see another sizeable volume trade again today, but traders want to see fundamental support in the form of consumer demand, and it's not likely that the futures complex is going to trade much higher until that develops. December lean hogs closed $0.67 lower at $79.92, February lean hogs closed $1.27 lower at $80.92 and April lean hogs closed $0.97 lower at $85.12. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.05 with a weighted average price of $84.71 on 12,045 head. Pork cutouts totaled 390.17 loads with 348.45 loads of pork cuts and 41.73 loads of trim. Pork cutout values: down $2.48, $99.17. Tuesday's slaughter is estimated at 488,000 head, 2,000 head more than a week ago and 1,000 head more than a year ago. The CME lean hog index 10/31/2025: down $0.21, $90.98.
WEDNESDAY'S HOG CALL: Lower. At this point, it's likely that packers have secured the vast majority of their cash hog needs for the week.
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