GENERAL COMMENTS:
Light trade was seen through most of the day Tuesday, due in part to Veterans Day, which kept markets moving in a "yo-yo" fashion through the session. Nearby feeder cattle futures were able to etch out gains at the closing bell, while firm losses developed in live cattle contracts. Lean hog futures remained mixed in limited activity and a generally narrow trading range. Hog prices closed lower on the Daily Direct Afternoon hog report, down $1.83 with a weighted average of $82.12 on 1,860 hogs. December corn closed up 2 1/4 at $4.32 and December soybean meal closed down $3.10 at $316.9. The Dow Jones Industrial Average is up 559.33 at 47,927.96.
LIVE CATTLE:
Live cattle futures bounced higher and lower through the session with initial market softness developing as traders quickly took positions following Monday's market rally. The early support in the feeder cattle market slowly drew more buyer activity to live cattle trade at midday, but this was unable to be sustained as limited trade volume added pressure to the entire complex. December futures posted a $1.35 per cwt loss, while summer 2026 contracts focused on slightly more aggressive market pressure. Given the limit gains Monday, the market still remains extremely positive for the week, with the hope that market stability develops over the next couple of days and traders can help to build on recent market lows. Cash cattle markets remain quiet in the country this afternoon, with still just a few early asking prices around $232-plus in the South, but they are still not established in the North. Bids remain very elusive. Significant trade volume will likely be delayed until Wednesday or later. December live cattle closed $1.35 lower at $227.2, February live cattle closed $0.60 lower at $226.4 and April live cattle closed $1.15 lower at $225.825.
Tuesday's slaughter is estimated at 116,000 head, 2,000 head less than a week ago and 6,000 head less than a year ago.
Boxed beef prices closed higher: choice up $1.90 ($379.22) and select up $0.38 ($360.08) with a movement of 122.57 loads (84.76 loads of choice, 18.39 loads of select, 6.33 loads of trim and 13.09 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Steady to $1 Higher. Limited activity is still seen across all cattle country with no interest from packer bids. It is possible that slight interest could slowly improve Wednesday, but more than likely it will be Thursday or Friday until active trade is reported.
FEEDER CATTLE:
Feeder cattle futures were the bright spot of the Veterans Day holiday. But even this support faded quickly as the day continued. Following limit gains Monday, expanded trade limits were in place, allowing for potential additional wide market swings. Feeder cattle futures started the session $3 to $4 per cwt higher with moderate support, but this optimism quickly faded during the second half of the trading day. The late-day market slide is as simple as the lack of orders waiting to be filled, allowing initial gains to quickly erode. Spot month November futures were the winner with markets closing still $2 per cwt higher, although the rest of the complex was generally mixed in a narrow closing range. Reports from the Oklahoma National Stockyards from Monday reported sales, compared to last week, showed feeder steers and heifers steady to 5.00 lower in a light test. Steer calves 5.00-10.00 lower. Steer calves started the day dollars lower and steadily improved throughout the day. Heifer calves are unevenly steady. Today's offerings included some really nice ranch-raised calves that were weaned at steady money to last week. Buyers were being very selective for quality. Quality has ranged from plain to attractive. Conditions were from average fill un-weaned calves to full condition weaned calves. A cold front has moved into the trading area, as temperatures dipped into the lower 20s Monday morning. November feeders closed $2.03 higher at $337.675, January feeders closed $0.33 higher at $329.15 and March feeders closed $0.10 higher at $323.325. The CME Feeder Cattle Index for November 7: down $1.61, $342.76.
LEAN HOGS:
Lean hog futures were also unable to hang onto the early week support that flooded the entire livestock market Monday. This led nearby contracts mixed with spot month December futures, the only contract to close lower, with a 43 cent per cwt loss. The ability to bring some additional buying back to 2026 contract months in the last half of the trading session seemed to add some stability to the market, although prices remain near recent market lows. Traders will look for additional direction in the next few days with hopes that reopening the government will bring about positive direction in export trade over the coming months. December lean hogs closed $0.43 lower at $82.35, February lean hogs closed $0.40 higher at $83.225 and April lean hogs closed $0.38 higher at $87.05. Tuesday's hog slaughter is estimated at 460,000 head, 28,000 head less than a week ago and 28,000 head less than a year ago. Pork Cutouts totaled 335.52 loads with 305.48 loads of pork cuts and 30.04 loads of trim. Pork cutout values are down $2.84 at $97.38. The CME Lean Hog Index for November 7: down $1.49, $89.41.
WEDNESDAY'S HOG CALL: Steady. With plant pullbacks for the holiday now in the rear-view mirror, packers are back in line to secure regular procurement levels through the rest of the week. With Tuesday's reductions likely to be made up on Saturday runs, it is expected that cash prices early Wednesday morning will remain steady to firm.
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