GENERAL COMMENTS:
It was another mixed day for the livestock complex as traders weren't comfortable pushing the contracts higher without seeing more fundamental support. No cash cattle trade developed. December corn is up 2 cents per bushel and December soybean meal is down $3.80. The Dow Jones Industrial Average is down 498.50 points and the NASDAQ is down 275.22 points.
LIVE CATTLE:
It was another mixed day for the live cattle complex. At times, the live cattle contracts traded higher, but at other times, the contracts drifted lower as the market remained indecisive about which direction it should trade next. More than anything, traders continue to long for fundamental support, and boxed beef prices did close mixed, but there's not a good pulse on what the fed cash cattle market is going to shake out to be this week just yet. December live cattle closed $1.25 lower at $220.02, February live cattle closed $0.92 lower at $220.85 and April live cattle closed $0.50 lower at $221.32. No bids or asking prices have surfaced yet in the fed cash cattle market.
Tuesday's slaughter is estimated at 121,000 head, 5,000 head more than a week ago but 6,000 head less than a year ago.
Boxed beef prices closed mixed: choice up $1.54 ($371.95) and select down $1.35 ($354.95) with a movement of 163 loads (98.38 loads of choice, 28.15 loads of select, 14.49 loads of trim and 21.97 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Steady. Packers have increased throughput this week, which could push them to be a tick more aggressive in the fed cash cattle market, but they'll be careful not to do so too aggressively, as they don't want cash prices to increase.
FEEDER CATTLE:
The feeder cattle complex also closed mixed as the market continues to closely track the actions of the live cattle contracts. And without a sure-fire direction from the live cattle market, traders opted to let most of the feeder cattle contracts drift lower through Tuesday's close as they also remain cautious. January feeders closed $0.22 lower at $326.05, March feeders closed $0.15 lower at $318.40 and April feeders closed $0.07 lower at $315.75. At Oklahoma Stockyards in Oklahoma City, Oklahoma, compared to last week, all classes of feeder cattle traded unevenly steady. The sale report did note that on Monday, when the board opened and stayed green, cautious optimism set in, and bidding leveled out at mostly steady money. Feeder cattle supply over 600 pounds was 52%. The CME feeder cattle index 11/17/2025: down $2.40, $339.49.
LEAN HOGS:
The lean hog contracts ended the day fully lower, again disgusted by the fact that pork demand hasn't seen an increase, and therefore, there's little else for the market to do but trade lower. December lean hogs closed $0.67 lower at $77.90, February lean hogs closed $1.40 lower at $78.02 and April lean hogs closed $1.40 lower at $81.62. The biggest reason why the afternoon carcass price fell was the $3.99 decline in the ham. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.58 with a weighted average price of $75.56 on 6,131 head. Pork cutouts total 362.74 loads with 336.29 loads of pork cuts and 26.45 loads of trim. Pork cutout values: down $1.62, $95.39. Tuesday's slaughter is estimated at 494,000 head, 34,000 head more than a week ago and 5,000 head more than a year ago. The CME lean hog index 11/14/2025: down $0.94, $87.00.
WEDNESDAY'S HOG CALL: Higher. Packers haven't shown the market much interest yet, so Wednesday will likely see an increase in packer demand.
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