GENERAL COMMENTS:
The livestock complex had a mixed day where the cattle contracts saw a little more support, but the sentiment throughout the countryside still remains on edge. Some light cash cattle trade developed throughout the day at $330 in the North and $215 in the South. December corn is down 1/4 cent per bushel and January soybean meal is up $2.10. The Dow Jones Industrial Average is up 664.18 points and the NASDAQ is up 153.58 points.
LIVE CATTLE:
The futures market may have mildly recovered following Monday's sharp descent, but the sentiment throughout the greater marketplace hasn't changed. And with anything, upon seeing fed cash cattle prices dip even lower, the bearish tone throughout the market is thick right now. December live cattle closed $0.20 lower at $207.00, February live cattle closed $0.20 lower at $207.32 and April live cattle closed $0.67 higher at $208.57. The bearish sentiment that came from Tyson's announcement last Friday worked its way into the fed cash cattle market too as some light trade was reported throughout the day in the North at $330 which is $15.00 lower than last week's weighted average, and although there's not been many cattle traded in the South, a handful of deals have been marked at $215 which is $7.00 to $9.00 lower than last week's weighted average. More cattle will obviously need to trade before the week's end, but it's likely the week's prices are mostly set. Asking prices for cattle in the South are set at $220, but are still not fully established in the North.
Tuesday's slaughter is estimated at 125,000 head, 4,000 head more than a week ago and 1,000 head less than a year ago.
Boxed beef prices closed mixed: choice down $0.40 ($370.09) and select up $0.42 ($355.93) with a movement of 215 loads (175.01 loads of choice, 23.19 loads of select, 4.08 loads of trim and 13.01 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Steady with the week's trend. Given that it's a holiday week, the market doesn't expect to see a whole lot of cattle traded this week, and so it's likely that the prices that developed today could be the market's trend for the week.
FEEDER CATTLE:
The feeder cattle contracts may have found technical support throughout Tuesday's trade, but that support wasn't noted as sales were still lower. January feeders closed $2.10 higher at $307.07, March feeders closed $3.07 higher at $300.87 and April feeders closed $3.30 higher at $299.40. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers and heifers traded $10.00 to $20.00 lower. Steer and heifer calves sold $20.00 to $30.00 lower, and heifer calves traded up to $40.00 lower. The sale report did note that with the cattle futures down, buyers were bewildered and very frustrated. Feeder cattle supply over 600 pounds was 53%. The CME feeder cattle index 11/24/2025: down $4.41, $331.97.
LEAN HOGS:
The lean hog complex closed mostly higher, aside from the spot February contract, which closed just below steady, as traders continue to yearn to see better demand from consumers. However, it is supportive that the contracts are establishing some technical footing as the market has been trading in a sideways trading range over the week and a half. Hog prices on the Daily Direct Afternoon Hog Report averaged $73.25, ranging from $68.00 to $86.00 on 1,930 head. Pork cutouts totaled 308.98 loads with 259.28 loads of pork cuts and 49.70 loads of trim. Pork cutout values: down $1.53, $92.25. Tuesday's slaughter is estimated at 492,000 head, 2,000 head less than a week ago and steady with a year ago. The CME lean hog index 11/21/2025: down $1.20, $83.61.
WEDNESDAY'S HOG CALL: Steady. We will likely see some packer interest in the market on Wednesday, but on Thursday and Friday, packers won't likely participate.
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