It was another disappointing day for the livestock complex as the market saw the cattle contracts close limit lower as fear and worry continue to plague the market. Some light cash cattle trade reported at $360 in the North, which is $2.00 higher than last week's weighted average, and at $232 in the South, which is $4.00 lower than last week's weighted average. December corn is up 3 3/4 cents per bushel and December soybean meal is up $7.40. The Dow Jones Industrial Average is up 225.76 points and the NASDAQ is up 151.16 points.
LIVE CATTLE:The live cattle complex took another blow to the chin this afternoon as the market closed limit lower. The reason is that the market continues to be anxious over the border issue. Even though Agriculture Secretary Brooke Rollins has shared that the border isn't going to reopen any time soon, the market isn't convinced, as so much confidence has been eroded from the complex over the last two weeks. December live cattle closed $7.25 lower at $220.52, February live cattle closed $7.25 lower at $218.12 and April live cattle closed $7.25 lower at $217.57. Today's sharply lower close does push the spot December contract substantially below its 100-day moving average, and to be exact, to the lowest point the December contract has traded at since early July. Throughout the day, there was some light cash cattle trade reported at $360 in the North, which is $2.00 higher than last week's weighted average, and at $232 in the South, which is $4.00 lower than last week's weighted average.
Wednesday's slaughter is estimated at 117,000 head, 2,000 head less than a week ago and 8,000 head less than a year ago.
Boxed beef prices closed mixed: choice up $0.68 ($378.26) and select down $1.00 ($360.25) with a movement of 117 loads (74.35 loads of choice, 12.23 loads of select, 10.55 loads of trim and 19.51 loads of ground beef).
THURSDAY'S CATTLE CALL: Lower. Unfortunately, it's likely that with the board's downturn, fed cash cattle prices will trade lower too unless feedlot managers really hold packers accountable.
FEEDER CATTLE:It was another tumultuous day for the feeder cattle complex as the market closed limit lower, down $9.25 in all its contracts. More than anything, the erosion of confidence and the fear and worry that the border may open up soon is what drove the feeder cattle complex lower. November feeders closed $9.25 lower at $325.72, January feeders closed $9.25 lower at $319.97 and March feeders closed $9.25 lower at $315.67. At the Philip Livestock Auction in Philip, South Dakota, compared to last week, steers weighing 400 to 500 pounds traded $5.00 to $15.00 higher, steers weighing 500 to 700 pounds sold $15.00 to $20.00 higher. Feeder heifers weighing 500 to 650 pounds traded $5.00 to $15.00 higher, and heifers weighing 650 to 700 pounds sold $20.00 higher. The CME feeder cattle index 11/4/2025: up $2.63, $349.42.
LEAN HOGS:The lean hog complex closed mostly lower, although some of its nearby contracts closed slightly higher. December lean hogs closed $0.67 higher at $80.60, February lean hogs closed $0.05 higher at $80.97 and April lean hogs closed $0.25 lower at $84.87. The cash market has seen fairly strong interest this week from packers, but that fundamental support doesn't seem to be helping the market much. Traders want to see better consumer demand, and thus far, that has developed. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.29 with a weighted average price of $86.00 on 4,565 head. Pork cutouts totaled 380.02 loads, with 345.55 loads of pork cuts and 34.47 loads of trim. Pork cutout values: down $1.63, $97.54. Wednesday's slaughter is estimated at 493,000 head, 8,000 head more than a week ago and 9,000 head more than a year ago. The CME lean hog index 11/3/2025: down $0.08, $90.00.
THURSDAY'S HOG CALL: Lower. At this point, packers have likely fulfilled the vast majority of their needs for the week.
No comments:
Post a Comment