GENERAL COMMENTS:
The livestock complex is trading mostly lower into midday Wednesday, as the market needs to see more fundamental support. No cash cattle trade has developed at this point, and it's likely that trade will be delayed until later in the week. December corn is up 1 3/4 cents per bushel and December soybean meal is up $2.60. The Dow Jones Industrial Average is up 373.14 points and the NASDAQ is down 131.44 points.
LIVE CATTLE:
Following Monday's sharp run-up, the live cattle complex is now back to trading in a more cautious manner as traders look around for support and reassurance. December live cattle are down $2.47 at $224.72, February live cattle are down $2.30 at $224.10 and April live cattle are down $2.32 at $223.50. No cash cattle trade has developed yet, but asking prices are noted at $232 plus in the South, but asking prices in the North remain unestablished at this point. There's a chance that trade could hold steady this week if the board remains supportive, as holiday demand is right around the corner.
Boxed beef prices are mixed: choice down $3.24 ($375.98) and select up $2.01 ($362.09) with a movement of 105 loads (89.51 loads of choice, 10.32 loads of select, zero loads of trim and 5.52 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is also trading lower as the market looks for some fundamental support to reassure traders that Monday's big jump was justified. November feeders are down $0.17 at $337.50, January feeders are down $3.97 at $325.17 and March feeders are down $4.55 at $318.77. It's most likely that the reason why the deferred contracts are trading so much lower is because, in this volatile market, with time, looms risk.
LEAN HOGS:
The lean hog complex is also trading lower as the market wants to see more consumer support. December lean hogs are down $1.12 at $81.22, February lean hogs are down $1.70 at $81.52 and April lean hogs are down $1.52 at $85.52. And until traders see more widespread fundamental support, they'll likely either let the contracts trade sideways or venture a tick lower as the contracts need reassurance.
The projected lean hog index for 11/11/2025 is down $0.04 at $89.13, and the actual index for 11/10/2025 is down $0.24 at $89.17. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.62 with a weighted average price of $81.57, ranging from $77.00 to $83.00 on 715 head and a five-day rolling average of $83.76. Pork cutouts total 234.77 loads with 208.19 loads of pork cuts and 26.58 loads of trim. Pork cutout values: down $1.33, $96.05.
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