Wednesday Closing Livestock Market Update - Traders Push Contracts Higher on 2025's Last Calendar Day

GENERAL COMMENTS:

The livestock complex rounded out the 2025 calendar year mixed, with the cattle contracts higher and the lean hog contracts mostly lower. No sizeable cash cattle trade has yet developed this week, but packer interest should improve on Friday. March corn is down 1/4 cent per bushel, and March soybean meal is down $2.90. The Dow Jones Industrial Average is down 303.77 points, and the NASDAQ is down 177.09 points.

LIVE CATTLE:

It was a winning day for the live cattle complex, as the market was able to close fully higher for the last trading day of 2025. February live cattle closed $1.12 higher at $231.60, April live cattle closed $1.22 higher at $232.20 and June live cattle closed $0.97 higher at $226.77. The market still didn't close above its 100-day moving average, which may just be a task that traders must face head-on in 2026. Still no sizeable trade has developed in the fed cash cattle market, and it looks like trade will be delayed until Friday. Asking prices are noted at $232 in the South but remain unestablished in the North. 

Wednesday's slaughter is estimated at 85,000 head -- incomparable to last week and incomparable to a year ago.

Boxed beef prices closed lower: choice down $0.75 ($347.45) and select down $0.78 ($342.38) with a movement of 211 loads (123.86 loads of choice, 9.72 loads of select, 58.08 loads of trim and 19.01 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. Packers aren't showing much interest in this week's market, which likely means they'll just do their buying next week.

FEEDER CATTLE:

The feeder cattle complex rounded out the day higher, as traders continue to believe that the market is going to trade strong well into 2026. January feeders closed $0.70 higher at $350.25, March feeders closed $0.75 higher at $345.32 and April feeders closed $0.80 higher at $344.22. It will be especially interesting to see how feeder cattle sales develop next week, as that will be the first test of 2026 and the first sales in over two weeks, as most sale barns are shut down between Christmas and the New Year. The CME feeder cattle index 12/30/2025: up $0.40, $348.44.

LEAN HOGS:

The lean hog complex rounded out the day mixed with the market's nearby contracts closing slightly lower, while the deferred contracts closed mildly higher. February lean hogs closed $0.35 lower at $85.10, April lean hogs closed $0.27 lower at $89.90, and June lean hogs closed $0.10 lower at $102.87. More than anything, traders didn't want to battle the market's resistance at $86 ahead of the New Year. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.19 with a weighted average price of $70.19 on 2,046 head. Pork cutouts totaled 338.08 loads with 306.49 loads of pork cuts and 31.60 loads of trim. Pork cutout values: down $0.39, $93.74. Wednesday's slaughter is estimated at 418,000 head -- incomparable to last week and a year ago. The CME lean hog index 12/29/2025: down $0.19, $82.25.

FRIDAY'S HOG CALL: Lower. Packers won't likely participate much in Friday's cash hog market.

Wednesday Midday Livestock Market Summary - Traders Continue to Push Cattle Contracts Higher

GENERAL COMMENTS:

The livestock complex is trading mixed into Wednesday's noon hour as the cattle contracts are inching higher while the lean hog complex trades mostly lower. Still no cash cattle trade has developed. March corn is up 1 cent per bushel and March soybean meal is down $1.10. The Dow Jones Industrial Average is down 159.65 points and NASDAQ is down 60.64 points.

LIVE CATTLE:

The live cattle complex is trading higher again into Wednesday's noon hour as traders have a bullish attitude toward the marketplace as they look to 2026. February live cattle are up $1.25 at $231.72, April live cattle are up $1.27 at $232.27 and June live cattle are up $1.10 at $226.90. At this point, the spot February contract still hasn't broke through the market's resistance at its 100-day moving average, but the complex is only a mere $0.32 away from that threshold. Still no cash cattle trade has developed but asking prices are noted at $232 in the South but still remain unestablished in the North.

Boxed beef prices are lower: choice down $0.20 ($348.00) and select down $0.77 ($342.39) with a movement of 112 loads (83.32 loads of choice, 6.88 loads of select, 13.83 loads of trim and 8.95 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex continues to push higher and higher as the market sees more than enough support to justify a higher trend at this point. Between seeing the live cattle contracts trading higher and the anticipation that feeder cattle demand is going to be red hot in the first quarter of 2026 -- traders currently aren't afraid to be pushing the contracts above the market's 100-day moving average. January feeders are up $0.80 at $350.35, March feeders are up $1.02 at $345.60 and April feeders are up $0.97 at $344.40.

LEAN HOG:

The lean hog complex isn't seeing the same level of support that the cattle contracts currently are -- as earlier today the spot February contract rallied to its resistance at $86.00 only to then fall lower. February lean hogs are down $0.10 at $85.35, April lean hogs are down $0.07 at $90.10 and June lean hogs are down $0.07 at $102.90. Given that Thursday is a holiday and little interest is likely to jump into the market on Friday, it's likely the complex will close lower this afternoon and traders won't likely look to challenge the resistance until after the New Year.

The projected CME Lean Hog Index is delayed from the source. Hog prices on the Daily Direct Morning Hog Report average $69.40, ranging from $57.00 to $72.00 on 1,516 head with a five-day rolling average of $69.40. Pork cutouts total 148.06 loads with 127.42 loads of pork cuts and 20.64 loads of trim. Pork cutout values: up $0.93, $95.06.

Wednesday Morning Livestock Market Update - Mixed Trading Activity Expected

GENERAL COMMENTS:

The chart gaps in feeder cattle futures were closed with the strength on Tuesday. There are yet further gaps above the market, but it will take a monumental effort to close those gaps. Live cattle have not closed gaps in the nearby months despite the strength on Tuesday. It will be up to market fundamentals to further support the market. Cattle numbers are tight and will remain that way for an extended period, providing continued support to prices. The concern is whether the weakness in boxed beef over the past weeks will continue or if it will run its course and strong demand will resume. Boxed beef prices on Tuesday were lower with choice down $1.13 at $348.20 and select down $2.46 at $342.16. It was not that long ago when these prices were about $80.00 higher. Cash cattle have not yet traded this week, with expectations of steady cash trading. Today is the last trading day for December live cattle. The February contract will become the front month.

Hog futures showed strength despite limited fundamental news. The July and later futures moved to new contract highs. There is a bullish attitude in the market, which continues to support futures despite the lack of support from cash and cutouts. The National Dairy Direct Afternoon Hog report did not show any price change due to limited trading. This may be the cash action on Wednesday as well as on Friday due to the limited trading of hogs. Pork cutouts took a hit with values down $1.83. Traders seem to feel this will be temporary and strong demand will continue after the holidays.

	BULL SIDE		BEAR SIDE
1)	Nearby live cattle contracts have chart gaps above the market that may be filled soon.	1)	Boxed beef prices continue to show weakness, which may indicate reduced consumer demand.
2)	If the cash cattle trade remains steady this week, futures should remain supported, as the limited cattle trade last week and this week may require the packers to be aggressive next week.	2)	Cattle futures may show weakness as traders position themselves for the end of the year to even-up their books.
3)	Deferred hog futures contracts continue to make new highs as trader optimism remains strong.	3)	Hog futures may show weakness as traders liquidate some of their positions by the end of the year.
4)	Traders digested the bearish implications of the recent Hogs & Pigs report with the anticipation of lower hog weights and strong slaughter to overcome the higher number of hogs expected to come to the market.	4)	Further weakness in pork cutouts on Tuesday may put pressure on the market today.

Tuesday Closing Livestock Market Update - Traders Push Contracts Higher

GENERAL COMMENTS:

The livestock complex had another successful day, where the contracts all closed higher. Still no cash cattle trade has developed, but asking prices in the South are noted at $232. March corn is down 1 3/4 cents per bushel, and March soybean meal is down $1. The Dow Jones Industrial Average is down 94.87 points, and the NASDAQ is down 55.27 points.

LIVE CATTLE:

The live cattle complex had a fruitful day where the contracts pressed onward and traded higher, but still, the live cattle contracts weren't confident enough to challenge the market's 100-day moving average. February live cattle closed $1.50 higher at $230.47, April live cattle closed $1.45 higher at $230.97 and June live cattle closed $1.62 higher at $225.80. Depending on what develops fundamentally in the weeks to come, I personally don't believe the timing is probably right for traders to want to challenge the resistance at the 100-day moving average given that this week is a holiday-shortened week. But next week or the week after, if fundamental support is strong, traders will likely shoulder some more risk. Still no cash cattle trade has developed, but asking prices are noted in the South at $232 and remain unestablished in the North. 

Tuesday's slaughter is estimated at 122,000 head -- 1,000 head less than a week ago and incomparable to a year ago.

Boxed beef prices closed lower: choice down $1.13 ($348.20) and select down $2.46 ($342.16) with a movement of 209 loads (158.32 loads of choice, 25.31 loads of select, 12.30 loads of trim and 12.84 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady. Given that his week is a holiday-shortened week, it's likely that cash prices will trade steady.

FEEDER CATTLE:

The feeder cattle complex traded higher throughout the day as the market was encouraged to see the live cattle contracts trading higher as well. January feeders closed $2.55 higher at $349.55, March feeders closed $2.90 higher at $344.57 and April feeders closed $3 higher at $343.42. The market continues to press onward and trade above its 100-day moving average, as traders are optimistic about the year ahead. The CME feeder cattle index 12/29/2025: down $7.96, $348.04.

LEAN HOGS:

The lean hog complex also had a fruitful day, where the contracts traded higher, as the spot February contract was no longer up against immediate resistance pressure. February lean hogs closed $0.97 higher at $85.45, April lean hogs closed $0.77 higher at $90.17, and June lean hogs closed $0.55 higher at $102.97. It's unlikely that the contract will try to break through the market's resistance at $86 unless something substantial develops fundamentally, as that resistance threshold is significant. Hog prices on the Daily Direct Afternoon Hog Report averaged $70.38 on 1,600 head. Pork cutouts total 346.30 loads with 305.80 loads of pork cuts and 40.50 loads of trim. Pork cutout values: down $1.83, $94.13. Tuesday's slaughter is estimated at 492,000 head -- 5,000 head more than a week ago and incomparable to a year ago. The CME lean hog index 12/26/2025: up $1.40, $82.44.

WEDNESDAY'S HOG CALL: Lower. Given that it's a holiday-shortened week, packers won't likely pay much attention to the cash hog market.

Tuesday Midday Livestock Market Summary - Traders Drive Contracts Higher

GENERAL COMMENTS:

The livestock complex is trading fully higher into Tuesday's noon hour as traders are currently more optimistic about supporting the contracts than they were Monday. Still no cash cattle trade has developed and no bids are on the table. March corn is down 1 1/2 cents per bushel and March soybean meal is down $0.40. The Dow Jones Industrial Average is down 122.49 points and NASDAQ is down 15.36 points.

LIVE CATTLE:

Following Monday's weaker close, the live cattle complex is higher as traders remain optimistic about the year to come. As we know now more than ever, managing risk remains a critical part of the cattle business and volatility is always looming; but there's still much to be excited about in the cattle sector as the calendar looks ahead to 2026. February live cattle is up $1.65 at $230.62, April live cattle is up $1.70 at $231.22 and June live cattle is up $1.87 at $226.05. Still no developments have surfaced in the fed cash cattle market.

Boxed beef prices are mixed: choice down $0.82 ($348.51) and select up $0.06 ($345.68) with a movement of 93 loads (63.14 loads of choice, 11.25 loads of select, 9.65 loads of trim and 8.83 loads of ground beef).

FEEDER CATTLE:

Upon seeing the live cattle complex trading higher, the feeder cattle contracts have elected to up their game as most of the contracts are trading $2.00 to $3.00 higher into Tuesday's noon hour. January feeders are up $2.77 at $349.77, March feeders are up $3.07 at $344.75 and April feeders are up $3.02 at $343.45. The market has plenty of upward potential as the contracts have already broken through the resistance at the 100-day moving average.

LEAN HOGS:

The lean hog complex is also higher as traders are no longer up against immediate resistance pressure and the contracts are feeling some spillover support from the cattle sectors' ambitious morning. February lean hogs are up $1.10 at $85.57, April lean hogs are up $0.87 at $90.27 and June lean hogs are up $0.52 at $102.95.

The projected CME Lean Hog Index for 12/29/2025 is down $0.19 at $82.25, and the actual index for 12/26/2025 is down $1.40 at $82.44. Hog prices are not available on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 40 head have traded Tuesday morning. Pork cutouts total 184.16 loads with 161.80 loads with 22.36 loads of trim. Pork cutout values: up $0.41, $95.55.

Tuesday Morning Livestock Market Update - Similar Trading Activity Expected

GENERAL COMMENTS:

Live cattle futures were mixed with nearby contracts lower and deferred contracts higher. That may have defined the pattern to be seen this week as traders position their accounts for the end of the year. The cash cattle trade is expected to remain steady, as packers are likely to have already purchased most of the cattle they need. However, feedlots might be willing to sell some cattle on Friday to move heavier-weight cattle and take the income in the new year. Boxed beef prices were mixed with choice down $1.88 and select up $1.82, which provides some stability, but this does not indicate prices have found support. Feeder cattle futures tried desperately to close the chart gaps above the market, with only the September and November contracts succeeding. Both of these contracts have another chart gap to fill at a higher level, which is likely to be filled at some point.

Hog futures showed little change in prices from the previous day. The market appears content with its current position -- with futures trading sideways. This may be the pattern for the rest of the holiday-shortened week. Traders do not seem to expect any significant changes in fundamentals in the near term. Cash activity was light on Monday with only 64 head traded, resulting in packers not releasing any price changes due to confidentiality. Light cash activity is expected today as it is another week of reduced slaughter. Pork cutout values were down $1.75. This may leave futures drifting today.

	BULL SIDE		BEAR SIDE
1)	Technical traders are trying to move the feeder cattle futures higher to close the chart gaps and may succeed before the end of the year.	1)	The sideways trading activity may indicate that the cattle market may have established a temporary top. It will be up to consumer demand to determine direction.
2)	A steady cash cattle trade is expected this week, which may keep futures supported.	2)	Packers may not be aggressive this week, leaving it up to the feedlots to determine whether they need to sell cattle.
3)	Hog futures remain supported after the bearish report last week. Traders feel the increased slaughter pace may limit the large volume of hogs that will be ready for marketing.	3)	Hog futures may have difficulty moving higher without further strength in pork cutouts.
4)	Traders may have positioned themselves for the end of the year and have little reason to move the market.	4)	Packer interest will be light this week, resulting in market-ready hogs being backed up into the following week and potentially higher weights.

Monday Closing Livestock Market Update - Traders Leave Complex Mixed

GENERAL COMMENTS:

The livestock complex closed mixed, with traders simply trying to reassess where the market sits after the Christmas break. New showlists appear to be higher in Nebraska/Colorado and Texas, and somewhat higher in Kansas. March corn is down 7 3/4 cents per bushel, and March soybean meal is down $4.10. The Dow Jones Industrial Average is down 249.04 points, and the NASDAQ is down 118.75 points.

LIVE CATTLE:

The live cattle complex ended the day mixed, with the market's nearby contracts closing slightly lower while the market's deferred contracts closed slightly higher. February live cattle closed $0.67 lower at $228.97, April live cattle closed $0.17 lower at $229.52, and June live cattle closed $0.02 higher at $224.17. More than anything, it seemed as though the market's resistance at its 100-day moving remains a threshold that traders aren't willing to challenge, and so, collectively, they decided to work the nearby contracts lower. New showlists appear to be higher in Nebraska/Colorado and Texas, and somewhat higher in Kansas. 

Monday's slaughter is estimated at 118,000 head -- 3,000 head less than a week ago and 4,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $1.88 ($349.33) and select up $1.82 ($345.62) with a movement of 113 loads (76.64 loads of choice, 21.09 loads of select, 5.77 loads of trim and 9.53 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady. Last week's negotiated cash cattle trade only saw a thin movement of 48,538 head, so it's anyone's guess this week if packers will be a tick more aggressive or if they'll hold off one more week and wait until the holidays are over to restock supply.

FEEDER CATTLE:

The feeder cattle complex rounded out the day on a higher note, as traders remain encouraged about the year ahead. It remains positive that the market continues to hold its position over its 100-day moving average regardless of what the live cattle market is doing. January feeders closed $0.82 higher at $347, March feeders closed $1.25 higher at $341.67 and April feeders closed $1.22 higher at $340.42. The CME feeder cattle index 12/26/2025: up $6.68, $356.

LEAN HOGS:

The lean hog complex closed mixed with the nearby contracts closing lower and the deferred contracts closing slightly higher. February lean hogs closed $0.05 lower at $84.47, April lean hogs closed $0.07 lower at $89.40 and June lean hogs closed $0.10 higher at $102.42. The market's resistance at $86 remains a strong plane that traders won't likely challenge unless more fundamental support forms. Hog prices again weren't disclosed on the Daily Direct Afternoon Hog Report because of confidentiality. The only thing we were able to see is that there were only 64 head traded throughout the day and that the market's five-day rolling average now sits at $68.75. Pork cutouts total 268.62 loads with 221.14 loads of pork cuts and 47.48 loads of trim. Pork cutout values: down $1.75, $95.96. Monday's slaughter is estimated at 444,000 head -- 52,000 head less than a week ago and 41,000 head less than a year ago. The CME lean hog index 12/25/2025: not available at this time.

TUESDAY'S HOG CALL: Steady. With it being a holiday-shortened kill week, it's unlikely that packers will be very aggressive in this week's market.

Monday Midday Livestock Market Summary - Traders Push Contracts Higher

GENERAL COMMENTS:

The livestock contracts are trading higher into Monday's noon hour as traders are eager to support the contracts after the Christmas holiday. New showlists appear to be higher in Nebraska/Colorado and Texas, and somewhat higher in Kansas. March corn is down 7 cents per bushel and March soybean meal is down $3.50. The Dow Jones Industrial Average is down 303.07 points and NASDAQ is down 181.19 points.

LIVE CATTLE:

Originally at the day's start the live cattle complex was trading lower, but now the cattle contracts are higher as traders noted they weren't up against immediate resistance pressure and can lightly advance the contracts without facing technical pressure. February live cattle are down $0.15 at $229.47, April live cattle are up $0.07 at $229.77 and June live cattle are up $0.27 at $224.42. No bids or asking prices are currently noted at this time. New showlists appear to be higher in Nebraska/Colorado and Texas, and somewhat higher in Kansas.

Last week Southern live cattle traded at mostly $229, which is $2.00 higher than the previous week's weighted average, and Northern dressed cattle traded at mostly $356, which is $1.00 lower than the previous week's weighted average.

Boxed beef prices are higher: choice up $1.57 ($352.78) and select up $2.95 ($346.75) with a movement of 45 loads (28.45 loads of choice, 6.70 loads of select, 3.80 loads of trim and 5.89 loads of ground beef).

FEEDER CATTLE:

Upon seeing the live cattle contracts inch higher, the feeder cattle complex has opted to advance its contracts once again. January feeders are up $1.42 at $347.60, March feeders are up $1.90 at $342.32 and April feeders are up $1.95 at $341.15. Again, this week most sale barns won't hold their weekly sales as normal operations are canceled until after the New Year.

LEAN HOGS:

The lean hog complex is trading higher too as traders continue to yearn to push the contracts higher, but will likely need to see more fundamental support before they'll challenge the resistance at $86.00 in the spot February contract. February lean hogs are steady at $84.52, April lean hogs are up $0.15 at $89.62 and June lean hogs are up $0.22 at $102.55. Pork demand will likely improve throughout the week as retailers restock their coolers after the holiday season.

The projected CME Lean Hog Index for 12/26/2025 is down $1.40 at $82.44, and the actual index for 12/24/2025 is up $0.13 at $83.84. Hog prices are not available on the Daily Direct Morning Hog report because no hogs have traded yet. The only thing we can see on the report is that zero head have traded this morning, and that the market's five-day rolling average now sits at $68.02. Pork cutouts totaled 106.80 loads with 91.33 loads of pork cuts and 15.47 loads of trim. Pork cutout values: down $2.00, $95.71.

Monday Morning Livestock Market Update - Mixed Trading Activity Is Expected to Begin the Week

GENERAL COMMENTS:

Cattle futures may continue to trade sideways this holiday-shortened week as limited cash activity is expected in the country. Packers may have already purchased most of the cattle they need for this week, leaving them less aggressive. Cash traded mixed last week, with Southern cattle $2.00 higher and Northern dressed $1.00 lower. Cash activity may be similar this week. Initial pressure today may stem from lower boxed beef prices on Friday. Choice boxed beef declined $3.41 and select down $1.95. Consumers may have purchased most of their near-term needs. Further weakness of boxed beef is expected this week.

The positive news that may start the week out on a positive note is the strength of pork cutouts. Cutout values on Friday jumped $4.05. The gain stemmed from the large increase in bellies of $23.44. A price change was not released on the National Daily Direct Afternoon Hog report due to the limited volume of cash hogs traded. So far, hog futures have not seen much pressure due to the bearishness of the Hogs & Pigs report. The response has been limited, moving the market into potentially a sideways trading pattern while the October and later contracts maintain the uptrend.

	BULL SIDE		BEAR SIDE
1)	The recent pressure on boxed beef prices may be temporary through the holiday season and will see higher prices after the holidays.	1)	Cattle futures have been unable to break through chart resistance to close the gaps. This may not be accomplished this holiday-shortened week.
2)	Packers may not be aggressive buyers this week, but neither will feedlots be anxious to sell cattle.	2)	The significant decline in boxed beef prices on Friday may be followed by weaker prices this week.
3)	Hog futures have held well despite the bearish implications of the Hogs & Pigs report released last week. Traders anticipate strong pork demand to continue.	3)	Further gains in hog futures may be limited into early next year due to the bearish implications of the Hogs & Pigs report released earlier last week.
4)	Declining hog weights are a good sign that market-ready hogs may be current.	4)	Packers may not be aggressive this week as slaughter will be reduced due to the New Year's holiday.

Friday Closing Livestock Market Update - Contracts Close Mixed After Christmas Holiday

GENERAL COMMENTS:

All in all, it was a normal, post-holiday day for the livestock complex as the markets traded throughout the day but nothing much developed. Some live cash cattle trade was noted in the North, but prices remained steady with the week's weighted average. March corn is down 1 cent per bushel and March soybean meal is down $0.70. The Dow Jones Industrial Average is down 20.19 points and NASDAQ is down 20.21 points.

From Friday-to-Friday, livestock futures scored the following changes: December live cattle down $0.57, February live cattle down $1.15; January feeder cattle up $0.57, March feeder cattle up $1.03; February lean hogs up $0.03, April lean hogs up $0.35; March corn up $0.06, May corn up $0.07.

LIVE CATTLE:

The live cattle complex closed higher as traders were no longer up against immediate resistance pressure. February live cattle closed $1.10 higher at $229.65, April live cattle closed $0.97 higher at $229.70 and June live cattle closed $0.95 higher at $224.15. Another handful of cattle traded in the North, but prices remained steady with the week's weighted average. Throughout the week, Northern dressed cattle have traded at mostly $356, which is $1 lower than last week's weighted average, and Southern live cattle have been marked at $229, which is $2 higher than last week's weighted average. Wednesday's slaughter is estimated at 43,000 head -- incomparable to last week and a year ago.

Friday's slaughter is estimated at 110,000 head -- not comparable to last week but 11,000 head less than a year ago. Saturday's slaughter is projected to be around 32,000 head. The week's total slaughter is estimated at 429,000 head -- not comparable to last week but 4,000 head less than a year ago.

Boxed beef prices closed lower: choice down $3.41 ($351.21) and select down $1.95 ($343.80) with a movement of 70 loads (45.57 loads of choice, 7.09 loads of select, 4.02 loads of trim and 13.14 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. With packers having bought a plethora of cattle ahead of the holiday week, it's likely they won't have to buy many cattle next week either.

FEEDER CATTLE:

Once again, the feeder cattle complex followed the direction of live cattle market as its contracts closed higher as well. January feeders closed $1.45 higher at $346.17, March feeders closed $1.62 higher at $340.42 and April feeders closed $1.70 higher at $339.20. It does remain worth noting that the spot March contract has maintained its position above the market's 100-day moving average. The CME Feeder Cattle Index 12/15/2025: down $4.69, $349.32.

LEAN HOGS:

The lean hog complex closed mostly lower as the market wasn't able to regain enough technical interest to drive the contracts any higher. February lean hogs closed $0.52 lower at $84.52, April lean hogs closed $0.32 lower at $89.47 and June lean hogs closed $0.20 lower at $102.32.

Hog prices on the Daily Direct Afternoon Hog Report averaged $67.19 on 700 head. Pork cutouts totaled 169.31 loads with 135.29 loads of pork cuts and 34.02 loads of trim. Pork cutout values: up $4.05, $97.71. Friday's slaughter is estimated at 484,000 head -- not comparable to last week but 1,000 head less than a year ago. Saturday's slaughter is estimated at 341,000 head. The CME Lean Hog Index 12/24/2025: not available at this time.

MONDAY'S HOG CALL: Steady. Packers weren't very active in this week's market, which could mean they need to buy a few more hogs next week.

Friday Midday Livestock Market Update - Mixed Tones Dominate the Cattle Complex After Christmas

GENERAL COMMENTS:

The livestock complex is trading mixed into Friday's noon hour as the market tries to regain focus following the Christmas holiday. Still no new cash cattle trade has developed and no bids are currently on the table. March corn is down 1 1/2 cents per bushel and March soybean meal is up $0.30. The Dow Jones Industrial Average is down 55.22 points and NASDAQ is down 1.33 points.

LIVE CATTLE:

The live cattle complex is trading higher into Friday's noon hour after as the market is seeing a little bit of a post-holiday rally. More than anything it seems as though the contracts are trading a tic higher after a weaker close on Wednesday as traders elected to let the contracts fall away from the market's resistance at its 100-day moving average. February live cattle are up $1.05 at $229.60, April live cattle are up $1.07 at $229.80 and June live cattle are up $1.00 at $224.20. No new cash cattle trade has developed yet Friday, but some light, clean-up trade could still develop ahead of the day's end. This week a light trade has been reported in the North with dressed deals done at mostly $356, $1 lower than last week's weighted average, basis Nebraska. Southern live deals have been marked at mostly $229, $2 higher than last week's weighted average basis Kansas.

Boxed beef prices are lower: choice down $3.33 ($351.29) and select down $0.50 ($345.25) with a movement of 34 loads (17.86 loads of choice, 3.08 loads of select, 3.83 loads of trim and 9.48 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is again following the direction of the live cattle market as it too is higher. But what's different about the feeder cattle complex as opposed to the live cattle market is that for the last four trading days, the feeder cattle complex has been able to maintain a position above the market's 100-day moving average in its spot March contract. January feeders are up $1.57 at $346.30, March feeders are up $1.92 at $340.72 and April feeders are up $1.87 at $339.37.

LEAN HOGS:

Although pork cutout values are up noticeably, the lean hog contracts are still trading lower. February lean hogs are down $0.67 at $84.37, April lean hogs are down $0.42 at $89.37 and June lean hogs are down $0.27 at $102.25. It's unlikely we will see much more cash hog trade develop ahead of Friday's close, as the shortened holiday week has affected kill schedules and packers' need to buy in the cash market.

The projected CME Lean Hog Index for 12/24/2025 is up $0.13 at $83.84, and the actual index for 12/23/2025 is down $0.01 at $83.71. Hog prices are unavailable Friday morning because no hogs have traded. Pork cutouts total 74.95 loads with 66.83 loads of pork cuts and 8.13 loads of trim. Pork cutout values: up $6.10, $99.76.

Friday Morning Livestock Market Update - Choppy Trading Activity Anticipated

GENERAL COMMENTS:

More cash activity occurred for cattle on Wednesday, following the trend set on Tuesday. Cattle in the South traded $1.00, with Northern dressed $2.00 higher. This may minimize the market's upside potential today. Traders may remain cautious ahead of the weekend. Further pressure could come from another significant decline in boxed beef. Choice boxed beef declined $1.84, with select down $3.84. So far, the technical chart resistance has been a formidable level and has not been penetrated, nor have the chart gaps been closed. It will be a full trading day for futures today.

Hogs came under some pressure but were able to hold well despite the bearish implications of the Quarterly Hogs & Pigs report released on Tuesday. The greater concern will be the ongoing fundamentals. The cash price was not released on the National Daily Direct Afternoon Hog report due to limited trading activity and packer confidentiality. However, pork cutouts came under significant pressure, declining $3.03. The pressure came from bellies falling $14.37. Packers may not be aggressive today as they have most of their hogs purchased for next week. Weekly hog weights fell to 291 pounds.

	BULL SIDE		BEAR SIDE
1)	The weakness of the past two trading days will likely be due to pre-holiday trade and not an overall change in fundamentals.	1)	Boxed beef prices have fallen substantially over the past two days. This may be due to the holidays, but it may also be due to high beef prices.
2)	The underlying fundamentals remain bullish as reported on the Cattle on Feed report released on Monday. Lower boxed beef prices may be the result of the holidays.	2)	Cattle futures have not been able to push through upside price resistance and may have difficulty doing it during holiday trade.
3)	Hog futures held up well despite the bearish implications of the Quarterly Hogs & Pigs report. This may provide traders with the confidence to continue to buy into the market.	3)	The weakness of pork cutouts recently may put pressure on hog futures as traders may decide to liquidate their long positions.
4)	Weekly hog weights declined significantly, with the average weight at 291.1 pounds. This was a decline of 2.2 pounds from the previous week and is now 2.2 pounds above a year ago.	4)	Cash hog prices may have difficulty showing much strength as another week of the holiday season will limit hog slaughter and packer demand.

Wednesday Closing Livestock Market Update - Contracts Close Lower Ahead of Christmas Holiday

GENERAL COMMENTS:

All in all, it was a typical day before Christmas for the livestock contracts, as all three of the markets closed mostly lower. A few more sales were noted in the cash cattle market, but prices held steady with Tuesday's light trade. March corn is up 3 1/2 cents per bushel, and March soybean meal is up $3.90. The Dow Jones Industrial Average is up 288.75 points, and the NASDAQ is up 51.47 points.

LIVE CATTLE:

The live cattle complex kept with its lower trend through Wednesday's close, as all contracts ended fully lower. More than anything, the market fell victim to the holiday slumber as traders checked out throughout the day and merely left the complex to fend for itself.

February live cattle closed $1.45 lower at $228.55, April live cattle closed $1.30 lower at $228.72, and June live cattle closed $0.92 lower at $223.20. Some more cash cattle trade developed throughout the day, but prices remained steady with the week's trend. Throughout the week, Northern dressed cattle have traded at mostly $356, which is $1 lower than last week's weighted average, and Southern live cattle have been marked at $229, which is $2 higher than last week's weighted average. 

Wednesday's slaughter is estimated at 43,000 head -- incomparable to last week and a year ago.

Boxed beef prices closed lower: choice down $1.15 ($354.62) and select closed $3.84 ($345.75) with a movement of 118 loads (92.13 loads of choice, 13.41 loads of select, zero loads of trim and 12.22 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady. Given that it's a holiday-shortened week, some more cleanup trade could develop on Friday, but it's most likely that the week's price trend is set.

FEEDER CATTLE:

Although the feeder cattle complex was trading higher earlier in the day, traders' excitement dwindled through the afternoon, and ultimately, the feeder cattle contracts closed lower like the rest of the livestock contracts. March feeders closed $0.20 lower at $338.80, April feeders closed $0.17 lower at $337.50, and May feeders closed $0.15 lower at $335.20. But although the contracts closed lower, the spot March contract still closed above the market's 100-day moving average. The CME feeder cattle index 12/23/2025: not available at this time.

LEAN HOGS:

The lean hog contracts closed mostly lower, as traders took note of the bearish quarterly Hogs and Pigs report that was released Tuesday afternoon. February lean hogs closed $0.92 lower at $85.05, April lean hogs closed $0.47 lower at $89.80, and June lean hogs closed $0.22 lower at $102.52. More than anything, traders likely focused on Tuesday's report, and then with the holiday festivities setting in, opted to merely let the contracts drift lower through the week's end. Hog prices are unavailable on the Daily Direct Afternoon Hog Report because of confidentiality. However, we can see that only 1,217 head have traded and that the market's five-day rolling average sits at $68.42. Pork cutouts totaled 251.76 loads with 236.76 loads of pork cuts and 15.00 loads of trim. Pork cutout values: down $3.03, $93.66. Wednesday's slaughter is estimated at 170,000 head -- incomparable to last week and a year ago. The CME lean hog index 12/22/2025: up $0.01, $83.7

FRIDAY'S HOG CALL: Lower. Given that it's a holiday-shortened week, it's likely that packers are essentially done for the week.

Wednesday Midday Livestock Market Update - Feeder Cattle Trade Higher While Live Cattle Cave to Resistance

GENERAL COMMENTS:

With the Christmas holiday less than 24 hours away, the live cattle and lean hog contracts are trading lower into Wednesday's noon hour as traders have merely left the market to trade lower until after the holiday festivities. Bids are on the table in the cash cattle market, but nothing new has developed following Tuesday's light trade. March corn is up 2 3/4 cents per bushel and March soybean meal is up $3.40. The Dow Jones Industrial Average is up 280.80 points and NASDAQ is up 52.57 points.

LIVE CATTLE:

The live cattle complex is trading lower into Wednesday's noon hour as traders have mostly checked out ahead of the holiday. And with the market's 100-day moving average still remaining a barrier, which the complex has yet to be able to challenge, a lower trend is most likely to remain the market's theme through the week's end. February live cattle are down $1.22 at $228.77, April live cattle are down $1.10 at $228.92 and June live cattle are down $0.82 at $223.30. A few bids are currently on the table in the fed cash cattle market, but nothing sizeable has developed following Tuesday's light trade. On Tuesday, there was some light trade noted in the North at $356 to $357, which is steady to $1.00 lower than last week's weighted average, and some Southern live cattle traded at $229, which is $2.00 higher than last week's weighted average. Some light clean up trade could happen between now and Friday, but this week's trade isn't expected to amount to much.

Boxed beef prices are lower: choice down $0.98 ($354.79) and select down $4.56 ($345.03) with a movement of 73 loads (53.29 loads of choice, 9.40 loads of select, zero loads of trim and 10.03 loads of ground beef).

FEEDER CATTLE:

While the live cattle complex trades lower, the feeder cattle contracts are defying the direction of the live cattle market and currently trading higher into the day's noon hour. January feeders are up $0.67 at $345.30, March feeders are up $0.35 at $339.35 and April feeders are up $0.15 at $337.82. It's quite impressive that the feeder cattle complex has been able to maintain its position above the market's 100-day moving average without much support from the live cattle complex.

LEAN HOGS:

The lean hog complex is again trading lower into Wednesday's noon hour after seeing the Quarterly Hogs and Pigs report, and with the holiday sluggishness setting in. February lean hogs are down $0.92 at $85.05, April lean hogs are down $0.45 at $89.82 and June lean hogs are down $0.30 at $102.45. It's likely that the market will look for reassurance fundamentally again before it challenges the resistance at $90.00.

The projected lean hog index for 12/23/2025 is down $0.01 at $83.71, and the actual index for 12/22/2025 is up $0.01 at $83.72. Hog prices on the Daily Direct Morning Hog Report are unavailable because of confidentiality. However, we can see that only 787 head have traded and that the market's five-day rolling average now sits at $68.20. Pork cutouts total 199.87 loads with 190.57 loads of pork cuts and 9.30 loads of trim. Pork cutout values: down $2.70, $93.99.

Wednesday Morning Livestock Market Update - Hog Futures Expected to Open Lower

GENERAL COMMENTS:

Traders had little to focus on Tuesday, leaving cattle contracts drifting lower. Contracts were unable to close the gaps above the market and may not find sufficient strength to accomplish that today. Light cash trade took place with Southern cattle trading $2.00 higher and Northern dressed cattle trading $1.00 lower. This is not expected to significantly influence the market, with trading likely to be mixed and characterized by minimal volatility. The bearish influence of the market may be the significant decline in boxed beef. Choice boxed beef fell $7.10, with select down $1.10. This weakness may be temporary, but it is substantial. The markets will close at noon CST today and will be closed on Thursday, Dec. 25.

The Quarterly Hogs & Pigs report was considered slightly bearish. All hogs & pigs as of Dec. 1 were 100.6% of a year ago. The average estimate was 99.1%. Hogs kept for breeding were right in line with trade estimates at 99.1%. Hogs kept for marketing were 100.8% of last year compared to the forecast of 99.2%. The most bearish aspect of the report was the number of hogs over 180 pounds. This number was quite a bit higher than expected at 102.8%. The estimate was 100.2%. This indicates that the supply of hogs in the next few months could put pressure on the market as they are ready for slaughter. What could minimize this is if the slaughter pace remains higher as it has been, pork demand remains strong, and weights decline. The National Daily Direct Afternoon Hog report showed cash up $2.27. Pork cutouts declined $1.72 on Tuesday.

	BULL SIDE		BEAR SIDE
1)	Beef demand remains strong, and cattle numbers are tight. The weakness of boxed beef may be temporary through the holidays.	1)	Cattle futures have been unable to break through price resistance to close the chart gaps remaining above the market.
2)	The chart gaps remaining above the market in both live and feeder cattle futures may be filled before the end of the year.	2)	The weakness of boxed beef on Tuesday might have an impact on cash trade and futures the rest of the week.
3)	Hog futures have been supported by increased demand. That may continue into next year as consumers look to pork as a less expensive source of protein.	3)	The Quarterly Hogs & Pigs report was considered bearish and may result in a price retracement in futures.
4)	If the higher slaughter pace continues, the greater number of hogs over 180 pounds as reported on the Hogs & Pigs report will have a limited impact on the market.	4)	The weakness in pork cutouts might continue through the holidays as much of the demand may have been met.

Tuesday Closing Livestock Market Update - Hogs Maintained their Mild Rally

GENERAL COMMENTS:

The livestock complex closed mixed, with the cattle contracts dipping lower while the hog contracts closed higher in anticipation of the afternoon's Quarterly Hogs and Pigs Report. Some light cash cattle trade developed in the South at $229 and some Northern dressed cattle traded at $356 to $357. March corn is up 1/2 cent per bushel and March soybean meal is up $2.30. The Dow Jones Industrial Average is up 79.73 points and the NASDAQ is up 133.01 points.

LIVE CATTLE:

The live cattle complex closed lower as traders once again opted to pull the contracts lower and move away from the market's resistance at its 100-day moving average. February live cattle closed $1.42 lower at $230.00, April live cattle closed $1.05 lower at $230.02 and June live cattle closed $0.82 lower at $224.12. Some light cash cattle trade developed throughout the day as Southern live cattle were marked at $229, which is $2.00 higher than last week's weighted average. However, Northern dressed cattle were marked at $356 to $357, which is steady to $1.00 lower than last week's weighted average. And while it may seem odd that this week's trend is inverse to last week's trend (with Southern live cattle trading higher and Northern dressed cattle trading lower), it makes sense that, because packers bought oppositely last week, they need more cattle in the South and don't need quite as many in the North this week. 

Tuesday's slaughter is estimated at 123,000 head, 2,000 head more than a week ago but incomparable to a year ago.

Boxed beef prices closed lower: choice down $7.10 ($355.77) and select down $1.10 ($349.59) with a movement of 138 loads (107.91 loads of choice, 10.09 loads of select, 8.94 loads of trim and 11.30 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Steady with the week's trend. Some more light trade could develop throughout the week, but the week's price trend is likely set.

FEEDER CATTLE:

To no one's real surprise, the feeder cattle complex also closed lower, following in the direction of the live cattle market. January feeders closed $1.87 lower at $344.62, March feeders closed $1.50 lower at $339.00 and April feeders closed $1.32 lower at $337.67. It is worth noting, however, that the spot March contract was able to maintain its position above the market's 100-day moving average, which is a victory in and of itself. The CME feeder cattle index 12/22/2024: up $1.17, $353.08.

LEAN HOGS:

The lean hog complex rallied through Tuesday's close, anticipating what the afternoon's Quarterly Hogs and Pigs report was going to unveil. Unfortunately, traders will likely trade the market in a bearish manner on Wednesday, as the report had one overarching conclusion: that there are more hogs than what was assumed in the September report. The surplus of supply could be viewed as a blessing when beef prices are high, but for hog producers, it could also be viewed as a reason why prices may potentially drift lower in the months ahead if there's an overabundance of supply. February lean hogs closed $0.62 higher at $85.97, April lean hogs closed $0.40 higher at $90.27 and June lean hogs closed $0.40 higher at $102.75. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.27 with a weighted average price of $69.43 on 1,620 head. Pork cutouts totaled 318.78 loads with 279.12 loads of pork cuts and 39.66 loads of trim. Pork cutout values: down $1.72, $96.69. Tuesday's slaughter is estimated at 492,000 head, 3,000 head more than a week ago but incomparable to a year ago. The CME lean hog index 12/19/2025: down $0.02, $83.71.

WEDNESDAY'S HOG CALL: Lower. With it being a holiday-shortened week, it's unlikely that packers will buy aggressively in this week's market.

Tuesday Midday Livestock Market Update = Hogs Inch Higher While Cattle Dip Lower

GENERAL COMMENTS:

The livestock complex is trading mixed into midday Tuesday as the cattle contracts dip slightly lower, but the lean hog contracts are trading higher ahead of this afternoon's Quarterly Hogs and Pigs report. Still no cash cattle trade has developed. March corn is up 1/4 cent per bushel and March soybean meal is up $3.00. The Dow Jones Industrial Average is up 106.83 points and the NASDAQ is up 92.09 points.

LIVE CATTLE:

To no one's real surprise, following Monday's stronger trade, the live cattle complex is back to trading lower as the market's resistance at its 100-day moving average remains a difficult barrier to conquer. February live cattle are down $1.30 at $230.12, April live cattle are down $1.12 at $229.95 and June live cattle are down $0.90 at $224.05. Still no cash cattle trade has developed, and the week's volume will likely be rather thin given that it's the week of Christmas and packers will run reduced kill schedules both this week and next.

Boxed beef prices are mixed: choice down $3.04 ($359.83) and select up $1.18 ($351.87) with a movement of 58 loads (38.91 loads of choice, 4.72 loads of select, 5.32 loads of trim and 8.78 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading lower, again seeming to follow the direction of the live cattle complex closely. January feeders are down $2.55 at $343.95, March feeders are down $2.40 at $338.10 and April feeders are down $2.05 at $336.95. But even with the market's slight downturn, the spot March contract is still currently trading above its 100-day moving average.

LEAN HOGS:

The lean hog complex is rallying into Tuesday's noon hour, waiting for the highly anticipated Quarterly Hogs and Pigs report to be shared later this afternoon. The nearby April contract is currently trading above the market's resistance threshold at $90.00, which is a significant move this morning. February lean hogs are up $0.52 at $85.85, April lean hogs are up $0.35 at $90.22 and June lean hogs are up $0.35 at $102.72.

The projected lean hog index for 12/22/2025 is up $0.01 at $83.72 and the actual index for 12/19/2025 is down $0.02 at $83.71. Hog prices on the Daily Direct Morning Hog Report average $68.02, ranging from $65.00 to $71.00 on 605 head and a five-day rolling average of $69.41. Pork cutouts total 194.65 loads with 168.50 loads of pork cuts and 26.15 loads of trim. Pork cutout values: down $1.42, $96.99.

Tuesday Morning Livestock Market Update - Quarterly Hogs & Pigs Report Will Be Released

GENERAL COMMENTS:

The reaction of the cattle market to the bullish Cattle on Feed report was less than expected by many. Much of it has already been factored in with the overall numbers in the report, providing continued support under the market. However, the support was not sufficient to close the chart gaps above the market in most contracts. The June, August and December live cattle contracts managed to close the gaps. The other chart gaps may be closed before the end of this week. Boxed beef prices showed strength, with choice up $1.24 and select up $4.67. It is possible that boxed beef has found support and will trend higher. Packers are not expected to be aggressive this week due to Christmas and not needing many cattle due to reduced slaughter and having already purchased some ahead.

Hog futures found support despite lower cash and cutouts. Some of the strength stemmed from traders feeling confident of a stronger pork demand. Some of it could have stemmed from the positioning of traders ahead of the Quarterly Hogs & Pigs report to be released today. The report is likely to have little impact on the market, but there is always concern over the unexpected. Trading activity today will again largely be positioned ahead of the report and the holidays. All hogs and pigs are estimated to be 99.1% of a year ago. Hogs kept for breeding are estimated at 98.8%. The National Daily Direct Afternoon Hog report showed cash down $0.29. Pork cutouts were down $1.35. Packers are expected to be more aggressive today to surround themselves with more hogs ahead of the holidays.

	BULL SIDE		BEAR SIDE
1)	The Cattle on Feed report was bullish and should continue to provide support to the market.	1)	Packers are not expected to need many cattle this week or next week. That may result in lower cash prices and limited upside price potential.
2)	There are chart gaps above the market in many contracts. Trader support and holiday trading activity may result in closing these gaps.	2)	Lighter holiday trading activity may leave the castle market in a sideways pattern.
3)	A new contract high was made in August hog futures, with other contracts closing higher. The uptrend remains.	3)	The release of the Quarterly Hogs & Pigs report may keep traders cautious, and volatility limited.
4)	Hog slaughter continues to remain strong. Demand is strong with packers easily absorbing the higher-weight hogs.	4)	The weakness in pork cutouts on Monday may indicate that much of the consumer buying for the holidays is now complete.

Monday Closing Livestock Market Update - Traders Push Contracts Higher

GENERAL COMMENTS:

The livestock complex had a fruitful day as all three of the markets closed higher. New showlists appear to be mixed, higher in Texas and Kansas, but lower in Nebraska/Colorado. March corn is up 3 1/4 cents per bushel and March soybean meal is up $0.80. The Dow Jones Industrial Average is up 227.79 points and the NASDAQ is up 121.21 points.

LIVE CATTLE:

It was a successful day for the live cattle complex as the market not only closed higher thanks to the added support of last Friday's bullish Cattle on Feed report, but the market also saw the positive uptick in boxed beef prices, which lent that much more support to the market as well. December live cattle closed $0.32 higher at $230.72, February live cattle closed $0.62 higher at $231.42 and April live cattle closed $1.07 higher at $231.07. New showlists appear to be mixed, higher in Texas and Kansas, but lower in Nebraska/Colorado. Monday's slaughter is estimated at 121,000 head, 11,000 head more than a week ago and 2,000 head more than a year ago.

Last week Northern dressed cattle traded at mostly $355 to $358, which is $2.00 to $4.00 higher than the previous week's weighted average, but Southern live cattle traded at mostly $228, which is $2.00 lower than the previous week's weighted average. Last week's negotiated cash cattle trade only totaled 34,798 head. Of that 64% (22,421 head) were committed to the market's nearby delivery option, while the remaining 36% (12,377 head) were committed to the market's deferred delivery option.

Boxed beef prices closed higher: choice up $1.24 ($362.87) and select up $4.67 ($350.69) with a movement of 68 loads (38.76 loads of choice, 11.70 loads of select, 5.40 loads of trim and 11.89 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady/somewhat lower. Given that this week will be a holiday-shortened week for Christmas, it's likely that cash prices will trade steady at best.

FEEDER CATTLE:

The feeder cattle complex maintained its rallying trend through Monday's close, thankful for last week's bullish Cattle on Feed report that showed placements down 11% compared to a year ago, and optimistic about beef demand and the likelihood of a strong first quarter of 2026. January feeders closed $0.90 higher at $346.50, March feeders closed $1.10 higher at $340.50 and April feeders closed $1.40 higher at $339.00. Mostly sale barns are shut down until after the New Year holiday, when their regular sale schedules will resume. The CME feeder cattle index 12/19/2025: not available at this time.

LEAN HOGS:

The lean hog complex rounded out the day higher as traders are eager to see what Tuesday's Quarterly Hogs and Pigs report holds. Today's fundamentals weren't overly helpful, but given that it's the week of Christmas, that's to be expected. February lean hogs closed $0.85 higher at $85.35, April lean hogs closed $0.75 higher at $89.87 and June lean hogs closed $0.65 higher at $102.35. More than anything, the market didn't yield enough support fundamentally for traders to break above the resistance at $90.00. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.29 with a weighted average price of $67.16 on 941 head. Pork cutouts totaled 250.38 loads with 213.25 loads of pork cuts and 37.13 loads of trim. Pork cutout values: down $1.35, $98.41. Monday's slaughter is estimated at 496,000 head, 17,000 head more than a week ago and 7,000 head more than a year ago. The CME lean hog index 12/18/2025: down $0.15, $83.73.

TUESDAY'S HOG CALL: Higher. Packers weren't very aggressive in today's cash market, which likely means that they'll show more interest in the market on Tuesday.

Monday Midday Livestock Market Summary - Contracts Trade Higher

GENERAL COMMENTS:

The livestock contracts are trading fully higher into midday Monday as traders are pleased with last week's Cattle on Feed report and are anxious to see tomorrow's Quarterly Hogs and Pigs Report. New showlists appear to be mixed, higher in Texas and Kansas, but lower in Nebraska/Colorado. March corn is up 2 cents per bushel and March soybean meal is up $0.60. The Dow Jones Industrial Average is up 260.07 points and the NASDAQ is up 129.68 points.

LIVE CATTLE:

Following last week's bullish Cattle on Feed report and somewhat bullish fed cash cattle trade, the live cattle contracts are currently trading higher into Monday's noon hour and are again trading alongside the market's 100-day moving average. Traders would like to conquer that threshold, but without knowing for sure how much fundamental support is going to remain in the market, given that it will be a holiday-shortened week both this week and next, traders remain cautious about breaking through that barrier right now. February live cattle are up $1.00 at $231.80, April lean hogs are up $1.55 at $231.55 and June lean hogs are up $1.65 at $225.47. It is helpful to note boxed beef prices are higher again today, showing ample consumer support heading into the Christmas holiday. New showlists appear to be mixed, higher in Texas and Kansas, but lower in Nebraska/Colorado.

Last week Northern dressed cattle traded at mostly $355 to $358, which is $2.00 to $4.00 higher than the previous week's weighted average, but Southern live cattle traded at mostly $228, which is $2.00 lower than the previous week's weighted average.

Boxed beef prices are higher: choice up $1.10 ($362.73) and select up $6.02 ($352.04) with a movement of 37 loads (18.92 loads of choice, 3.91 loads of select, 5.00 loads of trim and 8.99 loads of ground beef).

FEEDER CATTLE:

Today is the first chance that traders have had to fully react to Friday's bullish Cattle on Feed report, and they're boldly continuing to push the feeder cattle contracts higher, incrementally moving the contracts past the 100-day moving average. January feeders are up $2.10 at $347.70, March feeders are up $2.25 at $341.65 and April feeders are up $2.52 at $340.12. Given the strong note of higher boxed beef prices this morning, and the higher trend in the live cattle contracts, it's likely that the market will be able to maintain this rally through the day's close.

LEAN HOGS:

The lean hog contracts are trading slightly higher into midday Monday as traders are hopeful that more support will develop and allow the contracts to trade above the resistance at $90.00. Do note that on Tuesday (tomorrow), the Quarterly Hogs and Pigs report will be released. February lean hogs are up $0.57 at $85.07, April lean hogs are up $0.60 at $89.72 and June lean hogs are up $0.52 at $102.22.

The projected lean hog index for 12/19/2025 is down $0.02 at $83.71, and the actual index for 12/18/2025 is down $0.15 at $83.73. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 191 head have traded this morning, and that the market's five-day rolling average now sits at $69.67. Pork cutouts total 148.63 loads with 124.40 loads of pork cuts and 24.23 loads of trim. Pork cutout values: down $0.74, $99.02.

Monday Morning Livestock Market Update - Cattle Futures May Gap Higher on the Open

GENERAL COMMENTS:

Light cash cattle trade was the order of the day and the week. The cattle that were traded were mixed with Northern dressed cattle $3.00 to $4.00 higher. Southern live cattle traded $2.00 lower. With this being a holiday-shortened week, trading activity is expected to be light with packers not needing to purchase many cattle. The Cattle on Feed report was bullish as the on-feed numbers were slightly below expectations at 97.9%. Placements were the biggest surprise at 88.9% versus the average estimates of 92.4%. Marketings were 88.2% versus the estimate of 88.4%. Placements were the lowest for this report since the Cattle on Feed series began in 1996. This is the third consecutive report where placements have been at least 10% lower. The smaller herd, which has resulted in tighter numbers and the closure of the Mexican border, remains the primary driver of the market. On-feed numbers remain higher due to packers running at a slower-than-normal slaughter pace. Although the report is bullish, it may be factored into the market and could result in a subdued opening. It will be interesting to see what will develop technically. If futures gap higher on the open, it will result in a bullish island bottom formation.

It is a shorter trading week, which could reduce trading volume. However, a Quarterly Hogs & Pigs report will be released on Tuesday. This could result in positioning ahead of the report as traders focus on what the report could show. Recent reports have shown little to provide much volatility, with actual numbers coming in close to estimates. This may result in choppy trading ahead of the report. The National Direct Afternoon Hog report on Friday showed cash down $1.20 as packers had most of their needs purchased. They are not expected to be active buyers this week due to limited slaughter. Pork cutouts were the bright spot with a gain of $2.33.

	BULL SIDE		BEAR SIDE
1)	Placements were more than 10% below a year ago and below the average trade estimates.	1)	Cattle futures may have the Cattle on Feed report already factored in. If the chart gaps are not closed today, selling could be triggered.
2)	Cattle futures could open higher, which would leave an island bottom on the charts, providing more confidence for technical traders to push the market higher.	2)	Packers may not need to purchase many cattle this week due to the Christmas holiday. Cash could trade lower.
3)	Pork cutouts have been slowly trending higher, providing support to futures.	3)	Traders may position ahead of the Quarterly Hogs & Pigs report to be released on Tuesday. This could result in lower prices as profits may be taken.
4)	Hog weights may decrease as winter progresses, requiring more hogs to obtain the same tonnage of pork to meet demand.	4)	Packers are not expected to be aggressive this week, resulting in lower cash.

Friday Closing Livestock Market Update - Traders Push Contracts Highe

GENERAL COMMENTS:

All in all, it was a successful day for the livestock complex, as all three of the markets closed higher, and Friday's Dec. 1 USDA Cattle on Feed report was bullish, too. At the time of this writing, only a handful of cattle had traded in the South at $228 in Kansas, which is $2 lower than the previous week's weighted average. March corn is down 3/4 cent per bushel, and January soybean meal is down $0.80. The Dow Jones Industrial Average is up 183.04 points, and the NASDAQ is up 301.26 points.

From Friday to Friday, livestock futures scored the following changes: December live cattle up $0.60, February live cattle up $1.25; January feeder cattle up $6.50, March feeder cattle up $5.33; February lean hogs down $0.03, April lean hogs down $0.40; March corn up $0.03, May corn up $0.02.

LIVE CATTLE:

The live cattle complex had another successful day, closing fully higher but still not willing to rival the market's resistance at its 100-day moving average. December live cattle closed $1.97 higher at $230.40, February live cattle closed $2.40 higher at $230.80, and April live cattle closed $1.85 higher at $230. Throughout the day, there were bids offered on the table in both regions, but only a handful of cattle traded in Kansas at $228, which is $2 lower than the previous week's weighted average. On Thursday, some light cash cattle trade was noted in Nebraska at $358, which is $4 higher than last week's weighted average. There's a chance that some light trade could still develop later Friday afternoon, as packers could have been waiting until after the Cattle on Feed report was shared to bid. But at the same time, there's a chance that packers don't need many more cattle this week, as they did buy a large volume last week at 103,000 head.

Friday's slaughter is estimated at 108,000 head -- 3,000 head more than a week ago and 9,000 head less than a year ago. Saturday's slaughter is projected to be around 7,000 head. The week's total slaughter is estimated at 587,000 head -- 9,000 head less than a week ago and 28,000 head less than a year ago.

Boxed beef prices closed higher: choice up $4.35 ($361.63) and select up $2.05 ($346.02) with a movement of 98 loads (61.26 loads of choice, 10.74 loads of select, 14.14 loads of trim and 12 loads of ground beef).

MONDAY'S CATTLE CALL: Lower. With next week being a holiday-shortened week, it's unlikely that packers will bid aggressively in the market.

FEEDER CATTLE:

The feeder cattle complex was both active and aggressive throughout the day, as traders rallied the contracts anywhere from $4 to $5 higher through the day's close. January feeder cattle closed $5.32 higher at $345.60, March feeders closed $4.80 higher at $339.40 and April feeders closed $4.42 higher at $337.60. The monthly Cattle on Feed report was also a bullish factor for the market on Friday, as placements were 11% lower than a year ago. The CME feeder cattle index 12/18/2025: up $0.26, $350.05. 

LEAN HOGS:

The lean hog complex also successfully rounded out the day higher, as traders no longer felt as though they were up against immediate resistance pressure. February lean hogs closed $0.37 higher at $84.50, April lean hogs closed $0.17 higher at $89.12, and June lean hogs closed $0.10 higher at $101.70. It's most likely that traders won't pressure the market's resistance at $90 until after the holiday season, or unless some the market's fundamentals improve greatly. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.20 with a weighted average price of $67.45. Pork cutouts totaled 328.09 loads with 283.44 loads of pork cuts and 44.65 loads of trim. Pork cutout values: up $2.33, $99.76. Friday's slaughter is estimated at 481,000 head -- 9,000 head more than a week ago and 3,000 head less than a year ago. Saturday's slaughter is projected to be around 257,000 head. The CME lean hog index 12/17/2025: up $0.01, $83.88.

MONDAY'S HOG CALL: Lower. Given that next week is a holiday-shortened week, it's most likely that packers won't be very active in the cash hog market.

Friday Midday Livestock Market Update - Traders Push Contracts Higher

GENERAL COMMENTS:

The livestock complex is trading in a fruitful manner Friday morning as all three markets are higher. This afternoon will be fairly busy, as we still need to trade cattle in the South and the monthly Cattle on Feed report will be released. March corn is down 3/4 cent per bushel and January soybean meal is down $0.40. The Dow Jones Industrial Average is up 311.00 points and NASDAQ is up 275.03 points.

LIVE CATTLE:

Things are heating up in the cattle complex as the live cattle contracts are again pressing up against the market's 100-day moving average. Traders are seeming to hold their breath, patiently waiting to see what's going to develop in the Southern Plains as still no cattle have traded in that region. Bids are on the table in Kansas at $227, which is far below the asking price of $232 to $233, and asking prices in the North are holding steady at $358-plus. There was a light movement of trade in Nebraska at $358 Thursday afternoon, which is $4.00 higher than last week's weighted average. February live cattle are up $3.22 at $231.60, April live cattle are up $2.72 at $230.87 and June live cattle are up $2.52 at $224.60.

Boxed beef prices are higher: choice up $3.61 ($360.89) and select up $3.57 ($347.54) with a movement of 69 loads (43.73 loads of choice, 8.34 loads of select, 11.09 loads of trim and 6.32 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is pushing a dynamite rally into Friday's noon hour as contracts are trading anywhere from $5.00 $6.00 higher. The spot March contract is currently trading above its 100-day moving average, seeming to feel well supported since the live cattle contracts are higher, fed cash cattle prices are stronger this week, and hopeful this afternoon's Cattle on Feed report will be bullish too. Time will tell.

LEAN HOGS:

The lean hog complex is back to trading higher as traders seemed to have regained some faith in the market but are also feeling additionally supported by the day's slight uptick in pork cutouts. February lean hogs are up $0.75 at $84.92, April lean hogs are up $0.42 at $89.37 and June lean hogs are up $0.30 at $101.90. It's unlikely the market will challenge resistance at $90.00, but a steady tone could be maintained through the day's end.

The projected CME Lean Hog Index for 12/18/2025 is down $0.15 at $83.73, and the actual index for 12/17/2025 is up $0.01, $83.88. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 670 head have traded and the market's five-day rolling average now sits at $70.17. Pork cutouts total 191.72 loads with 165.59 loads of pork cuts and 26.13 loads of trim. Pork cutout values: up $2.92, $100.35.

Friday Morning Livestock Market Update - Traders Will Position Ahead of the Cattle on Feed Report

GENERAL COMMENTS:

Traders pushed cattle futures lower, closing the chart gaps below after having been unable to find sufficient buying interest to close the upper gaps. Traders began positioning themselves ahead of the Cattle on Feed report, which is scheduled for release this afternoon. The trade estimates are for On Feed as of Dec. 1 to be at 98.3%, with a range of 97.3% to 99.0%. Placements in November are estimated at 92.4% with a range of 84.4% to 96.0%. November marketings are estimated at 88.4% as of a year ago, with a range of 87.5% to 89.0%. When breaking down the day's that cattle are on feed, the estimates show that cattle on feed of 120- and 150-plus days will be significantly higher than a year ago. Heavier weights indicated cattle are being held longer. Boxed beef prices were mixed on Thursday, with choice up $1.19 and select down $2.46. Some light cash trade took place in Nebraska at $4.00 higher, possibly indicating packers will remain aggressive and pay more for the cattle they need.

Hog futures rejected the weakness of Wednesday to close higher, maintaining the sideways trading range. The weakness of cash and cutouts on Thursday could put some pressure on the market today, eliminating further strength ahead of the weekend. The National Daily Direct Afternoon Hog report showed cash down $1.06, with packers likely done purchasing for the week. Pork cutouts were down $1.11. Bellies were down $7.01, with hams $3.79 lower. Next week will be a holiday-shortened week, containing the Quarterly Hogs & Pigs report on Tuesday. This should have no bearing on trading activity today.

	BULL SIDE		BEAR SIDE
1)	Light cash trade in Nebraska on Thursday at $4.00 higher may have set the stage for higher cash trade for the complex.	1)	Cattle futures have been unable to penetrate price resistance to close the chart gaps above the market. This may limit upside price potential in the near term.
2)	Even if the Cattle on Feed report is negative, traders may look past the report and focus on the bullish fundamentals.	2)	The Cattle on Feed report may show a significant number of cattle on feed at 120-plus days, as cattle are being held, resulting in heavier weights.
3)	The rebound of hog futures on Thursday keeps the market in a sideways trading range and possibly builds support.	3)	Packers may not be aggressive in purchasing hogs today or next week as their slaughter needs will be limited. This could result in lower cash.
4)	Some early indications are that the upcoming Quarterly Hogs & Pigs report might be supportive to the market.	4)	The upcoming Quarterly Hogs & Pigs report may limit the upside price potential as traders' position ahead of the report.