GENERAL COMMENTS:
The livestock complex is having another strong day, as all three markets are trading higher into Friday's noon hour. Still no cash cattle trade has developed in the Southern Plains, but trade should begin to develop at any point in time now. March corn is down 2 cents per bushel and January soybean meal is down $2.20. The Dow Jones Industrial Average is up 77.45 points and the NASDAQ is up 41.32 points.
LIVE CATTLE:
The live cattle contracts are trading higher into Friday's noon hour as traders remain pleased with the higher uptick thus far in the fed cash cattle market. On Thursday, some Northern dressed cattle traded at $340 to $345, which is $11.00 to $16.00 higher than last week's weighted average. The South remains at an utter standstill, but trade should begin to develop at any minute. Asking prices for cattle in the South are set at $225 plus and in the North at $346 plus. December live cattle are up $2.12 at $223.57, February live cattle are up $0.97 at $224.97 and April live cattle are up $0.62 at $225.80.
Boxed beef prices are lower: choice down $0.04 ($362.68) and select down $0.84 ($349.48) with a movement of 100 loads (81.03 loads of choice, 8.93 loads of select, zero loads of trim and 10.25 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is also trading higher into Friday's noon hour, pushing mostly $1.00 advancements into the afternoon. January feeders are up $1.17 at $337.75, March feeders are up $1.82 at $331.55 and April feeders are up $1.72 at $330.32. Currently, the spot January contract is trading above the market's 40-day moving average, which hasn't been done since Oct. 24, but the market isn't confident enough that there's enough support to conquer the 100-day moving average.
LEAN HOGS:
The lean hog contracts are off to a fruitful day as the market continues to push onward and higher, currently pressuring the market's resistance at $82.00 in the spot February contract. December lean hogs are up $0.62 at $81.75, February lean hogs are up $0.90 at $82.75 and April lean hogs are up $1.17 at $86.95. It is helping that midday pork cutout values are up over $3.00 higher, which is a significant jump and helps traders feel as though demand will remain a key factor moving forward.
The projected lean hog index for 12/4/2025 is down $0.02 at $81.81, and the actual index for 12/3/2025 is up $0.16 at $81.83. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.44 with a weighted average price of $72.52, ranging from $63.00 to $74.00 on 1,432 head and a five-day rolling average of $70.42. Pork cutouts total 206.40 loads with 187.75 loads of pork cuts and 18.65 loads of trim. Pork cutout values: up $3.50, $96.83.
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