GENERAL COMMENTS:
The livestock complex closed mixed Monday afternoon as traders desire to push the cattle contracts higher but aren't willing to do so until they know they have enough support to challenge the market's 100-day moving average. New showlists appear to be lower in all major feeding states. March corn is down 1 cent per bushel, and January soybean meal is up $1.00. The Dow Jones Industrial Average is down 41.49 points and the NASDAQ is down 137.76 points.
LIVE CATTLE:
The live cattle complex was able to rally mildly through Monday's close as traders noted the uptick in boxed beef prices, but still weren't willing to challenge the 100-day moving average just yet. December live cattle closed $1.02 higher at $230.82, February live cattle closed $1.00 higher at $230.55 and April live cattle closed $0.62 higher at $230.02. New showlists appear to be lower in all major feeding states. Monday's slaughter is estimated at 110,000 head, 5,000 head less than a week ago and 6,000 head less than a year ago.
To recap, last week Northern dressed cattle traded at mostly $353 to $355, which is $10.00 to $12.00 higher than the previous week's weighted average and Southern live cattle traded at mostly $230, which is $6.00 higher than the previous week's weighted average. The week's total negotiated fed cash cattle trade totaled 103,180 head, which is the largest weekly traded volume for both 2024 and 2025. Of the 103,180 head, 79% (81,157 head) were committed to the market's nearby delivery, while the remaining 21% (22,023 head) were committed to the market's deferred delivery option.
Boxed beef prices closed higher: choice up $2.02 ($359.46) and select up $3.08 ($347.30) with a movement of 114 loads (86.46 loads of choice, 7.79 loads of select, 8.76 loads of trim and 10.63 loads of ground beef).
TUESDAY'S CATTLE CALL: Lower. With packers able to buy a plethora of cattle last week, this week's weighted will likely be steady if not lower.
FEEDER CATTLE:
The feeder cattle complex also closed higher, following in the live cattle market's direction, but still unwilling to challenge the support at the market's 100-day moving average. January feeders closed $0.82 higher at $339.92, March feeders closed $0.77 higher at $334.85 and April feeders closed $0.55 higher at $333.77. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week, and at their midsession point, feeder steers were trading $10.00 lower to $10.00 higher. Feeder heifers were selling steady to $15.00 higher. Feeder cattle supply over 600 pounds was 58%. The CME feeder cattle index 12/12/2025: up $0.60, $347.37.
LEAN HOGS:
The lean hog complex closed mixed as the market was cautious not to overdo the rally that started last week. February lean hogs closed $0.67 lower at $83.85, April lean hogs closed $0.60 lower at $88.92 and June lean hogs closed steady at $101.05. It was helpful for traders to note that pork cutout values closed higher, with the rib's $3.69 jump being the biggest driver. Hog prices closed $1.40 higher on the Daily Direct Afternoon, with a weighted average price of $72.68 on 2,174 head. Pork cutouts total 272.96 loads with 225.63 loads of pork cuts and 47.33 loads of trim. Pork cutout values: up $0.68, $98.89. Monday's slaughter is estimated at 496,000 head, 8,000 head more than a week ago and 10,000 head more than a year ago. The CME lean hog index 12/11/2025: up $0.23, $82.80.
TUESDAY'S HOG CALL: Steady. Hog prices were up slightly Monday afternoon, which could mean that packers need more inventory as they rarely buy much in the market on Mondays.
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