GENERAL COMMENTS:
All in all, it was a rallying day for the livestock complex as all three of the markets closed higher. But what really took the cake throughout Thursday's trade was the massive jump in fed cash cattle prices in the North. Some light trade has developed in Nebraska at $340 to $345, which is $11.00 to $16.00 higher than last week's weighted average. March corn is up 3 3/4 cents per bushel and January soybean meal is down $0.10. The Dow Jones Industrial Average is down 87.50 points and NASDAQ is up 3.64 points.
LIVE CATTLE:
The live cattle complex enjoyed a day of mostly widespread support as, not only did the futures contracts continue to scale higher through Thursday's close, but the stronger presence of the futures market helped start some positive business in this week's fed cash cattle market too. December live cattle closed $2.50 higher at $221.45, February live cattle closed $2.10 higher at $224.00 and April live cattle closed $1.77 higher at $225.17. Thus far this week there's been some light cash cattle trade noted in Nebraska at $340 to $345, which is $11.00 to $16.00 higher than last week's weighted average. There's yet to be any cattle traded in the South, but upon seeing the big advancement that feedlot managers were able to score in the North, it's almost guaranteed prices will be higher in the South too. Asking prices are noted at $225 in the South and at $340-plus in the North.
Thursday's slaughter is estimated at 121,000 head -- incomparable to last week, but 3,000 head more than a year ago.
Boxed beef prices closed lower: choice down $1.09 ($362.72) and select down $2.80 ($350.32) with a movement of 158 loads (119.60 loads of choice, 21.18 loads of select, 5.30 loads of trim and 11.47 loads of ground beef).
FRIDAY'S CATTLE CALL: Higher. With the North able to secure prices sharply higher than last week's weighted average, it's likely the South will trade cattle higher too when trade develops in that region.
FEEDER CATTLE:
Upon seeing continued support from the futures market and from the live cattle complex in the form of stronger fed cash cattle trade and a rallying futures complex, it was an easy decision for the feeder cattle complex to trade higher through Thursday's close. January feeders closed $4.72 higher at $336.57, March feeders closed $3.92 higher at $329.72 and April feeders closed $3.42 higher at $328.60. At Clovis Livestock Auction in Clovis, New Mexico, compared to their last sale two weeks ago, steer calves weighing 300 to 350 pounds sold steady; steers weighing 350 to 600 pounds traded $11.00 to $35.00 higher; yearling steers weighing 600 to 700 pounds sold $6.00 to $15.00 higher. Heifer calves weighing 400 to 600 pounds sold $21.00 to $34.00 higher; feeder heifers weighing 600 to 750 pounds traded $35.00 to $50.00 higher. Feeder cattle supply over 600 pounds was 47%. The CME Feeder Cattle Index 12/3/2025: $4.02, $341.80.
LEAN HOGS:
The lean hog complex also successfully rounded out Thursday stronger, but that wasn't because of the help from the market's fundamentals, but rather instead because of the continued interest of traders. December lean hogs closed $0.57 higher at $81.12, February lean hogs closed $0.85 higher at $81.85 and April lean hogs closed $1.05 higher at $85.77. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.56 with a weighted average price of $72.65 on 3,640 head. Pork cutouts totaled 280.50 loads with 254.62 loads of pork cuts and 25.88 loads of trim. Pork cutout values: down $0.69, $93.33. Thursday's slaughter is estimated at 490,000 head -- incomparable to last week, and 18,000 head more than a year ago. The CME Lean Hog Index 12/2/2025: up $0.06, $81.67.
FRIDAY'S HOG CALL: Lower. At this point it's most likely packers are done buying for the week and Friday's cash trade will be lower.
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