GENERAL COMMENTS:
Overall, it was a mostly supportive day for the livestock contracts as all three of the markets closed higher. Still no trade has developed in the fed cash cattle market, but asking prices are noted at $225 in the South. March corn is down 6 1/2 cents per bushel and January soybean meal is down $0.30. The Dow Jones Industrial Average is up 408.44 points and the NASDAQ is up 40.42 points.
LIVE CATTLE:
It was another supportive day for the live cattle complex as the contracts were able to inch their way higher, finding modest support from consumers' beef demand. December live cattle closed $0.47 higher at $218.95, February live cattle closed $1.10 higher at $221.90 and April live cattle closed $0.97 higher at $223.40. Still no trade has developed in this week's fed cash cattle market, but it is assumed that prices will trade higher this week. Asking prices are noted at $225 in the South, but otherwise, the market remains idle and extremely quiet.
Wednesday's slaughter is estimated at 117,000 head, 7,000 head less than a week ago and 6,000 head less than a year ago.
Boxed beef prices closed mixed: choice down $0.91 ($363.81) and select up $2.34 ($353.12) with a movement of 140 loads (102.66 loads of choice, 14.23 loads of select, 7.25 loads of trim and 15.46 loads of ground beef).
THURSDAY'S CATTLE CALL: Higher. With the board trading higher and with boxed beef prices finding more support this week too, it's assumed that the cash cattle market will see stronger trade this week.
FEEDER CATTLE:
The feeder cattle complex had all the support it needed to trade higher as demand in the countryside has perked back up for calves and feeders, and with the live cattle contracts trading higher too, it was an easy decision for the feeder cattle contracts to scale higher. January feeders closed $1.97 higher at $331.85, March feeders closed $1.87 higher at $325.80 and April feeders closed $1.87 higher at $325.17. At the Philip Livestock Auction in Philip, South Dakota, compared to their last sale two weeks ago, steers weighing 450 to 500 pounds traded $10.00 higher, steers weighing 550 to 650 pounds sold steady to $5.00 higher, heifers weighing 450 to 500 pounds sold $10.00 lower, heifers weighing 500 to 550 traded $10.00 higher, heifers weighing 550 to 600 pounds sold steady to $5.00 higher and heifers weighing 600 to 650 pounds sold $5.00 to $10.00 higher. Feeder cattle supply over 600 pounds was 58%. The CME feeder cattle index 12/2/2025: up $5.42, $337.78.
LEAN HOGS:
The lean hog complex was able to round out the day stronger as the market found an opportunity to finally trade higher after enduring some lower pressure earlier this week. December lean hogs closed $0.05 higher at $80.55, February lean hogs closed $0.82 higher at $81.00 and April lean hogs closed $0.90 higher at $84.72. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.76 with a weighted average price of $72.09 on 9,983 head. Pork cutouts totaled 288.48 loads with 244.20 loads of pork cuts and 44.27 loads of trim. Pork cutout values: down $0.20, $94.02. Wednesday's slaughter is estimated at 492,000 head, 5,000 head more than a week ago and 3,000 head more than a year ago. The CME lean hog index 12/1/2025: down $0.06, $81.61.
THURSDAY'S HOG CALL: Lower. At this point, it's likely that packers have done the vast majority of their buying in the cash market and that prices will likely trade lower throughout the week.
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