GENERAL COMMENTS:
The livestock complex closed fully lower Wednesday afternoon as the market hit a lull spot, not receiving the fundamental support it needed, and as traders began to show less interest in the market with the holidays nearing. No cash cattle trade has developed. March corn is up 4 cents per bushel and January soybean meal is down $4.20. The Dow Jones Industrial Average is down 228.29 points and the NASDAQ is down 418.14 points.
LIVE CATTLE:
The live cattle complex once again fell lower as traders simply aren't willing to challenge the market's resistance at this time. There's a strong likelihood that the market won't chew off more than it can bear during the next two weeks. Traders collectively know that this time frame is normally a quiet point for the marketplace, as little develops in the futures market, and there's not much gained fundamentally either. Until traders know that they have enough support to break through a barrier like the 100-day moving average, a sideways or slightly lower trend will likely be the market's theme. February live cattle closed $1.15 lower at $229.55, April live cattle closed $1.15 lower at $229.12 and June live cattle closed $0.95 lower at $222.75. No cash cattle trade developed throughout the day, but asking prices remain firm around $233 plus in the South.
Wednesday's slaughter is estimated at 118,000 head, 5,000 head less than a week ago and 4,000 head less than a year ago.
Boxed beef prices closed lower: choice down $2.79 ($356.09) and select down $2.67 ($346.43) with a movement of 170 loads (113.91 loads of choice, 25.80 loads of select, 12.66 loads of trim and 17.98 loads of ground beef).
THURSDAY'S CATTLE CALL: Steady/somewhat lower. With packers buying a plethora of cattle last week, that likely means that they won't be as aggressive in this week's market.
FEEDER CATTLE:
Following in the live cattle market's wake, the feeder cattle complex also closed lower this afternoon. January feeders closed $1.80 lower at $341.52, March feeders closed $1.27 lower at $336.32 and April feeders closed $1.27 lower at $335.02. With not much excitement in the market at this time, a sideways lower trend is expected. The CME feeder cattle index 12/16/2025: up $0.94, $349.79.
LEAN HOGS:
Without much trader interest helping to support the complex, and very little developing in terms of fundamental support, the lean hog contracts fell lower through Wednesday's close. February lean hogs closed $1.77 lower at $83.00, April lean hogs closed $1.75 lower at $87.95 and June lean hogs closed $1.10 lower at $100.67. Until some sizeable fundamental support develops, it's unlikely that the market will challenge its resistance at $90.00 anytime soon. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.26 with a weighted average price of $70.17 on 3,622 head. Pork cutouts total 240.60 loads with 207.68 loads of pork cuts and 32.92 loads of trim. Pork cutout values: down $0.02, $98.54. Wednesday's slaughter is estimated at 494,000 head, 4,000 head more than a week ago and 8,000 head more than a year ago. The CME lean hog index 12/15/2025: up $0.31, $83.30.
THURSDAY'S HOG CALL: Lower. It's unlikely that packers will buy many hogs this week with the holiday-shortened kills over the next two weeks.
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