GENERAL COMMENTS:
All in all, it was a typical day before Christmas for the livestock contracts, as all three of the markets closed mostly lower. A few more sales were noted in the cash cattle market, but prices held steady with Tuesday's light trade. March corn is up 3 1/2 cents per bushel, and March soybean meal is up $3.90. The Dow Jones Industrial Average is up 288.75 points, and the NASDAQ is up 51.47 points.
LIVE CATTLE:
The live cattle complex kept with its lower trend through Wednesday's close, as all contracts ended fully lower. More than anything, the market fell victim to the holiday slumber as traders checked out throughout the day and merely left the complex to fend for itself.
February live cattle closed $1.45 lower at $228.55, April live cattle closed $1.30 lower at $228.72, and June live cattle closed $0.92 lower at $223.20. Some more cash cattle trade developed throughout the day, but prices remained steady with the week's trend. Throughout the week, Northern dressed cattle have traded at mostly $356, which is $1 lower than last week's weighted average, and Southern live cattle have been marked at $229, which is $2 higher than last week's weighted average.
Wednesday's slaughter is estimated at 43,000 head -- incomparable to last week and a year ago.
Boxed beef prices closed lower: choice down $1.15 ($354.62) and select closed $3.84 ($345.75) with a movement of 118 loads (92.13 loads of choice, 13.41 loads of select, zero loads of trim and 12.22 loads of ground beef).
FRIDAY'S CATTLE CALL: Steady. Given that it's a holiday-shortened week, some more cleanup trade could develop on Friday, but it's most likely that the week's price trend is set.
FEEDER CATTLE:
Although the feeder cattle complex was trading higher earlier in the day, traders' excitement dwindled through the afternoon, and ultimately, the feeder cattle contracts closed lower like the rest of the livestock contracts. March feeders closed $0.20 lower at $338.80, April feeders closed $0.17 lower at $337.50, and May feeders closed $0.15 lower at $335.20. But although the contracts closed lower, the spot March contract still closed above the market's 100-day moving average. The CME feeder cattle index 12/23/2025: not available at this time.
LEAN HOGS:
The lean hog contracts closed mostly lower, as traders took note of the bearish quarterly Hogs and Pigs report that was released Tuesday afternoon. February lean hogs closed $0.92 lower at $85.05, April lean hogs closed $0.47 lower at $89.80, and June lean hogs closed $0.22 lower at $102.52. More than anything, traders likely focused on Tuesday's report, and then with the holiday festivities setting in, opted to merely let the contracts drift lower through the week's end. Hog prices are unavailable on the Daily Direct Afternoon Hog Report because of confidentiality. However, we can see that only 1,217 head have traded and that the market's five-day rolling average sits at $68.42. Pork cutouts totaled 251.76 loads with 236.76 loads of pork cuts and 15.00 loads of trim. Pork cutout values: down $3.03, $93.66. Wednesday's slaughter is estimated at 170,000 head -- incomparable to last week and a year ago. The CME lean hog index 12/22/2025: up $0.01, $83.7
FRIDAY'S HOG CALL: Lower. Given that it's a holiday-shortened week, it's likely that packers are essentially done for the week.
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