GENERAL COMMENTS:
The livestock complex is trading mostly higher into midday Wednesday as traders remain hopeful that the market's support is going to come to fruition at some point this week. A single bid is currently on the table in Nebraska, but no cattle have traded yet. March corn is down 3 1/4 cents per bushel and January soybean meal is down $0.00. The Dow Jones Industrial Average is up 212.66 points and the NASDAQ is down 64.33 points.
LIVE CATTLE:
Although just mild at this point, the live cattle complex is pushing a minor rally into Wednesday's noon hour. Traders are simply "working with what they've got" as they desire to push the complex higher but can only do so in a cautious manner as they're nearing the market's 100-day moving average, which at this point remains too much of a resistance plane to tackle. December live cattle are down $0.75 at $226.07, February live cattle are up $0.75 at $227.70 and April live cattle are up $0.52 at $227.42. A single bid has surfaced in the fed cash cattle market at $222 live in Nebraska. So far, it's being passed, and no other business has developed. Asking prices are still unknown at this point.
Boxed beef prices are lower: choice down $2.00 ($359.04) and select down $1.60 ($346.43) with a movement of 89 loads (60.22 loads of choice, 12.30 loads of select, 5.44 loads of trim and 10.66 loads of ground beef).
FEEDER CATTLE:
With corn prices down $0.04 to $0.05 this morning, and with the live cattle complex allowing for a mild rally in its market, the feeder cattle complex has taken the liberty to trade its market $1.00 to $2.00 higher into midday Wednesday. January feeders are up $2.27 at $337.77, March feeders are up $2.17 at $332.32 and April feeders are up $1.95 at $331.42. At this point, it's unlikely that the market will trade much higher as there has not been any significant fundamental development to give traders enough encouragement to break through the market's resistance at the 100-day moving average. But when the fed cash cattle market begins to trade this week, if prices are substantially higher again this week, then that may be the silver lining that traders needed.
LEAN HOGS:
The lean hog complex continues to hover around its resistance threshold at $82.00 in the spot February contract as the market desires to trade higher, but hasn't seen enough sure-fire support in the complex just yet to justify challenging that threshold. December lean hogs are up $0.02 at $82.52, February lean hogs are up $0.50 at $82.37 and April lean hogs are up $0.80 at $87.32. Yes, pork cutout values are a tick higher this morning, but traders need more support than a $0.33 jump in the carcass price.
The projected lean hog index for 12/9/2025 is up $0.27 at $82.16, and the actual index for 12/8/2025 is up $0.05 at $81.89. Due to packer submission issues, the Daily Direct Hog Report is delayed at this time. Pork cutouts total 200.52 loads with 189.80 loads of pork cuts and 10.72 loads of trim. Pork cutout values: up $0.33, $96.77.
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