GENERAL COMMENTS:
The livestock complex is trading mostly lower into Wednesday's noon hour as traders continue to look for continued fundamental demand but aren't finding what they need at the time. Still no cash cattle trade has developed. March corn is up 3 1/4 cents per bushel and January soybean meal is down $3.80. The Dow Jones Industrial Average is down 50.13 points and NASDAQ is down 230.79 points.
LIVE CATTLE:
After rallying throughout Tuesday's trade, the market has again settled to trade lower as the resistance at the market's 100-day moving average simply remains too stiff of a barrier to challenge at this point. Are you seeing the trend in the market right now? One day the market rallies and trades higher, but then on the next day, it steps lower as traders don't believe that either they possess enough support or that it's the right time to challenge the market's resistance. Either way, the complex is trading merely steady, holding a position just below the 100-day moving average. February live cattle are down $0.22 at $230.47, April live cattle are down $0.27 at $230.00 and June live cattle are down $0.12 at $223.57. No cash cattle trade has developed yet.
Boxed beef prices are lower: choice down $1.96 ($356.92) and select down $0.26 ($348.84) with a movement of 91 loads (72.72 loads of choice, 7.09 loads of select, zero loads of trim and 11.61 loads of ground beef).
FEEDER CATTLE:
After closing above the market's resistance at its 100-day moving average, the feeder cattle complex is trading a tick lower into Wednesday's noon hour. The market still remains above that threshold, which is significant. January feeders are down $0.80 at $342.52, March feeders are down $0.20 at $337.40 and April feeders are down $0.12 at $336.17. With the live cattle contracts currently trading lower, it wouldn't be surprising to see the feeder cattle contracts dip back below the market's resistance at its 100-day moving average before the day's over.
LEAN HOGS:
The lean hog complex is back to trading lower as the market remains nervous to trade any higher following the substantial gains made last week. February lean hogs are down $1.80 at $82.97, April lean hogs are down $1.67 at $88.05 and June lean hogs are down $1.10 at $100.67. Given that the market is just days away from Christmas, it's likely that a slower, lower trend could develop in the lean hog complex.
The projected lean hog index for 12/16/2025 is up $0.57 at $83.87, and the actual index for 12/15/2025 is up $0.31 at $83.30. Hog prices closed higher on the Daily Direct afternoon Hog Report, up $0.26 with a weighted average price of $70.17, ranging from $65.00 to $71.00 on 3,622 head and a five-day rolling average of $71.10. Pork cutouts totaled 150.06 loads with 131.92 loads of pork cuts and 18.14 loads of trim. Pork cutout values: down $0.94, $97.62.
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