Friday Closing Livestock Market Update - Stronger Tones Keep with the Complex

GENERAL COMMENTS:

It was a successful week for the livestock contracts! All three of the livestock markets ended the week Friday afternoon in a better position than what the market opened at on Monday morning -- praise God! December corn is up 3 cents per bushel and December soybean meal is up $4.40. The Dow Jones Industrial Average is up 33.56 points and NASDAQ is down 197.89 points.

From Friday--to--Friday livestock futures scored the following changes: December live cattle up $6.60, February live cattle up $7.60; November feeder cattle up $16.70, January feeder cattle up $16.98; December lean hogs up $1.93, December corn up $0.04.

LIVE CATTLE:

The live cattle complex ended the week back on track and on fire. Thanks to traders support this week, and then feedlot managers commitment to continuing to push the market for all that it can give -- both the futures complex and the cash sector showed strong promise this week which was quite refreshing following the blood bath that occurred the two weeks before. December live cattle closed $1.75 higher at $220.65, February live cattle closed $1.85 higher at $224.80 and April live cattle closed $1.95 higher at $227.90. At the time of this writing there's been a moderate test in Nebraska as early today dressed cattle were trading for $335, but by the afternoon feedlot managers had managed to get packers to pay up to $338 which is only $2 lower than last week's weighted average. But there's yet to be any reported trade in the South.

Friday's slaughter is estimated at 106,000 head -- 13,000 head more than a week ago and 12,000 head more than a year ago. Saturday's slaughter is projected to be around 4,000 head. The week's total slaughter is estimated at 545,000 head -- 11,000 head more than a week ago and 30,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $1.95 ($355.64) and select up $0.44 ($349.15) with a movement of 92 loads (71.60 loads of choice, 8.13 loads of select, 5.72 loads of trim and 6.52 loads of ground beef).

MONDAY'S CATTLE CALL: Steady. Before we can try to anticipate what next week's market may do, we need to see where the chips land this week and how trade shakes out in the cash sector.

FEEDER CATTLE:

What a successful way to head into the weekend! The feeder cattle complex traded higher throughout the entire week, and by Friday's close had successfully conquered the market's 100--day and 40--day moving averages. Given where the market was just a week ago at this time -- it's quite a refreshing change to see. November feeders closed $3.35 higher at $339.02, January feeders closed $3.67 higher at $335.35 and March feeders closed $3.77 higher at $332.05. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week and throughout the entire state, feeder steers traded $7 to $12 higher, expect those weighing 700 to 800 pounds which traded $3 to $8 lower. Feeder heifers traded unevenly steadily in a light test across all barns. Steer calves over 500 pounds sold $8 to $10 higher, but those under 500 pounds traded $25 to $30 higher. Heifer calves traded $5 to $10 higher. Demand was very good for calves and big steers. CME November feeder cattle futures continue their roller coaster ride. After closing last week down $15.45, the contract has reversed course this week, gaining about $16.70 this week. Slaughter cows traded $4 to $7 lower and slaughter bulls sold $4 lower too. Feeder cattle supply over 600 pounds was 46%. The CME feeder cattle index Nov. 12, 2026: up $4.86, $338.78.

LEAN HOGS:

The lean hog complex was even able to end the week on a stronger note -- mostly supported by traders but it was mildly helpful that both cash prices and pork cutout values ended the day higher -- even though that doesn't mean that long term the demand issue is fixed. December lean hogs closed $0.30 higher at $55.45, February lean hogs closed $0.37 higher at $61.37 and April lean hogs closed $1.67 higher at $68.50. Pork cutouts totaled 233.93 load with 196.97 loads of pork cuts and 36.96 loads of trim. Pork cutout values: up $0.41, $69.55. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $3.46 with a weighted average price of $43.10 on 6,565 head. Friday's slaughter is estimated at 489,000 head -- 4,000 head more than a week and year ago. Saturday's slaughter is projected to be around 312,000 head. The CME lean hog index Nov. 11, 2026: down $1, $58.78.

MONDAY'S HOG CALL: Lower. Packers rarely show much interest in the cash hog market on Mondays. 

Friday Midday Livestock Market Summary - Traders Send Contracts Higher

GENERAL COMMENTS:

The livestock contracts are attempting to end the week on a strong note as currently all three of the contracts are trading higher into Friday's noon hour. There's been some light business noted in the Nebraska for the fed cash cattle market, but largely feedlot managers are holding out for better prices. December corn is up four cents per bushel and December soybean meal is up $4.30. The Dow Jones Industrial Average is down 82.22 points, and NASDAQ is down 306.74 points.

LIVE CATTLE:

Upon seeing the resiliency of the fed cash cattle market, which has seen a few head traded at $335 in the Nebraska but otherwise hasn't seen any other cattle just yet -- traders are encouraged to see feedlot managers holing out, hoping that packer interest will improve, even it is just by a $1 or $2. December live cattle are up $2.32 at $221.22, February live cattle are up $2.42 at $225.32 and April live cattle are up $2.50 at $228.45. As I mentioned above, some very light cash cattle trade has been noted in Nebraska at $335, but not enough cattle have traded to say that any sort of a trend has developed yet this week. Bids remain on the table at $335 dressed in Nebraska, and at $215 in Kansas. Packers will likely need to show more interest this afternoon unless they feel extremely confident in the supply, they have already.

Boxed beef prices are lower: choice down $1.75 ($355.84) and select down $0.79 ($347.92) with a movement of 28 loads (22.38 loads of choice, 3.22 loads of select, zero loads of trim and 2.28 loads of ground beef).

FEEDER CATTLE:

And with the added market support of seeing the live cattle contracts trading higher -- the feeder cattle contracts can continue to boldly rally into Friday's noon hour. November feeders are up $3.22 at $338.90; January feeders are up $4 at $335.67 and March feeders are up $4.12 at $332.40. And so long as the live cattle contracts continue to trade higher through the afternoon Friday, it's likely that the feeder cattle contracts will close with this momentum.

LEAN HOGS:

And lo and behold, even the lean hog contracts are rallying into Friday's noon hour. It's likely the combination of greater trader support mixed slightly with the uptick in pork demand and luckily the lean hog contracts are trading higher too. December lean hogs are up $1.12 at $56.27, February lean hogs are up $1.07 at $62.07, and April lean hogs are up $1.90 at $68.72. The projected lean hog index for Nov. 12, 2026 is down $1.05 at $57.73, and the actual index for 11/11/2026 is down $1 at $58.78. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.08 with a weighted average price of $42.26, ranging from $34 to $45 on 3,051 head and a five-day rolling average of $41.24. Pork cutouts total 112.07 loads with 88.76 loads of pork cuts and 23.32 loads of trim. Pork cutout values: up $3.17, $72.31.

Friday Morning Livestock Market Update - No Cash Trade for Fed Cattle

GENERAL COMMENTS:

Live cattle futures were mixed Thursday with a lack of news to trade. In the last two weeks, the headlines continuously discussed the surplus of market ready cattle in the North and how the packer holds all the cards in current negotiations. This week's cash trade has been extremely quiet. Given the recent weakness in negotiated cash prices, Friday's trade could be a day of catch up for packers to get their needs purchased at whatever it takes, or they may decide to wait out the producer to get a cheaper price next week. Feeder cattle strength Thursday was supported by a higher Feeder Cattle Index. Sale barns across the country are seeing buyers willing to pay more for Weight 1 steers than previous weeks.

Lean hog futures were weaker again on Thursday. It is the same story week after week with more hogs available, higher weights and lack of pork demand. While the USDA predicts a higher pork demand next year than originally expected, the market still has yet to see any life in this market. Pork cutouts were down slightly, and the CME lean hog index is weaker. Slaughter is trending lower this week at 487,000 head. That is 7,000 head below last week and 3,000 head below last year.

	BULL SIDE		BEAR SIDE
1)	Weakness in the corn market brings more confidence for buyers purchasing cattle on better margins.	1)	Expectations for Mexican cattle imports is speculated to be 750,000 to 1 million head in 2026 using the current pace of growth.
2)	Beef packers will need to be aggressive today, given the lack of cash trade this week.	2)	Beef exports are lacking due to high prices for U.S. beef. An extended high cost could cause long term damage to international buyers as they get comfortable with purchasing from competitors.
3)	The calendar says demand for pork should grow as we approach the holidays.	3)	Chinese pork purchases have been lacking, taking away a big portion of typical international demand.
4)	Managed money holds a record short lean hog position. Any offsetting of those positions should be strength to the market.	4)	Lack of pork demand is difficult to overcome.

Thursday Closing Livestock Market Update - Cattle Rally While Hogs Skate Lower

GENERAL COMMENTS:

The livestock contracts again ended the day mixed with the cattle contracts closing higher while the lean hog complex ended the day weaker. Bids of $215 were offered in Kansas, but no cattle traded. December corn is down 5 1/2 cents per bushel and December soybean meal is down $4.30. The Dow Jones Industrial Average is down 171.72 points and the NASDAQ is down 121.91 points.

LIVE CATTLE:

The live cattle complex was also able to rally through the day's end, in all the contracts except for the spot December 2026 contract which remained cautious as there's yet to be any trade in this week's fed cash cattle market. The fed cash cattle market saw bids develop in Kansas at $215 live, but no trade developed. Asking prices are noted at $340 in Nebraska but are not specified in the South. Given that no trade has developed yet, packers will need to be more aggressive in Friday's market to secure enough inventory to avoid being short bought. December live cattle closed $0.07 lower at $218.90, February live cattle closed $0.25 higher at $222.95 and April live cattle closed $0.32 higher a $225.95. 

Thursday's slaughter is estimated at 110,000 head - steady with a week ago and 11,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $2.67 ($357.59) and select up $1.24 ($348.71) with a movement of 160 loads (130.56 loads of choice, 8.19 loads of select, 5.70 loads of trim and 15.80 loads of ground beef).

FRIDAY'S CATTLE CALL: Lower. At this point it's assumed that fed cash cattle prices will trade lower this week given that packer have been able to secure more inventory in recent week.

FEEDER CATTLE:

The feeder cattle complex continued to rally through Thursday's close, feeling dually supported by the live cattle market's support as well by the strong buyer demand in the countryside for calves/feeders. November feeders closed $3.05 higher at $335.67, January feeders closed $3.87 higher at $331.67 and March feeders closed $4.15 higher at $328.27. At Clovis Livestock Auction in Clovis, New Mexico compared to last week and their preliminary point, steer calves weighing 350 to 600 pounds were trading $9 to $20 higher and feeder steers were trading steady to $12 higher. Heifers calves weighing 350 to 450 pounds were selling $10.00 to $20 higher while those weighing 450 to 600 pounds were trading steady to $9 lower. Feeder heifers weighing 600 to 700 pounds were trading $10 to $12 higher. Buyer demand was excellent. Feeder cattle supply over 600 pounds was 38%. The CME feeder cattle index Nov. 11, 2026: up $3.31, $333.92.

LEAN HOGS:

The lean hog complex ended the day mostly lower as the market's biggest issue - demand - hasn't been resolved. December lean hogs closed $0.87 lower at $55.15, February lean hogs closed $0.47 higher at $61 and April lean hogs closed $0.35 higher at $66.82. Pork cutouts totaled 276.76 loads with 244.49 loads of pork cuts and 32.27 loads of trim. Pork cutout values: down $0.20, $69.14. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.12 with a weighted average price of $39.64 on 3,016 head. Thursday's slaughter is estimated at 487,000 head - 7,000 head less than a week ago and 3,000 head less than a year ago. The CME lean hog index Nov. 10, 2026: down $0.21, $59.78.

FRIDAY'S HOG CALL: Lower. At this point it's most likely that packers have boughten the vast majority of their needs already out of the cash market. 

Tight supplies support cattle prices, but market risk is rising

Cattle prices have continued to retreat from record highs reached earlier this year. While the seasonal influx of fall calves typically puts some downward pressure on prices, the magnitude and persistence of the recent decline suggest the market is experiencing more than a normal seasonal correction. National steer prices peaked in May, stabilized briefly in July and then entered a more sustained decline in late July. By September, prices had fallen below year-ago levels. Western markets have followed a similar pattern, although the timing has varied by state. In October, Montana was the last state in AgWest’s territory to fall below 2025 levels.

The pullback reflects a shift in market leverage, as weaker packer demand, processing-capacity concerns and increasing imports weigh on cattle prices. USDA cited lower-than-expected packer demand as a driver for lowering the Q3 and Q4 cattle price forecast. High cattle costs, combined with softer wholesale beef values, has pressured packer margins and reduced their willingness to bid aggressively for fed cattle.

Increasing beef imports and the gradual return of Mexican feeder cattle has eased some of the supply concerns that helped drive prices to record highs. More than 67,000 Mexican cattle have entered the U.S. since the first port reopened in August. Beef imports are also receiving additional access following the Sept. 1 implementation of an expanded tariff-rate quota for lean beef trimmings. While these developments have added pressure to the market, the physical supply impact remains relatively small compared with the historically tight domestic cattle inventory.

For AgWest cattle producers, the recent decline signals that the record-price environment is becoming more volatile, but fundamentals remain supportive. Tight cattle supplies should provide a price floor, but weaker packer demand, additional imports and greater feeder cattle availability could limit a return to this year's highs. Producers may benefit from protecting margins now rather than waiting, particularly as input costs remain elevated. The opportunity remains favorable for cow-calf producers with calves to market, but increased downside risk makes forward contracting and risk management strategies more important heading into 2027.

Profitability

Cattle feeders: Slightly profitable - Bearish 12-month outlook
Cow-calf producers: Very profitable - Bearish 12-month outlook

Strong fed cattle prices continue to offset elevated feeder cattle costs, although narrowing margins and softer cattle prices have reduced profitability from earlier highs. 

The outlook has turned more bearish over the next 12 months as calf prices have retreated from record highs and concerns grow over increased beef imports, higher feed costs, and growing uncertainty surrounding cattle prices and producer margins. 

Thursday Midday Livestock Market Summary - Mixed Tones Continue to Linger Throughout the Complex

GENERAL COMMENTS:

The livestock complex is continuing to trade mixed as traders yearn for greater fundamental support. Bids have surfaced in Kansas at $215, but no trade has developed yet. December corn is down 4 cents per bushel and December soybean meal is down $3.50. The Dow Jones Industrial Average is up 203.47 points and the NASDAQ is down 7.27 points.

LIVE CATTLE:

The live cattle complex is trading mixed with the nearby contracts hesitant to be overly supportive of the market ahead of seeing what develops in this week's cash market. Some minor developments have surfaced in the fed cash cattle market where bids are now on the table in Kansas at $215, and asking prices are noted in Nebraska at $340 but still no cattle have traded. Packer interest is still fairly light for the week, so it's quite possible that trade could be delayed until Friday. December live cattle are down $0.27 at $218.70, February live cattle are down $0.05 at $222.65 and April live cattle are down $0.10 at $225.52.

Boxed beef prices are mixed: choice down $0.09 ($360.17) and select up $1.78 ($349.25) with a movement of 98 loads (77.61 loads of choice, 6.64 loads of select, 4.27 loads of trim and 9.90 loads of trim.

FEEDER CATTLE:

And even though the live cattle complex is trading mixed, the feeder cattle contracts are rocking and rolling, trading higher as traders anticipate another bullish Cattle on Feed report next week, have seen the regression in corn prices and are pleased with the slight uptick in demand buyers have shown in sale barns. November feeders are up $2.47 at $335.10, January feeders are up $3.37 at $331.17 and March feeders are up $3.72 at $327.45. At this point the market seems confident enough to trade higher through today's end regardless of what the live cattle market does.

LEAN HOGS:

And having found some minor technical support, even the lean hog contracts are trading higher. December lean hogs are down $0.72 at $55.25, February lean hogs are up $0.57 at $61.12 and April lean hogs are up $0.67 at $67.16. And again today the day's technical bounce comes from the support of traders, not from fundamental support as yet again pork cutout values are lower. The projected lean hog index for 11/11/2026 is down $1.00 at $58.78 and the actual index for 11/10/2026 is down $0.21 at $59.78. Hog prices are unavailable on the Daily Direct Afternoon Hog Report because of confidentiality. However, we can see that only 1,415 head have traded and that the market's five-day rolling average now sits at $40.87.

Pork cutouts total 171.57 loads with 143.98 loads of pork cuts and 27.59 loads of trim. Pork cutout values: down $0.28, $69.06.

Thursday Morning Livestock Market Update - Beef Cutouts Lower

GENERAL COMMENTS:

Cattle markets continued their strength for the week, with feeders settling anywhere from $0.15 to $2.275 higher on Wednesday and live cattle contracts higher on every contract except the December. Nearby weakness can easily be explained by the recent weakness in the cash market. So far this week, there has been very little cash trade to report on. Iowa/Minnesota reported 210 live. The weekly slaughter to date is 325,000, which is 5,000 more than this time last week but 25,000 behind last year.

Lean hog futures closed 22.5 cents higher on the December contract Wednesday, while the deferred futures months settled anywhere from 22.5 to 50 cents lower. Nearby strength can be attributed to the expected holiday demand, but otherwise, hogs have a tough road ahead without something to spur this market in the other direction. Estimated average weights for barrows and gilts were reported Wednesday at 294.3 pounds on 872,000 head. This is up 0.8 pounds from last week and 2.4 pounds from this time last year.

	BULL SIDE		BEAR SIDE
1)	Live cattle futures have traded down to the 9-day moving average and found support there so far.	1)	Expectations for Mexican cattle imports are for 200,000 head by the end of the year.
2)	Beef production is expected to further decline.	2)	USDA expects beef exports to decline 9.1% for the year, but the current pace is 10.3% lower.
3)	Nearby futures strength in lean hogs shows some confidence that holiday buying will bring short-term support.	3)	Higher average weights for hogs point to a possible backlog of hogs ready for market in barns.
4)	Higher pork demand is predicted for 2027.	4)	Higher hog weights also bring more pounds of pork to market per head, flooding an already weak market with more product.

Wednesday Closing Livestock Market Update - Cattle Close Higher While Hogs Continue to Skate Lower

GENERAL COMMENTS:

Although the live cattle contracts were pressured earlier in the day, luckily by the day's end the market was able to close higher alongside the feeder cattle contracts. Still no cash cattle trade has developed. December corn is down 1 cent per bushel and December soybean meal is up $3.20. The Dow Jones Industrial Average is up 254.60 points and the NASDAQ is up 400.32 points.

LIVE CATTLE:

All in all it was a quiet day for the live cattle complex as the market traded back and forth, not overly confident if the market could hold a stronger trend through the day's close -- but luckily all the contracts did besides the spot December contract. December live cattle closed $0.22 lower at $218.97, February live cattle closed $0.12 higher at $222.70 and April live cattle closed $0.50 higher at $225.62. No cash cattle trade developed throughout the day as packers continue to let the week pass not feeling pressured to get more cattle bought in a quick manner as they sit on ample supply. 

Wednesday's slaughter is estimated at 107,000 head -- 2,000 head less than a week ago and 14,000 head less than a year ago.

Boxed beef prices closed lower: choice down $2.72 ($360.26) and select down $4.15 ($347.47) with a movement of 95 loads (62.71 loads of choice, 10.90 loads of select, 9.79 loads of trim and 11.14 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady to somewhat lower. Given that packers hold plenty of supply right now, prices will likely be lower again this week.

FEEDER CATTLE:

The feeder cattle contracts continued to rally through Wednesday's end as the market was grateful for traders' continued support. It is a positive technical signal that the spot January contract was able to maintain its position above the market's 100-day moving average. November feeders closed $2.27 higher a $332.62, January feeders closed $1.12 higher at $327.80 and March feeders closed $0.77 higher at $324.12. At Ozarks Regional Stockyards in West Plains, Missouri, compared to last week steers were traded unevenly at $5.00 lower to $5.00 higher. But heifers traded mostly steady to $5.00 higher. Demand was good but especially good on grazing calves. Feeder cattle supply over 600 pounds was 35%. The CME feeder cattle index 11/10/2026: up $0.19, $330.61.

LEAN HOGS:

And to no one's surprise, the lean hog complex closed lower -- yet again. But without much improvement seen in pork demand -- this sideways to somewhat lower trend is likely going to continue to be the market's theme. December lean hogs closed $0.22 higher at $56.02, February lean hogs closed $0.22 lower at $60.52 and April lean hogs closed $0.42 lower at $66.47. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.32 with a weighted average price of $37.52 on 4,767 head. Pork cutouts totaled 303.49 loads with 275.36 loads of pork cuts and 28.14 loads of trim. Pork cutout values: down $0.18, $69.34. Wednesday's slaughter is estimated at 462,000 head -- 33,000 head less than a week ago and 25,000 head less than a year ago. The CME lean hog index 11/9/2026: down $0.29, $59.99.

THURSDAY'S HOG CALL: Lower. Without anything improving in terms of demand, the cash hog market will likely continue to trade lower.

Wednesday Midday Livestock Market Summary - Traders Hope to See Fundamental Support Improve

GENERAL COMMENTS:

Traders have lessened their support of the live cattle complex as they hope to see greater fundamental support develop. There's not been any fed cash cattle trade develop yet. December corn is down 2 cents per bushel and December soybean meal is up $2.80. The Dow Jones Industrial Average is up 109.28 points and the NASDAQ is up 533.96 points.

LIVE CATTLE:

Traders have mildly pulled back their support from the live cattle complex as currently only a handful of the deferred 2027 contracts are trading higher into Wednesday's noon hour. December live cattle are down $0.97 at $218.25, February live cattle are down $0.42 at $222.15 and April live cattle are down $0.02 at $225.10. And there's a chance that traders could simply allow the contracts to now trade sideways or slightly lower until greater fundamental support arises. There's yet to be any trade in the fed cash cattle market, and currently no bids or asking prices are noted.

Boxed beef prices are lower: choice down $2.38 ($360.60) and select down $2.21 ($349.41) with a movement of 55 loads (35.05 loads of choice, 5.40 loads of select, 5.96 loads of trim and 9.04 loads of ground beef).

FEEDER CATTLE:

And although the live cattle contracts are trading slightly lower, the feeder cattle contracts have thus far been able to maintain their slightly stronger position. November feeders are up $1.35 at $331.70, January feeders are up $0.45 at $327.12 and March feeders are up $0.15 at $323.50. But given how closely the feeder cattle complex has followed the live cattle market over the last couple of months, it wouldn't be surprising to see the contracts trade lower if the live cattle complex doesn't see an improvement in its position soon.

LEAN HOGS:

And although midday pork cutout values may be up mildly, the lean hog contracts are still trading lower as a mere $0.23 rally isn't enough to dig the market out of the hole it's plummeted into. December lean hogs are down $0.15 at $55.65, February lean hogs are down $0.52 at $60.22 and April lean hogs are down $0.35 at $66.55. The projected lean hog index for 11/10/2026 is down $0.21 at $59.78, and the actual index for 11/9/2026 is down $0.29 at $59.99. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 1,415 head have traded and that the market's five-day rolling average sits at $40.87. Pork cutouts total 196.88 loads with 176.91 loads of pork cuts and 19.97 loads of trim. Pork cutout values: up $0.23, $69.75.

Wednesday Morning Livestock Market Update - USDA Proposes Grazing Expansion

GENERAL COMMENTS:

Cattle markets moved higher again on Tuesday, continuing the strength started earlier this week. Feeder cattle were up $2 or more while live cattle futures climbed as much as $3 by the close. In addition to the proposed grazing rule change, the USDA also announced that it is ready to begin the hiring process for the nation's largest facility to combat New World Screwworm, meaning they are one step closer to opening at the expected April 2027 date. USDA also released the November WASDE report Tuesday morning. Beef production for 2026 was reduced 40 million pounds from the October report, coming in at 24,830 million pounds. Imports increased 89 million pounds, while exports increased 1 million pounds. Total use was 28.928 billion pounds, up 57 million from last month's projections. Ending stocks were reduced by a net of 10 million pounds. Production was lower in this month's report, with 2027 expectations at 24,588 million pounds. An expected reduction of 242 million pounds from this year to next. With that, there is also a reduction in total use, bringing ending stocks to 575 million pounds.

The WASDE report increased expected pork production by 35 million pounds to 27,672 million pounds for 2026. Imports were 15 million lower, while exports were reduced to 6,979 million pounds, a reduction of 81 million in foreign sales. Total use was increased this month for 2026 by 92 million pounds, yet the net ending stocks were unchanged for this year. 2027 saw slightly lower imports and exports but higher total use, indicating expect domestic use to grow from 2026 to 2027. Lean hog futures were mixed Tuesday, with nearby futures months trading lower while spring and beyond traded higher.

	BULL SIDE		BEAR SIDE
1)	New grazing rule change proposed could bring more buyers to the cattle market with opportunities to graze more land.	1)	A new screwworm facility brings confidence that the United States can combat future threats of screwworm, allowing more Mexican cattle ports to open on schedule.
2)	The WASDE report is expecting lower beef production for the remainder of the year.	2)	Cash prices for fed cattle will continue to be pressured while northern supply is backlogged.
3)	Low prices typically cure low prices; with consumers buying affordable protein sources, pork is a bargain buy.	3)	Pork cutouts cannot find any traction. A couple small increases are quickly taken away by a single day of decline.
4)	The WASDE projected domestic demand to increase for pork in 2027.	4)	Expected pork exports were lowered in the WASDE report, showing lower international demand.

Tuesday Closing Livestock Market Update - Cattle Close Fully Higher While Hogs Round Out the Day Mixed

GENERAL COMMENTS:

Thanks to trader support, again Tuesday the cattle contracts secured another higher close. Meanwhile, the lean hog contracts closed mixed with traders still hoping that fundamental support would improve. December corn is up 9 3/4 cents per bushel and December soybean meal is up $5.80. The Dow Jones Industrial Average is down 157.86 points and NASDAQ is down 187.27 points.

LIVE CATTLE:

With the support of traders ---- the live cattle complex was granted another fantastic day as the market closed $2 to $3 higher. More than anything traders have seemed to collectively agree that: Yes, the market traded sharply lower over the last two weeks, that's enough downward pressure for the meantime, it's time to put a bottom in this move. December live cattle closed $3 higher at $219.20, February live cattle closed $2.47 higher at $222.57 and April live cattle closed $2.22 higher at $225.12. No cash cattle trade developed throughout the and both bids and asking prices remain elusive at this point. 

Tuesday's slaughter is estimated at 111,000 head -- 4,000 head more than a week ago and 5,000 head less than a year ago.

Tuesday's WASDE report showed mostly disappointing news for the cattle and beef markets of 2026 and 2027. Beef production for 2026 was decreased by 40 million pounds as packers are running slower slaughter speeds in the fourth quarter than initially assumed. Quarterly steer price projection showed a decrease from the remaining quarter of 2026, but no changes for 2027. Steers in the fourth quarter of 2026 are anticipated to average $220, steers in the first quarter of 2027 are expected to average $235 (unchanged), steers in the second quarter are expected to average $235 (unchanged) and steers in the third quarter of 2027 are expected to average $240 (unchanged. Beef imports for 2026 increased by 89 million pounds as beef demand remains strong but the domestic supply remains historically low. And beef exports increased by one million pound as demand into East Asian markets remains strong.

Boxed beef prices closed mixed: choice up $0.24 ($362.98) and select down $2.11 ($351.62) with a movement of 111 loads (83.01 loads of choice, 11.07 loads of select, 6.09 loads of trim and 10.95 loads of ground beef).

WEDNEDAY'S CATTLE CALL: Steady. It's rather refreshing to see the cattle contracts trading higher, but even so, it's assumed that best case scenario this week for the fed cash cattle market is that prices will trade steady as packers have recently been able to build up supply.

FEEDER CATTLE:

With the added support of seeing the live cattle contracts trade higher, the feeder cattle complex was also able to rally $2 to $4 higher through Tuesday's close. More than anything Tuesday's rally is a continuation of Monday's rally as traders are willing to turn the market's direction to a higher one following the immense downturn which the sector saw over the last two weeks. November feeders closed $2 higher at $330.35, January feeders closed $2.50 higher at $326.67 and March feeders closed $3.15 higher at $323.35. At Oklahoma National Stockyards in Oklahoma City, Oklahoma compared to last week feeder steers and heifers traded unevenly steady. But steer calves traded $10 to $20 higher, with instances of $30 higher. Heifer calves sold $5 to $15 higher. Feeder cattle supply over 600 pounds was 49%. The CME feeder cattle index Nov. 9, 2026: down $2.43, $330.42.

LEAN HOGS:

Well, a mixed close is better than a fully lower close and that's exactly what the lean hog complex saw Tuesday -- where most of its nearby contracts close higher, while the deferred months ended the day lower. More than anything the market is desperate for support. Support from traders, support from consumers -- support from anywhere would be nice to help turn the market's direction. December lean hogs closed $0.07 lower at $55.80, February lean hogs closed $0.07 lower at $60.75 and April lean hogs closed $0.07 higher at $66.90. But the April 2027 through July 2027 lean hog contracts all closed higher. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $4.88 with a weighted average price of $39.84 on 7,146 head. Pork cutouts totaled 312.45 loads with 274.91 loads of pork cuts and 37.55 loads of trim. Pork cutout values: down $1.29, $69.52. Tuesday's slaughter is estimated at 495,000 head -- 9,000 head more than a week ago and 29,000 head more than a year ago. The CME lean hog index Nov. 6, 2026: down $1.29, $60.28.

Tuesday's WASDE report showed mostly bearish news for the pork and hog markets of 2026 and 2027. Pork production for 2026 increased by 35 million

pounds as there's more market ready supply than initially assumed in the fourth quarter. Quarterly hog price projections showed a decline for most upcoming quarters are they're more front--end supply than there is demand. Hogs in the fourth quarter of 2026 are expected to average $53 (down $2), hogs in the first quarter of 2027 are expected to average $58 (down $2), hogs in the second quarter of 2027 are expected to average $63 (down $2) and hogs in the third quarter are expected to average $68 (unchanged). Pork exports fell by 79 million pounds as there is increasingly more global competition, and pork imports fell by 15 million pounds as well.

WEDENSDAY'S HOG CALL: Lower. Packers have been buying early this week in the cash market which could mean that they won't need to be aggressive later this week. 

Tuesday Midday Livestock Market Update - Cattle Rally While Hogs Dip Lower

GENERAL COMMENTS:

The livestock contracts are trading mixed into Tuesday's noon hour with the cattle contracts still rallying, while the lean hog contracts are trading lower. Still no cash cattle trade has developed. December corn is up 11 1/4 cents per bushel and December soybean meal is up $4.30. The Dow Jones Industrial Average is down 347.94 points and NASDAQ is down 402.98 points.

LIVE CATTLE:

Luckily, this far throughout the day the live cattle contracts have kept with Monday's rally, as currently the live cattle contracts are pushing a $1 to $2 rally into the noon hour. December live cattle are up $2.30 at $218.52, February live cattle are up $1.65 at $221.75 and April live cattle are up $1.45 at $224.35. At this point the rally's momentum seems to be stemming from trader support, and it's too early in the week to see what's going to become of this week's fed cash cattle market. But with packers having been able to secure more inventory in recent weeks, it's assumed that fed cash cattle prices will trade steady at best this week. No bids or asking prices are listed at this time and no trade has developed. Trade will likely be delayed until Thursday or Friday.

Tuesday's WASDE report showed mostly disappointing news for the cattle and beef markets of 2026 and 2027. Beef production for 2026 was decreased by 40 million pounds as packers are running slower slaughter speeds in the fourth quarter than initially assumed. Quarterly steer price projection showed a decrease from the remaining quarter of 2026, but no changes for 2027. Steers in the fourth quarter of 2026 are anticipated to average $220, steers in the first quarter of 2027 are expected to average $235 (unchanged), steers in the second quarter are expected to average $235 (unchanged) and steers in the third quarter of 2027 are expected to average $240 (unchanged). Beef imports for 2026 increased by 89 million pounds as beef demand remains strong but the domestic supply remains historically low. And beef exports increased by one million pound as demand into East Asian markets remains strong.

Boxed beef prices are higher: choice up $2.57 ($365.31) and select up $0.58 ($354.31) with a movement of 57 loads (44.71 loads of choice, 4.95 loads of select, zero loads of trim and 6.96 loads of ground beef).

FEEDER CATTLE:

And again, being able to follow the live cattle market's lead, the feeder cattle contracts are trading higher into Tuesday's noon hour. November feeders are up $1.35 at $329.70, January feeders are up $2.10 at $326.27 and March feeders are up $2.65 at $322.85. Currently the spot January feeder cattle contract is trying to trade above its 100--day moving average, which will remain a threshold to monitor through the day's close as that could be a bullish signal if the market closes above that mark.

LEAN HOGS:

And while the cattle contracts rally, the lean hog contracts are back to trading lower as traders aren't willing to advance the contracts when both cash hog prices and pork cutout values are lower. December lean hogs are up $0.02 at $55.90; February lean hogs are down $0.25 at $60.57 and April lean hogs are down $0.30 at $66.50. The lean hog index for Nov. 9, 2026 is down $0.29 at $59.99 and the actual index for Nov. 6, 2026 is down $1.29 at $60.28. Pork cutouts total 204.19 loads with 186.64 loads of pork cuts and 17.55 loads of trim. Pork cutout values: Down $0.97, $69.84. Hog prices are lower on the Daily Direct Morning Hog Report, down $2.98 with a weighted average price of $40.12, ranging from $35 to $45 on 5,320 head and a five--day rolling average of $40.98.

Tuesday's WASDE report showed mostly bearish news for the pork and hog markets of 2026 and 2027. Pork production for 2026 increased by 35 million pounds as there's more market ready supply than initially assumed in the fourth quarter. Quarterly hog price projections showed a decline for most upcoming quarters are they're more front--end supply than there is demand. Hogs in the fourth quarter of 2026 are expected to average $53 (down $2.00), hogs in the first quarter of 2027 are expected to average $58 (down $2.00), hogs in the second quarter of 2027 are expected to average $63 (down $2.00) and hogs in the third quarter are expected to average $68 (unchanged). Pork exports fell by 79 million pounds as there is increasingly more global competition, and pork imports fell by 15 million pounds as well.

 

Tuesday Morning Livestock Market Update - Tyson Announcement Boosts Cattle Markets

GENERAL COMMENTS:

Monday kicked off the week with higher trade in all livestock futures markets. Live cattle gained $2.15 to $3.05, a much-needed boost after last week's meltdown spurred by a bearish cash market. Feeder cattle managed to hold support levels from Friday's low and climbed $6.025 higher. Fundamentally, feeder cattle numbers are tight and while there is a surplus of fat cattle ready for market, the long-term outlook still looks tight for cattle numbers. Tyson's announcement spurred buying in the futures market as they also unveiled their plan to fully reopen the second production shift at its Amarillo, Texas, beef facility by summer of 2027.

Lean hog futures managed to rally $2.35 on the nearby futures month with gains through April. The summer months declined but with a strong premium to today's market, it is not surprising to see the lower trade. Pork cutout values increased slightly Monday afternoon, continuing the small amount of strength seen late last week. Cash prices still are pressuring the market, although packers started the week off strong with an estimated 496,000 head slaughtered.

	BULL SIDE		BEAR SIDE
1)	Tyson Foods restoration of the second production shift at its Amarillo, Texas, beef facility increases buyer capacity for live cattle.	1)	Cash prices for cattle are expected to remain weak over the next few weeks.
2)	Technical support for feeder cattle futures was reinforced Monday as markets bounced further from Friday's lows off the support line.	2)	The second shift announcement at Tyson's Amarillo beef facility is most likely in response to the anticipated Mexican cattle feeder cattle numbers expected to cross the border.
3)	Holiday ham demand is expected to provide support to pork prices.	3)	High global supplies of pork and the lack of China demand will continue to weigh on hog markets.
4)	Higher slaughter numbers are helping to work through the large hog supply.	4)	A record short managed money position is difficult to get positive momentum against.

Monday Closing Livestock Market Update - Cattle Close Higher, Hogs Close Mixed

GENERAL COMMENTS:

The cattle contracts were able to round out Monday higher, and even some of the nearby contracts were able to. The uptick in morale was warmly welcomed throughout the sector. New showlists for the week are lower in Nebraska and Texas, but higher in Kansas. December corn is down 2 1/4 cents per bushel and December soybean meal is up $1.50. The Dow Jones Industrial Average is up 1,104.02 points and the NASDAQ is up 673.72 points.

LIVE CATTLE:

After trading lower for the last nine straight days, the live cattle complex finally found some support and was able to rally through Monday's closing bell. December live cattle closed $2.15 higher at $216.20, February live cattle closed $2.90 higher at $220.10 and April live cattle closed $3.05 higher at $222.90. New showlists for the week are lower in Nebraska and Texas, but higher in Kansas. No cash cattle trade developed throughout the day.

And helping add some bullishness to the marketplace was Tyson's announcement that broke early Monday morning that the company intends to fully reopen its second production shift at its Amarillo, Texas, beef facility by summer of 2027. The reopening of the Amarillo second shift will increase production and hopefully help keep product steadily available to consumers and fed cash cattle supplies manageable. 

Last week, packers were able to purchase 69,555 head in the negotiated cash cattle market. Of that, 72% (49,988 head) were committed to the market's nearby delivery option, while the remaining 28% (19,567 head) were committed to the market's deferred delivery option. Last week Southern live cattle traded at mostly $216 to $218, which is $6.00 to $8.00 lower than the previous week's weighted average, and Northern dressed cattle traded at mostly $340, which is $12.00 lower than the previous week's weighted average. 

Monday's slaughter is estimated at 107,000 head -- 3,000 head more than a week ago and 5,000 head less than a year ago.

Boxed beef prices closed higher: choice up $1.95 ($362.74) and select up $0.17 ($353.73) with a movement of 69 loads (44.51 loads of choice, 7.79 loads of select, 7.81 loads of trim and 9.34 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady to somewhat lower. Unfortunately, packers have been able to secure more inventory in recent weeks, which will likely keep cash prices from rallying.

FEEDER CATTLE:

A day of stronger closes, and yes, the feeder cattle complex fell in that boat as well, as traders were more than willing to advance the contracts through Monday's close as the live cattle contracts were rallying aggressively. November feeders closed $6.02 higher at $328.35, January feeders closed $5.80 higher at $324.17 and March feeders closed $6.35 higher at $320.20. The spot January contract attempted to trade above the market's 100-day moving average, but wasn't able to conquer that threshold before the day's close. At the Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers under 550 pounds traded steady to $15.00 higher, but the heavier weights traded $5.00 to $15.00 lower. Feeder heifers sold $2.00 to $12.00 lower. Feeder cattle supply over 600 pounds was 62%. The CME feeder cattle index 11/6/2026: down $4.56, $332.85.

LEAN HOGS:

The lean hog contracts ended Monday mixed, with the nearby contracts able to rally through the close, while the deferred contracts remained skeptical. But a partially higher close is better than no higher close at all, and it becomes even more exciting when you note the small uptick in pork cutout values too. Hopefully both trends remain through the week, and some short-covering develops in the hog sector. December lean hogs closed $2.35 higher at $55.87, February lean hogs closed $2.12 higher at $60.82 and April lean hogs closed $0.32 higher at $66.82. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.49 with a weighted average price of $44.72 on 5,510 head. Pork cutouts totaled 335.96 loads, with 307.30 loads of pork cuts and 28.66 loads of trim. Pork cutout values: up $0.16, $70.81. Monday's slaughter is estimated at 496,000 head -- 4,000 head more than a week ago and 5,000 head more than a year ago. The CME lean hog index 11/5/2026: down $1.29, $61.57.

TUESDAY'S HOG CALL: Steady. Packers were fairly aggressive in Monday's market, which could mean that they're somewhat short bought and need more hogs.

Monday Midday Livestock Market Summary - Stronger Trader Support Drives Contracts Higher

GENERAL COMMENTS:

The livestock complex is headed into Monday's noon hour fully higher - which is a breath of fresh air compared to the lower trend in which the market endured last week. New showlists for the week are lower in Nebraska and Texas, but higher in Kansas. December corn is down 1 3/4 cents per bushel and December soybean meal is up 10 cents. The Dow Jones Industrial Average is up 1,052.19 points and the NASDAQ is up 652.12 points.

LIVE CATTLE:

Whether traders deemed that the market had had enough downward pressure, or if it's Tyson's announcement that broke Monday morning - regardless of the rhyme or reason, it's refreshing to see the cattle contracts again trading higher. Early Monday morning, Tyson Foods announced that the company intends to fully reopen their second production shift at their Amarillo, Texas, Beef facility by the summer of 2027. The reopening of the Amarillo second shift will increase production and hopefully help keep product steadily available to consumers, and fed cash cattle supplies manageable.

December live cattle are up $2.50 at $216.55, February live cattle are up $3.35 at $220.55 and April live cattle are up $3.35 at $223.20. New showlists for the week are lower in Nebraska and Texas, but higher in Kansas.

Last week Southern live cattle traded at mostly $218, which is $6 lower than the previous week's weighted average and Northern dressed cattle traded at mostly $340, which is $8 to $25 lower than the previous week's weighted average.

Boxed beef prices are mixed: choice up $1.61 ($362.40) and select down $1.07 ($352.49) with a movement of 36 loads (17.22 loads of choice, 5.26 loads of select, 7.45 loads of trim and 6.49 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also rallying boldly into Monday's noon hour as the market is elated to finally see some support from traders and from the live cattle complex. November feeders are up $6.42 at $328.75, January feeders are up $6.55 at $324.92 and March feeders are up $7.20 at $321.05. And so long as the live cattle contracts continue to trade higher, the feeder cattle contracts should be able to maintain their rally through the day's close.

LEAN HOGS:

And although not all the lean hog contracts are trading higher - at least the nearby contracts are which is a fine change of pace for the market as it's been incredibly pressure over the last month. December lean hogs are up $2.72 at $56.25, February lean hogs are up $1.65 at $60.35 and April lean hogs are down $0.05 at $66.45. It is helpful that midday pork cutout values are higher too, as a lack of demand has hindered the market immensely over the last month.

If traders can lend the market some support, and pork cutout values can continue to trade higher - the market may be able to trade steady if not a tick higher. The projected lean hog index for Nov. 6, 2026 is down $1.29 at $60.28, and the actual index for Nov. 5, 2026 is down $1.29 at $61.57. Hog prices are lower on the Daily Direct Afternoon Hog Report, down $1.86 with a weighted average price of $43.10, ranging from $40 to $49 on 797 head and a five-day rolling average of $45.23. Pork cutouts totaled 176.26 loads with 156.45 loads of pork cuts and 19.81 loads of trim. Pork cutout values: up $0.92, $71.57.

Monday Morning Livestock Market Update - Can Feeder Cattle Recover?

GENERAL COMMENTS:

Last week was a rough week for cattle markets, with live cattle futures down $6.90 while feeder cattle futures were down $15.45. Weaker cash trade was the biggest headline of the week with packers holding all the cards. There currently is a large supply of market-ready cattle in the North and as they gain more pounds, packers appear to be comfortable, and we're hearing that some are buying into the first week of December currently. Carcass weights are a record for this time of year, and the current backlog of slaughter ready cattle are only adding to the bearish tone of the market. For the Commitments of Traders report on Friday, managed money sold 6,882 of their long positions, leaving a net long of 49,691 contracts in live cattle futures. For feeder cattle, managed money sold 597 contracts to be net long 13,597 contracts.

Lean hog futures have been circling the drain as all fundamentals are working against hogs. Weights are heavy, availability of market-ready hogs is abundant and demand is light. On the Commitments of Traders report on Friday, managed money sold another 7,426 contracts to extend the already record net-short position further to a new record at 59,072 contracts.

	BULL SIDE		BEAR SIDE
1)	Negotiations regarding Los Angeles and Long Beach ports have been extended now until Nov. 20, pushing back potential strikes at two of the biggest beef handling ports.	1)	Cash prices fell dramatically last week, and the abundance of market-ready cattle is expected to continue for several weeks before they're cleared.
2)	Feeder cattle filled their gap from Sept. 18 and then rallied back nearly $6 off the lows on Friday. Market will be watching Monday's performance.	2)	Heavy carcass weights and reduced packer capacity in the East weigh heavily on markets.
3)	Pork cutout values were higher on Friday afternoon.	3)	CME Lean Hog Index fell again on Friday.
4)	Holidays are around the corner along with holiday pork demand.	4)	Packer demand is expected to be light this week.

Friday Closing Livestock Market Update - Sharp Losses Continue to Be Seen

GENERAL COMMENTS:

It was another painstaking day where the livestock contracts all ended the day lower. December corn is up 1 1/2 cents per bushel and December soybean meal is up $2.00. The Dow Jones Industrial Average is down 237.33 points and the NASDAQ is up 264.42 points.

From Friday to Friday livestock futures scored the following changes: December live cattle down $9.95, February live cattle down $7.00; November feeder cattle down $15.45, January feeder cattle down $13.40; December lean hogs down $5.35; December corn down $0.06.

LIVE CATTLE:

It was absolutely sickening to watch the live cattle complex fall lower and lower, day in and day out, throughout this past week's trade. The contracts plundered lower, continuing to erode position from the marketplace for no apparent reason. Boxed beef demand is still strong, throughput remains in line with the market's trend, and there's been no wall of cattle found to cause fed cash cattle prices to trade lower -- but yet here we sit, with the board well below its 100-day moving average and the cash cattle market traded cattle lower than last week's weighted average too.

So, what gives? Why has the market completely lost its footing? Good question, and I'm disgusted to say that it's simply because it can... The thing about the futures complex is that traders don't make as much money from stable markets as they do in volatile ones. Regardless of what market disruption does to the rancher. The CME has got to do something about the downside risk to these markets -- this type of volatile market reaction from no true cause is flat reckless and has cost cattlemen tremendously.

December live cattle closed $0.35 lower at $214.05, February live cattle closed $0.42 lower at $217.20 and April live cattle closed $0.57 lower at $219.85. Throughout the week Southern live cattle traded at mostly $218, which is $6.00 lower than the previous week's weighted average and Northern dressed cattle traded at mostly $340, which is $8.00 to $25.00 lower than the previous week's weighted average. 

Friday's slaughter is estimated at 93,000 head -- 3,000 head less than a week ago and 5,000 head less than a year ago. Saturday's slaughter is projected to be around 11,000 head. The week's total slaughter is estimated at 534,000 head -- 9,000 head less than a week ago and 34,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $0.77 ($360.79) and select up $1.24 ($353.56) with a movement of 116 loads (97.12 loads of choice, 4.19 loads of select, 3.47 loads of trim and 11.41 loads of ground beef).

MONDAY'S CATTLE CALL: Lower. With the board hell-bent to trade lower and packers hold the lion's share of the market's leverage, lower prices are most likely for next week's fed cash cattle trade.

FEEDER CATTLE:

And in keeping in alignment with the live cattle complex, the feeder contracts also fell lower through Friday's end -- with no support arising to help give traders some support to stand on. November feeders closed $2.72 lower at $322.32, January feeders closed $1.95 lower at $318.37 and March feeders closed $2.07 lower at $313.85. The Oklahoma Weekly Cattle Auction summary shared that compared to last week and throughout the entire state, feeder steers traded $10.00 to $20.00 lower. Steer calves over 500 pounds sold $10.00 to $12.00 lower, and those under 500 pounds traded $15.00 to $25.00 lower. Feeder heifers and heifer calves both sold $15.00 to $25.00 lower. Feeder cattle supply over 600 pounds was 47%. The CME feeder cattle index 11/5/2026: down $5.35, $337.41.

LEAN HOGS:

Although pork cutout values and cash prices ended the day higher, it still wasn't enough support to change traders' minds and drive the contracts higher ahead of the week's close. And unfortunately, given the unstable demand scenario in the hog sector right now -- it's going to take a lot of support before traders will likely come to the market's aid. December lean hogs closed $1.57 lower at $53.52, February lean hogs closed $1.47 lower at $58.70 and April lean hogs closed $0.62 lower at $66.50. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $4.42 with a weighted average price of $46.21 on 858 head. Pork cutouts totaled 292.40 loads with 271.83 loads of pork cuts and 20.57 loads of trim. Pork cutout values: up $1.66, $70.65. Friday's slaughter is estimated at 485,000 head -- 1,000 head less than a week ago and 15,000 head more than a year ago. Saturday's slaughter is projected to be around 212,000 head. The CME lean hog index 11/4/2026: down $1.07, $62.86.

MONDAY'S HOG CALL: Lower. Packers rarely show much interest in the cash hog market on Mondays.

Friday Midday Livestock Market Update - Weaker Tones Drive Contracts Lower

GENERAL COMMENTS:

The livestock complex is trading mostly lower into Friday's noon hour as the market continues to suffer from a lack of support. Some light trade has been reported in Nebraska at $210 live, but at this point it's looking like the bulk of this week's trade is done with in the fed cash cattle market. December corn is up 1 cent per bushel and December soybean meal is down $0.20. The Dow Jones Industrial Average is up 56.09 points and the NASDAQ is up 390.34 points.

LIVE CATTLE:

And the continued downtrend of the live cattle complex is alive and well in Friday's market as currently the contracts find themselves trading $1.00 lower into the day's afternoon. Some more light trade has been noted in Nebraska at $210, but otherwise the market remains quiet and it's looking like the bulk of this week's trade is essentially done with. So far this week Southern live cattle have traded at mostly $218, which is $6.00 lower than last week's weighted average, and Northern dressed cattle have traded at mostly $340 which is $8.00 to $25.00 lower than the previous week's weighted average. December live cattle are down $0.25 at $214.17, February live cattle are down $0.22 at $217.42 and April live cattle are down $0.52 at $219.90.

Boxed beef prices are mixed: choice down $0.83 ($360.73) and select up $1.07 ($353.39) with a movement of 96 loads (82.02 loads of choice, 2.86 loads of select, 3.47 loads of trim and 7.73 loads of ground beef).

FEEDER CATTLE:

The pain currently being seen in the live cattle complex is being felt in the feeder cattle market as well as its contracts are trading anywhere from $2.00 to $3.00 lower into today's noon hour. November feeders are down $3.17 at $321.87, January feeders are down $2.80 at $317.25 and March feeders are down $3.12 at $312.80. This lower trend is expected to continue until something worthwhile develops fundamentally in the cattle complex -- which will likely either be strong trade in the fed cash cattle market or a bullish Cattle on Feed report -- time will tell.

LEAN HOGS:

The only livestock complex seeing some sort of support are the deferred lean hog contracts that are trading just above steady while the nearby contracts continue to trade lower. Unfortunately until demand shows steady promise, it's unlikely that the nearby contracts will have much support from traders as demand remains an issue for the complex. December lean hogs are down $1.12 at $53.97, February lean hogs are down $0.72 at $59.45 and April lean hogs are down $0.07 at $67.05. The projected lean hog index for 11/5/2026 is down $1.29 at $61.57, and the actual index for 11/4/2026 is down $1.07 at $62.86. Hog prices are higher on the Daily Direct Morning Hog Report, up $4.67 with a weighted average price of $44.96. Pork cutouts totaled 174.81 loads with 160.30 loads of pork cuts and 14.52 loads of trim. Pork cutout values: up $2.91, $71.90.

Friday Morning Livestock Market Update - Stock Market Pressures Futures

GENERAL COMMENTS:

Live cattle futures closed $3.60 lower on the December contract and posted smaller losses on the deferred months. While the stock market pressure certainly was not helpful, live cattle have been faced with their own challenges this week. For cattle ready to go to slaughter, it is difficult to find bids available as weights increase while they wait to ship. Cash prices traded lower on Thursday as packers have plenty of offers to choose from. Nebraska saw $214 to $219 live traded or $335 to $342 dressed. Iowa and Minnesota were weaker at $208 to $218 live or $332 to $345 dressed. The Feeder Cattle Index has fallen hard this week as well with daily auction results looking much weaker than what the actual index will show Friday. Strike threats for the Los Angeles and Long Beach ports have been pushed off to 11:59 p.m. PST Friday.

Lean hog futures fell as much as $2.45 on the December contract with the deferred contracts down $0.875 to $2.125. This marks another new contract low for December hogs, trading as low as $54.225. This is the lowest price seen since September 2020. Pork cutouts were down 30 cents Thursday, and the Daily Direct Hog report was down 70 cents. Slaughter is currently 22,000 head above last week, so there will be little reason for packers to need to buy more this week.

	BULL SIDE		BEAR SIDE
1)	Eastern Nebraska cattle traded to a Texas buyer, proving that the weakness in the North is not representative to the whole country.	1)	Packers are buying for the first week of December, showing that the immediate excess supply may take weeks to work through.
2)	Throughput is strong for packers, indicating they should continue buying higher volumes to work through the backlog of Northern cattle ready for slaughter.	2)	Poor fat prices now look ugly for feedlots trying to buy feeders once their lots are empty.
3)	Lean hog futures are still oversold.	3)	The CME Lean Hog Index continues to fall with lower cash prices.
4)	The pressure from the stock market Thursday can easily be recuperated with a stock market recovery.	4)	Stock market pressure can really suppress prices as market confidence in the economy usually has a direct correlation to meat and protein demand.

Thursday Closing Livestock Market Update - Lack of Support Drives Contracts Lower Yet Again

GENERAL COMMENTS:

The livestock complex ended Thursday lower, with simply not enough support surfacing for traders to do anything else with the market for the time being. Some light cash cattle trade was noted in the South at $218 which is $6 lower than last week's weighted average. December corn is down 4 1/4 cents per bushel and December soybean meal is down $1.40.

The Dow Jones Industrial Average is down 1,778.84 points and the NASDAQ is down 1,328.52 points.

LIVE CATTLE:

Between the cash cattle market's lower trend, to the sheer erosion of confidence in the entire cattle complex thanks to last week's share sell off, to the the strike threats looming at the Los Angeles and Long Beach ports (where approximately 25% of beef exports pass through) and the bearish tone that's settle into the live cattle complex begins to make sense.

And Thursday's trade was no different from the lower trend in which the complex saw earlier in the week. December live cattle closed $3.60 lower at $214.40, February live cattle closed $3.20 lower at $217.62 and April live cattle closed $2.77 lower at $220.42. Some light cash cattle trade was noted in the South at $218 which is $6 lower than last week's weighted average. A few sales were also marked in Nebraska at $214, but those cattle were being trucked to the South as well as supplies of market ready cattle are thinner in the South right now. 

Thursday's slaughter is estimated at 110,000 head which is 1,000 head more than a week ago and 4,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.94 ($361.56) and select down $4.33 ($352.32) with a movement of 97 loads (60.75 loads of choice, 11.74 loads of select, 4.11 loads of trim and 19.96 loads of ground beef).

FRIDAY'S CATTLE CALL: Steady with the week's trend. We've now seen a light test in the North, and a light test in the South, and so at this point, prices are likely to remain close to the prices seen thus far as packers possess the lion's share of the market's leverage.

FEEDER CATTLE:

The feeder cattle contracts ended the day $4 to $5 lower with a lack of support - stemming from any direction - again being the market's Achillies heel. And until the live cattle complex sees some level of support arise and opts to trade higher - this weaker tone will likely remain the theme of the feeder cattle complex until something fundamentally worthwhile develops. November feeders closed $6.97 lower at $325.05, January feeders closed $5.40 lower at $320.32 and March feeders closed $4.92 lower at $315.92. At Clovis Livestock Auction in Clovis, New Mexico, compared to last week and at their midsession point, steer calves weighing 350 to 600 pounds were trading $6 to $20 lower and feeder steers were trading $2 to $12 lower. Heifer calves weighing 300 to 500 pounds were traded $14 to $20 lower and those weighing 500 to 600 pounds were selling steady to $10 higher. The CME feeder cattle index Nov. 4, 2026: down $3.82, $342.76.

LEAN HOGS:

The lean hog complex ended Thursday lower, again unable to find any meaningful support in the market to safely allow traders to move the contracts higher. December lean hogs closed $2.45 lower at $55.10, February lean hogs closed $2.12 lower at $60.17 and April lean hogs closed $1.20 lower at $67.12. Pork cutouts totaled 342.55 loads with 303.96 loads of pork cuts and 38.59 loads of trim. Pork cutout values: down $0.30, $68.99. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.70 with a weighted average price of $41.79 on 1,711 head. Thursday's slaughter is estimated at 494,000 head - 22,000 head more than a week ago and 31,000 head more than a year ago. The CME lean hog index Nov. 2, 2026: down $1.06, $63.93.

FRIDAY'S HOG CALL: Lower. At this point packers have likely secured the vast majority of their needs already out of the cash market. 

Thursday Midday Livestock Market Summary - Contracts Continue to Drift Lower

GENERAL COMMENTS:

The livestock complex is continuing to trade lower as the market simply cannot seem to find footing in this week's market. Some light cash cattle trade has been noted in Kansas at $218 which is $6 lower than the previous week's weighted average. December corn is down 2 3/4 cents per bushel and December soybean meal is down $0.50. The Dow Jones Industrial Average is down 1,472.14 points and the NASDAQ is down 1,209.41 points.

LIVE CATTLE:

Combine the market's lack of confidence thanks to last week's dramatic sell off, with the strike threats looming at the Los Angeles and Long Beach ports (where approximately 25% of beef exports pass through) and you can easily see why the live cattle complex is struggling. An announcement overnight showed that the contract at the ports had been temporarily extended from Nov. 6 as negotiations continue. December live cattle are down $3.77 at $214.22, February live cattle are down $4.02 at $216.80 and April live cattle are down $3.75 at $219.45. Some light trade has developed in the fed cash cattle market as sales of $218 have been noted in Kansas (which is $6 lower than last week's weighted average) and there's been some live cattle sold in Nebraska at $214 but those cattle are going to be shipped South as early as next week.

Otherwise, no new trade has developed following the light business that was noted on Tuesday at $340 in Nebraska. More cattle will need to trade before the week's over, and at this point it's safe to say that a lower trade is inevitable.

Boxed beef prices are lower: choice down $0.79 ($361.71) and select down $2.75 ($353.90) with a movement of 62 loads (37.72 loads of choice, 6.65 loads of select, zero loads of trim and 17.24 loads of ground beef).

FEEDER CATTLE:

The continued weakness seen throughout the cattle complex is having a toll on the feeder cattle contracts as they are currently trading $7 to $8 lower. November feeders are down $7.37 at $324.65, January feeders are down $8.05 at $317.60 and March feeders are down $8.25 at $312.62. And until some support is found, and the live cattle market sees some improvement too, the feeder cattle contracts are likely going to continue to trail lower.

LEAN HOGS:

It's another day and apparently time for the lean hog complex to find another leg lower in the chart as the market continues to find lower and lower prices. And while yes midday pork cutout values may be higher -- a mere $0.57 rally isn't enough support to help the lean hog contracts begin to dig themselves out of the hole they're in. December lean hogs are down $2.90 at $54.65, February lean hogs are down $3.05 at $59.25 and April lean hogs are down $2.50 at $65.82. The projected lean hog index for Nov. 4, 2026 is down $1.07 at $62.86 and the actual index for Nov. 3, 2026 is down $1.06 at $63.93. Hog prices are lower on the Daily Direct Morning Hog Report, down $1.21 with a weighted average price of $40.29, ranging from $39 to $49 on 1,046 head and a five-day rolling average of $48.79. Pork cutouts totaled 217.18 loads with 190.51 loads of pork cuts and 26.67 loads of trim. Pork cutout values: up $0.57, $69.86. 

Thursday Morning Livestock Market Update - Uncertainty at West Coast Ports Pressures Cattle Markets

GENERAL COMMENTS:

Cattle markets resumed their spiral lower on Wednesday with feeder cattle falling another $2.50-$3.125 and live cattle falling 15-85 cents. Morning trade appeared like there was some buying interest, but markets quickly lost footing by midday. As of Wednesday night, there was still no word on how negotiations were going for the California ports. This is a major threat to beef markets on top of an already poor performing week. Cash markets continue to trade lower as it appears like packers have the upper hand. Producers in Iowa described the struggle they've been having, trying to find a buyer for their cattle over the last 30 days. It appears like the market is currently flush with cattle ready for slaughter as they pack on the pounds waiting for shipment. The export data released Wednesday showed lower beef exports with China down 78.2%, as well as the current biggest buyer, South Korea down 1.4% and Japan was flat. Taiwan was the one bright spot on the report, up 20%.

Lean hog futures also traded lower on Wednesday with markets down $1.05-$1.35. Hog weights from last week were reported at 293.5 pounds, up 0.8 pounds from last week and up 1.9 pounds from last year. For the export data released Wednesday, pork and pork products were down 2% year over year. Mexico has been our largest buyer, but was down 6%, while Japan was up 7%. China and South Korea were also down 7% each.

	BULL SIDE		BEAR SIDE
1)	Higher stock market is bullish for cattle.	1)	Cash pressure is expected to stick around for 2-3 weeks until the north can work through the excess cattle ready for market.
2)	Small herd size will remain bullish until something fundamentally shifts the market's position.	2)	Strike threats at Los Angeles and Long Beach ports threaten beef exports.
3)	Lean hog futures appear to be oversold.	3)	Pork cutouts moved sharply lower Wednesday after choppy trade earlier in the week.
4)	A large managed money position can be positive if they liquidate lean hog futures short positions quickly.	4)	U.S. pork and pork product exports are down 2% this year from last year.

Wednesday Closing Livestock Market Update - A Lack of Support Drives Contracts

GENERAL COMMENTS:

The livestock complex again ended the day lower -- with support nowhere to be found. Bids were offered throughout the day in Kansas at $218 -- but no new trade was noted in the cash sector. December corn is up 1 3/4 cents per bushel and December soybean meal is up $0.60. The Dow Jones Industrial Average is up 1,696.76 points and the NASDAQ is up 453.58 points.

LIVE CATTLE:

Bids were offered throughout the day in Kansas at $218, but no new trade developed following Tuesday's light business. On Tuesday Northern dressed cattle were traded in Nebraska at $340, but not enough cattle have traded to say that any sort of a trend has developed yet for the week. And of those cattle that traded in Nebraska, a large percentage of them were committed for delivery for the week of Nov. 23, 2026. But it is safe to say that it's most likely that the week's trend will indeed be lower. 

Wednesday's slaughter is estimated at 109,000 head -- steady with a week ago but 10,000 head less than a year ago.

Boxed beef prices closed lower: choice down $2.73 ($362.50) and select down $1.72 ($356.65) with a movement of 114 loads (72.33 loads of choice, 13.84 loads of select, 9.63 loads of trim and 17.94 loads of ground beef).

THURSDAY'S CATTLE CALL: Lower. With the early test that the market has already seen being lower, it is most likely that the week's trend will be lower. But by how much remains the unanswered question to this week's trade.

FEEDER CATTLE:

It was a disappointing day as well for the feeder cattle complex as the market not only closed lower, but the spot January contract fell below the 100-day moving average. November feeders closed $2.50 lower at $332.02, January feeders closed $2.65 lower at $325.72 and March feeders closed $3.12 lower at $320.85. And until the market sees some substantial support arise -- whether that be from traders driving the contracts higher or the fed cash cattle market trading higher -- it's unlikely that the market's direction is going to change in the near term as its confidence has been eroded away. At Beaver Livestock Auction in Beaver, Okla. compared to last week feeder steers and calves sold steady to $10 lower. Feeder steers weighing 500 pounds traded $20 higher on better quality stock. Feeder heifers sold $15 to $20 lower. But feeder heifers weighing 600 to 700 pounds traded $5 to $10 higher on better quality. Feeder cattle supply over 600 pounds was 71%. The CME feeder cattle index Nov. 3, 2026: down $2.20, $346.58.

LEAN HOGS:

The lean hog contracts again ended the day lower as support is virtually nonextant right now. December lean hogs closed $1.05 lower at $57.55, February lean hogs closed $1.22 lower at $62.30 and April lean hogs closed $1.05 lower at $68.32. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.90 with a weighted average price of $42.49 on 3,431 head. Pork cutouts totaled 306.42 loads with 262.78 loads of pork cuts and 43.64 loads of trim. Pork cutout values: down $3.14, $69.29. Wednesday's slaughter is estimated at 495,000 head -- 6,000 head more than a week ago and 3,000 head more than a year ago. The CME lean hog index Nov. 2, 2026: down $0.76, $64.99.

THURSDAY'S HOG CALL: Lower. With demand remaining a core issue for the lean hog complex, it's likely that packers will only vaguely participate in the cash market for the remainder for the week.