GENERAL COMMENTS:
It was a pitiful day for the livestock complex as traders grew frustrated with the market and its lack of fundamental support, which led to the contracts ending the day lower. At the time of this writing, the fed cash cattle market has only traded a handful of cattle, and prices have been lower than last week's weighted average. December corn is down 3 1/2 cents per bushel and December soybean meal is down $4.70. The Dow Jones Industrial Average is down 572.25 points and the NASDAQ is down 747.72 points.
From Friday to Friday, livestock futures scored the following changes: October live cattle down $5.88, December live cattle down $10.18; November feeder cattle down $10.55, January feeder cattle down $13.58; December lean hogs down $6.70; December corn down $0.08.
LIVE CATTLE:
With a lack of fundamental support, the live cattle contracts waived their white flag, tucked their tails and ran lower through Friday's end and into the weekend. December live cattle closed $5.35 lower at $220.95, February live cattle closed $5.27 lower at $224.20 and April live cattle closed $5.45 lower at $226.62. Some light trade was reported today in the South at $225, which is $2.00 lower than last week's weighted average, and there's been no more trade noted in the North following Wednesday's light movement at $350 to $352, which is $13.00 to $15.00 lower than the previous week's weighted average. If more trade doesn't develop later this afternoon, that would be two weeks in a row now of packers buying extremely few cattle in the fed cash cattle market. Which could potentially leave them bought for the upcoming week.
Friday's slaughter is estimated at 96,000 head -- steady with a week ago and 2,000 head less than a year ago. Saturday's slaughter is projected to be around 13,000 head. The week's total slaughter is estimated at 543,000 head -- 3,000 head less than a week ago and 14,000 head less than a year ago.
Boxed beef prices closed mixed: choice down $2.62 ($364.66) and select up $0.35 ($351.98) with a movement of 126 loads (100.70 loads of choice, 8.66 loads of select, 10.36 loads of trim and 5.85 loads of ground beef).
MONDAY'S CATTLE CALL: Before we can accurately gauge where the market may go next week, we need to see what exactly pans out in this week's trade.
FEEDER CATTLE:
The CME's current trading limits for cattle contracts present challenges for some market participants. Daily feeder cattle contract moves of up to $10.00 can increase volatility and significantly raise risk exposure and marketing costs. And that's exactly what the market did today -- it fell more than $10.00 in most of the feeder cattle contracts as traders wiped their hands of the market before Friday's end. So why the big decline, you ask? Good question, because shouldn't a $10.00 decline be justified by some earth-shattering development? Well, that wasn't the case today. Traders were frustrated with the market's lack of fundamental support and let the contracts sink lower ahead of the weekend. November feeders closed $8.70 lower at $337.77, January feeders closed $10.17 lower at $331.77 and March feeders closed $10.50 lower at $327.27. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week and throughout the entire state, feeder steers traded steady, but stocker steers sold $3.00 to $8.00 lower.Feeder heifers sold steady to $5.00 higher. Steer and heifer calves traded $5.00 to $10.00 higher. Feeder cattle supply over 600 pounds was 56%. The CME feeder cattle index 10/29/2026: down $0.17, $351.26.
LEAN HOGS:
The lean hog complex ended the day lower too as traders continue to be frustrated by the lack of consumer demand. December lean hogs closed $0.95 lower at $58.87, February lean hogs closed $0.97 lower at $63.75 and April lean hogs closed $1.12 lower at $69.50. And until there's some sort of fundamental improvement, this sideways lower chop is likely going to continue to be the lean hog market's trajectory. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $3.49 with a weighted average price of $60.29 on 3,701 head. Pork cutouts totaled 314.97 loads, with 270.62 loads of pork cuts and 44.35 loads of trim. Pork cutout values: down $0.59, $70.10. Friday's slaughter is estimated at 486,000 head -- 29,000 head more than a week ago and 26,000 head more than a year ago. Saturday's slaughter is projected to be around 190,000 head. The CME lean hog index 10/28/2026: down $1.00, $67.30.
MONDAY'S HOG CALL: Lower. Packers rarely buy aggressively in the cash hog market on Mondays.
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