GENERAL COMMENTS:
The livestock complex is trading mixed into midday Monday as the cattle contracts rally thanks to last week's success, but the lean hog complex isn't as confident given that pork demand has been so finicky. New showlists for the week are steady in Kansas, but slightly higher in Texas and Nebraska. December corn is down 1/2 cent per bushel and December soybean meal is down $6.10. The Dow Jones Industrial Average is up 100.60 points and the NASDAQ is up 240.32 points.
LIVE CATTLE:
Following last week's bullish Cattle on Feed report, the live cattle complex is again trading higher into midday Monday. Although it feels odd to say, it's still unclear exactly where fed cash cattle prices landed last week as trade was light and didn't develop until late Friday and Saturday. But some live cattle trade was noted in the South at $230, and Northern dressed cattle were rumored to have traded anywhere from $358 to $362. But before we can say certainly where the week's weighted averages landed, we will have to see what the midday report unveils. Either way, the market is charging higher into midday Monday, grateful for strong fundamental support. October live cattle are up $0.02 at $229.90, December live cattle are steady at $231.12 and February live cattle are up $0.75 at $234.10. New showlists for the week are steady in Kansas, but slightly higher in Texas and Nebraska.
Boxed beef prices are higher: choice up $3.37 ($369.16) and select up $4.36 ($357.05) with a movement of 39 loads (22.21 loads of choice, 3.44 loads of select, 7.30 loads of trim and 5.86 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is again climbing higher into midday Monday as traders feel as though the market is well supported by ample fundamental support. October feeders are up $1.02 at $349.35, November feeders are up $0.25 at $348.37 and January feeders are up $0.47 at $345.80. And so long as the live cattle complex continues to trade higher, the feeder cattle complex will likely follow suit.
LEAN HOGS:
The lean hog complex is trading lower into midday Monday, as although midday pork cutout values are a tick higher, traders aren't willing to advance the contracts simply because prices are higher for a day. Pork demand has been a lingering issue for the hog complex, and it's not likely that the market is going to change its direction until there's greater confidence that consumers are going to show more interest. The projected lean hog index for 10/23/2026 is down $1.08 at $70.08, and the actual index for 10/22/2026 is down $0.99 at $71.16. Hog prices average $66.18 on the Daily Direct Morning Hog Report, ranging from $63.50 to $67.00 on 535 head and a five-day rolling average price of $66.99. Pork cutouts totaled 190.85 loads, with 171.32 loads of pork cuts and 19.53 loads of trim. Pork cutout values: up $1.31, $75.40.
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