GENERAL COMMENTS:
Thursday came and went and the livestock contracts didn't see much change throughout the day's trade. The cattle contracts still closed lower as traders long for improved fundamental support, but the lean hog contracts were able to close a touch higher thanks to trader support. December corn is down 1/2 cent per bushel and December soybean meal is down $6.40. The Dow Jones Industrial Average is down 132.54 points and the NASDAQ is down 365.13 points.
LIVE CATTLE:
Sitting around and hoping for greater fundamental support to develop, the live cattle contracts again ended Thursday lower as no new cash cattle trade developed. October live cattle closed $0.10 lower at $227.27, December live cattle closed $1.02 lower at $226.30 and February live cattle closed $1.02 lower at $229.47. More than anything traders would likely at least keep the contracts trading steady if the cash market could trade steady as well, but if fundamental support doesn't improve, a lower tone may again become the market's theme. Throughout the day bids of $348 dressed were offered in Nebraska, and bids of $225 live were offered in Kansas, but no sales were confirmed.
Thursday's slaughter is estimated at 109,000 head -- 6,000 head more than a week ago and 5,000 head less than a year ago.
Boxed beef prices closed lower: choice down $1.72 ($367.28) and select down $3.62 ($351.63) with a movement of 101 loads (69.11 loads of choice, 7.95 loads of select, 9.18 loads of trim and 15.13 loads of ground beef).
FRIDAY'S CATTLE CALL: Lower. With the board not showing much optimism, and feedlot managers having larger showlists this week, it's likely that the week's trend could be lower.
FEEDER CATTLE:
Thursday was another quiet day for the feeder cattle complex as the market managed to close mixed: lower in its nearby contracts, but slightly higher in the deferred months. October feeders closed $0.32 lower at $351.10, November feeders closed $0.27 lower at $346.47 and January feeders closed $0.15 lower at $241.95. And until the nearby live cattle contracts trade higher, it's unlikely that the nearby feeder cattle contracts will be able to either. At the Winter Livestock Auction in Dodge City, Kansas, compared to last week, steers over 750 pounds traded steady with a strong undertone noted. Heifers weighing 750 to 850 pounds sold steady to $6.50 higher, but those over 850 pounds weren't well tested. Steer and heifer calves sold steady. Feeder cattle supply over 600 pounds was 82%. The CME feeder cattle index 10/28/2026: up $0.43, $351.43.
LEAN HOGS:
And believe it or not, even though pork cutout values still ended Thursday lower, the lean hog contracts were able to rally mildly thanks to continued trader support. December lean hogs closed $1.22 higher at $59.82, February lean hogs closed $0.55 higher at $64.72 and April lean hogs closed steady at $70.62. But while today's slightly higher end is a pleasant note, it's unlikely that traders will move the market substantially higher without an improvement in consumer demand. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $7.22 with a weighted average price of $63.78 on 2,129 head. Pork cutouts totaled 272.22 loads with 232.04 loads of pork cuts and 40.17 loads of trim. Pork cutout values: down $1.76, $70.69. Thursday's slaughter is estimated at 497,000 head -- steady with a week ago and 22,000 head more than a year ago. The CME lean hog index 10/27/2026: down $1.06, $68.30.
FRIDAY'S HOG CALL: Lower. At this point packers have likely secured the vast majority of their needs for the week.
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