GENERAL COMMENTS:
The livestock complex again ended the day mixed, with the cattle contracts rallying upon hearing of the executive order for red-dyed diesel, but the lean hog contracts still saw their nearby contracts end the day lower. No cash cattle trade has developed yet. December corn is up 10 3/4 cents per bushel and December soybean meal is up $7.70. The Dow Jones Industrial Average is up 253.38 points and NASDAQ is up 122.48 points.
LIVE CATTLE:
Tuesday came as a bullish surprise to the cattle complex, which seemed to be mostly fueled by the announcement from President Trump that he intends to sign an executive order to waive the off-road requirement and allow anyone to purchase tax-free, red-dyed diesel. The bullishness helped rally the complex to the upper end of its current trading range. October live cattle closed $3.97 higher at $221.22, December live cattle closed $4.12 higher at $224.10 and February live cattle closed $5.12 higher at $227.17. No cash cattle trade developed throughout the day. Both bids and asking prices remain elusive at this point.
Tuesday's slaughter is estimated at 110,000 head -- 2,000 head more than a week ago and 8,000 head less than a year ago.
Boxed beef prices closed mixed: choice up $0.67 ($378.93) and select down $2.23 ($356.34) with a movement of 125 loads (84.05 loads of choice, 19.25 loads of select, 6.86 loads of trim and 14.35 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Steady. Given that packers were able to buy a sizeable volume of cattle last week, it's unlikely thatthey'll have to be as aggressive in the market this week.
FEEDER CATTLE:
The excitement seen in the live cattle complex was only amplified throughout the feeder cattle market as its contracts closed anywhere from $6.00 to $9.00 higher. Seeing the bullishness in the live cattle market only made traders all that more eager to drive the feeder cattle contracts higher, and depending on the specifics of the executive order dealing with dyed diesel, it could help support sale barn prices too in time. October feeders closed $$6.65 higher at $340.50, November feeders closed $8.15 higher at $338.27 and January feeders closed $9.22 higher at $331.82. At the Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers over 800 pounds traded steady to $2.00 lower; those under 800 pounds sold $3.00 to $8.00 lower. Feeder heifers sold mostly steady; those weighing 600 to 700 pounds traded $5.00 higher. Heifer calves traded $5.00 to $10.00 higher. Feeder cattle supply over 600 pounds was 66%. The CME feeder cattle index 10/5/2026: down $0.54, $337.22.
LEAN HOGS:
The lean hog complex ended the day mixed, with most of the nearby contracts ending the day lower, while the deferred contracts were able to maintain a slightly higher position through the day's end. Pork cutout values were weaker this afternoon, which could have added to the pressure that the nearby contracts felt. October lean hogs closed $0.07 higher at $77.92, December lean hogs closed $0.57 lower at $70.37 and February lean hogs closed $1.37 lower at $71.32. Hog prices are lower on the Daily Direct Afternoon Hog Report, down $1.07 with a weighted average price of $75.74, on 6,700 head. Pork cutouts total 305.33 loads, with 264.65 loads of pork cuts and 40.69 loads of trim. Pork cutout values: down $2.17, $83.84. Tuesday's slaughter is estimated at 494,000 head -- 1,000 head more than a week ago and 16,000 head more than a year ago. The CME lean hog index 10/2/2026: down $0.57, $79.63.
WEDNESDAY'S HOG CALL: Lower. With pork cutout values a tick lower on Wednesday, cash prices could be lower.
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