GENERAL COMMENTS:
The livestock complex is back to trading lower as traders once again long for fundamental support to guide the contract's direction. No cash cattle trade has developed yet, and it's most likely that trade will be delayed for at least another day or two. December corn is down 5 1/2 cents per bushel and December soybean meal is up $7.30. The Dow Jones Industrial Average is down 400.26 points and the NASDAQ is down 126.75 points.
LIVE CATTLE:
The live cattle complex is trading mostly lower into Wednesday's noon hour as the market longs to see an uptick in fundamental support to guide its direction. And at this point, no cash cattle trade has developed, so traders are merely letting the contracts drift back into their sideways trading range. October live cattle are up $0.20 at $221.42, December live cattle are down $0.70 at $223.40 and February live cattle are down $0.92 at $226.25. Asking prices are noted in Nebraska at $228 to $230 live and $350 dressed. But otherwise the fed cash cattle market still hasn't seen any trade developed and bids have surfaced at this point. Trade will likely be delayed until Thursday, if not until Friday.
Boxed beef prices are lower: choice down $3.28 ($375.65) and select down $0.21 ($356.13) with a movement of 64 loads (44.11 loads of choice, 10.13 loads of select, 3.92 loads of trim and 5.79 loads of ground beef).
FEEDER CATTLE:
Following Tuesday's sharp gains, the feeder cattle complex is back to trading lower as the market hopes to see greater fundamental support arise. And with the live cattle complex trading lower, it's not likely that the feeder cattle complex will break out on its own and trade higher until it sees the live cattle market do so. October feeders are down $1.47 at $339.02, November feeders are down $1.45 at $336.82 and January feeders are down $0.62 at $331.20.
LEAN HOGS:
And again, without better fundamental support, the lean hog contracts are scaling lower. More than anything, for the hog complex it's the decline in pork demand which is a sore subject for the market and makes it difficult to gain any substantial ground from a technical standpoint. October lean hogs are down $0.92 at $77.00, December lean hogs are down $1.47 at $68.90 and February lean hogs are down $1.60 at $69.72. The projected lean hog index for 10/6/2026 is down $0.31 at $78.91 and the actual index for 10/5/2026 is down $0.41 at $79.22. Hog prices are lower on the Daily Direct Morning Hog Report, down $3.97 with a weighted average price of $72.12, ranging from $69.00 to $75.50 on 1,067 head and a five-day rolling average of $75.67. Pork cutouts total 155.28 loads, with 144.49 loads of pork cuts and 10.78 loads of trim. Pork cutout values: down $1.02, $82.82.
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