GENERAL COMMENTS:
It was another painstaking day where the livestock contracts all ended the day lower. December corn is up 1 1/2 cents per bushel and December soybean meal is up $2.00. The Dow Jones Industrial Average is down 237.33 points and the NASDAQ is up 264.42 points.
From Friday to Friday livestock futures scored the following changes: December live cattle down $9.95, February live cattle down $7.00; November feeder cattle down $15.45, January feeder cattle down $13.40; December lean hogs down $5.35; December corn down $0.06.
LIVE CATTLE:
It was absolutely sickening to watch the live cattle complex fall lower and lower, day in and day out, throughout this past week's trade. The contracts plundered lower, continuing to erode position from the marketplace for no apparent reason. Boxed beef demand is still strong, throughput remains in line with the market's trend, and there's been no wall of cattle found to cause fed cash cattle prices to trade lower -- but yet here we sit, with the board well below its 100-day moving average and the cash cattle market traded cattle lower than last week's weighted average too.
So, what gives? Why has the market completely lost its footing? Good question, and I'm disgusted to say that it's simply because it can... The thing about the futures complex is that traders don't make as much money from stable markets as they do in volatile ones. Regardless of what market disruption does to the rancher. The CME has got to do something about the downside risk to these markets -- this type of volatile market reaction from no true cause is flat reckless and has cost cattlemen tremendously.
December live cattle closed $0.35 lower at $214.05, February live cattle closed $0.42 lower at $217.20 and April live cattle closed $0.57 lower at $219.85. Throughout the week Southern live cattle traded at mostly $218, which is $6.00 lower than the previous week's weighted average and Northern dressed cattle traded at mostly $340, which is $8.00 to $25.00 lower than the previous week's weighted average.
Friday's slaughter is estimated at 93,000 head -- 3,000 head less than a week ago and 5,000 head less than a year ago. Saturday's slaughter is projected to be around 11,000 head. The week's total slaughter is estimated at 534,000 head -- 9,000 head less than a week ago and 34,000 head less than a year ago.
Boxed beef prices closed mixed: choice down $0.77 ($360.79) and select up $1.24 ($353.56) with a movement of 116 loads (97.12 loads of choice, 4.19 loads of select, 3.47 loads of trim and 11.41 loads of ground beef).
MONDAY'S CATTLE CALL: Lower. With the board hell-bent to trade lower and packers hold the lion's share of the market's leverage, lower prices are most likely for next week's fed cash cattle trade.
FEEDER CATTLE:
And in keeping in alignment with the live cattle complex, the feeder contracts also fell lower through Friday's end -- with no support arising to help give traders some support to stand on. November feeders closed $2.72 lower at $322.32, January feeders closed $1.95 lower at $318.37 and March feeders closed $2.07 lower at $313.85. The Oklahoma Weekly Cattle Auction summary shared that compared to last week and throughout the entire state, feeder steers traded $10.00 to $20.00 lower. Steer calves over 500 pounds sold $10.00 to $12.00 lower, and those under 500 pounds traded $15.00 to $25.00 lower. Feeder heifers and heifer calves both sold $15.00 to $25.00 lower. Feeder cattle supply over 600 pounds was 47%. The CME feeder cattle index 11/5/2026: down $5.35, $337.41.
LEAN HOGS:
Although pork cutout values and cash prices ended the day higher, it still wasn't enough support to change traders' minds and drive the contracts higher ahead of the week's close. And unfortunately, given the unstable demand scenario in the hog sector right now -- it's going to take a lot of support before traders will likely come to the market's aid. December lean hogs closed $1.57 lower at $53.52, February lean hogs closed $1.47 lower at $58.70 and April lean hogs closed $0.62 lower at $66.50. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $4.42 with a weighted average price of $46.21 on 858 head. Pork cutouts totaled 292.40 loads with 271.83 loads of pork cuts and 20.57 loads of trim. Pork cutout values: up $1.66, $70.65. Friday's slaughter is estimated at 485,000 head -- 1,000 head less than a week ago and 15,000 head more than a year ago. Saturday's slaughter is projected to be around 212,000 head. The CME lean hog index 11/4/2026: down $1.07, $62.86.
MONDAY'S HOG CALL: Lower. Packers rarely show much interest in the cash hog market on Mondays.
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