GENERAL COMMENTS:
It was a successful week for the livestock contracts! All three of the livestock markets ended the week Friday afternoon in a better position than what the market opened at on Monday morning -- praise God! December corn is up 3 cents per bushel and December soybean meal is up $4.40. The Dow Jones Industrial Average is up 33.56 points and NASDAQ is down 197.89 points.
From Friday--to--Friday livestock futures scored the following changes: December live cattle up $6.60, February live cattle up $7.60; November feeder cattle up $16.70, January feeder cattle up $16.98; December lean hogs up $1.93, December corn up $0.04.
LIVE CATTLE:
The live cattle complex ended the week back on track and on fire. Thanks to traders support this week, and then feedlot managers commitment to continuing to push the market for all that it can give -- both the futures complex and the cash sector showed strong promise this week which was quite refreshing following the blood bath that occurred the two weeks before. December live cattle closed $1.75 higher at $220.65, February live cattle closed $1.85 higher at $224.80 and April live cattle closed $1.95 higher at $227.90. At the time of this writing there's been a moderate test in Nebraska as early today dressed cattle were trading for $335, but by the afternoon feedlot managers had managed to get packers to pay up to $338 which is only $2 lower than last week's weighted average. But there's yet to be any reported trade in the South.
Friday's slaughter is estimated at 106,000 head -- 13,000 head more than a week ago and 12,000 head more than a year ago. Saturday's slaughter is projected to be around 4,000 head. The week's total slaughter is estimated at 545,000 head -- 11,000 head more than a week ago and 30,000 head less than a year ago.
Boxed beef prices closed mixed: choice down $1.95 ($355.64) and select up $0.44 ($349.15) with a movement of 92 loads (71.60 loads of choice, 8.13 loads of select, 5.72 loads of trim and 6.52 loads of ground beef).
MONDAY'S CATTLE CALL: Steady. Before we can try to anticipate what next week's market may do, we need to see where the chips land this week and how trade shakes out in the cash sector.
FEEDER CATTLE:
What a successful way to head into the weekend! The feeder cattle complex traded higher throughout the entire week, and by Friday's close had successfully conquered the market's 100--day and 40--day moving averages. Given where the market was just a week ago at this time -- it's quite a refreshing change to see. November feeders closed $3.35 higher at $339.02, January feeders closed $3.67 higher at $335.35 and March feeders closed $3.77 higher at $332.05. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week and throughout the entire state, feeder steers traded $7 to $12 higher, expect those weighing 700 to 800 pounds which traded $3 to $8 lower. Feeder heifers traded unevenly steadily in a light test across all barns. Steer calves over 500 pounds sold $8 to $10 higher, but those under 500 pounds traded $25 to $30 higher. Heifer calves traded $5 to $10 higher. Demand was very good for calves and big steers. CME November feeder cattle futures continue their roller coaster ride. After closing last week down $15.45, the contract has reversed course this week, gaining about $16.70 this week. Slaughter cows traded $4 to $7 lower and slaughter bulls sold $4 lower too. Feeder cattle supply over 600 pounds was 46%. The CME feeder cattle index Nov. 12, 2026: up $4.86, $338.78.
LEAN HOGS:
The lean hog complex was even able to end the week on a stronger note -- mostly supported by traders but it was mildly helpful that both cash prices and pork cutout values ended the day higher -- even though that doesn't mean that long term the demand issue is fixed. December lean hogs closed $0.30 higher at $55.45, February lean hogs closed $0.37 higher at $61.37 and April lean hogs closed $1.67 higher at $68.50. Pork cutouts totaled 233.93 load with 196.97 loads of pork cuts and 36.96 loads of trim. Pork cutout values: up $0.41, $69.55. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $3.46 with a weighted average price of $43.10 on 6,565 head. Friday's slaughter is estimated at 489,000 head -- 4,000 head more than a week and year ago. Saturday's slaughter is projected to be around 312,000 head. The CME lean hog index Nov. 11, 2026: down $1, $58.78.
MONDAY'S HOG CALL: Lower. Packers rarely show much interest in the cash hog market on Mondays.
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