GENERAL COMMENTS:
The livestock complex ended Thursday lower, with simply not enough support surfacing for traders to do anything else with the market for the time being. Some light cash cattle trade was noted in the South at $218 which is $6 lower than last week's weighted average. December corn is down 4 1/4 cents per bushel and December soybean meal is down $1.40.
The Dow Jones Industrial Average is down 1,778.84 points and the NASDAQ is down 1,328.52 points.
LIVE CATTLE:
Between the cash cattle market's lower trend, to the sheer erosion of confidence in the entire cattle complex thanks to last week's share sell off, to the the strike threats looming at the Los Angeles and Long Beach ports (where approximately 25% of beef exports pass through) and the bearish tone that's settle into the live cattle complex begins to make sense.
And Thursday's trade was no different from the lower trend in which the complex saw earlier in the week. December live cattle closed $3.60 lower at $214.40, February live cattle closed $3.20 lower at $217.62 and April live cattle closed $2.77 lower at $220.42. Some light cash cattle trade was noted in the South at $218 which is $6 lower than last week's weighted average. A few sales were also marked in Nebraska at $214, but those cattle were being trucked to the South as well as supplies of market ready cattle are thinner in the South right now.
Thursday's slaughter is estimated at 110,000 head which is 1,000 head more than a week ago and 4,000 head less than a year ago.
Boxed beef prices closed lower: choice down $0.94 ($361.56) and select down $4.33 ($352.32) with a movement of 97 loads (60.75 loads of choice, 11.74 loads of select, 4.11 loads of trim and 19.96 loads of ground beef).
FRIDAY'S CATTLE CALL: Steady with the week's trend. We've now seen a light test in the North, and a light test in the South, and so at this point, prices are likely to remain close to the prices seen thus far as packers possess the lion's share of the market's leverage.
FEEDER CATTLE:
The feeder cattle contracts ended the day $4 to $5 lower with a lack of support - stemming from any direction - again being the market's Achillies heel. And until the live cattle complex sees some level of support arise and opts to trade higher - this weaker tone will likely remain the theme of the feeder cattle complex until something fundamentally worthwhile develops. November feeders closed $6.97 lower at $325.05, January feeders closed $5.40 lower at $320.32 and March feeders closed $4.92 lower at $315.92. At Clovis Livestock Auction in Clovis, New Mexico, compared to last week and at their midsession point, steer calves weighing 350 to 600 pounds were trading $6 to $20 lower and feeder steers were trading $2 to $12 lower. Heifer calves weighing 300 to 500 pounds were traded $14 to $20 lower and those weighing 500 to 600 pounds were selling steady to $10 higher. The CME feeder cattle index Nov. 4, 2026: down $3.82, $342.76.
LEAN HOGS:
The lean hog complex ended Thursday lower, again unable to find any meaningful support in the market to safely allow traders to move the contracts higher. December lean hogs closed $2.45 lower at $55.10, February lean hogs closed $2.12 lower at $60.17 and April lean hogs closed $1.20 lower at $67.12. Pork cutouts totaled 342.55 loads with 303.96 loads of pork cuts and 38.59 loads of trim. Pork cutout values: down $0.30, $68.99. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.70 with a weighted average price of $41.79 on 1,711 head. Thursday's slaughter is estimated at 494,000 head - 22,000 head more than a week ago and 31,000 head more than a year ago. The CME lean hog index Nov. 2, 2026: down $1.06, $63.93.
FRIDAY'S HOG CALL: Lower. At this point packers have likely secured the vast majority of their needs already out of the cash market.
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