GENERAL COMMENTS:
The livestock contracts again ended the day mixed with the cattle contracts closing higher while the lean hog complex ended the day weaker. Bids of $215 were offered in Kansas, but no cattle traded. December corn is down 5 1/2 cents per bushel and December soybean meal is down $4.30. The Dow Jones Industrial Average is down 171.72 points and the NASDAQ is down 121.91 points.
LIVE CATTLE:
The live cattle complex was also able to rally through the day's end, in all the contracts except for the spot December 2026 contract which remained cautious as there's yet to be any trade in this week's fed cash cattle market. The fed cash cattle market saw bids develop in Kansas at $215 live, but no trade developed. Asking prices are noted at $340 in Nebraska but are not specified in the South. Given that no trade has developed yet, packers will need to be more aggressive in Friday's market to secure enough inventory to avoid being short bought. December live cattle closed $0.07 lower at $218.90, February live cattle closed $0.25 higher at $222.95 and April live cattle closed $0.32 higher a $225.95.
Thursday's slaughter is estimated at 110,000 head - steady with a week ago and 11,000 head less than a year ago.
Boxed beef prices closed mixed: choice down $2.67 ($357.59) and select up $1.24 ($348.71) with a movement of 160 loads (130.56 loads of choice, 8.19 loads of select, 5.70 loads of trim and 15.80 loads of ground beef).
FRIDAY'S CATTLE CALL: Lower. At this point it's assumed that fed cash cattle prices will trade lower this week given that packer have been able to secure more inventory in recent week.
FEEDER CATTLE:
The feeder cattle complex continued to rally through Thursday's close, feeling dually supported by the live cattle market's support as well by the strong buyer demand in the countryside for calves/feeders. November feeders closed $3.05 higher at $335.67, January feeders closed $3.87 higher at $331.67 and March feeders closed $4.15 higher at $328.27. At Clovis Livestock Auction in Clovis, New Mexico compared to last week and their preliminary point, steer calves weighing 350 to 600 pounds were trading $9 to $20 higher and feeder steers were trading steady to $12 higher. Heifers calves weighing 350 to 450 pounds were selling $10.00 to $20 higher while those weighing 450 to 600 pounds were trading steady to $9 lower. Feeder heifers weighing 600 to 700 pounds were trading $10 to $12 higher. Buyer demand was excellent. Feeder cattle supply over 600 pounds was 38%. The CME feeder cattle index Nov. 11, 2026: up $3.31, $333.92.
LEAN HOGS:
The lean hog complex ended the day mostly lower as the market's biggest issue - demand - hasn't been resolved. December lean hogs closed $0.87 lower at $55.15, February lean hogs closed $0.47 higher at $61 and April lean hogs closed $0.35 higher at $66.82. Pork cutouts totaled 276.76 loads with 244.49 loads of pork cuts and 32.27 loads of trim. Pork cutout values: down $0.20, $69.14. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.12 with a weighted average price of $39.64 on 3,016 head. Thursday's slaughter is estimated at 487,000 head - 7,000 head less than a week ago and 3,000 head less than a year ago. The CME lean hog index Nov. 10, 2026: down $0.21, $59.78.
FRIDAY'S HOG CALL: Lower. At this point it's most likely that packers have boughten the vast majority of their needs already out of the cash market.
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