GENERAL COMMENTS:
Tuesday was another grim day for the livestock complex with not enough support developing to encourage traders to push any of the contracts higher through the day's close. Some light cash cattle trade developed throughout the afternoon in Nebraska at $340, which likely means that the week's trend will be lighter given that sales are developing this early in the week. December corn is down 5 3/4 cents per bushel and December soybean meal is down $1.60. The Dow Jones Industrial Average is down 260.89 points and the NASDAQ is up 206.45 points.
LIVE CATTLE:
The live cattle complex ended Tuesday lower, and upon seeing some light cash cattle trade develop lower this afternoon in Nebraska, a weaker trend will likely be the week's mantra. Some light dressed cattle trade was noted this afternoon in Nebraska at $340, and the bulk of those sales were committed for delivery for the week of 11/23/2026. It's too soon to say what the exact weekly trend will be, but it's safe to assume that it will be lower. And it's never a good sign when trade breaks out this early in the week for feedlot managers, when cattle trade early in the week prices are typically lower. December live cattle closed $1.55 lower at $218.15, February live cattle closed $2.10 lower at $221.42 and April live cattle closed $2.45 lower at $223.70.
Tuesday's slaughter is estimated at 110,000 head -- steady with a week ago and 9,000 head less than a year ago.
Boxed beef prices closed higher: choice up $0.19 ($365.23) and select up $3.43 ($358.37) with a movement of 140 loads (104.29 loads of choice, 9.10 loads of select, 12.85 loads of trim and 14.02 loads of ground beef).
WEDNESDAY'S CATTLE CALL: Lower. With the week's early test lower and packers securing more inventory in recent weeks, the week's overall trend will likely be lower.
FEEDER CATTLE:
Without enough support, the feeder cattle complex didn't have any other option but to trade the feeder cattle contracts lower through Tuesday's close. And until the live cattle complex sees some support, it's highly unlikely that the feeder cattle contracts will trade higher. November feeders closed $3.90 lower at $334.52, January feeders closed $4.30 lower at $328.37 and March feeders closed $4.32 lower at $323.97. At the Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, true yearlings were selling $4.00 to $12.00 lower. Steer and heifer calves were trading $10.00 to $20.00 lower on lesser quality calves, and some prices even dipped $30.00 lower. Feeder cattle supply over 600 pounds was 42%. The CME feeder cattle index 11/2/2026: not available at this time.
LEAN HOGS:
And to no one's surprise, the lean hog contracts ended Tuesday lower too. And while yes, again this afternoon pork cutouts improved mildly, to give the market some real footing the complex is going to need to see substantial improvements in demand, not minor. December lean hogs closed $0.42 higher at $58.60, February lean hogs closed $0.35 lower at $63.52 and April lean hogs closed $0.27 lower at $69.37. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $4.62 with a weighted average price of $45.39 on 12,803 head. Pork cutouts totaled 283.61 loads with 249.39 loads of pork cuts and 34.21 loads of trim. Pork cutout values: up $0.15, $72.43. Tuesday's slaughter is estimated at 493,000 head -- steady with a week ago and 6,000 head more than a year ago. The CME lean hog index for 10/30/2026: up $0.18, $65.75.
WEDNESDAY'S HOG CALL: Steady to somewhat lower. With demand not improving much, it's unlikely that packers are going to be much more aggressive in the cash market.
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