GENERAL COMMENTS:
Although the live cattle contracts were pressured earlier in the day, luckily by the day's end the market was able to close higher alongside the feeder cattle contracts. Still no cash cattle trade has developed. December corn is down 1 cent per bushel and December soybean meal is up $3.20. The Dow Jones Industrial Average is up 254.60 points and the NASDAQ is up 400.32 points.
LIVE CATTLE:
All in all it was a quiet day for the live cattle complex as the market traded back and forth, not overly confident if the market could hold a stronger trend through the day's close -- but luckily all the contracts did besides the spot December contract. December live cattle closed $0.22 lower at $218.97, February live cattle closed $0.12 higher at $222.70 and April live cattle closed $0.50 higher at $225.62. No cash cattle trade developed throughout the day as packers continue to let the week pass not feeling pressured to get more cattle bought in a quick manner as they sit on ample supply.
Wednesday's slaughter is estimated at 107,000 head -- 2,000 head less than a week ago and 14,000 head less than a year ago.
Boxed beef prices closed lower: choice down $2.72 ($360.26) and select down $4.15 ($347.47) with a movement of 95 loads (62.71 loads of choice, 10.90 loads of select, 9.79 loads of trim and 11.14 loads of ground beef).
THURSDAY'S CATTLE CALL: Steady to somewhat lower. Given that packers hold plenty of supply right now, prices will likely be lower again this week.
FEEDER CATTLE:
The feeder cattle contracts continued to rally through Wednesday's end as the market was grateful for traders' continued support. It is a positive technical signal that the spot January contract was able to maintain its position above the market's 100-day moving average. November feeders closed $2.27 higher a $332.62, January feeders closed $1.12 higher at $327.80 and March feeders closed $0.77 higher at $324.12. At Ozarks Regional Stockyards in West Plains, Missouri, compared to last week steers were traded unevenly at $5.00 lower to $5.00 higher. But heifers traded mostly steady to $5.00 higher. Demand was good but especially good on grazing calves. Feeder cattle supply over 600 pounds was 35%. The CME feeder cattle index 11/10/2026: up $0.19, $330.61.
LEAN HOGS:
And to no one's surprise, the lean hog complex closed lower -- yet again. But without much improvement seen in pork demand -- this sideways to somewhat lower trend is likely going to continue to be the market's theme. December lean hogs closed $0.22 higher at $56.02, February lean hogs closed $0.22 lower at $60.52 and April lean hogs closed $0.42 lower at $66.47. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.32 with a weighted average price of $37.52 on 4,767 head. Pork cutouts totaled 303.49 loads with 275.36 loads of pork cuts and 28.14 loads of trim. Pork cutout values: down $0.18, $69.34. Wednesday's slaughter is estimated at 462,000 head -- 33,000 head less than a week ago and 25,000 head less than a year ago. The CME lean hog index 11/9/2026: down $0.29, $59.99.
THURSDAY'S HOG CALL: Lower. Without anything improving in terms of demand, the cash hog market will likely continue to trade lower.
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