Wednesday Midday Livestock Market Summary - Weaker Tones Continue to Drive Contracts Lower

GENERAL COMMENTS:

Sadly, so far through Wednesday's trade it's been another disappointing day where the livestock markets continue to lack support from every direction. Bids of $218 have surfaced in Kansas but otherwise no new trade has developed. December corn is up 4 cents per bushel and December soybean meal is up $1.40. The Dow Jones Industrial Average is up 1,489.45 points and the NASDAQ is up 527.41 points.

LIVE CATTLE:

The live cattle complex is continuing to trade lower as the market simply doesn't seen any immediate fundamental support to justify pushing the contracts higher. December live cattle are down $0.57 at $217.57, February live cattle are down $1.02 at $220.40 and April live cattle are down $0.95 at $222.75. Until the market does see some support arise from the fundamentals -- a steady to somewhat lower trend is expected to continue. Bids of $218 have surfaced in Kansas, but otherwise the fed cash cattle market hasn't seen any more trade develop following the light business that was noted on Tuesday. On Tuesday some light dressed cattle trade was reported in Nebraska at $340 -- and a lot of those sales were committed for the week of Nov. 23, 2026.

Boxed beef prices are lower: choice down $0.94 ($364.29) and select down $0.58 ($357.79) with a movement of 57 loads (28.95 loads of choice, 7.13 loads of select, 4.78 loads of trim and 16.26 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is trading lower as the market simply isn't willing to push the feeder cattle contracts higher during a time in which the live cattle contracts are trading lower and the fed cash cattle market looks to be trending that way as well. November feeders are down $3.22 at $331.30, January feeders are down $3.60 at $324.77 and March feeders are down $3.90 at $320.07. It is worth noting that the spot January contract is breaking below the market's 100-day moving average -- which is a bearish technical sign.

LEAN HOGS:

And the lean hog complex is continuing to sink lower and lower as the market simply doesn't have a foot to stand on currently. And until consumer demand improves, it's tough telling how much lower the market will continue to sink -- but it's inevitable, until demand improves a lower trajectory is the market's future. December lean hogs are down $0.67 at $57.92, February lean hogs are down $0.82 at $62.70 and April lean hogs are down $0.97 at $68.40. The projected lean hog index for Nov. 3 is down $1.06 at $63.93, and the actual index for 11/2/2026 is down $0.76 at $64.99. Hog prices are lower on the Daily Direct Morning Hog Report, down $5.57 with a weighted average price of $41.50, ranging from $40.00 to $57.00 on 1,710 head and a five-day rolling average of $50.55. Pork cutouts total 183.89 loads with 163.07 loads of pork cuts and 20.82 loads of trim. Pork cutout values: Down $0.70, $71.73. 

Wednesday Morning Livestock Market Update - Heavy Live Cattle Carcass Weights

GENERAL COMMENTS:

Tuesday was another disappointing day in futures markets for live and feeder cattle contracts. December live cattle futures are now trading below every major moving average. The trend line support is roughly $3 below Tuesday's settlement, so we'll see if that holds in Wednesday's trade. Cash trade is $223.88, $2.67 below last week. Beef cutouts were higher on the day with the largest gains seen in select. Average carcass weights were 902 pounds, up 3 pounds since last week and 13 pounds higher than last year. Strike threats loomed over markets at Los Angeles and Long Beach ports after they decided on a short-term extension to postpone a strike until 5 p.m. PST Wednesday afternoon. Approximately 25% of beef exports pass through those ports, so a strike would be a direct blow to cattle markets.

Lean hog futures also traded lower Tuesday, with only the December contract showing any gains. Pork cutouts were slightly higher Tuesday, but we will need some major fundamental news to get lean hog futures out of this major slump that it has been in. Poor cash prices and falling wholesale pork prices have been pressuring the market for months, making new contract lows this week. China's abundance of pork supply is weighing on the U.S. markets as there is limited export demand.

	BULL SIDE		BEAR SIDE
1)	Low placements and low cattle on feed will help support the market.	1)	Heavy carcass weights for cattle keep packers comfortable with output.
2)	Support from the high Feeder Cattle Index will keep futures from trailing too far from cash prices.	2)	Strike threats at Los Angeles and Long Beach ports threaten beef exports.
3)	Lean hog futures appear to be oversold.	3)	China's abundance of pork supply is limiting U.S. export demand.
4)	Two days in a row of higher pork cutout prices is encouraging.	4)	Negotiated cash prices for hogs show that packers have limited concern for future supply.

Tuesday Closing Livestock Market Update - Nebraska Trades Some Dressed Cattle Early at $340

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.

Tuesday Midday Livestock Market Update - Contracts Continue to Scale Lower

GENERAL COMMENTS:

Tuesday's market has been rather uneventful for the livestock complex as most of the contracts are trading lower as trades simply don't believe that there's enough fundamental support in the marketplace to do anything different. Still no cash cattle trade has developed and both bids and asking prices remain elusive. December corn is down 4 1/4 cents per bushel and December soybean meal is down $2.10. The Dow Jones Industrial Average is down 270.94 points and the NASDAQ is up 229.71 points.

LIVE CATTLE:

It's another day of sitting around, waiting and hoping that fundamental support will arise in the market, but still traders remain hesitant to be overly supportive of the contracts in the meantime. December live cattle are down $0.60 at $219.10, February live cattle are down $1.12 at $222.55 and April live cattle are down $1.65 at $224.50. And while yes midday boxed beef prices are higher, traders are hoping to see added fundamental support from the fed cash cattle market -- which may or may develop later this week. No cash cattle trade has developed yet and both bids and asking prices remain elusive at this point. Trade will likely be delayed until Thursday or Friday again this week.

Boxed beef prices are higher: choice up $1.24 ($366.28) and select up $3.83 ($358.77) with a movement of 65 loads (49.88 loads of choice, 6.03 loads of select, zero loads of trim and 9.08 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also trading lower now as it's unwilling to move its market in the opposite direction of the live cattle market. November feeders are down $3.25 at $335.17, January feeders are down $3.97 at $328.70 and March feeders are down $3.72 at $324.57. And until the live cattle market finds enough fundamental support and turns higher, the feeder cattle complex will likely continue to trade lower as well.

LEAN HOGS:

The lean hog complex is trading lower into Tuesday's noon hour as well as even though midday pork cutout values are up slightly, the market simply doesn't possess enough fundamental support right now to confidently trade the contracts higher. December lean hogs are up $0.35 at $58.52, February lean hogs are down $0.40 at $63.47 and April lean hogs are down $0.42 at $69.22. The projected lean hog index is delayed from the source. Hog prices average $47.07, ranging from $40.00 to $58.50 on the Daily Direct Morning Hog Report, on 7,300 head and a five-day rolling average of $53.00. Pork cutouts total 162.43 loads with 137.17 loads of pork cuts and 25.27 loads of trim. Pork cutout values: up $2.24, $74.52.