Friday Closing Livestock Market Update - Lack of Fundamental Support Drives Contracts Lower

GENERAL COMMENTS:

It was a pitiful day for the livestock complex as traders grew frustrated with the market and its lack of fundamental support, which led to the contracts ending the day lower. At the time of this writing, the fed cash cattle market has only traded a handful of cattle, and prices have been lower than last week's weighted average. December corn is down 3 1/2 cents per bushel and December soybean meal is down $4.70. The Dow Jones Industrial Average is down 572.25 points and the NASDAQ is down 747.72 points.

From Friday to Friday, livestock futures scored the following changes: October live cattle down $5.88, December live cattle down $10.18; November feeder cattle down $10.55, January feeder cattle down $13.58; December lean hogs down $6.70; December corn down $0.08.

LIVE CATTLE:

With a lack of fundamental support, the live cattle contracts waived their white flag, tucked their tails and ran lower through Friday's end and into the weekend. December live cattle closed $5.35 lower at $220.95, February live cattle closed $5.27 lower at $224.20 and April live cattle closed $5.45 lower at $226.62. Some light trade was reported today in the South at $225, which is $2.00 lower than last week's weighted average, and there's been no more trade noted in the North following Wednesday's light movement at $350 to $352, which is $13.00 to $15.00 lower than the previous week's weighted average. If more trade doesn't develop later this afternoon, that would be two weeks in a row now of packers buying extremely few cattle in the fed cash cattle market. Which could potentially leave them bought for the upcoming week.

Friday's slaughter is estimated at 96,000 head -- steady with a week ago and 2,000 head less than a year ago. Saturday's slaughter is projected to be around 13,000 head. The week's total slaughter is estimated at 543,000 head -- 3,000 head less than a week ago and 14,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $2.62 ($364.66) and select up $0.35 ($351.98) with a movement of 126 loads (100.70 loads of choice, 8.66 loads of select, 10.36 loads of trim and 5.85 loads of ground beef).

MONDAY'S CATTLE CALL: Before we can accurately gauge where the market may go next week, we need to see what exactly pans out in this week's trade.

FEEDER CATTLE:

The CME's current trading limits for cattle contracts present challenges for some market participants. Daily feeder cattle contract moves of up to $10.00 can increase volatility and significantly raise risk exposure and marketing costs. And that's exactly what the market did today -- it fell more than $10.00 in most of the feeder cattle contracts as traders wiped their hands of the market before Friday's end. So why the big decline, you ask? Good question, because shouldn't a $10.00 decline be justified by some earth-shattering development? Well, that wasn't the case today. Traders were frustrated with the market's lack of fundamental support and let the contracts sink lower ahead of the weekend. November feeders closed $8.70 lower at $337.77, January feeders closed $10.17 lower at $331.77 and March feeders closed $10.50 lower at $327.27. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week and throughout the entire state, feeder steers traded steady, but stocker steers sold $3.00 to $8.00 lower.Feeder heifers sold steady to $5.00 higher. Steer and heifer calves traded $5.00 to $10.00 higher. Feeder cattle supply over 600 pounds was 56%. The CME feeder cattle index 10/29/2026: down $0.17, $351.26.

LEAN HOGS:

The lean hog complex ended the day lower too as traders continue to be frustrated by the lack of consumer demand. December lean hogs closed $0.95 lower at $58.87, February lean hogs closed $0.97 lower at $63.75 and April lean hogs closed $1.12 lower at $69.50. And until there's some sort of fundamental improvement, this sideways lower chop is likely going to continue to be the lean hog market's trajectory. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $3.49 with a weighted average price of $60.29 on 3,701 head. Pork cutouts totaled 314.97 loads, with 270.62 loads of pork cuts and 44.35 loads of trim. Pork cutout values: down $0.59, $70.10. Friday's slaughter is estimated at 486,000 head -- 29,000 head more than a week ago and 26,000 head more than a year ago. Saturday's slaughter is projected to be around 190,000 head. The CME lean hog index 10/28/2026: down $1.00, $67.30.

MONDAY'S HOG CALL: Lower. Packers rarely buy aggressively in the cash hog market on Mondays.

Friday Midday Livestock Market Update - Weaker Tones Follow Contracts

GENERAL COMMENTS:

The livestock complex is continuing to trade lower as there simply hasn't been enough fundamental support in this week's market to entice traders into pushing the contracts higher at this point in time. There was some light trade noted this morning in Kansas at $225 but otherwise no sales have been reported. December corn is down 1 1/4 cents per bushel and December soybean meal is down $3.10. The Dow Jones Industrial Average is down 353.09 points and the NASDAQ is down 678.30 points.

LIVE CATTLE:

It's been a painstaking morning for the live cattle complex as the market is currently trading $3.00 to $5.00 lower into Friday's noon as traders are disappointed by the lack of fundamental support this week. The market has only seen a light test in the fed cash cattle market, but it's fully assumed that prices will be lower this week when sizeable trade does begin to develop. There was a light report this morning noting that some Southern cattle had traded in Kansas at $225, but again not enough moved at those prices to note any sort of a weekly trend. And earlier this week on dressed cattle were traded at $350 to $352, but likewise that was only on a thin volume. So as traders sit anxiously waiting to see exactly what this week's trade is going to amount to, their support for the complex is diminishing rather quickly as unfortunately fundamental support simply hasn't been sufficient enough to keep the contracts stable this week. October live cattle are down $3.27 at $224.00, December live cattle are down $5.22 at $221.07 and February live cattle are down $5.02 at $224.45.

Boxed beef prices are mixed: choice down $0.40 ($366.88) and select up $1.65 ($353.28) with a movement of 101 loads (86.80 loads of choice, 3.83 loads of select, 8.11 loads of trim and 1.96 loads of ground beef).

FEEDER CATTLE:

And upon seeing the live cattle contracts tuck and run, the feeder cattle market has suffered gravely as currently its contracts are trading anywhere from $7.00 to $9.00 lower into Friday's noon hour. November feeders are down $7.90 at $338.57, January feeders are down $8.97 at $332.97 and March feeders are down $9.07 at $328.77. And until there's some support found in the market's fundamentals, a lower trend is likely going to continue to be the feeder cattle market's trajectory.

LEAN HOGS:

The lean hog complex is trading lower into Friday's noon hour as overall, it's been a disappointing week for the hog sector too as demand remain unstable. And while yes, this morning pork prices may be higher, that's simply not enough assurance to motivate traders into pushing the market higher at this point in time. December lean hogs are down $0.97 at $58.85, February lean hogs are down $1.10 at $63.62 and April lean hogs are down $0.87 at $69.75. The projected lean hog index for 10/29/2026 is down $0.73 at $66.57, and the actual index for 10/28/2026 is down $1.00 at $67.30. Hog prices are lower on the Daily Direct Morning Hog Report, down $1.66 with a weighted average price of $61.40, ranging from $49.00 to $67.00 on 2,691 head and a five-day rolling average of $59.78. Pork cutouts total 189.91 loads with 168.35 loads of pork cuts and 21.56 loads of trim. Pork cutout values: up $3.05, $73.74. 

Friday Morning Livestock Market Update - USDA Announces $472.5 Million Food Purchase

GENERAL COMMENTS:

While beef was left out of USDA's announcement Thursday morning about purchasing American-grown and raised food products, cattle markets did get an announcement of their own later in the afternoon. USDA Rural Development announced a loan guarantee for a new beef processing facility in Dimmitt, Texas. USDA's Business and Industry Guaranteed Loan Program (B&I Program) will use funds to support construction of a locally owned USDA inspected 400 head processing facility.

Lean hog futures traded higher on Thursday, with some initial buying right at the opening bell, coming off multiyear lows. Midmorning was the timing of USDA's announcement to purchase $41 million of American-raised pork to help feed families in need. A similar program was used back in 2020-2021, which had a significantly larger dollar invested, but overall boosted the markets it purchased products from. Pork cutout values were lower yet again on Thursday afternoon, falling $1.76 on the carcass. Pork bellies fell $10.93, which was very concerning.

	BULL SIDE		BEAR SIDE
1)	The Feeder Cattle Index is currently $4.50 higher than the futures market, giving support to futures.	1)	Cattle exports were 41% lower week over week and 33% lower than the average of the last four weeks.
2)	Corn market has been under pressure during harvest from selling pressure and lower-than-expected export pace. This will help support feeder cattle prices.	2)	Weaker cash trade for cattle helped push markets lower again on Thursday.
3)	A $41 million pledge from USDA to buy pork will help boost the market.	3)	Pork bellies fell $10.93 on Thursday afternoon, now valued at $65.69.
4)	Early buying price action in lean hog futures Thursday, before any news was released, could be seen as a good sign that buyers are looking for opportunities to jump in the market after multiyear lows were traded.	4)	Commitments of Traders report will be released later Friday and the market is expecting managed money to have sold more lean hog contracts.

Thursday Closing Livestock Market Update - Muted Tones Follow Complex

GENERAL COMMENTS:

Thursday came and went and the livestock contracts didn't see much change throughout the day's trade. The cattle contracts still closed lower as traders long for improved fundamental support, but the lean hog contracts were able to close a touch higher thanks to trader support. December corn is down 1/2 cent per bushel and December soybean meal is down $6.40. The Dow Jones Industrial Average is down 132.54 points and the NASDAQ is down 365.13 points.

LIVE CATTLE:

Sitting around and hoping for greater fundamental support to develop, the live cattle contracts again ended Thursday lower as no new cash cattle trade developed. October live cattle closed $0.10 lower at $227.27, December live cattle closed $1.02 lower at $226.30 and February live cattle closed $1.02 lower at $229.47. More than anything traders would likely at least keep the contracts trading steady if the cash market could trade steady as well, but if fundamental support doesn't improve, a lower tone may again become the market's theme. Throughout the day bids of $348 dressed were offered in Nebraska, and bids of $225 live were offered in Kansas, but no sales were confirmed. 

Thursday's slaughter is estimated at 109,000 head -- 6,000 head more than a week ago and 5,000 head less than a year ago.

Boxed beef prices closed lower: choice down $1.72 ($367.28) and select down $3.62 ($351.63) with a movement of 101 loads (69.11 loads of choice, 7.95 loads of select, 9.18 loads of trim and 15.13 loads of ground beef).

FRIDAY'S CATTLE CALL: Lower. With the board not showing much optimism, and feedlot managers having larger showlists this week, it's likely that the week's trend could be lower.

FEEDER CATTLE:

Thursday was another quiet day for the feeder cattle complex as the market managed to close mixed: lower in its nearby contracts, but slightly higher in the deferred months. October feeders closed $0.32 lower at $351.10, November feeders closed $0.27 lower at $346.47 and January feeders closed $0.15 lower at $241.95. And until the nearby live cattle contracts trade higher, it's unlikely that the nearby feeder cattle contracts will be able to either. At the Winter Livestock Auction in Dodge City, Kansas, compared to last week, steers over 750 pounds traded steady with a strong undertone noted. Heifers weighing 750 to 850 pounds sold steady to $6.50 higher, but those over 850 pounds weren't well tested. Steer and heifer calves sold steady. Feeder cattle supply over 600 pounds was 82%. The CME feeder cattle index 10/28/2026: up $0.43, $351.43.

LEAN HOGS:

And believe it or not, even though pork cutout values still ended Thursday lower, the lean hog contracts were able to rally mildly thanks to continued trader support. December lean hogs closed $1.22 higher at $59.82, February lean hogs closed $0.55 higher at $64.72 and April lean hogs closed steady at $70.62. But while today's slightly higher end is a pleasant note, it's unlikely that traders will move the market substantially higher without an improvement in consumer demand. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $7.22 with a weighted average price of $63.78 on 2,129 head. Pork cutouts totaled 272.22 loads with 232.04 loads of pork cuts and 40.17 loads of trim. Pork cutout values: down $1.76, $70.69. Thursday's slaughter is estimated at 497,000 head -- steady with a week ago and 22,000 head more than a year ago. The CME lean hog index 10/27/2026: down $1.06, $68.30.

FRIDAY'S HOG CALL: Lower. At this point packers have likely secured the vast majority of their needs for the week.