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DTN Midday Livestock Comments 11/06 11:36
Live Cattle Inch Higher, Feeder Cattle Remain Cautious
No new cash cattle trade has developed today, but packers will need to
secure some more supply before the week's over.
ShayLe Stewart
DTN Livestock Analyst
GENERAL COMMENTS:
Aside from the live cattle complex, both the feeder cattle and lean hog
markets are trading lower. No new cash cattle trade has developed today, but
packers will need to buy up some more supply before the week's over. December
corn is down 5 3/4 cents per bushel and December soybean meal is down $12.30.
The Dow Jones Industrial Average is down 485.54 points and the NASDAQ is down
455.58 points.
LIVE CATTLE:
The live cattle complex is trading mixed into Thursday's noon hour, as
traders would like to trade the contracts higher and are successfully doing so
in the deferred months, but the nearby contracts remain under light pressure as
there's still some uncertainty milling throughout the marketplace. December
live cattle are down $0.80 at $219.75, February live cattle are up $0.12 at
$218.12 and April live cattle are up $0.52 at $218.10. No new cash cattle trade
has developed today, but packers will need to secure more inventory before the
week's over. So far this week Northern dressed cattle have traded at mostly
$360, which is $2.00 higher than the previous week's weighted average, and
Southern live cattle have traded at mostly $232, which is $4.00 lower than last
week's weighted average.
Boxed beef prices are mixed: choice down $0.29 ($377.97) and select up $1.76
($362.01) with a movement of 60 loads (38.63 loads of choice, 6.91 loads of
select, 6.48 loads of trim and 7.83 loads of ground beef).
FEEDER CATTLE:
The live cattle complex may be able to shake the doggishness of the
marketplace, but the feeder cattle complex isn't as confident as all of its
contracts are trading lower into Thursday's noon hour. November feeders are
down $4.45 at $321.27, January feeders are down $4.97 at $315.00 and March
feeders are down $5.55 at $310.12. Unfortunately, feeder cattle sales could
likely soften a tick in the countryside as buyers react to the board.
LEAN HOGS:
Again today, the lean hog complex is adding another downward leg to its
chart as the market lacks support. Yes, cash demand was strong this week, but
without consumer demand improving, traders aren't willing to show the complex
much interest or support. December lean hogs are down $0.85 at $79.75, February
lean hogs are down $0.62 at $80.35 and April lean hogs are down $0.62 at $84.25.
The projected lean hog index for 11/5/2025 is down $0.26 at $90.60 and the
actual index for 11/4/2025 is down $0.04 at $90.86. Hog prices are lower on the
Daily Direct Morning Hog Report, down $1.72 with a weighted average price of
$84.67, ranging from $81.00 to $86.00 on 832 head and a five-day rolling
average of $84.69. Pork cutouts total 141.76 loads with 128.32 loads of pork
cuts and 13.45 loads of trim. Pork cutout values: down $0.20, $97.34.
ShayLe Stewart can be reached shayle.stewart@dtn.com
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