DTN Midday Livestock Comments          12/01 11:43

   Cattle Remain Cautious While Hogs Inch Higher

   The cattle complex is trading lower as traders hope to see market 
fundamentals improve.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is trading mixed into midday Monday, as the market 
hopes to see fundamental support improve in the cattle complex before traders 
push the cattle contracts much higher, but the lean hog contracts are trading 
slightly stronger. New showlists appear to be mixed, higher in Kansas, about 
steady in Nebraska/Colorado, but lower in Texas. March corn is down 1 1/4 cents 
per bushel and January soybean meal is down $3.10. The Dow Jones Industrial 
Average is down 204.00 points and the NASDAQ is down 34.42 points.

LIVE CATTLE:

   Following last week's rally, the live cattle complex is trading more 
cautiously into Monday's noon hour as the market is hoping that fundamentals 
will improve. It is positive, however, to see midday boxed beef prices 
stronger, which is likely happening as retailers are restocking their coolers 
following the Thanksgiving rush. December live cattle are down $2.25 at 
$213.27, February live cattle are down $3.10 at $214.32 and April live cattle 
are down $2.45 at $217.10. New showlists appear to be mixed, higher in Kansas, 
about steady in Nebraska/Colorado, but lower in Texas.

   Last week Northern dressed cattle traded at mostly $330, which is $13.00 
lower than the previous week's weighted average, and Southern live cattle 
traded at mostly $220, which is $2.00 to $4.00 lower than the previous week's 
weighted average.

   Boxed beef prices are higher: choice up $3.83 ($370.65) and select up $2.93 
($353.98) with a movement of 33 loads (24.23 loads of choice, 3.25 loads of 
select, zero loads of trim and 5.26 loads of ground beef).

FEEDER CATTLE:

   After rallying aggressively late last week, the feeder cattle complex is now 
trading cautiously as traders yearn to see better fundamental support. And 
again, in keeping with its typical behavior as of late, the feeder cattle 
complex is closely following the direction of the live cattle contracts. 
January feeders are down $4.20 at $319.77, March feeders are down $3.25 at 
$314.57 and April feeders are down $2.57 at $314.05.

LEAN HOGS:

   The lean hog complex is trading mostly higher into Monday's noon hour as the 
market is hopeful that demand will continue to remain strong this week. 
December lean hogs are up $0.20 at $80.77, February lean hogs are up $0.12 at 
$81.15 and April lean hogs are up $0.40 at $85.30. It is positive to note that 
midday pork cutout values are stronger, with the belly's $5.47 jump and the 
picnic's $3.59 increase being the leaders of today's cutout rally.

   The projected lean hog index for 11/28/2025 is down $0.25 at $81.67 and the 
actual index for 11/26/2025 is down $0.55 at $81.92. Hog prices are unavailable 
on the Daily Direct Morning Hog Report because of confidentiality. The only 
thing that's been published this morning is that the market has only traded 175 
head. Pork cutouts total 94.21 loads with 81.35 loads of pork cuts and 12.86 
loads of trim. Pork cutout values: up $1.64, $95.86.

   ShayLe Stewart can be reached at shayle.stewart@dtn.com




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