DTN Midday Livestock Comments          10/02 11:58

   Limited Support Continues to Send Livestock Contracts Lower 

   It's been another grim morning thus far for the livestock complex as support 
remains hard to come by and the markets continue to trade lower and lower. 

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   It's been a glum morning for the livestock complex as the contracts are 
again lower as the market neglects to find enough support to help stabilize 
prices. Bids are currently on the table in both regions, but no new trade has 
developed. December corn is up 2 cents per bushel and December soybean meal is 
up $3.80. The Dow Jones Industrial Average is down 48.89 points and NASDAQ is 
up 45.24 points.

LIVE CATTLE:

   Without any substantial fundamental support having developed in the complex 
this week, the live cattle contracts are yet again trading lower. October live 
cattle are down $0.92 at $230.17, December live cattle are down $1.45 at 
$233.05 and February live cattle are down $1.62 at $234.55. And yes, the spot 
December live cattle contract is again trading below its 40-day moving average 
as traders continue to look around for immediate support -- but are coming up 
short handed from both a fundamental and technical sense. Asking prices are 
noted in the South at $237 to $240, and at $363 plus in the North. No new trade 
has developed following the light business that transpired on Wednesday where 
some dressed cattle in Nebraska sold at $360 -- $5.00 lower than last week's 
weighted average. Some bids are on the table at $230 to $233 live in Kansas, 
and $230 live in Nebraska and $357 to $360 dressed.

   Boxed beef prices are lower: choice down $5.37 ($363.10) and select down 
$2.36 ($344.53) with a movement of 82 loads (61.73 loads of choice, 10.22 loads 
of select, zero loads of trim and 9.70 loads of ground beef).

FEEDER CATTLE:

   Following in the live cattle market's footsteps, the feeder cattle complex 
is also trading lower as traders continue to struggle to find enough support to 
justify trading higher. October feeder cattle are down $2.94 at $354.05, 
November feeders are down $5.47 at $352.12 and January feeders are down $5.22 
at $346.80. Not to mention, adding only more kindling to the feeder cattle 
market's reasons to trade lower, the market did close lower Wednesday afternoon 
after traders decided they didn't possess enough support to be edging up 
against the market's resistance thresholds.

LEAN HOGS:

   The lean hog complex is continuing to scale lower and lower as the market 
again left without enough support to help traders put a bottom in the downward 
spiral that the market's currently been on. October lean hogs are up $0.15 at 
$98.57, December lean hogs are down $0.35 at $86.55 and February lean hogs are 
down $0.62 at $88.40. Pork cutout values are again lower this morning with the 
picnic being the market begging hinderance as it alone is done $6.62.

   The projected CME Lean Hog Index for 10/1/2025 is down $0.56 at $103.70, and 
the actual index for 9/30/2025 is down $0.47 at $104.26. Hog prices are lower 
on the Daily Direct Morning Hog Report, down $0.18 with a weighted average 
price of $99.77, ranging from $96.00 to $102.50 on 1,850 head and a five-day 
rolling average of $101.82. Pork cutouts total 163.27 loads with 139.78 loads 
of pork cuts and 23.49 loads of trim. Pork cutout values: down $0.80, $107.55.

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




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