DTN Midday Livestock Comments          10/09 11:45

   Feeder Cattle Jump $3.00 Higher

   No cash cattle trade has developed yet, but packer interest should improve 
at any minute.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is again trading mixed into midday Thursday, as the 
cattle contracts are seeing a powerful rally (mainly being led by the ambitious 
feeder cattle complex), but the lean hog contracts are trading lower. Still no 
cash cattle trade has developed. December corn is down 2 cents per bushel and 
December soybean meal is down $0.60. The Dow Jones Industrial Average is down 
166.63 points and the NASDAQ is down 53.46 points.

LIVE CATTLE:

   The live cattle complex is again following in the feeder cattle market's 
wake, trading higher, with once again the market's deferred contracts seeing 
the biggest gains. October live cattle are up $1.07 at $234.92, December live 
cattle are up $0.47 at $239.35 and February live cattle are up $0.60 at 
$242.82. With the spot December contract nearing the market's resistance at 
$241, it will be interesting to see how traders handle that threshold, as not 
only is it a resistance plane, but depending on how far traders would 
potentially take the contracts, it could mean new record high prices for the 
contracts as well. A single bid of $230 is currently on the table in Nebraska, 
but still no cash cattle trade has developed as feedlot managers are hoping to 
hold prices at least steady, and packers are obviously hoping to again work the 
market lower. Asking prices are noted at $235 to $237 in the South but are 
still not established in the North.

   Boxed beef prices are higher: choice up $0.50 ($366.66) and select up $0.66 
($345.90) with a movement of 67 loads (28.58 loads of choice, 18.37 loads of 
select, 6.34 loads of trim and 13.52 loads of ground beef).

FEEDER CATTLE:

   Rallying like it doesn't have a care or a concern in the world, the feeder 
cattle contracts are pressing onward, pushing an aggressive $3.00 rally into 
midday Thursday. On Wednesday afternoon, the market was pleased to successfully 
reach new contract highs, which has seemed to fuel the market's ambition this 
morning as traders have restlessly continued to push it higher and higher. 
October feeder cattle are up $3.05 at $372.55, November feeder cattle are up 
$3.22 at $372.05 and January feeders are up $3.27 at $366.80. Yes, seeing 
stronger boxed beef prices is helping, and if the fed cash cattle market were 
to trade steady to somewhat higher, that would be positive as well, but time 
will tell if that support develops or not.

LEAN HOGS:

   It's been another painstaking morning for the lean hog complex as support 
isn't coming to fruition, and the contracts are struggling because of that. 
October lean hogs are down $0.42 at $97.20, December lean hogs are down $1.32 
at $84.77 and February lean hogs are down $1.27 at $86.85. Both cash prices and 
pork cutout values are weaker at the midday reports, and it's likely that 
remains the theme through the day's close.

   The projected lean hog index for 10/8/2025 is down $0.62 at $100.08, and the 
actual index for 10/7/2025 is down $0.72 at $100.70. Hog prices are unavailable 
on the Daily Direct Morning Hog Report because of confidentiality. However, we 
can see that only 1,430 head have traded this morning and that the market's 
five-day rolling average now sits at $97.84. Pork cutouts total 167.80 loads 
with 140.95 loads of pork cuts and 26.86 loads of trim. Pork cutout values: 
down $1.71, $102.11.

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




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