DTN Midday Livestock Comments          11/05 11:45

   Cattle Trade Sinks to Limits Again

   The livestock complex is trading fully lower into midday Wednesday as the 
market is lacking sufficient support. 

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is trading mostly lower into midday Wednesday, with 
not enough fundamental support being noted in the hog complex, and too much 
fear and anxiety being in the cattle sector. Some light cash cattle trade has 
developed, but with the boards' downturn, prices could soften. December corn is 
up 3 1/4 cents per bushel and December soybean meal is up $5.90. The Dow Jones 
Industrial Average is up 351.80 points and the NASDAQ is up 243.43 points.

LIVE CATTLE:

   The cattle complex continues to dive frantically lower, as yet another level 
of confidence has eroded from the market. Even though US Ag Secretary Brooke 
Rollins has indicated that the border isn't going to reopen anytime soon, the 
live cattle contracts are trading limit lower as there seems to still be some 
concern around the matter. December live cattle are down $7.25 at $220.52, 
February live cattle are down $7.25 at $218.12 and April live cattle are down 
$7.25 at $217.57. Some light trade has also developed in the countryside as 
Northern dressed deals are being marked at $360, which is $2.00 higher than 
last week's weighted average, but Southern live cattle are trading at $232, 
which is $4.00 lower than last week's weighted average. But upon seeing the 
board drift sharply lower, bids have been knocked lower as packers are now just 
offering $357 to $358 for dressed cattle and $225 for live.

   Boxed beef prices are mixed: choice up $0.31 ($377.89) and select down $1.14 
($360.11) with a movement of 73 loads (42.89 loads of choice, 7.85 loads of 
select, 6.36 loads of trim and 15.40 loads of ground beef).

FEEDER CATTLE:

   And following in the same manner, the feeder cattle contracts are also 
trading limit lower into Wednesday's noon hour. November feeders are down $9.25 
at $325.72, January feeders are down $9.25 at $319.97 and March feeders are 
down $9.25 at $315.67. Unfortunately, this bearish onset has again pushed the 
market well below its 100-day moving average, and will likely affect feeder 
cattle sales in the countryside.

LEAN HOGS:

   And without enough fundamental support helping the lean hog complex, it 
comes as little surprise that the market is again trading lower. December lean 
hogs are up $0.90 at $80.82, February lean hogs are down $0.15 at $80.77 and 
April lean hogs are down $0.55 at $84.57. Yes, midday pork cutout values may be 
a tick higher this morning, but traders need more reassurance than that.

   The projected lean hog index for 11/4/2025 is down $0.04 at $90.86 and the 
actual index for 11/3/2025 is down $0.08 at $90.90. Hog prices are higher on 
the Daily Direct Morning Hog Report, up $2.32 with a weighted average price of 
$86.39, ranging from $79.00 to $87.00 on 1,850 head and a five-day rolling 
average of $84.70. Pork cutouts totaled 208.47 loads with 183.23 loads of pork 
cuts and 25.24 loads of trim. Pork cutout values: up $0.15, $99.32.

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




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