DTN Midday Livestock Comments          10/16 11:33

   Cattle Trade Higher, Feedlot Managers Wait for More Money in the Cash Market

   A bid has finally surfaced in the fed cash cattle market but still no cattle 
have traded.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is again trading mixed as the cattle complex continues 
to inch higher, but the lean hog complex is struggling to find enough support 
in the market. A single bid is currently on the table in Nebraska at $370, but 
so far, no cattle have traded yet. December corn is up 4 3/4 cents per bushel 
and December soybean meal is up $0.30. The Dow Jones Industrial Average is down 
43.71 points and NASDAQ is up 31.94 points.

LIVE CATTLE:

   With the anticipation that fed cash cattle prices will trade higher again 
this week; traders are continuing to push the live cattle contracts higher into 
Thursday's noon hour. Again, today it's the market's deferred contacts that are 
seeing the biggest day-over-day gains as everyone in the industry is clearly 
recognizing that although supplies are thin now, they're going to become even 
thinner before the cowherd is rebuilt. December live cattle are up $0.75 at 
$247.52, February live cattle are up $0.77 at $249.52 and April live cattle are 
up $0.87 at $250.45. A few bids are now on the table in the North, where 
packers are offering $370 for dressed cattle. But at this point, still no cash 
cattle have traded. Asking prices are set in the South at $240 plus, and in 
eastern Nebraska at $380.

   Boxed beef prices are mixed: choice down $1.00 ($365.48) and select up $0.11 
($349.27) with a movement of 63 loads (36.13 loads of choice, 12.22 loads of 
select, 3.71 loads of trim and 11.25 loads of ground beef).

FEEDER CATTLE:

   The feeder cattle complex is also trading higher into Thursday's noon hour 
as traders continue to believe in the market's positive long-term fundamentals. 
November feeders are up $0.05 at $380.72, January feeders are up $0.90 at 
$378.75 and March feeders are up $1.47 at $377.07. Demand has been utterly 
incredible this week in sales across the countryside, as shown by the CME 
feeder cattle index's rally, which reached a new all-time high Wednesday 
afternoon at $374.47.

LEAN HOGS:

   The lean hog complex is again trading lower as the market simply isn't 
seeing the fundamental support it needs to give traders enough confidence that 
the contracts should trade steady to somewhat higher. Yes, pork cutout values 
may be a tick stronger this morning, but overall demand has been volatile, and 
traders want steadfast confidence. December lean hogs are down $0.90 at $82.70, 
February lean hogs are down $0.50 at $85.20 and April lean hogs are down $0.32 
at $89.00.

   The projected lean hog index for 10/15/2025 is down $0.61 at $96.59, and the 
actual index for 10/14/2025 is down $0.79 at $97.20. Hog prices are lower on 
the Daily Direct Morning Hog Report, down $3.56 with a weighted average price 
of $91.56, ranging from $85.00 to $97.00 on 1,162 head and a five-day rolling 
average of $95.31. Pork cutouts total 176.52 loads with 151.73 loads of pork 
cuts and 24.79 loads of trim. Pork cutout values: up $0.17, $102.13.

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




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