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DTN Midday Livestock Comments 11/13 11:48
Traders Send the Livestock Contracts Lower
With weak market fundamentals, traders feel their only option is to trade
the contracts lower.
ShayLe Stewart
DTN Livestock Analyst
GENERAL COMMENTS:
The livestock complex is trading lower into Thursday's noon hour as traders
simply aren't seeing enough fundamental support in the marketplace. A few sales
have developed in the fed cash cattle market in the North, but not enough to
say that a trend has been established. However, a sizeable volume has sold in
the South at $282, which is $3.00 lower than last week's weighted average.
December corn is up 2 3/4 cents per bushel and December soybean meal is up
$7.20. The Dow Jones Industrial Average is down 369.28 points and NASDAQ is
down 388.47 points.
LIVE CATTLE:
With some light trade in the South developing at $282 (which is $3.00 lower
than last week's weighted average), combined with seeing boxed beef prices
trading lower too -- it comes as no real surprise that the live cattle
contracts are trading lower into Thursday's noon hour. December live cattle are
down $2.85 at $222.42, February live cattle are down $2.70 at $222.27 and April
live cattle are down $2.85 at $221.65. And some extremely light sales have just
been reported in Nebraska at $351, but not enough cattle have traded to say
that any sort of a trend has been established this week. Without fundamental
support rising to comfort traders, it's likely that a downward trend will
remain with the market at least today, and potentially into Friday as well.
Boxed beef prices are lower: choice down $0.28 ($374.17) and select down
$2.14 ($357.80) with a movement of 70 loads (45.75 loads of choice, 8.54 loads
of select, 7.68 loads of trim and 7.67 loads of ground beef).
FEEDER CATTLE:
With the fundamentals in the live cattle complex not helping boost bullish
sediment, the feeder cattle contracts are once again left to trade lower.
November feeders are up $0.87 at $339.90, January feeders are down $5.00 at
$322.47 and March feeders are down $5.92 at $315.10. And until the live cattle
complex finds some support, it's likely that the feeder cattle market will
continue to trade lower in its shadow.
LEAN HOGS:
With there not being much interest in the cash market and pork cutout values
are lower too, the lean hog complex is also trading lower into Thursday's noon
hour. December lean hogs are down $2.05 at $78.57, February lean hogs are down
$2.47 at $79.05 and April lean hogs are down $2.40 at $83.15. And until there's
an improvement in the market's fundamentals, mainly from consumers in the form
of stronger pork cutout values, it's unlikely that the market will find much
upward potential.
The projected lean hog index for 11/12/2025 is down $0.30 at $88.83, and the
actual index for 11/11/2025 is down $0.04 at $89.13. Hog prices are lower on
the Daily Direct Morning Hog Report, down $1.21 with a weighted average price
of $80.36, ranging from $72.00 to $83.00 on 755 head with a five-day rolling
average of $83.32. Pork cutouts total 175.94 loads with 149.65 loads of pork
cuts and 26.28 loads of trim. Pork cutout values: down $0.66, $95.48.
**
Join us for DTN's post-report webinar at 12:30 p.m. CST, on Friday, Nov. 14,
as we discuss USDA's new estimates in light of recent market events. Questions
are welcome and registrants will receive a replay link for viewing at their
convenience. Register here for Friday's November WASDE report webinar:
https://www.dtn.com/wasde-webinars/.
ShayLe Stewart can be reached at shayle.stewart@dtn.com
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