DTN Midday Livestock Comments          10/22 11:56

   Cattle Markets Dip Lower Again at Midday Wednesday

   The cattle complex is trading sharply lower into midday Wednesday, as the 
industry waits to see what Ag Secretary Brooke Rollins has to share later 
today. 

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is trading mostly lower into Wednesday's noon hour as 
fundamental support has been down. December corn is up 3 1/4 cents per bushel 
and December soybean meal is up $3.10. Still no cash cattle trade has 
developed, and it's looking like the week's trade could be delayed until 
Thursday or Friday at this point. The Dow Jones Industrial Average is down 
209.77 points and the NASDAQ is down 271.76 points.

LIVE CATTLE:

   Thus far, it's been a dismal day for the live cattle complex as the market 
has seen little fundamental support arise in the marketplace this week to help 
assure traders that they should confidently push the contracts back higher. Not 
to mention, the market seems to be sitting on its hands waiting for Agriculture 
Secretary Brooke Rollins to share more details about what the Trump 
administration plans to do to restore and revitalize the beef cow herd in 
America. Her announcement is expected to come sometime later today. December 
live cattle are down $2.35 at $243.07, February live cattle are down $2.40 at 
$243.87 and April live cattle are down $2.42 at $243.97. There's been nothing 
to develop yet in the fed cash cattle market, although it is assumed that again 
this week, prices will trade steady if not a little higher. Yes, packers were 
able to secure a sizeable volume just last week, but the fact remains that the 
market is only going to see supplies tighten through the remainder of 2025 and 
into 2026.

   Boxed beef prices are mixed: choice down $1.21 ($370.72) and select is up 
$0.41 ($352.98) with a movement of 104 loads (79.27 loads of choice, 16.15 
loads of select, zero loads of trim and 8.39 loads of ground beef).

FEEDER CATTLE:

   The live cattle complex may be trading slightly lower, but the feeder cattle 
market has completely rocked back on its heels, seeming to grit its teeth until 
there's more clarity on what US Ag Secretary Brooke Rollins has to say. The 
feeder cattle complex has seen all-time, record-breaking prices within the last 
year as limited supplies have forced feedlots to bid more aggressively for 
calves and feeders. More than anything, the feeder cattle complex seems 
unhinged as the market is concerned that the plan could negatively affect these 
historic prices. November feeders are down $6.37 at $367.10, January feeders 
are down $7.00 at $363.27 and March feeders are down $7.25 at $360.42.

LEAN HOGS:

   The lean hog complex continues to trade mixed as the nearby contracts need 
to see more immediate fundamental support before traders will confidently 
advance any of those contracts, but the deferred months are trading higher as 
traders believe that support should increase when supplies tighten in the 
coming months. December lean hogs are down $0.55 at $82.72, February lean hogs 
are down $0.22 at $85.52 and April lean hogs are down $0.15 at $89.95. Yes, 
pork cutout values are up this morning, but traders need to see more than one 
day's worth of higher trade before they'll feel supported.

   The projected lean hog index for 10/21/2025 is down $0.80 at $94.18 and the 
actual index for 10/20/2025 is down $0.60 at $94.98. Hog prices are lower on 
the Daily Direct Morning Hog Report, down $3.63 with a weighted average price 
of $87.03, ranging from $86.00 to $90.00 on 5,584 head and a five-day rolling 
average of $89.49. Pork cutouts totaled 179.29 loads with 154.21 loads of pork 
cuts and 25.07 loads of trim. Pork cutout values: up $1.25, $101.84.

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




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