DTN Midday Livestock Comments          10/23 11:53

   Mixed Tones Overtake the Livestock Complex

   Some bids have surfaced in the North, but still no cattle have traded as 
feedlot managers are aiming to move the market higher again this week.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   It's another mixed day for the livestock complex as yes, the live cattle 
contracts are trading higher, but both the lean hog and feeder cattle contracts 
are trading lower. Some bids have surfaced in the fed cash cattle market, but 
still no sizeable volumes have traded. December corn is up 1 1/2 cents per 
bushel and December soybean meal is up $0.50. The Dow Jones Industrial Average 
is up 91.03 points and NASDAQ is up 170.97 points.

LIVE CATTLE:

   Now that the industry has had time to see and absorb Agriculture Secretary 
Brooke Rollins plan to revitalize the U.S. beef herd, the market is back to 
trading higher as traders and industry experts saw no real issue with the 
proposal. You can read her plan to fortify the American Beef Industry here: 
https://www.usda.gov/sites/default/files/documents/USDA%20Beef%20Industry%20Plan
%20White%20Paper.pdf.

   December live cattle are up $2.10 at $241.92, February live cattle are up 
$0.97 at $241.35 and April live cattle are up $0.62 at $240.75. There are some 
bids beginning to hit the market as packers have offered $238 live in Nebraska 
and $370 dressed in Nebraska. But at this time, no major sales have been 
reported. Asking prices are still not established in the North but are now 
listed in the South at $243 plus. Packer interest could improve later this 
afternoon, but it's most likely that trade is delayed until Friday as feedlot 
managers are going to try to see prices trade higher again this week.

   Boxed beef prices are higher: choice up $1.83 ($372.48) and select up $0.50 
($354.11) with a movement of 75 loads (41.91 loads of choice, 17.74 loads of 
select, 5.19 loads of trim and 9.66 loads of ground beef).

FEEDER CATTLE:

   The feeder cattle complex is still trading sorely lower, as it remains 
uneasy with the cattle complex being a hot ticket item this week for the 
President. November feeders are down $0.80 at $363.42, January feeders are down 
$1.65 at $359.37 and March feeders are down $2.15 at $356.27. The spot November 
contract is nearing the market's 40-day moving average, which would be a bad 
threshold to cross for the market as it could signal more downward pressure.

LEAN HOGS:

   With pork cutout values lower again today, it comes as no real surprise that 
the lean hog complex is trading lower yet again. December lean hogs ae down 
$0.42 at $81.97, February lean hogs are down $0.65 at $84.57 and April lean 
hogs are down $0.62 at $89.12. Unfortunately, it's most likely that the market 
will continue to trade sideways/somewhat lower throughout the remainder of the 
day and week as support is expected to significantly change ahead of the week's 
end.

   The projected lean hog index for 10/22/2025 is down $0.55 at $93.63, and the 
actual index for 10/21/2025 is down $0.80 at $94.18. Hog prices are lower on 
the Daily Direct Morning Hog Report, down $0.68 with a weighted average price 
of $86.35, ranging from $82.00 to $88.00 on 960 head and a five-day rolling 
average of $89.17. Pork cutouts totaled 195.99 loads with 169.96 loads of pork 
cuts and 26.03 loads of trim. Pork cutout values: down $0.91, $98.84.

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




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