DTN Midday Livestock Comments          10/21 11:47

   Livestock Contracts Trade Higher into Midday Tuesday

   The livestock complex is trading higher into midday Tuesday, as traders are 
willing to support the contracts mildly as they continue to believe in the 
market's strong fundamentals.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is trading fully higher into Tuesday's noon hour as 
traders continue to welcome the idea of mildly supporting the marketplace. 
Still no cash cattle trade has developed, and bids and asking prices remain 
elusive. December corn is down 4 cents per bushel and December soybean meal is 
up $1.30. The Dow Jones Industrial Average is up 338.52 points and the NASDAQ 
is up 13.05 points.

LIVE CATTLE:

   Although the live cattle complex originally started the day off weaker, the 
market has since changed its direction and is again trading higher into the 
day's noon hour. December live cattle are up $1.85 at $245.50, February live 
cattle are up $1.87 at $246.40 and April live cattle are up $1.75 at $246.50. 
The market continues to recover some of the position lost last Friday as 
traders believe that the market's fundamentals will continue to support the 
market's bullish underpinning. Still no developments have occurred in the fed 
cash cattle market, and trade will likely be delayed until the second half of 
the week.

   Boxed beef prices are mixed: choice up $2.93 ($372.11) and select down $1.18 
($352.28) with a movement of 71 loads (48.63 loads of choice, 14.28 loads of 
select, zero loads of trim and 7.78 loads of ground beef).

FEEDER CATTLE:

   The feeder cattle complex is also trading higher into Tuesday's noon hour, 
but the market isn't doing so wildly. Currently, the feeder cattle contracts 
are trading around $1.00 higher throughout most of the contracts, seeming to 
keep right in line with the live cattle market's pace, but not storming $3.00 
to $5.00 higher like the contracts did just a couple of weeks ago. More than 
anything, traders seem to respect and acknowledge the strong fundamental 
position, but at the same time, they see and are keenly aware of the technical 
risk that lingers. November feeders are up $1.05 at $373.72, January feeders 
are up $1.27 at $370.45 and March feeders are up $1.45 at $367.95.

LEAN HOGS:

   The lean hog complex is trading higher as well into Tuesday's noon hour as 
the market is potentially finding somewhat of a bottom in the futures complex. 
After trailing mostly lower since late September, the lean hog complex could be 
establishing a support plane. December lean hogs are up $0.80 at $82.87, 
February lean hogs are up $0.67 at $85.40 and April lean hogs are up $0.67 at 
$89.62.

   The projected lean hog index for 10/20/2025 is down $0.60 at $94.98 and the 
actual index for 9/17/2025 is down $0.54 at $95.58. Hog prices are higher on 
the Daily Direct Morning Hog Report, up $0.06 with a weighted average price of 
$90.66, ranging from $87.00 to $93.00 on 7,585 head and a five-day rolling 
average of $91.77. Pork cutouts total 184.22 loads with 162.70 loads of pork 
cuts and 21.52 loads of trim. Pork cutout values: down $0.09, $101.99.

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




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