DTN Midday Livestock Comments          11/11 11:56

   Feeder Cattle Futures Continue Market Rally

   Triple-digit gains have redeveloped in feeder cattle futures as traders 
follow the early week rally into holiday trade. Live cattle futures remain 
mixed in limited activity and have moved well off of session lows.

Rick Kment
DTN Analyst

GENERAL COMMENTS:

   Feeder cattle futures have posted strong follow-through buying Tuesday with 
triple-digit gains seen across the complex. Additional support is slowly 
trickling into live cattle and lean hog markets but remain elusive due to 
expected light holiday trade volume. December corn is up 2 1/4 at $4.32 and 
December soybean meal is down $2.80 at $317.2. The Dow Jones Industrial Average 
is up 381.71 at 47,750.34.

LIVE CATTLE:

   Live cattle futures are trading lower at midday, which is a general 
disappointment following the sharp limit gains Monday, strong triple digit 
support in feeder cattle futures, and active gains in morning boxed beef 
values. But the good news in nearby live cattle futures is that prices have 
bounced back from triple-digit losses seen early in the trading day and have 
the potential to trade and possibly close near steady. Which would put prices 
still sharply higher for the week. Cash cattle is starting with another slow 
start to the day with some early asking prices starting out around $232-plus in 
the South, but they are still not established in the North. Significant trade 
volume will likely be delayed until Wednesday or later. Beef cutouts are 
expected to be mixed with light to moderate box movement.

   December live cattle are $0.40 lower at $228.15, February live cattle are 
$0.15 higher at $227.15, April live cattle are $0.20 lower at $226.775. Boxed 
beef prices are higher: choice up $3.10 ($380.42) and select up $0.70 ($360.40) 
with a movement of 67.87 loads (41.79 loads of choice, 9.13 loads of select, 
6.08 loads of trim and 10.87 loads of ground beef).

FEEDER CATTLE:

   Feeder cattle futures have continued the Monday rally with active 
triple-digit gains seen in all contract months. With prices closing at limit 
gains Monday, the ability to utilize expanded trade limits creates optimism but 
also uncertainty within the market. Currently prices are far from reaching the 
expanded trade limits, which would allow markets to revert back to normal 
limits Wednesday if markets close near the current levels. Traders are trying 
to rebound from recent losses, but it is uncertain just how much additional 
short-term fundamental support remains within the feeder cattle complex. 
November feeders are $3.95 higher at $339.6, January feeders are $3.10 higher 
at $331.925 and March feeders are $3.05 higher at $326.275.

LEAN HOGS:

   Lean hog futures remain generally quiet on Veterans Day with narrow trade 
ranges seen through the complex. At midday, spot month December contracts 
remain the only contract trading with a negative value, but the losses remain 
minimal as traders adjust to the early week rally seen across the complex. 
Narrow gains seen in spring months focusing on the hope of additional pork 
demand kindling through the export market. But for now, very few traders are 
willing to break away from Monday's active gains.

   December lean hogs are $0.13 lower at $82.65, February lean hogs are $0.55 
higher at $83.375 and April lean hogs are $0.35 higher at $87.025. Hog prices 
are lower on the Daily Direct Morning Hog report, down $2.10 with a weighted 
average of $82.19, ranging from $75.00 to $83.75 on 1,160 head with a five-day 
rolling average of $84.51. Pork cutouts totaled 202.18 loads with 184.94 loads 
of pork cuts and 17.24 loads of trim. Pork cutout values are down $3.43 at 
$99.25.




(c) Copyright 2025 DTN, LLC. All rights reserved.