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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