DTN Midday Livestock Comments          11/04 12:01

   Weaker Tones Continue to Drive the Livestock Contracts Lower 

   Bids of $218 have surfaced in Kansas but no new trade has developed.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   Sadly, so far through Wednesday's trade it's been another disappointing day 
where the livestock markets continue to lack support from every direction. Bids 
of $218 have surfaced in Kansas but otherwise no new trade has developed. 
December corn is up 4 cents per bushel and December soybean meal is up $1.40. 
The Dow Jones Industrial Average is up 1,489.45 points and the NASDAQ is up 
527.41 points.

LIVE CATTLE:

   The live cattle complex is continuing to trade lower as the market simply 
doesn't seen any immediate fundamental support to justify pushing the contracts 
higher. December live cattle are down $0.57 at $217.57, February live cattle 
are down $1.02 at $220.40 and April live cattle are down $0.95 at $222.75. 
Until the market does see some support arise from the fundamentals -- a steady 
to somewhat lower trend is expected to continue. Bids of $218 have surfaced in 
Kansas, but otherwise the fed cash cattle market hasn't seen any more trade 
develop following the light business that was noted on Tuesday. On Tuesday some 
light dressed cattle trade was reported in Nebraska at $340 -- and a lot of 
those sales were committed for the week of Nov. 23, 2026. 

   Boxed beef prices are lower: choice down $0.94 ($364.29) and select down 
$0.58 ($357.79) with a movement of 57 loads (28.95 loads of choice, 7.13 loads 
of select, 4.78 loads of trim and 16.26 loads of ground beef). 

FEEDER CATTLE:

   The feeder cattle complex is trading lower as the market simply isn't 
willing to push the feeder cattle contracts higher during a time in which the 
live cattle contracts are trading lower and the fed cash cattle market looks to 
be trending that way as well. November feeders are down $3.22 at $331.30, 
January feeders are down $3.60 at $324.77 and March feeders are down $3.90 at 
$320.07. It is worth noting that the spot January contract is breaking below 
the market's 100-day moving average -- which is a bearish technical sign. 

LEAN HOGS:

   And the lean hog complex is continuing to sink lower and lower as the market 
simply doesn't have a foot to stand on currently. And until consumer demand 
improves, it's tough telling how much lower the market will continue to sink -- 
but it's inevitable, until demand improves a lower trajectory is the market's 
future. December lean hogs are down $0.67 at $57.92, February lean hogs are 
down $0.82 at $62.70 and April lean hogs are down $0.97 at $68.40. The 
projected lean hog index for Nov. 3 is down $1.06 at $63.93, and the actual 
index for 11/2/2026 is down $0.76 at $64.99. Hog prices are lower on the Daily 
Direct Morning Hog Report, down $5.57 with a weighted average price of $41.50, 
ranging from $40.00 to $57.00 on 1,710 head and a five-day rolling average of 
$50.55. Pork cutouts total 183.89 loads with 163.07 loads of pork cuts and 
20.82 loads of trim. Pork cutout values: Down $0.70, $71.73. 

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




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