DTN Midday Livestock Comments          11/11 11:48

   Traders Hope to See Fundamental Support Improve

   No bids or asking prices have surfaced yet in the fed cash cattle market.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   Traders have lessened their support of the live cattle complex as they hope 
to see greater fundamental support develop. There's not been any fed cash 
cattle trade develop yet. December corn is down 2 cents per bushel and December 
soybean meal is up $2.80. The Dow Jones Industrial Average is up 109.28 points 
and the NASDAQ is up 533.96 points.

LIVE CATTLE:

   Traders have mildly pulled back their support from the live cattle complex 
as currently only a handful of the deferred 2027 contracts are trading higher 
into Wednesday's noon hour. December live cattle are down $0.97 at $218.25, 
February live cattle are down $0.42 at $222.15 and April live cattle are down 
$0.02 at $225.10. And there's a chance that traders could simply allow the 
contracts to now trade sideways or slightly lower until greater fundamental 
support arises. There's yet to be any trade in the fed cash cattle market, and 
currently no bids or asking prices are noted.

   Boxed beef prices are lower: choice down $2.38 ($360.60) and select down 
$2.21 ($349.41) with a movement of 55 loads (35.05 loads of choice, 5.40 loads 
of select, 5.96 loads of trim and 9.04 loads of ground beef).

FEEDER CATTLE:

   And although the live cattle contracts are trading slightly lower, the 
feeder cattle contracts have thus far been able to maintain their slightly 
stronger position. November feeders are up $1.35 at $331.70, January feeders 
are up $0.45 at $327.12 and March feeders are up $0.15 at $323.50. But given 
how closely the feeder cattle complex has followed the live cattle market over 
the last couple of months, it wouldn't be surprising to see the contracts trade 
lower if the live cattle complex doesn't see an improvement in its position 
soon.

LEAN HOGS:

   And although midday pork cutout values may be up mildly, the lean hog 
contracts are still trading lower as a mere $0.23 rally isn't enough to dig the 
market out of the hole it's plummeted into. December lean hogs are down $0.15 
at $55.65, February lean hogs are down $0.52 at $60.22 and April lean hogs are 
down $0.35 at $66.55. The projected lean hog index for 11/10/2026 is down $0.21 
at $59.78, and the actual index for 11/9/2026 is down $0.29 at $59.99. Hog 
prices are unavailable on the Daily Direct Morning Hog Report because of 
confidentiality. However, we can see that only 1,415 head have traded and that 
the market's five-day rolling average sits at $40.87. Pork cutouts total 196.88 
loads with 176.91 loads of pork cuts and 19.97 loads of trim. Pork cutout 
values: up $0.23, $69.75.

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




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