Live Cattle: Live Cattle futures finished the week lower after a slight recovery in the middle of the week. Cash trade started on Monday morning in the North as many feedlots were anxious to sell cattle with the futures moving sharply lower. 230 traded a large majority of the cattle that were sold this week. The South waited until Thursday afternoon and received 234-235 for a cash price. Many feedlots continue to manage their basis risk, which has been a challenge with the extremely volatile futures market. Boxed beef has leveled off and found some resistance this week. Choice finished the week at $378.67, up $2.77 while select was up $1.62 to $359.23. The move higher in the boxed beef market can mostly be attributed to seasonal buying ahead of holiday demand. Many retailers are most likely nearing the end of their purchases as the holidays grow closer. Total slaughter this week is estimated at 559,000 head which is 14,000 head smaller than a week ago. Live Cattle futures weathered the big moves during October very well. The futures market has worked back to an inverted market as the nearby months continue to remain close to cash and the deferred contracts see more selling pressure. The December contract traded a range of 25.025, but finished the month with a relatively small loss of 5.100.
Feeder Cattle: Feeder Cattle futures traded in volatile fashion to end the month of October as traders continue to move away from the complex. Open interest continues to decrease and is currently at 73,104 contracts, the lowest level since May of this year. News surrounding the Mexican border continues to add uncertainty within the Feeder Cattle complex. Last week, Mexico announced that they wanted to meet with U.S. officials and discuss the reopening of the border. That meeting took place this week via a video call and no progress was made. Mexico announced that there was no set date for the reopening. This pushed the Feeder Cattle futures limit higher on Wednesday as the threat of greater Feeder Cattle supplies had been removed. Thursday afternoon, Mexico announced that they would be sending a delegate to Washington, DC on Monday to again discuss opening the border. The futures shrugged that off for the majority of the day but traded to big losses in the middle of the day. The CME Feeder Cattle index continues to move lower as cash Feeder Cattle have realigned with the current futures market. Currently, the index is quoted at $347.49 down $4.51 on the day and $19.59 lower than a week ago. During the month of October, the January Feeder Cattle contract traded a 59.525 range and finished the month 21.150 lower.
Lean Hogs: December Lean Hogs closed 0.450 higher at 81.275 today. The deferred contracts were mixed with small gains in most months and small losses in others. The cash market had a little uptick on Tuesday, moving the national cash average to $88. Cash hogs worked lower the remainder of the week, moving back down toward $85. The Lean Hog index continues to see seasonal pressure as it lost $2.10 this week and is currently at $91.53. Today’s Lean Hog index is a $10.25 premium to the December futures. The pork cutout has held just above the $100 mark this week. This morning’s report showed a $2.00 gain on volume of 270 loads. Slaughter projections for next week are near 2.6 million head with 185,000 of that being on Saturday. The larger slaughter totals will keep pressure on the pork cutout as more supply hits the market.
Corn: Corn futures continued to follow the Soybean market higher to finish this week. The December contract traded as high as 437 this week which is where the 200-day MA currently is. This week’s high closed the gap and the uncovered close that was left on July 3. This will create technical resistance to start next week for the Corn futures. This week’s trade agreement with China still has many questions left unanswered. President Trump has stated that China has agreed to purchase a specific amount of U.S. Soybeans. It is unclear whether these purchases are for the calendar year or the marketing year, whether previous purchases go into those totals and when the purchases are expected to be made by. The two countries plan to sign the trade agreement next week so there is still time for things to change, and China has not taken delivery of the commodities that they have agreed to purchase.
Closing Prices
Market
Month
Last
Change
Corn
Dec
431.50
1.25
CHI Wheat
Dec
534.00
9.75
KC Wheat
Dec
524.50
11.50
Soybeans
Jan
1115.25
7.50
Soy Oil
Dec
48.68
0.97
Soy Meal
Jan
323.50
6.10
Live Cattle
Dec
229.675
1.425
Feeder Cattle
Nov
338.875
2.950
Lean Hogs
Dec
81.275
0.450
Crude Oil
Dec
60.90
0.33
Ch Cutout
378.67
0.40
Sel Cutout
359.23
0.29
Feeder Index
347.49
4.51
Pork Cutout
100.25
0.04
Dollar Index
99.793
0.2660
DOW
47,698
176
National Corn Basis
-37.48
0.24
National Bean Basis
-66.02
1.89
Dates to Remember
November 10- WASDE Report (pending)
Hog Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
Lead Month Future
81.275
81.900
0.625
83.800
2.525
National Cash
84.74
86.38
1.64
82.70
2.04
Index
91.53
93.63
2.10
88.56
2.97
Cutout
100.28
99.71
0.57
103.15
2.87
IA/SMN Cash
84.12
88.17
4.05
82.66
1.46
IA/SMN Weights
291.20
290.10
1.10
286.00
5.20
Slaughter
2,583,000
2,584,000
1,000
2,652,616
69,616
Cattle Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
North Cash
230
237.57
8-10 Lower
189.97
40.03
South Cash
234-235
238.67
2-4 Lower
190.00
44.50
North Steer Basis
1.50
3.00
1.50
0.18
1.32
Choice Boxes
378.67
375.90
2.77
317.60
61.07
Select Boxes
359.23
357.61
1.62
285.37
73.86
Spread
19.44
18.59
0.85
32.23
12.79
Carcass Weights
870
Slaughter
559,000
573,000
14,000
615,990
56,990
FC Index
347.49
367.08
19.59
251.20
96.29
Cash Cattle Markets
Region
This Week
Last Week
Last Year
TX/OK/NM
234-235
$238.11
$190.00
KS
234-235
$238.67
$190.00
NE
230
$237.57
$189.97
IA/MN
230
$237.92
$189.71
CFTC Disaggregated COT Report
As of: 9/23/2025
Commodity
Current Managed Money
Change
Current Producer/Commercial
Change
Total OI
Total OI Change
Live Cattle
124,903
2,844
-161,328
548
355,992
1,753
Feeder Cattle
24,327
1,564
-12,803
82
73,104
893
Lean Hogs
142,444
186
-201,313
8,394
334,238
302
Corn
-94,675
14,624
-97,598
10,692
1,610,811
6,100
Soybeans
-29,302
31,589
-92,440
27,234
848,288
15,262
Live Cattle Markets
December Live Cattle finished the week above the 100-day MA. Support is at the 100-day MA of 228.875 followed by 223.175. Resistance is at 233.800 followed by 234.075.
Feeder Cattle Markets
November Feeder Cattle could not hold the 100-day MA to finish the week. Support is at 333.400 and then 327.700. Resistance is at 347.000 followed by 352.200.
Lean Hogs Markets
December Lean Hogs have held at the 200-day MA this week. Support is at the 200-day MA of 80.725. Resistance is at 82.575 and then the 20-day MA of 83.050.
Corn Markets
December Corn finished higher four days this week. Resistance is at the 200-day MA and this week’s high of 437. Support is at 423 1/4 and then the 20-day MA of 422 1/2.
This material should be construed as the solicitation of an account, order, and/or services provided by Producers Commodities LLC, NFA ID: 0355787 and represents the opinions and viewpoints of the author. It does not constitute an individualized recommendation or take into account the particular trading objectives, financial situations, or needs of individual customers. Additionally, this material should not be construed as research material. The trading of derivatives such as futures and futures options may not be suitable for all investors. Derivatives trading involves substantial risk of loss, and you should fully understand the risks prior to trading. Past results are not necessarily indicative of future results. Producers Commodities LLC is not responsible for any redistribution of this material by third parties, or any trading decisions taken by persons not intended to view this material. Information contained herein was obtained from sources believed to be reliable, but its accuracy, timeliness, and/or completeness cannot be guaranteed. Contact designated personnel from Producers Commodities LLC for specific trading advice to meet your trading preferences or goals.
Let's Talk
Producers Livestock offers livestock sourcing and marketing, commodities trading and hedging and loans and credit facilities to farmers and processors in the Midwestern US and Central Plains.
10/31/2025 Market Commentary
Live Cattle: Live Cattle futures finished the week lower after a slight recovery in the middle of the week. Cash trade started on Monday morning in the North as many feedlots were anxious to sell cattle with the futures moving sharply lower. 230 traded a large majority of the cattle that were sold this week. The South waited until Thursday afternoon and received 234-235 for a cash price. Many feedlots continue to manage their basis risk, which has been a challenge with the extremely volatile futures market. Boxed beef has leveled off and found some resistance this week. Choice finished the week at $378.67, up $2.77 while select was up $1.62 to $359.23. The move higher in the boxed beef market can mostly be attributed to seasonal buying ahead of holiday demand. Many retailers are most likely nearing the end of their purchases as the holidays grow closer. Total slaughter this week is estimated at 559,000 head which is 14,000 head smaller than a week ago. Live Cattle futures weathered the big moves during October very well. The futures market has worked back to an inverted market as the nearby months continue to remain close to cash and the deferred contracts see more selling pressure. The December contract traded a range of 25.025, but finished the month with a relatively small loss of 5.100.
Feeder Cattle: Feeder Cattle futures traded in volatile fashion to end the month of October as traders continue to move away from the complex. Open interest continues to decrease and is currently at 73,104 contracts, the lowest level since May of this year. News surrounding the Mexican border continues to add uncertainty within the Feeder Cattle complex. Last week, Mexico announced that they wanted to meet with U.S. officials and discuss the reopening of the border. That meeting took place this week via a video call and no progress was made. Mexico announced that there was no set date for the reopening. This pushed the Feeder Cattle futures limit higher on Wednesday as the threat of greater Feeder Cattle supplies had been removed. Thursday afternoon, Mexico announced that they would be sending a delegate to Washington, DC on Monday to again discuss opening the border. The futures shrugged that off for the majority of the day but traded to big losses in the middle of the day. The CME Feeder Cattle index continues to move lower as cash Feeder Cattle have realigned with the current futures market. Currently, the index is quoted at $347.49 down $4.51 on the day and $19.59 lower than a week ago. During the month of October, the January Feeder Cattle contract traded a 59.525 range and finished the month 21.150 lower.
Lean Hogs: December Lean Hogs closed 0.450 higher at 81.275 today. The deferred contracts were mixed with small gains in most months and small losses in others. The cash market had a little uptick on Tuesday, moving the national cash average to $88. Cash hogs worked lower the remainder of the week, moving back down toward $85. The Lean Hog index continues to see seasonal pressure as it lost $2.10 this week and is currently at $91.53. Today’s Lean Hog index is a $10.25 premium to the December futures. The pork cutout has held just above the $100 mark this week. This morning’s report showed a $2.00 gain on volume of 270 loads. Slaughter projections for next week are near 2.6 million head with 185,000 of that being on Saturday. The larger slaughter totals will keep pressure on the pork cutout as more supply hits the market.
Corn: Corn futures continued to follow the Soybean market higher to finish this week. The December contract traded as high as 437 this week which is where the 200-day MA currently is. This week’s high closed the gap and the uncovered close that was left on July 3. This will create technical resistance to start next week for the Corn futures. This week’s trade agreement with China still has many questions left unanswered. President Trump has stated that China has agreed to purchase a specific amount of U.S. Soybeans. It is unclear whether these purchases are for the calendar year or the marketing year, whether previous purchases go into those totals and when the purchases are expected to be made by. The two countries plan to sign the trade agreement next week so there is still time for things to change, and China has not taken delivery of the commodities that they have agreed to purchase.
Closing Prices
Dates to Remember
November 10- WASDE Report (pending)
Hog Fundamentals
Cattle Fundamentals
Cash Cattle Markets
CFTC Disaggregated COT Report
As of: 9/23/2025
Live Cattle Markets
December Live Cattle finished the week above the 100-day MA. Support is at the 100-day MA of 228.875 followed by 223.175. Resistance is at 233.800 followed by 234.075.
Feeder Cattle Markets
November Feeder Cattle could not hold the 100-day MA to finish the week. Support is at 333.400 and then 327.700. Resistance is at 347.000 followed by 352.200.
Lean Hogs Markets
December Lean Hogs have held at the 200-day MA this week. Support is at the 200-day MA of 80.725. Resistance is at 82.575 and then the 20-day MA of 83.050.
Corn Markets
December Corn finished higher four days this week. Resistance is at the 200-day MA and this week’s high of 437. Support is at 423 1/4 and then the 20-day MA of 422 1/2.