Live Cattle: Live Cattle futures held contract support levels today and finished the day higher. After starting the week with a limit up move, Live Cattle traded lower the next three days as cash trade was a disappointment. Cattle in the North traded from 222 to 225 throughout the week, while the South received 228 for the majority of their cattle. Boxed beef worked lower this week and will finish with losses in both choice and select. Choice was down $6.75 for the week, finishing at $370.68 while select lost $7.67 to $354.53. Packers have ramped up their kill the past few weeks as their margins have improved. Last week’s kill was revised higher to 560,000 and this week’s kill is estimated at 576,000. This week’s kill is the largest weekly total since the beginning of June and will help clean up some of the big cattle that are in the feedlots. The cattle complex continues to trade the news that comes out of The White House and the remarks from President Trump. President Trump continues to drive home his plans to lower the price of beef to the consumers. After the market closed today, The White House announced that President Trump would be signing an executive order that would reduce tariffs on beef, aiming to lower costs on groceries amid persistent food inflation.
Feeder Cattle: Feeder Cattle futures traded limit higher on Monday and limit lower on Thursday before finishing higher to end the week. Feeder Cattle futures gapped lower and posted new lows for the move this morning before recovering mid day and finding additional support from the lower corn market. Cash Feeder Cattle continue to sell better than the board as feedlots look for cattle to fill their pens. The CME Feeder Cattle index is currently at $343.73 which is down $4.09 on the week and a $5.05 premium to the November futures contract that will expire next Thursday. Open interest continues to stabilize around 70,000 contracts after the swift decrease seen a few weeks ago. Traders continue to be hesitant to string together a sustained rally as President Trump keeps beef prices in the news, and many fear the reopening of the Mexican border for Feeder Cattle imports.
Lean Hogs: The Lean Hog complex couldn’t hold the gains from the beginning of the week and finished near their weekly lows. The December contract closed 0.425 higher today at 78.500 but that is down 0.900 on the week. Looking at the deferred contracts, July closed up 0.575 today at 95.375. The pork cutout is also under pressure as it started the week at $100 but eroded to $95.26 on Thursday afternoon. The large slaughter totals will continue to put pressure on the cutout but demand will be the deciding factor on how much pressure the slaughter numbers will cause. Cash hogs also broke under $80 this week with pricing not reported this morning. Yesterday afternoon, the national average was down to $77.86. The Lean Hog index was quoted at $88.83 today, currently a $10.33 premium to the December futures. With cash cheapening up along with the pork cutout, look for the index to decline as more hogs and more pork become available for sale.
Corn: Corn futures fell under heavy pressure to end the week as the USDA released their WASDE report for the first time since September. The average guess ahead of the report was for the USDA to lower the national average corn yield by 2.7 bushels per acre. Today, the USDA released that the average yield is expected to be 186.00 bushels per acre, only a 0.7 bushel per acre decrease from September. Total production is down 62 million bushels from September as harvested acres were left unchanged. Exports for the current marketing year were increased 100 million bushels, citing strong demand to date. All of this increased ending stocks by 44 million bushels compared to the September report. Technically, the Corn market broke out to the upside on Thursday and reached the highest price since the end of June. The December contract posted the same high each of the last two days before turning lower and and finishing right above support at the 20-day MA.
Closing Prices
Market
Month
Last
Change
Corn
Dec
430.25
11.25
CHI Wheat
Dec
527.25
8.50
KC Wheat
Dec
515.25
10.50
Soybeans
Jan
1124.50
22.50
Soy Oil
Dec
50.15
0.10
Soy Meal
Jan
324.60
5.70
Live Cattle
Dec
219.150
0.150
Feeder Cattle
Nov
338.675
1.675
Lean Hogs
Dec
78.500
0.425
Crude Oil
Dec
59.94
1.25
Ch Cutout
370.68
2.89
Sel Cutout
354.53
0.50
Feeder Index
343.73
1.31
Pork Cutout
95.26
0.88
Dollar Index
99.281
0.1250
DOW
47,160
296
National Corn Basis
-37.22
0.19
National Bean Basis
-75.24
0.31
Dates to Remember
November 14- WASDE Report
November 20- November Feeder Cattle Expiration
November 21- Cattle on Feed Report
Hog Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
Lead Month Future
78.500
79.400
0.900
80.100
1.600
National Cash
77.86
84.31
6.45
86.14
8.28
Index
88.83
90.60
1.77
89.27
0.44
Cutout
95.26
97.18
1.92
94.07
1.19
IA/SMN Cash
77.68
84.54
6.86
86.05
8.37
IA/SMN Weights
291.90
291.60
0.30
286.60
5.30
Slaughter
2,716,000
2,628,000
88,000
2,632,000
84,000
Cattle Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
North Cash
222-225
229.67
5-8 Lower
185.14
38.36
South Cash
228
230.96
2-4 Lower
185.03
42.97
North Steer Basis
2.00
6.00
4.00
3.22
1.22
Choice Boxes
370.68
377.43
6.75
303.80
66.88
Select Boxes
354.53
362.20
7.67
276.66
77.87
Spread
16.15
15.23
0.92
27.14
10.99
Carcass Weights
870
Slaughter
576,000
560,000
16,000
608,810
32,810
FC Index
343.73
347.82
4.09
251.04
92.69
Cash Cattle Markets
Region
This Week
Last Week
Last Year
TX/OK/NM
228
$231.46
$185.00
KS
228
$230.96
$185.03
NE
222-225
$229.67
$185.14
IA/MN
222-225
$227.57
$184.50
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
334,550
1,877
Feeder Cattle
24,327
1,564
-12,803
82
71,784
500
Lean Hogs
142,444
186
-201,313
8,394
315,862
3,058
Corn
-94,675
14,624
-97,598
10,692
1,610,933
35,080
Soybeans
-29,302
31,589
-92,440
27,234
956,024
16,783
Live Cattle Markets
February Live Cattle held the lows set last week. Support is at the 200-day MA of 216.250 followed by 215.025. Resistance is at 224.975 and then the 20-day MA of 228.350.
Feeder Cattle Markets
January Feeder Cattle posted a new low for the move this morning. Support is at 310.050 followed by the 200-day MA of 308.275. Resistance is at 333.475 and then the 20-day MA of 335.550.
Lean Hogs Markets
February Lean Hogs posted a new low for the move yesterday. Support is at that low of 78.450 followed by 77.200. Resistance is at 81.350 and then the 20-day MA of 82.300.
Corn Markets
December Corn finished sharply lower after today’s WASDE report. Resistance is at 442 3/4 which was the high each of the last two days. Support is at the 20-day MA of 430 followed by 426 1/4.
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.
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11/14/2025 Market Commentary
Live Cattle: Live Cattle futures held contract support levels today and finished the day higher. After starting the week with a limit up move, Live Cattle traded lower the next three days as cash trade was a disappointment. Cattle in the North traded from 222 to 225 throughout the week, while the South received 228 for the majority of their cattle. Boxed beef worked lower this week and will finish with losses in both choice and select. Choice was down $6.75 for the week, finishing at $370.68 while select lost $7.67 to $354.53. Packers have ramped up their kill the past few weeks as their margins have improved. Last week’s kill was revised higher to 560,000 and this week’s kill is estimated at 576,000. This week’s kill is the largest weekly total since the beginning of June and will help clean up some of the big cattle that are in the feedlots. The cattle complex continues to trade the news that comes out of The White House and the remarks from President Trump. President Trump continues to drive home his plans to lower the price of beef to the consumers. After the market closed today, The White House announced that President Trump would be signing an executive order that would reduce tariffs on beef, aiming to lower costs on groceries amid persistent food inflation.
Feeder Cattle: Feeder Cattle futures traded limit higher on Monday and limit lower on Thursday before finishing higher to end the week. Feeder Cattle futures gapped lower and posted new lows for the move this morning before recovering mid day and finding additional support from the lower corn market. Cash Feeder Cattle continue to sell better than the board as feedlots look for cattle to fill their pens. The CME Feeder Cattle index is currently at $343.73 which is down $4.09 on the week and a $5.05 premium to the November futures contract that will expire next Thursday. Open interest continues to stabilize around 70,000 contracts after the swift decrease seen a few weeks ago. Traders continue to be hesitant to string together a sustained rally as President Trump keeps beef prices in the news, and many fear the reopening of the Mexican border for Feeder Cattle imports.
Lean Hogs: The Lean Hog complex couldn’t hold the gains from the beginning of the week and finished near their weekly lows. The December contract closed 0.425 higher today at 78.500 but that is down 0.900 on the week. Looking at the deferred contracts, July closed up 0.575 today at 95.375. The pork cutout is also under pressure as it started the week at $100 but eroded to $95.26 on Thursday afternoon. The large slaughter totals will continue to put pressure on the cutout but demand will be the deciding factor on how much pressure the slaughter numbers will cause. Cash hogs also broke under $80 this week with pricing not reported this morning. Yesterday afternoon, the national average was down to $77.86. The Lean Hog index was quoted at $88.83 today, currently a $10.33 premium to the December futures. With cash cheapening up along with the pork cutout, look for the index to decline as more hogs and more pork become available for sale.
Corn: Corn futures fell under heavy pressure to end the week as the USDA released their WASDE report for the first time since September. The average guess ahead of the report was for the USDA to lower the national average corn yield by 2.7 bushels per acre. Today, the USDA released that the average yield is expected to be 186.00 bushels per acre, only a 0.7 bushel per acre decrease from September. Total production is down 62 million bushels from September as harvested acres were left unchanged. Exports for the current marketing year were increased 100 million bushels, citing strong demand to date. All of this increased ending stocks by 44 million bushels compared to the September report. Technically, the Corn market broke out to the upside on Thursday and reached the highest price since the end of June. The December contract posted the same high each of the last two days before turning lower and and finishing right above support at the 20-day MA.
Closing Prices
Dates to Remember
November 14- WASDE Report
November 20- November Feeder Cattle Expiration
November 21- Cattle on Feed Report
Hog Fundamentals
Cattle Fundamentals
Cash Cattle Markets
CFTC Disaggregated COT Report
As of: 9/23/2025
Live Cattle Markets
February Live Cattle held the lows set last week. Support is at the 200-day MA of 216.250 followed by 215.025. Resistance is at 224.975 and then the 20-day MA of 228.350.
Feeder Cattle Markets
January Feeder Cattle posted a new low for the move this morning. Support is at 310.050 followed by the 200-day MA of 308.275. Resistance is at 333.475 and then the 20-day MA of 335.550.
Lean Hogs Markets
February Lean Hogs posted a new low for the move yesterday. Support is at that low of 78.450 followed by 77.200. Resistance is at 81.350 and then the 20-day MA of 82.300.
Corn Markets
December Corn finished sharply lower after today’s WASDE report. Resistance is at 442 3/4 which was the high each of the last two days. Support is at the 20-day MA of 430 followed by 426 1/4.