Live Cattle: Live Cattle futures finished lower the final four days of the week after another week of disappointing cash trade and more uncertainty surrounding the news coming from the White House. There were a few cattle traded in Iowa on Monday at 220 and that set the tone that there would not be a higher cash market this week. On Tuesday, the local sale barns were selling cattle cheaper than a week ago and that began the lower trade in the country to start the day on Wednesday. Wednesday morning, there were cattle trading from 218 to 219 and by the end of the day, there were cattle being sold at 215. Thursday morning, there were cattle that traded in the North as low as 212. The South traded the majority of their cattle at 224 on Wednesday. Continued uncertainty surrounding news coming from the White House has made it hard for the futures to work higher. Last night, President Trump signed an order to remove the 40% tariff on beef imported from Brazil. This news had been worked into the market most of the week but the act of signing the order moved the futures sharply lower to start the day. Futures rebounded and were trading higher multiple times today before ultimately finishing slightly lower. Today’s Cattle on Feed Report showed cattle on feed down 2%, placements 90% and marketing 92% of a year ago. These numbers are slightly friendlier compared to the pre-report estimates, but with everything else going on surrounding cattle and beef, this report will hold little bearing to the market Monday morning. After the Cattle on Feed Report today, news broke of Tyson Foods closing their beef processing plant in Lexington, Nebraska as well as decreasing their plant in Amarillo, Texas to one shift. Here is Tyson’s formal press release.
Feeder Cattle: Feeder Cattle futures opened limit lower today and revisited that level in the first 10 minutes of trade before rallying to over two dollars higher and finishing lower. Volatility remains extreme within the cattle complex but especially in the Feeder Cattle complex. Futures contracts posted new lows for the move this morning, along with taking out the 200-day MA, but finished above those levels. The CME Feeder Cattle index continues its move lower and is currently quoted at $339.72. Today’s Cattle on Feed Report showed placements into feed yards down 10% compared to a year ago. This report also showed the steer and heifer breakdown of cattle on feed. As of October 1, 62% of the cattle on feed are steers and 38% are heifers. Heifers on feed are 95% of a year ago. Placements in the state of Texas for the month of October were down 13%, while Iowa placements were 1 % higher than a year ago.
Lean Hogs: After two days of higher closes, the Lean Hog complex closed lower today. The December contract lost 1.675 finishing at 77.800 which is now $7.66 under the current Lean Hog index of $85.71. The national cash average this morning was quoted at $70.80. The pork cutout was $2.93 lower on Thursday afternoon at $90.21. This morning, the pork cutout was quoted $2.59 higher at $92.80. Slaughter last week was 2,701,000 which is the largest total slaughter week of 2025. This week’s slaughter is estimated to be 2,650,000. Next week, with the Thanksgiving holiday, estimates will be around 2,300,000. With the smaller slaughter numbers, the pork cutout should stabilize with less product being offered.
Corn: Corn futures finished slightly lower today after breaking through downside support at the beginning of the week. The Corn market spent the better part of a month stuck between the 200-day MA and the 20-day MA. Those two lines narrowed and the futures moved through the topside for two days and the next day, fell below the 20-day MA. Overall, news has become limited within the grain markets. With the government back up and running, the industry is beginning to get reports again. Many of the reports will take some time to get back to present fundamentals. The CFTC data will be released twice a week, but will take until the end of January to get back to current data. Going forward, many traders will be watching the weather in South America and monitor risk to their crop. Early estimates are for a record crop out of Brazil again this year.
Closing Prices
Market
Month
Last
Change
Corn
Dec
425.50
1.00
CHI Wheat
Dec
527.00
0.00
KC Wheat
Dec
511.00
4.75
Soybeans
Jan
1125.00
2.50
Soy Oil
Dec
50.26
0.40
Soy Meal
Jan
319.20
1.60
Live Cattle
Dec
214.450
0.275
Feeder Cattle
Nov
314.225
2.150
Lean Hogs
Dec
77.800
1.675
Crude Oil
Jan
58.06
0.94
Ch Cutout
371.61
0.33
Sel Cutout
358.42
4.24
Feeder Index
339.72
1.44
Pork Cutout
90.21
2.93
Dollar Index
100.159
0.0010
DOW
46,245
493
National Corn Basis
-35.76
0.28
National Bean Basis
-73.62
0.30
Dates to Remember
November 21- Cattle on Feed Report
Hog Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
Lead Month Future
77.800
78.500
0.700
80.800
3.000
National Cash
71.87
77.86
5.99
85.20
13.33
Index
85.71
88.83
3.12
87.01
1.30
Cutout
90.21
95.26
5.05
93.07
2.86
IA/SMN Cash
70.24
77.68
7.44
85.37
15.13
IA/SMN Weights
292.50
291.90
0.60
287.40
5.10
Slaughter
2,603,000
2,701,000
98,000
2,580,375
22,625
Cattle Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
North Cash
212-220
224.60
4-13 Lower
186.85
29.15
South Cash
224
227.60
3-4 Lower
186.41
37.59
North Steer Basis
2.25
2.00
0.25
0.25
2.00
Choice Boxes
371.61
370.68
0.93
306.79
64.82
Select Boxes
358.42
354.53
3.89
272.92
85.50
Spread
13.19
16.15
2.96
33.87
20.68
Carcass Weights
890
892
2
870
20
Slaughter
585,000
576,000
9,000
635,308
50,308
FC Index
339.72
343.73
4.01
254.27
85.45
Cash Cattle Markets
Region
This Week
Last Week
Last Year
TX/OK/NM
224
$228.00
$186.48
KS
224
$227.60
$186.41
NE
212-218
$224.60
$186.85
IA/MN
212-220
$224.08
$186.29
CFTC Disaggregated COT Report
As of: 10/7/2025
Commodity
Current Managed Money
Change
Current Producer/Commercial
Change
Total OI
Total OI Change
Live Cattle
116,014
98
-152,336
197
329,322
1,374
Feeder Cattle
26,017
2,442
-13,649
1,173
72,908
562
Lean Hogs
141,240
5,048
-190,023
10,822
311,886
92
Corn
-141,966
6,656
-51,706
11,691
1,608,613
1,503
Soybeans
-353
35,359
-119,806
36,925
961,504
5,248
Live Cattle Markets
February Live Cattle finished lower every day this week. Support is at today’s low of 208.175 followed by 206.250. Resistance is at the 200-day MA of 216.900 and then the 20-day MA of 222.600.
Feeder Cattle Markets
January Feeder Cattle posted a new low for the move today. Support is at the 200-day MA of 309.800 followed by today’s low of 307.125. Resistance is at the 20-day MA of 325.450 and then 328.075.
Lean Hogs Markets
February Lean Hogs posted a new low for the move today. Support is at today’s low of 77.625 and then 77.200. Resistance is at 79.475 followed by 80.675.
Corn Markets
December Corn lost downside support this week. Support is at the 50-day MA of 425 1/2 and then the 100-day of 419 1/2. Resistance is at the 20-day MA of 431 3/4.
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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11/21/2025 Market Commentary
Live Cattle: Live Cattle futures finished lower the final four days of the week after another week of disappointing cash trade and more uncertainty surrounding the news coming from the White House. There were a few cattle traded in Iowa on Monday at 220 and that set the tone that there would not be a higher cash market this week. On Tuesday, the local sale barns were selling cattle cheaper than a week ago and that began the lower trade in the country to start the day on Wednesday. Wednesday morning, there were cattle trading from 218 to 219 and by the end of the day, there were cattle being sold at 215. Thursday morning, there were cattle that traded in the North as low as 212. The South traded the majority of their cattle at 224 on Wednesday. Continued uncertainty surrounding news coming from the White House has made it hard for the futures to work higher. Last night, President Trump signed an order to remove the 40% tariff on beef imported from Brazil. This news had been worked into the market most of the week but the act of signing the order moved the futures sharply lower to start the day. Futures rebounded and were trading higher multiple times today before ultimately finishing slightly lower. Today’s Cattle on Feed Report showed cattle on feed down 2%, placements 90% and marketing 92% of a year ago. These numbers are slightly friendlier compared to the pre-report estimates, but with everything else going on surrounding cattle and beef, this report will hold little bearing to the market Monday morning. After the Cattle on Feed Report today, news broke of Tyson Foods closing their beef processing plant in Lexington, Nebraska as well as decreasing their plant in Amarillo, Texas to one shift. Here is Tyson’s formal press release.
Feeder Cattle: Feeder Cattle futures opened limit lower today and revisited that level in the first 10 minutes of trade before rallying to over two dollars higher and finishing lower. Volatility remains extreme within the cattle complex but especially in the Feeder Cattle complex. Futures contracts posted new lows for the move this morning, along with taking out the 200-day MA, but finished above those levels. The CME Feeder Cattle index continues its move lower and is currently quoted at $339.72. Today’s Cattle on Feed Report showed placements into feed yards down 10% compared to a year ago. This report also showed the steer and heifer breakdown of cattle on feed. As of October 1, 62% of the cattle on feed are steers and 38% are heifers. Heifers on feed are 95% of a year ago. Placements in the state of Texas for the month of October were down 13%, while Iowa placements were 1 % higher than a year ago.
Lean Hogs: After two days of higher closes, the Lean Hog complex closed lower today. The December contract lost 1.675 finishing at 77.800 which is now $7.66 under the current Lean Hog index of $85.71. The national cash average this morning was quoted at $70.80. The pork cutout was $2.93 lower on Thursday afternoon at $90.21. This morning, the pork cutout was quoted $2.59 higher at $92.80. Slaughter last week was 2,701,000 which is the largest total slaughter week of 2025. This week’s slaughter is estimated to be 2,650,000. Next week, with the Thanksgiving holiday, estimates will be around 2,300,000. With the smaller slaughter numbers, the pork cutout should stabilize with less product being offered.
Corn: Corn futures finished slightly lower today after breaking through downside support at the beginning of the week. The Corn market spent the better part of a month stuck between the 200-day MA and the 20-day MA. Those two lines narrowed and the futures moved through the topside for two days and the next day, fell below the 20-day MA. Overall, news has become limited within the grain markets. With the government back up and running, the industry is beginning to get reports again. Many of the reports will take some time to get back to present fundamentals. The CFTC data will be released twice a week, but will take until the end of January to get back to current data. Going forward, many traders will be watching the weather in South America and monitor risk to their crop. Early estimates are for a record crop out of Brazil again this year.
Closing Prices
Dates to Remember
November 21- Cattle on Feed Report
Hog Fundamentals
Cattle Fundamentals
Cash Cattle Markets
CFTC Disaggregated COT Report
As of: 10/7/2025
Live Cattle Markets
February Live Cattle finished lower every day this week. Support is at today’s low of 208.175 followed by 206.250. Resistance is at the 200-day MA of 216.900 and then the 20-day MA of 222.600.
Feeder Cattle Markets
January Feeder Cattle posted a new low for the move today. Support is at the 200-day MA of 309.800 followed by today’s low of 307.125. Resistance is at the 20-day MA of 325.450 and then 328.075.
Lean Hogs Markets
February Lean Hogs posted a new low for the move today. Support is at today’s low of 77.625 and then 77.200. Resistance is at 79.475 followed by 80.675.
Corn Markets
December Corn lost downside support this week. Support is at the 50-day MA of 425 1/2 and then the 100-day of 419 1/2. Resistance is at the 20-day MA of 431 3/4.