Live Cattle: Live Cattle futures finished lower each day this week as the cash market struggles to move higher. The South saw a steady to a little higher market this week and traded cattle at 242-243. The North cash trade was steady to lower, anywhere from 242-245. The spread between the North and the South has completely narrowed as cattle in the South are less than a year ago, while the North has more cattle on feed than the same time last year. Boxed beef has stalled out and was lower on the week. This morning choice was quoted at $411.05 and select was at $386.98. Seasonally, boxed beef works lower through the month of September before seeing some recovery in the month of October as holiday demand picks back up. The futures market moved down to support areas today before seeing a slight recovery to close the day. With the market’s move higher at a fast rate over the last few months, the moving averages struggle to keep up with the pace, and leave a lot of space below before support is found.
Feeder Cattle: Feeder Cattle futures finished the week lower and are now more than 10.000/cwt off of their highs made the middle of last week. During the four-day trading week, the October contract lost 6.575, and this is the first negative week since the middle of July. Wednesday was also the first time that the October contract finished lower two days in a row since July 18. The CME Feeder Cattle index has also backed off slightly after gaining over $15.00 throughout the course of the six days leading into this week. Today’s index is quoted at $363.96 up $2.61 on the day. The corn market has quietly added 30 cents, increasing cost of gain and cooled off the continued higher bids that had been seen in the sale barns. Today’s CFTC Report showed the funds as sellers of 2,205 contracts, reducing their net long position to 28,375. The managed money has slowly decreased their position from their record set a month ago, while the market continued to move higher.
Lean Hogs: After a lower day on Wednesday the Lean Hog complex finished the week higher on Thursday and Friday, and posted new contract highs in all months but the October. The Lean Hog index also showed a minimal gain of $0.05 today, which has been the first positive day since August 15. China announced they will be putting duties on European Union pork imports in retaliation to the tariffs they have put on China-made electric vehicles. The initial report states that these duties are up to 62.4% on pork imports that are worth over $2 billion from the EU. The pork cutout market has remained strong after the Labor Day weekend, trading in the $113 to $114 range. The China and EU news should benefit US pork, but China and the US have their own tariff battle going on and the exemptions put in place will expire this month.
Corn: Corn futures finished the week slightly lower and right in the middle of the weekly range. The December contract found support at the 50-day MA twice this week but could not take out the 425 level on the topside. The futures market continues to be stabilized on the thought that the USDA average yield will only go down from here. There may not be a big revision lower but the chances of this year’s yield being increased are very slim. StoneX released their September survey results yesterday and they showed an average corn yield of 186.90 bushels per acre. This is down 1.2 bushels per acre from their August survey. This afternoon’s CFTC Report showed the managed money as buyers of 19,199 contracts on the week, reducing their short position to 91,487 contracts.
Closing Prices
Market
Month
Last
Change
Corn
Dec
418.00
1.75
CHI Wheat
Dec
519.25
0.25
KC Wheat
Dec
505.25
1.00
Soybeans
Nov
1027.00
6.00
Soy Oil
Oct
50.81
0.70
Soy Meal
Oct
280.50
0.40
Live Cattle
Oct
235.975
0.975
Feeder Cattle
Sept
359.825
0.000
Lean Hogs
Oct
96.025
1.000
Crude Oil
Oct
62.04
1.44
Ch Cutout
411.05
3.16
Sel Cutout
386.98
0.79
Feeder Index
363.96
2.61
Pork Cutout
113.32
1.40
Dollar Index
97.765
0.5820
DOW
45,396
225
National Corn Basis
-41.54
0.65
National Bean Basis
-77.39
0.26
Dates to Remember
September 12- WASDE Report
Hog Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
Lead Month Future
96.025
91.200
4.825
80.700
15.325
National Cash
104.43
108.19
3.76
77.84
26.59
Index
105.97
106.43
0.46
86.24
19.73
Cutout
113.32
111.49
1.83
94.87
18.45
IA/SMN Cash
104.63
108.00
3.37
77.88
26.75
IA/SMN Weights
282.50
281.00
1.50
280.70
1.80
Slaughter
2,319,000
2,382,000
63,000
2,329,979
10,979
Cattle Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
North Cash
242-245
244.83
Steady-2 Lower
180.54
62.96
South Cash
242-243
241.78
Steady-1 Higher
180.97
61.53
North Steer Basis
6.00
3.00
3.00
5.03
0.97
Choice Boxes
411.05
413.19
2.14
311.51
99.54
Select Boxes
386.98
389.39
2.41
296.78
90.20
Spread
24.07
23.80
0.27
14.73
9.34
Carcass Weights
872
866
6
853
19
Slaughter
487,000
565,000
78,000
547,805
60,805
FC Index
363.96
365.38
1.42
241.27
122.69
Cash Cattle Markets
Region
This Week
Last Week
Last Year
TX/OK/NM
242-243
$241.92
$181.00
KS
242-243
$241.78
$180.97
NE
242-243
$244.83
$180.54
IA/MN
242-245
$244.91
$181.60
CFTC Disaggregated COT Report
As of: 9/2/2025
Commodity
Current Managed Money
Change
Current Producer/Commercial
Change
Total OI
Total OI Change
Live Cattle
130,442
4,290
-168,941
928
398,614
569
Feeder Cattle
28,375
2,205
-17,023
889
87,401
16
Lean Hogs
123,891
9,849
-181,624
10,264
368,702
90
Corn
-91,487
19,199
-101,857
14,618
1,463,273
6,527
Soybeans
11,964
8,854
-116,617
7,898
852,929
8,784
Live Cattle Markets
October Live Cattle finished lower each day this week. Support is at the 20-day MA of 234.000 followed by 233.525. Resistance is at 241.200 and then the contract high of 242.075.
Feeder Cattle Markets
October Feeder Cattle finished lower all four days this week. Support is at the 20-day MA of 354.675 and then 353.250. Resistance is at 367.150 and then the contract high of 369.375.
Lean Hogs Markets
October Lean Hogs traded right up to the contract high today. Resistance is at today’s high of 96.975 and then the contract high of 97.050. Support is at 93.750 followed by the 20-day MA of 92.200.
Corn Markets
December Corn found chart support all week and settled in the middle of the range. Support is at the 50-day MA 414 1/4 and then the 20-day MA of 409. Resistance is at today’s high of 424 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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9/5/2025 Market Commentary
Live Cattle: Live Cattle futures finished lower each day this week as the cash market struggles to move higher. The South saw a steady to a little higher market this week and traded cattle at 242-243. The North cash trade was steady to lower, anywhere from 242-245. The spread between the North and the South has completely narrowed as cattle in the South are less than a year ago, while the North has more cattle on feed than the same time last year. Boxed beef has stalled out and was lower on the week. This morning choice was quoted at $411.05 and select was at $386.98. Seasonally, boxed beef works lower through the month of September before seeing some recovery in the month of October as holiday demand picks back up. The futures market moved down to support areas today before seeing a slight recovery to close the day. With the market’s move higher at a fast rate over the last few months, the moving averages struggle to keep up with the pace, and leave a lot of space below before support is found.
Feeder Cattle: Feeder Cattle futures finished the week lower and are now more than 10.000/cwt off of their highs made the middle of last week. During the four-day trading week, the October contract lost 6.575, and this is the first negative week since the middle of July. Wednesday was also the first time that the October contract finished lower two days in a row since July 18. The CME Feeder Cattle index has also backed off slightly after gaining over $15.00 throughout the course of the six days leading into this week. Today’s index is quoted at $363.96 up $2.61 on the day. The corn market has quietly added 30 cents, increasing cost of gain and cooled off the continued higher bids that had been seen in the sale barns. Today’s CFTC Report showed the funds as sellers of 2,205 contracts, reducing their net long position to 28,375. The managed money has slowly decreased their position from their record set a month ago, while the market continued to move higher.
Lean Hogs: After a lower day on Wednesday the Lean Hog complex finished the week higher on Thursday and Friday, and posted new contract highs in all months but the October. The Lean Hog index also showed a minimal gain of $0.05 today, which has been the first positive day since August 15. China announced they will be putting duties on European Union pork imports in retaliation to the tariffs they have put on China-made electric vehicles. The initial report states that these duties are up to 62.4% on pork imports that are worth over $2 billion from the EU. The pork cutout market has remained strong after the Labor Day weekend, trading in the $113 to $114 range. The China and EU news should benefit US pork, but China and the US have their own tariff battle going on and the exemptions put in place will expire this month.
Corn: Corn futures finished the week slightly lower and right in the middle of the weekly range. The December contract found support at the 50-day MA twice this week but could not take out the 425 level on the topside. The futures market continues to be stabilized on the thought that the USDA average yield will only go down from here. There may not be a big revision lower but the chances of this year’s yield being increased are very slim. StoneX released their September survey results yesterday and they showed an average corn yield of 186.90 bushels per acre. This is down 1.2 bushels per acre from their August survey. This afternoon’s CFTC Report showed the managed money as buyers of 19,199 contracts on the week, reducing their short position to 91,487 contracts.
Closing Prices
Dates to Remember
September 12- WASDE Report
Hog Fundamentals
Cattle Fundamentals
Cash Cattle Markets
CFTC Disaggregated COT Report
As of: 9/2/2025
Live Cattle Markets
October Live Cattle finished lower each day this week. Support is at the 20-day MA of 234.000 followed by 233.525. Resistance is at 241.200 and then the contract high of 242.075.
Feeder Cattle Markets
October Feeder Cattle finished lower all four days this week. Support is at the 20-day MA of 354.675 and then 353.250. Resistance is at 367.150 and then the contract high of 369.375.
Lean Hogs Markets
October Lean Hogs traded right up to the contract high today. Resistance is at today’s high of 96.975 and then the contract high of 97.050. Support is at 93.750 followed by the 20-day MA of 92.200.
Corn Markets
December Corn found chart support all week and settled in the middle of the range. Support is at the 50-day MA 414 1/4 and then the 20-day MA of 409. Resistance is at today’s high of 424 3/4.