DTN Midday Livestock Comments          12/22 11:50

   Livestock Contracts Trade Higher Into Midday Monday

   The livestock complex is trading fully higher as traders are pleased with 
last week's accomplishments and are hopeful to see continued support this week. 

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock contracts are trading fully higher into midday Monday as 
traders are pleased with last week's Cattle on Feed report and are anxious to 
see tomorrow's Quarterly Hogs and Pigs Report. New showlists appear to be 
mixed, higher in Texas and Kansas, but lower in Nebraska/Colorado. March corn 
is up 2 cents per bushel and March soybean meal is up $0.60. The Dow Jones 
Industrial Average is up 260.07 points and the NASDAQ is up 129.68 points.

LIVE CATTLE:

   Following last week's bullish Cattle on Feed report and somewhat bullish fed 
cash cattle trade, the live cattle contracts are currently trading higher into 
Monday's noon hour and are again trading alongside the market's 100-day moving 
average. Traders would like to conquer that threshold, but without knowing for 
sure how much fundamental support is going to remain in the market, given that 
it will be a holiday-shortened week both this week and next, traders remain 
cautious about breaking through that barrier right now. February live cattle 
are up $1.00 at $231.80, April lean hogs are up $1.55 at $231.55 and June lean 
hogs are up $1.65 at $225.47. It is helpful to note boxed beef prices are 
higher again today, showing ample consumer support heading into the Christmas 
holiday. New showlists appear to be mixed, higher in Texas and Kansas, but 
lower in Nebraska/Colorado.

   Last week Northern dressed cattle traded at mostly $355 to $358, which is 
$2.00 to $4.00 higher than the previous week's weighted average, but Southern 
live cattle traded at mostly $228, which is $2.00 lower than the previous 
week's weighted average.

   Boxed beef prices are higher: choice up $1.10 ($362.73) and select up $6.02 
($352.04) with a movement of 37 loads (18.92 loads of choice, 3.91 loads of 
select, 5.00 loads of trim and 8.99 loads of ground beef).

FEEDER CATTLE:

   Today is the first chance that traders have had to fully react to Friday's 
bullish Cattle on Feed report, and they're boldly continuing to push the feeder 
cattle contracts higher, incrementally moving the contracts past the 100-day 
moving average. January feeders are up $2.10 at $347.70, March feeders are up 
$2.25 at $341.65 and April feeders are up $2.52 at $340.12. Given the strong 
note of higher boxed beef prices this morning, and the higher trend in the live 
cattle contracts, it's likely that the market will be able to maintain this 
rally through the day's close.

LEAN HOGS:

   The lean hog contracts are trading slightly higher into midday Monday as 
traders are hopeful that more support will develop and allow the contracts to 
trade above the resistance at $90.00. Do note that on Tuesday (tomorrow), the 
Quarterly Hogs and Pigs report will be released. February lean hogs are up 
$0.57 at $85.07, April lean hogs are up $0.60 at $89.72 and June lean hogs are 
up $0.52 at $102.22.

   The projected lean hog index for 12/19/2025 is down $0.02 at $83.71, and the 
actual index for 12/18/2025 is down $0.15 at $83.73. Hog prices are unavailable 
on the Daily Direct Morning Hog Report because of confidentiality. However, we 
can see that only 191 head have traded this morning, and that the market's 
five-day rolling average now sits at $69.67. Pork cutouts total 148.63 loads 
with 124.40 loads of pork cuts and 24.23 loads of trim. Pork cutout values: 
down $0.74, $99.02.

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




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