DTN Midday Livestock Comments          09/25 11:50

   Traders Continue to Yearn for Greater Fundamental Support 

   Bids are on the table in the major feeding regions, but no new trade has 
developed yet. 

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex continues to trade mixed as traders seek greater 
fundamental support in Friday's trade. Some light interest has developed in the 
cash market, but still no new sales have developed. December corn is down 1 1/2 
cents per bushel and December soybean meal is down $2.40. 

   The Dow Jones Industrial Average is up 413.70 points and NASDAQ is up 137.50 
points

LIVE CATTLE:

   The live cattle complex is on pins and needles -- waiting to see what 
develops in this week's fed cash cattle market. Traders remain hopeful that 
given that trade has waited to develop until late in the week that there's a 
chance that price could be higher, if not at least steady -- but as always, 
time will tell. October live cattle are down $0.27 at $218.80, December live 
cattle are up $0.40 at $221.52 and February live cattle are up $0.75 at 
$223.62. Some light interest has developed in the fed cash cattle market, but 
no new trade has developed yet today. Heading into Friday's noon hour, bids of 
$220 are on the table in both Texas and Kansas, and bids of $345 have been 
renewed in Nebraska. Trade could cut loose and begin to develop at any minute. 
Asking prices are noted in the South at $228. 

   Boxed beef prices are higher: choice up $1.97 ($378.09) and select up $3.15 
($355.25) with a movement of 73 loads (47.79 loads of choice, 3.79 loads of 
select, 4.77 loads of trim and 16.85 loads of ground beef). 

FEEDER CATTLE:

   While the live cattle complex chops mildly higher, the feeder cattle complex 
is stepping into Friday's noon hour with more confidence as the contracts are 
currently supporting a $2.00 to $3.00 advancement. Demand has been both strong 
and stable in the countryside this week for feeder cattle and calves, and 
traders continue to hope that the fed cash cattle market will trade cattle 
higher this week too -- which would just be the icing on the cake for a strong 
week in the cattle sector. October feeder cattle are up $2.32 at $334.07, 
November feeders are up $3.05 at $331.12 and January feeders are up $2.87 at 
$323.52. 

LEAN HOGS :

   Without enough fundamental support, traders have merely decided that their 
safest option is to allow the contracts to drift lower into Friday's afternoon. 
October lean hogs are down $0.52 at $78.67, December lean hogs are down $0.52 
at $68.95 and February lean hogs are down $0.32 at $70.52. 

   The projected lean hog index for 9/24/2026 is down $0.44 at $81.76 and the 
actual index for 9/23/2026 is down $0.27 at $82.20. Hog prices are higher on 
the Daily Direct Morning Hog Report, up $0.18 with a weighted average price of 
$79.19, ranging from $78.00 to $84.00 on 961 head and a five-day rolling 
average of $79.84. Pork cutouts total 179.33 loads with 153.68 loads of pork 
cuts and 25.66 loads of trim. Pork cutout values: down $0.21, $85.89. 

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




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