DTN Midday Livestock Comments          11/12 11:40

   Headline: Mixed Tones Continue to Linger Throughout the Livestock Complex

   Bids of $215 have surfaced in Kansas but no trade has developed yet.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is continuing to trade mixed as traders yearn for 
greater fundamental support. Bids have surfaced in Kansas at $215, but no trade 
has developed yet. December corn is down 4 cents per bushel and December 
soybean meal is down $3.50. The Dow Jones Industrial Average is up 203.47 
points and the NASDAQ is down 7.27 points.

LIVE CATTLE:

   The live cattle complex is trading mixed with the nearby contracts hesitant 
to be overly supportive of the market ahead of seeing what develops in this 
week's cash market. Some minor developments have surfaced in the fed cash 
cattle market where bids are now on the table in Kansas at $215, and asking 
prices are noted in Nebraska at $340 but still no cattle have traded. Packer 
interest is still fairly light for the week, so it's quite possible that trade 
could be delayed until Friday. December live cattle are down $0.27 at $218.70, 
February live cattle are down $0.05 at $222.65 and April live cattle are down 
$0.10 at $225.52.

   Boxed beef prices are mixed: choice down $0.09 ($360.17) and select up $1.78 
($349.25) with a movement of 98 loads (77.61 loads of choice, 6.64 loads of 
select, 4.27 loads of trim and 9.90 loads of trim.

FEEDER CATTLE:

   And even though the live cattle complex is trading mixed, the feeder cattle 
contracts are rocking and rolling, trading higher as traders anticipate another 
bullish Cattle on Feed report next week, have seen the regression in corn 
prices and are pleased with the slight uptick in demand buyers have shown in 
sale barns. November feeders are up $2.47 at $335.10, January feeders are up 
$3.37 at $331.17 and March feeders are up $3.72 at $327.45. At this point the 
market seems confident enough to trade higher through today's end regardless of 
what the live cattle market does.

LEAN HOGS:

   And having found some minor technical support, even the lean hog contracts 
are trading higher. December lean hogs are down $0.72 at $55.25, February lean 
hogs are up $0.57 at $61.12 and April lean hogs are up $0.67 at $67.16. And 
again today the day's technical bounce comes from the support of traders, not 
from fundamental support as yet again pork cutout values are lower. The 
projected lean hog index for 11/11/2026 is down $1.00 at $58.78 and the actual 
index for 11/10/2026 is down $0.21 at $59.78. Hog prices are unavailable on the 
Daily Direct Afternoon Hog Report because of confidentiality. However, we can 
see that only 1,415 head have traded and that the market's five-day rolling 
average now sits at $40.87. 

   Pork cutouts total 171.57 loads with 143.98 loads of pork cuts and 27.59 
loads of trim. Pork cutout values: down $0.28, $69.06.

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




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