DTN Midday Livestock Comments          12/23 11:37

   Hogs Inch Higher While Cattle Dip Lower

   Do note that this afternoon the Quarterly Hogs and Pigs report will be 
released.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is trading mixed into midday Tuesday as the cattle 
contracts dip slightly lower, but the lean hog contracts are trading higher 
ahead of this afternoon's Quarterly Hogs and Pigs report. Still no cash cattle 
trade has developed. March corn is up 1/4 cent per bushel and March soybean 
meal is up $3.00. The Dow Jones Industrial Average is up 106.83 points and the 
NASDAQ is up 92.09 points.

LIVE CATTLE:

   To no one's real surprise, following Monday's stronger trade, the live 
cattle complex is back to trading lower as the market's resistance at its 
100-day moving average remains a difficult barrier to conquer. February live 
cattle are down $1.30 at $230.12, April live cattle are down $1.12 at $229.95 
and June live cattle are down $0.90 at $224.05. Still no cash cattle trade has 
developed, and the week's volume will likely be rather thin given that it's the 
week of Christmas and packers will run reduced kill schedules both this week 
and next.

   Boxed beef prices are mixed: choice down $3.04 ($359.83) and select up $1.18 
($351.87) with a movement of 58 loads (38.91 loads of choice, 4.72 loads of 
select, 5.32 loads of trim and 8.78 loads of ground beef).

FEEDER CATTLE:

   The feeder cattle complex is also trading lower, again seeming to follow the 
direction of the live cattle complex closely. January feeders are down $2.55 at 
$343.95, March feeders are down $2.40 at $338.10 and April feeders are down 
$2.05 at $336.95. But even with the market's slight downturn, the spot March 
contract is still currently trading above its 100-day moving average.

LEAN HOGS:

   The lean hog complex is rallying into Tuesday's noon hour, waiting for the 
highly anticipated Quarterly Hogs and Pigs report to be shared later this 
afternoon. The nearby April contract is currently trading above the market's 
resistance threshold at $90.00, which is a significant move this morning. 
February lean hogs are up $0.52 at $85.85, April lean hogs are up $0.35 at 
$90.22 and June lean hogs are up $0.35 at $102.72.

   The projected lean hog index for 12/22/2025 is up $0.01 at $83.72 and the 
actual index for 12/19/2025 is down $0.02 at $83.71. Hog prices on the Daily 
Direct Morning Hog Report average $68.02, ranging from $65.00 to $71.00 on 605 
head and a five-day rolling average of $69.41. Pork cutouts total 194.65 loads 
with 168.50 loads of pork cuts and 26.15 loads of trim. Pork cutout values: 
down $1.42, $96.99.

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




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