The 40-per cent tariffs were removed by the White House to bring down beef prices and should result in Brazilian beef moving into the U.S. once again. Talk that the U.S. government was considering reopening the U.S./Mexico border to Mexican cattle once again also circulated the market.

The February live cattle contract lost 0.625 cents per pound at 214.775 cents. Feeder cattle were down 2.150 cents in the January contract at 314.225 cents per pound.

The U.S. Department of Agriculture reported wholesale boxed beef prices were slightly firmer, with choice boxes up five cents at $371.28 per hundredweight and select boxes up $0.63 at $354.18/cwt.

The U.S. Department of Agriculture released updated cattle on feed data after the markets closed. Cattle and calves on feed as of Nov. 1, 2025, were down two per cent from the same point a year ago, at 11.7 million head. There were 11. 4 million head on feed as of Oct. 1, 2025.

Placements at feedlots in October came in at 2.04 million head, which was down 10 per cent from the same month a year ago.

Lean hog prices were down 1.950 cents per pound in the February contract at 77.725 cents per pound.

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The U.S. Department of Agriculture’s annual cattle inventory report was released after the close, with 86.7 million head of cattle and calves on U.S. farms as of Jan. 1, 2025. That was down one per cent on the year and the lowest level for the start of the year since 1951. Of the total, cows and heifers that have calved came in at 37.2 million head were down from 37.4 million the previous year.

The April live cattle contract was up by 0.800 cents per pound at 202.300 cents.

March feeder cattle futures were up by 2.525 cents per pound at 275.725 cents per pound.

The U.S. Department of Agriculture reported wholesale boxed beef prices were firm on the day, with choice boxes up $0.20 at $327.68 per hundredweight and select boxes up $1.17 at $317.07.

Lean hog prices were weaker, with the April contract down 1.575 cents per pound at 90.350 cents.

Uncertainty over impending U.S. tariffs on Canadian and Mexican imports kept some caution in the livestock markets, as both countries are major trading partners with the U.S.

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The U.S. Department of Agriculture, in monthly data issued after the close of trading on Friday, said producers placed 3.8 per cent more cattle into feedlots in October than a year earlier, below analysts’ expectations for a 4.9 per cent increase.

The increase indicates U.S. beef supplies will be more plentiful early in 2024 as the cattle grow heavy enough to be slaughtered, analysts said. Supplies will tighten later next year as fewer cattle will be available to place in feedlots and process into meat, they said.

Years of drought have reduced the U.S. herd, and dryness continues to drive producers to send cattle to slaughter because of a lack of grass available for grazing.

“We’re still culling the herd,” said Dennis Smith, commodity broker for Archer Financial Services.

Chicago Mercantile Exchange (CME) February 2024 live cattle futures slipped 0.15 cent to end at 176.65 cents/lb., though all subsequent contract months finished slightly stronger (all figures US$).

CME January 2024 feeder cattle closed 1.35 cents higher at 229.85 cents/lb. and hit the highest price since Nov. 9.

Cattle placements in Kansas, where 76 per cent of the state’s cattle are in abnormally dry areas, drove up overall U.S. placements. The state saw October placements jump 7.3 per cent from the previous year and it had 8.2 per cent more cattle on feed as of Nov. 1.

Nationwide, 11.9 million cattle were on feed for slaughter on Nov. 1, up 1.7 per cent from a year earlier and near analysts’ expectations.

“This is an artificially high placement number,” Smith said.

“This thing down the road is going to get tighter and tighter and tighter.”

In CME lean hog futures, the December contact slumped 0.625 cent to settle at 70.35 cents/lb.

China, the world’s biggest pork producer and consumer, had a bigger sow herd at the end of October than needed, state media reported.

— Tom Polansek reports on agriculture and ag commodities for Reuters from Chicago.

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After the close of trading, the U.S. Department of Agriculture issued monthly data that showed producers placed 3.8 per cent more cattle into feedlots in October than a year earlier, below analysts’ expectations for a 4.9 per cent increase.

Lower-than-expected placements may support futures prices next week, though money flows and positioning ahead of the U.S. Thanksgiving holiday could overrule supply factors, analysts said.

Cattle weighing more than 700 lbs. in feedlots signal the sector will be well supplied early next year, when the animals will become heavy enough to be slaughtered, said Altin Kalo, agricultural economist for Steiner Consulting. Supplies may not be as large heading into April, May and June, he said, signaling tightness for the sector.

“We have a total supply on feed that is a little bit front heavy,” Kalo said.

USDA said there were 11.9 million cattle on feed for the slaughter market on Nov. 1, up 1.7 per cent from a year earlier. That was close to analysts’ expectations for a 1.8 per cent increase.

Cattle marketings in October were down 2.5 per cent from a year ago, compared to analysts’ estimates for a decline of 2.1 per cent.

CME December live cattle futures closed one cent stronger at 175.75 cents/lb., before the U.S. issued its monthly data (all figures US$). February 2024 live cattle futures advanced 1.475 cents to 176.8 cents/lb.

January 2024 feeder cattle futures rose one cent to 228.5 cents/lb.

Cash cattle prices traded around $178/cwt in Texas, Kansas and Nebraska this week, down about $2 from last week, traders said.

In Brazil, JBS, the world’s leading meatpacker, on Monday will reopen a large Brazilian beef unit at Diamantino in Mato Grosso state. JBS also announced plans for a major expansion at the plant, which had been closed since a fire in June.

In the pork market, CME December lean hog futures dipped 0.5 cent to end at 70.975 cents/lb.

— Tom Polansek reports on agriculture and ag commodities for Reuters from Chicago.

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Traders kept an eye on Wall Street as weakness in stocks and concerns about the economy can limit consumer demand for pricey beef, analysts said. Stocks closed lower amid signs of economic resiliency that could encourage the Federal Reserve to keep interest rates at a restrictive level for longer than expected.

CME December live cattle ended down 0.1 cent at 179.325 cents/lb., while February live cattle fell 1.1 cents to 180.4 cents/lb. (all figures US$). January feeder cattle dropped 1.475 cents to 235.075 cents/lb.

“I’d put this on the back of the stock market,” said Rich Nelson, chief strategist for agricultural brokerage Allendale.

Live cattle and feeder cattle futures reached their lowest prices since June on Monday and Tuesday after the U.S. government, in a report issued after markets closed on Friday, said that producers placed more cattle than expected into U.S. feedlots in September.

The large placements surprised some analysts because U.S. cattle inventories dropped to their lowest levels in decades after drought raised costs for feed.

“The first and second quarter of next year will have a few extra cattle than we expected,” Nelson said.

Tight supplies of cattle and high beef prices have cooled U.S. beef exports, though sales increased last week. Weekly U.S. beef export sales were 17,400 metric tonnes for 2023, up 72 per cent from the prior four-week average, USDA said.

For pork, weekly export sales of 28,200 tonnes for 2023 were down eight per cent from the prior four-week average.

Most-active December lean hog futures finished 1.125 cents higher at 68.625 cents/lb. at the CME. February hogs rose 1.125 cents to 71.825 cents/lb. after notching contract lows during the previous four sessions.

— Tom Polansek reports on agriculture and ag commodities for Reuters from Chicago.

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Futures prices collapsed on Monday after the U.S. Department of Agriculture, in a report issued after markets closed on Friday, said that producers placed more cattle than expected into U.S. feedlots in September.

“Monday’s washout was probably a bit overdone,” said Matt Wiegand, commodity broker for FuturesOne.

CME December live cattle settled up 0.8 cent at 179.425 cents/lb. on Wednesday. February live cattle finished 0.65 cent stronger at 181.5 cents/lb.

January feeder cattle rose 1.7 cents to 236.55 cents/lb.

Large placements of cattle in September surprised some analysts because U.S. cattle inventories have dropped to their lowest levels in decades after drought raised costs for feed.

But Friday’s data indicates the U.S. could eventually be headed for tighter cattle supplies and higher prices because producers are not yet holding back heifers from feedlots and slaughtering, analysts said. Retaining heifers would allow them to reproduce to rebuild the U.S. herd, they said.

“If we’re not retaining heifers, that could leave us even tighter on the back end,” Wiegand said.

In CME’s lean hog market, February and April futures set contract lows for the fourth consecutive day before settling higher. The market was oversold, analysts said.

Most-active December hogs edged up 1.125 cents to finish at 67.5 cents/lb. after hitting a contract low on Friday.

The U.S. Department of Agriculture estimated average hog weights were 285.2 lbs. in Iowa and southern Minnesota in the week ended Oct. 21, up from 283.5 lbs. a week earlier.

Separately, USDA said frozen pork supplies at the end of September were 14 per cent lower than a year earlier, while stocks of pork bellies were down 19 per cent.

On Thursday, traders will review weekly U.S. pork and beef export sales data.

— Tom Polansek reports on agriculture and ag commodities for Reuters from Chicago.

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The market stabilized, however, after the February contract on Monday tumbled by the exchange-imposed daily trading limit. Trading limits for live cattle will revert back to the normal 6.75 cents on Wednesday after CME temporarily expanded them to 10 cents on Tuesday (all figures US$).

Cattle futures have reached record highs this year after drought and high feed costs drove U.S. ranchers to reduce the nation’s herd to its smallest in decades.

But the U.S. Department of Agriculture surprised livestock traders after markets closed on Friday by reporting larger-than-expected placements of cattle in U.S. feedlots in September. There were also more cattle in feedlots as of Oct. 1 than analysts estimated.

“It does appear to serve as a turning point of the industry’s perception of herd size direction over the next year,” brokerage StoneX said.

CME December live cattle settled up 0.275 cent at 178.625 cents/lb. after hitting its lowest price since June 22 at 177.3 cents. February live cattle finished down 0.125 cent at 180.85 cents/lb. and touched its lowest price since June 1 at 179.55 cents.

January feeder cattle ended 0.85 cent lower at 234.85 cents/lb. and reached their lowest price since June 21 at 233.875 cents.

Packers used the weakness in futures prices to buy some cattle at lower prices in the cash market, brokers said. Fed cattle traded in Iowa at around $184/cwt, down about $2 from last week, they said.

In CME lean hog futures, December futures edged up 0.2 cent to 66.375 cents/lb. after setting a contract low of 65.4 cents on Friday. The February, April, May and June 2024 contracts set new lows on Tuesday amid ample U.S. supplies.

The hog market looks oversold and due for a bounce, brokers said.

— Tom Polansek reports on agriculture and ag commodities for Reuters from Chicago.

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Lean hog futures set contract lows.

The U.S. Department of Agriculture, in a monthly report issued after trading ended on Friday, said placements of cattle in feedlots during September totaled 2.21 million head, up 6.1 per cent from a year earlier. Analysts on average expected a 0.8 per cent increase.

As of Oct. 1, there were 11.6 million cattle in feedlots, up 0.6 per cent from 2022. Analysts estimated a slight decline from last year.

“The trade was just overall not expecting to see those numbers,” said Austin Schroeder, analyst for Brugler Marketing and Management.

CME December live cattle settled down 6.275 cents at 178.35 cents/lb. and hit its lowest price since June 26 at 178.175 cents (all figures US$). February live cattle tumbled by the daily exchange-imposed limit of 6.75 cents, to 180.975 cents/lb., and touched its lowest price since June 22.

January feeder cattle also hit their lowest price since June 22 and ended down 7.35 cents at 235.7 cents/lb.

After the sell-off, CME on Tuesday will temporarily expand daily trading limits to 10 cents from 6.75 cents in live cattle and to 12.25 cents from 8.25 cents in feeder cattle.

The markets still have a bullish longer-term outlook after drought and high feed costs caused ranchers to reduce their herds, Schroeder said.

“We’re not building back herd numbers just yet,” he said.

But the bigger-than-expected cattle placements likely have market participants rethinking the supply outlook for late winter and early spring 2024, Steiner Consulting Group said in a note.

In the hog market, December futures settled up 0.175 cent at 66.175 cents/lb. after setting a contract low of 65.4 cents on Friday. The February, April and May lean hog contracts set new lows on Monday.

— Tom Polansek reports on agriculture and ag commodities for Reuters from Chicago.

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A marketing-year low in weekly U.S. beef export sales also hung over the market.

Meat companies are grappling with tight U.S. cattle supplies and high beef prices after drought drove ranchers to reduce their herds in recent years. Processors were losing an estimated $52.35 per head of cattle they slaughtered on Thursday, livestock marketing advisory service HedgersEdge.com said.

“The packers don’t have a lot of reason to go out there and pull the cattle ahead,” a commodity broker said.

CME December live cattle futures settled down 1.9 cents at 185.3 cents/lb. and touched their lowest price in more than a week at 184.95 cents (all figures US$).

November feeder cattle futures ended 5.225 cents lower at 244.5 cents/lb. and hit their lowest price since June 27 at 243.825 cents. Most-active January feeder cattle settled down 5.525 cents at 245.375 cents/lb. and touched their lowest price since June 28 at 244.675 cents.

On Friday, analysts expect the U.S. Department of Agriculture to report the number of cattle in U.S. feedlots on Oct. 1 was down slightly from a year ago. Cattle marketing in September is expected to be down nearly 10 per cent from a year earlier, while placements are seen up slightly.

USDA said on Thursday that weekly U.S. beef export sales were 400 metric tonnes for 2023, down 97 per cent from the prior four-week average. For pork, weekly U.S. export sales for 2023 rose 10 per cent from the prior four-week average to 30,700 tonnes.

CME December lean hog futures ended down 0.025 cent at 68 cents/lb. and traded near a contract low of 67.3 cents reached on Tuesday, while deferred months turned slightly higher.

— Tom Polansek reports on agriculture and ag commodities for Reuters from Chicago.

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Hog futures were also mixed on the day. February and May lean hog futures dipped to new contract lows on sluggish demand and seasonal low prices, analysts said.

Traders said they are also awaiting the U.S. Department of Agriculture’s monthly Cattle on Feed report, due Friday.

Analysts surveyed by Reuters expect the government to report the number of cattle in U.S. feedlots as of Oct. 1 at 11.42 million head, slightly down from a year ago. Cattle marketed in September are expected to be down nearly 10 per cent from a year earlier.

The U.S. Department of Agriculture said meat processors slaughtered an estimated 126,000 cattle on Wednesday, steady from a week ago, but lower than a year ago.

Meanwhile, beef packer margins were a negative $40.55 a head on Wednesday, which was less of a loss per animal than Tuesday, and less of a loss than a week earlier (all figures US$). Separately, USDA reported Wednesday morning that prices of wholesale choice and select boxed beef cuts were up.

“The packers are a little stand-offish right now for bidding things up, given that they’re losing more than $40 per animal,” said Don Roose, president of brokerage U.S. Commodities.

Feeder cattle futures slipped as traders kept a sharp eye on rising corn prices, amid questions if the feed grain had put in harvest lows.

CME December lean hog futures ended up 0.475 cent at 68.025 cents/lb.

CME December live cattle futures settled up 0.325 cent at 187.2 cents/lb.

November feeder cattle futures ended 0.725 cent lower at 249.725 cents/lb., while most-active January feeder cattle settled down 1.9 cents at 250.9 cents/lb.

— P.J. Huffstutter reports on agriculture and agribusiness for Reuters from Chicago.

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