Bulls Are Working to Forge Bottoms in Cattle and Hog Prices

October live cattle futures closed at $217.025 on Tuesday, marking a two-week high. November feeder cattle rose to $320.45, reaching a three-week peak. Short covering and speculator purchases bolstered the markets, with President Trump's efforts to attract smaller U.S. beef processors providing psychological support. Cash cattle prices averaged $219.06 last week, slightly below the prior week's $219.25.

Mexican feeder cattle entered the U.S., aiding feedlot replacements. USDA reported no new New World screwworm cases, though the effect on cattle futures remains limited. Smithfield Foods announced a potential third-quarter adjusted operating loss for its fresh pork business, raising concerns for both processors and producers.