The markets advanced for the fourth consecutive session as prices recovered from a steep slide that began in October after U.S. President Donald Trump said beef prices were too high.

“With the cash prices moving up, that’s giving a little bit better tailwind,” a broker said.

CME February live cattle futures ended 3.150 cents higher at 227.150 cents per pound after reaching the highest since Nov. 12 at 227.375 cents. CME January feeder cattle closed up 2.475 cents at 339.050 cents per pound after trading up to 340.075 cents, the highest since Oct. 27.

In the cash market, cattle traded for about $220 per hundredweight this week in northern areas such as Nebraska, up about $10 from last week, brokers said. The increase reflected demand from meatpackers, they said.

Packers slaughtered an estimated 115,000 cattle on Friday, according to U.S. Department of Agriculture data. That was up from 109,000 cattle a week ago, the day after the Thanksgiving holiday, data showed.

Traders were monitoring cold weather across the central U.S. that could slow weight gain in livestock. In the Midwest, extensive snow cover was expected through next week, weather firm Vaisala said.

Meatpackers slaughtered an estimated 476,000 hogs, up from 402,000 a week ago, according to the USDA.

In other news, Catalonia’s regional government said it would investigate a research center outside Barcelona after Spain’s Agriculture Ministry said a recent swine fever outbreak could have been caused by a laboratory leak.

— Reporting by Tom Polansek

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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 December live cattle contract lost 1.925 cents per pound at 225.275 cents. Feeder cattle were down 1.675 cents in the January contract at 327.475 cents per pound.

The U.S. Department of Agriculture reported wholesale boxed beef prices were weaker, with choice boxes down $4.77 at $374.45 per hundredweight and select boxes down $0.14 at $359.94/cwt.

The possible reopening of the United States government kept some caution in the futures, as market participants will be watching any data that comes out for any confirmation of the strong consumer beef demand that reportedly contributed to the recent strength in the futures.

Lean hog prices were weaker, with the December contract down 1.725 cents at 80.625 cents per pound. Federally inspected hog slaughter for Tuesday was estimated at 460,000 head by the USDA, taking the weekly total to 954,000 head.

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A brief talk between Canadian Prime Minister Mark Carney and Chinese President Xi Jinping at the sidelines of the APEC Summit in South Korea created some optimism over thawing trade relations between the countries. However, the tariffs on both sides remain in place for the time being, with Canada effectively shut out of its largest customer for canola seed.

Analyst Bruce Burnett of Glacier FarmMedia placed the January canola contract in a sideways range between C$635 and C$650, and expected values would remain rangebound until something changed on the trade front.

Canola futures will “continue on that path until we see an increase in exports to a third party, or China returns to the market,” said Burnett adding that he didn’t expect to see that happen any time soon.

China imported 4.7 million tonnes of Canadian canola in 2024/25, accounting for roughly half of all exports that marketing year.

Pakistan is one country that could start taking up some of the slack of the lost business to China. Pakistan and Canada released a joint statement including an agreement to facilitate Pakistani purchases of Canadian canola. The country had once been a major canola customer, importing over a million tonnes annually, but has been absent from the market for the past three years due to changes to the country’s biosecurity measures.

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“We’ve seen some bullish sentiment based on possible trade talks,” said John Weyer of Walsh Trading in Chicago.

China’s state-owned COFCO reportedly bought three cargoes of U.S. soybeans this week, marking the first such purchases of the 2025 crop ahead of a meeting between Trump and Chinese President Xi Jinping.

January soybeans ran into resistance at US$11 per bushel, but “if we can get back up there and settle (above US$11) we could continue to ride the near-term bull wave,” said Weyer.

He placed the next resistance targets at US$11.20 and again at US$11.27 per bushel.

However, at the same time, any negative trade headlines and Weyer expected the market “could pull back quite a bit.”

Corn and wheat both lacked any fresh supportive news of their own but were finding spillover strength from the advances in soybeans, said Weyer.

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The December live cattle contract gained 1.775 cents per pound on Tuesday, at 245.425 cents. The nearby November feeder cattle contract was up 0.800 cents per pound at 373.475 cents per pound, with the January contract up 1.100 cents at 370.275 cents per pound.

The U.S. Department of Agriculture reported wholesale boxed beef prices were mixed, with choice boxes $2.75 higher at $371.93 per hundredweight and select boxes down $0.89 at $352.57/cwt.

Lean hog prices strengthened, with the December contract up 1.200 cents at 83.275 cents per pound.

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Cattle futures posted limit-down losses on Friday following comments from United States President Donald Trump that he would lower beef prices. Trump also said over the weekend that beef purchases from Argentina were a possibility.

The December live cattle contract gained 1.825 cents per pound on Monday, at 243.650 cents.

The feeder cattle market was mixed on the day. The nearby November contract was up 0.975 cents per pound at 372.675 cents per pound. However, the more deferred months were lower, with January down 0.125 cents at 369.175 cents per pound.

The U.S. Department of Agriculture reported wholesale boxed beef prices were up on the day, with choice boxes $2.41 higher at $369.18 per hundredweight and select boxes up $3.19 at $353.46/cwt.

Lean hog prices were mixed, with the December contract down 0.300 cents at 88.950 cents per pound.

Pork production in China was up seven per cent in the third quarter compared to a year ago, at 13.48 million tonnes, according to Chinese government data.

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The December live cattle contract gained 1.750 cents per pound at 246.500 cents. Chart-based positioning contributed to the gains, according to participants, with the next resistance target seen at 248 to 250 cents per pound.

November feeder cattle futures were up by 4.600 cents per pound at 381.325 cents per pound.

The U.S. Department of Agriculture reported wholesale boxed beef prices were up on the day, with choice boxes $0.51 higher at $364.42 per hundredweight and select boxes up $0.80 at $350.55/cwt.

Lean hog prices were lower, as a sharp drop in Chinese prices spilled into the U.S. market. The December contract was down 1.700 cents at 83.150 cents.

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Corn futures chopped up and down but remained under pressure from the ongoing U.S. harvest, while soy traders remained unsure whether a potential Washington-Beijing trade deal would revive Chinese purchases of U.S. beans.

The most-active wheat contract on the Chicago Board of Trade settled 3-1/2 cents higher to $5.00-1/4 per bushel after touching its lowest since August 2020 at $4.92-3/4 a bushel.

Soybeans settled 1-1/4 cents lower to $10.06-1/2 per bushel, and corn settled 2-1/4 cents higher to $4.13 per bushel.

Consultants Sovecon last week raised their Russian wheat production estimate to 87.8 million tonnes from 87.2 million tonnes, reflecting record yields in Siberia.

Traders also expect large harvests in Argentina and Australia to hit the market over the coming months.

Crop conditions in most major wheat producers have been benign this year, though consistent rainfall in parts of China is disrupting its harvest.

In soybeans, attention is locked on China, the biggest soybean importer, which has halted purchases from the United States and is buying from South America instead.

U.S. President Donald Trump appeared over the weekend to dash hopes of a trade deal but he and other U.S. officials have softened their rhetoric.

“Things aren’t getting significantly better with China yet,” said Sherman Newlin, broker at Risk Management Commodities. “People are waiting for some sort of trade deal to maybe happen.”

Meanwhile, an ongoing government shutdown that has deprived market players of crucial data on exports, demand and harvest progress has made traders wary about making big moves in the market.

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Corn followed soybeans higher as an expected yield forecast cut underpinned the market, although gains were limited by projections for a record-large U.S. crop.

Wheat futures firmed on short covering after a stronger dollar and rising global supplies had dragged prices to near five-year lows.

Corn and soybeans gained despite the ongoing U.S. harvest, but both markets have struggled to break out of recent ranges as a U.S. government shutdown has disrupted agricultural data and deprived the market of its usual direction.

Analysts polled by Reuters expect the latest yield estimates from the U.S. Department of Agriculture to be reduced when the agency resumes reporting data. Its monthly supply and demand report, originally scheduled for release on Thursday, will not be issued.

“I don’t feel like we’re getting a whole lot of harvest pressure in beans. Farmers are not aggressively selling beans even though they are aggressively harvesting beans,” said Ted Seifried, chief market strategist for Zaner Ag Hedge.

Cash basis values around the Midwest have been firm this week due to slower-than-normal sales.

Optimism that a meeting between U.S. President Donald Trump and China’s Xi Jinping at the end of the month could revive Chinese buying of U.S. soybeans offered additional support, Seifried said.

The market is awaiting details of a farm aid package that could help growers struggling with China’s lack of purchases.

Soybeans were also underpinned by labor tensions in Argentina, where workers at soy processors called for a strike this week.

Chicago Board of Trade November soybeans rose 7-1/2 cents to $10.29-1/2 a bushel, while December corn added 2-1/4 cents to $4.22 a bushel. CBOT December wheat was 1/2 cent higher at $5.07-1/4 a bushel.

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