In this pre-Thanksgiving episode, we break down major moves across cattle, dairy, grains, and protein markets. Live cattle and feeder cattle futures—after hitting record highs—have now pulled back to levels last seen in July, though they remain historically elevated. September milk production surged 4% year over year, and the milk cow herd climbed 2.5%, marking its biggest increase in decades. Grain markets continue to firm, with nearby soybean futures reaching their highest price since June 2024, supported by tighter-than-expected soybean supplies and increasing demand tied to biofuel mandates.

We also analyze key protein dynamics: chicken output is running about 3% above last year, with whole birds holding steady at $1.05/lb; beef cutouts have begun drifting lower but remain higher year over year; and lean/fat trim prices continue moving in opposite directions due to limited government production data during the shutdown. Tyson and Pilgrim’s Pride both expressed confidence in strong chicken demand for 2026 despite today’s lower prices. Tune in to hear the full discussion and understand how these trends may shape commodity decisions heading into the holiday season.

Connect with out hosts:

David Maloni’s LinkedIn: https://www.linkedin.com/in/davidmaloni/

Jerry Dalton's LinkedIn: https://www.linkedin.com/in/jerry-dalton-0324a821/ 

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