Cattle Pull Back, Milk Surges: Key Market Moves Ahead of Thanksgiving

Cattle Pull Back, Milk Surges: Key Market Moves Ahead of Thanksgiving

From The Commodity Kitchen with David Maloni by David

November 19, 2025 · 10 min · Season 1 · Episode 4

About this episode

This episode discusses significant market movements in cattle, dairy, grains, and protein ahead of Thanksgiving.

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…

People in this episode

Host: David

Topics covered

  • cattle market
  • dairy production
  • grain prices
  • Thanksgiving
  • market analysis

Keywords

  • cattle
  • milk production
  • grain markets
  • Thanksgiving
  • soybean futures

Mentioned in this episode

Products: cattle, dairy, grains, protein, milk, soybean

Places: July

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