THE PROTEIN PULSE - Monday Market Open | November 2nd, 2026 cover image

THE PROTEIN PULSE - Monday Market Open | November 2nd, 2026

THE PROTEIN PULSE - Monday Market Open | November 2nd, 2026

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Full Executive Briefing — Spoken ScriptHOST: Welcome to The Protein Pulse Podcast, your daily market update on all things protein. This is Monday Market Open for November 2nd, 2026, from The Sparks Group.SHAWN: If you're reading this, odds are high you're already packing a bag for Scottsdale, or reading it over breakfast at The Westin Kierland. The Meat Import Council of America's sixty-fifth Annual Conference isn't a passive event for our industry. It's where real business happens. While formal market reports show where trade ended up last quarter, the real intelligence comes from the conversations in between sessions, the unvarnished ground truth on import volumes, cold chain pressure points, and shifting margin realities. When you're constantly evaluating risk and securing supply, getting direct face time with peers on the same side of the trade is invaluable. Plus, doing it under a Sonoran sunset with a round of golf on the side isn't a bad way to wrap up the year. I'll be on-site throughout the event. If you want to talk strategy, test assumptions on where global markets are heading, or grab a drink, let's connect. Ask me for some Protein Pulse Swag while they last. Track me down in the hallway and let's talk real market reality.HOST: A new U.S. beef-import quota window opened this morning. CBP opened qualification for a third one hundred thousand metric ton tranche. Importers still need an allocation and an executable landed offer. Cattle break hard as cash trade softens. December live cattle lost five thirty-five cents a pound Friday and January feeders fell ten eighteen cents a pound. Delayed marketings expose feedlots to additional feed and price risk. Pilgrim's Pride posts a steep profit decline. Third-quarter earnings fell to one hundred seventeen point six zero million from three hundred forty-two point eight zero million as commodity returns weakened while prepared foods grew. Mexico reopens poultry imports from eligible Brazilian origins. Santa Catarina remains restricted after a third Newcastle outbreak. Eligible suppliers elsewhere regain a potential outlet. Screwworm reaches Arizona while Mexican feeder imports continue. Cochise County faces movement controls, while import flows through open ports matter for feeder availability. USDA plans sixty-one million dollars in pork and chicken purchases. Solicitations and delivery schedules will determine when that demand reaches processors. Iran diplomacy moves oil, but freight risk persists. Sunday evening crude weakened, but Hormuz shipping disruptions still expose protein freight to higher costs.SHAWN: CBP opened qualification this morning for the third one hundred thousand metric ton additional beef tariff-rate quota tranche covering eligible other countries or areas entries. Importers may face proration in oversubscribed tariff-code groups, so allocation determines how much in-quota supply they can actually book. The proclamation's twenty-five percent monitoring condition compares entered lean-trim selling prices with market prices. It does not guarantee a buyer discount. December live cattle settled at two twenty ninety-five Friday, down five thirty-five, while January feeders lost ten eighteen to three thirty-one seventy-eight. National negotiated live cattle averaged two twenty-three seventy-four F-O-B and dressed cattle three forty-five delivered. Larger showlists and delayed pickups extend feed and price exposure for affected feedlots. Estimated cattle slaughter for the week ending October 31st was five hundred forty-three thousand head, down three thousand week over week. Choice grade boxed beef finished at three sixty-four sixty-six, down two sixty-two. Select grade rose to three fifty-one ninety-eight, narrowing the Choice Select spread to twelve sixty-eight. The spread between live-cattle costs and wholesale beef revenues is more consequential to plant returns than either quote alone. Platts assessed imported frozen nineties at three nineteen C-I-F U.S. East Coast and three thirteen F-C-A East Coast on October 29th. Market correspondence reported a Brazil-origin ninety trade at three oh oh F-O-B U.S. East Coast port of entry for November delivery, and a New Zealand ninety-five CL December shipment at three thirty-seven C-I-F U.S. coast. Friday's domestic fresh nineties averaged three seventy-one F-O-B plant. Product condition, grade, duty and freight determine whether a quoted import price translates into a competitive delivered offer.HOST: The pork cutout ended Friday at seventy ten, down fifty-nine cents. Picnics fell seven eighty-six to fifty-one thirty-nine, while bellies rose seven sixteen to seventy-two eighty-five. National negotiated hog carcass prices averaged sixty twenty-nine, down three forty-nine. Weekly estimated slaughter was two point six oh eight million head, little changed from the previous week. Divergent primal values change realized returns by fabrication mix. Picnic buyers have a different negotiating ...
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