Live Cattle: Live Cattle futures gapped higher to start this week and held those gains for the entire day. The futures found support by the higher cash market late in the week last week, especially after the futures closed on Friday. Kansas traded cattle mainly at 248 but there were cattle that traded at 249 later in the day. The weighted average in Kansas was over $3 higher than the average in Nebraska. The cash markets in both the South and the North were higher than the week prior and expectations for this week are for a higher market again. Boxed beef was mixed this morning with choice quoted $0.86 lower at $366.91 while select was $0.14 at $361.37. The tight number of ready fat cattle continues to lead the bullish story within the cattle complex and continues to bring buyers into the market.
Feeder Cattle: Feeder Cattle futures spent the entire day sharply higher with help from the higher Live Cattle complex and the lower Corn market. Cash Feeder Cattle continue to set new records across the country and that has driven the CME Feeder Cattle index to near record highs. Today’s release of the index was $2.16 higher at $376.07 which is the third highest ever and just short of the all-time record of $376.51. Low feed costs along with near all-time high fat cattle prices have driven Feeder Cattle prices to record levels. The managed money sector of traders have not built back to the same length that they had in October when the futures were at their contract highs, leaving room for the futures to push back towards those contract highs if the cash fundamentals stay strong.
Lean Hogs: Lean Hog futures broke their seven day losing streak today and finished the day higher across all months. The managed money spent last week liquidating some of the long positions they had added going back to the end of November. The move lower in the futures market has realigned the futures with the current cash markets. The current Lean Hog index is quoted at $87.06 and has continued its trend higher over the past week. The pork cutout has also remained steady to higher and continues to gravitate to the mid $90 range.
Corn: Corn futures started the holiday-shortened week lower and continued to push to new daily lows late in the day. The wheat markets did not offer any support today as it continues to fight large supplies of world wheat. According to Friday’s CFTC Report, the managed money was buyers of more than 20,000 contracts for the week and is now short just 48,000 contracts. The managed money has not been real interested in buying the Corn complex but with the China news, they at least lessened their short position. As we move through the next 45 days, the focus will shift to the 2026 growing season and production within the United States. Changes to demand will also be analyzed and hopes for a carryout below 2.000 billion bushels would begin to paint a somewhat friendly story for the Corn market.
Closing Prices
Market
Month
Last
Change
Corn
Mar
426.25
5.50
CHI Wheat
Mar
537.75
11.00
KC Wheat
Mar
538.75
3.75
Soybeans
Mar
1134.00
1.00
Soy Oil
Jan
57.29
0.21
Soy Meal
Mar
305.80
3.40
Live Cattle
Feb
246.550
3.475
Feeder Cattle
Mar
370.975
4.825
Lean Hogs
April
92.300
1.025
Crude Oil
Mar
62.26
0.63
Ch Cutout
366.91
0.86
Sel Cutout
361.37
0.14
Feeder Index
376.07
2.16
Pork Cutout
95.16
0.49
Dollar Index
97.184
0.2690
DOW
49,634
133
National Corn Basis
-32.97
0.15
National Bean Basis
-0.65
0.23
Dates to Remember
February 27- February Live Cattle Expiration
Hog Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
Lead Month Future
92.300
86.850
5.450
92.600
0.300
National Cash
85.22
85.39
0.17
91.98
6.76
Index
86.93
86.46
0.44
90.19
3.26
Cutout
95.16
95.83
0.67
102.47
7.31
IA/SMN Cash
86.10
86.90
0.80
90.78
4.68
IA/SMN Weights
291.50
291.60
0.10
290.00
1.50
Slaughter
2,497,000
2,585,000
88,000
2,521,237
24,237
Cattle Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
North Cash
245.13
199.61
South Cash
248.31
198.96
North Steer Basis
1.00
5.42
Choice Boxes
366.91
370.00
3.09
315.70
51.21
Select Boxes
361.37
364.53
3.16
306.23
55.14
Spread
5.55
5.47
0.08
9.47
3.92
Carcass Weights
899
893
6
875
24
Slaughter
541,000
536,000
5,000
562,260
21,260
FC Index
376.07
373.83
2.24
277.99
98.08
Cash Cattle Markets
Region
This Week
Last Week
Last Year
TX/OK/NM
$246.70
$199.00
KS
$248.31
$198.96
NE
$245.13
$199.61
IA/MN
$244.36
$200.21
CFTC Disaggregated COT Report
As of: 2/10/2026
Commodity
Current Managed Money
Change
Current Producer/Commercial
Change
Total OI
Total OI Change
Live Cattle
108,634
5,897
-159,295
6,391
330,631
49
Feeder Cattle
16,162
273
-11,834
881
75,631
1,031
Lean Hogs
133,281
4,424
-191,875
5,688
370,942
3,791
Corn
-48,210
20,576
-218,424
30,310
1,780,730
5,808
Soybeans
123,148
94,316
-219,941
59,296
962,682
6,846
Live Cattle Markets
April Live Cattle gapped higher this morning but could not take out the most recent high. Resistance is at 244.575 and then 246.875. Support is at 241.675 followed by the 20-day MA of 238.300.
Feeder Cattle Markets
March Feeder Cattle started the week sharply higher. Resistance is at 373.600 and then 375.000. Support is at the 20-day MA of 364.525 followed 363.350.
Lean Hogs Markets
April Lean Hogs broke their seven day losing streak today. Support is at 91.125 and then 90.025. Resistance is at 93.750 and then the 20-day MA of 95.675.
Corn Markets
March Corn futures tested downside support today. Support is at 425 1/4 and then 424. Resistance is at 432 3/4 followed by 436.
This material should be construed as the solicitation of an account, order, and/or services provided by Producers Commodities LLC, NFA ID: 0355787 and represents the opinions and viewpoints of the author. It does not constitute an individualized recommendation or take into account the particular trading objectives, financial situations, or needs of individual customers. Additionally, this material should not be construed as research material. The trading of derivatives such as futures and futures options may not be suitable for all investors. Derivatives trading involves substantial risk of loss, and you should fully understand the risks prior to trading. Past results are not necessarily indicative of future results. Producers Commodities LLC is not responsible for any redistribution of this material by third parties, or any trading decisions taken by persons not intended to view this material. Information contained herein was obtained from sources believed to be reliable, but its accuracy, timeliness, and/or completeness cannot be guaranteed. Contact designated personnel from Producers Commodities LLC for specific trading advice to meet your trading preferences or goals.
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2/17/2026 Market Commentary
Live Cattle: Live Cattle futures gapped higher to start this week and held those gains for the entire day. The futures found support by the higher cash market late in the week last week, especially after the futures closed on Friday. Kansas traded cattle mainly at 248 but there were cattle that traded at 249 later in the day. The weighted average in Kansas was over $3 higher than the average in Nebraska. The cash markets in both the South and the North were higher than the week prior and expectations for this week are for a higher market again. Boxed beef was mixed this morning with choice quoted $0.86 lower at $366.91 while select was $0.14 at $361.37. The tight number of ready fat cattle continues to lead the bullish story within the cattle complex and continues to bring buyers into the market.
Feeder Cattle: Feeder Cattle futures spent the entire day sharply higher with help from the higher Live Cattle complex and the lower Corn market. Cash Feeder Cattle continue to set new records across the country and that has driven the CME Feeder Cattle index to near record highs. Today’s release of the index was $2.16 higher at $376.07 which is the third highest ever and just short of the all-time record of $376.51. Low feed costs along with near all-time high fat cattle prices have driven Feeder Cattle prices to record levels. The managed money sector of traders have not built back to the same length that they had in October when the futures were at their contract highs, leaving room for the futures to push back towards those contract highs if the cash fundamentals stay strong.
Lean Hogs: Lean Hog futures broke their seven day losing streak today and finished the day higher across all months. The managed money spent last week liquidating some of the long positions they had added going back to the end of November. The move lower in the futures market has realigned the futures with the current cash markets. The current Lean Hog index is quoted at $87.06 and has continued its trend higher over the past week. The pork cutout has also remained steady to higher and continues to gravitate to the mid $90 range.
Corn: Corn futures started the holiday-shortened week lower and continued to push to new daily lows late in the day. The wheat markets did not offer any support today as it continues to fight large supplies of world wheat. According to Friday’s CFTC Report, the managed money was buyers of more than 20,000 contracts for the week and is now short just 48,000 contracts. The managed money has not been real interested in buying the Corn complex but with the China news, they at least lessened their short position. As we move through the next 45 days, the focus will shift to the 2026 growing season and production within the United States. Changes to demand will also be analyzed and hopes for a carryout below 2.000 billion bushels would begin to paint a somewhat friendly story for the Corn market.
Closing Prices
Dates to Remember
February 27- February Live Cattle Expiration
Hog Fundamentals
Cattle Fundamentals
Cash Cattle Markets
CFTC Disaggregated COT Report
As of: 2/10/2026
Live Cattle Markets
April Live Cattle gapped higher this morning but could not take out the most recent high. Resistance is at 244.575 and then 246.875. Support is at 241.675 followed by the 20-day MA of 238.300.
Feeder Cattle Markets
March Feeder Cattle started the week sharply higher. Resistance is at 373.600 and then 375.000. Support is at the 20-day MA of 364.525 followed 363.350.
Lean Hogs Markets
April Lean Hogs broke their seven day losing streak today. Support is at 91.125 and then 90.025. Resistance is at 93.750 and then the 20-day MA of 95.675.
Corn Markets
March Corn futures tested downside support today. Support is at 425 1/4 and then 424. Resistance is at 432 3/4 followed by 436.