Live Cattle: Live Cattle futures finished the day mixed with limited gains or losses across all months. The February contract will expire on Friday at noon and will remain close to the cash markets. The cash market last week ended up being a little bit disappointing compared to what the expectations were at the beginning of the week. Most of the cash trade in the North took place at 247 while the South traded at mostly 249. Boxed beef was quoted sharply higher this morning with choice up $6.65 to $375.87 and select up $1.79 to $366.10. Last week’s kill of 516,000 was a new low and the lower kills have began to support the boxed beef market. Packers continue to try to inflate the price of the product while also attempting to stretch out the available fat cattle. Trade data for last year was released this week and showed total imports up 18% compared to a year ago while exports were down 14% and at a nine year low. In 2026, the difference between imports and exports looks to continue to grow apart as the price of beef continues to rise and beef availability from U.S. produced beef will continue to decline, while imported beef remains cheaper and helps add to the supply of beef available to the consumer.
Feeder Cattle: After posting new all-time record highs on consecutive days in the middle of last week, the CME Feeder Cattle index has lost $2.46 to start this week. Through Monday’s sales, the index is quoted at $375.41 after posting a high of $377.77 on Thursday. Feeder Cattle futures have lost their upside momentum over the course of the past week and had lost over $10/cwt in three days before today’s slight recovery. All of the futures months settled below the 20-day MA for the second day in a row today, which will create some technical resistance in the coming days. Feeder Cattle sales across the country have a softer tone to start this week with the lower futures market and a little more supply of bigger cattle available. Talk surrounding the Mexican border and Screwworm has been non-existent for some time now and this weekend’s events in Mexico should only prolong any moves toward the border being reopened.
Lean Hogs: Lean Hog futures have finished higher six consecutive days after reversing course from the sharp sell off that started the month of February. The nearby contracts have regained over half of their losses while the deferred contracts are within reach of posting new contract highs. The cash and cutout markets continue to improve and have been helpful in the recovery of the futures market. The national cash average is up over $6 compared to a week ago and has pushed through $90 two of the past three days. The pork cutout was quoted $1.79 higher yesterday at $97.40, taking out the high from the beginning of the month and is now at the highest level since December 26. Last week’s slaughter was revised down 23,000 head compared to the initial estimate at the end of last week. Export data for the month of December showed exports down 7% compared to the year prior, but demand to Mexico grew 7% and was the second largest monthly export total to the country on record. Totals for last year showed a decrease in export demand by 2% compared to 2024, with Mexico accounting for 40% of total exports. All other countries were slightly lower year over year.
Corn: Corn futures traded to the highest levels in over a month yesterday and finished the day fractionally higher, and the lower tone bled into today. Friday’s higher finish left a better technical picture for the grain markets as a whole but especially for Corn. Export inspections that were released yesterday showed another solid week of Corn shipments. Japan, Mexico, and South Korea again were the top destinations while China remained absent. Currently, the U.S. is running 10% ahead of the pace needed to meet the current USDA export goal, leaving room for increases in export demand in coming USDA reports. The U.S. is also the cheapest source of Corn in the world which continues to support export demand, and chew through the current carryout.
Closing Prices
Market
Month
Last
Change
Corn
May
438.50
1.75
CHI Wheat
May
573.25
0.50
KC Wheat
May
567.00
5.25
Soybeans
May
1155.25
5.50
Soy Oil
May
60.50
0.62
Soy Meal
May
314.40
1.90
Live Cattle
Feb
245.025
0.050
Feeder Cattle
Mar
365.100
0.800
Lean Hogs
April
95.800
2.100
Crude Oil
April
65.89
0.42
Ch Cutout
375.87
6.65
Sel Cutout
366.10
1.79
Feeder Index
375.41
0.39
Pork Cutout
97.40
1.79
Dollar Index
97.819
0.1130
DOW
49,190
385
National Corn Basis
-32.15
0.17
National Bean Basis
-64.55
0.33
Dates to Remember
February 27- February Live Cattle Expiration
Hog Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
Lead Month Future
95.800
92.300
3.500
87.400
8.400
National Cash
91.28
85.22
6.06
88.60
2.68
Index
88.17
86.93
1.24
89.47
1.30
Cutout
97.40
95.16
2.24
98.43
1.03
IA/SMN Cash
91.74
86.10
5.64
87.66
4.08
IA/SMN Weights
292.00
291.50
0.50
289.60
2.40
Slaughter
2,516,000
2,497,000
19,000
2,501,369
14,631
Cattle Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
North Cash
247.40
197.81
South Cash
248.85
196.87
North Steer Basis
0.00
1.62
Choice Boxes
375.87
366.91
8.96
313.73
62.14
Select Boxes
366.10
361.37
4.73
303.97
62.13
Spread
9.77
5.55
4.22
9.76
0.01
Carcass Weights
895
899
4
875
20
Slaughter
516,000
541,000
25,000
564,737
48,737
FC Index
375.41
376.07
0.66
279.37
96.04
Cash Cattle Markets
Region
This Week
Last Week
Last Year
TX/OK/NM
$248.81
$197.11
KS
$248.85
$196.87
NE
$247.40
$197.81
IA/MN
$245.93
$198.07
CFTC Disaggregated COT Report
As of: 2/17/2026
Commodity
Current Managed Money
Change
Current Producer/Commercial
Change
Total OI
Total OI Change
Live Cattle
116,717
8,083
-166,984
7,686
339,248
923
Feeder Cattle
16,806
644
-11,945
111
77,684
841
Lean Hogs
116,461
16,820
-172,808
19,067
363,010
3,655
Corn
-27,415
20,795
-222,508
4,084
1,694,860
39,395
Soybeans
163,611
40,463
-250,401
30,460
963,116
9,956
Live Cattle Markets
April Live Cattle have finished lower three days in a row. Support is at 237.000 and then 234.550. Resistance is at 244.125 and 244.575.
Feeder Cattle Markets
March Feeder Cattle settled below the 20-day MA for the second day in a row. Support is at 361.725 followed by 358.325. Resistance is at 372.250 and then 373.600.
Lean Hogs Markets
April Lean Hogs have now finished higher six days in a row. Resistance is at 97.875 followed by 99.800. Support is at the 20-day MA of 95.125 and then 92.000.
Corn Markets
May Corn found support at the 20-day MA today. Support is at the 20-day MA of 438 followed by 434 1/4. Resistance is at 445 and then the 200-day MA of 448 1/2.
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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2/24/2026 Market Commentary
Live Cattle: Live Cattle futures finished the day mixed with limited gains or losses across all months. The February contract will expire on Friday at noon and will remain close to the cash markets. The cash market last week ended up being a little bit disappointing compared to what the expectations were at the beginning of the week. Most of the cash trade in the North took place at 247 while the South traded at mostly 249. Boxed beef was quoted sharply higher this morning with choice up $6.65 to $375.87 and select up $1.79 to $366.10. Last week’s kill of 516,000 was a new low and the lower kills have began to support the boxed beef market. Packers continue to try to inflate the price of the product while also attempting to stretch out the available fat cattle. Trade data for last year was released this week and showed total imports up 18% compared to a year ago while exports were down 14% and at a nine year low. In 2026, the difference between imports and exports looks to continue to grow apart as the price of beef continues to rise and beef availability from U.S. produced beef will continue to decline, while imported beef remains cheaper and helps add to the supply of beef available to the consumer.
Feeder Cattle: After posting new all-time record highs on consecutive days in the middle of last week, the CME Feeder Cattle index has lost $2.46 to start this week. Through Monday’s sales, the index is quoted at $375.41 after posting a high of $377.77 on Thursday. Feeder Cattle futures have lost their upside momentum over the course of the past week and had lost over $10/cwt in three days before today’s slight recovery. All of the futures months settled below the 20-day MA for the second day in a row today, which will create some technical resistance in the coming days. Feeder Cattle sales across the country have a softer tone to start this week with the lower futures market and a little more supply of bigger cattle available. Talk surrounding the Mexican border and Screwworm has been non-existent for some time now and this weekend’s events in Mexico should only prolong any moves toward the border being reopened.
Lean Hogs: Lean Hog futures have finished higher six consecutive days after reversing course from the sharp sell off that started the month of February. The nearby contracts have regained over half of their losses while the deferred contracts are within reach of posting new contract highs. The cash and cutout markets continue to improve and have been helpful in the recovery of the futures market. The national cash average is up over $6 compared to a week ago and has pushed through $90 two of the past three days. The pork cutout was quoted $1.79 higher yesterday at $97.40, taking out the high from the beginning of the month and is now at the highest level since December 26. Last week’s slaughter was revised down 23,000 head compared to the initial estimate at the end of last week. Export data for the month of December showed exports down 7% compared to the year prior, but demand to Mexico grew 7% and was the second largest monthly export total to the country on record. Totals for last year showed a decrease in export demand by 2% compared to 2024, with Mexico accounting for 40% of total exports. All other countries were slightly lower year over year.
Corn: Corn futures traded to the highest levels in over a month yesterday and finished the day fractionally higher, and the lower tone bled into today. Friday’s higher finish left a better technical picture for the grain markets as a whole but especially for Corn. Export inspections that were released yesterday showed another solid week of Corn shipments. Japan, Mexico, and South Korea again were the top destinations while China remained absent. Currently, the U.S. is running 10% ahead of the pace needed to meet the current USDA export goal, leaving room for increases in export demand in coming USDA reports. The U.S. is also the cheapest source of Corn in the world which continues to support export demand, and chew through the current carryout.
Closing Prices
Dates to Remember
February 27- February Live Cattle Expiration
Hog Fundamentals
Cattle Fundamentals
Cash Cattle Markets
CFTC Disaggregated COT Report
As of: 2/17/2026
Live Cattle Markets
April Live Cattle have finished lower three days in a row. Support is at 237.000 and then 234.550. Resistance is at 244.125 and 244.575.
Feeder Cattle Markets
March Feeder Cattle settled below the 20-day MA for the second day in a row. Support is at 361.725 followed by 358.325. Resistance is at 372.250 and then 373.600.
Lean Hogs Markets
April Lean Hogs have now finished higher six days in a row. Resistance is at 97.875 followed by 99.800. Support is at the 20-day MA of 95.125 and then 92.000.
Corn Markets
May Corn found support at the 20-day MA today. Support is at the 20-day MA of 438 followed by 434 1/4. Resistance is at 445 and then the 200-day MA of 448 1/2.