Live Cattle: Live Cattle futures have finished higher four days in a row and have gained nearly $10.000/cwt in that time. Many of the deferred contracts filled the gap that was left in October before the futures saw a $40.000/cwt sell off in just over a month’s time. This move higher started on virtually no news and has continued to work higher with no bullish news entering the market. The cash averages last week were steady with the week prior and boxed beef has fallen back below the $400 mark over the last week, along with the equity markets working lower. There has been no cash news up to this point in the week but expectations early in the week were for higher money, and with the nearby futures pushing above $243.000 today, asking prices continue to be moved higher. Boxed beef was higher this morning with choice being quoted up $2.34 to $396.44 and select up $3.78 to $394.79. The choice/select spread is now at $1.65 after recovering from negative territory in the middle of last week. The cash market this week will need to be higher to support the move higher in the futures market as the funds will look for bullish fundamentals to hold these levels. A lot of the technical objectives that have been hanging over the market have been met. New buying and additional interest will need to enter the market to see new highs in the near future.
Feeder Cattle: Feeder Cattle futures have added nearly $20.000/cwt over the past four days and have been the leader of the cattle complex. The CME Feeder Cattle index has gained $8.88 over the past two weeks as cash Feeder Cattle continue to work higher. Today’s release of the index was $0.81 higher at $365.93 through Monday’s sales. Open interest within the Feeder Cattle complex has dropped back below 70,000 contracts after the expiration of the March contract and has now lost over 10,000 contracts over the last month. Open interest climbed back above 70,000 after the first of the year and had remained there until the beginning of this week. Typically on big moves higher like we have seen, it comes with increased open interest on fund buying. During the last two weeks, and the rally that has taken place in the Feeder Cattle complex, open interest is not suggesting that the managed money are the buyers.
Lean Hogs: Lean Hog futures tested the 20-day MA yesterday but could not find additional buying. The market turned around and has now finished lower each of the last two days. Last week’s Hogs and Pigs Report gave the market a one day jump higher and left a gap in the market from Thursday night’s close. All of the cash markets have worked lower over the past week which is not helping support the futures market. The national cash average is down $1.04 compared to a week ago and is currently at $90.92. The pork cutout was quoted at $97.57 yesterday which was up $1.01 on the day but down $2.03 compared to a week ago. Last week’s CFTC Report showed the managed money sector as seller of over 15,000 contracts, reducing their long position to 101,483 contracts.
Corn: The USDA released their Prospective Planting Report and Quarterly Stocks Report this morning and gave the industry an idea of what acres will look like for 2026. Corn acres were projected to be 95.3 million, which is down 3.45 million acres from last year’s final acre total. Soybeans acres are estimated up 3.48 million compared to a year ago at 84.7 million acres. All wheat acres were down to 43.8 million acres. Corn futures were four cents lower heading into the report and ended up finishing the day steady to two cents higher despite the somewhat negative acre number. The soybean and wheat markets helped support the Corn market and with the Corn market trading lower the two days heading into the report, some of the bearishness was already built in. The Quarterly Stocks Report showed no surprises with all report numbers coming within the estimated range. Grains will now focus on trading summer weather and planting progress over the next few months. The next major report will be released on June 30 where they can make revisions to this Prospective Planting Report.
Closing Prices
Market
Month
Last
Change
Corn
May
457.75
2.00
CHI Wheat
May
616.25
9.25
KC Wheat
May
635.50
9.25
Soybeans
May
1171.00
11.25
Soy Oil
May
68.88
0.41
Soy Meal
May
316.40
1.50
Live Cattle
April
243.025
3.475
Feeder Cattle
April
369.125
5.825
Lean Hogs
April
90.425
0.050
Crude Oil
May
101.53
1.35
Ch Cutout
396.44
2.34
Sel Cutout
394.79
3.78
Feeder Index
365.93
0.81
Pork Cutout
97.57
1.01
Dollar Index
99.930
0.5790
DOW
46,244
1027
National Corn Basis
-40.60
0.48
National Bean Basis
-73.73
0.15
Dates to Remember
March 31- Prospective Planting
April 2- April Live Cattle Option Expiration
April 3- Good Friday: No Markets
Hog Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
Lead Month Future
90.425
91.050
0.625
87.725
2.700
National Cash
90.92
91.96
1.04
88.49
2.43
Index
90.76
91.78
1.02
88.65
2.11
Cutout
97.57
99.60
2.03
97.45
0.12
IA/SMN Cash
90.95
92.11
1.16
88.78
2.17
IA/SMN Weights
290.50
291.00
0.50
290.70
0.20
Slaughter
2,524,000
2,491,000
33,000
2,476,591
47,409
Cattle Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
North Cash
234.91
211.21
South Cash
237.13
207.88
North Steer Basis
0.00
5.91
Choice Boxes
396.44
400.20
3.78
335.26
61.18
Select Boxes
394.79
396.30
1.51
320.01
74.78
Spread
1.65
3.90
2.25
15.25
13.60
Carcass Weights
904
903
1
871
33
Slaughter
520,000
503,000
17,000
608,580
88,580
FC Index
365.93
361.59
4.34
291.50
74.43
Cash Cattle Markets
Region
This Week
Last Week
Last Year
TX/OK/NM
$237.49
$208.10
KS
$237.13
$207.88
NE
$234.91
$211.21
IA/MN
$235.22
$212.48
CFTC Disaggregated COT Report
As of: 3/24/2026
Commodity
Current Managed Money
Change
Current Producer/Commercial
Change
Total OI
Total OI Change
Live Cattle
110,909
4,294
-151,758
426
333,411
458
Feeder Cattle
17,810
123
-9,786
103
68,776
2,146
Lean Hogs
101,483
15,070
-155,520
17,735
332,195
333
Corn
284,548
55,744
-567,545
45,429
1,820,157
8,424
Soybeans
197,904
4,093
-271,259
7,460
969,960
2,748
Live Cattle Markets
April Live Cattle tested the highs from February today. Resistance is at 244.125 and then 244.575. Support is at 236.300 followed by the 20-day MA of 234.925.
Feeder Cattle Markets
April Feeder Cattle traded to the highest level since the beginning of February today. Resistance is at 371.025 and then 374.925. Support is at 356.850 followed by the 20-day MA of 353.175.
Lean Hogs Markets
June Lean Hogs failed to move through the 20-day MA this week. Resistance is at the 20-day MA of 107.125 and then 107.350. Support is at 104.550 followed by 102.950.
Corn Markets
May Corn finished the day higher despite the USDA showing more Corn acres than expected for 2026. Support is at 451 1/4 and then 449 1/4. Resistance is at the 20-day MA of 459 1/2 followed by 473 3/4.
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.
Producers Livestock offers livestock sourcing and marketing, commodities trading and hedging and loans and credit facilities to farmers and processors in the Midwestern US and Central Plains.
3/31/2026 Market Commentary
Live Cattle: Live Cattle futures have finished higher four days in a row and have gained nearly $10.000/cwt in that time. Many of the deferred contracts filled the gap that was left in October before the futures saw a $40.000/cwt sell off in just over a month’s time. This move higher started on virtually no news and has continued to work higher with no bullish news entering the market. The cash averages last week were steady with the week prior and boxed beef has fallen back below the $400 mark over the last week, along with the equity markets working lower. There has been no cash news up to this point in the week but expectations early in the week were for higher money, and with the nearby futures pushing above $243.000 today, asking prices continue to be moved higher. Boxed beef was higher this morning with choice being quoted up $2.34 to $396.44 and select up $3.78 to $394.79. The choice/select spread is now at $1.65 after recovering from negative territory in the middle of last week. The cash market this week will need to be higher to support the move higher in the futures market as the funds will look for bullish fundamentals to hold these levels. A lot of the technical objectives that have been hanging over the market have been met. New buying and additional interest will need to enter the market to see new highs in the near future.
Feeder Cattle: Feeder Cattle futures have added nearly $20.000/cwt over the past four days and have been the leader of the cattle complex. The CME Feeder Cattle index has gained $8.88 over the past two weeks as cash Feeder Cattle continue to work higher. Today’s release of the index was $0.81 higher at $365.93 through Monday’s sales. Open interest within the Feeder Cattle complex has dropped back below 70,000 contracts after the expiration of the March contract and has now lost over 10,000 contracts over the last month. Open interest climbed back above 70,000 after the first of the year and had remained there until the beginning of this week. Typically on big moves higher like we have seen, it comes with increased open interest on fund buying. During the last two weeks, and the rally that has taken place in the Feeder Cattle complex, open interest is not suggesting that the managed money are the buyers.
Lean Hogs: Lean Hog futures tested the 20-day MA yesterday but could not find additional buying. The market turned around and has now finished lower each of the last two days. Last week’s Hogs and Pigs Report gave the market a one day jump higher and left a gap in the market from Thursday night’s close. All of the cash markets have worked lower over the past week which is not helping support the futures market. The national cash average is down $1.04 compared to a week ago and is currently at $90.92. The pork cutout was quoted at $97.57 yesterday which was up $1.01 on the day but down $2.03 compared to a week ago. Last week’s CFTC Report showed the managed money sector as seller of over 15,000 contracts, reducing their long position to 101,483 contracts.
Corn: The USDA released their Prospective Planting Report and Quarterly Stocks Report this morning and gave the industry an idea of what acres will look like for 2026. Corn acres were projected to be 95.3 million, which is down 3.45 million acres from last year’s final acre total. Soybeans acres are estimated up 3.48 million compared to a year ago at 84.7 million acres. All wheat acres were down to 43.8 million acres. Corn futures were four cents lower heading into the report and ended up finishing the day steady to two cents higher despite the somewhat negative acre number. The soybean and wheat markets helped support the Corn market and with the Corn market trading lower the two days heading into the report, some of the bearishness was already built in. The Quarterly Stocks Report showed no surprises with all report numbers coming within the estimated range. Grains will now focus on trading summer weather and planting progress over the next few months. The next major report will be released on June 30 where they can make revisions to this Prospective Planting Report.
Closing Prices
Dates to Remember
March 31- Prospective Planting
April 2- April Live Cattle Option Expiration
April 3- Good Friday: No Markets
Hog Fundamentals
Cattle Fundamentals
Cash Cattle Markets
CFTC Disaggregated COT Report
As of: 3/24/2026
Live Cattle Markets
April Live Cattle tested the highs from February today. Resistance is at 244.125 and then 244.575. Support is at 236.300 followed by the 20-day MA of 234.925.
Feeder Cattle Markets
April Feeder Cattle traded to the highest level since the beginning of February today. Resistance is at 371.025 and then 374.925. Support is at 356.850 followed by the 20-day MA of 353.175.
Lean Hogs Markets
June Lean Hogs failed to move through the 20-day MA this week. Resistance is at the 20-day MA of 107.125 and then 107.350. Support is at 104.550 followed by 102.950.
Corn Markets
May Corn finished the day higher despite the USDA showing more Corn acres than expected for 2026. Support is at 451 1/4 and then 449 1/4. Resistance is at the 20-day MA of 459 1/2 followed by 473 3/4.