Live Cattle: Live Cattle futures have opened higher both days this week before trading sharply lower and finishing the day lower. Yesterday, the futures market found support from bids early in the day of 260, fully steady with the high end of last week’s trade and somewhat unheard of for a Monday morning. Just before 11 AM, news hit the wire that President Trump was going to suspend tariffs on beef that came into the country past quotas, and the futures collapsed in a matter of seconds. The market eventually leveled off and recovered most of the losses by the end of the day. President Trump was supposed to sign the executive orders last night but that was delayed and they have yet to be signed. This news gave the futures life this morning before again selling off to significant losses for the day. The cash market continues to trade strongly despite the lower futures market. There have been cattle traded in the North at 259 and 260 the past two days, along with 260 in the South. This would be steady with the high end of last week’s trade. Boxed beef was quoted higher this morning with choice up $0.67 at $391.89 and select $2.82 higher at $394.31. All fundamental factors have not mattered up to this point of the week as traders fear President Trump’s next move. Even with the delay in removal of tariffs, beef is still in the news and obviously, at the front of the President’s mind.
Feeder Cattle: Feeder Cattle futures have traded over $10.000/cwt ranges both days this week and have lost nearly $8.000/cwt since Friday’s close. Live Cattle futures drifting lower along with a rebound in Corn prices have both put pressure on the Feeder Cattle complex. The high each of the last two days also came near the 20-day MA, which added technical selling to the mix. The CME Feeder Cattle index was quoted $1.48 lower at $374.37 following Monday’s sales. The May contract will expire next Thursday and is currently at a $8.47 discount to the current index. Open interest continues to decline within the complex and was at 64,025 ahead of today’s trade, which is the lowest level since December and the second lowest since November of 2024. The managed money have not been buyers since last October when President Trump initially began addressing the high price of beef. As of a week ago today, the funds were long 18,725 contracts, roughly half of their record set late last summer.
Lean Hogs: Lean Hog futures traded to a new low for 2026 and the lowest level since the beginning of December. The cash markets have began to drift lower while the pork cutout remains in the upper $90 range. Yesterday, the pork cutout was quoted $0.58 lower at $96.98 and has not moved back above $100.00 since April 20. Today’s WASDE Report showed an increase in pork production for 2026 along with an increase in export demand. Production is projected 1.5% larger than a year ago with another 1.0% increase coming in 2027. Export demand also looks to grow next year and is projected at a new yearly record. Slaughter this week is behind last week’s pace as the industry continues to face tight numbers of market ready hogs, which is what helped support the cash markets last week.
Corn: Corn futures found support within today’s WASDE Report and from the wheat market that finished up the limit today. Today was the first estimate of 2026 production and the USDA began the year with a 183.0 bushel per acre yield estimate and 87.4 million harvested acres. These numbers will change multiple times before the end of the growing season and ahead of the final production numbers that will be released in 2027. New crop Corn demand was reduced today for both feed and exports which pushed the carryout above the pre-report estimates. Overall, the numbers within the WASDE Report were not all that friendly to the Corn market directly, but the bullish numbers within the wheat report pushed the wheat market higher, dragging the Corn market higher as well. Friday’s settlement above the 20-day MA helped improve the technical picture and now, the market eyes the highs that were set last week as the next technical objective. Dryness over the Western Corn Belt continues to be something traders are watching but the Eastern Corn Belt has plenty of moisture. The next 45 days the market seasonally adds weather premium ahead of the Fourth of July holiday.
Closing Prices
Market
Month
Last
Change
Corn
July
480.00
4.75
CHI Wheat
July
679.00
45.00
KC Wheat
July
731.25
45.00
Soybeans
July
1226.75
13.75
Soy Oil
July
75.36
1.62
Soy Meal
July
328.40
3.60
Live Cattle
June
247.700
1.700
Feeder Cattle
May
365.900
2.500
Lean Hogs
May
90.925
0.050
Crude Oil
June
101.81
3.74
Ch Cutout
391.89
0.67
Sel Cutout
394.31
2.82
Feeder Index
374.37
1.48
Pork Cutout
96.98
0.58
Dollar Index
98.369
0.4140
DOW
49,690
13
National Corn Basis
-40.52
0.12
National Bean Basis
-67.74
0.31
Dates to Remember
May 12- WASDE Report
May 14- May Lean Hog Expiration
May 22- Cattle on Feed Report Report
Hog Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
Lead Month Future
90.925
92.800
1.875
90.725
0.200
National Cash
93.77
94.44
0.67
95.29
1.52
Index
90.41
91.03
0.62
90.31
0.10
Cutout
96.98
97.36
0.38
96.51
0.47
IA/SMN Cash
94.75
93.86
0.89
94.92
0.17
IA/SMN Weights
291.20
290.90
0.30
290.50
0.70
Slaughter
2,450,000
2,446,000
4,000
2,431,585
18,415
Cattle Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
North Cash
258.99
228.82
South Cash
256.98
220.11
North Steer Basis
7.00
12.93
Choice Boxes
391.89
393.42
1.53
348.14
43.75
Select Boxes
394.31
394.51
0.20
335.23
59.08
Spread
-2.42
-1.09
1.33
12.91
15.33
Carcass Weights
899
902
3
877
22
Slaughter
527,000
534,000
7,000
560,823
33,823
FC Index
374.37
375.33
0.96
301.03
73.34
Cash Cattle Markets
Region
This Week
Last Week
Last Year
TX/OK/NM
$256.01
$219.72
KS
$256.98
$220.11
NE
$258.99
$228.82
IA/MN
$258.92
$228.10
CFTC Disaggregated COT Report
As of: 5/5/2026
Commodity
Current Managed Money
Change
Current Producer/Commercial
Change
Total OI
Total OI Change
Live Cattle
141,965
5,374
-185,110
2,824
357,266
5,729
Feeder Cattle
18,725
1,636
-10,888
238
64,025
1,743
Lean Hogs
51,082
6,483
-107,070
9,010
318,877
708
Corn
343,925
79,822
-663,170
108,804
1,905,323
3,444
Soybeans
221,617
36,335
-307,624
41,686
984,093
2,921
Live Cattle Markets
June Live Cattle settled below the 20-day MA today. Support is at 245.475 and then 240.925. Resistance is at the 20-day MA of 249.325 and then 253.725.
Feeder Cattle Markets
August Feeder Cattle traded down to the 100-day MA today. Support is at the 100-day MA of 356.125 followed by 354.650. Resistance is at the 20-day MA of 366.375 and then 367.500.
Lean Hogs Markets
June Lean Hogs posted a new low for the move today. Support is at 97.775 and then 95.450. Resistance is at 100.900 followed by the 20-day MA of 101.325.
Corn Markets
July Corn has finished higher each of the last three days. Resistance is at 484 and then 487 1/2. Support is at the 20-day MA of 469 3/4 followed by 461.
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.
5/12/2026 Market Commentary
Live Cattle: Live Cattle futures have opened higher both days this week before trading sharply lower and finishing the day lower. Yesterday, the futures market found support from bids early in the day of 260, fully steady with the high end of last week’s trade and somewhat unheard of for a Monday morning. Just before 11 AM, news hit the wire that President Trump was going to suspend tariffs on beef that came into the country past quotas, and the futures collapsed in a matter of seconds. The market eventually leveled off and recovered most of the losses by the end of the day. President Trump was supposed to sign the executive orders last night but that was delayed and they have yet to be signed. This news gave the futures life this morning before again selling off to significant losses for the day. The cash market continues to trade strongly despite the lower futures market. There have been cattle traded in the North at 259 and 260 the past two days, along with 260 in the South. This would be steady with the high end of last week’s trade. Boxed beef was quoted higher this morning with choice up $0.67 at $391.89 and select $2.82 higher at $394.31. All fundamental factors have not mattered up to this point of the week as traders fear President Trump’s next move. Even with the delay in removal of tariffs, beef is still in the news and obviously, at the front of the President’s mind.
Feeder Cattle: Feeder Cattle futures have traded over $10.000/cwt ranges both days this week and have lost nearly $8.000/cwt since Friday’s close. Live Cattle futures drifting lower along with a rebound in Corn prices have both put pressure on the Feeder Cattle complex. The high each of the last two days also came near the 20-day MA, which added technical selling to the mix. The CME Feeder Cattle index was quoted $1.48 lower at $374.37 following Monday’s sales. The May contract will expire next Thursday and is currently at a $8.47 discount to the current index. Open interest continues to decline within the complex and was at 64,025 ahead of today’s trade, which is the lowest level since December and the second lowest since November of 2024. The managed money have not been buyers since last October when President Trump initially began addressing the high price of beef. As of a week ago today, the funds were long 18,725 contracts, roughly half of their record set late last summer.
Lean Hogs: Lean Hog futures traded to a new low for 2026 and the lowest level since the beginning of December. The cash markets have began to drift lower while the pork cutout remains in the upper $90 range. Yesterday, the pork cutout was quoted $0.58 lower at $96.98 and has not moved back above $100.00 since April 20. Today’s WASDE Report showed an increase in pork production for 2026 along with an increase in export demand. Production is projected 1.5% larger than a year ago with another 1.0% increase coming in 2027. Export demand also looks to grow next year and is projected at a new yearly record. Slaughter this week is behind last week’s pace as the industry continues to face tight numbers of market ready hogs, which is what helped support the cash markets last week.
Corn: Corn futures found support within today’s WASDE Report and from the wheat market that finished up the limit today. Today was the first estimate of 2026 production and the USDA began the year with a 183.0 bushel per acre yield estimate and 87.4 million harvested acres. These numbers will change multiple times before the end of the growing season and ahead of the final production numbers that will be released in 2027. New crop Corn demand was reduced today for both feed and exports which pushed the carryout above the pre-report estimates. Overall, the numbers within the WASDE Report were not all that friendly to the Corn market directly, but the bullish numbers within the wheat report pushed the wheat market higher, dragging the Corn market higher as well. Friday’s settlement above the 20-day MA helped improve the technical picture and now, the market eyes the highs that were set last week as the next technical objective. Dryness over the Western Corn Belt continues to be something traders are watching but the Eastern Corn Belt has plenty of moisture. The next 45 days the market seasonally adds weather premium ahead of the Fourth of July holiday.
Closing Prices
Dates to Remember
May 12- WASDE Report
May 14- May Lean Hog Expiration
May 22- Cattle on Feed Report Report
Hog Fundamentals
Cattle Fundamentals
Cash Cattle Markets
CFTC Disaggregated COT Report
As of: 5/5/2026
Live Cattle Markets
June Live Cattle settled below the 20-day MA today. Support is at 245.475 and then 240.925. Resistance is at the 20-day MA of 249.325 and then 253.725.
Feeder Cattle Markets
August Feeder Cattle traded down to the 100-day MA today. Support is at the 100-day MA of 356.125 followed by 354.650. Resistance is at the 20-day MA of 366.375 and then 367.500.
Lean Hogs Markets
June Lean Hogs posted a new low for the move today. Support is at 97.775 and then 95.450. Resistance is at 100.900 followed by the 20-day MA of 101.325.
Corn Markets
July Corn has finished higher each of the last three days. Resistance is at 484 and then 487 1/2. Support is at the 20-day MA of 469 3/4 followed by 461.