Live Cattle: Live Cattle futures spent the entire day lower but recovered nicely from their lows towards the end of the day. The Live Cattle fell victim to the Feeder Cattle complex that saw sharper losses the entire day. Cash trade has been limited up to this point of the week but there have been very small numbers traded in both the North and the South at 255. This would be nearly $2 below the weighted averages for last week. Boxed beef continues to be supported but seems to be under-performing compared to expectations. This morning, choice was up $0.98 to $393.81 and select up was $0.73 at $383.82. The choice/select spread has widened out to $9.99 after spending a couple months on either side of steady. Open interest continues to work lower and is now at just 345,000 contracts. The futures have quietly worked $15.000/cwt off of their highs and the managed money has lessened their net long position after being buyers since the first of March. Technically, Live Cattle futures have good support near today’s lows and it will be important to hold those areas going into the end of the week.
Feeder Cattle: Feeder Cattle futures traded sharply lower all day but posted their daily lows in the opening minutes this morning. The Feeder Cattle complex was spooked all day after a representative from the state of Texas tweeted out a press release that New World Screwworm was found just a mile from the Mexican and Texas border. This report turned out to be untrue, and the USDA confirmed that there were no reports of Screwworm that close to the border before the futures opened this morning. This prompted Secretary of Agriculture, Brooke Rollins to host a conference call at 12:15 central time to again talk about the United States response and actions in regards to Screwworm. Nothing new was said and no new developments were shared. It was confirmed on the call that the closest detection of Screwworm was 25 miles from the Texas border on May 30 and was found in a five year old goat. The CME Feeder Cattle index has began to work lower and was quoted at $364.26 down $2.88 through Monday’s sales. This is a decline of $9.14 in just two days. There have been very limited sales with limited volumes in the North. This means the index is made up of a larger percentage of southern Feeder Cattle, and with the wheat run over, the quality is becoming less as well. All of this has hurt the weighted average price that goes into the index.
Lean Hogs: Lean Hog futures opened the day steady but quickly pushed to new lows for the move and traded to the lowest levels since the beginning of December. The futures then changed paths and the nearby contracts found themselves back near the 20-day MA which has been resistance for the complex going back to the beginning of March. The cash and cutout markets have remained strong throughout the lower futures trade. The national cash average is at $93.86, up $0.63 compared to a week ago and the Iowa/Southern Minnesota average is at $94.32, up $0.51 in the last week. The pork cutout traded to the highest level since April 20 yesterday. Currently at $99.75, it has gained $3.49 since last week. The pork cutout traded through $100 for one day on April 20 and has been stuck between $95 and $97 since. Today’s higher close was just the third positive finish in the last thirteen trading sessions.
Corn: Corn futures pushed to new lows for the move today and the nearby July contract traded to the lowest level since February 2. Fund liquidation appears to be the culprit as the managed money were big sellers for the week ending last Tuesday and most likely were heavy sellers into the end of the week. Traders have lost faith in any sort of weather threat affecting production this year and have began liquidating positions that were put on at the inception of the war with Iran. This weekend’s lack of a peace deal between the U.S. and Iran has pushed crude oil futures higher both days this week, but that has not been able to trickle into the Corn market. Export shipments released yesterday showed another good week of Corn shipments. Currently, the U.S. is 5% ahead of the pace needed to reach the USDA export goal. Yesterday, the USDA released their first crop condition report. Corn is reported at 67% good to excellent which is 3% below the estimates before the report.
Closing Prices
Market
Month
Last
Change
Corn
July
440.50
3.50
CHI Wheat
July
603.00
5.75
KC Wheat
July
634.75
12.25
Soybeans
July
1165.25
15.50
Soy Oil
July
78.41
0.68
Soy Meal
August
321.50
0.30
Live Cattle
June
247.675
1.325
Feeder Cattle
August
348.425
3.125
Lean Hogs
June
95.700
0.675
Crude Oil
July
93.65
1.49
Ch Cutout
393.81
0.98
Sel Cutout
383.82
0.73
Feeder Index
364.26
2.88
Pork Cutout
99.75
0.30
Dollar Index
99.198
0.0030
DOW
51,307
228
National Corn Basis
-36.03
1.33
National Bean Basis
-60.77
1.62
Dates to Remember
June 5- June Live Cattle Option Expiration
June 11- WASDE Report
June 12- June Lean Hog Expiration
Hog Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
Lead Month Future
95.700
96.125
0.425
100.850
5.150
National Cash
93.86
93.23
0.63
95.40
1.54
Index
91.51
90.88
0.63
96.34
4.83
Cutout
99.75
96.26
3.49
106.75
7.00
IA/SMN Cash
94.32
93.81
0.51
96.45
2.13
IA/SMN Weights
291.10
291.30
0.20
288.00
3.10
Slaughter
2,143,000
2,316,000
173,000
2,150,313
7,313
Cattle Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
North Cash
256.60
241.82
South Cash
256.95
231.12
North Steer Basis
9.00
14.67
Choice Boxes
393.81
392.25
1.56
366.00
27.81
Select Boxes
383.82
389.22
5.40
358.11
25.71
Spread
9.99
3.03
6.96
7.89
2.10
Carcass Weights
898
904
6
871
27
Slaughter
448,000
532,000
84,000
487,605
39,605
FC Index
364.26
371.49
7.23
301.13
63.16
Cash Cattle Markets
Region
This Week
Last Week
Last Year
TX/OK/NM
$256.95
$229.54
KS
$256.95
$231.12
NE
$256.60
$241.82
IA/MN
$256.91
$240.22
CFTC Disaggregated COT Report
As of: 5/26/2026
Commodity
Current Managed Money
Change
Current Producer/Commercial
Change
Total OI
Total OI Change
Live Cattle
120,569
9,544
-161,769
13,213
345,724
97
Feeder Cattle
10,595
5,785
-6,125
4,335
58,366
199
Lean Hogs
12,985
20,728
-82,477
15,258
323,671
3,225
Corn
205,504
87,850
-537,998
66,559
1,873,546
11,996
Soybeans
189,552
18,252
-285,866
5,514
1,059,602
5,207
Live Cattle Markets
August Live Cattle found support at the 100-day MA today. Support is 236.825 followed by the 100-day MA of 236.700. Resistance is at the 20-day MA of 243.650 and then 243.875.
Feeder Cattle Markets
August Feeder Cattle finished the day above the 200-day MA. Support is at the 200-day MA 346.275 and then 344.275. Resistance is at 356.150 followed by 356.525.
Lean Hogs Markets
July Lean Hogs posted a new low for the move before reversing course and finishing higher. Support is at 98.300 followed by 96.600. Resistance is at the 20-day MA of 102.300 and the 102.375.
Corn Markets
July Corn traded to the lowest level since the beginning of February. Support is at 438 1/4 and then 436. Resistance is at 449 1/4 followed by the 100-day MA of 458 1/4.
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.
6/2/2026 Market Commentary
Live Cattle: Live Cattle futures spent the entire day lower but recovered nicely from their lows towards the end of the day. The Live Cattle fell victim to the Feeder Cattle complex that saw sharper losses the entire day. Cash trade has been limited up to this point of the week but there have been very small numbers traded in both the North and the South at 255. This would be nearly $2 below the weighted averages for last week. Boxed beef continues to be supported but seems to be under-performing compared to expectations. This morning, choice was up $0.98 to $393.81 and select up was $0.73 at $383.82. The choice/select spread has widened out to $9.99 after spending a couple months on either side of steady. Open interest continues to work lower and is now at just 345,000 contracts. The futures have quietly worked $15.000/cwt off of their highs and the managed money has lessened their net long position after being buyers since the first of March. Technically, Live Cattle futures have good support near today’s lows and it will be important to hold those areas going into the end of the week.
Feeder Cattle: Feeder Cattle futures traded sharply lower all day but posted their daily lows in the opening minutes this morning. The Feeder Cattle complex was spooked all day after a representative from the state of Texas tweeted out a press release that New World Screwworm was found just a mile from the Mexican and Texas border. This report turned out to be untrue, and the USDA confirmed that there were no reports of Screwworm that close to the border before the futures opened this morning. This prompted Secretary of Agriculture, Brooke Rollins to host a conference call at 12:15 central time to again talk about the United States response and actions in regards to Screwworm. Nothing new was said and no new developments were shared. It was confirmed on the call that the closest detection of Screwworm was 25 miles from the Texas border on May 30 and was found in a five year old goat. The CME Feeder Cattle index has began to work lower and was quoted at $364.26 down $2.88 through Monday’s sales. This is a decline of $9.14 in just two days. There have been very limited sales with limited volumes in the North. This means the index is made up of a larger percentage of southern Feeder Cattle, and with the wheat run over, the quality is becoming less as well. All of this has hurt the weighted average price that goes into the index.
Lean Hogs: Lean Hog futures opened the day steady but quickly pushed to new lows for the move and traded to the lowest levels since the beginning of December. The futures then changed paths and the nearby contracts found themselves back near the 20-day MA which has been resistance for the complex going back to the beginning of March. The cash and cutout markets have remained strong throughout the lower futures trade. The national cash average is at $93.86, up $0.63 compared to a week ago and the Iowa/Southern Minnesota average is at $94.32, up $0.51 in the last week. The pork cutout traded to the highest level since April 20 yesterday. Currently at $99.75, it has gained $3.49 since last week. The pork cutout traded through $100 for one day on April 20 and has been stuck between $95 and $97 since. Today’s higher close was just the third positive finish in the last thirteen trading sessions.
Corn: Corn futures pushed to new lows for the move today and the nearby July contract traded to the lowest level since February 2. Fund liquidation appears to be the culprit as the managed money were big sellers for the week ending last Tuesday and most likely were heavy sellers into the end of the week. Traders have lost faith in any sort of weather threat affecting production this year and have began liquidating positions that were put on at the inception of the war with Iran. This weekend’s lack of a peace deal between the U.S. and Iran has pushed crude oil futures higher both days this week, but that has not been able to trickle into the Corn market. Export shipments released yesterday showed another good week of Corn shipments. Currently, the U.S. is 5% ahead of the pace needed to reach the USDA export goal. Yesterday, the USDA released their first crop condition report. Corn is reported at 67% good to excellent which is 3% below the estimates before the report.
Closing Prices
Dates to Remember
June 5- June Live Cattle Option Expiration
June 11- WASDE Report
June 12- June Lean Hog Expiration
Hog Fundamentals
Cattle Fundamentals
Cash Cattle Markets
CFTC Disaggregated COT Report
As of: 5/26/2026
Live Cattle Markets
August Live Cattle found support at the 100-day MA today. Support is 236.825 followed by the 100-day MA of 236.700. Resistance is at the 20-day MA of 243.650 and then 243.875.
Feeder Cattle Markets
August Feeder Cattle finished the day above the 200-day MA. Support is at the 200-day MA 346.275 and then 344.275. Resistance is at 356.150 followed by 356.525.
Lean Hogs Markets
July Lean Hogs posted a new low for the move before reversing course and finishing higher. Support is at 98.300 followed by 96.600. Resistance is at the 20-day MA of 102.300 and the 102.375.
Corn Markets
July Corn traded to the lowest level since the beginning of February. Support is at 438 1/4 and then 436. Resistance is at 449 1/4 followed by the 100-day MA of 458 1/4.