Live Cattle: Live Cattle futures finished the day mixed and well off of the highs for the day on what appeared to be profit taking heading into the weekend. Cash trade in the North took place at a wide range this week. There were cattle that traded in the North on Monday at 228 live and 360 dressed when the futures were sharply lower but rebounded toward the end of the week. There were cattle in the North that traded as high as 235 on Thursday but the bulk of the trade was at 232 to 233 with dressed prices from 365-368. The South has yet to trade this week but there are bids of 233 with feedlots asking for more. Trade will likely take place at 234. Boxed beef started the week supported but has lost ground the last few days. This morning choice was quoted higher at $361.53, up $1.03 and select was up $5.82 to $347.15. The industry is still looking for the $360 area to hold the choice beef market as we head into a lower demand period seasonally. This week’s CFTC report showed the managed money as sellers of 8,840 contracts, reducing their net long position to 66,523 contracts. This is the smallest net long position since October of 2024. The heat that set in over the central U.S. this week has caused significant death loss across all feeding regions. There are no accurate counts on what total death loss has been, but on top of death loss cattle have lost weight and dressed weights should work lower in the coming weeks.
Feeder Cattle: Feeder Cattle futures posted a good recovery over the final four days of the week after trading limit lower in the deferred contracts on Monday. News of the Mexican border opening weighed on the Feeder Cattle complex at the beginning of the week but the price action toward the end of the week feels like the correction throughout the month of July was pricing in a potential border reopening. The Corn market also lost steam throughout the week and finished lower four of five days which has helped support the Feeder Cattle futures. The CME Feeder Cattle index was down $1.86 today at $345.83 and will finish the week $3.82 lower than a week ago. The Feeder Cattle index is now just $10.82 higher than year ago levels and this is the tightest spread the market has seen in almost two years. Today’s CFTC report showed the managed money as sellers of just 482 contracts for the week ending on Tuesday. This decreases their net long position to 7,423 contracts.
Lean Hogs: Lean Hog futures completed a key reversal lower this week after coming off some of the best cash prices since the fall of 2025. The nearby August futures lost $4.000/cwt on the week with all the loss coming from Wednesday’s and Thursday’s trade. The deferred contracts are back near their lows from June, while the upfronts closed about $5.000/cwt off their contract lows. Support for the August contract is now the 50-day MA of $98.700, failure at this level could show potential risk down to $94.000. The Lean Hog index closed the week at $98.44, $0.96 higher than last Friday. The negative basis between August and the index is $0.41 compared to $5.37 last week. With contract expiration two weeks away, traders may have felt the futures were overextended compared to the index. This would explain some of the hard sell-off with no obvious negative news. The pork cutout closed $2.99 lower from the previous week on Thursday. The lower move was driven by a major decrease in the Hams as they lost almost $15 week-over-week, while the rest of the primal cuts stayed steady to higher. The CFTC report showed the managed money reduced their net short position by 7,273 contracts. This report does not include the 9,000 contracts of combined open interest lost on Wednesday and Thursday.
Corn: Last week’s stories of continued war in the Middle East and a hot and dry forecast led to a late summer rally, which the market failed to uphold this week. The nearby September contract finished the week 23 1/2 cents lower, giving back all gains from the previous week and more. Forecasts of continued precipitation and upcoming cooler weather have many analyst believing that yield potential stays high across the country. Many believed without this rain across the Corn belt, we could start seeing yield losses, which was part of the reason for the rally last week. The other grain complexes were also lower this week which helped pull the Corn market lower. August soybeans lost 76 cents, September Chicago Wheat was 38 3/4 cents lower, and September Kansas City Wheat lost 37 3/4 cents. Crude oil came off its highs from last week giving back $4.65 to close at $84.65 in the September contract. Traders will continue to watch weather forecasts and geopolitical relations until we see any updates in the USDA Crop Production report on August 12.
Closing Prices
Market
Month
Last
Change
Corn
Sept
440.75
5.00
CHI Wheat
Sept
639.25
24.25
KC Wheat
Sept
707.50
23.25
Soybeans
August
1172.00
5.25
Soy Oil
August
67.12
1.23
Soy Meal
Sept
314.90
2.60
Live Cattle
August
231.750
0.525
Feeder Cattle
August
348.025
1.550
Lean Hogs
August
98.850
0.425
Crude Oil
September
84.73
1.14
Ch Cutout
361.53
1.03
Sel Cutout
347.15
5.82
Feeder Index
345.83
1.86
Pork Cutout
101.64
0.14
Dollar Index
99.944
0.0800
DOW
52,485
276
National Corn Basis
-29.25
0.44
National Bean Basis
-34.12
1.18
Dates to Remember
August 7- August Live Cattle Option Expiration
August 12- WASDE Report
August 14- August Lean Hog Expiration
Hog Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
Lead Month Future
98.850
102.850
4.000
107.125
8.275
National Cash
101.05
102.14
1.09
111.67
10.62
Index
98.44
97.48
0.96
110.26
11.82
Cutout
101.64
104.48
2.84
114.00
12.36
IA/SMN Cash
101.58
102.21
0.63
111.82
10.24
IA/SMN Weights
282.70
283.20
0.50
281.10
1.60
Slaughter
2,284,000
2,263,000
21,000
2,339,494
55,494
Cattle Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
North Cash
228-235
230.41
2 Higher
245.63
14.13
South Cash
230.53
235.50
North Steer Basis
1.50
8.00
6.50
14.75
13.25
Choice Boxes
361.53
363.32
1.79
361.32
0.21
Select Boxes
347.15
348.11
0.96
341.37
5.78
Spread
14.38
15.21
0.83
19.95
5.57
Carcass Weights
886
891
5
864
22
Slaughter
512,000
528,000
16,000
536,919
24,919
FC Index
345.83
349.65
3.82
335.01
10.82
Cash Cattle Markets
Region
This Week
Last Week
Last Year
TX/OK/NM
N/A
$235.00
KS
$230.53
$235.50
NE
228-233
$230.41
$245.63
IA/MN
228-235
$230.51
$244.25
CFTC Disaggregated COT Report
As of: 7/28/2026
Commodity
Current Managed Money
Change
Current Producer/Commercial
Change
Total OI
Total OI Change
Live Cattle
66,523
8,840
-115,291
12,343
295,131
844
Feeder Cattle
7,423
482
-4,574
20
64,926
833
Lean Hogs
-10,884
7,273
-56,334
5,595
259,267
7,202
Corn
168,399
75,490
-502,598
70,253
1,770,725
18,370
Soybeans
155,001
30,101
-259,519
32,103
1,000,050
9,065
Live Cattle Markets
October Live Cattle finished the day slightly lower. Support is at the 20-day MA of 226.100 and then 222.175. Resistance is at 230.375 followed by 232.550.
Feeder Cattle Markets
September Feeder Cattle finished over $13.000/cwt off the lows for the week. Support is at 336.325 and then 330.700. Resistance is at the 20-day MA of 345.025 followed by 348.050.
Lean Hogs Markets
October Lean Hogs finished sharply lower two days this week. Support is at 82.100 and then 79.775. Resistance is at 85.700 followed by the 20-day MA of 86.150.
Corn Markets
September Corn finished below the 20-day MA this week. Support is at 434 3/4 and then 426 3/4. Resistance is at the 20-day MA of 447 followed by 462 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.
7/31/2026 Market Commentary
Live Cattle: Live Cattle futures finished the day mixed and well off of the highs for the day on what appeared to be profit taking heading into the weekend. Cash trade in the North took place at a wide range this week. There were cattle that traded in the North on Monday at 228 live and 360 dressed when the futures were sharply lower but rebounded toward the end of the week. There were cattle in the North that traded as high as 235 on Thursday but the bulk of the trade was at 232 to 233 with dressed prices from 365-368. The South has yet to trade this week but there are bids of 233 with feedlots asking for more. Trade will likely take place at 234. Boxed beef started the week supported but has lost ground the last few days. This morning choice was quoted higher at $361.53, up $1.03 and select was up $5.82 to $347.15. The industry is still looking for the $360 area to hold the choice beef market as we head into a lower demand period seasonally. This week’s CFTC report showed the managed money as sellers of 8,840 contracts, reducing their net long position to 66,523 contracts. This is the smallest net long position since October of 2024. The heat that set in over the central U.S. this week has caused significant death loss across all feeding regions. There are no accurate counts on what total death loss has been, but on top of death loss cattle have lost weight and dressed weights should work lower in the coming weeks.
Feeder Cattle: Feeder Cattle futures posted a good recovery over the final four days of the week after trading limit lower in the deferred contracts on Monday. News of the Mexican border opening weighed on the Feeder Cattle complex at the beginning of the week but the price action toward the end of the week feels like the correction throughout the month of July was pricing in a potential border reopening. The Corn market also lost steam throughout the week and finished lower four of five days which has helped support the Feeder Cattle futures. The CME Feeder Cattle index was down $1.86 today at $345.83 and will finish the week $3.82 lower than a week ago. The Feeder Cattle index is now just $10.82 higher than year ago levels and this is the tightest spread the market has seen in almost two years. Today’s CFTC report showed the managed money as sellers of just 482 contracts for the week ending on Tuesday. This decreases their net long position to 7,423 contracts.
Lean Hogs: Lean Hog futures completed a key reversal lower this week after coming off some of the best cash prices since the fall of 2025. The nearby August futures lost $4.000/cwt on the week with all the loss coming from Wednesday’s and Thursday’s trade. The deferred contracts are back near their lows from June, while the upfronts closed about $5.000/cwt off their contract lows. Support for the August contract is now the 50-day MA of $98.700, failure at this level could show potential risk down to $94.000. The Lean Hog index closed the week at $98.44, $0.96 higher than last Friday. The negative basis between August and the index is $0.41 compared to $5.37 last week. With contract expiration two weeks away, traders may have felt the futures were overextended compared to the index. This would explain some of the hard sell-off with no obvious negative news. The pork cutout closed $2.99 lower from the previous week on Thursday. The lower move was driven by a major decrease in the Hams as they lost almost $15 week-over-week, while the rest of the primal cuts stayed steady to higher. The CFTC report showed the managed money reduced their net short position by 7,273 contracts. This report does not include the 9,000 contracts of combined open interest lost on Wednesday and Thursday.
Corn: Last week’s stories of continued war in the Middle East and a hot and dry forecast led to a late summer rally, which the market failed to uphold this week. The nearby September contract finished the week 23 1/2 cents lower, giving back all gains from the previous week and more. Forecasts of continued precipitation and upcoming cooler weather have many analyst believing that yield potential stays high across the country. Many believed without this rain across the Corn belt, we could start seeing yield losses, which was part of the reason for the rally last week. The other grain complexes were also lower this week which helped pull the Corn market lower. August soybeans lost 76 cents, September Chicago Wheat was 38 3/4 cents lower, and September Kansas City Wheat lost 37 3/4 cents. Crude oil came off its highs from last week giving back $4.65 to close at $84.65 in the September contract. Traders will continue to watch weather forecasts and geopolitical relations until we see any updates in the USDA Crop Production report on August 12.
Closing Prices
Dates to Remember
August 7- August Live Cattle Option Expiration
August 12- WASDE Report
August 14- August Lean Hog Expiration
Hog Fundamentals
Cattle Fundamentals
Cash Cattle Markets
CFTC Disaggregated COT Report
As of: 7/28/2026
Live Cattle Markets
October Live Cattle finished the day slightly lower. Support is at the 20-day MA of 226.100 and then 222.175. Resistance is at 230.375 followed by 232.550.
Feeder Cattle Markets
September Feeder Cattle finished over $13.000/cwt off the lows for the week. Support is at 336.325 and then 330.700. Resistance is at the 20-day MA of 345.025 followed by 348.050.
Lean Hogs Markets
October Lean Hogs finished sharply lower two days this week. Support is at 82.100 and then 79.775. Resistance is at 85.700 followed by the 20-day MA of 86.150.
Corn Markets
September Corn finished below the 20-day MA this week. Support is at 434 3/4 and then 426 3/4. Resistance is at the 20-day MA of 447 followed by 462 1/4.