Live Cattle: Live Cattle futures spent the first few hours of the day sharply lower after President Trump announced he would be bringing 300,000 metric tonnes of ground beef into the U.S. over the next 90 days. The country that this would be imported from was not mentioned but the beef would be sold to the consumer at a 25% discount to the current market price. The President had left beef and the cattle complex out of his media releases for the past few months and the news this morning reminded traders that he is still trying to push beef prices lower. Boxed beef saw good gains through the middle part of the week after Tyson’s announcement of plant closures, but boxed beef moved a little lower into the end of the week. For the week, choice gained $11.41 and was quoted at $386.14 this morning while select was up $14.30 at $363.41. Total estimated slaughter for the week was 523,000 head which is 6,000 head larger than a week ago but still over 32,000 head less than last year. Packer margin improved greatly this week and many packers have added a shift on Saturday. Cash trade took place in the middle of the week in the North at 225-226 while the South waited until today to trade and have received 225-226 on some cattle with many cattle still priced at 228. Today’s Cattle on Feed Report showed cattle on feed up 1.7% compared to a year ago which is 0.8% less than the pre-report estimates. Marketings for the month of July were down 7.4% compared to the same month in 2025. The report will be viewed as mildly friendly compared to expectations.
Feeder Cattle: Feeder Cattle futures started the day lower but led the entire cattle complex higher in the middle of the day. The news of the beef imports does not directly affect the Feeder Cattle futures but will force them to trade lower if the Live Cattle futures and cash fat cattle work lower. The CME Feeder Cattle index continues to work lower and was quoted $0.85 lower today at $341.00. This is the lowest level since December 3 and now puts the index below year ago levels. The higher Corn market has hurt the price of cash Feeder Cattle as well as the Live Cattle futures trading to the lowest levels of the year. Today’s Cattle on Feed Report showed placements for the month of July down 11% compared to a year ago and over 4.5% less than the pre-report estimates. Placements were lower in all weight ranges but the 800-899 pound range saw the biggest drop with 56,000 head less placed this year. The CFTC report showed the managed money as sellers of 1,240 contracts reducing their net long position to 7,498 contracts.
Lean Hogs: Lean Hog Futures ended the week on a positive note, up 0.500 – 0.750 across the complex. October unfortunately still lost a total of 0.875 on the week , settling at 80.875, the lowest weekly close of the year for that contract. Technical support continues to be at the 80.000 price level and the first line of resistance is at 82.000-84.000. The Lean Hog index lost $0.24 today, settling at $93.72, $2.15 lower than last Friday. The pork cutout was priced at $96.49 yesterday which continues to work lower over the last week. The Commitment of Traders Report showed the managed money added 8,364 shorts to their total net position. Their current total net short position of 23,486 continues to be a near record short position.
Corn: Corn futures continued to trend higher this week, supported by bullish yield reports from the Pro-Farmer tour and several flash export sales. Early in the week, the tour reported that yields in Ohio and South Dakota were below last year’s levels, with similar findings throughout the week for Illinois, Iowa, Nebraska and Minnesota. The tour also noted pollination issues and tip-back caused by high temperatures during pollination. Official results from the tour show an average Corn yield of 173.2 bushels per acre which is 7.5 bushels per acre below the current USDA estimate. The pro-farmer estimates are typically below what the final USDA numbers are. Ongoing drought in Europe is adding a premium to the market, while the Black Sea region remains closed to exports. Although corn is becoming overbought, it closed at a new high today and near contract highs. Today’s CFTC Report showed the funds as buyers of 83,735 contracts which increased their net long position to 250,505 contracts.
Closing Prices
Market
Month
Last
Change
Corn
Sept
483.75
5.00
CHI Wheat
Sept
681.50
1.25
KC Wheat
Sept
756.25
6.00
Soybeans
Nov
1239.50
3.00
Soy Oil
Sept
69.35
1.83
Soy Meal
Oct
320.50
1.90
Live Cattle
August
223.050
0.300
Feeder Cattle
August
334.750
0.550
Lean Hogs
Oct
80.875
0.650
Crude Oil
Oct
86.98
0.15
Ch Cutout
386.14
3.79
Sel Cutout
363.41
0.33
Feeder Index
341.00
0.85
Pork Cutout
96.49
1.09
Dollar Index
98.812
0.0830
DOW
53,282
522
National Corn Basis
-26.19
0.00
National Bean Basis
-26.24
0.00
Dates to Remember
August 21- Cattle on Feed Report
August 27- August Feeder Cattle Expiration
August 31- August Live Cattle Expiration
Hog Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
Lead Month Future
80.875
95.400
14.525
89.925
9.050
National Cash
92.34
97.37
5.03
107.66
15.32
Index
93.72
95.87
2.15
107.84
14.12
Cutout
96.49
98.92
2.43
112.96
16.47
IA/SMN Cash
90.92
96.42
5.50
108.27
17.35
IA/SMN Weights
282.60
282.70
0.10
281.10
1.50
Slaughter
2,366,000
2,334,000
32,000
2,417,924
51,924
Cattle Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
North Cash
225-226
228.45
2-3 Lower
245.13
19.63
South Cash
225-226
228.00
2-3 Lower
239.57
14.07
North Steer Basis
3.00
3.00
0.00
9.37
6.37
Choice Boxes
386.14
374.73
11.41
407.86
21.72
Select Boxes
363.41
349.11
14.30
383.60
20.19
Spread
22.73
25.62
2.89
24.26
1.53
Carcass Weights
885
883
2
866
19
Slaughter
523,000
517,000
6,000
555,676
32,676
FC Index
341.00
348.50
7.50
347.44
6.44
Cash Cattle Markets
Region
This Week
Last Week
Last Year
TX/OK/NM
225-226
N/A
$240.00
KS
225-226
$228.00
$239.57
NE
225-226
$228.45
$245.13
IA/MN
225-226
$228.71
$245.02
CFTC Disaggregated COT Report
As of: 8/18/2026
Commodity
Current Managed Money
Change
Current Producer/Commercial
Change
Total OI
Total OI Change
Live Cattle
61,514
3,148
-109,020
7,135
285,763
3,076
Feeder Cattle
7,498
1,240
-3,083
2,442
67,279
947
Lean Hogs
23,486
8,365
-38,753
9,543
267,111
927
Corn
250,505
83,735
-540,774
58,943
1,718,207
5,477
Soybeans
151,662
50,300
-241,011
30,403
995,438
4,638
Live Cattle Markets
October Live Cattle posted a new low for the move today. Support is at 212.675 and then 210.000. Resistance is at 222.025 followed by 223.050.
Feeder Cattle Markets
September Feeder Cattle traded to the lowest level since the beginning of December. Support is at 321.325 and then 314.000. Resistance is at 337.750 followed by the 20-day MA of 338.600.
Lean Hogs Markets
October Lean Hogs traded to the lowest level in 13 months today. Support is at 79.675 and then the contract low of 79.450. Resistance is at 81.925 followed by the 20-day MA of 83.225.
Corn Markets
December Corn traded to the highest level of the year today. Resistance is at 509 and then 512 1/2. Support 486 1/4 followed by the 20-day MA of 476 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.
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.
8/21/2026 Market Commentary
Live Cattle: Live Cattle futures spent the first few hours of the day sharply lower after President Trump announced he would be bringing 300,000 metric tonnes of ground beef into the U.S. over the next 90 days. The country that this would be imported from was not mentioned but the beef would be sold to the consumer at a 25% discount to the current market price. The President had left beef and the cattle complex out of his media releases for the past few months and the news this morning reminded traders that he is still trying to push beef prices lower. Boxed beef saw good gains through the middle part of the week after Tyson’s announcement of plant closures, but boxed beef moved a little lower into the end of the week. For the week, choice gained $11.41 and was quoted at $386.14 this morning while select was up $14.30 at $363.41. Total estimated slaughter for the week was 523,000 head which is 6,000 head larger than a week ago but still over 32,000 head less than last year. Packer margin improved greatly this week and many packers have added a shift on Saturday. Cash trade took place in the middle of the week in the North at 225-226 while the South waited until today to trade and have received 225-226 on some cattle with many cattle still priced at 228. Today’s Cattle on Feed Report showed cattle on feed up 1.7% compared to a year ago which is 0.8% less than the pre-report estimates. Marketings for the month of July were down 7.4% compared to the same month in 2025. The report will be viewed as mildly friendly compared to expectations.
Feeder Cattle: Feeder Cattle futures started the day lower but led the entire cattle complex higher in the middle of the day. The news of the beef imports does not directly affect the Feeder Cattle futures but will force them to trade lower if the Live Cattle futures and cash fat cattle work lower. The CME Feeder Cattle index continues to work lower and was quoted $0.85 lower today at $341.00. This is the lowest level since December 3 and now puts the index below year ago levels. The higher Corn market has hurt the price of cash Feeder Cattle as well as the Live Cattle futures trading to the lowest levels of the year. Today’s Cattle on Feed Report showed placements for the month of July down 11% compared to a year ago and over 4.5% less than the pre-report estimates. Placements were lower in all weight ranges but the 800-899 pound range saw the biggest drop with 56,000 head less placed this year. The CFTC report showed the managed money as sellers of 1,240 contracts reducing their net long position to 7,498 contracts.
Lean Hogs: Lean Hog Futures ended the week on a positive note, up 0.500 – 0.750 across the complex. October unfortunately still lost a total of 0.875 on the week , settling at 80.875, the lowest weekly close of the year for that contract. Technical support continues to be at the 80.000 price level and the first line of resistance is at 82.000-84.000. The Lean Hog index lost $0.24 today, settling at $93.72, $2.15 lower than last Friday. The pork cutout was priced at $96.49 yesterday which continues to work lower over the last week. The Commitment of Traders Report showed the managed money added 8,364 shorts to their total net position. Their current total net short position of 23,486 continues to be a near record short position.
Corn: Corn futures continued to trend higher this week, supported by bullish yield reports from the Pro-Farmer tour and several flash export sales. Early in the week, the tour reported that yields in Ohio and South Dakota were below last year’s levels, with similar findings throughout the week for Illinois, Iowa, Nebraska and Minnesota. The tour also noted pollination issues and tip-back caused by high temperatures during pollination. Official results from the tour show an average Corn yield of 173.2 bushels per acre which is 7.5 bushels per acre below the current USDA estimate. The pro-farmer estimates are typically below what the final USDA numbers are. Ongoing drought in Europe is adding a premium to the market, while the Black Sea region remains closed to exports. Although corn is becoming overbought, it closed at a new high today and near contract highs. Today’s CFTC Report showed the funds as buyers of 83,735 contracts which increased their net long position to 250,505 contracts.
Closing Prices
Dates to Remember
August 21- Cattle on Feed Report
August 27- August Feeder Cattle Expiration
August 31- August Live Cattle Expiration
Hog Fundamentals
Cattle Fundamentals
Cash Cattle Markets
CFTC Disaggregated COT Report
As of: 8/18/2026
Live Cattle Markets
October Live Cattle posted a new low for the move today. Support is at 212.675 and then 210.000. Resistance is at 222.025 followed by 223.050.
Feeder Cattle Markets
September Feeder Cattle traded to the lowest level since the beginning of December. Support is at 321.325 and then 314.000. Resistance is at 337.750 followed by the 20-day MA of 338.600.
Lean Hogs Markets
October Lean Hogs traded to the lowest level in 13 months today. Support is at 79.675 and then the contract low of 79.450. Resistance is at 81.925 followed by the 20-day MA of 83.225.
Corn Markets
December Corn traded to the highest level of the year today. Resistance is at 509 and then 512 1/2. Support 486 1/4 followed by the 20-day MA of 476 1/2.