8/25/2026 Market Commentary

Live Cattle: Live Cattle futures traded to the lowest levels of 2026 today as the managed money continues to work away from the complex. Pressure on the cattle complex as a whole started in the first hour of trade yesterday and persisted through the entire day today. Last Friday’s Cattle on Feed Report was friendly to the market but that only lasted a few minutes on Monday before the negative news and sentiment overtook the futures markets. Last week’s announcement that the administration would begin importing more beef tariff free and sell that beef to consumers at a reduced price has moved long speculators to the sidelines as government intervention threatens the price of the product. In the grand scheme of the entire meat trade, 300,000 tonnes of trim will not make a meaningful impact to the beef markets, but it is a reminder to those that are speculating in the cattle complex that the President has beef on his mind and his mission is to lower the price. Cash trade has began in the North already this week and at lower money than a week ago. The majority of the trade last week took place at 225 with bids as low as 222 by the end of the week. Cattle have traded today at 218 live and 345 dressed. Boxed beef was higher this morning with choice $2.43 higher at $388.12 and select up $5.46 to $370.48. Packer margins have improved greatly over the past two weeks and have enticed the packers to increase slaughter. Last week’s slaughter was 6,000 head larger than the week prior and there were 15,000 head slaughtered on Saturday.

Feeder Cattle: Feeder Cattle futures have lost $10.325/cwt in the most active October contract during the first two days of trade this week. Lower Live Cattle futures and Corn futures posting new highs have placed a lot of pressure on the Feeder Cattle complex. The Mexican Border also opened yesterday and it appears there was still some premium held within the complex incase the opening of the border was either delayed or called off. Videos of Feeder Cattle crossing the border were circulating yesterday and appeared to add pressure to a market that was already moving lower. The CME Feeder Cattle index continues its fall and has now moved to the lowest level since December 2. Today, the index was quoted at $335.46 which is down $3.01 on the day and $8.09 lower than a week ago. The August contract will expire at noon on Thursday and is currently at a $1.73 discount to the index with three days of sales that will enter the average. Technically, there are limited areas that could hold the complex in the coming weeks as the futures trade to near 12 month lows.

Lean Hogs: The Lean Hog complex posted new contract lows in all months except the nearby October today as all of the cash fundamentals work lower besides the pork cutout. Yesterday, the pork cutout was quoted $1.18 higher to $99.93 and back to the highest level in two weeks. The $100 level has offered significant resistance to the cutout over the course of 2026 and will be something to watch in the coming days. Yesterday’s Cold Storage Report showed total pork supplies up 8.6% compared to a year ago and 3.4% less than a month ago. Supplies of hams continue to remain large and are now over 23% more than a year ago and at a four year high. The national cash average was down $4.87 yesterday while the Lean Hog index fell $0.40.

Corn: Corn futures started the week strong, trading to new highs on Monday. December Corn reached 524 1/4 yesterday but traded well off of those highs early during the day session. On Tuesday morning, Corn was lower on profit taking from the overnight session but found fresh buying later in the day and posted a new contract high of 524 1/2. So far, the contract have been unable overcome the psychological resistance level at 525. Corn continues to gain support from last week’s Pro Farmer tour and deteriorating Corn conditions. Pioneer released data from its Iowa tour indicating that the USDA’s yield estimate for Iowa is overstated. Pioneer’s data showed a reduction of 2.1 bu/acre from last year, suggesting the USDA’s 216 bu/acre should be trimmed to 214.6 bu/acre. Markets remain concerned about geopolitical tensions with Canada and China, as both have imposed retaliatory tariffs on the US today.

Closing Prices

Market Month Last Change
Corn Sept 500.50 9.00
CHI Wheat Sept 685.50 3.75
KC Wheat Sept 754.50 4.00
Soybeans Nov 1237.75 3.00
Soy Oil Sept 67.52 0.39
Soy Meal Oct 323.70 0.50
Live Cattle August 218.100 1.975
Feeder Cattle August 333.725 0.150
Lean Hogs Oct 80.450 0.675
Crude Oil Oct 82.35 2.66
Ch Cutout 388.12 2.43
Sel Cutout 370.48 5.46
Feeder Index 335.46 3.01
Pork Cutout 99.93 1.97
Dollar Index 98.888 0.1140
DOW 53,527 120
National Corn Basis -26.75 0.21
National Bean Basis -29.04 5.38

Dates to Remember

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 80.450 80.725 0.275 91.400 10.950
National Cash 89.40 92.62 3.22 105.27 15.87
Index 92.86 95.47 2.61 106.86 14.00
Cutout 99.93 98.75 1.18 114.17 14.24
IA/SMN Cash 90.92 92.43 1.51 105.26 14.34
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 225.31 244.83
South Cash 225.00 244.91
North Steer Basis 3.00 4.90
Choice Boxes 388.12 389.61 1.49 408.49 20.37
Select Boxes 370.48 366.80 3.68 385.38 14.90
Spread 17.64 22.81 5.17 23.11 5.51
Carcass Weights 885 883 2 866 19
Slaughter 523,000 517,000 6,000 555,676 32,676
FC Index 335.46 343.55 8.09 357.92 22.46

Cash Cattle Markets

Region This Week Last Week Last Year
TX/OK/NM N/A $241.92
KS N/A $241.78
NE $225.31 $244.83
IA/MN $224.87 $244.91

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 7,135 284,977 1,226
Feeder Cattle 7,498 1,240 -3,083 2,442 67,578 576
Lean Hogs 23,486 8,365 -38,753 9,543 270,736 3,075
Corn 250,505 83,735 -540,774 58,943 1,711,431 4,744
Soybeans 151,662 50,300 -241,011 30,403 974,758 17,019

Live Cattle Markets

October Live Cattle traded to the lowest level since December 2. Support is at 207.825 and then 204.450. Resistance is at 222.025 followed by the 20-day MA of 222.200.

Feeder Cattle Markets

October Feeder Cattle posted a new low for 2026 today. Support is at 310.725 followed by 302.625. Resistance is at 325.750 followed by the 20-day MA of 329.250.

Lean Hogs Markets

October Lean Hogs failed to hold early gains today. Support is at 80.075 and then 79.675. Resistance is at the 20-day MA of 82.500 followed by 82.925.

Corn Markets

December Corn posted a new contract high today. Resistance is at 524 1/2 and then 540. Support is at 509 followed by 497 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.

Let's Talk

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.

Nebraska Location

4809 S 114th St
Omaha, NE 68137

Iowa Location

4280 Sergeant Rd, Ste 240
Sioux City, IA 51106

General Contact

PO Box 45978
Omaha, NE 68145

Business Hours

Monday – Friday

8:00 A.M. – 4:00 P.M.