Live Cattle: Live Cattle futures started the holiday-shortened week with good gains after last week’s better-than-expected cash market. Cattle traded in the South at $223 late in the day Friday, and that carried over into Saturday morning. The North traded mostly at $218 early in the week, but there were cattle that traded at $220 toward the end of the week. The futures market saw a good recovery late in the trading session on Friday, and that strength spilled over into this week. Optimism that the cash market can hold at these levels and work higher, along with futures contracts that were oversold, brought managed money back to the complex today. Last Friday’s CFTC report showed managed money as sellers of 9,527 contracts, reducing their net-long position to 47,914 contracts as of last Tuesday. This is the first time their net-long position has been below 50,000 contracts since September 2024. Boxed beef was slightly higher this morning, with Choice up $1.30 to $377.47 and Select $1.07 higher at $356.94. Choice is just slightly lower than a week ago, while Select has lost $3.72. Last week’s estimated slaughter was 526,000 head, down 16,000 on the week, as packers try to find the sweet spot on bigger kills while trying to keep the boxed beef market elevated. Today’s move higher pushed futures through the 20-day MA and settled above that line for the first time since August 11. Another settlement above the 20-day MA tomorrow would help bring managed money back to the complex as buyers.
Feeder Cattle: Feeder Cattle futures started the day slightly higher but quickly picked up steam and traded to the highest levels in over two weeks. The Feeder Cattle complex found support from a slightly lower Corn market, but most of the strength stemmed from sharply higher Live Cattle futures. Cash Feeder Cattle continue to sell well given the current market environment. The CME Feeder Cattle Index was only quoted higher five times throughout the month of August, but it lost only $16.52 for the month, while Feeder Cattle futures lost over $22.00/cwt. Today, the index was quoted $1.22 lower at $327.58, which is a new low for this move lower. Friday’s CFTC report showed managed money as buyers of 1,794 contracts, raising their net-long position to 7,508 contracts. This is still the smallest long position that funds have held since September 2024 and well below the record position of 37,806 set just over a year ago.
Hogs: Lean Hog futures gained back their losses from late last week in today’s session. October closed $1.95 higher, settling at $84.25, the highest close since August 4. Today’s price action led the market to close above the 50-day MA, a level the market hasn’t been able to break and hold in a long time. With little to no positive news surrounding the pork sector, the strong positive day can most likely be attributed to agricultural commodity buying or marginal repositioning. July pork exports showed exports down 4% compared to July of 2025, as Mexico (down 2% YOY) and most other destinations have slowed down their buying. The indexes aren’t helping much either, as the Cutout continues to move lower, led by seasonal bellies, and the Lean Hog Index lost $0.54 today, settling at $90.54. Traders will need to see a confirmational change in product to hold this rally into the fall. One thing to watch on the charts is whether we can continue to trade above the 50-day MA. A close below, with no positive fundamental news, could cause more selling to come into the market.
Corn: Corn futures started higher during the overnight session but spent the majority of the day session trading in negative territory. The futures have stalled out over the past week, and although they have not seen big losses, they have now finished lower four days in a row. The December contract tried to trade through the 550 level twice last Wednesday and failed, quickly losing over 23 cents in the next 24 hours. The futures had rebounded some of those losses by the end of the week but remain nearly 17 cents off the highs. The market traded many bullish news stories in the final weeks of August and the first few days of September, and while those stories still remain intact, there has not been any additional bullish news to drive the market higher. Concerns over production within the U.S., along with good demand for Corn within the country, remain the key headlines, while concerns over global supply and logistical issues have helped support the market. Friday’s CFTC report showed managed money establishing a new record net-long position as of last Tuesday at 431,062 contracts after buying 54,549 contracts for the week. They remain with the largest long position in history, along with the new record net-long position.
Closing Prices
Market
Month
Last
Change
Corn
Dec
533.50
3.25
CHI Wheat
Dec
747.00
13.00
KC Wheat
Dec
819.00
16.75
Soybeans
Nov
1316.25
6.50
Soy Oil
Oct
70.22
1.33
Soy Meal
Oct
343.30
4.9
Live Cattle
Oct
217.025
4.075
Feeder Cattle
Sept
328.875
4.050
Lean Hogs
Oct
84.250
1.950
Crude Oil
Oct
92.25
0.77
Ch Cutout
377.47
1.30
Sel Cutout
356.94
1.07
Feeder Index
327.58
1.22
Pork Cutout
92.86
1.74
Dollar Index
98.869
0.3070
DOW
52,905
509
National Corn Basis
-44.52
0.05
National Bean Basis
-50.73
1.36
Dates to Remember
September 11- WASDE Report
September 18- Cattle on Feed Report
September 24 – September Feeders Expiration
Hog Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
Lead Month Future
84.250
83.650
0.600
95.150
0.900
National Cash
88.03
88.73
0.70
103.83
15.80
Index
90.54
90.86
0.32
105.87
15.33
Cutout
92.86
97.67
4.81
116.38
23.52
IA/SMN Cash
89.33
89.86
0.53
104.36
16.03
IA/SMN Weights
286.20
284.10
2.10
282.50
3.70
Slaughter
2,315,000
2,377,000
62,000
2,317,429
2,429
Cattle Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
North Cash
219.44
244.83
South Cash
223.00
241.78
North Steer Basis
5.00
6.43
Choice Boxes
377.47
378.02
0.55
409.69
32.22
Select Boxes
356.94
360.66
3.72
385.34
28.44
Spread
20.53
17.36
3.17
24.35
3.82
Carcass Weights
889
887
2
872
17
Slaughter
526,000
542,000
16,000
493,830
32,170
FC Index
327.58
329.14
1.56
367.03
39.45
Cash Cattle Markets
Region
This Week
Last Week
Last Year
TX/OK/NM
N/A
$241.92
KS
N/A
$244.83
NE
$219.44
$241.78
IA/MN
$218.80
$244.91
CFTC Disaggregated COT Report
As of: 9/1/2026
Commodity
Current Managed Money
Change
Current Producer/Commercial
Change
Total OI
Total OI Change
Live Cattle
47,914
9,527
-96,645
8,825
299,894
67
Feeder Cattle
7,508
1,794
-1,847
1,479
61,699
1,573
Lean Hogs
-28,323
2,812
-38,102
33,094
289,146
1,752
Corn
431,062
54,549
-764,734
87,570
1,793,163
715
Soybeans
241,183
42,929
-323,860
48,363
1,048,724
8,381
Live Cattle Markets
October Live Cattle have traded and closed above the 20-day MA. Support is at 216.00 and then 212.525. Resistance is at 220 followed by the 50-day MA of 222.95.
Feeder Cattle Markets
October Feeders traded and settled above the 20-MA average for first time in 3-weeks. Support is at 321.75 and then 316.850. Resistance is at 330.00 followed by the 50-day MA of 333.375.
Lean Hogs Markets
October Lean Hogs gained back losses suffered the end of last week with that contract closing above the 50-Day MA. Support is at 83.80 and then 82.50. Resistance is at 85.00 followed by the 100-day MA of 85.275.
Corn Markets
December corn broke lower during mid trading session and held lower throughout the day, closing below the 10-day MA. Next level of support would be 513.50 followed by 500. Resistance continues to be in the 545 – 550 range, a breakout above would likely signal further buying.
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.
9/8/2026 Market Commentary
Live Cattle: Live Cattle futures started the holiday-shortened week with good gains after last week’s better-than-expected cash market. Cattle traded in the South at $223 late in the day Friday, and that carried over into Saturday morning. The North traded mostly at $218 early in the week, but there were cattle that traded at $220 toward the end of the week. The futures market saw a good recovery late in the trading session on Friday, and that strength spilled over into this week. Optimism that the cash market can hold at these levels and work higher, along with futures contracts that were oversold, brought managed money back to the complex today. Last Friday’s CFTC report showed managed money as sellers of 9,527 contracts, reducing their net-long position to 47,914 contracts as of last Tuesday. This is the first time their net-long position has been below 50,000 contracts since September 2024. Boxed beef was slightly higher this morning, with Choice up $1.30 to $377.47 and Select $1.07 higher at $356.94. Choice is just slightly lower than a week ago, while Select has lost $3.72. Last week’s estimated slaughter was 526,000 head, down 16,000 on the week, as packers try to find the sweet spot on bigger kills while trying to keep the boxed beef market elevated. Today’s move higher pushed futures through the 20-day MA and settled above that line for the first time since August 11. Another settlement above the 20-day MA tomorrow would help bring managed money back to the complex as buyers.
Feeder Cattle: Feeder Cattle futures started the day slightly higher but quickly picked up steam and traded to the highest levels in over two weeks. The Feeder Cattle complex found support from a slightly lower Corn market, but most of the strength stemmed from sharply higher Live Cattle futures. Cash Feeder Cattle continue to sell well given the current market environment. The CME Feeder Cattle Index was only quoted higher five times throughout the month of August, but it lost only $16.52 for the month, while Feeder Cattle futures lost over $22.00/cwt. Today, the index was quoted $1.22 lower at $327.58, which is a new low for this move lower. Friday’s CFTC report showed managed money as buyers of 1,794 contracts, raising their net-long position to 7,508 contracts. This is still the smallest long position that funds have held since September 2024 and well below the record position of 37,806 set just over a year ago.
Hogs: Lean Hog futures gained back their losses from late last week in today’s session. October closed $1.95 higher, settling at $84.25, the highest close since August 4. Today’s price action led the market to close above the 50-day MA, a level the market hasn’t been able to break and hold in a long time. With little to no positive news surrounding the pork sector, the strong positive day can most likely be attributed to agricultural commodity buying or marginal repositioning. July pork exports showed exports down 4% compared to July of 2025, as Mexico (down 2% YOY) and most other destinations have slowed down their buying. The indexes aren’t helping much either, as the Cutout continues to move lower, led by seasonal bellies, and the Lean Hog Index lost $0.54 today, settling at $90.54. Traders will need to see a confirmational change in product to hold this rally into the fall. One thing to watch on the charts is whether we can continue to trade above the 50-day MA. A close below, with no positive fundamental news, could cause more selling to come into the market.
Corn: Corn futures started higher during the overnight session but spent the majority of the day session trading in negative territory. The futures have stalled out over the past week, and although they have not seen big losses, they have now finished lower four days in a row. The December contract tried to trade through the 550 level twice last Wednesday and failed, quickly losing over 23 cents in the next 24 hours. The futures had rebounded some of those losses by the end of the week but remain nearly 17 cents off the highs. The market traded many bullish news stories in the final weeks of August and the first few days of September, and while those stories still remain intact, there has not been any additional bullish news to drive the market higher. Concerns over production within the U.S., along with good demand for Corn within the country, remain the key headlines, while concerns over global supply and logistical issues have helped support the market. Friday’s CFTC report showed managed money establishing a new record net-long position as of last Tuesday at 431,062 contracts after buying 54,549 contracts for the week. They remain with the largest long position in history, along with the new record net-long position.
Closing Prices
Dates to Remember
September 11- WASDE Report
September 18- Cattle on Feed Report
September 24 – September Feeders Expiration
Hog Fundamentals
Cattle Fundamentals
Cash Cattle Markets
CFTC Disaggregated COT Report
As of: 9/1/2026
Live Cattle Markets
October Live Cattle have traded and closed above the 20-day MA. Support is at 216.00 and then 212.525. Resistance is at 220 followed by the 50-day MA of 222.95.
Feeder Cattle Markets
October Feeders traded and settled above the 20-MA average for first time in 3-weeks. Support is at 321.75 and then 316.850. Resistance is at 330.00 followed by the 50-day MA of 333.375.
Lean Hogs Markets
October Lean Hogs gained back losses suffered the end of last week with that contract closing above the 50-Day MA. Support is at 83.80 and then 82.50. Resistance is at 85.00 followed by the 100-day MA of 85.275.
Corn Markets
December corn broke lower during mid trading session and held lower throughout the day, closing below the 10-day MA. Next level of support would be 513.50 followed by 500. Resistance continues to be in the 545 – 550 range, a breakout above would likely signal further buying.