Live Cattle: Live Cattle futures erased all of the losses seen the past two days with the nearby contracts testing the upper end of the sideways range they have been stuck in and the deferred contracts testing those highs. The futures started the day on Friday under heavy pressure after Thursday afternoon’s sharply lower boxed beef trade. That selling trickled into this week and pressed the market lower early in the day on Monday. Yesterday, boxed beef found support which helped the complex rebound some late in the day but gave the spark needed this morning to move the futures higher and with the morning beef report printing higher the market continued to trade higher into the end of the day. Boxed beef is back to nearly unchanged with week ago levels. This morning, choice was quoted $4.20 higher at $382.46 and select was $2.05 higher at $360.62. Last week’s large slaughter total could keep pressure on the beef markets in the short term, but for the start of this week has had no impact. Most of the futures months took out their most recent highs from the middle of September and others come within a few dollars. The market will search for continued positive news from the cash market and beef markets to continue to push higher. Over the past month the futures have wanted to move higher but lack of positive fundamentals have kept the market in check.
Feeder Cattle: Feeder Cattle futures quickly erased over $9.000/cwt on Friday and Monday but gained all of that back plus more late in the day yesterday and throughout the day today. The entire complex tested the highs from Thursday during today’s session and eventually broke through those levels despite Corn finishing the day more than 10 cents higher. Cash Feeder Cattle remain to be supported and have helped support the Feeder Cattle index which has held when the futures markets work lower. Today, the index was quoted $0.54 lower at $337.22 and is now discounted to the nearby October Futures. Sharply higher moves like we saw today, take a few days to show up in the CME Feeder Cattle index as the cash prices will work higher and those sales need to be reported by the USDA. Last week’s CFTC report showed the managed money as buyers of just 729 contracts, increasing their net long position to 7,638. This Friday’s CFTC report will most likely show buying throughout the week by the managed money. Open interest within the complex has rose back above 64,000 contracts after falling sharply throughout the first past of September.
Lean Hogs: Lean Hog futures ended the day mixed, with December ending down $0.575 and closing at $70.375. The December futures market gave us a nice three-day stretch starting last Thursday, gaining $3.25 from the lows. The Lean Hog Index printed at $79.63 yesterday, almost $10 higher than the December board. This is not uncommon for this time of year, and as we get closer to settlement, expect that spread to historically narrow. The Pork Cutout was $1.53 higher at $86.01, led by the bellies. Watching the belly market find strength at $90+ is a major win for the product after giving up over $70 during the month of September. We are currently $40 below the 10-year average belly price but only $4 below the 10-year average carcass value. As we enter the last quarter of the year, the same story prevails: supply is staying steady, and demand continues to be lackluster domestically. Maybe the upcoming holidays will be the fuel needed to push this hog complex back near $100.
Grains: Grain futures ended the day sharply higher across the board, with corn up $0.1075, soybeans up $0.2225, and Chicago wheat up $0.12. After a few days of trading sideways, the market found new buyers as we get into the first few weeks of harvest. Harvest progress is showing some delay across the country, as anticipated. Corn was 23% harvested versus the 27% five-year average, while soybeans were 25% completed versus the 33% average. That news, coupled with quality and yield concerns, is giving the market a reason to add/keep length. One common theme heard from some of our customers is quality issues in beans related to dusty, moldy, or discolored beans. Yields have been as expected for now in NW Iowa/SW Minnesota. Trump signed an executive order last night allowing off-road, “red-dyed” diesel to be used in all highway vehicles through the end of the year. This creates some short-term relief for freight costs.
Closing Prices
Market
Month
Last
Change
Corn
Dec
508.00
10.75
CHI Wheat
Dec
704.25
12.00
KC Wheat
Dec
756.25
14.00
Soybeans
Nov
1303.00
22.25
Soy Oil
Oct
69.58
0.63
Soy Meal
Dec
354.80
7.7
Live Cattle
Oct
221.225
3.975
Feeder Cattle
Sept
340.500
6.650
Lean Hogs
Oct
77.925
0.075
Crude Oil
Nov
79.30
0.13
Ch Cutout
382.46
4.20
Sel Cutout
360.62
2.05
Feeder Index
337.22
0.54
Pork Cutout
96.01
1.53
Dollar Index
101.8130
0.3540
DOW
51,546
278
National Corn Basis
-39.31
0.59
National Bean Basis
-56.47
0.80
Dates to Remember
October 9 – USDA WASDE Report
October 14- Last Trading Day October Hogs
October 23- Cattle on Feed Report
Hog Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
Lead Month Future
77.925
79.375
1.425
98.325
20.375
National Cash
76.81
79.22
2.41
99.39
22.58
Index
79.63
81.21
1.58
101.42
21.79
Cutout
86.01
87.80
1.79
107.35
21.34
IA/SMN Cash
76.64
79.51
2.87
99.35
22.71
IA/SMN Weights
289.20
286.90
2.30
287.90
1.30
Slaughter
2,559,000
2,552,000
7,000
2,600,814
41,814
Cattle Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
North Cash
220.64
230.00
South Cash
226.00
232.86
North Steer Basis
0.00
-3.59
Choice Boxes
382.46
383.28
0.82
363.34
19.12
Select Boxes
360.62
361.41
0.79
347.97
12.65
Spread
21.84
20.87
0.97
15.37
6.47
Carcass Weights
947
944
3
931
16
Slaughter
548,000
484,000
64,000
567,960
19,960
FC Index
337.22
337.77
0.55
363.47
26.25
Cash Cattle Markets
Region
This Week
Last Week
Last Year
TX/OK/NM
N/A
$232.73
KS
N/A
$232.86
NE
$220.64
$230.00
IA/MN
$219.43
$229.82
CFTC Disaggregated COT Report
As of: 9/29/2026
Commodity
Current Managed Money
Change
Current Producer/Commercial
Change
Total OI
Total OI Change
Live Cattle
51,304
4,321
-102,016
7,542
294,507
2,548
Feeder Cattle
7,638
729
4,532
1,162
64,001
1,382
Lean Hogs
-44,186
8,638
-30,192
5,395
289,882
3,193
Corn
377,850
36,587
-682,757
43,330
1,851,539
853
Soybeans
241,164
23,877
-275,388
31,073
1,110,976
3,456
Live Cattle Markets
December Live Cattle traded to the highest level since September 15. Resistance is at 225.500 followed by the 100-day MA of 226.200. Support is at the 20-day MA of 221.100 and then 218.925.
Feeder Cattle Markets
November Feeder Cattle traded through many resistance areas today. Resistance is at the 200-day MA of 341.600 and then 342.550. Support is at 333.325 followed by the 20-day MA of 328.150.
Lean Hogs Markets
December Lean Hogs finished the day right at the 20-day MA. This will serve as support or resistance depending on tomorrow’s close. Resistance is at 71.200 and support is at 67.950.
Corn Markets
December Corn found support at the 495 area again last night. Support is at 495 and then 486 1/4. Resistance is at the 20-day MA of 523 1/4 and then 526 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.
10/6/2026 Market Commentary
Live Cattle: Live Cattle futures erased all of the losses seen the past two days with the nearby contracts testing the upper end of the sideways range they have been stuck in and the deferred contracts testing those highs. The futures started the day on Friday under heavy pressure after Thursday afternoon’s sharply lower boxed beef trade. That selling trickled into this week and pressed the market lower early in the day on Monday. Yesterday, boxed beef found support which helped the complex rebound some late in the day but gave the spark needed this morning to move the futures higher and with the morning beef report printing higher the market continued to trade higher into the end of the day. Boxed beef is back to nearly unchanged with week ago levels. This morning, choice was quoted $4.20 higher at $382.46 and select was $2.05 higher at $360.62. Last week’s large slaughter total could keep pressure on the beef markets in the short term, but for the start of this week has had no impact. Most of the futures months took out their most recent highs from the middle of September and others come within a few dollars. The market will search for continued positive news from the cash market and beef markets to continue to push higher. Over the past month the futures have wanted to move higher but lack of positive fundamentals have kept the market in check.
Feeder Cattle: Feeder Cattle futures quickly erased over $9.000/cwt on Friday and Monday but gained all of that back plus more late in the day yesterday and throughout the day today. The entire complex tested the highs from Thursday during today’s session and eventually broke through those levels despite Corn finishing the day more than 10 cents higher. Cash Feeder Cattle remain to be supported and have helped support the Feeder Cattle index which has held when the futures markets work lower. Today, the index was quoted $0.54 lower at $337.22 and is now discounted to the nearby October Futures. Sharply higher moves like we saw today, take a few days to show up in the CME Feeder Cattle index as the cash prices will work higher and those sales need to be reported by the USDA. Last week’s CFTC report showed the managed money as buyers of just 729 contracts, increasing their net long position to 7,638. This Friday’s CFTC report will most likely show buying throughout the week by the managed money. Open interest within the complex has rose back above 64,000 contracts after falling sharply throughout the first past of September.
Lean Hogs: Lean Hog futures ended the day mixed, with December ending down $0.575 and closing at $70.375. The December futures market gave us a nice three-day stretch starting last Thursday, gaining $3.25 from the lows. The Lean Hog Index printed at $79.63 yesterday, almost $10 higher than the December board. This is not uncommon for this time of year, and as we get closer to settlement, expect that spread to historically narrow. The Pork Cutout was $1.53 higher at $86.01, led by the bellies. Watching the belly market find strength at $90+ is a major win for the product after giving up over $70 during the month of September. We are currently $40 below the 10-year average belly price but only $4 below the 10-year average carcass value. As we enter the last quarter of the year, the same story prevails: supply is staying steady, and demand continues to be lackluster domestically. Maybe the upcoming holidays will be the fuel needed to push this hog complex back near $100.
Grains: Grain futures ended the day sharply higher across the board, with corn up $0.1075, soybeans up $0.2225, and Chicago wheat up $0.12. After a few days of trading sideways, the market found new buyers as we get into the first few weeks of harvest. Harvest progress is showing some delay across the country, as anticipated. Corn was 23% harvested versus the 27% five-year average, while soybeans were 25% completed versus the 33% average. That news, coupled with quality and yield concerns, is giving the market a reason to add/keep length. One common theme heard from some of our customers is quality issues in beans related to dusty, moldy, or discolored beans. Yields have been as expected for now in NW Iowa/SW Minnesota. Trump signed an executive order last night allowing off-road, “red-dyed” diesel to be used in all highway vehicles through the end of the year. This creates some short-term relief for freight costs.
Closing Prices
Dates to Remember
October 9 – USDA WASDE Report
October 14- Last Trading Day October Hogs
October 23- Cattle on Feed Report
Hog Fundamentals
Cattle Fundamentals
Cash Cattle Markets
CFTC Disaggregated COT Report
As of: 9/29/2026
Live Cattle Markets
December Live Cattle traded to the highest level since September 15. Resistance is at 225.500 followed by the 100-day MA of 226.200. Support is at the 20-day MA of 221.100 and then 218.925.
Feeder Cattle Markets
November Feeder Cattle traded through many resistance areas today. Resistance is at the 200-day MA of 341.600 and then 342.550. Support is at 333.325 followed by the 20-day MA of 328.150.
Lean Hogs Markets
December Lean Hogs finished the day right at the 20-day MA. This will serve as support or resistance depending on tomorrow’s close. Resistance is at 71.200 and support is at 67.950.
Corn Markets
December Corn found support at the 495 area again last night. Support is at 495 and then 486 1/4. Resistance is at the 20-day MA of 523 1/4 and then 526 1/2.