Market Commentary

Live Cattle futures have traded to big losses this week as President Trump considers reducing tariffs on imported beef. Feeder Cattle futures continue to trade with extreme volatility and huge daily ranges as both Live Cattle and Corn have affected the complex. Lean Hog futures set a new yearly low today as the managed money continues to liquidate their long position. Corn has finished higher the past three days and found support from the wheat market today following today’s WASDE Report.

Live Cattle futures failed to find upside momentum this week despite the cash market trading higher and setting new all-time highs. Feeder Cattle futures were under pressure most of the week and have now broke some technical resistance levels. Lean Hogs posted new lows for the move today although the cash fundamentals remain somewhat supported. Corn futures traded a big range this week after matching the highs from March and then reversed lower to support areas.

Live Cattle futures were led by the deferred contracts today and finished the day sharply higher after a poor start to the week. Feeder Cattle futures were also sharply higher today after recovering back above the 20-day MA yesterday and found additional support from a lower Corn market. Lean Hogs finished the day near their highs after posting new yearly lows this morning. Corn futures were lower today after positing new highs for the move overnight as planting progress is ahead of the average pace.

Live Cattle futures posted new contract highs throughout the complex but ran out of momentum late in the day and finished lower. Feeder Cattle futures also posted new contract highs in all but the May contract, but also finished lower and at the lows of the day. Lean Hogs opened the day lower after the detection of pseudorabies in Iowa and spent most of the day lower as a result. New crop Corn futures posted new highs for the moved and posted new contract highs in the 2027 contracts today, as weather premium is added to the market alongside record demand.

June Live Cattle posted new contract and all-time highs today as the cash market is moving higher early in the week. Feeder Cattle futures are also trading back to near record levels despite the Corn market working higher. Lean hogs finished the day lower and cannot work through overhead resistance as the cash fundamentals have grown stagnant. Corn futures have been on a two-week rally and are back to the highest levels since March.

Live Cattle futures gapped higher this morning and most contracts finished right at the 20-day MA average today as the cash market worked higher late in the day. Feeder Cattle futures found support following the news that Secretary of Ag, Brooke Rollins would not be speaking in Arizona today. Lean Hog futures were supported mid-week by the higher pork cutout market, but lost that optimism later in the week. New crop Corn futures have finished higher six straight days and now have a better looking technical picture.

Live Cattle futures traded in volatile fashion again today and ultimately, finished lower as the managed money sector has been exiting the complex. Feeder Cattle futures saw over a $6.500 range today and finished near the lows of the day. The Lean Hog complex gapped higher this morning as the pork cutout traded back over $100 for the first time in over a month. Corn finished the day higher as crude oil has added premium back to that market.

Live Cattle futures followed the Feeder Cattle lower today as cash trade was steady with a week ago. Feeder Cattle futures traded limit lower this morning as fear of what Secretary Rollins was going to announce took over the market. Lean Hogs extended their days of consecutive lower closes as the pork cutout remains somewhat supported. Corn futures traded lower the majority of the day and finished the day mixed as crude oil traded to the lowest level since the beginning of March.

Live Cattle futures pushed to new all-time highs today as cash optimism continues to draw the managed money sector to the market. Feeder Cattle futures posted new contract highs today as the CME Feeder Cattle index nears record levels. Lean Hog futures finished lower for the sixth day in a row and matched the lowest levels of 2026. Corn futures finished the day mixed as the market fights technical resistance levels.