Market Commentary

Live Cattle and Feeder Cattle both finished the week on a positive note after the higher fat cattle trade and boxed beef that continues to work higher. Lean Hogs traded lower in the nearby contracts as the pork cutout has stalled out just over $100.00. Corn finished the week lower after moving through overhead resistance.

Live Cattle and Feeder Cattle futures continue to be well-supported on the cash markets that have remained strong. This week’s Cattle on Feed Report will update the number of cattle on feed compared to a year ago, along with cattle placed and marketed in the month of April. Lean Hogs continue to set new contract highs in the deferred contracts while the nearby months follow the pork cutout. Corn found support from the wheat market today as the managed money is heavily short the complex.

Live Cattle and Feeder Cattle futures erased big gains that started the week on technical selling and fund pressure. Both cash markets remain strong and were fully steady this week. Lean Hogs found support on a higher cutout market this week, while corn futures fail to find traction with no threat to the U.S. growing season and weaker soybean and wheat markets.

Live and Feeder Cattle started the week higher as the Mexican border has been closed for all cattle imports and higher equity markets. Lean hogs found support on better trade developments with China, taking out overhead chart resistance. Corn traded to the lows from November and found technical support after a somewhat friendly WASDE report.

Live Cattle and Feeder Cattle both posted new contract and all-time record highs this week as both cash markets also set record highs. Lean hogs have fallen victim to a stagnant pork cutout in the nearby contracts as the deferred contracts hang near contract highs. Corn posted a new low for 2025 before a slight recovery on Friday. With the U.S. summer and growing season ahead of us, the funds have eliminated almost their entire long position.

Live Cattle and Feeder Cattle futures posted new contract highs before a midday selloff that was short lived. Strong fundamentals and the expectation of a higher cash market continue to entice fund buying within the cattle complex. Lean Hogs traded down to technical support levels setting up an important day tomorrow as cash fundamentals have fallen stagnant. Corn looks for any kind of bullish news as the market nears the most recent lows set back in March.

Live cattle futures posted new contract highs all the way across the board after another new record for cash cattle this week. The CME feeder cattle index posted a new record high and nearby feeder futures also posted new contract highs while the deferred contracts came close to their previous highs. Lean hogs ran into overhead technical resistance to begin the week but also found support later in the week to finish in the middle of their weekly range. Corn failed to hold support on the charts and finished the week lower due to lack of fund buying and no threatening weather to the U.S.

Live cattle traded to new contract highs on Tuesday following a higher cash market and boxed beef that has found support and risen to new highs for the year. Feeder cattle also posted new contract highs as worries about Mexican imports and a red hot cash market catch trader’s eyes. Lean hogs failed at technical resistance and closed lower both days to start the week. Corn futures fell below chart support as the U.S. weather outlook has an opening for the crop to get planted.

Cash trade is late to develop this week and has yet to take place but will be at higher money. Lean hogs rebounded after a poor export report on Thursday morning. Corn continues to struggle to fight off a lower wheat market as corn export remain strong and the summer weather is ahead of us.