Live Cattle: April Live Cattle futures lost $9.775 this week and only managed to finish higher one day. Continued worries over the possible strike at the JBS plant in Greely, Colorado have not been able to pass and the unknown as to whether the strike will take place or not has forced the managed money to exit the cattle complex. It sounds like the labor union will make a release tonight as to whether they will go through with the strike or not. End of the month action can also be partially to blame for the correction in the futures. The lower futures did drag the cash markets lower this week across all regions of the country. 243-244 traded cattle in the North on Thursday and those same prices traded cattle in the South today. With most feedlots having hedges in the April contract, the basis levels were quite attractive and helped move cattle. Boxed beef finally showed signs of life this week as both choice and select saw significant gains. Choice was quoted at $378.97 this morning which is a $12.30 increase while select is at $374.25, up $13.20 on the week. Total estimated slaughter for the week was 516,000, unchanged from last week but over 52,000 head less than the same week a year ago. The decrease in slaughter has helped support the boxed beef market along with spring growing near. Monday will be an important and telling day for the cattle complex as traders hope to have some sort of answer on the Greely plant strike. It is also the start of a new month which may bring the fund sector of the market back to the complex.
Feeder Cattle: Feeder Cattle futures have been under extreme pressure the past two days and have erased over $18 from the highs set last Thursday. Quick moving markets along with plenty of computer and algorithm trade have pushed the futures well below the current cash fundamentals. The CME Feeder Cattle index is currently quoted at $372.79 which was $0.38 lower for Thursday’s sales. Since last Friday’s quote of $377.37, which was a new all-time record high, the index has lost $4.58 and is at the lowest level for the month of February. This is probably a good time to remind everyone that the CME Feeder Cattle index lags the current futures market by a couple of days. Cattle that are being bought in sale barns are being priced based on today’s futures market. The sales that take place today will not be reported by the CME until Monday’s release of the index which officially comes out after the market closes, not letting traders react until Tuesday. As of today’s close, the CME Feeder Cattle index is at a $17.37 premium to the March futures contract. These two will need to converge as we head toward expiration, but may not line up perfectly until the end of the month.
Lean Hogs: Lean Hog futures traded in a very tight range today and spent most of the day close to unchanged. The deferred contracts traded back to near their contract highs today, but could not find additional support at those levels and finished the day slightly lower. Today’s lower close ended the consecutive streak of higher closes at eight days. The cash markets have cooled off this week and finished the week just slightly lower than week-ago levels while the cutout and index continue to work higher. The pork cutout is currently quoted at $97.38 which was down $0.24 yesterday but $1.10 higher than last Friday. Export sales that were released yesterday were the highest in the last four weeks with Mexico accounting for 60% of the total. Pork shipments for the week were the highest in months.
Corn: Corn futures finished higher each of the final three days this week and took out many technical resistance levels along the way. The nearby contract gained 8 3/4 cents this week and is now back within reach of prices from before the January WASDE Report. Last week’s close in the Corn market gave the Corn charts a better look, and after testing some downside support levels early this week, the futures have worked higher. Today, the Corn market enjoyed a sharply higher wheat market which helped bring buyers into the Corn complex. The export inspections that were released yesterday were slightly disappointing and well below the numbers that have been seen in previous weeks, but the U.S. remains ahead of the pace needed to meet the current export goal. Today concludes the spring price discovery period for crop insurance values and the corn price is set at 461.
Closing Prices
Market
Month
Last
Change
Corn
May
448.50
5.00
CHI Wheat
May
591.50
17.00
KC Wheat
May
580.50
18.25
Soybeans
May
1170.75
7.25
Soy Oil
May
61.85
0.09
Soy Meal
May
320.50
0.40
Live Cattle
April
232.225
4.675
Feeder Cattle
Mar
355.425
6.225
Lean Hogs
April
95.725
0.000
Crude Oil
April
67.09
1.88
Ch Cutout
378.97
1.08
Sel Cutout
374.23
3.44
Feeder Index
372.79
0.38
Pork Cutout
97.38
0.24
Dollar Index
97.584
0.2070
DOW
48,893
605
National Corn Basis
-31.01
0.22
National Bean Basis
-62.12
0.87
Dates to Remember
February 27- February Live Cattle Expiration
Hog Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
Lead Month Future
95.725
93.675
2.050
84.375
10.875
National Cash
91.00
91.04
0.04
89.49
1.51
Index
89.12
87.59
1.53
89.44
0.32
Cutout
97.38
96.28
1.10
100.96
3.58
IA/SMN Cash
91.07
91.36
0.29
89.44
1.63
IA/SMN Weights
291.40
292.00
0.60
288.10
3.30
Slaughter
2,516,000
2,493,000
23,000
2,525,170
9,170
Cattle Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
North Cash
243-244
247.40
4-5 Lower
197.81
45.69
South Cash
244
248.85
4-6 Lower
196.87
47.13
North Steer Basis
-1.00
0.00
1.00
1.62
2.62
Choice Boxes
378.97
366.67
12.30
311.18
67.79
Select Boxes
374.25
361.05
13.20
302.13
72.12
Spread
4.74
5.62
0.88
9.05
4.31
Carcass Weights
896
895
1
877
19
Slaughter
516,000
516,000
0
568,747
52,747
FC Index
372.79
377.37
4.58
281.06
91.73
Cash Cattle Markets
Region
This Week
Last Week
Last Year
TX/OK/NM
244
$248.81
$197.11
KS
244
$248.85
$196.87
NE
243-244
$247.40
$197.81
IA/MN
243-244
$245.93
$198.07
CFTC Disaggregated COT Report
As of: 2/24/2026
Commodity
Current Managed Money
Change
Current Producer/Commercial
Change
Total OI
Total OI Change
Live Cattle
119,013
2,296
-169,896
2,915
345,661
2,199
Feeder Cattle
18,162
1,356
-11,692
253
78,586
173
Lean Hogs
116,983
522
-181,546
8,738
373,468
3,610
Corn
-13,867
13,548
-259,581
37,073
1,621,996
19,806
Soybeans
184,202
20,591
-261,211
10,810
962,322
5,652
Live Cattle Markets
April Live Cattle lost over $8.000 the final two days of the week. Support is at 231.275 and then 227.900. Resistance is at the 20-day MA of 239.450 followed by 241.900.
Feeder Cattle Markets
March Feeder Cattle finished at the lowest level of 2026 today. Support is at 354.550 and then the 346.300. Resistance is at the 20-day MA 366.000 followed by 368.500.
Lean Hogs Markets
April Lean Hogs have moved back above the 20-day MA. Support is at 95.325 and then the 20-day MA of 95.150. Resistance is at 96.650 and then 99.800.
Corn Markets
May Corn futures broke through overhead resistance today. Resistance is at 456 3/4 and then 461. Support is at the 100-day MA of 446 and then the 20-day MA of 439.
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.
2/27/2026 Market Commentary
Live Cattle: April Live Cattle futures lost $9.775 this week and only managed to finish higher one day. Continued worries over the possible strike at the JBS plant in Greely, Colorado have not been able to pass and the unknown as to whether the strike will take place or not has forced the managed money to exit the cattle complex. It sounds like the labor union will make a release tonight as to whether they will go through with the strike or not. End of the month action can also be partially to blame for the correction in the futures. The lower futures did drag the cash markets lower this week across all regions of the country. 243-244 traded cattle in the North on Thursday and those same prices traded cattle in the South today. With most feedlots having hedges in the April contract, the basis levels were quite attractive and helped move cattle. Boxed beef finally showed signs of life this week as both choice and select saw significant gains. Choice was quoted at $378.97 this morning which is a $12.30 increase while select is at $374.25, up $13.20 on the week. Total estimated slaughter for the week was 516,000, unchanged from last week but over 52,000 head less than the same week a year ago. The decrease in slaughter has helped support the boxed beef market along with spring growing near. Monday will be an important and telling day for the cattle complex as traders hope to have some sort of answer on the Greely plant strike. It is also the start of a new month which may bring the fund sector of the market back to the complex.
Feeder Cattle: Feeder Cattle futures have been under extreme pressure the past two days and have erased over $18 from the highs set last Thursday. Quick moving markets along with plenty of computer and algorithm trade have pushed the futures well below the current cash fundamentals. The CME Feeder Cattle index is currently quoted at $372.79 which was $0.38 lower for Thursday’s sales. Since last Friday’s quote of $377.37, which was a new all-time record high, the index has lost $4.58 and is at the lowest level for the month of February. This is probably a good time to remind everyone that the CME Feeder Cattle index lags the current futures market by a couple of days. Cattle that are being bought in sale barns are being priced based on today’s futures market. The sales that take place today will not be reported by the CME until Monday’s release of the index which officially comes out after the market closes, not letting traders react until Tuesday. As of today’s close, the CME Feeder Cattle index is at a $17.37 premium to the March futures contract. These two will need to converge as we head toward expiration, but may not line up perfectly until the end of the month.
Lean Hogs: Lean Hog futures traded in a very tight range today and spent most of the day close to unchanged. The deferred contracts traded back to near their contract highs today, but could not find additional support at those levels and finished the day slightly lower. Today’s lower close ended the consecutive streak of higher closes at eight days. The cash markets have cooled off this week and finished the week just slightly lower than week-ago levels while the cutout and index continue to work higher. The pork cutout is currently quoted at $97.38 which was down $0.24 yesterday but $1.10 higher than last Friday. Export sales that were released yesterday were the highest in the last four weeks with Mexico accounting for 60% of the total. Pork shipments for the week were the highest in months.
Corn: Corn futures finished higher each of the final three days this week and took out many technical resistance levels along the way. The nearby contract gained 8 3/4 cents this week and is now back within reach of prices from before the January WASDE Report. Last week’s close in the Corn market gave the Corn charts a better look, and after testing some downside support levels early this week, the futures have worked higher. Today, the Corn market enjoyed a sharply higher wheat market which helped bring buyers into the Corn complex. The export inspections that were released yesterday were slightly disappointing and well below the numbers that have been seen in previous weeks, but the U.S. remains ahead of the pace needed to meet the current export goal. Today concludes the spring price discovery period for crop insurance values and the corn price is set at 461.
Closing Prices
Dates to Remember
February 27- February Live Cattle Expiration
Hog Fundamentals
Cattle Fundamentals
Cash Cattle Markets
CFTC Disaggregated COT Report
As of: 2/24/2026
Live Cattle Markets
April Live Cattle lost over $8.000 the final two days of the week. Support is at 231.275 and then 227.900. Resistance is at the 20-day MA of 239.450 followed by 241.900.
Feeder Cattle Markets
March Feeder Cattle finished at the lowest level of 2026 today. Support is at 354.550 and then the 346.300. Resistance is at the 20-day MA 366.000 followed by 368.500.
Lean Hogs Markets
April Lean Hogs have moved back above the 20-day MA. Support is at 95.325 and then the 20-day MA of 95.150. Resistance is at 96.650 and then 99.800.
Corn Markets
May Corn futures broke through overhead resistance today. Resistance is at 456 3/4 and then 461. Support is at the 100-day MA of 446 and then the 20-day MA of 439.