Live Cattle: Live Cattle futures reluctantly traded higher today following the Feeder Cattle futures after being supported by the outside markets yesterday. The nearby contracts finished the day mixed while the deferred contracts all finished with solid gains. Last week’s cash averages were steady with the week prior but came as a disappointment compared to the early week expectations of a higher market. Last week’s estimated slaughter of 508,000 head was revised lower to just 503,000 head, the lowest non-holiday weekly total that the industry has seen. This total came as a big surprise to the industry as the thought was the packers would begin to increase kills as their margins have improved. Through the first two days of this week, the slaughter total is 9,000 head more than a week ago. Boxed beef has leveled off the past few days and is actually lower than week-ago levels. This morning, choice was quoted $1.07 higher at $400.20 and select was up $2.47 to $396.30, narrowing the choice/select spread to $3.90. Packers continue to manage the number of available fat cattle as well as their bottom line by keeping slaughter rates down, which is helping support boxed beef prices. Today’s Cold Storage Report showed total beef inventories down 5.2% compared to a year ago, 3.3% less than last month and 14.6% less than the five-year average.
Feeder Cattle: Feeder Cattle futures surged higher today on what appeared to be fund buying, but did finish the day well off of their highs. Corn futures moved lower in the middle of the day and the stock market returned to positive territory and both helped push the Feeder Cattle futures to the highest levels in two weeks. The CME Feeder Cattle index has found some support and today was quoted $0.26 higher at $361.59 through Monday’s sales. The March contract will expire this Thursday and has narrowed the gap between it and the index. Today’s settlement of $360.300 leaves the futures at a $1.29 discount to the index with just two days to go. Technically, the futures market traded back above the 20-day MA for the first time since February 26 which should offer support going forward.
Lean Hogs: Lean Hogs futures have finished lower five days in a row and nine of the last ten days. The pork cutout was quoted $0.40 higher yesterday at $99.60 but has remained under the $100 level for over a week. The pork cutout at these levels is still historically good given the time of year, but the futures market has rallied to levels that are historically high and good news needs to be fed to hold these levels. The USDA will release their quarterly Hogs and Pigs Report on Thursday and the early estimates are showing expectations for higher numbers across most all categories. The thought leading up to this report is that we would see tighter numbers of hogs as we head into the summer months. The average guess for all hogs is for a 0.9% increase from a year ago, and a 0.5% increase in pigs per litter. Open interest within the Lean Hog complex continues to fall on what appears to be long liquidation by the managed money sector. Today’s Cold Storage Report showed total pork down just slightly from last month but 4.7% less than a year ago. Compared to a year ago, pork butts were down over 15% and hams were up slightly.
Corn: Corn futures traded to their daily highs late in the day but could not hold those gains into the close. The Corn market continues to follow the crude oil market and the tensions in the Middle East. Sunday night, Corn futures tested the most recent highs, but after President Trump announced that there would be a short cease fire in Iran, the crude oil market pushed lower and Corn followed. Export inspections that were released yesterday showed another good week of Corn shipments which is keeping the U.S. well ahead of the pace needed to meet the current USDA export goal. The USDA will release their Prospective Planting Report a week from today and give the first look at expected acres for the 2026 growing season. After this report, estimates will begin to be formed about total production for 2026 and what that does to the U.S. carryout going forward.
Closing Prices
Market
Month
Last
Change
Corn
May
462.50
3.00
CHI Wheat
May
590.00
2.25
KC Wheat
May
604.00
0.75
Soybeans
May
1155.00
8.50
Soy Oil
May
65.73
0.15
Soy Meal
May
322.40
4.20
Live Cattle
April
235.375
0.075
Feeder Cattle
Mar
360.300
1.850
Lean Hogs
April
91.050
0.250
Crude Oil
May
92.38
4.25
Ch Cutout
400.20
1.07
Sel Cutout
396.30
2.47
Feeder Index
361.59
0.26
Pork Cutout
99.60
0.40
Dollar Index
99.474
0.5230
DOW
46,225
16
National Corn Basis
-40.67
0.40
National Bean Basis
-75.20
0.01
Dates to Remember
March 24- Cold Storage Report
March 26- March Feeder Cattle Expiration
March 26- Hogs and Pigs Report
March 31- Prospective Planting
Hog Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
Lead Month Future
91.050
93.725
2.675
85.700
5.350
National Cash
91.96
90.73
1.23
90.29
1.67
Index
91.78
91.76
0.02
88.90
2.88
Cutout
99.60
100.44
0.84
97.37
2.23
IA/SMN Cash
92.11
92.19
0.08
90.46
1.65
IA/SMN Weights
291.00
291.20
0.20
289.80
1.20
Slaughter
2,491,000
2,532,000
41,000
2,424,175
66,825
Cattle Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
North Cash
234.79
212.96
South Cash
235.05
209.23
North Steer Basis
1.00
4.99
Choice Boxes
400.20
403.74
3.54
327.10
73.10
Select Boxes
396.30
399.00
2.70
313.58
82.72
Spread
3.90
4.74
0.84
13.52
9.62
Carcass Weights
903
896
7
868
35
Slaughter
503,000
525,000
22,000
557,527
54,527
FC Index
361.59
358.31
3.28
286.99
74.60
Cash Cattle Markets
Region
This Week
Last Week
Last Year
TX/OK/NM
$235.36
$209.69
KS
$235.05
$209.23
NE
$234.79
$212.96
IA/MN
$235.59
$213.03
CFTC Disaggregated COT Report
As of: 3/24/2026
Commodity
Current Managed Money
Change
Current Producer/Commercial
Change
Total OI
Total OI Change
Live Cattle
106,615
2,417
-151,332
1,221
333,511
493
Feeder Cattle
17,933
137
-9,683
212
70,355
836
Lean Hogs
116,553
11,151
-173,255
12,665
340,395
4,193
Corn
228,804
35,533
-522,116
44,702
1,802,170
3,391
Soybeans
201,997
20,110
-278,719
8,841
959,332
1,630
Live Cattle Markets
April Live Cattle have finished higher both days this week. Support is at the 20-day MA of 234.225 and then 232.500. Resistance is at 239.950 followed by 241.900.
Feeder Cattle Markets
April Feeder Cattle finished above the 20-day MA today. Support is at the 20-day MA of 352.100 and then 347.025. Resistance is at the 50-day MA of 358.025 followed by 361.600.
Lean Hogs Markets
April Lean Hogs continue to trade near long term support. Support is at the 100-day MA of 90.750 and then 90.025. Resistance is at 94.075 followed by the 20-day MA of 94.375.
Corn Markets
May Corn finished the day in the middle of its range. Resistance is at 473 3/4 and then 476. Support is at 456 1/2 followed by the 20-day MA of 455 1/4.
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.
3/24/2026 Market Commentary
Live Cattle: Live Cattle futures reluctantly traded higher today following the Feeder Cattle futures after being supported by the outside markets yesterday. The nearby contracts finished the day mixed while the deferred contracts all finished with solid gains. Last week’s cash averages were steady with the week prior but came as a disappointment compared to the early week expectations of a higher market. Last week’s estimated slaughter of 508,000 head was revised lower to just 503,000 head, the lowest non-holiday weekly total that the industry has seen. This total came as a big surprise to the industry as the thought was the packers would begin to increase kills as their margins have improved. Through the first two days of this week, the slaughter total is 9,000 head more than a week ago. Boxed beef has leveled off the past few days and is actually lower than week-ago levels. This morning, choice was quoted $1.07 higher at $400.20 and select was up $2.47 to $396.30, narrowing the choice/select spread to $3.90. Packers continue to manage the number of available fat cattle as well as their bottom line by keeping slaughter rates down, which is helping support boxed beef prices. Today’s Cold Storage Report showed total beef inventories down 5.2% compared to a year ago, 3.3% less than last month and 14.6% less than the five-year average.
Feeder Cattle: Feeder Cattle futures surged higher today on what appeared to be fund buying, but did finish the day well off of their highs. Corn futures moved lower in the middle of the day and the stock market returned to positive territory and both helped push the Feeder Cattle futures to the highest levels in two weeks. The CME Feeder Cattle index has found some support and today was quoted $0.26 higher at $361.59 through Monday’s sales. The March contract will expire this Thursday and has narrowed the gap between it and the index. Today’s settlement of $360.300 leaves the futures at a $1.29 discount to the index with just two days to go. Technically, the futures market traded back above the 20-day MA for the first time since February 26 which should offer support going forward.
Lean Hogs: Lean Hogs futures have finished lower five days in a row and nine of the last ten days. The pork cutout was quoted $0.40 higher yesterday at $99.60 but has remained under the $100 level for over a week. The pork cutout at these levels is still historically good given the time of year, but the futures market has rallied to levels that are historically high and good news needs to be fed to hold these levels. The USDA will release their quarterly Hogs and Pigs Report on Thursday and the early estimates are showing expectations for higher numbers across most all categories. The thought leading up to this report is that we would see tighter numbers of hogs as we head into the summer months. The average guess for all hogs is for a 0.9% increase from a year ago, and a 0.5% increase in pigs per litter. Open interest within the Lean Hog complex continues to fall on what appears to be long liquidation by the managed money sector. Today’s Cold Storage Report showed total pork down just slightly from last month but 4.7% less than a year ago. Compared to a year ago, pork butts were down over 15% and hams were up slightly.
Corn: Corn futures traded to their daily highs late in the day but could not hold those gains into the close. The Corn market continues to follow the crude oil market and the tensions in the Middle East. Sunday night, Corn futures tested the most recent highs, but after President Trump announced that there would be a short cease fire in Iran, the crude oil market pushed lower and Corn followed. Export inspections that were released yesterday showed another good week of Corn shipments which is keeping the U.S. well ahead of the pace needed to meet the current USDA export goal. The USDA will release their Prospective Planting Report a week from today and give the first look at expected acres for the 2026 growing season. After this report, estimates will begin to be formed about total production for 2026 and what that does to the U.S. carryout going forward.
Closing Prices
Dates to Remember
March 24- Cold Storage Report
March 26- March Feeder Cattle Expiration
March 26- Hogs and Pigs Report
March 31- Prospective Planting
Hog Fundamentals
Cattle Fundamentals
Cash Cattle Markets
CFTC Disaggregated COT Report
As of: 3/24/2026
Live Cattle Markets
April Live Cattle have finished higher both days this week. Support is at the 20-day MA of 234.225 and then 232.500. Resistance is at 239.950 followed by 241.900.
Feeder Cattle Markets
April Feeder Cattle finished above the 20-day MA today. Support is at the 20-day MA of 352.100 and then 347.025. Resistance is at the 50-day MA of 358.025 followed by 361.600.
Lean Hogs Markets
April Lean Hogs continue to trade near long term support. Support is at the 100-day MA of 90.750 and then 90.025. Resistance is at 94.075 followed by the 20-day MA of 94.375.
Corn Markets
May Corn finished the day in the middle of its range. Resistance is at 473 3/4 and then 476. Support is at 456 1/2 followed by the 20-day MA of 455 1/4.