3/27/2026 Market Commentary

Live Cattle: Live Cattle futures tested the most recent highs from February today on what appeared to be fund buying heading into the weekend. There was no news that led to today’s rally, but the futures pushed to new highs late in the day. Cash trade this week was very quiet and again a disappointment compared to early week expectations. Most of the cattle in the North were traded on Thursday at 235 live and 370-372 dressed. The South traded a few cattle at 234 but that eventually gave way to the 235 trade. Estimated slaughter this week was 520,000 which is 17,000 head larger than a week ago but nearly 90,000 head less than a year ago. Boxed beef saw a steep correction in the middle of the week and pushed the choice/select spread negative, but a slight recovery to end the week helped bring the spread back to positive territory. This morning, choice was quoted $4.24 higher at $394.09 but will still show a weekly loss of $6.33. Select was quoted at $391.89 which is just $0.90 lower than last Friday. The strike at the JBS plant in Greeley, Colorado is ongoing but the plant is still processing cattle. Daily totals are no where near capacity but there are employees reporting to work and rumors are that more and more employees are leaving the picket line and returning to work.

Feeder Cattle: Feeder Cattle futures finished the day sharply higher and came close to touching limit higher in the final minutes of the day. The CME Feeder Cattle index pushed to the highest level in over two weeks are prices of cash Feeder Cattle have worked higher. Today’s release of the index was $362.98 through Thursday’s sales. Corn futures have leveled off after testing the most recent highs earlier this week. The deferred Live Cattle futures have also been well supported helping feedlots pay more for Feeder Cattle in the sale barns. Technically, the Feeder Cattle complex pushed back above the 20-day MA this week and has now made the chart picture look much better. Today, the April contract took out the most recent highs and opened the door for prices near $370.000 in the near future.

Lean Hogs: Lean Hog futures finished the week sharply higher following yesterday’s Hogs and Pigs Report. The report showed total hogs up 0.4% compared to a year ago while hogs kept for breeding were down 1.5%. Pigs per litter were up 2.1% from last year and 1.6% larger than the pre-report estimates. Overall, the report was friendly to hog prices with immediate hog numbers remaining smaller than normal, and although pigs per litter continues to grow, the inventory of breeding stock is shrinking. The pork cutout continues to work lower and is now over $5 off of the highs set two weeks ago. Yesterday, the pork cutout was quoted at $95.35 which was $1.05 lower on the day. All of the major cash indexes were also lower this week with the national cash losing $1.91, Iowa/southern Minnesota down $1.46, and the Lean Hog index lost $0.58.

Corn: Corn futures tested the most recent highs early this week but could not find additional strength throughout the week. Corn futures finished the day lower today despite the crude oil market being higher and the wheat markets holding steady. Next week, the USDA will release their Prospective Planting Report and give the industry the first glimpse at 2026 production. Estimates are for Corn acres to be 94.70 million acres. Many private estimates are showing larger corn acres than what the official estimates are. Export sales were in the middle of the road this week but there were new crop sales to Japan. Technically, the Corn market continues to trade above the 20-day MA which has held the market since the beginning of February. Today’s CFTC Report showed the managed money as buyers of 55,744 contracts, increasing their net long position to 284,548 contracts.