Live Cattle: Live Cattle futures fought off the negative outside influences for the majority of the week but could not hold all of those gains into the weekend. The Live Cattle complex will finish the week higher than a week ago, but still leaves a questionable looking technical picture. Most of the contracts traded up to the 20-day MA this week but could not solidify any gains past that point. Cash this week was lower in the North while the South has yet to trade. The majority of the cattle sold in the North were priced at 240 today. This is 2 to 4 lower than a week ago, but much better than the 235 bids from Tuesday. Boxed beef found support this week and both choice and select will finish the week with sizable gains. This morning, choice was quoted at $387.07 which is $8.10 higher than a week ago. Select is currently at $380.07, up $5.82 this week. Packer margins have improved with the lower cash markets and higher product markets. The packers seemed content buying cattle and adding to inventory at 240 most of today, even after the board broke lower. This week’s estimated slaughter was 521,000 head, which is 2,000 head higher than last week’s revised higher total of 519,000. The cattle complex as a whole will continue to watch the crude oil market and more importantly, the equity markets. Most days this week the Live Cattle complex traded in tandem with what the DOW and S&P 500 futures were doing.
Feeder Cattle: Feeder Cattle futures finished the week sharply lower as the Corn market has moved higher and the CME Feeder Cattle index continues to slip lower. Today, the CME Feeder Cattle index was quoted $1.27 lower at $367.32. This is the tenth consecutive day that the CME Feeder Cattle index has been lower. This is $10.05 lower than the record high that was set on February 20. March Feeder Cattle futures will expire on March 26 and are currently at a $11.70 discount to the index. The futures market has not enjoyed the lower cash market and for the final two days of this week, were hurt by the higher Corn market. The Corn market had been stuck at much lower values and was creating cheap cost of gains, in turn, increasing the price of Feeder Cattle. That changed this week and has caused traders to become sellers of the Feeder Cattle complex. Today’s CFTC Report showed the funds as sellers of 206 contracts.
Lean Hogs: Lean Hog futures posted new contract highs this week as the Lean Hog index and pork cutout continue to work higher. Yesterday, the cutout was quoted $0.60 higher at $99.22 which a new high for 2026 and the highest level since December 19. Weekly exports were down slightly this week but still at a very respectable number. Mexico accounted for 64% of of the total shipments as they remain the number one customer for U.S. pork. Total year-to-date exports are up 14% compared to the same time last year. Iowa/Southern Minnesota hog weights were lower again this week and were .50 pounds lighter than last week but 1.8 pounds heavier than a year ago. Today’s CFTC Report showed the managed money as buyers of 7,053 contracts, increasing their long position to 124,036 contracts as of this Tuesday.
Corn: Corn futures finished the week sharply higher each of the last two days and have now traded up to long-term resistance levels. The nearby crude oil futures are nearly $24 higher this week and that has helped push the Corn futures to the highest levels of 2026. For the first time in a long time, all of the stars have aligned for the Corn market and that brought buyers into the market. The managed money was short the Corn complex at the beginning of the week and as of this Tuesday, the funds had bought 66,841 contracts which flipped their position to long. Corn exports this week were well above expectations and also higher than past weeks. One negative about the higher futures market is the increased cost for U.S. Corn in the export market. The U.S. remains competitive for now, but the move higher has narrowed the gap compared to other countries. Traders will continue to watch the crude oil market and news in Iran over the weekend. Higher crude oil and overall inflation will continue to attract the managed money sector to the grain markets as a whole.
Closing Prices
Market
Month
Last
Change
Corn
May
260.50
7.00
CHI Wheat
May
616.75
33.00
KC Wheat
May
623.50
31.00
Soybeans
May
1200.75
21.50
Soy Oil
May
66.58
0.88
Soy Meal
May
317.20
7.90
Live Cattle
April
234.575
3.950
Feeder Cattle
Mar
355.625
6.975
Lean Hogs
April
95.625
0.050
Crude Oil
April
90.72
9.71
Ch Cutout
387.07
0.18
Sel Cutout
380.07
0.54
Feeder Index
367.32
1.27
Pork Cutout
99.22
0.60
Dollar Index
99.015
0.3020
DOW
47,437
517
National Corn Basis
-39.21
0.13
National Bean Basis
-72.48
0.37
Dates to Remember
March 10- WASDE Report
March 20- Cattle on Feed Report
Hog Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
Lead Month Future
95.625
95.725
0.100
86.650
8.975
National Cash
89.74
91.00
1.26
90.77
1.03
Index
90.55
89.12
1.43
89.90
0.65
Cutout
99.22
97.38
1.84
96.49
2.73
IA/SMN Cash
90.80
91.07
0.27
91.31
0.51
IA/SMN Weights
290.90
291.40
0.50
289.10
1.80
Slaughter
2,497,000
2,516,000
19,000
2,401,047
95,953
Cattle Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
North Cash
239-240
242.01
2-5 Lower
201.25
38.25
South Cash
243.75
196.61
North Steer Basis
2.00
-1.00
3.00
2.53
0.53
Choice Boxes
387.07
378.97
8.10
313.12
73.95
Select Boxes
380.07
374.25
5.82
303.51
76.56
Spread
7.00
4.47
2.53
9.61
2.61
Carcass Weights
895
896
1
875
20
Slaughter
521,000
519,000
2,000
579,267
58,267
FC Index
367.32
372.79
5.47
276.09
91.23
Cash Cattle Markets
Region
This Week
Last Week
Last Year
TX/OK/NM
$244.32
$196.67
KS
$243.75
$196.61
NE
239-240
$242.01
$201.25
IA/MN
239-240
$242.72
$201.14
CFTC Disaggregated COT Report
As of: 3/3/2026
Commodity
Current Managed Money
Change
Current Producer/Commercial
Change
Total OI
Total OI Change
Live Cattle
114,519
4,494
-160,073
9,823
343,806
775
Feeder Cattle
17,956
206
-8,991
2,701
76,131
297
Lean Hogs
124,036
7,053
-184,955
3,409
378,172
1,018
Corn
52,974
66,841
-333,611
74,030
1,658,150
45,500
Soybeans
198,902
14,700
-279,601
18,390
999,824
7,487
Live Cattle Markets
April Live Cattle traded lower to finish the week. Support is at the 200-day MA of 228.725 and then 228.525. Resistance is at the 20-day MA of 238.600 followed by 239.950.
Feeder Cattle Markets
April Feeder Cattle could not trade through overhead resistance this week. Resistance is at the 20-day MA of 361.150 and then 361.600. Support is at 345.650 followed by the 100-day MA of 344.125.
Lean Hogs Markets
April Lean Hogs posted new highs for the move this week. Resistance is at 97.300 followed by 99.800. Support is at the 20-day MA of 94.800 and then 94.700.
Corn Markets
May Corn finished the week with big gains each of the last two days. Resistance is at 462 and then 464 3/4. Support is at the 200-day MA of 448 followed by the 20-day MA of 442 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.
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3/6/2026 Market Commentary
Live Cattle: Live Cattle futures fought off the negative outside influences for the majority of the week but could not hold all of those gains into the weekend. The Live Cattle complex will finish the week higher than a week ago, but still leaves a questionable looking technical picture. Most of the contracts traded up to the 20-day MA this week but could not solidify any gains past that point. Cash this week was lower in the North while the South has yet to trade. The majority of the cattle sold in the North were priced at 240 today. This is 2 to 4 lower than a week ago, but much better than the 235 bids from Tuesday. Boxed beef found support this week and both choice and select will finish the week with sizable gains. This morning, choice was quoted at $387.07 which is $8.10 higher than a week ago. Select is currently at $380.07, up $5.82 this week. Packer margins have improved with the lower cash markets and higher product markets. The packers seemed content buying cattle and adding to inventory at 240 most of today, even after the board broke lower. This week’s estimated slaughter was 521,000 head, which is 2,000 head higher than last week’s revised higher total of 519,000. The cattle complex as a whole will continue to watch the crude oil market and more importantly, the equity markets. Most days this week the Live Cattle complex traded in tandem with what the DOW and S&P 500 futures were doing.
Feeder Cattle: Feeder Cattle futures finished the week sharply lower as the Corn market has moved higher and the CME Feeder Cattle index continues to slip lower. Today, the CME Feeder Cattle index was quoted $1.27 lower at $367.32. This is the tenth consecutive day that the CME Feeder Cattle index has been lower. This is $10.05 lower than the record high that was set on February 20. March Feeder Cattle futures will expire on March 26 and are currently at a $11.70 discount to the index. The futures market has not enjoyed the lower cash market and for the final two days of this week, were hurt by the higher Corn market. The Corn market had been stuck at much lower values and was creating cheap cost of gains, in turn, increasing the price of Feeder Cattle. That changed this week and has caused traders to become sellers of the Feeder Cattle complex. Today’s CFTC Report showed the funds as sellers of 206 contracts.
Lean Hogs: Lean Hog futures posted new contract highs this week as the Lean Hog index and pork cutout continue to work higher. Yesterday, the cutout was quoted $0.60 higher at $99.22 which a new high for 2026 and the highest level since December 19. Weekly exports were down slightly this week but still at a very respectable number. Mexico accounted for 64% of of the total shipments as they remain the number one customer for U.S. pork. Total year-to-date exports are up 14% compared to the same time last year. Iowa/Southern Minnesota hog weights were lower again this week and were .50 pounds lighter than last week but 1.8 pounds heavier than a year ago. Today’s CFTC Report showed the managed money as buyers of 7,053 contracts, increasing their long position to 124,036 contracts as of this Tuesday.
Corn: Corn futures finished the week sharply higher each of the last two days and have now traded up to long-term resistance levels. The nearby crude oil futures are nearly $24 higher this week and that has helped push the Corn futures to the highest levels of 2026. For the first time in a long time, all of the stars have aligned for the Corn market and that brought buyers into the market. The managed money was short the Corn complex at the beginning of the week and as of this Tuesday, the funds had bought 66,841 contracts which flipped their position to long. Corn exports this week were well above expectations and also higher than past weeks. One negative about the higher futures market is the increased cost for U.S. Corn in the export market. The U.S. remains competitive for now, but the move higher has narrowed the gap compared to other countries. Traders will continue to watch the crude oil market and news in Iran over the weekend. Higher crude oil and overall inflation will continue to attract the managed money sector to the grain markets as a whole.
Closing Prices
Dates to Remember
March 10- WASDE Report
March 20- Cattle on Feed Report
Hog Fundamentals
Cattle Fundamentals
Cash Cattle Markets
CFTC Disaggregated COT Report
As of: 3/3/2026
Live Cattle Markets
April Live Cattle traded lower to finish the week. Support is at the 200-day MA of 228.725 and then 228.525. Resistance is at the 20-day MA of 238.600 followed by 239.950.
Feeder Cattle Markets
April Feeder Cattle could not trade through overhead resistance this week. Resistance is at the 20-day MA of 361.150 and then 361.600. Support is at 345.650 followed by the 100-day MA of 344.125.
Lean Hogs Markets
April Lean Hogs posted new highs for the move this week. Resistance is at 97.300 followed by 99.800. Support is at the 20-day MA of 94.800 and then 94.700.
Corn Markets
May Corn finished the week with big gains each of the last two days. Resistance is at 462 and then 464 3/4. Support is at the 200-day MA of 448 followed by the 20-day MA of 442 1/4.