Live Cattle: After setting new contract highs across the complex on Tuesday, the futures traded nearly $7.000 off of those levels at one point today. The Live Cattle complex was pulled lower today by the Feeder Cattle futures in the middle of the day as the Feeder Cattle complex traded from $2.000 higher on the day to limit lower in a matter of 15 minutes. Cash trade was 248 across all regions this week and was steady with a week ago. Expectations early in the week were for higher prices but that was met with resistance from the packers to pay more. Boxed beef was essentially unchanged this week in the choice but $6.39 lower on select. This morning, choice was $0.35 lower at $381.22 and select was $1.12 lower at $377.36. This week’s estimated slaughter was 514,000, 2,000 head larger than a week ago. Today’s Cattle on Feed Report showed total cattle on feed down 0.5% compared to a year ago. The industry continues to see the southern feeding region have lower totals than last year. This will begin to come to an end as the initial closure of the Mexican border was in November of 2024. Those cattle that were placed before that closure would have been on feed for roughly 150 days, and that moves the calendar to May 1. Going forward, cattle on feed on a percent basis will no longer look smaller in Texas and Kansas, but overall head counts will be much less than the Cattle on Feed Reports that were released during 2024 and 2025.
Feeder Cattle: Feeder Cattle futures traded limit lower in all contracts except the nearby April today as traders feared what Secretary of Ag, Brooke Rollins would say while she was in the state of Texas. The press conference went just like all others up to this point and gave the industry no new information or timeline for a potential border re-opening. She addressed the commitment to protect America from Screwworm, the partnership between the administration and the state of Texas, preparedness measures that are currently in place, and simply stated they are monitoring the border. It was announced that Secretary Rollins would be visiting the Douglas, Arizona port next Friday, leading to speculation that some sort of phased re-opening may be in place and most likely sets the market up for another volatile week next week. The CME Feeder Cattle index posted a new all-time high of $379.09 yesterday, but was quoted $1.42 lower today at $377.67. Today’s placement number in the Cattle on Feed Report showed placements down 7% compared to a year ago at 1,710,000 head, the second smallest March total since this report began in 1996.
Lean Hogs: Lean Hog futures have now finished lower nine days in a row and have taken out all downside support areas. This comes as the cash and cutout markets remain strong and have not moved lower with the futures action. Yesterday the pork cutout was quoted at $96.68, down $0.70, but is just slightly lower than a week ago. Today’s CFTC Report showed the managed money as sellers of 10,174 contracts, reducing their net long position to 87,887. The funds were the main reason that the futures rallied the way they did in the first two months of 2026, and when they decided that they no longer wanted to be long, the market corrected to levels lower than we started the year. The Lean Hog index is currently at $90.66 and essentially has not moved in the past 60 days. The $100.000 level offered support to the summer months today and the futures rallied off of the lows. Traders will look for this level to hold at the beginning of the week and offer support going forward.
Corn: Corn futures began the day sharply lower but fought back to a mixed finish. Crude oil was sharply lower all day and traded to the lowest level since March 10 after President Trump announced that Iran will suspend their nuclear program. Crude oil has been the supporting leg for the Corn market over the past 45 days and has helped push and maintain Corn prices where they are. Export sales for the week were again good with Japan, South Korea, and Mexico being the leading buyers. Mexico even booked some new crop sales this week, indicating their demand for Corn will remain strong going forward. Today’s CFTC Report showed the funds selling 59,149 contracts as of the close of trade on Tuesday. The managed money has lessened their long position by 108,491 contracts over the past two weeks as war premium has left the market. Planting has begun across the corn belt this week and looks to ramp up as weather allows in the coming weeks.
Closing Prices
Market
Month
Last
Change
Corn
May
448.00
0.25
CHI Wheat
May
591.25
7.25
KC Wheat
May
636.75
6.00
Soybeans
May
1167.25
3.50
Soy Oil
May
68.16
1.17
Soy Meal
May
331.80
0.90
Live Cattle
April
249.950
0.350
Feeder Cattle
April
371.325
1.750
Lean Hogs
May
93.400
0.650
Crude Oil
May
84.74
9.95
Ch Cutout
381.22
0.35
Sel Cutout
377.36
1.12
Feeder Index
377.67
1.42
Pork Cutout
96.68
1.54
Dollar Index
98.074
0.1410
DOW
49,434
855
National Corn Basis
-36.62
0.24
National Bean Basis
-65.61
0.43
Dates to Remember
April 17- Cattle on Feed Report
April 30- April Live Cattle Expiration
April 30- April Feeder Cattle Expiration
Hog Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
Lead Month Future
93.400
90.725
2.675
90.400
3.000
National Cash
90.16
89.92
0.24
86.22
3.94
Index
90.66
90.29
0.37
85.46
5.20
Cutout
96.68
97.38
0.70
92.78
3.90
IA/SMN Cash
91.33
91.42
0.09
86.58
4.75
IA/SMN Weights
291.40
291.10
0.30
291.00
0.40
Slaughter
2,502,000
2,472,000
30,000
2,367,223
134,777
Cattle Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
North Cash
246-249
248.84
Steady
212.60
34.90
South Cash
248
247.88
Steady
209.75
38.25
North Steer Basis
-2.00
-3.00
1.00
3.08
5.08
Choice Boxes
381.22
381.68
0.46
332.90
48.32
Select Boxes
377.36
383.75
6.39
316.39
60.97
Spread
3.86
-2.07
5.93
16.51
12.65
Carcass Weights
900
902
2
877
23
Slaughter
514,000
512,000
2,000
577,626
63,626
FC Index
377.67
366.67
11.00
293.57
84.10
Cash Cattle Markets
Region
This Week
Last Week
Last Year
TX/OK/NM
248
$247.40
$208.96
KS
248
$247.88
$209.75
NE
247-249
$248.81
$212.60
IA/MN
247-248
$248.36
$212.54
CFTC Disaggregated COT Report
As of: 4/14/2026
Commodity
Current Managed Money
Change
Current Producer/Commercial
Change
Total OI
Total OI Change
Live Cattle
136,642
3,377
-181,857
5,457
344,398
1,576
Feeder Cattle
21,136
934
-12,123
1,000
69,094
348
Lean Hogs
87,887
10,174
-139,752
10,279
329,491
1,538
Corn
159,483
59,149
-447,998
39,006
1,832,680
8,038
Soybeans
175,151
14,479
-260,588
3,340
1,024,614
2,816
Live Cattle Markets
June Live Cattle traded down to the 20-day MA today. Support is at the 20-day MA of 243.275 followed by 241.950. Resistance is at 249.950 and then 252.000.
Feeder Cattle Markets
May Feeder Cattle touched limit lower this morning. Support is at 357.850 followed by the 20-day MA of 363.600. Resistance is at 370.000 and then 377.575.
Lean Hogs Markets
June Lean Hogs have finished lower nine straight days. Support is at 100.175 and then 99.800. Resistance is at the 200-day MA of 102.125 followed by the 20-day MA of 104.275.
Corn Markets
July Corn finished the day back above support lines. Support is at the 100-day MA of 455 1/2 and then the 200-day MA of 454. Resistance is at 462 1/2 and then the 20-day MA of 464.
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.
4/17/2026 Market Commentary
Live Cattle: After setting new contract highs across the complex on Tuesday, the futures traded nearly $7.000 off of those levels at one point today. The Live Cattle complex was pulled lower today by the Feeder Cattle futures in the middle of the day as the Feeder Cattle complex traded from $2.000 higher on the day to limit lower in a matter of 15 minutes. Cash trade was 248 across all regions this week and was steady with a week ago. Expectations early in the week were for higher prices but that was met with resistance from the packers to pay more. Boxed beef was essentially unchanged this week in the choice but $6.39 lower on select. This morning, choice was $0.35 lower at $381.22 and select was $1.12 lower at $377.36. This week’s estimated slaughter was 514,000, 2,000 head larger than a week ago. Today’s Cattle on Feed Report showed total cattle on feed down 0.5% compared to a year ago. The industry continues to see the southern feeding region have lower totals than last year. This will begin to come to an end as the initial closure of the Mexican border was in November of 2024. Those cattle that were placed before that closure would have been on feed for roughly 150 days, and that moves the calendar to May 1. Going forward, cattle on feed on a percent basis will no longer look smaller in Texas and Kansas, but overall head counts will be much less than the Cattle on Feed Reports that were released during 2024 and 2025.
Feeder Cattle: Feeder Cattle futures traded limit lower in all contracts except the nearby April today as traders feared what Secretary of Ag, Brooke Rollins would say while she was in the state of Texas. The press conference went just like all others up to this point and gave the industry no new information or timeline for a potential border re-opening. She addressed the commitment to protect America from Screwworm, the partnership between the administration and the state of Texas, preparedness measures that are currently in place, and simply stated they are monitoring the border. It was announced that Secretary Rollins would be visiting the Douglas, Arizona port next Friday, leading to speculation that some sort of phased re-opening may be in place and most likely sets the market up for another volatile week next week. The CME Feeder Cattle index posted a new all-time high of $379.09 yesterday, but was quoted $1.42 lower today at $377.67. Today’s placement number in the Cattle on Feed Report showed placements down 7% compared to a year ago at 1,710,000 head, the second smallest March total since this report began in 1996.
Lean Hogs: Lean Hog futures have now finished lower nine days in a row and have taken out all downside support areas. This comes as the cash and cutout markets remain strong and have not moved lower with the futures action. Yesterday the pork cutout was quoted at $96.68, down $0.70, but is just slightly lower than a week ago. Today’s CFTC Report showed the managed money as sellers of 10,174 contracts, reducing their net long position to 87,887. The funds were the main reason that the futures rallied the way they did in the first two months of 2026, and when they decided that they no longer wanted to be long, the market corrected to levels lower than we started the year. The Lean Hog index is currently at $90.66 and essentially has not moved in the past 60 days. The $100.000 level offered support to the summer months today and the futures rallied off of the lows. Traders will look for this level to hold at the beginning of the week and offer support going forward.
Corn: Corn futures began the day sharply lower but fought back to a mixed finish. Crude oil was sharply lower all day and traded to the lowest level since March 10 after President Trump announced that Iran will suspend their nuclear program. Crude oil has been the supporting leg for the Corn market over the past 45 days and has helped push and maintain Corn prices where they are. Export sales for the week were again good with Japan, South Korea, and Mexico being the leading buyers. Mexico even booked some new crop sales this week, indicating their demand for Corn will remain strong going forward. Today’s CFTC Report showed the funds selling 59,149 contracts as of the close of trade on Tuesday. The managed money has lessened their long position by 108,491 contracts over the past two weeks as war premium has left the market. Planting has begun across the corn belt this week and looks to ramp up as weather allows in the coming weeks.
Closing Prices
Dates to Remember
April 17- Cattle on Feed Report
April 30- April Live Cattle Expiration
April 30- April Feeder Cattle Expiration
Hog Fundamentals
Cattle Fundamentals
Cash Cattle Markets
CFTC Disaggregated COT Report
As of: 4/14/2026
Live Cattle Markets
June Live Cattle traded down to the 20-day MA today. Support is at the 20-day MA of 243.275 followed by 241.950. Resistance is at 249.950 and then 252.000.
Feeder Cattle Markets
May Feeder Cattle touched limit lower this morning. Support is at 357.850 followed by the 20-day MA of 363.600. Resistance is at 370.000 and then 377.575.
Lean Hogs Markets
June Lean Hogs have finished lower nine straight days. Support is at 100.175 and then 99.800. Resistance is at the 200-day MA of 102.125 followed by the 20-day MA of 104.275.
Corn Markets
July Corn finished the day back above support lines. Support is at the 100-day MA of 455 1/2 and then the 200-day MA of 454. Resistance is at 462 1/2 and then the 20-day MA of 464.