4/24/2026 Market Commentary

Live Cattle: Live Cattle futures gapped higher this morning and most of the deferred contracts left the gap unfilled today. Cash trade began on Wednesday at 386 dressed in the North and that continued on Thursday along with 246 live as the cash traders tried to manage basis against the April contract. 246 traded a majority of the cattle in the South as well. There was some 248 trade in the North late in the day Friday to a major packer. Boxed beef was higher again this week with both choice and select finishing with good gains on the week. Choice was quoted at $387.16 this morning which is up $5.94 from a week ago. Select is $7.60 higher this week at $384.96. The choice/select spread continues to move back and forth between negative and positive territory. The spread should continue to improve as we head into summer demand season, but the increased grade of cattle will offer resistance to the choice cutout. Today’s Cold Storage Report showed total beef down 2% compared to a month ago and 3.4% lower than a year ago.

Feeder Cattle: Feeder Cattle futures led the entire cattle complex higher today as the market found support as Secretary of Ag, Brooke Rollins did not end up going to Arizona to speak on the Mexican Border. The market has been nervous since last Friday when Rollins was in Texas addressing the current state of the border and any progress that had taken place. At that time, it was also announced that she would be visiting the port in Arizona today, but last night it was released that she would not be making that trip. The market has become sensitive to this topic as many worry what could be said and what the timeline for a re-opening of the border looks like. The CME Feeder Cattle index was quoted lower for the sixth day in a row today. Through Thursday’s sales, the index is at $369.32, $9.77 off of the highs set just over a week ago. Today’s CFTC Report showed the managed money as sellers of 2,371 contracts, reducing their net long position to 18,765 contracts.

Lean Hogs: After the gap-higher open on Tuesday morning, the June Lean Hog futures ended $0.900 higher and the October futures closed $1.675 higher on the week. The futures were unable to break through the 20-day MA, which continues to be a line of resistance. Today’s Cold Storage Report showed frozen pork supplies up 2% from the previous month and up slightly year-over-year. Total red meat freezer supplies were slightly lower from last month and 2% lower year-over-year. The pork cutout finished the week softer at $99.02 after breaking through $100 earlier in the week. The rise in price has been led by the belly market. This week’s Lean Hog slaughter is estimated at 2,469,000 for the week, down 170,000 head compared to a week ago.

Corn: The May contract traded in a eleven cent range and closed the week just two cents off the high. The Corn market has lacked new developments and has been influenced by the ongoing conflict in the Middle East. Thursday’s export sales showed Corn exports 37 million bushels ahead of the pace needed to meet the current USDA export goal. A higher wheat market and the drought that is growing within the U.S. are also supportive of corn prices. Ethanol margins remain strong and are estimated at 35 to 40 cents profit per gallon. Crude oil started the week lower but closed higher for the week. Crude oil supplies globally remain tight, as the Strait of Hormuz remains closed after the U.S. seized an Iranian ship and Iran fired on and seized two ships in the Strait. Monday the USDA will update planting progress for the United States. Last week’s report showed planting progress ahead of the average, and favorable weather this week further increased the percentage planted.