4/28/2026 Market Commentary

Live Cattle: Live Cattle futures posted new contract highs in all contracts except the nearby April today. The June contract posted a new all-time high for Live Cattle futures at 253.750 and is again trading at a premium to the April contract. The futures rally that began last week is now being supported by the cash market as packers are out bidding higher money on a Tuesday, indicating they need to buy large amounts of cattle this week. 250 bids early this morning gave way to 252 bids later in the day in all regions. There were a few cattle that traded in both the North and the South at 252 early this afternoon. Prices eventually moved to 253, and as of 3 p.m. cattle have traded at 255 to a regional in the North. The packers have had limited inventory around them for the last month, but each of the past few weeks, there was something that came into the market late in the week to enticed the feed yards to sell at steady or lower money. Last week’s slaughter estimate of 529,000 was a bullish surprise, while the boxed beef market remains supported. This morning, both choice and select were quoted lower with choice being down $0.38 to $389.18 and select was $1.31 lower at $387.29. The move in the futures over the past four days is most definitely fund buying as the managed money looks to take the cattle complex another leg higher.

Feeder Cattle: Feeder Cattle futures have gained over $18.000/cwt from the lows set last Thursday. The market seemed very concerned about what may be said when Secretary of Ag, Brooke Rollins was supposed to be in Arizona visiting the port last week. Thursday night, it was announced that she would not be in Arizona and the futures have rallied every since. This is a perfect example of how susceptible the market is to the unknown and how much it can hamper the markets. The CME Feeder Cattle index has moved slightly higher the last two days but should pick up the pace in the coming days as the sales based on the higher futures market have yet to hit the index. Today, the index was quoted at $369.62 which was up $0.28 on the day following Monday’s sales. Despite Corn futures moving higher, the Feeder Cattle complex has strung together a four-day rally that has rarely been seen in history. Last week’s CFTC Report showed the managed money net long 18,765 contracts, less than half of their record total. This week’s move has shown that the funds have plenty of room to buy the cattle complex and most likely are still a long ways away from their record long position.

Lean Hogs: Lean Hog futures continue to fight overhead resistance and have not been able to trade through the 20-day MA. The futures did recover nicely from the lows today and should offer some momentum higher in the morning. The pork cutout continues to fight the $100 level and has only spent a few days above that mark since the beginning of the year. The national cash average is currently at $90.24 which is down $1.89 on the week and just slightly higher than the same time a year ago. The Iowa/Southern Minnesota cash is down $2.15 on the week at $90.25. Although beef prices continue to work higher and the cattle complex is now sitting at new record highs, the pork and hog markets have failed to find a spark. Export demand remains strong, especially to Mexico, but overall price has failed to move much higher. Historically, the $100 level in the pork cutout is a good price, but with inflation and the price of other proteins continuing to work higher, the pork markets have underperformed.

Corn: New crop Corn futures have now finished higher eight days in a row and have traded back to near the most recent highs set during the month of March, closing the day at 495 3/4. Those highs just under the $5 mark and then the $5 area will offer resistance to the market in the coming days. The market continues to find support due to multiple outside factors including a supported crude oil market, rising fertilizer concerns, and the continued rally in the wheat futures. June crude oil traded over $100 per barrel and today’s high was less than $3 per barrel off the contract highs set in early March. Winter Wheat conditions are estimated at 30% good/excellent, a touch higher than expected, but major concerns of drought impact have kept the market supported. The weekly Crop Progress Report showed strong planting progress for most of the nation. Corn is estimated at 25% planted versus 19% last year at this time, and soybeans are estimated at 23% planted versus 17% last year. The regions that do have partial planting delays are showing dryer weather in the forecast with minimal concerns for long-term delays.