Live Cattle: Live Cattle futures finished lower in all months except the nearby April contract as it stays in line with the cash market. This is the first day of lower closes in almost two weeks, a move that added nearly $16.000/cwt over the course of seven trading sessions. The cash market jumped higher last week following the futures direction and most cattle traded at 245-246. This would be about $10 higher than the week prior and back to near all-time highs. Boxed beef has worked lower over the last week and the choice/select spread is negative for the second time this spring. This morning, choice was quoted $1.87 lower at $386.17 while select was $0.26 higher at $388.63. The choice/select spread is at a negative $2.46. Compared to a week ago, choice is down over $10 and select is down over $6. Last week’s CFTC Report showed the managed money as buyers of 12,833 contracts bringing their long position to 123,742 contracts as of last Tuesday. Today’s correction lower looks to be tied to the uncertainty in the Middle East and what may take place overnight, along with continued strength in the crude oil market which would cause inflation and possibly hamper beef demand.
Feeder Cattle: Feeder Cattle futures finished the day sharply lower after filling some technical objectives in the April contract to start the week. The futures opened higher yesterday and filled the chart gap that was left in October before reversing course and finishing the day lower. The CME Feeder Cattle index has slipped lower as well and is now at $364.59, $3.00 below the high set last week, but remains nearly $8.00 off the lows set a few weeks ago. Last Friday’s CFTC Report showed the managed money as buyers of 2,301 contracts bringing their long position back above 20,000 contracts for the first time since last November. There had not been significant buying reported on these reports in quite some time, and after last week’s move higher and the push through technical resistance levels, the funds decided to buy the complex and add length to their position.
Lean Hogs: Lean Hog futures began the week sharply higher and finished the day today mixed across all months. Since the middle of last week, the pork cutout has increased nearly $3.50 and has helped lead the futures market back near contract highs in the deferred contracts. The pork cutout was quoted at $99.04 yesterday, the first time back above the $99.00 mark since March 23. Exports for last week were up over 30% compared to the prior week and at an eight-week high with Mexico accounting for 74% of the total volume. Monthly data shows that exports in the month of February were down slightly compared to January, but 2% higher than a year ago. Shipments to Mexico increased 3% compared to last year while Japan imported 22% more.
Corn: Corn futures finished lower today and continue to fail to find support from the crude oil market. The Corn market fell below the 20-day MA last week and could not trade back through that level after trading up to that line multiple times. Support has now formed near the 100-day MA which has held the nearby May contract three of the last four sessions. The USDA released their first Crop Progress Report of the year yesterday and showed that 3% of the national Corn crop has been planted. This report will have little affect on the market until we get into the month of May and more importantly June and July as crop ratings will be released every Monday. Corn shipments for the week were again very good for Corn and were well above the average trade guess. The U.S. is currently 11% ahead of the pace needed to meet the current USDA export goal.
Closing Prices
Market
Month
Last
Change
Corn
May
449.00
5.00
CHI Wheat
May
598.00
2.75
KC Wheat
May
607.50
0.75
Soybeans
May
1158.25
8.50
Soy Oil
May
69.72
0.23
Soy Meal
May
311.80
4.80
Live Cattle
April
248.200
0.175
Feeder Cattle
April
368.900
3.125
Lean Hogs
April
90.775
0.300
Crude Oil
May
114.18
1.78
Ch Cutout
386.17
1.87
Sel Cutout
388.63
0.26
Feeder Index
364.59
0.04
Pork Cutout
99.04
0.09
Dollar Index
99.833
0.1480
DOW
46,385
284
National Corn Basis
-38.85
0.56
National Bean Basis
-70.80
0.07
Dates to Remember
April 9- WASDE Report
April 17- Cattle on Feed Report
Hog Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
Lead Month Future
90.775
90.425
0.350
87.800
2.975
National Cash
89.39
90.92
1.53
84.98
4.41
Index
89.93
90.76
0.83
88.16
1.77
Cutout
99.04
97.57
1.47
97.27
1.77
IA/SMN Cash
89.82
90.95
1.13
84.36
5.46
IA/SMN Weights
291.60
290.50
1.10
291.40
0.20
Slaughter
2,396,000
2,512,000
116,000
2,509,486
113,486
Cattle Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
North Cash
245.13
207.88
South Cash
245.82
204.00
North Steer Basis
-1.00
5.91
Choice Boxes
386.17
396.44
10.27
339.50
46.67
Select Boxes
388.63
394.79
6.16
319.30
69.33
Spread
-2.46
1.65
4.11
20.20
22.66
Carcass Weights
903
904
1
871
32
Slaughter
533,000
523,000
10,000
586,034
53,034
FC Index
364.59
365.93
1.34
290.00
74.59
Cash Cattle Markets
Region
This Week
Last Week
Last Year
TX/OK/NM
$237.49
$204.00
KS
$245.82
$204.00
NE
$245.13
$207.88
IA/MN
$244.63
$208.08
CFTC Disaggregated COT Report
As of: 3/31/2026
Commodity
Current Managed Money
Change
Current Producer/Commercial
Change
Total OI
Total OI Change
Live Cattle
123,742
12,833
-164,737
12,979
342,436
1,647
Feeder Cattle
20,111
2,301
-10,724
938
71,054
636
Lean Hogs
94,208
7,275
-147,918
7,602
327,726
1,480
Corn
267,974
16,574
-533,662
33,883
1,823,154
2,386
Soybeans
201,229
5,052
-280,889
9,630
998,103
3,222
Live Cattle Markets
June Live Cattle finished lower for the first time in eight days. Support is at 241.950 followed by the 20-day MA of 236.250. Resistance is at 248.450 and then 250.925.
Feeder Cattle Markets
April Feeder Cattle have finished lower both days this week. Support is at 366.175 and then the 20-day MA of 356.500. Resistance is at 374.975 followed by 378.450.
Lean Hogs Markets
June Lean Hogs have traded back above the 20-day MA. Resistance is at 107.850 and then 109.250. Support is at the 20-day MA of 106.275 followed by 104.475.
Corn Markets
May Corn found support at the 100-day MA again today. Support is a the 100-day MA of 448 1/4 followed by 445 1/2. Resistance is at 455 and then the 20-day MA of 459 1/2.
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.
4/7/2026 Market Commentary
Live Cattle: Live Cattle futures finished lower in all months except the nearby April contract as it stays in line with the cash market. This is the first day of lower closes in almost two weeks, a move that added nearly $16.000/cwt over the course of seven trading sessions. The cash market jumped higher last week following the futures direction and most cattle traded at 245-246. This would be about $10 higher than the week prior and back to near all-time highs. Boxed beef has worked lower over the last week and the choice/select spread is negative for the second time this spring. This morning, choice was quoted $1.87 lower at $386.17 while select was $0.26 higher at $388.63. The choice/select spread is at a negative $2.46. Compared to a week ago, choice is down over $10 and select is down over $6. Last week’s CFTC Report showed the managed money as buyers of 12,833 contracts bringing their long position to 123,742 contracts as of last Tuesday. Today’s correction lower looks to be tied to the uncertainty in the Middle East and what may take place overnight, along with continued strength in the crude oil market which would cause inflation and possibly hamper beef demand.
Feeder Cattle: Feeder Cattle futures finished the day sharply lower after filling some technical objectives in the April contract to start the week. The futures opened higher yesterday and filled the chart gap that was left in October before reversing course and finishing the day lower. The CME Feeder Cattle index has slipped lower as well and is now at $364.59, $3.00 below the high set last week, but remains nearly $8.00 off the lows set a few weeks ago. Last Friday’s CFTC Report showed the managed money as buyers of 2,301 contracts bringing their long position back above 20,000 contracts for the first time since last November. There had not been significant buying reported on these reports in quite some time, and after last week’s move higher and the push through technical resistance levels, the funds decided to buy the complex and add length to their position.
Lean Hogs: Lean Hog futures began the week sharply higher and finished the day today mixed across all months. Since the middle of last week, the pork cutout has increased nearly $3.50 and has helped lead the futures market back near contract highs in the deferred contracts. The pork cutout was quoted at $99.04 yesterday, the first time back above the $99.00 mark since March 23. Exports for last week were up over 30% compared to the prior week and at an eight-week high with Mexico accounting for 74% of the total volume. Monthly data shows that exports in the month of February were down slightly compared to January, but 2% higher than a year ago. Shipments to Mexico increased 3% compared to last year while Japan imported 22% more.
Corn: Corn futures finished lower today and continue to fail to find support from the crude oil market. The Corn market fell below the 20-day MA last week and could not trade back through that level after trading up to that line multiple times. Support has now formed near the 100-day MA which has held the nearby May contract three of the last four sessions. The USDA released their first Crop Progress Report of the year yesterday and showed that 3% of the national Corn crop has been planted. This report will have little affect on the market until we get into the month of May and more importantly June and July as crop ratings will be released every Monday. Corn shipments for the week were again very good for Corn and were well above the average trade guess. The U.S. is currently 11% ahead of the pace needed to meet the current USDA export goal.
Closing Prices
Dates to Remember
April 9- WASDE Report
April 17- Cattle on Feed Report
Hog Fundamentals
Cattle Fundamentals
Cash Cattle Markets
CFTC Disaggregated COT Report
As of: 3/31/2026
Live Cattle Markets
June Live Cattle finished lower for the first time in eight days. Support is at 241.950 followed by the 20-day MA of 236.250. Resistance is at 248.450 and then 250.925.
Feeder Cattle Markets
April Feeder Cattle have finished lower both days this week. Support is at 366.175 and then the 20-day MA of 356.500. Resistance is at 374.975 followed by 378.450.
Lean Hogs Markets
June Lean Hogs have traded back above the 20-day MA. Resistance is at 107.850 and then 109.250. Support is at the 20-day MA of 106.275 followed by 104.475.
Corn Markets
May Corn found support at the 100-day MA again today. Support is a the 100-day MA of 448 1/4 followed by 445 1/2. Resistance is at 455 and then the 20-day MA of 459 1/2.