Live Cattle: Cash cattle traded to another new all-time high this week as packers continue to compete for cattle. Cash trade in all regions began at 260 but the majority of the trade, especially in the North, took place at 265. The futures market finished the week higher but did not see the same increase as the cash trade. Beef returned to the headlines earlier this week and has remained there one way or another every day since. Tuesday, President Trump announced he would be signing an executive order removing tariffs on beef past quotas. These executive orders were never signed but nervousness surrounding the topic kept pressure on the futures. Thursday morning, news that China had relisted U.S. packing plants to export American beef was released, but later in the day was announced that it was untrue. Today, Reuters reported that some of the U.S. plants are actually now relisted for export to China. All of these headlines surrounding beef have created big moves within the complex and has prevented the futures from trading higher with the cash market. Boxed beef was mixed this week with choice quoted at $388.86 which is $0.16 lower on the week while select is $5.45 higher than a week ago at $390.62. Basis levels improved this week as hedgers achieved a large positive basis for the first time in 2026. This kind of basis is not uncommon for this time period, but basis levels in 2026 have been a struggle up to this point.
Feeder Cattle: Feeder Cattle futures traded in extremely volatile fashion each day this week and finished the week between support and resistance levels. The lower Corn market the last two days was unable to push Feeder Cattle sharply higher, although there were decent gains today. Today was the narrowest range of the week in the August contract with a $6.200/cwt range. The first three days this week the Feeder Cattle complex traded at more than $10.000/cwt range per day. The CME Feeder Cattle index has began to drift lower again and was quoted $3.14 lower today at $370.09. This is down $4.74 from last week and $9.00 off of the all-time high. Cash Feeder Cattle have had a softer tone this week as prices neared record highs a week ago. Drought conditions in the West and South have forced ranchers to sell cattle to ration feed supplies which has increased the current supply of Feeder Cattle.
Lean Hogs: Lean Hog futures finished lower the final two days of the week after a big up day on Wednesday. Tuesday, the futures posted new lows for the move and followed that with the largest single day gains since the beginning of April. There was no news that led to the rally but it pushed the futures back above the 20-day MA for a while but they could not settle above that line. The selling returned on Thursday. The news of possible export implications with Canada and Mexico due to the discovery of pseudorabies in Iowa last week created headwinds for the futures and caused the managed money to become sellers. The pork cutout has not seen much price movement this week and has remained between $95 and $100 since April 21. For the week, the pork cutout was $0.95 higher and is currently at $96.55. This week’s CFTC Report showed the managed money as sellers of 10,222 contracts reducing their long position to 40,860. Their record long position was set late in 2025 at 146,288.
Corn: The grain markets as a whole were pushed lower on Thursday and Friday from the lack of bullish news from President Trump’s visit to China. There were no new export agreements with China which triggered the funds to begin selling their large long positions late in the week. This week’s weekly export sales added to the pressure as Corn exports for the week came in well below expectations. Tuesday’s WASDE Report was beneficial for the entire grain complex and the wheat market pulled Corn higher and pushed Corn futures near their most recent highs. The nearby July contract lost 25 cents the final two days this week and are again nearing support lines below the market. Trade will continue to watch the weather as drought conditions continue to grow, South America enters a dry pattern, and widespread rains are forecasted this weekend for some of the U.S. drought areas.
Closing Prices
Market
Month
Last
Change
Corn
July
455.75
11.75
CHI Wheat
July
635.75
22.25
KC Wheat
July
688.00
17.25
Soybeans
July
1177.00
15.50
Soy Oil
July
73.88
0.22
Soy Meal
August
326.40
0.60
Live Cattle
June
253.900
1.825
Feeder Cattle
May
368.675
1.100
Lean Hogs
May
98.750
0.775
Crude Oil
June
101.81
3.74
Ch Cutout
388.86
1.41
Sel Cutout
390.62
1.62
Feeder Index
370.09
3.14
Pork Cutout
96.55
0.52
Dollar Index
99.283
0.4640
DOW
49,581
481
National Corn Basis
-40.16
0.19
National Bean Basis
-65.96
0.53
Dates to Remember
May 22- Cattle on Feed Report
Hog Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
Lead Month Future
98.750
90.875
7.875
100.700
1.950
National Cash
93.32
90.70
2.62
94.79
1.47
Index
90.48
91.02
0.54
91.26
0.78
Cutout
96.55
95.60
0.95
99.72
3.17
IA/SMN Cash
93.14
94.75
1.61
95.04
1.90
IA/SMN Weights
290.80
291.20
0.40
289.60
1.20
Slaughter
2,366,000
2,450,000
84,000
2,392,192
26,192
Cattle Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
North Cash
260-265
258.99
5-7 Higher
228.82
33.68
South Cash
260-265
256.98
5-7 Higher
220.11
42.39
North Steer Basis
10.00
7.00
3.00
12.93
2.93
Choice Boxes
388.86
389.02
0.16
349.90
38.96
Select Boxes
390.62
385.17
5.45
339.18
51.44
Spread
-1.76
3.85
5.61
10.72
12.48
Carcass Weights
899
899
0
871
28
Slaughter
535,000
527,000
8,000
566,109
31,109
FC Index
370.09
374.83
4.74
302.17
67.92
Cash Cattle Markets
Region
This Week
Last Week
Last Year
TX/OK/NM
260-265
$256.01
$219.72
KS
260-265
$256.98
$220.11
NE
260-265
$258.99
$228.82
IA/MN
260-265
$258.92
$228.10
CFTC Disaggregated COT Report
As of: 5/12/2026
Commodity
Current Managed Money
Change
Current Producer/Commercial
Change
Total OI
Total OI Change
Live Cattle
130,886
11,079
-170,870
14,240
360,659
813
Feeder Cattle
15,186
3,539
-7,604
3,284
64,337
621
Lean Hogs
40,860
10,222
-100,261
6,809
324,153
289
Corn
299,483
4,442
-556,943
106,227
1,915,099
11,928
Soybeans
214,815
6,802
-292,256
11,821
1,003,354
1,741
Live Cattle Markets
June Live Cattle finished the week higher. Resistance is at 255.225 and then 256.625. Support is at the 20-day MA of 249.975 followed by 245.475.
Feeder Cattle Markets
August Feeder Cattle could not hold above the 20-day MA this week. Support is at the 100-day MA of 356.950 and then 351.975. Resistance is at the 20-day MA of 365.075 followed by 367.500.
Lean Hogs Markets
June Lean Hogs failed at the 20-day MA this week. Support is at 98.350 and then 97.775. Resistance is at the 20-day MA of 101.050 followed by 101.850.
Corn Markets
July Corn traded down to longer term support areas today. Support is at the 200-day MA of 455 1/2 and then 448 1/2. Resistance is at 461 and then the 20-day MA of 471.
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.
5/15/2026 Market Commentary
Live Cattle: Cash cattle traded to another new all-time high this week as packers continue to compete for cattle. Cash trade in all regions began at 260 but the majority of the trade, especially in the North, took place at 265. The futures market finished the week higher but did not see the same increase as the cash trade. Beef returned to the headlines earlier this week and has remained there one way or another every day since. Tuesday, President Trump announced he would be signing an executive order removing tariffs on beef past quotas. These executive orders were never signed but nervousness surrounding the topic kept pressure on the futures. Thursday morning, news that China had relisted U.S. packing plants to export American beef was released, but later in the day was announced that it was untrue. Today, Reuters reported that some of the U.S. plants are actually now relisted for export to China. All of these headlines surrounding beef have created big moves within the complex and has prevented the futures from trading higher with the cash market. Boxed beef was mixed this week with choice quoted at $388.86 which is $0.16 lower on the week while select is $5.45 higher than a week ago at $390.62. Basis levels improved this week as hedgers achieved a large positive basis for the first time in 2026. This kind of basis is not uncommon for this time period, but basis levels in 2026 have been a struggle up to this point.
Feeder Cattle: Feeder Cattle futures traded in extremely volatile fashion each day this week and finished the week between support and resistance levels. The lower Corn market the last two days was unable to push Feeder Cattle sharply higher, although there were decent gains today. Today was the narrowest range of the week in the August contract with a $6.200/cwt range. The first three days this week the Feeder Cattle complex traded at more than $10.000/cwt range per day. The CME Feeder Cattle index has began to drift lower again and was quoted $3.14 lower today at $370.09. This is down $4.74 from last week and $9.00 off of the all-time high. Cash Feeder Cattle have had a softer tone this week as prices neared record highs a week ago. Drought conditions in the West and South have forced ranchers to sell cattle to ration feed supplies which has increased the current supply of Feeder Cattle.
Lean Hogs: Lean Hog futures finished lower the final two days of the week after a big up day on Wednesday. Tuesday, the futures posted new lows for the move and followed that with the largest single day gains since the beginning of April. There was no news that led to the rally but it pushed the futures back above the 20-day MA for a while but they could not settle above that line. The selling returned on Thursday. The news of possible export implications with Canada and Mexico due to the discovery of pseudorabies in Iowa last week created headwinds for the futures and caused the managed money to become sellers. The pork cutout has not seen much price movement this week and has remained between $95 and $100 since April 21. For the week, the pork cutout was $0.95 higher and is currently at $96.55. This week’s CFTC Report showed the managed money as sellers of 10,222 contracts reducing their long position to 40,860. Their record long position was set late in 2025 at 146,288.
Corn: The grain markets as a whole were pushed lower on Thursday and Friday from the lack of bullish news from President Trump’s visit to China. There were no new export agreements with China which triggered the funds to begin selling their large long positions late in the week. This week’s weekly export sales added to the pressure as Corn exports for the week came in well below expectations. Tuesday’s WASDE Report was beneficial for the entire grain complex and the wheat market pulled Corn higher and pushed Corn futures near their most recent highs. The nearby July contract lost 25 cents the final two days this week and are again nearing support lines below the market. Trade will continue to watch the weather as drought conditions continue to grow, South America enters a dry pattern, and widespread rains are forecasted this weekend for some of the U.S. drought areas.
Closing Prices
Dates to Remember
May 22- Cattle on Feed Report
Hog Fundamentals
Cattle Fundamentals
Cash Cattle Markets
CFTC Disaggregated COT Report
As of: 5/12/2026
Live Cattle Markets
June Live Cattle finished the week higher. Resistance is at 255.225 and then 256.625. Support is at the 20-day MA of 249.975 followed by 245.475.
Feeder Cattle Markets
August Feeder Cattle could not hold above the 20-day MA this week. Support is at the 100-day MA of 356.950 and then 351.975. Resistance is at the 20-day MA of 365.075 followed by 367.500.
Lean Hogs Markets
June Lean Hogs failed at the 20-day MA this week. Support is at 98.350 and then 97.775. Resistance is at the 20-day MA of 101.050 followed by 101.850.
Corn Markets
July Corn traded down to longer term support areas today. Support is at the 200-day MA of 455 1/2 and then 448 1/2. Resistance is at 461 and then the 20-day MA of 471.