Live Cattle: Live Cattle futures finished the day mixed but traded to the lowest levels since March 27 as traders were stuck between positive fundamentals and negative outside concerns forcing traders to the sidelines. Anticipation of today’s Cattle on Feed Report, the long weekend, plant lockouts, and President Trump all created volatility this week and caused the managed money to sell the complex. Cash trade this week was mixed compared to a week ago with the majority of the cattle in the North trading at 260 but, there was trade as high as 265 early in the week, and bids were down to 257 late in the day today. The South traded at 260 on Thursday after the board broke lower. Wednesday it was announced that the worker’s union at the Cargill plant in Ft. Morgan, Colorado had voted to reject the labor offer. Cargill locked the plant following that news and that began the downward momentum this week. Ft. Morgan has not been killing cattle for four weeks now but news of the lockout has raised concerns as to what the next steps will be. President Trump also mentioned the high price of beef on Thursday and pushed the market lower. Boxed beef was mixed this morning with choice down $1.59 at 389.89 and select up $0.64 to $386.29. Today’s Cattle on Feed Report showed cattle on feed as of the first of May 1.8% larger than a year ago which is just slightly higher than the pre-report estimates. Cattle marketed in the month of April were down 10% compared to a year ago.
Feeder Cattle: Feeder Cattle futures were the leaders of the cattle complex this week and moved significantly lower the final two days this week. There is no known reason that the Feeder Cattle were moving sharply lower compared to the Live Cattle, but the Feeder Cattle complex was hit the hardest to end the week. Feeder Cattle futures finished down the limit on Thursday and traded as much as $12.250/cwt lower today before recovering half of their daily losses. Traders have grown cautious as to whether the current price of Feeder Cattle is sustainable with the amount of dollars per head that yearlings currently cost. The technical picture did not look great in the middle of the week either and another failed attempt to trade through the 20-day MA may have brought large amounts of selling to the market. The drought in the South and West has also increased the supply of Feeder Cattle as ranchers are forced to sell in an attempt to conserve feed. The CME Feeder Cattle index was quoted at $368.20 today which was down $2.52. This is $1.89 lower than a week ago but $4.24 lower in the past two days. Today’s Cattle on Feed Report showed placements for the month of April up 5.5% compared to a year ago.
Lean Hogs: Lean Hog Futures set new lows for the move early in the trading session on Friday but later found some strength heading into the end of the day. July Lean Hogs ended slightly higher on the day and $1.050/cwt off their daily low. The pork cutout was $0.17 higher at $96.78 yesterday. The cash hog markets along with the pork cutout prices have continued to be extremely steady, within a very narrow trading range for several months. This has caused traders to lose some patience and have taken significant profit out of the Lean Hog futures, waiting for proof that the markets need to be any higher. This week’s CFTC Report showed the managed money as sellers of 7,552 contracts reducing their net long position to 33,713. This is the funds lowest net long position in Lean Hogs since April 2025.
Corn: The Corn market opened the week sharply higher following the White House’s announcement that China will purchase an additional $17 billion in agricultural products. The Corn complex spent the rest of the week trading lower as concerns surrounding the details of the trade agreement created skepticism. Corn stabilized today, ahead of the Memorial Day weekend, with a positive weekly export sales report, a large daily export flash sale announcement, and concerns about drought in portions of the U.S. Weather will be the focal point in the grain markets over the next 45 days. The western Corn Belt received rain this week as areas further west continue to fight the drought.
Closing Prices
Market
Month
Last
Change
Corn
July
463.25
1.00
CHI Wheat
July
646.25
1.25
KC Wheat
July
682.00
5.00
Soybeans
July
1196.50
2.25
Soy Oil
July
73.98
0.11
Soy Meal
August
324.80
2.30
Live Cattle
June
249.300
0.150
Feeder Cattle
August
349.850
6.675
Lean Hogs
June
95.750
0.625
Crude Oil
June
96.30
0.05
Ch Cutout
389.89
1.59
Sel Cutout
386.29
0.64
Feeder Index
368.20
2.52
Pork Cutout
95.64
0.17
Dollar Index
99.297
0.0400
DOW
50,579
294
National Corn Basis
-39.12
0.44
National Bean Basis
-64.28
0.45
Dates to Remember
May 22- Cattle on Feed Report
May 22- Cold Storage
May 25- No Markets
Hog Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
Lead Month Future
95.750
98.750
3.000
98.700
2.950
National Cash
93.58
93.32
0.26
95.29
1.71
Index
91.07
90.48
0.59
92.94
1.87
Cutout
95.64
96.55
0.91
100.27
4.63
IA/SMN Cash
92.98
93.14
0.16
96.45
3.47
IA/SMN Weights
291.30
290.80
0.50
287.90
3.40
Slaughter
2,321,000
2,359,000
38,000
2,356,490
35,490
Cattle Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
North Cash
258-265
263.72
Steady
230.58
29.42
South Cash
260
260.72
Steady to 1 Lower
220.53
39.47
North Steer Basis
10.00
10.00
0.00
15.80
5.80
Choice Boxes
389.89
388.86
1.03
360.97
28.92
Select Boxes
386.29
390.62
4.33
348.95
37.34
Spread
3.60
-1.76
5.36
12.02
8.42
Carcass Weights
904
899
5
873
31
Slaughter
528,000
535,000
7,000
576,278
48,278
FC Index
368.20
370.09
1.89
295.69
72.51
Cash Cattle Markets
Region
This Week
Last Week
Last Year
TX/OK/NM
260
$260.14
$220.12
KS
260
$260.72
$220.53
NE
258-265
$263.72
$230.58
IA/MN
258-265
$263.41
$230.15
CFTC Disaggregated COT Report
As of: 5/19/2026
Commodity
Current Managed Money
Change
Current Producer/Commercial
Change
Total OI
Total OI Change
Live Cattle
130,113
773
-174,982
4,112
358,233
1,031
Feeder Cattle
16,380
1,194
-10,460
2,856
63,587
681
Lean Hogs
33,713
7,147
-97,735
2,526
362,319
47
Corn
293,354
6,129
-604,557
47,614
1,870,676
8,417
Soybeans
207,804
7,011
-291,380
687
1,027,139
5,949
Live Cattle Markets
August Live Cattle took out April’s low this week. Support is at 236.825 followed by the 100-day MA of 235.850. Resistance is at 240.000 and then the 20-day MA of 245.900.
Feeder Cattle Markets
August Feeder Cattle gapped lower today. Support is at 344.275 and then 342.550. Resistance is at 356.525 followed by the 20-day MA of 364.800.
Lean Hogs Markets
July Lean Hogs ended a a six day losing streak today. Support is at 99.350 and then 96.600. Resistance is at 101.350 and then the 20-day MA of 103.325.
Corn Markets
Corn futures traded back toward the bottom of the range this week. Support is at 460 and then 455. Resistance is at the 20-day MA of 472 1/2 and then 481 3/4.
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.
5/22/2026 Market Commentary
Live Cattle: Live Cattle futures finished the day mixed but traded to the lowest levels since March 27 as traders were stuck between positive fundamentals and negative outside concerns forcing traders to the sidelines. Anticipation of today’s Cattle on Feed Report, the long weekend, plant lockouts, and President Trump all created volatility this week and caused the managed money to sell the complex. Cash trade this week was mixed compared to a week ago with the majority of the cattle in the North trading at 260 but, there was trade as high as 265 early in the week, and bids were down to 257 late in the day today. The South traded at 260 on Thursday after the board broke lower. Wednesday it was announced that the worker’s union at the Cargill plant in Ft. Morgan, Colorado had voted to reject the labor offer. Cargill locked the plant following that news and that began the downward momentum this week. Ft. Morgan has not been killing cattle for four weeks now but news of the lockout has raised concerns as to what the next steps will be. President Trump also mentioned the high price of beef on Thursday and pushed the market lower. Boxed beef was mixed this morning with choice down $1.59 at 389.89 and select up $0.64 to $386.29. Today’s Cattle on Feed Report showed cattle on feed as of the first of May 1.8% larger than a year ago which is just slightly higher than the pre-report estimates. Cattle marketed in the month of April were down 10% compared to a year ago.
Feeder Cattle: Feeder Cattle futures were the leaders of the cattle complex this week and moved significantly lower the final two days this week. There is no known reason that the Feeder Cattle were moving sharply lower compared to the Live Cattle, but the Feeder Cattle complex was hit the hardest to end the week. Feeder Cattle futures finished down the limit on Thursday and traded as much as $12.250/cwt lower today before recovering half of their daily losses. Traders have grown cautious as to whether the current price of Feeder Cattle is sustainable with the amount of dollars per head that yearlings currently cost. The technical picture did not look great in the middle of the week either and another failed attempt to trade through the 20-day MA may have brought large amounts of selling to the market. The drought in the South and West has also increased the supply of Feeder Cattle as ranchers are forced to sell in an attempt to conserve feed. The CME Feeder Cattle index was quoted at $368.20 today which was down $2.52. This is $1.89 lower than a week ago but $4.24 lower in the past two days. Today’s Cattle on Feed Report showed placements for the month of April up 5.5% compared to a year ago.
Lean Hogs: Lean Hog Futures set new lows for the move early in the trading session on Friday but later found some strength heading into the end of the day. July Lean Hogs ended slightly higher on the day and $1.050/cwt off their daily low. The pork cutout was $0.17 higher at $96.78 yesterday. The cash hog markets along with the pork cutout prices have continued to be extremely steady, within a very narrow trading range for several months. This has caused traders to lose some patience and have taken significant profit out of the Lean Hog futures, waiting for proof that the markets need to be any higher. This week’s CFTC Report showed the managed money as sellers of 7,552 contracts reducing their net long position to 33,713. This is the funds lowest net long position in Lean Hogs since April 2025.
Corn: The Corn market opened the week sharply higher following the White House’s announcement that China will purchase an additional $17 billion in agricultural products. The Corn complex spent the rest of the week trading lower as concerns surrounding the details of the trade agreement created skepticism. Corn stabilized today, ahead of the Memorial Day weekend, with a positive weekly export sales report, a large daily export flash sale announcement, and concerns about drought in portions of the U.S. Weather will be the focal point in the grain markets over the next 45 days. The western Corn Belt received rain this week as areas further west continue to fight the drought.
Closing Prices
Dates to Remember
May 22- Cattle on Feed Report
May 22- Cold Storage
May 25- No Markets
Hog Fundamentals
Cattle Fundamentals
Cash Cattle Markets
CFTC Disaggregated COT Report
As of: 5/19/2026
Live Cattle Markets
August Live Cattle took out April’s low this week. Support is at 236.825 followed by the 100-day MA of 235.850. Resistance is at 240.000 and then the 20-day MA of 245.900.
Feeder Cattle Markets
August Feeder Cattle gapped lower today. Support is at 344.275 and then 342.550. Resistance is at 356.525 followed by the 20-day MA of 364.800.
Lean Hogs Markets
July Lean Hogs ended a a six day losing streak today. Support is at 99.350 and then 96.600. Resistance is at 101.350 and then the 20-day MA of 103.325.
Corn Markets
Corn futures traded back toward the bottom of the range this week. Support is at 460 and then 455. Resistance is at the 20-day MA of 472 1/2 and then 481 3/4.