Live Cattle: Live Cattle futures finished the month lower after starting this week higher. Cash trade has been slow to develop this week and is currently at lower levels than a week ago. The North has traded cattle at 256-258 live and 405 dressed today while the South has traded the majority of their cattle at 256 throughout the week. Packer competition and inquiry has been very light and it appears that they do not need to buy many cattle this week. Feedlots have also moved cattle ahead with the good cash prices, better basis levels, and packers willing to buy cattle with three to four weeks until delivery. Boxed beef was mixed this week and the choice/select spread is now at the widest level since the beginning of March. For the week, choice gained $2.17 to $392.06 while select was down $2.98 to $383.32. Open interest within the Live Cattle complex has dipped below 350,000 contracts again after a three week increase of over 25,000 contracts. With the volatility we have seen, especially over the past ten days, traders are moving to the sidelines. Monday will begin new price limits within the Live Cattle complex. The daily limit will increase from $7.250/cwt to $8.500/cwt and expanded limits will now be $12.750/cwt.
Feeder Cattle: Feeder Cattle futures could not find support from the lower Corn market and finished the week sharply lower. After falling sharply the final two days of last week, the futures opened the week lower but spent the remainder of the first two days this week moving higher. The most active August contract tested the gap that was left last Friday twice this week but could not fully fill the gap. The CME Feeder Cattle index continues to be supported and will finish the week $5.20 higher than a week ago. Today’s release of the index was $373.40, up $3.77 on the day through Thursday’s sales. Today’s CFTC Report showed the managed money as sellers of 5,785 contracts, decreasing their net long position to 10,595 contracts. This is the lowest net long position held by the funds since the end of 2024. Open interest has decreased within the Feeder Cattle complex as well and is now at just 57,974 contracts. This is the lowest total open interest within the complex since the beginning of December 2024. Huge price swings, high initial margins, and the inability to trade through 380.000 are all contributors to the decrease. New price limits will go into effect for Feeder Cattle on Monday as well. New limits will be $10.750/cwt, increasing from $9.250/cwt. Expanded limits will be $16.000/cwt.
Lean Hogs: After opening the week at $95.700, the June contract quickly pushed to a high of $97.650, but finished only $0.150 higher on the week at $95.850. The deferred months rode the rollercoaster all week as well and finished $1.500-$1.750 lower across the complex. The Lean Hog index finished the week relatively unchanged at $90.92 compared to last Friday at $91.07. On the pork cutout side of things, bellies finished up the week trading right around $112, compared to last Friday at $104.89. With a shortened holiday week, slaughter is estimated at 2,143,000 head, down 173,000 head from last week. This week’s CFTC Report showed the managed money as sellers of 20,728 contracts, reducing their net long position to 12,985. This is the fund’s lowest net long position in Lean Hogs since August 2024.
Corn: Corn futures ended the week sharply lower and the nearby July contract traded to the lowest level since February 20. The lower crude oil market did not help the Corn market this week along with good growing conditions for most of the Corn belt. This week’s ethanol report showed a decrease in production compared to a week ago. Currently, the U.S. looks to fall short of the current USDA ethanol usage goal. Today’s CFTC Report showed the funds as sellers of 87,850 contracts for the week ending on Tuesday. This reduces their net long position to 205,504 contracts and well below the levels seen just three weeks ago. Basis levels across the U.S. continue to firm as farmer selling has again grown stagnant. The areas of the Corn belt that are being affected by dry weather are seeing more basis appreciation than the areas that have been seeing adequate moisture. The 6-10 day forecast continues to show above average temps and below average precipitation for most of the Corn producing states.
Closing Prices
Market
Month
Last
Change
Corn
July
446.75
9.00
CHI Wheat
July
610.50
13.50
KC Wheat
July
649.75
15.50
Soybeans
July
1186.75
7.75
Soy Oil
July
77.72
1.02
Soy Meal
August
324.10
3.20
Live Cattle
June
248.250
1.500
Feeder Cattle
August
348.425
4.600
Lean Hogs
June
95.850
1.125
Crude Oil
July
87.67
1.23
Ch Cutout
392.06
0.26
Sel Cutout
383.32
2.26
Feeder Index
373.40
3.77
Pork Cutout
99.11
0.76
Dollar Index
98.871
0.1490
DOW
51,001
332
National Corn Basis
-37.64
0.50
National Bean Basis
-62.38
0.35
Dates to Remember
June 5- June Live Cattle Option Expiration
June 11- WASDE Report
June 12- June Lean Hog Expiration
Hog Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
Lead Month Future
95.850
95.750
0.100
100.025
4.175
National Cash
93.64
93.32
0.32
98.95
5.31
Index
90.92
90.48
0.44
94.84
3.92
Cutout
99.11
96.55
2.56
104.62
5.51
IA/SMN Cash
93.81
93.14
0.67
100.28
6.47
IA/SMN Weights
291.10
291.30
0.20
288.00
3.10
Slaughter
2,143,000
2,316,000
173,000
2,150,313
7,313
Cattle Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
North Cash
258
260.98
2 to 7 lower
235.31
22.69
South Cash
256
259.68
3 to 4 Lower
222.32
33.68
North Steer Basis
9.00
10.00
1.00
15.80
6.80
Choice Boxes
392.06
389.89
2.17
366.09
25.97
Select Boxes
383.32
386.29
2.98
353.64
29.68
Spread
8.74
3.60
5.14
12.45
3.71
Carcass Weights
898
904
6
871
27
Slaughter
448,000
532,000
84,000
487,605
39,605
FC Index
373.40
368.20
5.20
297.75
75.65
Cash Cattle Markets
Region
This Week
Last Week
Last Year
TX/OK/NM
256
$260.00
$222.00
KS
256
$259.68
$222.32
NE
258
$260.98
$235.31
IA/MN
258
$260.79
$233.56
CFTC Disaggregated COT Report
As of: 5/26/2026
Commodity
Current Managed Money
Change
Current Producer/Commercial
Change
Total OI
Total OI Change
Live Cattle
120,569
9,544
-161,769
13,213
348,815
1,627
Feeder Cattle
10,595
5,785
-6,125
4,335
57,974
206
Lean Hogs
12,985
20,728
-82,477
15,258
319,412
722
Corn
205,504
87,850
-537,998
66,559
1,856,234
706
Soybeans
189,552
18,252
-285,866
5,514
1,044,804
12,246
Live Cattle Markets
August Live Cattle finished lower each of the past two days. Support is at 236.825 followed by the 100-day MA of 236.450. Resistance is at 243.875 and then the 20-day MA of 244.325.
Feeder Cattle Markets
August Feeder Cattle found support at the 200-day MA twice this week. Support is at the 200-day MA of 346.000 followed by 344.275. Resistance is at 356.525 and then the 20-day MA of 360.700.
Lean Hogs Markets
July Lean Hogs finished the day on their weekly lows. Support is at 99.350 and then 98.925. Resistance is at the 20-day MA of 102.475 followed by the 200-day MA of 103.750.
Corn Markets
July Corn traded to the lowest level since February today. Support is at 442 1/4 and then 438 1/4. Resistance is at the 200-day MA of 456 1/2 followed by 461.
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.
5/29/2026 Market Commentary
Live Cattle: Live Cattle futures finished the month lower after starting this week higher. Cash trade has been slow to develop this week and is currently at lower levels than a week ago. The North has traded cattle at 256-258 live and 405 dressed today while the South has traded the majority of their cattle at 256 throughout the week. Packer competition and inquiry has been very light and it appears that they do not need to buy many cattle this week. Feedlots have also moved cattle ahead with the good cash prices, better basis levels, and packers willing to buy cattle with three to four weeks until delivery. Boxed beef was mixed this week and the choice/select spread is now at the widest level since the beginning of March. For the week, choice gained $2.17 to $392.06 while select was down $2.98 to $383.32. Open interest within the Live Cattle complex has dipped below 350,000 contracts again after a three week increase of over 25,000 contracts. With the volatility we have seen, especially over the past ten days, traders are moving to the sidelines. Monday will begin new price limits within the Live Cattle complex. The daily limit will increase from $7.250/cwt to $8.500/cwt and expanded limits will now be $12.750/cwt.
Feeder Cattle: Feeder Cattle futures could not find support from the lower Corn market and finished the week sharply lower. After falling sharply the final two days of last week, the futures opened the week lower but spent the remainder of the first two days this week moving higher. The most active August contract tested the gap that was left last Friday twice this week but could not fully fill the gap. The CME Feeder Cattle index continues to be supported and will finish the week $5.20 higher than a week ago. Today’s release of the index was $373.40, up $3.77 on the day through Thursday’s sales. Today’s CFTC Report showed the managed money as sellers of 5,785 contracts, decreasing their net long position to 10,595 contracts. This is the lowest net long position held by the funds since the end of 2024. Open interest has decreased within the Feeder Cattle complex as well and is now at just 57,974 contracts. This is the lowest total open interest within the complex since the beginning of December 2024. Huge price swings, high initial margins, and the inability to trade through 380.000 are all contributors to the decrease. New price limits will go into effect for Feeder Cattle on Monday as well. New limits will be $10.750/cwt, increasing from $9.250/cwt. Expanded limits will be $16.000/cwt.
Lean Hogs: After opening the week at $95.700, the June contract quickly pushed to a high of $97.650, but finished only $0.150 higher on the week at $95.850. The deferred months rode the rollercoaster all week as well and finished $1.500-$1.750 lower across the complex. The Lean Hog index finished the week relatively unchanged at $90.92 compared to last Friday at $91.07. On the pork cutout side of things, bellies finished up the week trading right around $112, compared to last Friday at $104.89. With a shortened holiday week, slaughter is estimated at 2,143,000 head, down 173,000 head from last week. This week’s CFTC Report showed the managed money as sellers of 20,728 contracts, reducing their net long position to 12,985. This is the fund’s lowest net long position in Lean Hogs since August 2024.
Corn: Corn futures ended the week sharply lower and the nearby July contract traded to the lowest level since February 20. The lower crude oil market did not help the Corn market this week along with good growing conditions for most of the Corn belt. This week’s ethanol report showed a decrease in production compared to a week ago. Currently, the U.S. looks to fall short of the current USDA ethanol usage goal. Today’s CFTC Report showed the funds as sellers of 87,850 contracts for the week ending on Tuesday. This reduces their net long position to 205,504 contracts and well below the levels seen just three weeks ago. Basis levels across the U.S. continue to firm as farmer selling has again grown stagnant. The areas of the Corn belt that are being affected by dry weather are seeing more basis appreciation than the areas that have been seeing adequate moisture. The 6-10 day forecast continues to show above average temps and below average precipitation for most of the Corn producing states.
Closing Prices
Dates to Remember
June 5- June Live Cattle Option Expiration
June 11- WASDE Report
June 12- June Lean Hog Expiration
Hog Fundamentals
Cattle Fundamentals
Cash Cattle Markets
CFTC Disaggregated COT Report
As of: 5/26/2026
Live Cattle Markets
August Live Cattle finished lower each of the past two days. Support is at 236.825 followed by the 100-day MA of 236.450. Resistance is at 243.875 and then the 20-day MA of 244.325.
Feeder Cattle Markets
August Feeder Cattle found support at the 200-day MA twice this week. Support is at the 200-day MA of 346.000 followed by 344.275. Resistance is at 356.525 and then the 20-day MA of 360.700.
Lean Hogs Markets
July Lean Hogs finished the day on their weekly lows. Support is at 99.350 and then 98.925. Resistance is at the 20-day MA of 102.475 followed by the 200-day MA of 103.750.
Corn Markets
July Corn traded to the lowest level since February today. Support is at 442 1/4 and then 438 1/4. Resistance is at the 200-day MA of 456 1/2 followed by 461.