Live Cattle: Live Cattle futures started higher both days this week but slipped lower into the close today. There has been no cash news up to this point of the week but most feedlots are looking for 238-240 this week while hedgers keep a close eye on the basis. Yesterday, choice boxed beef was sharply higher and traded back above $370. Choice finished the day at $371.42, up $7.06 while select was $1.53 lower at $350.84. This morning both choice and select were slightly lower with choice quoted at $370.38. Carcass weights were unchanged on last week’s release which covered slaughter data ending July 25. This week’s Beef Production Report will be the first to include cattle slaughtered during the heat that set in across the majority of the Midwest and Southern Plains. With the decrease in carcass weights that should show on this report along with the decreased slaughter numbers the past few weeks, beef production will certainty move lower in the coming weeks.
Feeder Cattle: Feeder Cattle futures have spent the majority of the past two days trading higher. The August contract has been the exception and has been under pressure both days as traders try to price in where the Feeder Cattle index will land on August 27 when the contract expires. The deferred contracts have gained significant ground on the nearby contracts since last Friday as the opening of the Mexican border may have been over priced, along with the cheaper values that have attracted traders to buy the 2027 contracts. This is supported by open interest moving away from the front months and into the deferred contracts. The CME Feeder Cattle index has been lower both days this week and was quoted $1.76 lower today at $354.22. This puts the index at a $4.05 premium to the August Futures contract.
Lean Hogs: Lean Hog futures finished lower today as all of the cash fundamentals have worked lower except for the pork cutout. The talk of short supplies of market ready hogs that has been surrounding the industry for most of the summer appears to have finally come true as slaughter number have fallen. All of the past four weeks have been under 2.3 million head and that has helped support the pork cutout during the past month. Yesterday the cutout was quoted $0.31 higher at $101.81 after trading on both sides of $100 last week. Exports have remained strong with Mexico being the featured buyer and hopes for additional business to the country are high as we head into the end of the year.
Corn: Corn futures were steady last week, with few new developments as traders await Wednesday’s WASDE report. Uncertainty continues to surround the U.S. and global yield and demand. StoneX estimates a national yield of 184.8 bushel per acre, above the USDA’s July figure of 183.0, while the average trade estimate is slightly lower at 182.4. Reuters projects old crop ending stocks at 1.999 billion bushels, just below the USDA’s July estimate of 2.020 billion bushels. New crop stocks are estimated at 1.725 billion bushels, down from the USDA’s July figure of 1.79 billion bushels, reflecting lower yields. Ongoing drought in Europe raises questions about future demand and global production.
Closing Prices
Market
Month
Last
Change
Corn
Sept
436.75
1.50
CHI Wheat
Sept
630.25
10.25
KC Wheat
Sept
699.25
14.25
Soybeans
Sept
1151.50
10.25
Soy Oil
Sept
68.57
0.96
Soy Meal
Sept
305.00
0.50
Live Cattle
August
232.750
0.525
Feeder Cattle
August
350.175
0.575
Lean Hogs
August
95.875
0.175
Crude Oil
Sept
83.27
1.14
Ch Cutout
370.38
1.04
Sel Cutout
350.19
0.65
Feeder Index
354.22
1.76
Pork Cutout
101.81
0.31
Dollar Index
99.822
0.1100
DOW
53,806
169
National Corn Basis
-27.31
0.19
National Bean Basis
-25.33
1.50
Dates to Remember
August 12- WASDE Report
August 14- August Lean Hog Expiration
Hog Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
Lead Month Future
95.875
97.850
1.975
109.675
13.800
National Cash
96.68
99.45
2.77
108.25
11.57
Index
96.09
97.68
1.59
109.84
13.75
Cutout
101.81
100.91
0.90
119.09
17.28
IA/SMN Cash
97.81
99.01
1.20
106.64
8.83
IA/SMN Weights
281.20
282.70
1.50
281.10
0.10
Slaughter
2,281,000
2,272,000
9,000
2,357,577
76,577
Cattle Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
North Cash
South Cash
North Steer Basis
1.75
9.37
Choice Boxes
370.38
369.49
0.89
381.52
18.86
Select Boxes
350.19
345.74
4.45
359.61
9.42
Spread
20.19
23.75
3.56
21.91
1.72
Carcass Weights
886
886
0
865
21
Slaughter
509,000
512,000
3,000
536,811
27,811
FC Index
354.22
349.13
5.09
341.04
13.18
Cash Cattle Markets
Region
This Week
Last Week
Last Year
TX/OK/NM
N/A
$235.00
KS
$235.01
$235.27
NE
$235.09
$244.01
IA/MN
$235.41
$242.21
CFTC Disaggregated COT Report
As of: 8/4/2026
Commodity
Current Managed Money
Change
Current Producer/Commercial
Change
Total OI
Total OI Change
Live Cattle
66,067
456
-114,088
1,203
275,962
942
Feeder Cattle
8,605
1,182
-5,746
1,172
66,078
910
Lean Hogs
-9,642
1,242
-53,580
2,754
261,145
1,540
Corn
181,946
13,547
-493,223
9,375
1,701,380
15,180
Soybeans
125,466
29,535
-231,685
27,835
982,774
2,694
Live Cattle Markets
October Live Cattle traded into resistance at the 200-day MA today. Resistance is at the 200-day MA of 227.925 and then 230.050. Support is at the 20-day MA of 224.325 followed by 222.750.
Feeder Cattle Markets
September Feeder Cattle have held the 20-day MA this week. Support is at the 20-day MA of 342.025 and then 340.325. Resistance is at the 200-day MA of 346.375 followed by 349.850.
Lean Hogs Markets
October Lean Hogs found resistance at the 50-day MA today. Resistance is at the 50-day MA 83.825 and then 84.400. Support is at 82.225 followed by 81.325.
Corn Markets
September Corn traded to the lowest level in over a month. Support is at 434 and then 426 3/4. Resistance is at 444 1/2 followed by the 20-day MA of 447 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.
8/11/2026 Market Commentary
Live Cattle: Live Cattle futures started higher both days this week but slipped lower into the close today. There has been no cash news up to this point of the week but most feedlots are looking for 238-240 this week while hedgers keep a close eye on the basis. Yesterday, choice boxed beef was sharply higher and traded back above $370. Choice finished the day at $371.42, up $7.06 while select was $1.53 lower at $350.84. This morning both choice and select were slightly lower with choice quoted at $370.38. Carcass weights were unchanged on last week’s release which covered slaughter data ending July 25. This week’s Beef Production Report will be the first to include cattle slaughtered during the heat that set in across the majority of the Midwest and Southern Plains. With the decrease in carcass weights that should show on this report along with the decreased slaughter numbers the past few weeks, beef production will certainty move lower in the coming weeks.
Feeder Cattle: Feeder Cattle futures have spent the majority of the past two days trading higher. The August contract has been the exception and has been under pressure both days as traders try to price in where the Feeder Cattle index will land on August 27 when the contract expires. The deferred contracts have gained significant ground on the nearby contracts since last Friday as the opening of the Mexican border may have been over priced, along with the cheaper values that have attracted traders to buy the 2027 contracts. This is supported by open interest moving away from the front months and into the deferred contracts. The CME Feeder Cattle index has been lower both days this week and was quoted $1.76 lower today at $354.22. This puts the index at a $4.05 premium to the August Futures contract.
Lean Hogs: Lean Hog futures finished lower today as all of the cash fundamentals have worked lower except for the pork cutout. The talk of short supplies of market ready hogs that has been surrounding the industry for most of the summer appears to have finally come true as slaughter number have fallen. All of the past four weeks have been under 2.3 million head and that has helped support the pork cutout during the past month. Yesterday the cutout was quoted $0.31 higher at $101.81 after trading on both sides of $100 last week. Exports have remained strong with Mexico being the featured buyer and hopes for additional business to the country are high as we head into the end of the year.
Corn: Corn futures were steady last week, with few new developments as traders await Wednesday’s WASDE report. Uncertainty continues to surround the U.S. and global yield and demand. StoneX estimates a national yield of 184.8 bushel per acre, above the USDA’s July figure of 183.0, while the average trade estimate is slightly lower at 182.4. Reuters projects old crop ending stocks at 1.999 billion bushels, just below the USDA’s July estimate of 2.020 billion bushels. New crop stocks are estimated at 1.725 billion bushels, down from the USDA’s July figure of 1.79 billion bushels, reflecting lower yields. Ongoing drought in Europe raises questions about future demand and global production.
Closing Prices
Dates to Remember
August 12- WASDE Report
August 14- August Lean Hog Expiration
Hog Fundamentals
Cattle Fundamentals
Cash Cattle Markets
CFTC Disaggregated COT Report
As of: 8/4/2026
Live Cattle Markets
October Live Cattle traded into resistance at the 200-day MA today. Resistance is at the 200-day MA of 227.925 and then 230.050. Support is at the 20-day MA of 224.325 followed by 222.750.
Feeder Cattle Markets
September Feeder Cattle have held the 20-day MA this week. Support is at the 20-day MA of 342.025 and then 340.325. Resistance is at the 200-day MA of 346.375 followed by 349.850.
Lean Hogs Markets
October Lean Hogs found resistance at the 50-day MA today. Resistance is at the 50-day MA 83.825 and then 84.400. Support is at 82.225 followed by 81.325.
Corn Markets
September Corn traded to the lowest level in over a month. Support is at 434 and then 426 3/4. Resistance is at 444 1/2 followed by the 20-day MA of 447 1/2.