8/14/2026 Market Commentary

Live Cattle: Live Cattle futures traded lower the entire day and were sharply lower for most of the morning following the news that Tyson Foods would be restructuring their beef business. The company announced the immediate end to operations at their Joslin, Illinois plant along with the closure of a case-ready facility in Utah. Tyson will also look to sell their plant in Pasco, Washington. It was also released that the company will resume the second shift at the Amarillo, Texas plant as cattle supplies become more available. It is important to understand that there is no date to when the second shift could begin and that Tyson will need to see long term increased numbers of cattle and profitability before they begin to assemble a work force for the second shift.  The futures market had been expecting some sort of announcement for the previous two days as the futures felt pressure leading up to the announcement. The futures traded sharply lower today but did finished the day near the highs of the day. Boxed beef had a good week despite being lower this morning. Choice finished the week at $374.73, down $1.17 on the day but up $10.51 on the week. Select was down $0.13 this morning at $349.11 which is down $2.02 compared to last Friday. Cash trade this week was lower and traded anywhere from 226 to 232 in the North and 228 to 229 in the South. Today’s CFTC Report showed the managed money as seller of 1,405 contracts for the week ending on Tuesday. This reduces their net long position to 64,662 contracts.

Feeder Cattle: Feeder Cattle futures traded to the lowest levels of 2026 today but traded to the daily highs late in the day. The Feeder Cattle complex has felt pressure from all angles this week as the Corn market traded sharply higher in the final days of the week and the Live Cattle futures traded sharply lower. The CME Feeder Cattle index was quoted lower four of the five days this week and lost $8.86 compared to last Friday. Today the index was $3.43 lower at $348.50. The index is now only $2.49 higher than a year ago and it looks like it will go to a discount next week. Open interest has moved lower again and is back below 65,000 contracts after moving mostly sideways for the past two months. Today’s CFTC Report showed the managed money as small buyers of 133 contracts increasing their net long position to 8,738 contracts.

Lean Hogs: Lean hog futures posted new lows for the move today and traded to the lowest levels since the beginning of July. The pork cutout continues to struggle to work higher despite the decrease kill numbers the industry has seen for the last month. The pork cutout is currently at $98.92 which was down $1.23 on the day and back below the $100 level for the first time since last Thursday. This week’s slaughter was 63,000 head larger than a week ago but still well behind the same week last year. The national cash average jumped $1.56 yesterday to $97.37 and was the first time the average was quoted higher since August 3. The funds were sellers of the Lean Hog complex again this week and sold 5,479 contracts which takes their net short position to 15,121 contracts.

Corn: Corn futures turned in a volatile close to the week after Wednesday’s WASDE Report. The USDA reduced the average Corn yield to 180.7 bushels per acre, a drop of 2.3 bushel per acre from the July WASDE Report. Along with the yield cut, harvested acres were increased 1.2 million acres which increased overall production slightly from a month ago. On the demand side of the balance sheet, the USDA increased both old and new crop exports by 75 million bushels. Ending stocks for the U.S. were lowered to 1.653 billion bushels which was well below the July report and under the estimates ahead of the report. With the tighter than expected ending stocks, the Corn market traded over 20 cents higher on Wednesday but lost half of those gains on Thursday. Today Corn finished 11 cents higher heading into the weekend as tensions between Russia and Ukraine persist as well as uncertainty surrounding the conflict between the United States and Iran. Traders will continue to monitor weather and export business in the weeks ahead to determine Corn supplies going forward.

Closing Prices

Market Month Last Change
Corn Sept 459.00 11.00
CHI Wheat Sept 674.75 22.00
KC Wheat Sept 754.25 33.75
Soybeans Sept 1177.75 11.75
Soy Oil Sept 69.44 0.65
Soy Meal Sept 310.20 2.80
Live Cattle August 223.625 2.600
Feeder Cattle August 340.820 2.000
Lean Hogs August 95.400 0.075
Crude Oil Sept 82.44 1.19
Ch Cutout 374.73 1.17
Sel Cutout 349.11 0.13
Feeder Index 354.22 1.76
Pork Cutout 98.92 1.23
Dollar Index 99.647 0.3170
DOW 53,732 107
National Corn Basis -26.37 0.22
National Bean Basis -25.40 1.28

Dates to Remember

August 12- WASDE Report

August 14- August Lean Hog Expiration

August 21- Cattle on Feed Report

Hog Fundamentals

Current One Week Ago Change One Year Ago Change
Lead Month Future 95.400 95.500 0.100 89.125 6.275
National Cash 97.37 98.30 0.93 107.70 10.33
Index 95.87 96.66 0.79 109.53 13.66
Cutout 98.92 99.26 0.34 116.36 17.44
IA/SMN Cash 96.42 98.36 1.94 107.58 11.16
IA/SMN Weights 282.70 281.20 1.50 281.10 1.60
Slaughter 2,334,000 2,271,000 63,000 2,417,362 83,362

Cattle Fundamentals

Current One Week Ago Change One Year Ago Change
North Cash 226-232 235.09 3-9 Lower 244.01 15.01
South Cash 228-229 235.01 6-7 Lower 235.27 6.77
North Steer Basis 3.00 1.75 1.25 9.37 6.37
Choice Boxes 374.73 364.22 10.51 393.79 19.06
Select Boxes 349.11 351.13 2.02 366.88 17.77
Spread 25.62 13.09 12.53 26.91 1.29
Carcass Weights 883 886 3 867 16
Slaughter 517,000 509,000 8,000 535,913 18,913
FC Index 348.50 357.36 8.86 346.01 2.49

Cash Cattle Markets

Region This Week Last Week Last Year
TX/OK/NM 228-229 N/A $235.00
KS 228-229 $235.01 $235.27
NE 226-232 $235.09 $244.01
IA/MN 226-232 $235.41 $242.21

CFTC Disaggregated COT Report

As of: 8/11/2026
Commodity Current Managed Money Change Current Producer/Commercial Change Total OI Total OI Change
Live Cattle 64,662 1,405 -116,155 2,067 280,452 3,259
Feeder Cattle 8,738 133 -5,525 221 64,717 1,261
Lean Hogs 15,121 5,479 -48,296 5,284 267,576 2,487
Corn 166,770 15,176 -481,831 11,392 2,695,818 11,566
Soybeans 101,362 24,104 -210,608 21,077 976,512 3,431

Live Cattle Markets

October Live Cattle traded to the lowest level of 2026 today. Support is at 215.225 and then 214.050. Resistance is at 220.050 followed by the 20-day MA of 223.975.

Feeder Cattle Markets

September Feeder Cattle traded to the lowest level since December 18 today. Support is at 328.075 and then 326.300. Resistance is at 337.200 followed by the 20-day MA of 341.375.

Lean Hogs Markets

October Lean Hogs posted new lows for the move today. Support is at 81.175 and then 81.025. Resistance is at 84.300 followed by the 20-day MA of 85.075.

Corn Markets

December Corn finished the day near its weekly high. Resistance is at 487 1/2 and then 492. Support is at the 20-day MA of 472 1/2 followed by 457 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.

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