8/21/2026 Market Commentary

Live Cattle: Live Cattle futures spent the first few hours of the day sharply lower after President Trump announced he would be bringing 300,000 metric tonnes of ground beef into the U.S. over the next 90 days. The country that this would be imported from was not mentioned but the beef would be sold to the consumer at a 25% discount to the current market price. The President had left beef and the cattle complex out of his media releases for the past few months and the news this morning reminded traders that he is still trying to push beef prices lower. Boxed beef saw good gains through the middle part of the week after Tyson’s announcement of plant closures, but boxed beef moved a little lower into the end of the week. For the week, choice gained $11.41 and was quoted at $386.14 this morning while select was up $14.30 at $363.41. Total estimated slaughter for the week was 523,000 head which is 6,000 head larger than a week ago but still over 32,000 head less than last year. Packer margin improved greatly this week and many packers have added a shift on Saturday. Cash trade took place in the middle of the week in the North at 225-226 while the South waited until today to trade and have received 225-226 on some cattle with many cattle still priced at 228. Today’s Cattle on Feed Report showed cattle on feed up 1.7% compared to a year ago which is 0.8% less than the pre-report estimates. Marketings for the month of July were down 7.4% compared to the same month in 2025. The report will be viewed as mildly friendly compared to expectations.

Feeder Cattle: Feeder Cattle futures started the day lower but led the entire cattle complex higher in the middle of the day. The news of the beef imports does not directly affect the Feeder Cattle futures but will force them to trade lower if the Live Cattle futures and cash fat cattle work lower. The CME Feeder Cattle index continues to work lower and was quoted $0.85 lower today at $341.00. This is the lowest level since December 3 and now puts the index below year ago levels. The higher Corn market has hurt the price of cash Feeder Cattle as well as the Live Cattle futures trading to the lowest levels of the year. Today’s Cattle on Feed Report showed placements for the month of July down 11% compared to a year ago and over 4.5% less than the pre-report estimates. Placements were lower in all weight ranges but the 800-899 pound range saw the biggest drop with 56,000 head less placed this year. The CFTC report showed the managed money as sellers of 1,240 contracts reducing their net long position to 7,498 contracts.

Lean Hogs: Lean Hog Futures ended the week on a positive note, up 0.500 – 0.750 across the complex. October unfortunately still lost a total of 0.875 on the week , settling at 80.875, the lowest weekly close of the year for that contract. Technical support continues to be at the 80.000 price level and the first line of resistance is at 82.000-84.000. The Lean Hog index lost $0.24 today, settling at $93.72, $2.15 lower than last Friday. The pork cutout was priced at $96.49 yesterday which continues to work lower over the last week. The Commitment of Traders Report showed the managed money added 8,364 shorts to their total net position. Their current total net short position of 23,486 continues to be a near record short position.

Corn: Corn futures continued to trend higher this week, supported by bullish yield reports from the Pro-Farmer tour and several flash export sales. Early in the week, the tour reported that yields in Ohio and South Dakota were below last year’s levels, with similar findings throughout the week for Illinois, Iowa, Nebraska and Minnesota. The tour also noted pollination issues and tip-back caused by high temperatures during pollination. Official results from the tour show an average Corn yield of 173.2 bushels per acre which is 7.5 bushels per acre below the current USDA estimate. The pro-farmer estimates are typically below what the final USDA numbers are. Ongoing drought in Europe is adding a premium to the market, while the Black Sea region remains closed to exports. Although corn is becoming overbought, it closed at a new high today and near contract highs. Today’s CFTC Report showed the funds as buyers of 83,735 contracts which increased their net long position to 250,505 contracts.

Closing Prices

Market Month Last Change
Corn Sept 483.75 5.00
CHI Wheat Sept 681.50 1.25
KC Wheat Sept 756.25 6.00
Soybeans Nov 1239.50 3.00
Soy Oil Sept 69.35 1.83
Soy Meal Oct 320.50 1.90
Live Cattle August 223.050 0.300
Feeder Cattle August 334.750 0.550
Lean Hogs Oct 80.875 0.650
Crude Oil Oct 86.98 0.15
Ch Cutout 386.14 3.79
Sel Cutout 363.41 0.33
Feeder Index 341.00 0.85
Pork Cutout 96.49 1.09
Dollar Index 98.812 0.0830
DOW 53,282 522
National Corn Basis -26.19 0.00
National Bean Basis -26.24 0.00

Dates to Remember

August 21- Cattle on Feed Report

August 27- August Feeder Cattle Expiration

August 31- August Live Cattle Expiration

Hog Fundamentals

Current One Week Ago Change One Year Ago Change
Lead Month Future 80.875 95.400 14.525 89.925 9.050
National Cash 92.34 97.37 5.03 107.66 15.32
Index 93.72 95.87 2.15 107.84 14.12
Cutout 96.49 98.92 2.43 112.96 16.47
IA/SMN Cash 90.92 96.42 5.50 108.27 17.35
IA/SMN Weights 282.60 282.70 0.10 281.10 1.50
Slaughter 2,366,000 2,334,000 32,000 2,417,924 51,924

Cattle Fundamentals

Current One Week Ago Change One Year Ago Change
North Cash 225-226 228.45 2-3 Lower 245.13 19.63
South Cash 225-226 228.00 2-3 Lower 239.57 14.07
North Steer Basis 3.00 3.00 0.00 9.37 6.37
Choice Boxes 386.14 374.73 11.41 407.86 21.72
Select Boxes 363.41 349.11 14.30 383.60 20.19
Spread 22.73 25.62 2.89 24.26 1.53
Carcass Weights 885 883 2 866 19
Slaughter 523,000 517,000 6,000 555,676 32,676
FC Index 341.00 348.50 7.50 347.44 6.44

Cash Cattle Markets

Region This Week Last Week Last Year
TX/OK/NM 225-226 N/A $240.00
KS 225-226 $228.00 $239.57
NE 225-226 $228.45 $245.13
IA/MN 225-226 $228.71 $245.02

CFTC Disaggregated COT Report

As of: 8/18/2026
Commodity Current Managed Money Change Current Producer/Commercial Change Total OI Total OI Change
Live Cattle 61,514 3,148 -109,020 7,135 285,763 3,076
Feeder Cattle 7,498 1,240 -3,083 2,442 67,279 947
Lean Hogs 23,486 8,365 -38,753 9,543 267,111 927
Corn 250,505 83,735 -540,774 58,943 1,718,207 5,477
Soybeans 151,662 50,300 -241,011 30,403 995,438 4,638

Live Cattle Markets

October Live Cattle posted a new low for the move today. Support is at 212.675 and then 210.000. Resistance is at 222.025 followed by 223.050.

Feeder Cattle Markets

September Feeder Cattle traded to the lowest level since the beginning of December. Support is at 321.325 and then 314.000. Resistance is at 337.750 followed by the 20-day MA of 338.600.

Lean Hogs Markets

October Lean Hogs traded to the lowest level in 13 months today. Support is at 79.675 and then the contract low of 79.450. Resistance is at 81.925 followed by the 20-day MA of 83.225.

Corn Markets

December Corn traded to the highest level of the year today. Resistance is at 509 and then 512 1/2. Support 486 1/4 followed by the 20-day MA of 476 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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