Live Cattle: Live Cattle futures posted new contract highs across the entire complex today, as well as a new all-time high in the February contract. Cash trade this week was steady with a week ago in the North while the South saw higher money than last week. 245 traded the majority of the cattle in the North on Wednesday, while the South waited until later in the week and received 240 to 242. Boxed beef continues its move higher. Choice is currently at $406.87 which is $7.06 higher than the same time last week. Select is at $383.85 up $15.47 on the week. The choice/select spread has narrowed up over the last week as demand for grinds and select cuts continues to remain high. The USDA released their monthly Cattle on Feed Report at 2pm this afternoon. Cattle on feed were 2% lower than the same time a year ago which was right in line with the average guess. Placements were down 6% compared to last year and were 3% higher than expected. Marketings were 94% of a year ago and right on the average trade guess. Cattle on feed in Texas are down 9% compared to 2024 as the closure of the Mexican border hampers the number of Feeder Cattle available to feedlots.
Feeder Cattle: Feeder Cattle futures also posted new contact and all-time highs on Friday. The nearby contracts gained over 15.000/cwt this week as demand for Feeder Cattle continues to remain strong. Cash Feeder Cattle continue to print new records across all classes of cattle as cheap feed and open pens give feedlots a reason to continue to pay records prices at sale barns. Placements for the month of July were 6% less than a year ago. Placements in the state of Texas were down a massive 25%. Placements into feedlots in Iowa were up 18%. Kansas and Nebraska were very similar to a year ago. Today’s CFTC data showed the managed money as small sellers of the Feeder Cattle complex. This is as of the close of trading on Tuesday, but is still somewhat surprising as the futures market has done nothing but move higher.
Lean Hogs: Lean Hog futures finished the week strong. The nearby October contract closed the day 1.275 higher at 91.200, breaking through the 20-day MA and removing some overhead resistance. The cash market is beginning its seasonal slide, while the cutout was up $1.16 this morning at $113.76. Exports are lacking as weekly export data showed only 19,000 tonnes which is a four-week low. With the price of boxed beef, pork should continue to see good demand domestically as it is a cost effective protein. It will be interesting to see if the pork cutout can continue to hold its value after next weekend as Labor Day usually marks the end of grilling season.
Corn: The Corn market was watching the ProFramer crop tour very closely this week as analysts were boots on the ground collecting yield data. Their estimates for the 2025 crop were released this afternoon and showed Corn yields well below the current USDA estimate. Pro Farmer estimated the average yield for Corn at 182.7 bushels per acres vs. the current USDA estimate of 188.1. This equates to a half of a billion bushel decrease in production compared to the USDA. There have been many flash sales for export this week as the U.S. price of Corn is attractive worldwide. The USDA is currently expecting a record year of exports for the 2025/2026 marketing year, so these sales need to continue to stay on pace and meet demand goals. Technically, corn moved through some overhead resistance late this week and opened the door for higher prices in the near future.
Closing Prices
Market
Month
Last
Change
Corn
Dec
411.50
0.25
CHI Wheat
Dec
527.25
2.50
KC Wheat
Dec
521.00
5.00
Soybeans
Nov
1058.50
2.50
Soy Oil
Oct
54.94
1.34
Soy Meal
Oct
288.30
1.70
Live Cattle
Oct
237.875
3.150
Feeder Cattle
Sept
362.675
4.650
Lean Hogs
Oct
91.200
1.275
Crude Oil
Oct
63.77
0.25
Ch Cutout
406.87
0.99
Sel Cutout
383.85
0.25
Feeder Index
350.18
2.74
Pork Cutout
112.60
0.41
Dollar Index
97.693
0.9260
DOW
45,637
852
National Corn Basis
-18.30
0.23
National Bean Basis
-46.29
0.19
Dates to Remember
August 22- Cattle on Feed
August 22- Cold Storage
Hog Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
Lead Month Future
91.200
90.100
1.100
79.620
11.575
National Cash
108.35
110.37
2.02
83.36
24.99
Index
108.32
109.83
1.51
88.22
20.10
Cutout
112.60
115.18
2.58
96.43
16.17
IA/SMN Cash
109.09
110.40
1.31
82.47
26.62
IA/SMN Weights
281.10
281.10
0.00
281.10
0.00
Slaughter
2,419,000
2,408,000
11,000
2,507,446
88,446
Cattle Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
North Cash
245
244.43
Steady
184.67
60.33
South Cash
238
235.22
Steady
183.45
54.55
North Steer Basis
7.00
7.50
0.50
3.71
3.29
Choice Boxes
406.87
399.81
7.06
315.99
90.88
Select Boxes
383.85
368.11
15.74
302.03
81.82
Spread
23.02
31.70
8.68
13.96
9.06
Carcass Weights
866
867
1
849
17
Slaughter
547,000
530,000
17,000
608,984
61,984
FC Index
350.18
345.75
4.43
242.67
107.51
Cash Cattle Markets
Region
This Week
Last Week
Last Year
TX/OK/NM
238
$235.92
$183.24
KS
238
$235.22
$183.45
NE
245
$344.43
$184.67
IA/MN
245
$242.42
$186.68
CFTC Disaggregated COT Report
As of: 8/19/2025
Commodity
Current Managed Money
Change
Current Producer/Commercial
Change
Total OI
Total OI Change
Live Cattle
124,519
294
-165,653
1,277
386,783
1,754
Feeder Cattle
33,156
381
-17,666
77
91,388
782
Lean Hogs
105,768
4,964
-161,682
4,997
332,222
1,112
Corn
-144,650
31,464
-57,745
25,041
1,561,974
6,703
Soybeans
3
35,273
-114,151
28,135
890,327
3,215
Live Cattle Markets
October Live Cattle posted a new contract high to end the week. Resistance is at the contract high of 238.125 and then 240.000. Support is at 230.125 followed by the 20-day MA of 228.950.
Feeder Cattle Markets
September Feeder Cattle posted a new contract high and all-time high today. Resistance is at the contract high of 363.000 and then 365.000. Support is at 350.000 followed by the 20-day MA of 344.450.
Lean Hogs Markets
October Lean Hogs traded through the 20-day MA this week. Support is at the 20-day MA of 90.525 followed by 88.600. Resistance is at the 50-day MA of 91.800.
Corn Markets
December Corn pushed through overhead resistance this week. Resistance is at the 50-day MA of 418. Support is at the 20-day MA of 406 followed by 401 1/4.
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.
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8/22/2025 Market Commentary
Live Cattle: Live Cattle futures posted new contract highs across the entire complex today, as well as a new all-time high in the February contract. Cash trade this week was steady with a week ago in the North while the South saw higher money than last week. 245 traded the majority of the cattle in the North on Wednesday, while the South waited until later in the week and received 240 to 242. Boxed beef continues its move higher. Choice is currently at $406.87 which is $7.06 higher than the same time last week. Select is at $383.85 up $15.47 on the week. The choice/select spread has narrowed up over the last week as demand for grinds and select cuts continues to remain high. The USDA released their monthly Cattle on Feed Report at 2pm this afternoon. Cattle on feed were 2% lower than the same time a year ago which was right in line with the average guess. Placements were down 6% compared to last year and were 3% higher than expected. Marketings were 94% of a year ago and right on the average trade guess. Cattle on feed in Texas are down 9% compared to 2024 as the closure of the Mexican border hampers the number of Feeder Cattle available to feedlots.
Feeder Cattle: Feeder Cattle futures also posted new contact and all-time highs on Friday. The nearby contracts gained over 15.000/cwt this week as demand for Feeder Cattle continues to remain strong. Cash Feeder Cattle continue to print new records across all classes of cattle as cheap feed and open pens give feedlots a reason to continue to pay records prices at sale barns. Placements for the month of July were 6% less than a year ago. Placements in the state of Texas were down a massive 25%. Placements into feedlots in Iowa were up 18%. Kansas and Nebraska were very similar to a year ago. Today’s CFTC data showed the managed money as small sellers of the Feeder Cattle complex. This is as of the close of trading on Tuesday, but is still somewhat surprising as the futures market has done nothing but move higher.
Lean Hogs: Lean Hog futures finished the week strong. The nearby October contract closed the day 1.275 higher at 91.200, breaking through the 20-day MA and removing some overhead resistance. The cash market is beginning its seasonal slide, while the cutout was up $1.16 this morning at $113.76. Exports are lacking as weekly export data showed only 19,000 tonnes which is a four-week low. With the price of boxed beef, pork should continue to see good demand domestically as it is a cost effective protein. It will be interesting to see if the pork cutout can continue to hold its value after next weekend as Labor Day usually marks the end of grilling season.
Corn: The Corn market was watching the ProFramer crop tour very closely this week as analysts were boots on the ground collecting yield data. Their estimates for the 2025 crop were released this afternoon and showed Corn yields well below the current USDA estimate. Pro Farmer estimated the average yield for Corn at 182.7 bushels per acres vs. the current USDA estimate of 188.1. This equates to a half of a billion bushel decrease in production compared to the USDA. There have been many flash sales for export this week as the U.S. price of Corn is attractive worldwide. The USDA is currently expecting a record year of exports for the 2025/2026 marketing year, so these sales need to continue to stay on pace and meet demand goals. Technically, corn moved through some overhead resistance late this week and opened the door for higher prices in the near future.
Closing Prices
Dates to Remember
August 22- Cattle on Feed
August 22- Cold Storage
Hog Fundamentals
Cattle Fundamentals
Cash Cattle Markets
CFTC Disaggregated COT Report
As of: 8/19/2025
Live Cattle Markets
October Live Cattle posted a new contract high to end the week. Resistance is at the contract high of 238.125 and then 240.000. Support is at 230.125 followed by the 20-day MA of 228.950.
Feeder Cattle Markets
September Feeder Cattle posted a new contract high and all-time high today. Resistance is at the contract high of 363.000 and then 365.000. Support is at 350.000 followed by the 20-day MA of 344.450.
Lean Hogs Markets
October Lean Hogs traded through the 20-day MA this week. Support is at the 20-day MA of 90.525 followed by 88.600. Resistance is at the 50-day MA of 91.800.
Corn Markets
December Corn pushed through overhead resistance this week. Resistance is at the 50-day MA of 418. Support is at the 20-day MA of 406 followed by 401 1/4.