Live Cattle: Live Cattle futures traded to the lowest levels of 2026 today as the managed money continues to work away from the complex. Pressure on the cattle complex as a whole started in the first hour of trade yesterday and persisted through the entire day today. Last Friday’s Cattle on Feed Report was friendly to the market but that only lasted a few minutes on Monday before the negative news and sentiment overtook the futures markets. Last week’s announcement that the administration would begin importing more beef tariff free and sell that beef to consumers at a reduced price has moved long speculators to the sidelines as government intervention threatens the price of the product. In the grand scheme of the entire meat trade, 300,000 tonnes of trim will not make a meaningful impact to the beef markets, but it is a reminder to those that are speculating in the cattle complex that the President has beef on his mind and his mission is to lower the price. Cash trade has began in the North already this week and at lower money than a week ago. The majority of the trade last week took place at 225 with bids as low as 222 by the end of the week. Cattle have traded today at 218 live and 345 dressed. Boxed beef was higher this morning with choice $2.43 higher at $388.12 and select up $5.46 to $370.48. Packer margins have improved greatly over the past two weeks and have enticed the packers to increase slaughter. Last week’s slaughter was 6,000 head larger than the week prior and there were 15,000 head slaughtered on Saturday.
Feeder Cattle: Feeder Cattle futures have lost $10.325/cwt in the most active October contract during the first two days of trade this week. Lower Live Cattle futures and Corn futures posting new highs have placed a lot of pressure on the Feeder Cattle complex. The Mexican Border also opened yesterday and it appears there was still some premium held within the complex incase the opening of the border was either delayed or called off. Videos of Feeder Cattle crossing the border were circulating yesterday and appeared to add pressure to a market that was already moving lower. The CME Feeder Cattle index continues its fall and has now moved to the lowest level since December 2. Today, the index was quoted at $335.46 which is down $3.01 on the day and $8.09 lower than a week ago. The August contract will expire at noon on Thursday and is currently at a $1.73 discount to the index with three days of sales that will enter the average. Technically, there are limited areas that could hold the complex in the coming weeks as the futures trade to near 12 month lows.
Lean Hogs: The Lean Hog complex posted new contract lows in all months except the nearby October today as all of the cash fundamentals work lower besides the pork cutout. Yesterday, the pork cutout was quoted $1.18 higher to $99.93 and back to the highest level in two weeks. The $100 level has offered significant resistance to the cutout over the course of 2026 and will be something to watch in the coming days. Yesterday’s Cold Storage Report showed total pork supplies up 8.6% compared to a year ago and 3.4% less than a month ago. Supplies of hams continue to remain large and are now over 23% more than a year ago and at a four year high. The national cash average was down $4.87 yesterday while the Lean Hog index fell $0.40.
Corn: Corn futures started the week strong, trading to new highs on Monday. December Corn reached 524 1/4 yesterday but traded well off of those highs early during the day session. On Tuesday morning, Corn was lower on profit taking from the overnight session but found fresh buying later in the day and posted a new contract high of 524 1/2. So far, the contract have been unable overcome the psychological resistance level at 525. Corn continues to gain support from last week’s Pro Farmer tour and deteriorating Corn conditions. Pioneer released data from its Iowa tour indicating that the USDA’s yield estimate for Iowa is overstated. Pioneer’s data showed a reduction of 2.1 bu/acre from last year, suggesting the USDA’s 216 bu/acre should be trimmed to 214.6 bu/acre. Markets remain concerned about geopolitical tensions with Canada and China, as both have imposed retaliatory tariffs on the US today.
Closing Prices
Market
Month
Last
Change
Corn
Sept
500.50
9.00
CHI Wheat
Sept
685.50
3.75
KC Wheat
Sept
754.50
4.00
Soybeans
Nov
1237.75
3.00
Soy Oil
Sept
67.52
0.39
Soy Meal
Oct
323.70
0.50
Live Cattle
August
218.100
1.975
Feeder Cattle
August
333.725
0.150
Lean Hogs
Oct
80.450
0.675
Crude Oil
Oct
82.35
2.66
Ch Cutout
388.12
2.43
Sel Cutout
370.48
5.46
Feeder Index
335.46
3.01
Pork Cutout
99.93
1.97
Dollar Index
98.888
0.1140
DOW
53,527
120
National Corn Basis
-26.75
0.21
National Bean Basis
-29.04
5.38
Dates to Remember
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
80.450
80.725
0.275
91.400
10.950
National Cash
89.40
92.62
3.22
105.27
15.87
Index
92.86
95.47
2.61
106.86
14.00
Cutout
99.93
98.75
1.18
114.17
14.24
IA/SMN Cash
90.92
92.43
1.51
105.26
14.34
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
225.31
244.83
South Cash
225.00
244.91
North Steer Basis
3.00
4.90
Choice Boxes
388.12
389.61
1.49
408.49
20.37
Select Boxes
370.48
366.80
3.68
385.38
14.90
Spread
17.64
22.81
5.17
23.11
5.51
Carcass Weights
885
883
2
866
19
Slaughter
523,000
517,000
6,000
555,676
32,676
FC Index
335.46
343.55
8.09
357.92
22.46
Cash Cattle Markets
Region
This Week
Last Week
Last Year
TX/OK/NM
N/A
$241.92
KS
N/A
$241.78
NE
$225.31
$244.83
IA/MN
$224.87
$244.91
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
284,977
1,226
Feeder Cattle
7,498
1,240
-3,083
2,442
67,578
576
Lean Hogs
23,486
8,365
-38,753
9,543
270,736
3,075
Corn
250,505
83,735
-540,774
58,943
1,711,431
4,744
Soybeans
151,662
50,300
-241,011
30,403
974,758
17,019
Live Cattle Markets
October Live Cattle traded to the lowest level since December 2. Support is at 207.825 and then 204.450. Resistance is at 222.025 followed by the 20-day MA of 222.200.
Feeder Cattle Markets
October Feeder Cattle posted a new low for 2026 today. Support is at 310.725 followed by 302.625. Resistance is at 325.750 followed by the 20-day MA of 329.250.
Lean Hogs Markets
October Lean Hogs failed to hold early gains today. Support is at 80.075 and then 79.675. Resistance is at the 20-day MA of 82.500 followed by 82.925.
Corn Markets
December Corn posted a new contract high today. Resistance is at 524 1/2 and then 540. Support is at 509 followed by 497 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.
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.
8/25/2026 Market Commentary
Live Cattle: Live Cattle futures traded to the lowest levels of 2026 today as the managed money continues to work away from the complex. Pressure on the cattle complex as a whole started in the first hour of trade yesterday and persisted through the entire day today. Last Friday’s Cattle on Feed Report was friendly to the market but that only lasted a few minutes on Monday before the negative news and sentiment overtook the futures markets. Last week’s announcement that the administration would begin importing more beef tariff free and sell that beef to consumers at a reduced price has moved long speculators to the sidelines as government intervention threatens the price of the product. In the grand scheme of the entire meat trade, 300,000 tonnes of trim will not make a meaningful impact to the beef markets, but it is a reminder to those that are speculating in the cattle complex that the President has beef on his mind and his mission is to lower the price. Cash trade has began in the North already this week and at lower money than a week ago. The majority of the trade last week took place at 225 with bids as low as 222 by the end of the week. Cattle have traded today at 218 live and 345 dressed. Boxed beef was higher this morning with choice $2.43 higher at $388.12 and select up $5.46 to $370.48. Packer margins have improved greatly over the past two weeks and have enticed the packers to increase slaughter. Last week’s slaughter was 6,000 head larger than the week prior and there were 15,000 head slaughtered on Saturday.
Feeder Cattle: Feeder Cattle futures have lost $10.325/cwt in the most active October contract during the first two days of trade this week. Lower Live Cattle futures and Corn futures posting new highs have placed a lot of pressure on the Feeder Cattle complex. The Mexican Border also opened yesterday and it appears there was still some premium held within the complex incase the opening of the border was either delayed or called off. Videos of Feeder Cattle crossing the border were circulating yesterday and appeared to add pressure to a market that was already moving lower. The CME Feeder Cattle index continues its fall and has now moved to the lowest level since December 2. Today, the index was quoted at $335.46 which is down $3.01 on the day and $8.09 lower than a week ago. The August contract will expire at noon on Thursday and is currently at a $1.73 discount to the index with three days of sales that will enter the average. Technically, there are limited areas that could hold the complex in the coming weeks as the futures trade to near 12 month lows.
Lean Hogs: The Lean Hog complex posted new contract lows in all months except the nearby October today as all of the cash fundamentals work lower besides the pork cutout. Yesterday, the pork cutout was quoted $1.18 higher to $99.93 and back to the highest level in two weeks. The $100 level has offered significant resistance to the cutout over the course of 2026 and will be something to watch in the coming days. Yesterday’s Cold Storage Report showed total pork supplies up 8.6% compared to a year ago and 3.4% less than a month ago. Supplies of hams continue to remain large and are now over 23% more than a year ago and at a four year high. The national cash average was down $4.87 yesterday while the Lean Hog index fell $0.40.
Corn: Corn futures started the week strong, trading to new highs on Monday. December Corn reached 524 1/4 yesterday but traded well off of those highs early during the day session. On Tuesday morning, Corn was lower on profit taking from the overnight session but found fresh buying later in the day and posted a new contract high of 524 1/2. So far, the contract have been unable overcome the psychological resistance level at 525. Corn continues to gain support from last week’s Pro Farmer tour and deteriorating Corn conditions. Pioneer released data from its Iowa tour indicating that the USDA’s yield estimate for Iowa is overstated. Pioneer’s data showed a reduction of 2.1 bu/acre from last year, suggesting the USDA’s 216 bu/acre should be trimmed to 214.6 bu/acre. Markets remain concerned about geopolitical tensions with Canada and China, as both have imposed retaliatory tariffs on the US today.
Closing Prices
Dates to Remember
August 27- August Feeder Cattle Expiration
August 31- August Live Cattle Expiration
Hog Fundamentals
Cattle Fundamentals
Cash Cattle Markets
CFTC Disaggregated COT Report
As of: 8/18/2026
Live Cattle Markets
October Live Cattle traded to the lowest level since December 2. Support is at 207.825 and then 204.450. Resistance is at 222.025 followed by the 20-day MA of 222.200.
Feeder Cattle Markets
October Feeder Cattle posted a new low for 2026 today. Support is at 310.725 followed by 302.625. Resistance is at 325.750 followed by the 20-day MA of 329.250.
Lean Hogs Markets
October Lean Hogs failed to hold early gains today. Support is at 80.075 and then 79.675. Resistance is at the 20-day MA of 82.500 followed by 82.925.
Corn Markets
December Corn posted a new contract high today. Resistance is at 524 1/2 and then 540. Support is at 509 followed by 497 1/4.