Live Cattle: Live Cattle futures posted new contract highs all the way through the complex, and the April contract set a new all-time record high for Live Cattle futures. The futures market continues to be supported by the boxed beef market that was sharply higher this morning. Choice was quoted $6.48 higher at $414.97, while select was up $6.84 at $392.22. Both are new highs for the year. Last week’s slaughter total was revised higher by 4,000 head to 551,000. This is an improvement from the prior two weeks when kill totals fell below most holiday weeks. The cash market has been quiet up to this point of the week. The futures market is pricing in higher trade this week after three weeks in a row of stagnant price movement. Last Friday’s CFTC report showed the managed money long 124,519 contracts which was down slightly from the previous week. Their record long position is 156,909 contracts from earlier this year.
Feeder Cattle: Feeder Cattle futures have traded over an 11.000/cwt range through the first two days of the week. Sunday, there was a news article released that a human in Maryland had Screwworm. This sent the Feeder Cattle futures limit lower shortly after the open on Monday morning before recovering quickly. Within the first few minutes of trade, Feeder Cattle futures had over a 6.000/cwt range and finished the day only slightly lower. The CME Feeder Cattle index was $7.74 higher on Monday and was followed by another $1.25 gain today, moving the index to $359.17 through Monday’s sales. This weekends news of Screwworm in the U.S. will certainty keep the Mexican border closed and make any future plans of its opening more stringent. If the southern border remains closed for the remainder of the year, the U.S. will have a million less Feeder Cattle imported from Mexico during 2025.
Lean Hogs: Lean Hog futures posted strong gains today with the nearby months leading the move higher. Both the October and December contracts finished above the 50-day MA with October now trading at 93.425 and December trading at 85.925. Cold storage data that was released last Friday showed total pork stocks at 405 million pounds, which is down 11% from the same time last year. The pork belly stocks are down 25% from a year ago at just 32 million pounds. Last week’s slaughter data showed year-to-date slaughter at about two million less pigs year-to-date than last year at this time. With the cold storage stock and harvest numbers coming in light, the pork cutout has been supported in the $112 to $115 range.
Corn: Corn futures have not been able to hold the gains that started the week. Sunday night the markets opened higher as ProFarmer had released their yield and production numbers later in the day on Friday. Futures slowly lost those gains through the day on Monday and continued to trade lower on Tuesday. Export inspections were released yesterday and showed another solid week of shipments. Mexico and Japan were the leading destinations. Crop progress that was released yesterday showed corn at 71% good to excellent which was unchanged from the prior week.
Closing Prices
Market
Month
Last
Change
Corn
Dec
409.50
2.75
CHI Wheat
Dec
531.75
2.00
KC Wheat
Dec
517.75
3.00
Soybeans
Nov
1049.50
1.75
Soy Oil
Oct
52.76
1.55
Soy Meal
Oct
290.50
1.50
Live Cattle
Oct
238.200
1.375
Feeder Cattle
Sept
365.050
3.150
Lean Hogs
Oct
93.425
2.025
Crude Oil
Oct
63.32
1.48
Ch Cutout
414.97
6.48
Sel Cutout
392.22
6.84
Feeder Index
359.17
1.25
Pork Cutout
114.17
1.21
Dollar Index
98.206
0.2240
DOW
45,372
89
National Corn Basis
-18.56
0.05
National Bean Basis
-46.73
0.01
Dates to Remember
August 28- August Feeder Cattle Expiration
August 30- August Live Cattle Expiration
September 12- WASDE Report
Hog Fundamentals
Current
One Week Ago
Change
One Year Ago
Change
Lead Month Future
93.425
90.150
3.275
80.400
13.025
National Cash
105.67
107.70
2.03
80.17
25.50
Index
107.27
109.53
2.26
87.82
19.45
Cutout
114.17
116.36
2.19
94.98
19.19
IA/SMN Cash
105.26
107.58
2.32
79.93
25.33
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
245.13
183.87
South Cash
239.57
182.67
North Steer Basis
7.00
3.71
Choice Boxes
414.97
408.20
6.77
315.90
99.07
Select Boxes
392.22
379.78
12.44
300.19
92.03
Spread
22.75
28.42
5.67
15.71
7.04
Carcass Weights
866
867
1
849
17
Slaughter
551,000
536,000
15,000
608,984
57,984
FC Index
359.17
344.98
14.19
242.83
116.34
Cash Cattle Markets
Region
This Week
Last Week
Last Year
TX/OK/NM
$235.92
$182.98
KS
$239.57
$182.67
NE
$245.13
$183.87
IA/MN
$245.02
$184.17
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
388,691
420
Feeder Cattle
33,156
381
-17,666
77
91,115
35
Lean Hogs
105,768
4,964
-161,682
4,997
337,479
2,405
Corn
-144,650
31,464
-57,745
25,041
1,479,159
29,200
Soybeans
3
35,273
-114,151
28,135
859,565
17,277
Live Cattle Markets
October Live Cattle posted a new contract high today. Resistance is at the contract high of 238.525 followed by 240.000. Support is at 233.525 followed by the 20-day MA 230.125.
Feeder Cattle Markets
September Feeder Cattle posted a new all-time high today. Resistance is at that high of 365.675 and then 370.000. Support is at 362.475 and then 354.525.
Lean Hogs Markets
October Lean Hogs broke through topside resistance today. Resistance is at 94.400. Support is at the 50-day MA of 91.750 followed by the 20-day MA of 90.775.
Corn Markets
December Corn failed to continue higher after setting new highs for the month. Resistance is at 416 1/2 and then the 50-day MA of 417. Support is at the 20-day MA of 406.
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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8/26/2025 Market Commentary
Live Cattle: Live Cattle futures posted new contract highs all the way through the complex, and the April contract set a new all-time record high for Live Cattle futures. The futures market continues to be supported by the boxed beef market that was sharply higher this morning. Choice was quoted $6.48 higher at $414.97, while select was up $6.84 at $392.22. Both are new highs for the year. Last week’s slaughter total was revised higher by 4,000 head to 551,000. This is an improvement from the prior two weeks when kill totals fell below most holiday weeks. The cash market has been quiet up to this point of the week. The futures market is pricing in higher trade this week after three weeks in a row of stagnant price movement. Last Friday’s CFTC report showed the managed money long 124,519 contracts which was down slightly from the previous week. Their record long position is 156,909 contracts from earlier this year.
Feeder Cattle: Feeder Cattle futures have traded over an 11.000/cwt range through the first two days of the week. Sunday, there was a news article released that a human in Maryland had Screwworm. This sent the Feeder Cattle futures limit lower shortly after the open on Monday morning before recovering quickly. Within the first few minutes of trade, Feeder Cattle futures had over a 6.000/cwt range and finished the day only slightly lower. The CME Feeder Cattle index was $7.74 higher on Monday and was followed by another $1.25 gain today, moving the index to $359.17 through Monday’s sales. This weekends news of Screwworm in the U.S. will certainty keep the Mexican border closed and make any future plans of its opening more stringent. If the southern border remains closed for the remainder of the year, the U.S. will have a million less Feeder Cattle imported from Mexico during 2025.
Lean Hogs: Lean Hog futures posted strong gains today with the nearby months leading the move higher. Both the October and December contracts finished above the 50-day MA with October now trading at 93.425 and December trading at 85.925. Cold storage data that was released last Friday showed total pork stocks at 405 million pounds, which is down 11% from the same time last year. The pork belly stocks are down 25% from a year ago at just 32 million pounds. Last week’s slaughter data showed year-to-date slaughter at about two million less pigs year-to-date than last year at this time. With the cold storage stock and harvest numbers coming in light, the pork cutout has been supported in the $112 to $115 range.
Corn: Corn futures have not been able to hold the gains that started the week. Sunday night the markets opened higher as ProFarmer had released their yield and production numbers later in the day on Friday. Futures slowly lost those gains through the day on Monday and continued to trade lower on Tuesday. Export inspections were released yesterday and showed another solid week of shipments. Mexico and Japan were the leading destinations. Crop progress that was released yesterday showed corn at 71% good to excellent which was unchanged from the prior week.
Closing Prices
Dates to Remember
August 28- August Feeder Cattle Expiration
August 30- August Live Cattle Expiration
September 12- WASDE Report
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 today. Resistance is at the contract high of 238.525 followed by 240.000. Support is at 233.525 followed by the 20-day MA 230.125.
Feeder Cattle Markets
September Feeder Cattle posted a new all-time high today. Resistance is at that high of 365.675 and then 370.000. Support is at 362.475 and then 354.525.
Lean Hogs Markets
October Lean Hogs broke through topside resistance today. Resistance is at 94.400. Support is at the 50-day MA of 91.750 followed by the 20-day MA of 90.775.
Corn Markets
December Corn failed to continue higher after setting new highs for the month. Resistance is at 416 1/2 and then the 50-day MA of 417. Support is at the 20-day MA of 406.