Hogs
Price action: August lean hog futures rose $0.70 to $102.15, near the daily high.
Fundamental analysis: The lean hog futures market saw renewed chart-based buying interest today, as a price uptrend remains in place on the daily bar chart. Bulls have also been encouraged by rising cash hog prices. The latest CME lean hog index is up 44 cents to $97.08. Friday’s projected CME index price is up another 40 cents at $97.48. The national direct five-day rolling average cash hog price quote for today is $100.67. The USDA’s noon pork report today showed cutout value was up $3.22 at $106.72, led by gains in hams and bellies. Movement at midday was 204.77 loads.
USDA this morning reported net U.S. pork export sales totaled 28,800 MT for 2026, which were up 33% from the previous week and 12% from the four-week average.
Technical analysis: August lean hog futures see a price uptrend firmly in place on the daily bar chart. The next upside price objective for the hog bulls is to close August futures prices above solid chart resistance at $105.00. The next downside price objective for the bears is closing prices below solid technical support at $96.325. First resistance is seen at this week’s high of $102.375 and then at $104.00. First support is seen at today’s low of $100.725 and then at $100.00.
What to do: Get current with feed coverage.
Hedgers: You currently have all risk in the cash market.
Feed needs: You have corn-for-feed and soymeal needs covered through July in the cash market. Be prepared to make purchases if value prices continue.
Cattle
Price action: August live cattle rose $2.20 to $225.40, nearer the daily high and hit a seven-month low early on today. August feeder cattle gained $2.60 to $343.775, near the daily high and hit a six-week low early on.
Fundamental analysis: The cattle futures markets today saw short covering and perceived bargain hunting from the speculators, as the markets had become technically overdone on the downside and were due for corrective rebounds. However, both markets remain in bearish near-term technical postures amid price downtrends still in place on the daily bar charts. Fundamentally, the recent steep drop in the cash cattle market and declining boxed beef cutout values are likely to limit further upside in futures prices. Livestock stress continues high in the Plains states and will stay high because of oppressive heat.
USDA at midday today reported more active cash cattle trading, with steers averaging $230.26 and heifers $230.09. The agency Monday reported average cash cattle trading last week at $238.28. The noon report today showed a rebound in boxed beef prices, with Choice grade up $0.72 at $364.22 and Select grade up $2.16 at $352.73. Movement at midday was 72 loads. The Choice-Select spread is presently plus $11.49.
USDA is scheduled to release a slew of reports on Friday afternoon that will provide an update on the supply picture for both cattle and beef, having ramifications for price action following the peak of grilling season. Click here to read more.
USDA this morning reported weekly U.S. beef export sales totaled 9,400 MT for 2026 during the week ended July 16, which were up 18% from the previous week but down 32% from the previous week.
Technical analysis: Live and feeder cattle futures markets still see price downtrends in place on their daily bar charts. The next upside price objective for the live cattle bulls is to close August futures above resistance at $233.00. The next downside technical objective for the bears is closing prices below solid technical support at $220.00. First resistance is seen at Wednesday’s high of $226.05 and then at this week’s high of $227.75. First support is seen at $223.00 and then at today’s low of $221.70.
The next upside price objective for the feeder bulls is to close August futures prices above technical resistance at $355.00. The next downside price objective for the bears is to close prices below solid technical support at the June low of $335.95. First resistance is seen at Wednesday’s high of $348.075 and then at $350.00. First support is seen at today’s low of $338.00 and then at $335.95.
What to do: You have corn-for-feed and soymeal needs covered through July in the cash market. Be prepared to make additional purchases.
Hedgers: Carry all production risk in the cash market for now.
Feed needs: You have corn-for-feed and soymeal needs covered through July in the cash market. Be prepared to make purchases if value prices continue.