Hogs
Price action: December lean hog futures fell $0.50 to $68.60, near mid-range.
Fundamental analysis: The lean hog futures market saw more technical selling pressure today as the bears have tightened their grip late this week. Cash hog market and CME cash index prices continue to trend down, further strengthening the lean hog futures bears’ case. The latest CME lean hog index is down $0.31 at $78.91. Friday’s projected CME index price is down $0.50 at $78.41. The national direct five-day rolling average cash hog price quote for today is $75.32. The USDA noon pork report today showed cutout value was down $0.14 at $81.57, led by losses in loins and bellies. Movement at midday was 168.90 loads.
USDA this morning reported weekly U.S. pork export sales totaled 26,900 MT for 2026, down 24% from the previous week and 16% from the four-week average.
Technical analysis: December lean hog futures see the technical posture as overall bearish. Prices are in a downtrend on the daily bar chart and are back near the recent contract low. The next upside price objective for the hog bulls is to close December futures prices above solid chart resistance at $72.00. The next downside price objective for the bears is closing prices below solid technical support at the contract low of $67.95. First resistance is seen at Wednesday’s high of $70.125 and then at this week’s high of $71.20. First support is seen at $67.95 and then at $67.00.
What to do: Get current with feed coverage.
Hedgers: You currently have all risk in the cash market.
Feed needs: You are now hand to mouth for corn-for-feed and soymeal for feed needs. Be prepared to make purchases if value prices arise from fall harvest pressure.
Cattle
Price action: December live cattle fell $0.225 to $223.55, nearer the daily high. November feeder cattle lost $0.925 to $334.875, near mid-range.
Fundamental analysis: The live and feeder cattle futures markets saw modest corrective price pullbacks and some mild profit taking from the shorter-term specs today, following recent gains.
USDA today reported very light cash cattle trading late this week, at $218.00. The agency Monday said the average cash cattle trading price last week came in at $219.80, down 87 cents from the week prior average of $220.67. The noon report today showed declines in boxed beef prices, with Choice grade down $0.75 at $374.87 and Select grade down $2.12 at $352.09. Movement at midday was 67 loads. The Choice-Select spread is presently plus $22.78.
USDA this morning reported net U.S. beef export sales of 13,000 MT for 2026, down 11% from the previous week but up 11% from the four-week average.
Technical analysis: December live cattle and November feeders are seeing prices trending up on their daily charts. The next upside price objective for the live cattle bulls is to close December futures above resistance at the August high of $229.425. The next downside technical objective for the bears is closing prices below solid technical support at $214.625. First resistance is seen at the September high of $225.50 and then at $227.00. First support is seen at $220.00 and then at last week’s low of $218.75.
The next upside price objective for the feeder bulls is to close November futures prices above technical resistance at $345.00. The next downside price objective for the bears is to close prices below solid technical support at $320.00. First resistance is seen at today’s high of $337.05 and then at this week’s high of $339.00. First support is seen at Tuesday’s low of $329.85 and then at this week’s low of $327.825.
What to do: You are now hand to mouth on all corn-for-feed and soymeal needs. Be prepared to make additional purchases if value levels present themselves.
Hedgers: Carry all production risk in the cash market for now.
Feed needs: You are now hand to mouth for corn-for-feed and soymeal for feed needs. Be prepared to make purchases if value prices arise from fall harvest pressure.