Hogs
Price action: April lean hog futures rose 30 cents to $95.45, near mid-range.
Fundamental analysis: Lean hog futures today saw the bulls step in to mildly buy Wednesday’s dip as the bulls have regained their footing late this week.
The latest CME lean hog index is up 79 cents at $85.22. Friday’s projected cash index price is up another 26 cents at $85.48. The national direct five-day rolling average cash hog price quote from Wednesday afternoon is $60.81. The noon report today showed pork cutout value up $3.68 at $98.73, led by a gain of $27 in bellies. Movement at midday was 151.59 loads.
Today’s weekly USDA export sales report for the week ending Jan. 22 showed U.S. pork sales of 56,000 MT for 2026 were primarily for Mexico (28,300 MT, including decreases of 9,700 MT), China (15,900 MT, including decreases of 100 MT) and Japan (3,800 MT, including decreases of 1,300 MT). Exports of 35,900 MT were primarily to Mexico (17,400 MT), Japan (4,100 MT), South Korea (3,800 MT) and China (2,600 MT).
Technical analysis: April lean hog futures bulls have the firm overall near-term technical advantage. Prices are trending higher on the daily bar chart. The next upside price objective for the hog bulls is to close April futures prices above solid chart resistance at $100.00. The next downside price objective for the bears is closing prices below solid technical support at $92.50. First resistance is seen at Wednesday’s high of $96.325 and then at the contract high of $97.55. First support is seen at this week’s low of $94.90 and then at $94.00.
What to do: Get current with feed coverage.
Hedgers: You have 50% of Q2 production hedged with all remaining risk in the cash market.
Feed needs: You should have all your soymeal needs covered through March in the cash market. You should also have corn-for-feed needs purchased through March. Be prepared to make additional purchases.
Cattle
Price action: April live cattle fell $1.45 to $237.275, near the session low and hit a three-month high early on. March feeder cattle lost 72 1/2 cents to $365.125, near the daily low and hit a three-month high early on.
Fundamental analysis: The live and feeder cattle futures markets saw some mild technical buying from the chart-based speculators early on today. However, in late trading more profit-taking pressure set in, pushing prices lower.
USDA today reported very light cash cattle trading activity so far this week, averaging $234.20. USDA Monday reported average cash cattle trading last week at $234.70, up $2.20 from the week prior. The noon report today showed wholesale boxed beef cutout values weaker. Choice-grade was down 21 cents at $369.53, while Select-grade lost $3.19 to $360.38. Movement at midday was 67 loads. The Choice-Select spread at midday today was plus $9.15.
Today’s weekly USDA export sales report for the week ending Jan. 22 showed U.S. beef sales of 16,900 MT for 2026 were primarily for South Korea (7,600 MT, including decreases of 300 MT), Japan (4,900 MT, including decreases of 300 MT) and Hong Kong (1,800 MT, including decreases of 100 MT). Exports of 12,600 MT were primarily to South Korea (3,800 MT), Japan (3,600 MT), Taiwan (1,500 MT) and Mexico (1,300 MT).
Traders are awaiting Friday afternoon’s semi-annual USDA cattle inventory report.
Technical analysis: The live and feeder cattle futures bulls have the overall near-term technical advantage but price uptrends have at least temporarily stalled out. The next upside price objective for the live cattle bulls is to close April futures above resistance at $242.50. The next downside technical objective for the bears is closing prices below solid technical support at the January low of $231.275. First resistance is seen at today’s high of $239.725 and then at $241.00. First support is seen at this week’s low of $235.60 and then at last week’s low of $232.65.
The next upside price objective for the feeder bulls is to close March futures prices above technical resistance at $375.00. The next downside price objective for the bears is to close prices below solid technical support at $352.50. First resistance is seen at today’s high of $367.975 and then at $369.00. First support is seen at $363.00 and then at this week’s low of $359.30.
What to do: Cover corn-for-feed needs through March in the cash market. Be prepared to make additional purchases.
Hedgers: Carry all production risk in the cash market for now.
Feed needs: For soymeal, you have full coverage in cash through March. You have corn-for-feed needs covered through March as well. Be prepared to make additional purchases if value prices continue.