Hogs
Price action: August lean hog futures rose $0.475 to $95.90, near mid-range.
Fundamental analysis: The lean hog futures market paused today as the technical sellers took a respite. Near-term technicals remain bearish as a price downtrend remains in place on the daily bar chart. The market is still short-term oversold, technically, and due for a decent corrective bounce.
The latest CME lean hog index is up 16 cents at $92.92. Friday’s projected cash index price is down 2 cents at $92.90. The national direct five-day rolling average cash hog price quote today is $96.67. The noon report today showed pork cutout value up $1.05 at $97.01, led by gains in butts and bellies. Movement at midday was 137.43 loads.
USDA today reported U.S. pork export sales of 23,500 MT for 2026 were down 40 percent from the previous week and off 26 percent from the prior 4-week average. Exports of 34,200 MT were up 13 percent from the previous week and up 3 percent from the prior 4-week average.
Technical analysis: August lean hog futures bears have the solid overall near-term technical advantage. Prices are in a steep downtrend on the daily bar chart. The next upside price objective for the hog bulls is to close June 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 the November low of $93.675. First resistance is seen at Tuesday’s high of $96.55 and then at $98.00. First support is seen at $93.675 and then at $92.00.
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 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 $1.175 to $242.675, near the daily high. August feeder cattle gained $5.275 to $359.65, near the session high and hit a three-week high.
Fundamental analysis: The cattle futures markets saw a third straight day of gains amid U.S. cattle supply concerns. The current total of screwworm cases in the U.S. now stands at seven, with five now confirmed in cattle. Secretary Rollins was scheduled to speak in Texas today at an event where sterile fly dispersal will take place.
USDA at midday today reported very light cash cattle trading early this week, averaging $254.15. The agency on Monday reported last week’s average cash cattle trading price was $256.53—down 33 cents from the week prior. The noon report today showed wholesale boxed beef cutout values mixed. Choice-grade was up $1.59 at $394.88, while Select-grade lost $0.41 to $375.30. Movement at midday was 63 loads. The Choice-Select spread at midday today was plus $19.58.
USDA today reported U.S. beef export sales of 19,000 MT for 2026 were up noticeably from the previous week and from the prior 4-week average. Exports of 15,200 MT were up 48 percent from the previous week and up 22 percent from the prior 4-week average.
Technical analysis: Live and feeder cattle futures 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 the contract high of $251.65. The next downside technical objective for the bears is closing prices below solid technical support at last week’s low of $233.975. First resistance is seen at this week’s high of $243.25 and then at the June high of $245.225. First support is seen at Wednesday’s low of $239.275 and then at $237.00.
The next upside price objective for the feeder bulls is to close August futures prices above technical resistance at $366.125. 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 today’s high of $360.65 and then at $364.00. First support is seen at $355.00 and then at today’s low of $352.775.
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.