Advice Alert: Livestock producers: Extend feed coverage... We advise livestock producers to cover through April for corn and soymeal needs in the cash market. Corn futures continue to trend higher on the daily bar chart and production concerns for 2026 amid a lack of fertilizer supplies could continue to boost prices. Soymeal prices look to work higher as both domestic and export demand remain robust. You now have full coverage in cash for both through April.
Hogs
Price action: April lean hog futures fell $0.075 to $90.825, near mid-range and closed at a nine-week low close.
Fundamental analysis: The lean hog futures market paused today. Bulls remain timid amid a price downtrend in place on the daily chart. The rally in the cash hog market has stalled out and prices are starting to dip. The latest CME lean hog index is down 6 cents at $91.65. Friday’s projected cash index price is down another 18 cents at $91.46. The national direct five-day rolling average cash hog price quote today is $69.44. The noon report today showed pork cutout value up $0.20 at $96.60, led by gains in bellies. Movement at midday was 151.30 loads.
USDA this morning reported U.S. pork export sales totaled 40,300 MT for 2026 during the week ended March 19. That was up 43% from the previous week and 23% from the four-week average.
This afternoon’s quarterly USDA hogs and pigs report is expected to show the total U.S. hog herd as of March 1 at 100.9% of the level seen one year earlier. Kept for breeding is seen at 99.8% of one year ago and kept for market at 101% of a year ago. The December-February pig crop is seen at 102% of the same period one year ago. March-May farrowing intentions are seen at 101.3% of the same period one year ago.
Technical analysis: April lean hog futures bears have the near-term technical advantage. Prices are in a three-week-old downtrend 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 $94.00. The next downside price objective for the bears is closing prices below solid technical support at $90.00. First resistance is seen at $92.00 and then at $93.00. First support is seen at $90.00 and then at $89.00.
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 April in the cash market. You should also have corn-for-feed needs purchased through April. Be prepared to make additional purchases.
Cattle
Price action: April live cattle rose $0.675 to $235.10, near the daily high. May feeder cattle gained $1.70 to $351.75, near the session high and closed at a three-week high close.
Fundamental analysis: The cattle futures markets paused most of today’s session, but then the chart-based bulls stepped up late to push prices higher. Fledgling price uptrends remain in place on the daily bar charts. Buying interest was limited most of today amid keener trader/investor risk aversion in the general marketplace. A late-week drop in Choice-grade boxed beef prices also somewhat limited the upside in cattle futures today.
USDA at midday today reported very light cash cattle trading so far this week, with steers averaging $234.76 and heifers averaging $234.00. The agency reported cash trading last week averaged $235.08. The noon report today showed wholesale boxed beef cutout values down again, with Choice grade below Select. Choice-grade was down $1.06 at $390.63, while Select-grade was down $2.16 at $393.33. Movement at midday was 58 loads. The Choice-Select spread at midday today was minus $2.70. Beef packer margins are still in the black late this week.
USDA this morning reported U.S. beef export sales totaled 10,700 MT for 2026 during the week ended March 19, which were up noticeably from the previous week and down 19% from the four-week average.
Technical analysis: Cattle futures markets bulls are enjoying price uptrends on the daily bar charts. The next upside price objective for the live cattle bulls is to close April futures above resistance at $239.95. The next downside technical objective for the bears is closing prices below solid technical support at the March low of $227.325. First resistance is seen at this week’s high of $236.30 and then at $238.00. First support is seen at $232.00 and then at $230.00.
The next upside price objective for the feeder bulls is to close May futures prices above technical resistance at $360.00. The next downside price objective for the bears is to close prices below solid technical support at the March low of $336.45. First resistance is seen at this week’s high of $353.275 and then at $355.00. First support is seen at $347.50 and then at this week’s low of $345.425.
What to do: Cover corn-for-feed needs through April 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 April. You have corn-for-feed needs covered through April as well. Be prepared to make additional purchases if value prices continue.