Hogs
Price action: December lean hog futures fell $0.175 to $65.55, nearer the daily high and hit another contract low early on.
Fundamental analysis: The lean hog futures market saw two sided trade today after notching yet another contract low early on. Bulls remain leery as near-term technicals remain firmly bearish. A price downtrend remains in place on the daily bar chart. Cash hog market and CME cash index prices are also trending down.
The latest CME lean hog index is down $0.20 to $72.82. Friday’s projected CME index price is down $0.67 at $72.15. The national direct five-day rolling average cash hog price quote for today is $67.52. The USDA noon pork report today showed cutout value was up $1.85 at $76.35, led by gains in bellies. Movement at midday was decent at 192.33 loads.
USDA this morning reported weekly U.S. pork export sales of 37,500 MT for 2026 during the week ended Oct. 15, up 3% from the previous week and up 12% from the four-week average.
Technical analysis: December lean hog futures see the technical posture as overall bearish amid a price downtrend in place on the daily chart. The next upside price objective for the hog bulls is to close December futures prices above solid chart resistance at $70.00. The next downside price objective for the bears is closing prices below solid technical support at $62.50. First resistance is seen at this week’s high of $67.70 and then at last week’s high of $69.00. First support is seen at today’s contract low of $65.05 and then at $64.00.
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 needs covered through the end of December, and are hand to mouth for soymeal for feed needs. Be prepared to make purchases if value prices arise from fall harvest pressure.
Cattle
Price action: December live cattle closed steady at $231.125, near the daily high. November feeder cattle lost $1.90 to $346.925, near mid-range.
Fundamental analysis: The live and feeder cattle futures markets saw some routine profit taking and chart consolidation today, following recent gains.
USDA this morning reported still no cash cattle trading has been reported so far this week. The agency on Monday reported cash cattle trading last week averaged $224.19, up $4.05 from the week-prior average. The noon report today showed lower boxed beef prices, with Choice grade down $2.00 at $370.59 and Select grade down $0.65 at $354.69. Movement at midday was 65 loads. The Choice-Select spread is presently plus $15.90.
USDA this morning reported U.S. weekly beef export sales totaled 18,500 MT for 2026 during the week ended Oct. 15, down 7% from the previous week but up 30% from the four-week average.
Cattle futures traders are looking ahead to Friday afternoon’s USDA monthly cattle-on-feed and cold storage reports. The COF report’s release may push most of the cash cattle trade this week into Friday afternoon.
World Weather Inc. today said large temperature swings between Friday and Saturday may cause some livestock stress in Montana and the western Dakotas.
Technical analysis: December live cattle and November feeders bulls have the firm near-term technical advantage and 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 $240.00. The next downside technical objective for the bears is closing prices below solid technical support at $225.00. First resistance is seen at this week’s high of $232.45 and then at $234.00. First support is seen at today’s low of $229.40 and then at this week’s low of $227.225.
The next upside price objective for the feeder bulls is to close November 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 $335.00. First resistance is seen at today’s high of $348.575 and then at this week’s high of $350.75. First support is seen at $345.00 and then at Tuesday’s low of $342.575.
What to do: You are covered through the end of December for corn-for-feed, and are hand to mouth for soymeal for feed needs. Be prepared to make purchases if value prices arise from fall harvest pressure.
Hedgers: Carry all production risk in the cash market for now.
Feed needs: You are covered through the end of December for corn-for-feed, and are hand to mouth for soymeal for feed needs. Be prepared to make purchases if value prices arise from fall harvest pressure.