Hogs
Price action: June lean hog futures fell $1.35 to $99.525, near the daily low.
Fundamental analysis: The lean hog futures market saw a downside correction today following good gains posted on Wednesday. Bulls today did not get the follow-through buying that would have begun to suggest a near-term market bottom is in place. The near-term technical posture for June hogs is still bearish as prices are still in a downtrend on the daily bar chart.
The latest CME lean hog index is up 26 cents at $90.74. Friday’s projected cash index price is down 26 cents at $90.48. The national direct five-day rolling average cash hog price quote today is $95.04. The noon report today showed pork cutout value up $0.77 at $96.80, led by gains in loins and ribs. Movement at midday was 167.16 loads.
Net U.S. pork export sales totaled 21,000 MT for 2026 during the week ended May 7, down 32% from the previous week and down 36% from the four-week average.
Technical analysis: June lean hog futures bears have the overall near-term technical advantage. Prices are in a 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 $104.45. The next downside price objective for the bears is closing prices below solid technical support at this week’s low of $98.35. First resistance is seen at today’s high of $100.65 and then at $102.00. First support is seen at this week’s low of $98.35 and then at $97.00.
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 and corn-for-feed needs covered in the cash market through May. Be prepared to make additional purchases.
Cattle
Price action: June live cattle fell $0.725 to $252.075, near the daily low. August feeder cattle fell $2.925 to $358.00, near the daily low.
Fundamental analysis: The cattle futures markets saw corrective pullbacks today, following Wednesday’s good gains. Solidly higher cash cattle prices fetched in active trading late this week limited selling interest in futures. USDA at midday today reported active cash trading activity, with steers fetching an average price of $262.30 and heifers $261.78. Last week’s average cash cattle trade was $258.52. The noon report today showed wholesale boxed beef cutout values mixed. Choice-grade was down $0.01 at $388.67, while Select-grade rose $0.75 to $389.33. Movement at midday was 59 loads. The Choice-Select spread at midday today was minus $0.66.
Hot temperatures in the southern Plains through this weekend will stress livestock.
USDA reported net beef sales of 7,500 for 2026 during the week ended May 7, down 25% from the previous week and 41% from the four-week average.
Technical analysis: Cattle futures bulls have the overall near-term technical advantage but have faded a bit. A fledgling price downtrend is in place on the daily bar chart. The next upside price objective for the live cattle bulls is to close June futures above resistance at the contract high of $256.625. The next downside technical objective for the bears is closing prices below solid technical support at $240.925. First resistance is seen at this week’s high of $253.00 and then at last week’s high of $254.675. First support is seen at $250.00 and then at this week’s low of $245.475.
The next upside price objective for the feeder bulls is to close August futures prices above technical resistance at the contract high of $379.45. The next downside price objective for the bears is to close prices below solid technical support at $350.00. First resistance is seen at $363.00 and then at this week’s high of $367.50. First support is seen at $356.00 and then at this week’s low of $351.975.
What to do: Cover corn-for-feed and soymeal needs through May 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 and soymeal for feed needs covered in the cash market through May. Be prepared to make additional purchases if value prices continue.