Hogs
Price action: October lean hog futures lost $0.675 to $79.20, near the daily low.
Fundamental analysis: The lean hog futures market saw modest technical selling resume today. The near-term chart posture in hog futures remains bearish amid a weakening cash hog market.
The latest CME lean hog index is down $0.45 at $82.47. Friday’s projected CME index price is down another 27 cents at $82.20. The national direct five-day rolling average cash hog price quote for today is $79.93. The USDA’s noon pork report today showed cutout value was up $0.18 at $87.00, led by gains in loins. Movement at midday was 134.62 loads.
USDA this morning reported net U.S. pork export sales of 35,300 MT for 2026 were up 17% from the previous week and 8% from the four-week average.
Hog trades are awaiting this afternoon’s quarterly hogs and pigs report, which is expected to show a smaller U.S. hog inventory.
Technical analysis: October lean hog futures still see the technical posture as bearish. The next upside price objective for the hog bulls is to close October futures prices above solid chart resistance at $81.475, which is the top of a downside price gap on the daily bar chart.. The next downside price objective for the bears is closing prices below solid technical support at $75.00. First resistance is seen at $80.00 and then at $81.375. First support is seen at last week’s low of $77.975 and then at $77.00.
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 and soymeal needs covered through September in the cash market. Be prepared to make purchases if value prices continue.
Cattle
Price action: October live cattle fell $1.85 to $219.075, near the daily low. November feeder cattle fell $1.425 to $328.075, near the session low.
Fundamental analysis: The live and feeder cattle futures markets saw selling pressure due in part to modestly weaker cash cattle trading so far this week.
USDA at midday today reported light cash trading this week, with steers averaging $221.53 and heifers $220.00. The agency on Monday said cash cattle trading last week averaged $221.87, down 95 cents from $222.82 the week prior. The noon report today showed losses in boxed beef prices, with Choice grade down $2.28 at $375.03 and Select grade off $0.05 at $352.29. Movement at midday was 66 loads. The Choice-Select spread is presently plus $22.74.
A small group of White House officials is exploring whether to cut back President Trump’s decision to increase foreign beef imports, according to a Politico report. “The proposal to reduce the amount of imports is being discussed within the Domestic Policy Council headed by Vince Haley, a longtime Trump speechwriter and former campaign official, and a few other officials at the White House, according to two people with direct knowledge of the conversations.
USDA this morning reported weekly U.S. beef export sales of 9,400 MT for 2026, down 34% from the previous week and 16% from the four-week average.
Technical analysis: Cattle futures prices gapped higher on the daily bar charts Monday to give the bulls some technical momentum. Bullish head-and-shoulders bottom reversal patterns may also be forming on the daily charts for October live cattle and November feeders. The next upside price objective for the live cattle bulls is to close October futures above resistance at the August high of $230.325. The next downside technical objective for the bears is closing prices below solid technical support at $214.00. First resistance is seen at the September high of $222.825 and then at $224.00. First support is seen at this week’s low of $218.025 and then at $216.75.
The next upside price objective for the feeder bulls is to close November futures prices above technical resistance at the September high of $333.325. The next downside price objective for the bears is to close prices below solid technical support at the August low of $304.15. First resistance is seen at $333.325 and then at $335.00. First support is seen at $325.00 and then at this week’s low of $321.90.
What to do: You have corn-for-feed and soymeal needs covered through September in the cash market. Be prepared to make additional purchases.
Hedgers: Carry all production risk in the cash market for now.