Hogs
Price action: August lean hog futures fell $2.25 to $98.425, near the daily low and hit a three-week low.
Fundamental analysis: The lean hog futures market saw more heavy profit-taking pressure today. A price uptrend on the daily bar chart has been soundly negated to suggest a near-term market top is in place. The cash hog market rally may also be stalling out. The latest CME lean hog index is up 10 cents to $98.45. Friday’s projected CME index price is down 1 cent at $98.44. The national direct five-day rolling average cash hog price quote for today is $100.93. The USDA’s noon pork report today showed cutout value was up $0.61 at $102.39, led by gains in bellies. Movement at midday was 124.53 loads.
USDA this morning reported U.S. pork export sales totaled 35,300 MT for 2026, which were up 23 percent from the previous week and 34 percent from the prior 4-week average.
Technical analysis: August lean hog futures saw a price uptrend negated today to suggest a market top is in place. The next upside price objective for the hog bulls is to close August futures prices above solid chart resistance at this week’s high of $103.35. The next downside price objective for the bears is closing prices below solid technical support at $96.00. First resistance is seen at today’s high of $100.55 and then at $102.00. First support is seen at today’s low of $98.25 and then at $97.00.
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 July in the cash market. Be prepared to make purchases if value prices continue.
Cattle
Price action: August live cattle rose $3.325 to $231.225, near the daily high and hit a two-week high. August feeder cattle rose $2.20 to $346.475, nearer the daily high.
Fundamental analysis: The cattle futures markets today saw more corrective buying and perceived bargain hunting. For August live cattle, technical odds are increasing that a near-term market bottom is in place. August feeders still have an existing price downtrend still in place on the daily chart.
USDA at midday today reported very light cash cattle trade taking place so far this week, with steers averaging $229.00 and heifers $228.41. The agency Monday reported cash cattle trading last week averaged $230.48, which is down $7.80 from the week prior. The noon report today showed lower boxed beef prices, with Choice grade down $0.85 at $362.58 and Select grade down $0.54 at $341.87. Movement at midday was 60 loads. The Choice-Select spread is presently plus $20.71.
USDA this morning reported weekly U.S. beef export sales totaled 15,100 MT for 2026, which were up 61 percent from the previous week and 39 percent from the prior 4-week average.
Technical analysis: Live cattle futures have seen a price downtrend on the daily bar chart negated. Feeders are still in a downtrend. The next upside price objective for the live cattle bulls is to close August futures above resistance at $235.00. The next downside technical objective for the bears is closing prices below solid technical support at the July low of $221.70. First resistance is seen at $232.00 and then at $233.00. First support is seen at Wednesday’s low of $227.325 and then at $225.00.
The next upside price objective for the feeder bulls is to close August futures prices above technical resistance at $353.475. 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 $348.55 and then at $350.00. First support is seen at today’s low of $341.25 and then at this week’s low of $337.00.
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.