Hogs
Price action: April lean hog futures fell $2.025 to $91.825, nearer the session low and hit a four-week low.
Fundamental analysis: Lean hog futures today saw heavy profit-taking and technical selling pressure from the shorter-term traders. A rare and bearish broadening pattern has formed on the daily chart for April hogs and the technical bears are taking full advantage of it.
The latest CME lean hog index is up 20 cents at $86.52. The national direct five-day rolling average cash hog price quote today is $65.41. The noon report today showed pork cutout value up $2.12 at $95.89, led by gains in ribs and picnics. Movement at midday was 166.32 loads.
USDA today reported weekly U.S. pork export sales of 28,600 MT for 2026, down 18% from the previous week and down 24% from the four-week average.
Technical analysis: April lean hog futures bulls have faded badly. A rare and bearish broadening pattern has formed, to suggest a market top is in place. The next upside price objective for the hog bulls is to close April futures prices above solid chart resistance at $95.00. The next downside price objective for the bears is closing prices below solid technical support at $89.00. First resistance is seen at $93.00 and then at today’s high of $93.65. First support is seen at $91.00 and then at $90.00.
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 March in the cash market. You should also have corn-for-feed needs purchased through March. Be prepared to make additional purchases.
Cattle
Price action: April live cattle fell 32 1/2 cents to $240.65, nearer the daily high. March feeder cattle lost $1.725 to $365.725, near mid-range.
Fundamental analysis: The cattle futures markets saw some corrective selling and profit taking after Wednesday’s gains. More of a risk-off trader/investor sentiment in the general marketplace today also weighed on the cattle futures markets.
USDA today reported very light cash cattle trading so far this week, averaging $243.00. Cash trading last week averaged $241.31. The noon report today showed wholesale boxed beef cutout values weaker. Choice-grade was down 39 cents at $365.53, while Select-grade rose 59 cents to $361.99. Movement at midday was 46 loads. The Choice-Select spread at midday today was plus $3.54.
USDA reported weekly U.S. beef export sales of 15,700 MT for 2026, down 21% from the previous week and down 1% from the four-week average.
Technical analysis: The live and feeder cattle futures bulls have the overall near-term technical advantage amid price uptrends in place on the daily bar charts, and gained fresh strength today. The next upside price objective for the live cattle bulls is to close April futures above resistance at the contract high of $250.925. The next downside technical objective for the bears is closing prices below solid technical support at the January low of $231.275. First resistance is seen at today’s high of $241.40 and then at $242.50. First support is seen at $238.50 and then at this week’s low of $237.00.
What to do: Cover corn-for-feed needs through March 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 March. You have corn-for-feed needs covered through March as well. Be prepared to make additional purchases if value prices continue.