Hogs
Price action: December lean hog futures fell $2.45 to $55.10, nearer the daily low and careened to another contract low.
Fundamental analysis: The lean hog futures market saw heavy selling pressure amid the big downdraft in the cattle futures markets and the keen “risk-off” trading mentality in the general marketplace that saw the U.S. stock indexes post strong losses today. Cash hog prices and the CME cash index continue to trend lower.
The latest CME lean hog index is down $1.06 to $63.93. Friday’s projected CME index price is down $1.07 at $62.86. The national direct five-day rolling average cash hog price quote for today is $48.79. The USDA noon pork report today showed cutout value was up $0.57 at $69.86, led by gains in ribs. Movement at midday was decent at 217.18 loads.
USDA this morning reported weekly U.S. pork export sales totaled 37,300 MT for 2026 during the week ended Oct. 29. Net sales were down 12% from the previous week but up 5% from the four-week average.
Technical analysis: December lean hog futures see the technical posture as firmly bearish amid an accelerating price downtrend in place on the daily chart. However, the market is well short-term oversold, basis the Relative Strength Index. The next upside price objective for the hog bulls is to close December futures prices above solid chart resistance at $58.00. The next downside price objective for the bears is closing prices below solid technical support at $52.00. First resistance is seen at today’s high of $56.825 and then at $57.10. First support is seen at today’s contract low of $54.225 and then at $53.00.
What to do: Get current with feed coverage.
Hedgers: You currently have all risk in the cash market.
Feed needs: You are covered through the end of December for corn-for-feed and covered through November for soymeal for feed needs. Be prepared to make purchases if value prices arise from fall harvest pressure.
Cattle
Price action: December live cattle fell $3.60 to $214.40, nearer the daily low and hit a two-month low. January feeder cattle fell $5.40 to $320.325, nearer the daily low and hit a six-week low.
Fundamental analysis: The cattle futures markets saw heavy selling pressure, much of which was technical selling, but also just as much because of keen risk aversion in the general marketplace amid today’s stock market meltdown.
USDA at midday reported active cash trading so far this week, with steers averaging $217.15 and heifers $217.10. USDA on Monday reported cash cattle trading last week averaged $223.65, which was down $3.41 from the week prior. The noon report today showed lower boxed beef prices, with Choice grade down $0.79 at $361.71 and Select grade down $2.75 at $353.90. Movement at midday was 62 loads. The Choice-Select spread is presently plus $7.81.
USDA this morning reported weekly U.S. beef export sales of 11,000 MT for 2026 during the week ended Oct. 29. Net sales were unchanged from the previous week but down 29% from the four-week average.
Technical analysis: December live cattle and November feeders see price accelerating downtrends in place on the daily charts. The next upside price objective for the live cattle bulls is to close December futures above resistance at this week’s high of $221.775. The next downside technical objective for the bears is closing prices below solid technical support at the August low of $211.30. First resistance is seen at $215.00 and then at today’s high of $217.825. First support is seen at $211.30 and then at $210.00.
The next upside price objective for the feeder bulls is to close January futures prices above technical resistance at this week’s high of $334.675. The next downside price objective for the bears is to close prices below solid technical support at $307.30. First resistance is seen at $320.00 and then at today’s high of $325.00. First support is seen at today’s low of $317.00 and then at $314.00.
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 covered through November for soymeal for feed needs. Be prepared to make purchases if value prices arise from fall harvest pressure.