Hogs
Price action: June lean hog futures rose $0.825 to $103.45, near the session high.
Fundamental analysis: The lean hog futures market saw short covering and perceived bargain hunting featured today.
The latest CME lean hog index is up 54 cents at $91.05. Friday’s projected cash index price is up another 38 cents at $91.43. The national direct five-day rolling average cash hog price quote today is $70.75. The noon report today showed pork cutout value down $0.44 at $98.11, led by losses in ribs and hams. Movement at midday was decent at 175.57 loads.
USDA reported weekly U.S. pork export sales totaled 16,100 MT for 2026 during the week ended April 16. That was a marketing year low. Net sales were down 57% from the previous week and 60% from the four-week average.
Technical analysis: June lean hog futures bears still have the overall near-term technical advantage. Prices are trending down 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 the April high of $107.85. The next downside price objective for the bears is closing prices below solid technical support at $100.00. First resistance is seen at this week’s high of $103.775 and then at $105.00. First support is seen at today’s low of $102.00 and then at this week’s low of $101.10.
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 April in the cash market. You should also have corn-for-feed needs purchased through April. Be prepared to make additional purchases.
Cattle
Price action: June live cattle rose $0.425 to $243.50, nearer the session high and hit a three-week low early on. May feeder cattle gained $0.45 to $358.875, nearer the daily high and hit a three-week low early on.
Fundamental analysis: The cattle futures markets today saw modest corrective rebounds from selling pressure and lower closes the last five sessions in a row for live cattle and six in a row for feeders. Those recent losses that have produced significant near-term chart damage to suggest market tops are in place.
USDA at midday today reported active cash cattle trading taking place at lower money so far this week, with steers averaging $246.02 and heifers $246.00. Last week’s average cash cattle trade was $248.02. The noon report today showed wholesale boxed beef cutout values mixed. Choice-grade was up $0.78 at $384.97, while Select-grade was down $1.65 at $381.68. Movement at midday was 48 loads. The Choice-Select spread at midday today was plus $3.29.
USDA this morning reported weekly U.S. beef export sales totaled 15,100 MT for 2026 during the week ended April 16. Net sales were up 26% from the previous week and 17% from the four-week average.
Technical analysis: Cattle futures markets have seen price uptrends on the daily bar charts stall out. There are now chart clues to begin to suggest market tops are in place. The next upside price objective for the live cattle bulls is to close June futures above resistance at the contract high of $252.00. The next downside technical objective for the bears is closing prices below solid technical support at $240.00. First resistance is seen at $245.00 and then at $246.80. First support is seen at today’s low of $240.925 and then at $239.00.
The next upside price objective for the feeder bulls is to close May futures prices above technical resistance at $370.00. The next downside price objective for the bears is to close prices below solid technical support at $350.00. First resistance is seen at today’s high of $360.85 and then at Tuesday’s high of $364.20. First support is seen at today’s low of $354.05 and then at $352.00.
What to do: Cover corn-for-feed needs through April 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 April. You have corn-for-feed needs covered through April as well. Be prepared to make additional purchases if value prices continue.