Hogs
Price action: June lean hog futures fell $1.475 to $102.275, near the daily low.
Fundamental analysis: The lean hog futures market bulls fizzled today and gave back nearly all of Wednesday’s gains. Bulls need to step up on Friday and show strength in order to keep a fledgling price uptrend alive on the daily bar chart.
The latest CME lean hog index is up 12 cents at $91.31. Friday’s projected cash index price is up 10 cents at $91.41. The national direct five-day rolling average cash hog price quote today is $91.99. The noon report today showed pork cutout value down $0.38 at $96.81, led by losses in loins and butts. Movement at midday was decent at 182.08 loads.
USDA reported net U.S. pork export sales totaled 46,300 MT for 2026 during the week ended April 17, up noticeably from the previous week and 34% from the four-week average.
Technical analysis: June lean hog futures bulls and bears are on a level overall near-term technical playing field. Bulls are working on a fledgling price uptrend 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 $104.45 and then at $105.00. First support is seen at$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 fell $1.25 to $254.00, nearer the daily low. May feeder cattle gained $1.15 to $372.65, near mid-range.
Fundamental analysis: The live cattle futures markets bulls took a pause today after recent solid gains that pushed prices to a record high on Wednesday. Feeders gained today on fresh technical buying. This week’s strong gains in the cash cattle market will limit any selling pressure in futures.
Active cash cattle trading at solidly higher levels late this week saw USDA at midday today report steers averaging $255.01 and heifers $254.73. That’s well above last week’s cash cattle price that averaged $246.18. The noon report today showed wholesale boxed beef cutout values higher. Choice-grade was up $1.69 at $389.74, while Select-grade gained $3.61 at $389.86. Movement at midday was 44 loads. The Choice-Select spread at midday today was minus $0.12.
USDA this morning reported net U.S. beef export sales totaled 13,800 MT for 2026 during the week ended April 17, down 10% from the previous week and 3% from the four-week average.
Technical analysis: Cattle futures markets bulls have the strong near-term technical advantages. The next upside price objective for the live cattle bulls is to close June futures above resistance at $260.00. The next downside technical objective for the bears is closing prices below solid technical support at $245.00. First resistance is seen at the contract high of $255.975 and then at $257.50. First support is seen at $252.00 and then at $250.00.
The next upside price objective for the feeder bulls is to close May futures prices above technical resistance at the contract high of $377.575. The next downside price objective for the bears is to close prices below solid technical support at last week’s low of $354.05. First resistance is seen at this week’s high of $374.825 and then at $377.575. First support is seen at Wednesday’s low of $370.10 and then at $365.75.
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.