Hogs
Price action: June lean hog futures fell $0.275 to $101.675, near mid-range and hit another more-than-three-month low.
Fundamental analysis: The lean hog futures market saw a pause today as technical selling pressure let up, at least today.
The latest CME lean hog index is up 27 cents at $90.60.Friday’s projected cash index price is up another 6 cents at $90.66. The national direct five-day rolling average cash hog price quote today is $69.80. The noon report today showed pork cutout value up $1.90 at $97.04, led by gains in ribs and bellies. Movement at midday was good at 190.56 loads.
USDA reported U.S. pork export sales of 37,300 MT for 2026. Net sales were up 19% from the previous week but down 3% from the four-week average.
Technical analysis: June lean hog futures bears 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 Wednesday’s high of $102.65 and then at this week’s high of $103.80. First support is seen at today’s low of $101.175 and then at $100.00.
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 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 $3.45 to $247.625, nearer the daily low. May feeder cattle fell $3.85 to $367.10, nearer the daily low.
Fundamental analysis: The cattle futures markets saw heavy, follow-through profit-taking selling pressure today amid reports of weaker cash cattle trading taking place. Bulls are not in trouble, but more selling pressure on Friday that would produce technically bearish weekly low closes would be one clue that near-term market tops are in place.
USDA at midday today reported light cash cattle trading so far this week, with steers averaging $245.89 and heifers $246.00. Last week’s average cash trade was $248.38. The noon report today showed wholesale boxed beef cutout values slightly up. Choice-grade was up $0.56 at $382.54, while Select-grade was up $0.46 at $379.04. Movement at midday was 52 loads. The Choice-Select spread at midday today was plus $3.50.
USDA reported net U.S. beef export sales of 12,100 MT for 2026, down 31% from the previous week but up 12% from the four-week average.
Technical analysis: Cattle futures markets bulls still have price uptrends in place on the daily bar charts. There are not yet any early chart clues to suggest market tops are close at hand, but that could change if selling pressure continues. The next upside price objective for the live cattle bulls is to close June futures above resistance at $255.00. The next downside technical objective for the bears is closing prices below solid technical support at $244.00. First resistance is seen at $250.00 and then at the contract high of $252.00. First support is seen at $245.00 and then at $242.50.
The next upside price objective for the feeder bulls is to close May futures prices above technical resistance at the record high of $381.025. The next downside price objective for the bears is to close prices below solid technical support at $360.00. First resistance is seen at $370.00 and then at today’s high of $373.65. First support is seen at $365.00 and then at $362.50.
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.