Hogs
Price action: April lean hog futures fell 47 1/2 cents to $95.725, nearer the daily low and hit a two-week high early on.
Fundamental analysis: Lean hog futures today saw some profit-taking pressure from the shorter-term traders. Buying interest was also limited due to the big sell offs in the cattle futures markets.
The latest CME lean hog index is up 36 cents at $88.71. The national direct five-day rolling average cash hog price quote today is $67.13. The noon report today showed pork cutout value down 32 cents at $97.30, led by losses in ribs. Movement at midday was 169.03 loads.
USDA reported weekly U.S. pork export sales totaled 42,600 MT during the week ended Feb. 19. Net sales were up 56% from the previous week and 16% from the four-week average.
Technical analysis: April lean hog futures bulls have the near-term technical advantage as they have started a new price uptrend on the daily chart. The next upside price objective for the hog bulls is to close April futures prices above solid chart resistance at the contract high of $99.80. The next downside price objective for the bears is closing prices below solid technical support at the February low of $91.125. First resistance is seen at today’s high of $96.65 and then at $97.50. First support is seen at $95.00 and then at $94.00.
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 lost $3.375 to $236.90, nearer the daily low and hit a three-week low. March feeder cattle fell $4.65 to $361.65, nearer the session low and hit a four-week low.
Fundamental analysis: The cattle futures markets today saw heavy profit-taking pressure and weak long liquidation that produced near-term technical damage by negating near-term price uptrends. A risk-off trading day in the general marketplace today also kept the cattle market bulls on the sidelines.
USDA at midday today reported very light cash cattle so far this week at $245.00. The agency on Monday reported cash cattle trading last week averaged $246.91. Packer margins that are deep in the red are keeping cash cattle bids weaker this week.
The noon report today showed wholesale boxed beef cutout values mixed. Choice-grade was down 24 cents at $378.99, while Select-grade rose $3.79 to $370.86. Movement at midday was 49 loads. The Choice-Select spread at midday today narrowed to plus $8.13.
USDA reported weekly U.S. beef export sales totaled 12,900 during the week ended Feb. 19 for 2026. Net sales were down 12% from the previous week and 23% from the four-week average.
Technical analysis: The live and feeder cattle futures today saw price uptrends on the daily bar charts negated to produce technical damage. The next upside price objective for the live cattle bulls is to close April futures above resistance at the February high of $244.575. 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 $240.025 and then at this week’s high of $242.625. First support is seen at today’s low of $235.55 and then at $234.55.
The next upside price objective for the feeder bulls is to close March futures prices above technical resistance $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 $366.625 and then at this week’s high of $369.35. First support is seen at today’s low of $357.75 and then at $354.55.
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.