Hogs
Price action: June lean hog futures fell $0.525 to $104.125, nearer the session low and hit a two-week low.
Fundamental analysis: The lean hog futures market saw some follow-through technical selling today after strong losses posted Wednesday that deflated the bulls.
USDA reported net pork sales totaled 31,300 MT for 2026 during the week ended April 2. Net sales were down 41% from the previous week and 14% from the four-week average.
The latest CME lean hog index is up 24 cents at $90.30. Friday’s projected cash index price is down a penny at $90.29. The national direct five-day rolling average cash hog price quote today is $68.26. The noon report today showed pork cutout value up $1.13 at $98.04, led by gains in butts. Movement at midday was decent at 167.09 loads.
Technical analysis: April lean hog futures bulls and bears are on a level overall near-term technical playing field but the bulls have quickly lost momentum. The next upside price objective for the hog bulls is to close June futures prices above solid chart resistance at $110.00. The next downside price objective for the bears is closing prices below solid technical support at the March low of $102.95. First resistance is seen at $106.50 and then at this week’s high of $107.85. First support is seen at today’s low of $103.65 and then at $102.95.
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 $1.275 to $247.20, near the daily high. May feeder cattle gained $2.425 to $370.425, near the daily high.
Fundamental analysis: The cattle futures markets today saw more technical buying after nearby live cattle futures prices earlier this week hit a record high. Better risk appetite in the general marketplace late this week also favors the cattle market bulls.
USDA reported U.S. beef export sales totaled 17,400 MT for 2026 during the week ended April 2. Net sales rose 47% from the previous week and were up 36% from the four-week average.
USDA at midday today reported very light cash cattle trading this week, with steers averaging $245.89 and heifers $246.00. The agency on Monday reported cash cattle trading last week averaged $244.96. The noon report today showed wholesale boxed beef cutout values firmer. Choice-grade was up $2.71 at $382.37, while Select-grade was up $0.60 at $382.87. Movement at midday was good at 85 loads. The Choice-Select spread at midday today was plus $0.85. Recent wholesale beef price weakness and firmer cash trade continues to pressure packer margins, which are now deep in the red.
Technical analysis: Cattle futures markets bulls are enjoying solid price uptrends on the daily bar charts. The next upside price objective for the live cattle bulls is to close June futures above resistance at $250.00. The next downside technical objective for the bears is closing prices below solid technical support at $239.00. First resistance is seen at the contract high of $248.45 and then at $250.00. First support is seen at $244.00 and then at $242.00.
The next upside price objective for the feeder bulls is to close May futures prices above technical resistance at the contract high of $376.625. The next downside price objective for the bears is to close prices below solid technical support at $355.00. First resistance is seen at Wednesday’s high of $370.55 and then at this week’s high of $372.625. First support is seen at this week’s low of $365.525 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.