Live Cattle
$246.52/cwt
Front-month LE=F · 2026-06-12
Feeder Cattle
$350.70/cwt
Front-month GF=F · 2026-06-12
Lean Hogs
$94.03/cwt
Front-month HE=F · 2026-06-12
Cattle-Corn Ratio
58.6
Breakeven = 30 (favorable)
Cold Storage
Beef 408M lb
Pork 436M lb · 2026-04-30
Monthly. Placements (blue) = cattle entering feedlots. Marketings (red) = cattle sold for slaughter. Rising placements vs. marketings = supply building. Data: USDA NASS Cattle on Feed, released ~20th of each month.
USDA Cattle on Feed monthly placements and marketings
| Date | Placements (Head) | Marketings (Head) |
|---|
| 2025-01-01 | 1,822,000 | 1,869,000 |
| 2025-02-01 | 1,554,000 | 1,633,000 |
| 2025-03-01 | 1,843,000 | 1,727,000 |
| 2025-04-01 | 1,613,000 | 1,825,000 |
| 2025-05-01 | 1,887,000 | 1,758,000 |
| 2025-06-01 | 1,441,000 | 1,707,000 |
| 2025-07-01 | 1,598,000 | 1,749,000 |
| 2025-08-01 | 1,780,000 | 1,571,000 |
| 2025-09-01 | 2,021,000 | 1,632,000 |
| 2025-10-01 | 2,040,000 | 1,698,000 |
| 2025-11-01 | 1,594,000 | 1,520,000 |
| 2025-12-01 | 1,555,000 | 1,774,000 |
| 2026-01-01 | 1,741,000 | 1,626,000 |
| 2026-02-01 | 1,611,000 | 1,522,000 |
| 2026-03-01 | 1,711,000 | 1,634,000 |
| 2026-04-01 | 1,702,000 | 1,642,000 |
Monthly seasonal overlay. Solid colored = current year; dotted = prior year; grey = historical years. High storage = supply overhang, price headwind. Data: USDA NASS Cold Storage, released ~22nd of each month.
USDA cold storage frozen beef and pork by month and year
| Month | 2021 Beef / Pork (M lb) | 2022 Beef / Pork (M lb) | 2023 Beef / Pork (M lb) | 2024 Beef / Pork (M lb) | 2025 Beef / Pork (M lb) | 2026 Beef / Pork (M lb) |
|---|
| Jan | 519 / 458 | 526 / 434 | 535 / 519 | 465 / 463 | 455 / 407 | 427 / 404 |
| Feb | 513 / 483 | 532 / 478 | 501 / 522 | 438 / 459 | 436 / 423 | 419 / 403 |
| Mar | 483 / 451 | 536 / 486 | 478 / 534 | 424 / 463 | 425 / 409 | 407 / 401 |
| Apr | 449 / 457 | 532 / 533 | 452 / 567 | 426 / 499 | 419 / 456 | 408 / 436 |
| May | 417 / 462 | 526 / 546 | 426 / 532 | 413 / 482 | 408 / 451 | — |
| Jun | 402 / 442 | 517 / 539 | 411 / 487 | 399 / 475 | 400 / 419 | — |
| Jul | 401 / 442 | 512 / 526 | 410 / 471 | 394 / 453 | 398 / 405 | — |
| Aug | 415 / 454 | 514 / 543 | 395 / 469 | 388 / 455 | 387 / 389 | — |
| Sep | 440 / 470 | 526 / 537 | 421 / 462 | 413 / 459 | 403 / 393 | — |
| Oct | 474 / 442 | 510 / 510 | 446 / 438 | 433 / 426 | 415 / 376 | — |
| Nov | 490 / 402 | 523 / 452 | 457 / 416 | 441 / 392 | 426 / 371 | — |
| Dec | 507 / 396 | 544 / 456 | 480 / 427 | 453 / 397 | 435 / 387 | — |
Cow-calf sector signal: measures whether raising and selling feeder animals is profitable relative to feed costs — corn is the primary variable cost at this stage. Cattle-Corn ratio above 30 = favorable cow-calf economics (expansion/retention signal). Hog-Corn ratio above 20 = favorable farrowing economics. Note: this ratio does not include the cost of purchasing feeder animals and therefore does not reflect feedlot profitability — see Feeding Margin Spreads below for that signal.
Weekly livestock futures prices and cattle corn hog corn feed cost ratios
| Date | Live Cattle ($/cwt) | Lean Hogs ($/cwt) | Corn (¢/bu) | Cattle-Corn Ratio | Hog-Corn Ratio |
|---|
| 2024-06-14 | 186.82 | 91.18 | 450.00 | 41.5 | 20.3 |
| 2024-06-21 | 187.60 | 92.05 | 435.00 | 43.1 | 21.2 |
| 2024-06-28 | 193.50 | 89.57 | 397.25 | 48.7 | 22.6 |
| 2024-07-05 | 186.43 | 89.88 | 411.25 | 45.3 | 21.9 |
| 2024-07-12 | 182.38 | 88.70 | 400.00 | 45.6 | 22.2 |
| 2024-07-19 | 183.10 | 91.57 | 390.50 | 46.9 | 23.4 |
| 2024-07-26 | 188.57 | 93.47 | 394.50 | 47.8 | 23.7 |
| 2024-08-02 | 184.10 | 92.20 | 386.50 | 47.6 | 23.9 |
| 2024-08-09 | 184.25 | 89.80 | 376.75 | 48.9 | 23.8 |
| 2024-08-16 | 182.80 | 75.07 | 370.50 | 49.3 | 20.3 |
| 2024-08-23 | 182.57 | 80.55 | 367.75 | 49.6 | 21.9 |
| 2024-08-30 | 185.85 | 82.22 | 378.00 | 49.2 | 21.8 |
| 2024-09-06 | 175.18 | 79.50 | 383.75 | 45.6 | 20.7 |
| 2024-09-13 | 177.65 | 78.45 | 390.75 | 45.5 | 20.1 |
| 2024-09-20 | 182.48 | 82.22 | 401.75 | 45.4 | 20.5 |
| 2024-09-27 | 183.75 | 82.05 | 418.00 | 44.0 | 19.6 |
| 2024-10-04 | 187.00 | 84.03 | 424.75 | 44.0 | 19.8 |
| 2024-10-11 | 188.60 | 84.07 | 415.75 | 45.4 | 20.2 |
| 2024-10-18 | 187.62 | 77.82 | 404.75 | 46.4 | 19.2 |
| 2024-10-25 | 189.70 | 79.68 | 415.25 | 45.7 | 19.2 |
| 2024-11-01 | 185.93 | 84.07 | 414.50 | 44.9 | 20.3 |
| 2024-11-08 | 183.70 | 80.43 | 431.00 | 42.6 | 18.7 |
| 2024-11-15 | 182.95 | 79.50 | 424.00 | 43.1 | 18.8 |
| 2024-11-22 | 186.77 | 81.68 | 425.50 | 43.9 | 19.2 |
| 2024-11-29 | 187.98 | 82.07 | 423.00 | 44.4 | 19.4 |
| 2024-12-06 | 187.38 | 83.30 | 430.75 | 43.5 | 19.3 |
| 2024-12-13 | 193.65 | 83.72 | 430.00 | 45.0 | 19.5 |
| 2024-12-20 | 191.32 | 85.93 | 446.25 | 42.9 | 19.2 |
| 2024-12-27 | 193.50 | 84.15 | 454.00 | 42.6 | 18.5 |
| 2025-01-03 | 194.05 | 80.78 | 450.75 | 43.0 | 17.9 |
| 2025-01-10 | 198.77 | 82.55 | 470.50 | 42.2 | 17.6 |
| 2025-01-17 | 196.75 | 81.12 | 484.25 | 40.6 | 16.8 |
| 2025-01-24 | 204.77 | 82.30 | 486.50 | 42.1 | 16.9 |
| 2025-01-31 | 204.60 | 84.18 | 482.00 | 42.5 | 17.5 |
| 2025-02-07 | 200.77 | 87.25 | 487.50 | 41.2 | 17.9 |
| 2025-02-14 | 197.75 | 89.47 | 496.25 | 39.9 | 18.0 |
| 2025-02-21 | 197.82 | 87.68 | 491.25 | 40.3 | 17.9 |
| 2025-02-28 | 197.73 | 83.68 | 453.50 | 43.6 | 18.4 |
| 2025-03-07 | 200.27 | 87.35 | 455.25 | 44.0 | 19.2 |
| 2025-03-14 | 203.18 | 86.62 | 445.50 | 45.6 | 19.4 |
| 2025-03-21 | 206.95 | 86.12 | 464.25 | 44.6 | 18.6 |
| 2025-03-28 | 208.82 | 86.70 | 453.25 | 46.1 | 19.1 |
| 2025-04-04 | 202.62 | 87.38 | 460.25 | 44.0 | 19.0 |
| 2025-04-11 | 202.48 | 85.43 | 490.25 | 41.3 | 17.4 |
| 2025-04-18 | 209.82 | 90.40 | 482.25 | 43.5 | 18.8 |
| 2025-04-25 | 214.25 | 92.80 | 478.75 | 44.8 | 19.4 |
| 2025-05-02 | 211.10 | 92.95 | 461.25 | 45.8 | 20.1 |
| 2025-05-09 | 214.68 | 90.38 | 441.50 | 48.6 | 20.5 |
| 2025-05-16 | 212.23 | 100.32 | 443.50 | 47.9 | 22.6 |
| 2025-05-23 | 215.80 | 98.30 | 459.50 | 47.0 | 21.4 |
| 2025-05-30 | 215.48 | 101.32 | 444.00 | 48.5 | 22.8 |
| 2025-06-06 | 226.30 | 102.62 | 442.50 | 51.1 | 23.2 |
| 2025-06-13 | 225.10 | 103.70 | 444.50 | 50.6 | 23.3 |
| 2025-06-20 | 223.02 | 112.78 | 428.75 | 52.0 | 26.3 |
| 2025-06-27 | 224.75 | 113.25 | 417.50 | 53.8 | 27.1 |
| 2025-07-04 | 214.05 | 107.97 | 431.50 | 49.6 | 25.0 |
| 2025-07-11 | 222.20 | 106.72 | 403.00 | 55.1 | 26.5 |
| 2025-07-18 | 223.55 | 106.47 | 408.50 | 54.7 | 26.1 |
| 2025-07-25 | 226.48 | 108.70 | 399.50 | 56.7 | 27.2 |
| 2025-08-01 | 230.12 | 107.35 | 389.50 | 59.1 | 27.6 |
| 2025-08-08 | 232.55 | 108.90 | 382.75 | 60.8 | 28.4 |
| 2025-08-15 | 236.25 | 90.10 | 383.75 | 61.6 | 23.5 |
| 2025-08-22 | 239.95 | 91.20 | 388.25 | 61.8 | 23.5 |
| 2025-08-29 | 241.90 | 95.03 | 398.00 | 60.8 | 23.9 |
| 2025-09-05 | 235.98 | 96.03 | 399.00 | 59.1 | 24.1 |
| 2025-09-12 | 229.98 | 97.12 | 399.00 | 57.6 | 24.3 |
| 2025-09-19 | 233.57 | 97.97 | 424.00 | 55.1 | 23.1 |
| 2025-09-26 | 231.80 | 101.50 | 422.00 | 54.9 | 24.1 |
| 2025-10-03 | 231.02 | 98.97 | 419.00 | 55.1 | 23.6 |
| 2025-10-10 | 238.48 | 97.00 | 413.00 | 57.7 | 23.5 |
| 2025-10-17 | 240.25 | 82.38 | 422.50 | 56.9 | 19.5 |
| 2025-10-24 | 233.75 | 81.90 | 423.25 | 55.2 | 19.4 |
| 2025-10-31 | 236.60 | 81.28 | 431.50 | 54.8 | 18.8 |
| 2025-11-07 | 221.35 | 79.40 | 427.25 | 51.8 | 18.6 |
| 2025-11-14 | 219.15 | 78.50 | 430.25 | 50.9 | 18.2 |
| 2025-11-21 | 214.45 | 77.80 | 425.50 | 50.4 | 18.3 |
| 2025-11-28 | 215.57 | 80.60 | 435.50 | 49.5 | 18.5 |
| 2025-12-05 | 227.15 | 81.65 | 436.75 | 52.0 | 18.7 |
| 2025-12-12 | 229.80 | 83.32 | 431.50 | 53.3 | 19.3 |
| 2025-12-19 | 230.40 | 84.50 | 443.75 | 51.9 | 19.0 |
| 2025-12-26 | 229.82 | 84.53 | 450.00 | 51.1 | 18.8 |
| 2026-01-02 | 236.00 | 84.10 | 437.50 | 53.9 | 19.2 |
| 2026-01-09 | 233.73 | 85.30 | 445.75 | 52.4 | 19.1 |
| 2026-01-16 | 232.15 | 88.28 | 424.75 | 54.7 | 20.8 |
| 2026-01-23 | 234.90 | 88.35 | 430.50 | 54.6 | 20.5 |
| 2026-01-30 | 235.85 | 87.25 | 428.25 | 55.1 | 20.4 |
| 2026-02-06 | 237.75 | 87.38 | 430.25 | 55.3 | 20.3 |
| 2026-02-13 | 243.07 | 86.95 | 431.75 | 56.3 | 20.1 |
| 2026-02-20 | 246.57 | 93.68 | 427.50 | 57.7 | 21.9 |
| 2026-02-27 | 244.00 | 95.72 | 438.75 | 55.6 | 21.8 |
| 2026-03-06 | 234.57 | 95.62 | 447.00 | 52.5 | 21.4 |
| 2026-03-13 | 230.90 | 93.45 | 452.50 | 51.0 | 20.6 |
| 2026-03-20 | 234.05 | 91.28 | 465.50 | 50.3 | 19.6 |
| 2026-03-27 | 238.50 | 90.78 | 462.00 | 51.6 | 19.6 |
| 2026-04-03 | 246.20 | 90.35 | 452.25 | 54.4 | 20.0 |
| 2026-04-10 | 251.77 | 90.72 | 441.00 | 57.1 | 20.6 |
| 2026-04-17 | 249.95 | 93.40 | 448.75 | 55.7 | 20.8 |
| 2026-04-24 | 248.30 | 94.30 | 455.00 | 54.6 | 20.7 |
| 2026-05-01 | 253.00 | 92.82 | 468.25 | 54.0 | 19.8 |
| 2026-05-08 | 248.90 | 90.88 | 456.25 | 54.5 | 19.9 |
| 2026-05-15 | 253.90 | 98.75 | 455.75 | 55.7 | 21.7 |
| 2026-05-22 | 249.30 | 95.75 | 463.25 | 53.8 | 20.7 |
| 2026-05-29 | 248.25 | 95.85 | 446.75 | 55.6 | 21.4 |
| 2026-06-05 | 250.07 | 94.30 | 417.50 | 59.9 | 22.6 |
| 2026-06-12 | 246.52 | 94.03 | 420.50 | 58.6 | 22.4 |
Feedlot operator signal: measures whether buying feeder animals and finishing them to market weight generates a return after all input costs. Unlike the feed cost ratio above, this includes the purchase cost of the feeder animal — the dominant input at the feedlot stage. Cattle 1:1:2 spread = live cattle revenue − feeder cattle cost − 2 bu corn per cwt gain. Hog margin = lean hog revenue − 3 bu corn − SBM (1 ton/20 cwt). Latest: cattle $-112.59/cwt, hogs $+66.12/cwt. When the cattle-corn ratio (chart above) is favorable but this margin is deeply negative, it signals that feeder cattle are expensive relative to fat cattle — a feedlot squeeze, not a feed cost problem. Sustained negative margins suppress feedlot placements, reducing finished cattle supply 4–6 months forward — the primary structural bull case for live cattle futures.
Cattle and hog feeding margin dollar spreads, last 26 weeks
| Date | Cattle 1:1:2 ($/cwt) | Hog Margin ($/cwt) | SBM ($/ton) |
|---|
| 2025-12-19 | -124.08 | +56.31 | 297.60 |
| 2025-12-26 | -125.35 | +55.84 | 303.70 |
| 2026-01-02 | -128.85 | +56.42 | 291.00 |
| 2026-01-09 | -135.92 | +56.93 | 300.00 |
| 2026-01-16 | -138.27 | +61.04 | 290.00 |
| 2026-01-23 | -138.51 | +60.44 | 299.90 |
| 2026-01-30 | -132.98 | +59.72 | 293.60 |
| 2026-02-06 | -138.28 | +59.29 | 303.60 |
| 2026-02-13 | -131.71 | +58.54 | 309.20 |
| 2026-02-20 | -130.00 | +65.37 | 309.80 |
| 2026-02-27 | -120.20 | +66.78 | 315.50 |
| 2026-03-06 | -129.99 | +66.56 | 313.10 |
| 2026-03-13 | -127.63 | +63.88 | 319.90 |
| 2026-03-20 | -133.01 | +60.91 | 328.00 |
| 2026-03-27 | -132.19 | +61.16 | 315.30 |
| 2026-04-03 | -135.74 | +61.02 | 315.20 |
| 2026-04-10 | -131.20 | +60.90 | 331.80 |
| 2026-04-17 | -130.35 | +63.35 | 331.80 |
| 2026-04-24 | -128.42 | +64.44 | 324.30 |
| 2026-05-01 | -127.76 | +62.73 | 320.80 |
| 2026-05-08 | -127.60 | +61.07 | 322.50 |
| 2026-05-15 | -123.89 | +68.36 | 334.30 |
| 2026-05-22 | -109.82 | +65.26 | 331.90 |
| 2026-05-29 | -109.11 | +65.96 | 329.80 |
| 2026-06-05 | -112.18 | +66.35 | 308.50 |
| 2026-06-12 | -112.59 | +66.12 | 305.80 |
Pasture Drought Monitor — Southern & Northern Plains
Average drought coverage across Southern Plains states (TX, OK, KS, NM). D2+ (Severe/Extreme/Exceptional) ≥ 30% is historically significant for forage availability.
Southern Plains drought monitor coverage by week
| Date | D0+ (%) | D2+ (%) | D3+ (%) | D4 (%) |
|---|
| 2025-06-10 | 11.2 | 8.9 | 5.5 | 3.4 |
| 2025-06-17 | 10.9 | 8.2 | 4.9 | 3.0 |
| 2025-06-24 | 10.3 | 8.2 | 4.9 | 3.0 |
| 2025-07-01 | 10.5 | 7.9 | 4.5 | 1.9 |
| 2025-07-08 | 11.4 | 5.9 | 3.4 | 1.5 |
| 2025-07-15 | 11.9 | 5.5 | 2.9 | 1.4 |
| 2025-07-22 | 9.8 | 4.8 | 2.6 | 0.2 |
| 2025-07-29 | 6.7 | 4.5 | 2.0 | 0.2 |
| 2025-08-05 | 6.7 | 4.0 | 1.4 | 0.2 |
| 2025-08-12 | 9.2 | 4.0 | 1.4 | 0.2 |
| 2025-08-19 | 15.1 | 3.9 | 1.4 | 0.1 |
| 2025-08-26 | 14.4 | 3.7 | 1.4 | 0.1 |
| 2025-09-02 | 17.9 | 3.7 | 1.4 | 0.1 |
| 2025-09-09 | 22.7 | 3.4 | 1.1 | 0.1 |
| 2025-09-16 | 27.5 | 3.6 | 1.1 | 0.1 |
| 2025-09-23 | 25.4 | 3.6 | 1.1 | 0.1 |
| 2025-09-30 | 27.8 | 4.3 | 1.1 | 0.1 |
| 2025-10-07 | 33.1 | 4.3 | 1.3 | 0.1 |
| 2025-10-14 | 36.2 | 4.8 | 1.6 | 0.1 |
| 2025-10-21 | 36.9 | 7.1 | 2.0 | 0.1 |
| 2025-10-28 | 32.6 | 6.3 | 1.2 | 0.1 |
| 2025-11-04 | 29.5 | 8.1 | 1.3 | 0.1 |
| 2025-11-11 | 23.3 | 11.6 | 1.9 | 0.1 |
| 2025-11-18 | 21.0 | 13.3 | 3.2 | 0.1 |
| 2025-11-25 | 26.1 | 11.6 | 3.1 | 0.1 |
| 2025-12-02 | 25.6 | 10.8 | 2.6 | 0.1 |
| 2025-12-09 | 27.7 | 10.6 | 2.5 | 0.1 |
| 2025-12-16 | 26.6 | 10.7 | 3.7 | 0.1 |
| 2025-12-23 | 24.7 | 12.0 | 4.5 | 0.1 |
| 2025-12-30 | 23.5 | 12.3 | 4.7 | 0.1 |
| 2026-01-06 | 19.1 | 15.7 | 5.4 | 0.1 |
| 2026-01-13 | 16.6 | 17.4 | 7.3 | 0.1 |
| 2026-01-20 | 16.8 | 19.6 | 8.2 | 0.1 |
| 2026-01-27 | 17.4 | 18.4 | 7.8 | 0.1 |
| 2026-02-03 | 22.9 | 21.3 | 8.3 | 0.1 |
| 2026-02-10 | 24.2 | 23.0 | 9.1 | 0.1 |
| 2026-02-17 | 25.8 | 23.4 | 8.8 | 0.2 |
| 2026-02-24 | 18.4 | 25.4 | 10.3 | 0.5 |
| 2026-03-03 | 16.4 | 32.6 | 10.9 | 1.0 |
| 2026-03-10 | 18.0 | 31.4 | 10.9 | 1.0 |
| 2026-03-17 | 18.6 | 32.6 | 11.1 | 1.1 |
| 2026-03-24 | 20.1 | 40.4 | 15.0 | 1.4 |
| 2026-03-31 | 15.8 | 49.4 | 21.4 | 1.6 |
| 2026-04-07 | 14.3 | 47.2 | 18.0 | 0.9 |
| 2026-04-14 | 10.9 | 49.9 | 16.4 | 0.6 |
| 2026-04-21 | 12.0 | 45.2 | 16.1 | 0.5 |
| 2026-04-28 | 13.8 | 46.1 | 17.9 | 0.5 |
| 2026-05-05 | 14.7 | 44.9 | 18.7 | 0.2 |
| 2026-05-12 | 14.5 | 43.6 | 19.4 | 1.3 |
| 2026-05-19 | 15.1 | 42.6 | 21.6 | 1.6 |
| 2026-05-26 | 17.5 | 41.2 | 20.8 | 2.0 |
| 2026-06-02 | 18.5 | 33.7 | 18.1 | 3.6 |
Average drought coverage across Northern Plains states (NE, SD, ND, MT, WY, CO, ID). D2+ (Severe/Extreme/Exceptional) ≥ 30% is historically significant for forage availability.
Northern Plains drought monitor coverage by week
| Date | D0+ (%) | D2+ (%) | D3+ (%) | D4 (%) |
|---|
| 2025-06-10 | 25.9 | 12.7 | 1.4 | 0.0 |
| 2025-06-17 | 25.6 | 11.5 | 1.4 | 0.0 |
| 2025-06-24 | 25.3 | 11.8 | 1.4 | 0.0 |
| 2025-07-01 | 31.6 | 9.7 | 2.0 | 0.0 |
| 2025-07-08 | 29.9 | 8.8 | 1.7 | 0.0 |
| 2025-07-15 | 26.3 | 9.9 | 2.2 | 0.0 |
| 2025-07-22 | 24.6 | 9.9 | 2.2 | 0.0 |
| 2025-07-29 | 22.0 | 9.9 | 3.0 | 0.0 |
| 2025-08-05 | 22.8 | 9.4 | 5.1 | 0.0 |
| 2025-08-12 | 24.4 | 10.9 | 5.1 | 1.8 |
| 2025-08-19 | 16.2 | 11.2 | 7.2 | 1.8 |
| 2025-08-26 | 15.9 | 11.1 | 7.1 | 1.8 |
| 2025-09-02 | 15.1 | 10.4 | 6.2 | 0.0 |
| 2025-09-09 | 15.4 | 10.6 | 6.1 | 0.0 |
| 2025-09-16 | 15.4 | 9.6 | 3.8 | 0.0 |
| 2025-09-23 | 12.9 | 9.2 | 3.8 | 0.0 |
| 2025-09-30 | 14.7 | 9.0 | 3.6 | 0.0 |
| 2025-10-07 | 17.9 | 8.7 | 3.6 | 0.0 |
| 2025-10-14 | 19.1 | 4.3 | 0.3 | 0.0 |
| 2025-10-21 | 17.2 | 3.4 | 0.3 | 0.0 |
| 2025-10-28 | 19.4 | 3.4 | 0.3 | 0.0 |
| 2025-11-04 | 21.9 | 3.4 | 0.3 | 0.0 |
| 2025-11-11 | 23.5 | 3.4 | 0.3 | 0.0 |
| 2025-11-18 | 26.0 | 3.4 | 0.3 | 0.0 |
| 2025-11-25 | 26.8 | 3.6 | 0.3 | 0.0 |
| 2025-12-02 | 25.5 | 3.7 | 0.4 | 0.0 |
| 2025-12-09 | 25.2 | 3.7 | 0.3 | 0.0 |
| 2025-12-16 | 23.6 | 3.7 | 0.3 | 0.0 |
| 2025-12-23 | 27.2 | 4.2 | 0.4 | 0.1 |
| 2025-12-30 | 29.4 | 4.2 | 0.7 | 0.1 |
| 2026-01-06 | 29.0 | 6.7 | 1.1 | 0.2 |
| 2026-01-13 | 23.5 | 6.5 | 1.1 | 0.2 |
| 2026-01-20 | 20.4 | 7.0 | 1.4 | 0.2 |
| 2026-01-27 | 20.2 | 8.7 | 1.4 | 0.2 |
| 2026-02-03 | 20.3 | 9.4 | 1.8 | 0.2 |
| 2026-02-10 | 21.0 | 11.6 | 2.7 | 0.2 |
| 2026-02-17 | 19.0 | 13.3 | 3.5 | 0.2 |
| 2026-02-24 | 15.0 | 16.0 | 3.5 | 0.2 |
| 2026-03-03 | 14.4 | 20.4 | 4.0 | 0.2 |
| 2026-03-10 | 12.8 | 21.7 | 5.5 | 0.2 |
| 2026-03-17 | 11.3 | 30.6 | 7.4 | 0.2 |
| 2026-03-24 | 11.4 | 40.9 | 12.1 | 1.5 |
| 2026-03-31 | 9.2 | 47.2 | 24.6 | 5.4 |
| 2026-04-07 | 7.7 | 46.7 | 22.8 | 5.4 |
| 2026-04-14 | 8.0 | 50.6 | 26.8 | 5.4 |
| 2026-04-21 | 7.6 | 52.7 | 31.4 | 5.5 |
| 2026-04-28 | 7.8 | 51.3 | 31.3 | 4.9 |
| 2026-05-05 | 10.7 | 50.6 | 31.9 | 5.5 |
| 2026-05-12 | 10.9 | 50.4 | 31.1 | 6.1 |
| 2026-05-19 | 12.7 | 49.0 | 29.3 | 4.4 |
| 2026-05-26 | 13.2 | 48.9 | 28.0 | 4.4 |
| 2026-06-02 | 13.5 | 46.7 | 25.1 | 4.4 |
D2+ (Severe + Extreme + Exceptional) coverage by week of year. Overlapping years show whether current drought intensity is historically unusual.
Southern Plains D2+ drought coverage by week
| Date | 2026 (%) | 2025 (%) | 2024 (%) |
|---|
| Jan 01 | 15.7 | 7.3 | 13.4 |
| Jan 08 | 17.4 | 8.1 | 10.3 |
| Jan 15 | 19.6 | 8.1 | 10.3 |
| Jan 22 | 18.4 | 8.1 | 6.3 |
| Jan 29 | 21.3 | 7.9 | 5.5 |
| Feb 05 | 23.0 | 8.1 | 4.7 |
| Feb 12 | 23.4 | 8.3 | 3.8 |
| Feb 19 | 25.4 | 9.4 | 3.8 |
| Feb 26 | 32.6 | 9.7 | 3.8 |
| Mar 05 | 31.3 | 11.1 | 3.8 |
| Mar 12 | 32.6 | 19.8 | 4.0 |
| Mar 19 | 40.4 | 21.4 | 3.9 |
| Mar 26 | 49.4 | 20.8 | 4.0 |
| Apr 02 | 47.2 | 20.6 | 3.8 |
| Apr 09 | 49.8 | 20.7 | 3.8 |
| Apr 16 | 45.2 | 16.9 | 6.8 |
| Apr 23 | 46.1 | 16.9 | 12.0 |
| Apr 30 | 44.9 | 15.8 | 16.5 |
| May 07 | 43.6 | 12.1 | 16.0 |
| May 14 | 42.6 | 11.8 | 17.1 |
| May 21 | 41.2 | 10.3 | 15.2 |
| May 28 | 33.7 | 9.8 | 15.7 |
D2+ (Severe + Extreme + Exceptional) coverage by week of year. Overlapping years show whether current drought intensity is historically unusual.
Northern Plains D2+ drought coverage by week
| Date | 2026 (%) | 2025 (%) | 2024 (%) |
|---|
| Jan 01 | 6.7 | 31.4 | 8.6 |
| Jan 08 | 6.5 | 31.4 | 7.8 |
| Jan 15 | 7.0 | 31.2 | 6.8 |
| Jan 22 | 8.7 | 28.8 | 6.7 |
| Jan 29 | 9.4 | 30.8 | 6.7 |
| Feb 05 | 11.6 | 31.3 | 6.0 |
| Feb 12 | 13.3 | 30.3 | 5.6 |
| Feb 19 | 16.0 | 30.1 | 5.6 |
| Feb 26 | 20.4 | 31.0 | 5.6 |
| Mar 05 | 21.7 | 30.0 | 5.6 |
| Mar 12 | 30.6 | 29.7 | 5.6 |
| Mar 19 | 40.9 | 34.5 | 4.7 |
| Mar 26 | 47.2 | 34.3 | 2.9 |
| Apr 02 | 46.7 | 27.0 | 2.9 |
| Apr 09 | 50.6 | 28.3 | 2.9 |
| Apr 16 | 52.7 | 28.8 | 2.9 |
| Apr 23 | 51.3 | 21.2 | 2.9 |
| Apr 30 | 50.6 | 22.9 | 2.6 |
| May 07 | 50.4 | 28.9 | 0.4 |
| May 14 | 49.0 | 24.1 | 0.4 |
| May 21 | 48.9 | 21.6 | 0.1 |
| May 28 | 46.7 | 15.8 | 0.1 |
Southern Plains: TX, OK, KS, NM — primary cow-calf and stocker region.
Northern Plains: NE, SD, ND, MT, WY, CO, ID — range cattle and summer grazing.
High D2+ → reduced forage and hay availability → producers liquidate cow-calf herds early
(near-term bearish, long-term bullish). Data: US Drought Monitor, released Tuesdays.
Population-weighted apparent temperature for Iowa, N. Carolina, Minnesota, and 10 other hog-producing states. Cold regime: NWS Wind Chill. Hot regime: NWS Heat Index. Thermoneutral 20–68°F; heat stress above 68°F; cold stress below 20°F.
Hog belt year-round apparent temperature and thermal zone
| Date | Apparent Temp (°F) | Actual Temp (°F) | Thermal Zone | Forecast |
|---|
| 2026-06-02 | 70.2 | 70.2 | mild_heat | Actual |
| 2026-06-03 | 69.5 | 69.5 | mild_heat | Actual |
| 2026-06-04 | 72.3 | 72.3 | mild_heat | Actual |
| 2026-06-05 | 73.4 | 73.4 | mild_heat | Actual |
| 2026-06-06 | 76.5 | 76.5 | mild_heat | Actual |
| 2026-06-07 | 75.7 | 75.7 | mild_heat | Actual |
| 2026-06-08 | 76.0 | 76.0 | mild_heat | Actual |
| 2026-06-09 | 78.1 | 78.1 | mild_heat | Forecast |
| 2026-06-10 | 83.8 | 80.5 | heat_stress | Forecast |
| 2026-06-11 | 76.5 | 76.5 | mild_heat | Forecast |
| 2026-06-12 | 69.2 | 69.2 | mild_heat | Forecast |
| 2026-06-13 | 70.7 | 70.7 | mild_heat | Forecast |
| 2026-06-14 | 68.1 | 68.1 | mild_heat | Forecast |
| 2026-06-15 | 64.9 | 64.9 | thermoneutral | Forecast |
| 2026-06-16 | 63.7 | 63.7 | thermoneutral | Forecast |
| 2026-06-17 | 64.8 | 64.8 | thermoneutral | Forecast |
| 2026-06-18 | 68.9 | 68.9 | mild_heat | Forecast |
| 2026-06-19 | 72.0 | 72.0 | mild_heat | Forecast |
| 2026-06-20 | 68.4 | 68.4 | mild_heat | Forecast |
| 2026-06-21 | 68.3 | 68.3 | mild_heat | Forecast |
| 2026-06-22 | 71.2 | 71.2 | mild_heat | Forecast |
Population-weighted apparent temperature for TX Panhandle, Kansas, Nebraska, Colorado, and 5 other feedlot states. Cold regime: NWS Wind Chill. Hot regime: NWS Heat Index. Thermoneutral 30–75°F; cold stress below 30°F; heat stress above 85°F.
Feedlot belt year-round apparent temperature and thermal zone
| Date | Apparent Temp (°F) | Actual Temp (°F) | Thermal Zone | Forecast |
|---|
| 2026-06-02 | 73.7 | 73.7 | thermoneutral | Actual |
| 2026-06-03 | 71.7 | 71.7 | thermoneutral | Actual |
| 2026-06-04 | 71.3 | 71.3 | thermoneutral | Actual |
| 2026-06-05 | 75.1 | 75.1 | mild_heat | Actual |
| 2026-06-06 | 72.0 | 72.0 | thermoneutral | Actual |
| 2026-06-07 | 72.8 | 72.8 | thermoneutral | Actual |
| 2026-06-08 | 78.9 | 78.9 | mild_heat | Actual |
| 2026-06-09 | 79.4 | 79.4 | mild_heat | Forecast |
| 2026-06-10 | 78.5 | 78.5 | mild_heat | Forecast |
| 2026-06-11 | 79.3 | 79.3 | mild_heat | Forecast |
| 2026-06-12 | 70.6 | 70.6 | thermoneutral | Forecast |
| 2026-06-13 | 76.3 | 76.3 | mild_heat | Forecast |
| 2026-06-14 | 70.8 | 70.8 | thermoneutral | Forecast |
| 2026-06-15 | 64.7 | 64.7 | thermoneutral | Forecast |
| 2026-06-16 | 61.5 | 61.5 | thermoneutral | Forecast |
| 2026-06-17 | 67.0 | 67.0 | thermoneutral | Forecast |
| 2026-06-18 | 78.2 | 78.2 | mild_heat | Forecast |
| 2026-06-19 | 79.7 | 79.7 | mild_heat | Forecast |
| 2026-06-20 | 72.0 | 72.0 | thermoneutral | Forecast |
| 2026-06-21 | 75.8 | 75.8 | mild_heat | Forecast |
| 2026-06-22 | 75.8 | 75.8 | mild_heat | Forecast |
CFTC COT Positioning — MM · Commercials · Open Interest · SPRT
Live Cattle Futures (CME) · COT data through 2026-06-02
MM Net Position
+114,964
Managed money long minus short · 83th pct
MM Gross Long
125,986 cts
Gross long · 83th pct
MM Gross Short
11,022 cts
Gross short · 17th pct
MM Week-over-Week
-5,606
Change in managed money net contracts
Open Interest
482,729 cts
Total open interest · 94th pct
Commercial Net
-96,189
Prod/merchant + swap dealer net · 24th pct
Managed money holds +114,964 contracts
(83th pct, heavily long).
Commercials are net short at -96,189 contracts
(24th pct).
Managed money net long position by week of year, seasonal overlay. Current year in red, prior two years highlighted.
Live Cattle managed money net position by week of year
| Date | 2026 ('000 cts) | 2025 ('000 cts) | 2024 ('000 cts) |
|---|
| Jan 01 | 94.8 | 143.5 | 17.4 |
| Jan 08 | 101.3 | 147.4 | 13.8 |
| Jan 15 | 101.5 | 148.5 | 13.0 |
| Jan 22 | 105.7 | 156.9 | 17.2 |
| Jan 29 | 114.5 | 150.4 | 27.2 |
| Feb 05 | 108.6 | 135.7 | 36.1 |
| Feb 12 | 116.7 | 128.5 | 42.5 |
| Feb 19 | 119.0 | 121.3 | 50.5 |
| Feb 26 | 114.5 | 110.5 | 54.8 |
| Mar 05 | 109.0 | 112.8 | 59.4 |
| Mar 12 | 106.6 | 120.2 | 63.3 |
| Mar 19 | 110.9 | 137.9 | 62.4 |
| Mar 26 | 123.7 | 142.8 | 59.2 |
| Apr 02 | 133.3 | 118.5 | 53.3 |
| Apr 09 | 136.6 | 106.5 | 37.0 |
| Apr 16 | 134.8 | 120.5 | 32.3 |
| Apr 23 | 136.6 | 128.8 | 35.7 |
| Apr 30 | 142.0 | 133.3 | 33.6 |
| May 07 | 130.9 | 135.6 | 36.9 |
| May 14 | 130.1 | 132.6 | 37.2 |
| May 21 | 120.6 | 131.3 | 46.5 |
| May 28 | 115.0 | 131.8 | 58.6 |
Commercial hedger net position. Commercials are structurally short (forward sellers); a move toward net long is historically bullish.
Live Cattle commercial net position by week of year
| Date | 2026 ('000 cts) | 2025 ('000 cts) | 2024 ('000 cts) |
|---|
| Jan 01 | -94.4 | -125.4 | -31.2 |
| Jan 08 | -102.3 | -129.5 | -26.6 |
| Jan 15 | -102.3 | -123.9 | -26.5 |
| Jan 22 | -103.2 | -135.3 | -33.9 |
| Jan 29 | -109.6 | -131.6 | -43.0 |
| Feb 05 | -100.8 | -119.2 | -50.1 |
| Feb 12 | -108.5 | -116.9 | -57.9 |
| Feb 19 | -108.1 | -111.7 | -67.4 |
| Feb 26 | -100.3 | -97.6 | -71.9 |
| Mar 05 | -94.4 | -104.3 | -78.5 |
| Mar 12 | -93.0 | -111.0 | -78.6 |
| Mar 19 | -96.7 | -130.8 | -75.8 |
| Mar 26 | -110.1 | -133.9 | -74.9 |
| Apr 02 | -118.6 | -114.4 | -69.5 |
| Apr 09 | -123.6 | -103.3 | -55.3 |
| Apr 16 | -117.0 | -111.4 | -48.5 |
| Apr 23 | -123.5 | -119.4 | -51.5 |
| Apr 30 | -128.4 | -121.0 | -52.1 |
| May 07 | -113.7 | -125.3 | -51.9 |
| May 14 | -117.7 | -118.5 | -53.5 |
| May 21 | -109.9 | -117.4 | -57.0 |
| May 28 | -96.2 | -122.3 | -67.5 |
Managed money gross long contracts by week of year. Elevated gross longs signal crowded positioning and potential liquidation pressure if sentiment shifts.
Live Cattle managed money gross long by week of year
| Date | 2026 ('000 cts) | 2025 ('000 cts) | 2024 ('000 cts) |
|---|
| Jan 01 | 114.1 | 155.2 | 44.9 |
| Jan 08 | 116.1 | 159.2 | 44.7 |
| Jan 15 | 118.1 | 162.0 | 45.4 |
| Jan 22 | 121.7 | 166.7 | 46.8 |
| Jan 29 | 126.7 | 162.7 | 51.5 |
| Feb 05 | 122.5 | 150.1 | 57.9 |
| Feb 12 | 130.6 | 143.9 | 62.4 |
| Feb 19 | 132.8 | 138.9 | 71.9 |
| Feb 26 | 128.7 | 130.1 | 78.1 |
| Mar 05 | 120.7 | 128.5 | 84.0 |
| Mar 12 | 117.8 | 136.4 | 85.7 |
| Mar 19 | 122.5 | 153.3 | 85.0 |
| Mar 26 | 132.1 | 158.1 | 81.2 |
| Apr 02 | 141.0 | 135.3 | 77.2 |
| Apr 09 | 144.2 | 117.2 | 64.9 |
| Apr 16 | 143.3 | 130.2 | 59.8 |
| Apr 23 | 145.0 | 141.2 | 63.0 |
| Apr 30 | 151.5 | 149.8 | 62.5 |
| May 07 | 143.3 | 154.7 | 59.7 |
| May 14 | 142.1 | 153.8 | 61.7 |
| May 21 | 132.6 | 152.8 | 68.8 |
| May 28 | 126.0 | 155.6 | 79.1 |
Managed money gross short contracts by week of year. Elevated gross shorts represent potential short-covering fuel — a catalyst can force rapid buybacks and amplify a rally.
Live Cattle managed money gross short by week of year
| Date | 2026 ('000 cts) | 2025 ('000 cts) | 2024 ('000 cts) |
|---|
| Jan 01 | 19.4 | 11.8 | 27.5 |
| Jan 08 | 14.8 | 11.8 | 30.9 |
| Jan 15 | 16.6 | 13.5 | 32.4 |
| Jan 22 | 16.0 | 9.8 | 29.6 |
| Jan 29 | 12.1 | 12.3 | 24.3 |
| Feb 05 | 13.8 | 14.4 | 21.8 |
| Feb 12 | 13.9 | 15.4 | 19.9 |
| Feb 19 | 13.8 | 17.6 | 21.4 |
| Feb 26 | 14.2 | 19.6 | 23.3 |
| Mar 05 | 11.6 | 15.7 | 24.6 |
| Mar 12 | 11.1 | 16.2 | 22.4 |
| Mar 19 | 11.6 | 15.4 | 22.6 |
| Mar 26 | 8.3 | 15.3 | 22.1 |
| Apr 02 | 7.7 | 16.8 | 23.9 |
| Apr 09 | 7.6 | 10.7 | 27.9 |
| Apr 16 | 8.5 | 9.8 | 27.5 |
| Apr 23 | 8.4 | 12.4 | 27.3 |
| Apr 30 | 9.5 | 16.4 | 28.9 |
| May 07 | 12.4 | 19.1 | 22.7 |
| May 14 | 12.0 | 21.3 | 24.4 |
| May 21 | 12.0 | 21.6 | 22.4 |
| May 28 | 11.0 | 23.8 | 20.5 |
Total open interest. Rising OI confirms trend; falling OI suggests position liquidation.
Live Cattle total open interest by week of year
| Date | 2026 ('000 cts) | 2025 ('000 cts) | 2024 ('000 cts) |
|---|
| Jan 01 | 445.7 | 482.2 | 378.7 |
| Jan 08 | 445.9 | 488.4 | 374.2 |
| Jan 15 | 453.7 | 502.6 | 375.9 |
| Jan 22 | 454.4 | 543.5 | 376.9 |
| Jan 29 | 464.8 | 544.2 | 388.9 |
| Feb 05 | 427.2 | 484.2 | 358.8 |
| Feb 12 | 435.7 | 480.9 | 373.1 |
| Feb 19 | 452.6 | 477.3 | 376.8 |
| Feb 26 | 460.0 | 478.5 | 396.7 |
| Mar 05 | 451.0 | 471.7 | 408.1 |
| Mar 12 | 444.6 | 499.0 | 406.8 |
| Mar 19 | 443.8 | 537.1 | 416.9 |
| Mar 26 | 450.6 | 547.3 | 423.0 |
| Apr 02 | 440.9 | 471.8 | 426.3 |
| Apr 09 | 447.3 | 437.8 | 380.4 |
| Apr 16 | 453.2 | 464.4 | 373.2 |
| Apr 23 | 473.7 | 499.5 | 370.4 |
| Apr 30 | 474.9 | 527.1 | 386.6 |
| May 07 | 480.1 | 533.8 | 367.2 |
| May 14 | 491.6 | 552.4 | 369.1 |
| May 21 | 484.7 | 565.8 | 373.1 |
| May 28 | 482.7 | 574.2 | 391.2 |
Live Cattle front-month futures price weekly
| Date | Live Cattle ($/cwt) |
|---|
| 2023-01-06 | 156.77 |
| 2023-01-13 | 157.73 |
| 2023-01-20 | 156.62 |
| 2023-01-27 | 156.73 |
| 2023-02-03 | 160.27 |
| 2023-02-10 | 161.20 |
| 2023-02-17 | 163.57 |
| 2023-02-24 | 165.20 |
| 2023-03-03 | 165.43 |
| 2023-03-10 | 164.27 |
| 2023-03-17 | 162.32 |
| 2023-03-24 | 163.00 |
| 2023-03-31 | 168.35 |
| 2023-04-07 | 171.07 |
| 2023-04-14 | 174.75 |
| 2023-04-21 | 173.98 |
| 2023-04-28 | 175.18 |
| 2023-05-05 | 161.93 |
| 2023-05-12 | 164.40 |
| 2023-05-19 | 165.73 |
| 2023-05-26 | 167.35 |
| 2023-06-02 | 176.43 |
| 2023-06-09 | 178.23 |
| 2023-06-16 | 178.35 |
| 2023-06-23 | 177.50 |
| 2023-06-30 | 181.50 |
| 2023-07-07 | 177.00 |
| 2023-07-14 | 180.18 |
| 2023-07-21 | 180.02 |
| 2023-07-28 | 178.15 |
| 2023-08-04 | 180.90 |
| 2023-08-11 | 180.38 |
| 2023-08-18 | 178.52 |
| 2023-08-25 | 180.68 |
| 2023-09-01 | 180.15 |
| 2023-09-08 | 183.23 |
| 2023-09-15 | 186.93 |
| 2023-09-22 | 187.07 |
| 2023-09-29 | 184.20 |
| 2023-10-06 | 183.07 |
| 2023-10-13 | 185.12 |
| 2023-10-20 | 184.27 |
| 2023-10-27 | 184.00 |
| 2023-11-03 | 183.88 |
| 2023-11-10 | 174.18 |
| 2023-11-17 | 175.75 |
| 2023-11-24 | 170.25 |
| 2023-12-01 | 169.27 |
| 2023-12-08 | 165.45 |
| 2023-12-15 | 168.23 |
| 2023-12-22 | 170.05 |
| 2023-12-29 | 173.68 |
| 2024-01-05 | 170.57 |
| 2024-01-12 | 171.38 |
| 2024-01-19 | 174.38 |
| 2024-01-26 | 178.45 |
| 2024-02-02 | 180.55 |
| 2024-02-09 | 184.62 |
| 2024-02-16 | 184.77 |
| 2024-02-23 | 185.60 |
| 2024-03-01 | 188.45 |
| 2024-03-08 | 187.60 |
| 2024-03-15 | 187.25 |
| 2024-03-22 | 187.50 |
| 2024-03-29 | 185.00 |
| 2024-04-05 | 178.25 |
| 2024-04-12 | 178.90 |
| 2024-04-19 | 181.48 |
| 2024-04-26 | 184.68 |
| 2024-05-03 | 176.68 |
| 2024-05-10 | 176.15 |
| 2024-05-17 | 181.05 |
| 2024-05-24 | 183.70 |
| 2024-05-31 | 181.55 |
| 2024-06-07 | 182.18 |
| 2024-06-14 | 186.82 |
| 2024-06-21 | 187.60 |
| 2024-06-28 | 193.50 |
| 2024-07-05 | 186.43 |
| 2024-07-12 | 182.38 |
| 2024-07-19 | 183.10 |
| 2024-07-26 | 188.57 |
| 2024-08-02 | 184.10 |
| 2024-08-09 | 184.25 |
| 2024-08-16 | 182.80 |
| 2024-08-23 | 182.57 |
| 2024-08-30 | 185.85 |
| 2024-09-06 | 175.18 |
| 2024-09-13 | 177.65 |
| 2024-09-20 | 182.48 |
| 2024-09-27 | 183.75 |
| 2024-10-04 | 187.00 |
| 2024-10-11 | 188.60 |
| 2024-10-18 | 187.62 |
| 2024-10-25 | 189.70 |
| 2024-11-01 | 185.93 |
| 2024-11-08 | 183.70 |
| 2024-11-15 | 182.95 |
| 2024-11-22 | 186.77 |
| 2024-11-29 | 187.98 |
| 2024-12-06 | 187.38 |
| 2024-12-13 | 193.65 |
| 2024-12-20 | 191.32 |
| 2024-12-27 | 193.50 |
| 2025-01-03 | 194.05 |
| 2025-01-10 | 198.77 |
| 2025-01-17 | 196.75 |
| 2025-01-24 | 204.77 |
| 2025-01-31 | 204.60 |
| 2025-02-07 | 200.77 |
| 2025-02-14 | 197.75 |
| 2025-02-21 | 197.82 |
| 2025-02-28 | 197.73 |
| 2025-03-07 | 200.27 |
| 2025-03-14 | 203.18 |
| 2025-03-21 | 206.95 |
| 2025-03-28 | 208.82 |
| 2025-04-04 | 202.62 |
| 2025-04-11 | 202.48 |
| 2025-04-18 | 209.82 |
| 2025-04-25 | 214.25 |
| 2025-05-02 | 211.10 |
| 2025-05-09 | 214.68 |
| 2025-05-16 | 212.23 |
| 2025-05-23 | 215.80 |
| 2025-05-30 | 215.48 |
| 2025-06-06 | 226.30 |
| 2025-06-13 | 225.10 |
| 2025-06-20 | 223.02 |
| 2025-06-27 | 224.75 |
| 2025-07-04 | 214.05 |
| 2025-07-11 | 222.20 |
| 2025-07-18 | 223.55 |
| 2025-07-25 | 226.48 |
| 2025-08-01 | 230.12 |
| 2025-08-08 | 232.55 |
| 2025-08-15 | 236.25 |
| 2025-08-22 | 239.95 |
| 2025-08-29 | 241.90 |
| 2025-09-05 | 235.98 |
| 2025-09-12 | 229.98 |
| 2025-09-19 | 233.57 |
| 2025-09-26 | 231.80 |
| 2025-10-03 | 231.02 |
| 2025-10-10 | 238.48 |
| 2025-10-17 | 240.25 |
| 2025-10-24 | 233.75 |
| 2025-10-31 | 236.60 |
| 2025-11-07 | 221.35 |
| 2025-11-14 | 219.15 |
| 2025-11-21 | 214.45 |
| 2025-11-28 | 215.57 |
| 2025-12-05 | 227.15 |
| 2025-12-12 | 229.80 |
| 2025-12-19 | 230.40 |
| 2025-12-26 | 229.82 |
| 2026-01-02 | 236.00 |
| 2026-01-09 | 233.73 |
| 2026-01-16 | 232.15 |
| 2026-01-23 | 234.90 |
| 2026-01-30 | 235.85 |
| 2026-02-06 | 237.75 |
| 2026-02-13 | 243.07 |
| 2026-02-20 | 246.57 |
| 2026-02-27 | 244.00 |
| 2026-03-06 | 234.57 |
| 2026-03-13 | 230.90 |
| 2026-03-20 | 234.05 |
| 2026-03-27 | 238.50 |
| 2026-04-03 | 246.20 |
| 2026-04-10 | 251.77 |
| 2026-04-17 | 249.95 |
| 2026-04-24 | 248.30 |
| 2026-05-01 | 253.00 |
| 2026-05-08 | 248.90 |
| 2026-05-15 | 253.90 |
| 2026-05-22 | 249.30 |
| 2026-05-29 | 248.25 |
| 2026-06-05 | 250.07 |
| 2026-06-12 | 246.52 |
Feeder Cattle Futures (CME) · COT data through 2026-06-02
MM Net Position
+10,843
Managed money long minus short · 70th pct
MM Gross Long
20,101 cts
Gross long · 86th pct
MM Gross Short
9,258 cts
Gross short · 74th pct
MM Week-over-Week
+249
Change in managed money net contracts
Open Interest
87,490 cts
Total open interest · 91th pct
Commercial Net
-320
Prod/merchant + swap dealer net · 26th pct
Managed money holds +10,843 contracts
(70th pct, moderately long).
Commercials are net short at -320 contracts
(26th pct).
Managed money net long position by week of year, seasonal overlay. Current year in red, prior two years highlighted.
Feeder Cattle managed money net position by week of year
| Date | 2026 ('000 cts) | 2025 ('000 cts) | 2024 ('000 cts) |
|---|
| Jan 01 | 16.8 | 26.4 | -2.5 |
| Jan 08 | 16.3 | 28.7 | -2.3 |
| Jan 15 | 16.1 | 29.4 | -1.6 |
| Jan 22 | 16.6 | 28.9 | 1.6 |
| Jan 29 | 16.4 | 28.2 | 4.7 |
| Feb 05 | 16.2 | 28.4 | 5.6 |
| Feb 12 | 16.8 | 30.1 | 7.4 |
| Feb 19 | 18.2 | 28.1 | 8.2 |
| Feb 26 | 18.0 | 28.9 | 10.0 |
| Mar 05 | 18.1 | 30.2 | 11.5 |
| Mar 12 | 17.9 | 31.2 | 10.3 |
| Mar 19 | 17.8 | 34.1 | 11.5 |
| Mar 26 | 20.1 | 33.4 | 8.2 |
| Apr 02 | 20.2 | 28.0 | 9.4 |
| Apr 09 | 21.1 | 25.9 | 6.2 |
| Apr 16 | 18.8 | 28.1 | 4.4 |
| Apr 23 | 17.1 | 27.9 | 4.9 |
| Apr 30 | 18.7 | 29.4 | 4.8 |
| May 07 | 15.2 | 32.2 | 4.1 |
| May 14 | 16.4 | 34.0 | 4.6 |
| May 21 | 10.6 | 33.3 | 4.4 |
| May 28 | 10.8 | 34.8 | 6.7 |
Commercial hedger net position. Commercials are structurally short (forward sellers); a move toward net long is historically bullish.
Feeder Cattle commercial net position by week of year
| Date | 2026 ('000 cts) | 2025 ('000 cts) | 2024 ('000 cts) |
|---|
| Jan 01 | -7.1 | -9.7 | 5.5 |
| Jan 08 | -6.2 | -11.4 | 6.0 |
| Jan 15 | -7.7 | -11.1 | 5.5 |
| Jan 22 | -7.6 | -11.0 | 3.5 |
| Jan 29 | -9.1 | -10.7 | 2.8 |
| Feb 05 | -8.0 | -10.3 | 3.1 |
| Feb 12 | -8.3 | -11.3 | 2.4 |
| Feb 19 | -8.0 | -10.1 | 2.5 |
| Feb 26 | -5.4 | -9.6 | 1.5 |
| Mar 05 | -5.6 | -9.2 | -0.3 |
| Mar 12 | -5.5 | -9.9 | 0.7 |
| Mar 19 | -5.9 | -11.7 | 0.3 |
| Mar 26 | -7.8 | -11.6 | 2.8 |
| Apr 02 | -7.6 | -9.0 | 2.7 |
| Apr 09 | -8.4 | -8.2 | 4.0 |
| Apr 16 | -6.9 | -10.7 | 5.0 |
| Apr 23 | -6.2 | -9.3 | 4.5 |
| Apr 30 | -6.7 | -9.6 | 4.4 |
| May 07 | -3.4 | -11.6 | 5.0 |
| May 14 | -6.4 | -12.7 | 4.3 |
| May 21 | -1.9 | -12.1 | 5.1 |
| May 28 | -0.3 | -14.0 | 4.0 |
Managed money gross long contracts by week of year. Elevated gross longs signal crowded positioning and potential liquidation pressure if sentiment shifts.
Feeder Cattle managed money gross long by week of year
| Date | 2026 ('000 cts) | 2025 ('000 cts) | 2024 ('000 cts) |
|---|
| Jan 01 | 24.6 | 30.0 | 7.7 |
| Jan 08 | 24.3 | 32.8 | 8.2 |
| Jan 15 | 24.0 | 33.9 | 8.8 |
| Jan 22 | 24.6 | 33.5 | 9.2 |
| Jan 29 | 25.1 | 33.4 | 9.8 |
| Feb 05 | 25.1 | 31.6 | 9.8 |
| Feb 12 | 26.0 | 32.8 | 11.1 |
| Feb 19 | 26.2 | 32.6 | 11.6 |
| Feb 26 | 25.4 | 33.1 | 13.8 |
| Mar 05 | 24.8 | 34.3 | 15.8 |
| Mar 12 | 24.7 | 36.1 | 14.5 |
| Mar 19 | 24.8 | 38.5 | 15.6 |
| Mar 26 | 27.6 | 38.2 | 13.0 |
| Apr 02 | 27.9 | 32.5 | 12.8 |
| Apr 09 | 28.5 | 29.1 | 11.2 |
| Apr 16 | 27.2 | 31.2 | 10.6 |
| Apr 23 | 26.1 | 31.8 | 10.1 |
| Apr 30 | 29.1 | 33.9 | 9.9 |
| May 07 | 27.2 | 36.7 | 9.5 |
| May 14 | 27.3 | 38.4 | 10.0 |
| May 21 | 21.8 | 37.3 | 9.9 |
| May 28 | 20.1 | 38.6 | 11.3 |
Managed money gross short contracts by week of year. Elevated gross shorts represent potential short-covering fuel — a catalyst can force rapid buybacks and amplify a rally.
Feeder Cattle managed money gross short by week of year
| Date | 2026 ('000 cts) | 2025 ('000 cts) | 2024 ('000 cts) |
|---|
| Jan 01 | 7.8 | 3.6 | 10.2 |
| Jan 08 | 7.9 | 4.1 | 10.5 |
| Jan 15 | 7.9 | 4.5 | 10.4 |
| Jan 22 | 8.0 | 4.6 | 7.6 |
| Jan 29 | 8.7 | 5.2 | 5.1 |
| Feb 05 | 9.0 | 3.2 | 4.2 |
| Feb 12 | 9.2 | 2.8 | 3.7 |
| Feb 19 | 8.0 | 4.4 | 3.4 |
| Feb 26 | 7.5 | 4.3 | 3.8 |
| Mar 05 | 6.8 | 4.1 | 4.3 |
| Mar 12 | 6.8 | 5.0 | 4.2 |
| Mar 19 | 7.0 | 4.4 | 4.2 |
| Mar 26 | 7.5 | 4.9 | 4.8 |
| Apr 02 | 7.7 | 4.5 | 3.4 |
| Apr 09 | 7.3 | 3.1 | 5.0 |
| Apr 16 | 8.5 | 3.1 | 6.2 |
| Apr 23 | 9.0 | 3.9 | 5.2 |
| Apr 30 | 10.3 | 4.5 | 5.1 |
| May 07 | 12.0 | 4.5 | 5.4 |
| May 14 | 11.0 | 4.5 | 5.4 |
| May 21 | 11.2 | 4.0 | 5.5 |
| May 28 | 9.3 | 3.7 | 4.6 |
Total open interest. Rising OI confirms trend; falling OI suggests position liquidation.
Feeder Cattle total open interest by week of year
| Date | 2026 ('000 cts) | 2025 ('000 cts) | 2024 ('000 cts) |
|---|
| Jan 01 | 108.9 | 104.4 | 80.4 |
| Jan 08 | 113.3 | 112.4 | 81.0 |
| Jan 15 | 117.7 | 114.5 | 81.2 |
| Jan 22 | 117.4 | 116.2 | 77.4 |
| Jan 29 | 110.0 | 112.1 | 68.6 |
| Feb 05 | 107.8 | 110.2 | 71.2 |
| Feb 12 | 109.3 | 109.2 | 74.3 |
| Feb 19 | 113.9 | 110.3 | 76.7 |
| Feb 26 | 116.1 | 113.4 | 80.9 |
| Mar 05 | 113.1 | 112.5 | 83.8 |
| Mar 12 | 111.3 | 121.1 | 83.2 |
| Mar 19 | 107.0 | 120.0 | 82.0 |
| Mar 26 | 98.7 | 109.6 | 83.7 |
| Apr 02 | 102.4 | 104.8 | 76.2 |
| Apr 09 | 101.2 | 100.9 | 78.5 |
| Apr 16 | 103.0 | 92.7 | 78.6 |
| Apr 23 | 100.9 | 95.7 | 73.9 |
| Apr 30 | 95.3 | 99.9 | 71.8 |
| May 07 | 97.8 | 107.5 | 71.8 |
| May 14 | 97.6 | 108.7 | 72.8 |
| May 21 | 86.9 | 100.2 | 70.2 |
| May 28 | 87.5 | 104.4 | 63.0 |
Feeder Cattle front-month futures price weekly
| Date | Feeder Cattle ($/cwt) |
|---|
| 2023-01-06 | 182.70 |
| 2023-01-13 | 181.25 |
| 2023-01-20 | 177.93 |
| 2023-01-27 | 183.48 |
| 2023-02-03 | 186.10 |
| 2023-02-10 | 186.40 |
| 2023-02-17 | 186.52 |
| 2023-02-24 | 189.07 |
| 2023-03-03 | 190.00 |
| 2023-03-10 | 191.48 |
| 2023-03-17 | 188.85 |
| 2023-03-24 | 189.65 |
| 2023-03-31 | 200.82 |
| 2023-04-07 | 200.62 |
| 2023-04-14 | 203.40 |
| 2023-04-21 | 203.77 |
| 2023-04-28 | 210.98 |
| 2023-05-05 | 202.52 |
| 2023-05-12 | 205.48 |
| 2023-05-19 | 206.27 |
| 2023-05-26 | 233.93 |
| 2023-06-02 | 241.90 |
| 2023-06-09 | 239.00 |
| 2023-06-16 | 234.93 |
| 2023-06-23 | 233.95 |
| 2023-06-30 | 247.57 |
| 2023-07-07 | 245.43 |
| 2023-07-14 | 246.65 |
| 2023-07-21 | 245.93 |
| 2023-07-28 | 245.60 |
| 2023-08-04 | 249.52 |
| 2023-08-11 | 247.75 |
| 2023-08-18 | 245.57 |
| 2023-08-25 | 247.62 |
| 2023-09-01 | 251.85 |
| 2023-09-08 | 255.35 |
| 2023-09-15 | 257.38 |
| 2023-09-22 | 254.10 |
| 2023-09-29 | 252.48 |
| 2023-10-06 | 248.38 |
| 2023-10-13 | 249.88 |
| 2023-10-20 | 241.82 |
| 2023-10-27 | 236.90 |
| 2023-11-03 | 240.60 |
| 2023-11-10 | 229.73 |
| 2023-11-17 | 228.50 |
| 2023-11-24 | 219.32 |
| 2023-12-01 | 214.43 |
| 2023-12-08 | 215.30 |
| 2023-12-15 | 220.90 |
| 2023-12-22 | 222.75 |
| 2023-12-29 | 222.30 |
| 2024-01-05 | 223.12 |
| 2024-01-12 | 226.57 |
| 2024-01-19 | 230.10 |
| 2024-01-26 | 239.70 |
| 2024-02-02 | 244.80 |
| 2024-02-09 | 247.15 |
| 2024-02-16 | 251.02 |
| 2024-02-23 | 254.57 |
| 2024-03-01 | 252.98 |
| 2024-03-08 | 249.20 |
| 2024-03-15 | 249.27 |
| 2024-03-22 | 249.95 |
| 2024-03-29 | 247.75 |
| 2024-04-05 | 237.70 |
| 2024-04-12 | 237.60 |
| 2024-04-19 | 241.32 |
| 2024-04-26 | 248.70 |
| 2024-05-03 | 243.30 |
| 2024-05-10 | 238.80 |
| 2024-05-17 | 246.73 |
| 2024-05-24 | 260.23 |
| 2024-05-31 | 256.40 |
| 2024-06-07 | 254.93 |
| 2024-06-14 | 261.98 |
| 2024-06-21 | 258.38 |
| 2024-06-28 | 259.30 |
| 2024-07-05 | 261.48 |
| 2024-07-12 | 258.65 |
| 2024-07-19 | 255.60 |
| 2024-07-26 | 259.70 |
| 2024-08-02 | 249.65 |
| 2024-08-09 | 246.50 |
| 2024-08-16 | 242.77 |
| 2024-08-23 | 242.57 |
| 2024-08-30 | 240.48 |
| 2024-09-06 | 234.30 |
| 2024-09-13 | 241.90 |
| 2024-09-20 | 244.82 |
| 2024-09-27 | 247.07 |
| 2024-10-04 | 249.62 |
| 2024-10-11 | 249.75 |
| 2024-10-18 | 248.32 |
| 2024-10-25 | 249.62 |
| 2024-11-01 | 246.88 |
| 2024-11-08 | 245.43 |
| 2024-11-15 | 251.10 |
| 2024-11-22 | 254.30 |
| 2024-11-29 | 259.48 |
| 2024-12-06 | 255.82 |
| 2024-12-13 | 257.65 |
| 2024-12-20 | 255.60 |
| 2024-12-27 | 261.38 |
| 2025-01-03 | 264.83 |
| 2025-01-10 | 272.35 |
| 2025-01-17 | 273.50 |
| 2025-01-24 | 278.70 |
| 2025-01-31 | 275.73 |
| 2025-02-07 | 264.90 |
| 2025-02-14 | 266.35 |
| 2025-02-21 | 267.95 |
| 2025-02-28 | 274.98 |
| 2025-03-07 | 276.98 |
| 2025-03-14 | 281.98 |
| 2025-03-21 | 286.48 |
| 2025-03-28 | 286.92 |
| 2025-04-04 | 279.42 |
| 2025-04-11 | 285.17 |
| 2025-04-18 | 293.35 |
| 2025-04-25 | 290.52 |
| 2025-05-02 | 294.95 |
| 2025-05-09 | 297.98 |
| 2025-05-16 | 296.85 |
| 2025-05-23 | 300.38 |
| 2025-05-30 | 298.83 |
| 2025-06-06 | 310.15 |
| 2025-06-13 | 306.42 |
| 2025-06-20 | 302.45 |
| 2025-06-27 | 307.90 |
| 2025-07-04 | 309.50 |
| 2025-07-11 | 325.33 |
| 2025-07-18 | 324.00 |
| 2025-07-25 | 331.38 |
| 2025-08-01 | 334.58 |
| 2025-08-08 | 339.40 |
| 2025-08-15 | 346.15 |
| 2025-08-22 | 360.35 |
| 2025-08-29 | 364.77 |
| 2025-09-05 | 359.83 |
| 2025-09-12 | 350.40 |
| 2025-09-19 | 359.15 |
| 2025-09-26 | 357.00 |
| 2025-10-03 | 357.17 |
| 2025-10-10 | 375.50 |
| 2025-10-17 | 371.95 |
| 2025-10-24 | 354.30 |
| 2025-10-31 | 338.88 |
| 2025-11-07 | 326.40 |
| 2025-11-14 | 338.67 |
| 2025-11-21 | 314.23 |
| 2025-11-28 | 323.98 |
| 2025-12-05 | 339.05 |
| 2025-12-12 | 339.10 |
| 2025-12-19 | 345.60 |
| 2025-12-26 | 346.17 |
| 2026-01-02 | 356.10 |
| 2026-01-09 | 360.73 |
| 2026-01-16 | 361.92 |
| 2026-01-23 | 364.80 |
| 2026-01-30 | 360.27 |
| 2026-02-06 | 367.42 |
| 2026-02-13 | 366.15 |
| 2026-02-20 | 368.02 |
| 2026-02-27 | 355.42 |
| 2026-03-06 | 355.62 |
| 2026-03-13 | 349.48 |
| 2026-03-20 | 357.75 |
| 2026-03-27 | 361.45 |
| 2026-04-03 | 372.90 |
| 2026-04-10 | 374.15 |
| 2026-04-17 | 371.33 |
| 2026-04-24 | 367.62 |
| 2026-05-01 | 371.40 |
| 2026-05-08 | 367.38 |
| 2026-05-15 | 368.67 |
| 2026-05-22 | 349.85 |
| 2026-05-29 | 348.42 |
| 2026-06-05 | 353.90 |
| 2026-06-12 | 350.70 |
Lean Hogs Futures (CME) · COT data through 2026-06-02
MM Net Position
-6,551
Managed money long minus short · 5th pct
MM Gross Long
56,911 cts
Gross long · 38th pct
MM Gross Short
63,462 cts
Gross short · 98th pct
MM Week-over-Week
-19,535
Change in managed money net contracts
Open Interest
455,899 cts
Total open interest · 96th pct
Commercial Net
+35,524
Prod/merchant + swap dealer net · 100th pct
Managed money holds -6,551 contracts
(5th pct, heavily short).
Commercials are net long at +35,524 contracts
(100th pct).
Managed money net long position by week of year, seasonal overlay. Current year in red, prior two years highlighted.
Lean Hogs managed money net position by week of year
| Date | 2026 ('000 cts) | 2025 ('000 cts) | 2024 ('000 cts) |
|---|
| Jan 01 | 81.9 | 97.2 | -17.6 |
| Jan 08 | 82.6 | 103.6 | -6.6 |
| Jan 15 | 97.4 | 92.2 | -1.8 |
| Jan 22 | 113.8 | 91.9 | 2.5 |
| Jan 29 | 128.9 | 95.3 | 25.0 |
| Feb 05 | 133.3 | 102.6 | 31.6 |
| Feb 12 | 116.5 | 114.1 | 33.8 |
| Feb 19 | 117.0 | 90.5 | 48.2 |
| Feb 26 | 124.0 | 57.5 | 63.1 |
| Mar 05 | 127.7 | 55.6 | 65.1 |
| Mar 12 | 116.6 | 56.7 | 63.7 |
| Mar 19 | 101.5 | 51.4 | 62.9 |
| Mar 26 | 94.2 | 55.3 | 65.0 |
| Apr 02 | 98.1 | 36.3 | 76.9 |
| Apr 09 | 87.9 | 40.2 | 92.7 |
| Apr 16 | 65.6 | 58.5 | 86.6 |
| Apr 23 | 57.6 | 67.6 | 92.4 |
| Apr 30 | 51.1 | 70.6 | 85.4 |
| May 07 | 40.9 | 81.1 | 65.2 |
| May 14 | 33.7 | 91.7 | 56.1 |
| May 21 | 13.0 | 94.5 | 43.5 |
| May 28 | -6.6 | 101.6 | 29.4 |
Commercial hedger net position. Commercials are structurally short (forward sellers); a move toward net long is historically bullish.
Lean Hogs commercial net position by week of year
| Date | 2026 ('000 cts) | 2025 ('000 cts) | 2024 ('000 cts) |
|---|
| Jan 01 | -77.5 | -97.0 | 11.4 |
| Jan 08 | -76.7 | -102.6 | 2.1 |
| Jan 15 | -95.0 | -95.5 | 1.0 |
| Jan 22 | -107.2 | -97.1 | -4.3 |
| Jan 29 | -118.5 | -99.9 | -27.8 |
| Feb 05 | -123.5 | -104.0 | -34.1 |
| Feb 12 | -102.8 | -111.6 | -37.7 |
| Feb 19 | -106.3 | -89.4 | -52.8 |
| Feb 26 | -114.6 | -63.0 | -66.3 |
| Mar 05 | -116.5 | -59.4 | -70.2 |
| Mar 12 | -102.9 | -57.8 | -68.9 |
| Mar 19 | -86.3 | -54.2 | -68.1 |
| Mar 26 | -81.2 | -56.9 | -68.4 |
| Apr 02 | -85.4 | -43.0 | -80.4 |
| Apr 09 | -74.5 | -44.9 | -94.6 |
| Apr 16 | -57.3 | -59.5 | -88.8 |
| Apr 23 | -48.9 | -65.2 | -89.1 |
| Apr 30 | -40.2 | -65.0 | -83.0 |
| May 07 | -30.8 | -76.9 | -68.4 |
| May 14 | -25.5 | -85.4 | -61.6 |
| May 21 | -7.0 | -89.0 | -50.2 |
| May 28 | 35.5 | -102.8 | -39.8 |
Managed money gross long contracts by week of year. Elevated gross longs signal crowded positioning and potential liquidation pressure if sentiment shifts.
Lean Hogs managed money gross long by week of year
| Date | 2026 ('000 cts) | 2025 ('000 cts) | 2024 ('000 cts) |
|---|
| Jan 01 | 93.9 | 106.3 | 36.1 |
| Jan 08 | 96.6 | 110.6 | 39.6 |
| Jan 15 | 110.0 | 104.3 | 42.3 |
| Jan 22 | 128.6 | 101.7 | 45.5 |
| Jan 29 | 141.8 | 104.3 | 52.4 |
| Feb 05 | 145.5 | 110.9 | 51.4 |
| Feb 12 | 129.3 | 122.8 | 50.0 |
| Feb 19 | 128.9 | 102.2 | 61.9 |
| Feb 26 | 137.5 | 81.0 | 73.2 |
| Mar 05 | 141.4 | 72.8 | 74.7 |
| Mar 12 | 133.4 | 74.1 | 70.8 |
| Mar 19 | 116.7 | 70.6 | 71.7 |
| Mar 26 | 109.4 | 75.1 | 73.3 |
| Apr 02 | 114.9 | 65.5 | 84.4 |
| Apr 09 | 107.9 | 65.5 | 102.0 |
| Apr 16 | 89.7 | 74.1 | 95.4 |
| Apr 23 | 85.3 | 79.1 | 98.7 |
| Apr 30 | 82.9 | 80.6 | 92.5 |
| May 07 | 80.2 | 88.8 | 76.2 |
| May 14 | 80.6 | 98.7 | 69.7 |
| May 21 | 70.3 | 102.5 | 62.2 |
| May 28 | 56.9 | 111.8 | 56.7 |
Managed money gross short contracts by week of year. Elevated gross shorts represent potential short-covering fuel — a catalyst can force rapid buybacks and amplify a rally.
Lean Hogs managed money gross short by week of year
| Date | 2026 ('000 cts) | 2025 ('000 cts) | 2024 ('000 cts) |
|---|
| Jan 01 | 12.1 | 9.1 | 53.7 |
| Jan 08 | 14.0 | 7.0 | 46.2 |
| Jan 15 | 12.5 | 12.1 | 44.1 |
| Jan 22 | 14.8 | 9.8 | 43.0 |
| Jan 29 | 13.0 | 8.9 | 27.4 |
| Feb 05 | 12.2 | 8.3 | 19.7 |
| Feb 12 | 12.8 | 8.6 | 16.2 |
| Feb 19 | 11.9 | 11.8 | 13.8 |
| Feb 26 | 13.5 | 23.5 | 10.2 |
| Mar 05 | 13.7 | 17.2 | 9.6 |
| Mar 12 | 16.8 | 17.4 | 7.2 |
| Mar 19 | 15.2 | 19.3 | 8.9 |
| Mar 26 | 15.2 | 19.8 | 8.3 |
| Apr 02 | 16.8 | 29.2 | 7.5 |
| Apr 09 | 20.0 | 25.3 | 9.3 |
| Apr 16 | 24.1 | 15.6 | 8.7 |
| Apr 23 | 27.7 | 11.4 | 6.3 |
| Apr 30 | 31.8 | 9.9 | 7.2 |
| May 07 | 39.3 | 7.7 | 11.0 |
| May 14 | 46.8 | 6.9 | 13.6 |
| May 21 | 57.4 | 8.0 | 18.7 |
| May 28 | 63.5 | 10.2 | 27.3 |
Total open interest. Rising OI confirms trend; falling OI suggests position liquidation.
Lean Hogs total open interest by week of year
| Date | 2026 ('000 cts) | 2025 ('000 cts) | 2024 ('000 cts) |
|---|
| Jan 01 | 405.0 | 407.3 | 305.6 |
| Jan 08 | 408.7 | 405.8 | 284.5 |
| Jan 15 | 442.3 | 411.7 | 295.8 |
| Jan 22 | 473.9 | 410.7 | 299.9 |
| Jan 29 | 495.8 | 420.8 | 333.0 |
| Feb 05 | 505.7 | 439.3 | 335.9 |
| Feb 12 | 484.6 | 432.9 | 324.2 |
| Feb 19 | 477.5 | 397.3 | 320.5 |
| Feb 26 | 490.1 | 407.9 | 344.4 |
| Mar 05 | 488.8 | 372.3 | 361.2 |
| Mar 12 | 470.5 | 374.6 | 361.5 |
| Mar 19 | 452.4 | 379.2 | 366.8 |
| Mar 26 | 443.1 | 387.0 | 375.6 |
| Apr 02 | 441.5 | 398.1 | 402.0 |
| Apr 09 | 444.5 | 366.9 | 446.4 |
| Apr 16 | 414.7 | 352.3 | 404.7 |
| Apr 23 | 424.4 | 365.0 | 407.8 |
| Apr 30 | 429.9 | 363.4 | 410.0 |
| May 07 | 436.1 | 387.0 | 407.6 |
| May 14 | 442.2 | 407.3 | 392.6 |
| May 21 | 456.6 | 414.9 | 385.4 |
| May 28 | 455.9 | 452.6 | 395.7 |
Lean Hogs front-month futures price weekly
| Date | Lean Hogs ($/cwt) |
|---|
| 2023-01-06 | 80.28 |
| 2023-01-13 | 78.65 |
| 2023-01-20 | 77.82 |
| 2023-01-27 | 75.88 |
| 2023-02-03 | 75.03 |
| 2023-02-10 | 75.88 |
| 2023-02-17 | 85.28 |
| 2023-02-24 | 86.03 |
| 2023-03-03 | 84.55 |
| 2023-03-10 | 87.45 |
| 2023-03-17 | 79.88 |
| 2023-03-24 | 77.18 |
| 2023-03-31 | 75.25 |
| 2023-04-07 | 74.15 |
| 2023-04-14 | 71.75 |
| 2023-04-21 | 77.03 |
| 2023-04-28 | 79.65 |
| 2023-05-05 | 75.53 |
| 2023-05-12 | 76.62 |
| 2023-05-19 | 83.03 |
| 2023-05-26 | 76.07 |
| 2023-06-02 | 86.72 |
| 2023-06-09 | 87.88 |
| 2023-06-16 | 92.85 |
| 2023-06-23 | 91.28 |
| 2023-06-30 | 95.65 |
| 2023-07-07 | 99.00 |
| 2023-07-14 | 101.97 |
| 2023-07-21 | 100.68 |
| 2023-07-28 | 103.20 |
| 2023-08-04 | 101.03 |
| 2023-08-11 | 102.10 |
| 2023-08-18 | 82.12 |
| 2023-08-25 | 79.82 |
| 2023-09-01 | 83.05 |
| 2023-09-08 | 81.53 |
| 2023-09-15 | 83.12 |
| 2023-09-22 | 81.53 |
| 2023-09-29 | 80.20 |
| 2023-10-06 | 82.32 |
| 2023-10-13 | 81.93 |
| 2023-10-20 | 66.00 |
| 2023-10-27 | 70.47 |
| 2023-11-03 | 71.75 |
| 2023-11-10 | 71.90 |
| 2023-11-17 | 70.97 |
| 2023-11-24 | 67.57 |
| 2023-12-01 | 68.60 |
| 2023-12-08 | 68.43 |
| 2023-12-15 | 71.90 |
| 2023-12-22 | 71.35 |
| 2023-12-29 | 67.97 |
| 2024-01-05 | 70.00 |
| 2024-01-12 | 71.90 |
| 2024-01-19 | 70.75 |
| 2024-01-26 | 74.93 |
| 2024-02-02 | 75.45 |
| 2024-02-09 | 73.68 |
| 2024-02-16 | 85.22 |
| 2024-02-23 | 87.20 |
| 2024-03-01 | 88.07 |
| 2024-03-08 | 84.38 |
| 2024-03-15 | 86.93 |
| 2024-03-22 | 84.57 |
| 2024-03-29 | 86.62 |
| 2024-04-05 | 89.32 |
| 2024-04-12 | 90.88 |
| 2024-04-19 | 96.22 |
| 2024-04-26 | 94.28 |
| 2024-05-03 | 92.43 |
| 2024-05-10 | 91.72 |
| 2024-05-17 | 96.50 |
| 2024-05-24 | 94.28 |
| 2024-05-31 | 94.35 |
| 2024-06-07 | 92.53 |
| 2024-06-14 | 91.18 |
| 2024-06-21 | 92.05 |
| 2024-06-28 | 89.57 |
| 2024-07-05 | 89.88 |
| 2024-07-12 | 88.70 |
| 2024-07-19 | 91.57 |
| 2024-07-26 | 93.47 |
| 2024-08-02 | 92.20 |
| 2024-08-09 | 89.80 |
| 2024-08-16 | 75.07 |
| 2024-08-23 | 80.55 |
| 2024-08-30 | 82.22 |
| 2024-09-06 | 79.50 |
| 2024-09-13 | 78.45 |
| 2024-09-20 | 82.22 |
| 2024-09-27 | 82.05 |
| 2024-10-04 | 84.03 |
| 2024-10-11 | 84.07 |
| 2024-10-18 | 77.82 |
| 2024-10-25 | 79.68 |
| 2024-11-01 | 84.07 |
| 2024-11-08 | 80.43 |
| 2024-11-15 | 79.50 |
| 2024-11-22 | 81.68 |
| 2024-11-29 | 82.07 |
| 2024-12-06 | 83.30 |
| 2024-12-13 | 83.72 |
| 2024-12-20 | 85.93 |
| 2024-12-27 | 84.15 |
| 2025-01-03 | 80.78 |
| 2025-01-10 | 82.55 |
| 2025-01-17 | 81.12 |
| 2025-01-24 | 82.30 |
| 2025-01-31 | 84.18 |
| 2025-02-07 | 87.25 |
| 2025-02-14 | 89.47 |
| 2025-02-21 | 87.68 |
| 2025-02-28 | 83.68 |
| 2025-03-07 | 87.35 |
| 2025-03-14 | 86.62 |
| 2025-03-21 | 86.12 |
| 2025-03-28 | 86.70 |
| 2025-04-04 | 87.38 |
| 2025-04-11 | 85.43 |
| 2025-04-18 | 90.40 |
| 2025-04-25 | 92.80 |
| 2025-05-02 | 92.95 |
| 2025-05-09 | 90.38 |
| 2025-05-16 | 100.32 |
| 2025-05-23 | 98.30 |
| 2025-05-30 | 101.32 |
| 2025-06-06 | 102.62 |
| 2025-06-13 | 103.70 |
| 2025-06-20 | 112.78 |
| 2025-06-27 | 113.25 |
| 2025-07-04 | 107.97 |
| 2025-07-11 | 106.72 |
| 2025-07-18 | 106.47 |
| 2025-07-25 | 108.70 |
| 2025-08-01 | 107.35 |
| 2025-08-08 | 108.90 |
| 2025-08-15 | 90.10 |
| 2025-08-22 | 91.20 |
| 2025-08-29 | 95.03 |
| 2025-09-05 | 96.03 |
| 2025-09-12 | 97.12 |
| 2025-09-19 | 97.97 |
| 2025-09-26 | 101.50 |
| 2025-10-03 | 98.97 |
| 2025-10-10 | 97.00 |
| 2025-10-17 | 82.38 |
| 2025-10-24 | 81.90 |
| 2025-10-31 | 81.28 |
| 2025-11-07 | 79.40 |
| 2025-11-14 | 78.50 |
| 2025-11-21 | 77.80 |
| 2025-11-28 | 80.60 |
| 2025-12-05 | 81.65 |
| 2025-12-12 | 83.32 |
| 2025-12-19 | 84.50 |
| 2025-12-26 | 84.53 |
| 2026-01-02 | 84.10 |
| 2026-01-09 | 85.30 |
| 2026-01-16 | 88.28 |
| 2026-01-23 | 88.35 |
| 2026-01-30 | 87.25 |
| 2026-02-06 | 87.38 |
| 2026-02-13 | 86.95 |
| 2026-02-20 | 93.68 |
| 2026-02-27 | 95.72 |
| 2026-03-06 | 95.62 |
| 2026-03-13 | 93.45 |
| 2026-03-20 | 91.28 |
| 2026-03-27 | 90.78 |
| 2026-04-03 | 90.35 |
| 2026-04-10 | 90.72 |
| 2026-04-17 | 93.40 |
| 2026-04-24 | 94.30 |
| 2026-05-01 | 92.82 |
| 2026-05-08 | 90.88 |
| 2026-05-15 | 98.75 |
| 2026-05-22 | 95.75 |
| 2026-05-29 | 95.85 |
| 2026-06-05 | 94.30 |
| 2026-06-12 | 94.03 |
Options-only open interest by trader category (futures-and-options combined minus futures-only). Teal = managed money options net. Gold = swap dealer options net (negative = dealer short gamma). Red = producer/commercial options net. White dotted = SPRT percentile rank. Elevated pressure + reversing MM positioning signals structural conditions for amplified price moves.
Lean Hogs structural hedging pressure options positioning
| Date | MM Options ('000) | Swap Options ('000) | Producer Options ('000) | Pressure Rank |
|---|
| 2024-06-11 | +17.1 | +21.9 | -40.2 | 70th |
| 2024-06-18 | +14.2 | +27.1 | -41.4 | 73th |
| 2024-06-25 | +12.5 | +29.1 | -41.4 | 72th |
| 2024-07-02 | +10.2 | +30.8 | -42.3 | 73th |
| 2024-07-09 | +6.1 | +31.0 | -41.6 | 71th |
| 2024-07-16 | +3.1 | +28.0 | -40.1 | 68th |
| 2024-07-23 | +2.1 | +30.1 | -41.2 | 72th |
| 2024-07-30 | +5.6 | +31.9 | -45.4 | 75th |
| 2024-08-06 | +4.9 | +35.1 | -47.5 | 76th |
| 2024-08-13 | -1.3 | +39.3 | -47.4 | 76th |
| 2024-08-20 | -1.4 | +41.0 | -48.4 | 79th |
| 2024-08-27 | +9.0 | +41.4 | -57.5 | 81th |
| 2024-09-03 | +16.4 | +44.8 | -66.7 | 86th |
| 2024-09-10 | +14.5 | +50.2 | -71.2 | 87th |
| 2024-09-17 | +19.7 | +57.8 | -78.9 | 90th |
| 2024-09-24 | +35.0 | +59.1 | -96.7 | 92th |
| 2024-10-01 | +0.0 | -0.0 | +0.1 | 2th |
| 2024-10-08 | +0.0 | -0.0 | +0.1 | 2th |
| 2024-10-15 | +0.0 | -0.0 | +0.1 | 2th |
| 2024-10-22 | +0.0 | -0.0 | +0.1 | 1th |
| 2024-10-29 | +0.0 | -0.0 | +0.1 | 3th |
| 2024-11-05 | +0.1 | -0.0 | +0.0 | 2th |
| 2024-11-12 | +0.0 | -0.0 | -0.1 | 3th |
| 2024-11-19 | +0.1 | +0.0 | -0.2 | 6th |
| 2024-11-26 | +0.3 | +0.1 | -0.7 | 12th |
| 2024-12-03 | +0.6 | +0.0 | -1.1 | 15th |
| 2024-12-10 | +0.7 | +0.2 | -1.3 | 17th |
| 2024-12-17 | +0.7 | +0.5 | -1.3 | 20th |
| 2024-12-24 | +0.9 | +0.6 | -1.4 | 21th |
| 2024-12-31 | +1.0 | +0.7 | -2.1 | 25th |
| 2025-01-07 | +1.3 | +0.9 | -2.8 | 27th |
| 2025-01-14 | +1.5 | +1.2 | -4.7 | 30th |
| 2025-01-21 | +2.5 | +1.3 | -5.9 | 32th |
| 2025-01-28 | +3.8 | +0.9 | -7.2 | 35th |
| 2025-02-04 | +5.4 | +0.4 | -8.6 | 36th |
| 2025-02-11 | +7.2 | +0.2 | -9.7 | 38th |
| 2025-02-18 | +8.6 | -0.1 | -10.7 | 40th |
| 2025-02-25 | +9.0 | +0.7 | -11.2 | 42th |
| 2025-03-04 | +9.9 | +1.6 | -13.3 | 45th |
| 2025-03-11 | +10.7 | +2.8 | -15.2 | 48th |
| 2025-03-18 | +11.4 | +3.6 | -17.1 | 51th |
| 2025-03-25 | +12.9 | +3.8 | -18.9 | 54th |
| 2025-04-01 | +14.1 | +4.3 | -21.7 | 56th |
| 2025-04-08 | +11.7 | +7.5 | -23.4 | 56th |
| 2025-04-15 | +11.3 | +8.1 | -21.9 | 58th |
| 2025-04-22 | +12.5 | +7.8 | -22.6 | 59th |
| 2025-04-29 | +14.0 | +7.9 | -24.9 | 60th |
| 2025-05-06 | +18.5 | +9.2 | -30.1 | 65th |
| 2025-05-13 | +23.7 | +10.9 | -36.2 | 69th |
| 2025-05-20 | +28.5 | +11.9 | -42.0 | 71th |
| 2025-05-27 | +32.5 | +11.9 | -45.6 | 74th |
| 2025-06-03 | +37.2 | +13.4 | -54.2 | 75th |
| 2025-06-10 | +44.2 | +17.9 | -65.1 | 78th |
| 2025-06-17 | +54.0 | +21.2 | -77.4 | 81th |
| 2025-06-24 | +58.4 | +20.1 | -81.7 | 83th |
| 2025-07-01 | +61.7 | +22.9 | -88.1 | 86th |
| 2025-07-08 | +62.0 | +25.9 | -92.2 | 87th |
| 2025-07-15 | +63.1 | +26.3 | -93.1 | 88th |
| 2025-07-22 | +67.3 | +27.9 | -96.9 | 90th |
| 2025-07-29 | +68.7 | +27.2 | -100.4 | 90th |
| 2025-08-05 | +73.2 | +29.1 | -107.5 | 91th |
| 2025-08-12 | +72.9 | +38.6 | -116.0 | 93th |
| 2025-08-19 | +78.8 | +41.0 | -119.7 | 95th |
| 2025-08-26 | +90.3 | +41.5 | -133.1 | 97th |
| 2025-09-02 | +106.3 | +41.9 | -147.4 | 98th |
| 2025-09-09 | +114.5 | +44.6 | -159.4 | 98th |
| 2025-09-16 | +123.3 | +53.0 | -170.8 | 99th |
| 2025-09-23 | +130.3 | +53.0 | -184.4 | 99th |
| 2025-09-30 | +138.5 | +52.3 | -191.1 | 100th |
| 2025-10-07 | +0.1 | -0.0 | -0.0 | 2th |
| 2025-10-14 | +0.1 | -0.0 | +0.1 | 3th |
| 2025-10-21 | +0.1 | -0.0 | +0.2 | 6th |
| 2025-10-28 | +0.2 | -0.0 | +0.1 | 5th |
| 2025-11-04 | +0.2 | -0.0 | -0.1 | 4th |
| 2025-11-10 | +0.5 | +0.0 | -1.5 | 17th |
| 2025-11-18 | +0.4 | +0.1 | -1.2 | 15th |
| 2025-11-25 | +0.1 | +0.2 | -1.1 | 14th |
| 2025-12-02 | +0.1 | +0.2 | -1.0 | 14th |
| 2025-12-09 | +0.2 | +0.4 | -1.6 | 18th |
| 2025-12-16 | +0.3 | +0.7 | -2.1 | 23th |
| 2025-12-23 | +0.5 | +0.8 | -2.6 | 25th |
| 2025-12-30 | +0.6 | +0.9 | -3.0 | 27th |
| 2026-01-06 | +1.1 | +1.1 | -4.3 | 29th |
| 2026-01-13 | +2.1 | +1.7 | -5.9 | 33th |
| 2026-01-20 | +2.7 | +1.4 | -7.4 | 33th |
| 2026-01-27 | +5.6 | +1.1 | -10.8 | 37th |
| 2026-02-03 | +7.5 | +0.8 | -13.4 | 39th |
| 2026-02-10 | +9.0 | +0.6 | -15.6 | 41th |
| 2026-02-17 | +11.0 | +0.2 | -16.6 | 43th |
| 2026-02-24 | +12.2 | +1.4 | -19.1 | 46th |
| 2026-03-03 | +15.5 | +3.8 | -23.6 | 52th |
| 2026-03-10 | +17.4 | +4.7 | -27.7 | 56th |
| 2026-03-17 | +19.6 | +4.9 | -28.5 | 58th |
| 2026-03-24 | +20.6 | +6.5 | -29.1 | 60th |
| 2026-03-31 | +21.8 | +6.2 | -31.0 | 61th |
| 2026-04-07 | +24.0 | +7.3 | -33.5 | 63th |
| 2026-04-14 | +25.3 | +9.4 | -36.1 | 66th |
| 2026-04-21 | +25.6 | +9.5 | -36.8 | 67th |
| 2026-04-28 | +28.3 | +10.1 | -38.8 | 68th |
| 2026-05-05 | +29.1 | +11.1 | -40.5 | 69th |
| 2026-05-12 | +29.7 | +12.8 | -42.2 | 70th |
| 2026-05-19 | +31.0 | +14.1 | -45.0 | 71th |
| 2026-05-26 | +31.1 | +14.9 | -45.7 | 71th |
| 2026-06-02 | +27.1 | +16.0 | -29.4 | 65th |