Livestock Market Intelligence

Prices: 2026-10-23 Storage: 2026-09-30 COT: 2026-10-20

At a Glance

Each market against its own history · price and positioning over 15 years · feed ratios are context

Market	Price	Positioning	Feed ratio
Live Cattle	$228.3594th over 15 yrsunusual high	+51,14337th over 15 yrsnormal	50.7 cattle-cornbreakeven 30context
Feeder Cattle	$338.2793rd over 15 yrsunusual high	+10,44472nd over 15 yrsnormal	50.7 cattle-cornbreakeven 30context
Lean Hogs	$66.9222nd over 15 yrsnormal	-41,1333rd lowest over 15 yrsunusual low	14.4 hog-cornbreakeven 20context

Price

CME front month · $/cwt · weekly

Live Cattle

This weekLive Cattle settled at $228.35/cwt, the 94th percentile over 15 yrs, -6% on the year. unusual high

Live Cattle — Front-Month Price, Weekly, latest 53 readings (10th pct 108.33, 90th pct 208.82)

Date	$/cwt
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	233.72
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	251.78
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	249.88
2026-06-19	254.80
2026-06-26	257.45
2026-07-03	239.22
2026-07-10	235.20
2026-07-17	224.43
2026-07-24	227.07
2026-07-31	231.75
2026-08-07	231.70
2026-08-14	223.62
2026-08-21	223.05
2026-08-28	219.25
2026-09-04	212.95
2026-09-11	219.68
2026-09-18	215.93
2026-09-25	218.88
2026-10-02	218.85
2026-10-09	224.97
2026-10-16	228.35

Feeder Cattle

This weekFeeder Cattle settled at $338.27/cwt, the 93rd percentile over 15 yrs, -11% on the year. unusual high

Feeder Cattle — Front-Month Price, Weekly, latest 53 readings (10th pct 136.10, 90th pct 286.93)

Date	$/cwt
2025-10-17	371.95
2025-10-24	354.30
2025-10-31	338.88
2025-11-07	326.40
2025-11-14	338.68
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	346.18
2026-01-02	356.10
2026-01-09	360.73
2026-01-16	361.93
2026-01-23	364.80
2026-01-30	360.27
2026-02-06	367.43
2026-02-13	366.15
2026-02-20	368.02
2026-02-27	355.43
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	371.32
2026-04-24	367.62
2026-05-01	371.40
2026-05-08	367.38
2026-05-15	368.68
2026-05-22	349.85
2026-05-29	348.43
2026-06-05	353.90
2026-06-12	357.43
2026-06-19	366.60
2026-06-26	369.85
2026-07-03	360.62
2026-07-10	354.60
2026-07-17	345.95
2026-07-24	345.32
2026-07-31	348.02
2026-08-07	351.65
2026-08-14	340.82
2026-08-21	334.75
2026-08-28	320.90
2026-09-04	324.82
2026-09-11	337.82
2026-09-18	333.57
2026-09-25	334.93
2026-10-02	334.62
2026-10-09	343.85
2026-10-16	338.27

Lean Hogs

This weekLean Hogs settled at $66.92/cwt, the 22nd percentile over 15 yrs, -19% on the year. normal

Lean Hogs — Front-Month Price, Weekly, latest 53 readings (10th pct 59.80, 90th pct 102.30)

Date	$/cwt
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	83.33
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	93.67
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	92.83
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	92.53
2026-06-19	95.03
2026-06-26	92.92
2026-07-03	93.85
2026-07-10	94.78
2026-07-17	101.65
2026-07-24	102.85
2026-07-31	98.85
2026-08-07	95.50
2026-08-14	95.40
2026-08-21	80.88
2026-08-28	81.90
2026-09-04	82.30
2026-09-11	81.53
2026-09-18	78.10
2026-09-25	78.22
2026-10-02	77.88
2026-10-09	75.05
2026-10-16	66.92

How to read it. The shaded band is the middle 80% of weekly closes over 15 years.

Positioning

CFTC Disaggregated COT · managed money

Live Cattle

This weekFunds are net long 51,143 contracts, the 37th percentile over 15 yrs, from +75,363 thirteen weeks ago. Open interest: the 49th percentile over 15 yrs (normal). normal

Live Cattle — Funds' Net Position, latest 53 readings (10th pct 17,621, 90th pct 125,287)

Date	Net (contracts)
2025-10-21	124,901
2025-10-28	116,355
2025-11-04	108,348
2025-11-10	101,265
2025-11-18	97,331
2025-11-25	92,911
2025-12-02	82,208
2025-12-09	88,290
2025-12-16	91,303
2025-12-23	94,868
2025-12-30	92,975
2026-01-06	94,761
2026-01-13	101,316
2026-01-20	101,477
2026-01-27	105,685
2026-02-03	114,531
2026-02-10	108,634
2026-02-17	116,717
2026-02-24	119,013
2026-03-03	114,519
2026-03-10	109,032
2026-03-17	106,615
2026-03-24	110,909
2026-03-31	123,742
2026-04-07	133,265
2026-04-14	136,642
2026-04-21	134,795
2026-04-28	136,591
2026-05-05	141,965
2026-05-12	130,886
2026-05-19	130,113
2026-05-26	120,569
2026-06-02	114,964
2026-06-09	109,002
2026-06-16	124,349
2026-06-23	126,025
2026-06-30	119,303
2026-07-07	113,321
2026-07-14	96,324
2026-07-21	75,363
2026-07-28	66,523
2026-08-04	66,067
2026-08-11	64,662
2026-08-18	61,514
2026-08-25	57,441
2026-09-01	47,914
2026-09-08	47,250
2026-09-15	45,262
2026-09-22	46,983
2026-09-29	51,304
2026-10-06	50,920
2026-10-13	48,748
2026-10-20	51,143

How to read it. Funds are managed money (hedge funds and CTAs). The shaded band is the middle 80% of weekly readings over 15 years; outside it, the position is unusual for this market. Heavy fund length leaves fewer new buyers, and it has to be unwound one day.

Full positioning: commercials, gross longs and shorts, open interest →

Feeder Cattle

This weekFunds are net long 10,444 contracts, the 72nd percentile over 15 yrs, from +7,905 thirteen weeks ago. Open interest: the 89th percentile over 15 yrs (normal). normal

Feeder Cattle — Funds' Net Position, latest 53 readings (10th pct -3,472, 90th pct 17,430)

Date	Net (contracts)
2025-10-21	24,727
2025-10-28	21,323
2025-11-04	17,763
2025-11-10	17,293
2025-11-18	17,430
2025-11-25	16,048
2025-12-02	13,418
2025-12-09	14,261
2025-12-16	14,094
2025-12-23	14,629
2025-12-30	15,295
2026-01-06	16,838
2026-01-13	16,308
2026-01-20	16,083
2026-01-27	16,629
2026-02-03	16,435
2026-02-10	16,162
2026-02-17	16,806
2026-02-24	18,162
2026-03-03	17,956
2026-03-10	18,070
2026-03-17	17,933
2026-03-24	17,810
2026-03-31	20,111
2026-04-07	20,202
2026-04-14	21,136
2026-04-21	18,765
2026-04-28	17,089
2026-05-05	18,725
2026-05-12	15,186
2026-05-19	16,380
2026-05-26	10,595
2026-06-02	10,843
2026-06-09	10,920
2026-06-16	13,123
2026-06-23	15,227
2026-06-30	15,064
2026-07-07	13,690
2026-07-14	9,880
2026-07-21	7,905
2026-07-28	7,423
2026-08-04	8,605
2026-08-11	8,738
2026-08-18	7,498
2026-08-25	5,714
2026-09-01	7,508
2026-09-08	6,781
2026-09-15	6,701
2026-09-22	6,909
2026-09-29	7,638
2026-10-06	8,787
2026-10-13	8,852
2026-10-20	10,444

Full positioning: commercials, gross longs and shorts, open interest →

Lean Hogs

This weekFunds are net short 41,133 contracts, the 3rd-lowest weekly reading in 15 yrs, from -18,157 thirteen weeks ago. Open interest: the 89th percentile over 15 yrs (normal). unusual low

Lean Hogs — Funds' Net Position, latest 53 readings (10th pct -3,260, 90th pct 81,858)

Date	Net (contracts)
2025-10-21	117,231
2025-10-28	95,161
2025-11-04	78,818
2025-11-10	71,512
2025-11-18	57,988
2025-11-25	50,193
2025-12-02	46,650
2025-12-09	51,471
2025-12-16	64,836
2025-12-23	75,325
2025-12-30	78,921
2026-01-06	81,858
2026-01-13	82,624
2026-01-20	97,418
2026-01-27	113,806
2026-02-03	128,857
2026-02-10	133,281
2026-02-17	116,461
2026-02-24	116,983
2026-03-03	124,036
2026-03-10	127,704
2026-03-17	116,553
2026-03-24	101,483
2026-03-31	94,208
2026-04-07	98,061
2026-04-14	87,887
2026-04-21	65,591
2026-04-28	57,565
2026-05-05	51,082
2026-05-12	40,860
2026-05-19	33,713
2026-05-26	12,985
2026-06-02	-6,551
2026-06-09	-13,701
2026-06-16	-20,959
2026-06-23	-25,560
2026-06-30	-27,367
2026-07-07	-29,002
2026-07-14	-30,438
2026-07-21	-18,157
2026-07-28	-10,884
2026-08-04	-9,642
2026-08-11	-15,121
2026-08-18	-23,486
2026-08-25	-31,135
2026-09-01	-28,323
2026-09-08	-23,556
2026-09-15	-31,401
2026-09-22	-35,548
2026-09-29	-44,186
2026-10-06	-35,272
2026-10-13	-42,088
2026-10-20	-41,133

Full positioning: commercials, gross longs and shorts, open interest →

Supply

USDA Cattle on Feed · USDA Cold Storage

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)
2023-11-01	1,865,000	1,751,000
2023-12-01	1,698,000	1,724,000
2024-01-01	1,791,000	1,843,000
2024-02-01	1,890,000	1,793,000
2024-03-01	1,752,000	1,707,000
2024-04-01	1,656,000	1,872,000
2024-05-01	2,046,000	1,955,000
2024-06-01	1,564,000	1,786,000
2024-07-01	1,702,000	1,855,000
2024-08-01	1,976,000	1,819,000
2024-09-01	2,156,000	1,698,000
2024-10-01	2,266,000	1,845,000
2024-11-01	1,796,000	1,725,000
2024-12-01	1,642,000	1,742,000
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
2026-05-01	1,704,000	1,551,000
2026-06-01	1,399,000	1,661,000
2026-07-01	1,422,000	1,620,000
2026-08-01	1,620,000	1,517,000
2026-09-01	1,777,000	1,524,000

Monthly seasonal overlay. Solid colored = current year; dotted = prior year; gray = 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	2016 Beef / Pork (M lb)	2017 Beef / Pork (M lb)	2018 Beef / Pork (M lb)	2019 Beef / Pork (M lb)	2020 Beef / Pork (M lb)	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	534 / 625	538 / 524	502 / 581	510 / 563	488 / 626	519 / 458	526 / 434	535 / 519	465 / 463	455 / 407	427 / 404
Feb	506 / 629	502 / 568	459 / 610	474 / 616	495 / 649	513 / 483	532 / 478	501 / 522	438 / 459	436 / 423	419 / 403
Mar	482 / 614	464 / 545	464 / 611	452 / 608	502 / 617	483 / 451	536 / 486	478 / 534	424 / 463	425 / 409	407 / 401
Apr	468 / 637	458 / 590	471 / 635	430 / 621	479 / 611	449 / 457	532 / 533	452 / 567	426 / 499	419 / 456	405 / 451
May	462 / 616	412 / 588	465 / 624	405 / 629	417 / 468	417 / 462	526 / 546	426 / 532	413 / 482	408 / 451	403 / 455
Jun	465 / 586	415 / 559	449 / 562	406 / 619	429 / 460	402 / 442	517 / 539	411 / 487	399 / 475	400 / 419	389 / 455
Jul	470 / 599	432 / 555	484 / 552	454 / 612	440 / 461	401 / 442	512 / 526	410 / 471	394 / 453	398 / 405	398 / 440
Aug	477 / 609	477 / 576	501 / 582	470 / 607	449 / 465	415 / 454	514 / 543	395 / 469	388 / 455	387 / 389	405 / 431
Sep	519 / 642	496 / 619	507 / 589	469 / 599	463 / 466	440 / 470	526 / 537	421 / 462	413 / 459	403 / 393	400 / 428
Oct	533 / 599	507 / 598	516 / 571	466 / 612	500 / 447	474 / 442	510 / 510	446 / 438	433 / 426	415 / 376	—
Nov	531 / 519	485 / 502	515 / 508	478 / 575	511 / 420	490 / 402	523 / 452	457 / 416	441 / 392	426 / 371	—
Dec	568 / 475	488 / 490	496 / 505	480 / 580	536 / 416	507 / 396	544 / 456	480 / 427	453 / 397	435 / 387	—

Feed & Margins

Feed cost ratios · cattle feeding and hog margins

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
2024-10-25	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	249.88	92.53	412.75	60.5	22.4
2026-06-19	254.80	95.03	417.50	61.0	22.8
2026-06-26	257.45	92.93	412.75	62.4	22.5
2026-07-03	239.23	93.85	425.00	56.3	22.1
2026-07-10	235.20	94.78	438.00	53.7	21.6
2026-07-17	224.43	101.65	444.75	50.5	22.9
2026-07-24	227.07	102.85	464.25	48.9	22.1
2026-07-31	231.75	98.85	440.75	52.6	22.4
2026-08-07	231.70	95.50	439.00	52.8	21.8
2026-08-14	223.62	95.40	459.00	48.7	20.8
2026-08-21	223.05	80.88	483.75	46.1	16.7
2026-08-28	219.25	81.90	512.00	42.8	16.0
2026-09-04	212.95	82.30	512.00	41.6	16.1
2026-09-11	219.68	81.53	510.25	43.0	16.0
2026-09-18	215.93	78.10	527.50	40.9	14.8
2026-09-25	218.88	78.22	528.25	41.4	14.8
2026-10-02	218.85	77.88	497.75	44.0	15.7
2026-10-09	224.98	75.05	479.75	46.9	15.6
2026-10-16	227.55	66.93	474.25	48.0	14.1
2026-10-23	231.20	65.57	456.00	50.7	14.4

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 $-123.30/cwt, hogs $+34.56/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)
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	-115.80	+65.08	301.30
2026-06-19	-120.15	+67.44	301.30
2026-06-26	-120.66	+65.20	307.00
2026-07-03	-129.89	+65.71	307.70
2026-07-10	-128.16	+65.48	323.10
2026-07-17	-130.41	+72.30	320.20
2026-07-24	-127.54	+72.36	331.30
2026-07-31	-125.08	+70.02	312.20
2026-08-07	-128.73	+66.92	308.10
2026-08-14	-126.39	+66.20	308.70
2026-08-21	-121.37	+50.48	317.70
2026-08-28	-111.89	+49.63	338.20
2026-09-04	-122.12	+49.67	345.30
2026-09-11	-128.35	+48.87	347.00
2026-09-18	-128.20	+44.54	354.60
2026-09-25	-126.61	+43.68	373.90
2026-10-02	-125.73	+45.71	344.70
2026-10-09	-128.47	+42.22	368.70
2026-10-16	-125.55	+34.85	357.10
2026-10-23	-123.30	+34.56	346.50

Field & Weather

Pasture drought (USDA Drought Monitor) · hog heat stress and feedlot cold stress, with the forecast

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 (%)
2025-10-28	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
2026-06-09	22.0	27.9	11.8	2.6
2026-06-16	15.9	27.1	11.8	2.4
2026-06-23	17.9	24.7	11.0	2.4
2026-06-30	16.8	19.0	6.1	0.6
2026-07-07	17.2	17.9	6.0	0.6
2026-07-14	16.8	16.7	5.5	0.5
2026-07-21	17.4	16.6	5.5	0.7
2026-07-28	18.8	16.9	5.6	0.7
2026-08-04	27.2	18.6	7.9	0.8
2026-08-11	21.9	23.8	11.4	0.9
2026-08-18	24.9	29.4	14.1	3.4
2026-08-25	18.9	38.5	16.8	4.8
2026-09-01	14.2	46.1	17.2	5.1
2026-09-08	18.5	52.4	22.5	5.5
2026-09-15	18.4	52.8	22.8	6.7
2026-09-22	13.2	57.2	24.1	8.3
2026-09-29	10.3	61.0	27.3	9.3
2026-10-06	11.7	47.7	18.7	5.7
2026-10-13	13.2	45.9	19.6	5.9
2026-10-20	19.2	40.4	13.2	2.5

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 (%)
2025-10-28	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
2026-06-09	14.2	45.1	24.3	3.7
2026-06-16	23.6	45.4	24.1	4.0
2026-06-23	22.0	46.3	23.6	4.2
2026-06-30	21.9	40.7	17.9	3.4
2026-07-07	20.8	40.2	18.6	3.4
2026-07-14	22.0	39.8	18.5	3.8
2026-07-21	23.5	41.1	19.7	3.8
2026-07-28	21.2	46.2	20.5	4.2
2026-08-04	16.2	47.7	18.6	4.1
2026-08-11	16.3	51.0	21.0	4.3
2026-08-18	13.8	49.2	20.4	3.8
2026-08-25	11.7	51.7	19.5	3.8
2026-09-01	14.6	48.0	18.8	3.4
2026-09-08	19.5	45.8	19.2	3.6
2026-09-15	19.3	45.7	18.6	4.0
2026-09-22	18.8	41.5	15.1	3.6
2026-09-29	16.3	31.3	12.3	2.7
2026-10-06	19.2	30.0	11.8	2.4
2026-10-13	19.6	29.2	9.8	2.4
2026-10-20	20.6	25.5	7.6	1.6

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
Jun 04	27.9	8.9	9.8
Jun 11	27.1	8.2	7.6
Jun 18	24.7	8.2	7.4
Jun 25	19.0	7.9	6.3
Jul 02	17.9	5.9	6.9
Jul 09	16.7	5.5	7.3
Jul 16	16.6	4.8	7.3
Jul 23	16.9	4.5	7.0
Jul 30	18.6	4.0	6.6
Aug 06	23.8	4.0	8.4
Aug 13	29.4	3.9	9.5
Aug 20	38.5	3.7	11.2
Aug 27	46.1	3.7	17.2
Sep 03	52.4	3.4	14.3
Sep 10	52.8	3.6	17.9
Sep 17	57.2	3.6	19.7
Sep 24	61.0	4.3	18.4
Oct 01	47.7	4.3	20.8
Oct 08	45.9	4.8	25.3
Oct 15	40.4	7.1	30.0

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
Jun 04	45.1	12.7	0.1
Jun 11	45.4	11.5	0.1
Jun 18	46.3	11.9	0.1
Jun 25	40.7	9.7	0.0
Jul 02	40.2	8.8	0.0
Jul 09	39.8	9.9	0.4
Jul 16	41.1	9.9	0.5
Jul 23	46.2	9.9	1.3
Jul 30	47.7	9.4	2.3
Aug 06	51.0	10.9	4.2
Aug 13	49.2	11.2	3.8
Aug 20	51.7	11.1	4.4
Aug 27	47.9	10.4	5.4
Sep 03	45.8	10.5	6.1
Sep 10	45.6	9.6	6.2
Sep 17	41.5	9.2	8.0
Sep 24	31.3	9.0	8.5
Oct 01	30.0	8.7	11.0
Oct 08	29.2	4.3	20.4
Oct 15	25.5	3.4	29.4

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
2026-10-16	55.2	55.2	thermoneutral	Actual
2026-10-17	44.0	47.7	thermoneutral	Actual
2026-10-18	50.2	50.2	thermoneutral	Actual
2026-10-19	52.8	52.8	thermoneutral	Actual
2026-10-20	54.9	54.9	thermoneutral	Actual
2026-10-21	57.8	57.8	thermoneutral	Actual
2026-10-22	58.9	58.9	thermoneutral	Actual
2026-10-23	60.1	60.1	thermoneutral	Forecast
2026-10-24	61.7	61.7	thermoneutral	Forecast
2026-10-25	58.9	58.9	thermoneutral	Forecast
2026-10-26	59.4	59.4	thermoneutral	Forecast
2026-10-27	59.9	59.9	thermoneutral	Forecast
2026-10-28	62.4	62.4	thermoneutral	Forecast
2026-10-29	61.1	61.1	thermoneutral	Forecast
2026-10-30	55.2	55.2	thermoneutral	Forecast
2026-10-31	56.4	56.4	thermoneutral	Forecast
2026-11-01	59.2	59.2	thermoneutral	Forecast
2026-11-02	58.9	58.9	thermoneutral	Forecast
2026-11-03	56.9	56.9	thermoneutral	Forecast
2026-11-04	45.2	49.6	thermoneutral	Forecast
2026-11-05	50.9	50.9	thermoneutral	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
2026-10-16	43.4	49.4	thermoneutral	Actual
2026-10-17	43.8	47.4	thermoneutral	Actual
2026-10-18	52.9	52.9	thermoneutral	Actual
2026-10-19	56.5	56.5	thermoneutral	Actual
2026-10-20	59.2	59.2	thermoneutral	Actual
2026-10-21	62.8	62.8	thermoneutral	Actual
2026-10-22	63.9	63.9	thermoneutral	Actual
2026-10-23	65.1	65.1	thermoneutral	Forecast
2026-10-24	62.9	62.9	thermoneutral	Forecast
2026-10-25	57.8	57.8	thermoneutral	Forecast
2026-10-26	59.5	59.5	thermoneutral	Forecast
2026-10-27	58.5	58.5	thermoneutral	Forecast
2026-10-28	62.9	62.9	thermoneutral	Forecast
2026-10-29	61.4	61.4	thermoneutral	Forecast
2026-10-30	55.5	55.5	thermoneutral	Forecast
2026-10-31	57.8	57.8	thermoneutral	Forecast
2026-11-01	58.5	58.5	thermoneutral	Forecast
2026-11-02	56.9	56.9	thermoneutral	Forecast
2026-11-03	51.8	51.8	thermoneutral	Forecast
2026-11-04	43.1	47.1	thermoneutral	Forecast
2026-11-05	52.5	52.5	thermoneutral	Forecast

Go Deeper

Positioning: Livestock →
Full COT for live cattle, feeder cattle and lean hogs: commercials, gross longs and shorts, open interest.

WASDE Livestock →
USDA's monthly red-meat balance sheets.

Drought Monitor →
Drought maps for the agricultural regions.

Grain Outlook →
Corn and soybean meal, the feed side of the margin.

Pressure Index →
The grain and livestock pressure composite.

Moving. Full positioning now lives in Positioning: Livestock. This copy is removed from the October 30 edition.

CFTC COT Positioning — MM · Commercials · Open Interest

Live Cattle Futures (CME) · COT data through 2026-10-20

MM Net Position

+51,143

Managed money long minus short · 33th pct

MM Gross Long

71,396 cts

Gross long · 19th pct

MM Gross Short

20,253 cts

Gross short · 47th pct

MM Week-over-Week

+2,395

Change in managed money net contracts

Open Interest

390,002 cts

Total open interest · 46th pct

Commercial Net

-40,578

Prod/merchant + swap dealer net · 71th pct

Managed money holds +51,143 contracts (33th pct, moderately short). Commercials are net short at -40,578 contracts (71th 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
Jun 04	109.0	137.8	52.7
Jun 11	124.3	135.2	48.5
Jun 18	126.0	132.9	51.7
Jun 25	119.3	129.5	55.9
Jul 02	113.3	128.4	63.4
Jul 09	96.3	132.5	61.9
Jul 16	75.4	131.7	58.2
Jul 23	66.5	128.5	61.9
Jul 30	66.1	125.6	75.7
Aug 06	64.7	124.8	53.8
Aug 13	61.5	124.5	44.9
Aug 20	57.4	126.2	41.5
Aug 27	47.9	130.4	38.0
Sep 03	47.2	131.0	38.1
Sep 10	45.3	127.7	38.7
Sep 17	47.0	124.9	38.3
Sep 24	51.3	116.1	52.2
Oct 01	50.9	116.0	63.4
Oct 08	48.7	123.8	77.0
Oct 15	51.1	124.9	85.7

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
Jun 04	-102.4	-130.2	-62.9
Jun 11	-116.5	-126.9	-61.8
Jun 18	-117.6	-125.6	-65.7
Jun 25	-109.9	-120.1	-60.8
Jul 02	-102.4	-114.2	-68.4
Jul 09	-85.0	-118.4	-65.1
Jul 16	-65.7	-119.0	-60.4
Jul 23	-55.2	-118.1	-58.4
Jul 30	-53.8	-113.4	-69.2
Aug 06	-53.3	-112.9	-55.2
Aug 13	-45.0	-115.1	-46.7
Aug 20	-40.0	-118.9	-43.7
Aug 27	-27.9	-120.6	-41.7
Sep 03	-29.4	-119.7	-39.2
Sep 10	-30.6	-114.6	-41.1
Sep 17	-31.1	-115.4	-38.4
Sep 24	-37.7	-106.9	-44.5
Oct 01	-38.0	-108.5	-62.4
Oct 08	-35.4	-120.0	-72.3
Oct 15	-40.6	-118.0	-76.7

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
Jun 04	120.2	161.8	75.6
Jun 11	132.5	159.9	71.9
Jun 18	135.3	157.7	74.9
Jun 25	128.5	152.3	80.8
Jul 02	124.9	153.6	88.4
Jul 09	106.7	158.1	87.8
Jul 16	86.7	158.0	85.7
Jul 23	80.8	156.4	86.8
Jul 30	80.8	154.7	95.4
Aug 06	79.4	153.1	75.0
Aug 13	77.8	153.6	65.8
Aug 20	79.3	154.9	64.2
Aug 27	79.0	158.1	61.6
Sep 03	80.2	154.2	63.1
Sep 10	78.0	151.8	64.1
Sep 17	78.0	149.9	63.8
Sep 24	79.7	142.8	76.1
Oct 01	78.0	143.2	84.9
Oct 08	73.1	146.9	94.4
Oct 15	71.4	146.7	101.4

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
Jun 04	11.2	23.9	22.8
Jun 11	8.1	24.6	23.4
Jun 18	9.3	24.8	23.2
Jun 25	9.2	22.9	25.0
Jul 02	11.5	25.1	24.9
Jul 09	10.4	25.7	25.9
Jul 16	11.3	26.3	27.4
Jul 23	14.3	27.9	25.0
Jul 30	14.7	29.2	19.7
Aug 06	14.7	28.3	21.2
Aug 13	16.3	29.1	20.9
Aug 20	21.8	28.8	22.7
Aug 27	31.1	27.7	23.6
Sep 03	33.0	23.2	25.1
Sep 10	32.7	24.1	25.4
Sep 17	31.0	25.0	25.5
Sep 24	28.4	26.7	23.8
Oct 01	27.0	27.2	21.5
Oct 08	24.3	23.1	17.4
Oct 15	20.3	21.8	15.7

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
Jun 04	424.4	520.1	395.6
Jun 11	431.2	518.7	357.7
Jun 18	433.3	527.3	372.5
Jun 25	430.4	525.4	393.1
Jul 02	423.9	523.0	422.4
Jul 09	432.8	535.7	423.4
Jul 16	443.0	549.9	426.9
Jul 23	445.1	560.0	426.7
Jul 30	427.0	511.3	435.4
Aug 06	380.4	515.6	391.5
Aug 13	406.3	529.3	386.0
Aug 20	440.7	551.2	403.2
Aug 27	447.1	571.3	395.5
Sep 03	418.2	547.7	404.8
Sep 10	400.4	552.2	410.0
Sep 17	414.5	549.4	401.9
Sep 24	422.8	539.7	416.5
Oct 01	387.3	492.1	434.6
Oct 08	390.0	502.9	411.5
Oct 15	390.0	508.9	424.0

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	249.88
2026-06-19	254.80
2026-06-26	257.45
2026-07-03	239.23
2026-07-10	235.20
2026-07-17	224.43
2026-07-24	227.07
2026-07-31	231.75
2026-08-07	231.70
2026-08-14	223.62
2026-08-21	223.05
2026-08-28	219.25
2026-09-04	212.95
2026-09-11	219.68
2026-09-18	215.93
2026-09-25	218.88
2026-10-02	218.85
2026-10-09	224.98
2026-10-16	227.55
2026-10-23	231.20

Feeder Cattle Futures (CME) · COT data through 2026-10-20

MM Net Position

+10,444

Managed money long minus short · 68th pct

MM Gross Long

19,929 cts

Gross long · 86th pct

MM Gross Short

9,485 cts

Gross short · 75th pct

MM Week-over-Week

+1,591

Change in managed money net contracts

Open Interest

92,775 cts

Total open interest · 90th pct

Commercial Net

-1,116

Prod/merchant + swap dealer net · 22th pct

Managed money holds +10,444 contracts (68th pct, moderately long). Commercials are net short at -1,116 contracts (22th 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
Jun 04	10.9	36.0	3.4
Jun 11	13.1	35.9	3.0
Jun 18	15.2	35.5	3.0
Jun 25	15.1	33.9	2.5
Jul 02	13.7	37.5	3.9
Jul 09	9.9	37.6	2.7
Jul 16	7.9	37.8	3.7
Jul 23	7.4	35.1	3.3
Jul 30	8.6	37.1	2.2
Aug 06	8.7	33.5	-0.7
Aug 13	7.5	33.2	-2.6
Aug 20	5.7	30.6	-3.8
Aug 27	7.5	28.4	-2.5
Sep 03	6.8	25.6	-0.6
Sep 10	6.7	25.9	-2.0
Sep 17	6.9	24.3	-0.1
Sep 24	7.6	23.6	2.0
Oct 01	8.8	26.0	5.7
Oct 08	8.9	25.5	7.7
Oct 15	10.4	24.7	8.8

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
Jun 04	-1.0	-14.5	5.3
Jun 11	-3.5	-14.0	5.4
Jun 18	-3.3	-13.6	5.7
Jun 25	-2.9	-13.2	7.7
Jul 02	-2.6	-14.9	6.1
Jul 09	0.5	-15.1	7.4
Jul 16	1.6	-15.5	7.3
Jul 23	1.7	-15.4	7.0
Jul 30	0.2	-16.6	7.1
Aug 06	0.3	-15.2	8.7
Aug 13	3.0	-15.3	9.2
Aug 20	6.4	-15.5	10.1
Aug 27	4.0	-13.8	8.8
Sep 03	4.3	-11.2	8.1
Sep 10	3.4	-10.3	9.3
Sep 17	2.1	-9.7	8.4
Sep 24	1.9	-9.3	5.9
Oct 01	-0.3	-10.8	4.1
Oct 08	-0.1	-11.8	2.4
Oct 15	-1.1	-10.7	1.8

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
Jun 04	19.3	40.3	9.4
Jun 11	21.1	40.1	8.1
Jun 18	22.5	39.5	8.9
Jun 25	22.2	37.9	9.0
Jul 02	20.9	40.7	9.1
Jul 09	18.7	41.4	8.7
Jul 16	18.0	41.7	9.3
Jul 23	16.9	39.2	9.7
Jul 30	17.6	41.9	8.8
Aug 06	17.5	39.1	8.8
Aug 13	17.0	39.0	8.6
Aug 20	15.8	37.4	8.5
Aug 27	15.9	35.2	9.2
Sep 03	15.6	32.5	9.5
Sep 10	15.5	32.2	8.6
Sep 17	16.1	31.2	9.6
Sep 24	17.2	31.1	10.7
Oct 01	18.8	33.8	13.0
Oct 08	18.9	33.2	15.5
Oct 15	19.9	32.5	17.1

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.

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
Jun 04	8.4	4.3	6.0
Jun 11	8.0	4.2	5.1
Jun 18	7.3	4.0	5.8
Jun 25	7.2	4.0	6.5
Jul 02	7.2	3.2	5.2
Jul 09	8.8	3.8	6.0
Jul 16	10.1	3.9	5.6
Jul 23	9.5	4.1	6.4
Jul 30	9.0	4.8	6.6
Aug 06	8.7	5.6	9.5
Aug 13	9.5	5.9	11.2
Aug 20	10.1	6.9	12.2
Aug 27	8.4	6.8	11.7
Sep 03	8.9	6.8	10.1
Sep 10	8.8	6.3	10.6
Sep 17	9.2	6.9	9.7
Sep 24	9.6	7.6	8.7
Oct 01	10.0	7.8	7.3
Oct 08	10.0	7.6	7.8
Oct 15	9.5	7.8	8.3

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
Jun 04	87.2	112.0	66.3
Jun 11	86.1	115.6	65.8
Jun 18	89.9	117.0	67.4
Jun 25	94.3	120.6	69.5
Jul 02	95.2	126.4	69.8
Jul 09	101.8	130.4	70.8
Jul 16	102.9	131.8	70.5
Jul 23	110.5	132.3	72.5
Jul 30	106.3	138.5	75.2
Aug 06	107.5	135.5	86.4
Aug 13	113.0	134.3	87.4
Aug 20	122.1	128.2	93.8
Aug 27	105.0	121.5	88.3
Sep 03	98.6	121.0	76.2
Sep 10	94.4	118.5	79.8
Sep 17	97.6	115.1	80.1
Sep 24	91.4	109.9	77.5
Oct 01	93.2	114.6	72.7
Oct 08	92.5	120.5	73.1
Oct 15	92.8	121.3	73.4

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	357.42
2026-06-19	366.60
2026-06-26	369.85
2026-07-03	360.62
2026-07-10	354.60
2026-07-17	345.95
2026-07-24	345.33
2026-07-31	348.02
2026-08-07	351.65
2026-08-14	340.83
2026-08-21	334.75
2026-08-28	320.90
2026-09-04	324.83
2026-09-11	337.83
2026-09-18	333.58
2026-09-25	334.92
2026-10-02	334.62
2026-10-09	343.85
2026-10-16	343.62
2026-10-23	345.38

Lean Hogs Futures (CME) · COT data through 2026-10-20

MM Net Position

-41,133

Managed money long minus short · 0th pct

MM Gross Long

69,290 cts

Gross long · 68th pct

MM Gross Short

110,423 cts

Gross short · 100th pct

MM Week-over-Week

+955

Change in managed money net contracts

Open Interest

411,868 cts

Total open interest · 90th pct

Commercial Net

+53,031

Prod/merchant + swap dealer net · 100th pct

Managed money holds -41,133 contracts (0th pct, heavily short). Commercials are net long at +53,031 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
Jun 04	-13.7	118.2	16.3
Jun 11	-21.0	129.8	6.2
Jun 18	-25.6	134.3	-0.2
Jun 25	-27.4	134.6	-9.1
Jul 02	-29.0	131.8	-8.8
Jul 09	-30.4	114.6	-11.4
Jul 16	-18.2	110.4	-11.6
Jul 23	-10.9	107.6	-4.4
Jul 30	-9.6	109.3	6.1
Aug 06	-15.1	110.7	10.1
Aug 13	-23.5	105.8	-2.3
Aug 20	-31.1	114.0	7.3
Aug 27	-28.3	123.9	28.7
Sep 03	-23.6	134.4	39.1
Sep 10	-31.4	142.3	37.7
Sep 17	-35.5	142.4	39.7
Sep 24	-44.2	146.3	51.6
Oct 01	-35.3	141.2	57.1
Oct 08	-42.1	128.9	70.6
Oct 15	-41.1	117.2	75.0

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
Jun 04	11.5	-121.3	-30.4
Jun 11	29.8	-134.0	-20.4
Jun 18	23.9	-132.6	-17.2
Jun 25	27.7	-131.0	-2.7
Jul 02	29.9	-129.0	0.2
Jul 09	30.1	-119.0	1.6
Jul 16	15.5	-114.3	1.0
Jul 23	9.2	-112.3	-6.3
Jul 30	16.5	-115.1	-12.0
Aug 06	23.0	-115.6	-13.7
Aug 13	35.0	-109.1	-8.2
Aug 20	38.5	-121.0	-10.8
Aug 27	34.0	-131.7	-26.3
Sep 03	27.8	-139.0	-32.9
Sep 10	40.4	-144.8	-32.4
Sep 17	40.3	-151.8	-37.4
Sep 24	46.0	-151.0	-51.5
Oct 01	47.0	-141.3	-62.1
Oct 08	54.8	-130.7	-76.6
Oct 15	53.0	-126.1	-81.4

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
Jun 04	54.7	125.6	54.4
Jun 11	51.6	136.9	52.5
Jun 18	53.8	140.4	51.2
Jun 25	57.0	141.4	49.0
Jul 02	60.5	138.3	47.0
Jul 09	55.8	126.8	46.8
Jul 16	53.9	121.0	51.2
Jul 23	56.6	120.0	54.6
Jul 30	59.8	118.9	57.4
Aug 06	61.7	123.5	59.4
Aug 13	61.1	119.6	54.7
Aug 20	58.9	124.7	56.7
Aug 27	62.8	132.9	63.3
Sep 03	63.2	143.0	68.2
Sep 10	62.5	153.8	65.9
Sep 17	66.9	154.8	65.5
Sep 24	66.0	157.9	74.3
Oct 01	73.1	152.3	74.2
Oct 08	69.2	140.8	85.4
Oct 15	69.3	130.9	87.1

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.

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
Jun 04	68.4	7.4	38.1
Jun 11	72.5	7.0	46.4
Jun 18	79.4	6.1	51.4
Jun 25	84.4	6.9	58.1
Jul 02	89.5	6.5	55.8
Jul 09	86.2	12.2	58.3
Jul 16	72.1	10.6	62.8
Jul 23	67.5	12.4	59.0
Jul 30	69.4	9.7	51.3
Aug 06	76.8	12.7	49.3
Aug 13	84.6	13.8	56.9
Aug 20	90.0	10.7	49.4
Aug 27	91.1	9.0	34.6
Sep 03	86.8	8.6	29.1
Sep 10	93.9	11.6	28.2
Sep 17	102.5	12.3	25.8
Sep 24	110.2	11.6	22.6
Oct 01	108.4	11.0	17.2
Oct 08	111.3	11.9	14.8
Oct 15	110.4	13.7	12.1

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
Jun 04	457.1	480.1	409.3
Jun 11	430.8	495.0	404.2
Jun 18	412.6	493.4	384.4
Jun 25	419.0	485.3	393.9
Jul 02	422.7	479.0	385.0
Jul 09	406.4	467.9	389.8
Jul 16	372.4	439.8	391.1
Jul 23	377.5	446.9	349.9
Jul 30	376.5	449.5	356.3
Aug 06	383.2	449.3	354.9
Aug 13	391.8	432.9	357.7
Aug 20	393.3	450.0	329.2
Aug 27	397.6	477.7	342.7
Sep 03	393.2	493.6	358.3
Sep 10	417.9	507.4	355.6
Sep 17	419.9	509.0	364.8
Sep 24	427.5	503.6	394.3
Oct 01	426.6	487.7	398.9
Oct 08	427.6	474.9	420.6
Oct 15	411.9	449.6	425.5

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	92.53
2026-06-19	95.03
2026-06-26	92.93
2026-07-03	93.85
2026-07-10	94.78
2026-07-17	101.65
2026-07-24	102.85
2026-07-31	98.85
2026-08-07	95.50
2026-08-14	95.40
2026-08-21	80.88
2026-08-28	81.90
2026-09-04	82.30
2026-09-11	81.53
2026-09-18	78.10
2026-09-25	78.22
2026-10-02	77.88
2026-10-09	75.05
2026-10-16	66.93
2026-10-23	65.57