Live Cattle
$239.60/cwt
Front-month LE=F · 2026-05-22
Feeder Cattle
$349.85/cwt
Front-month GF=F · 2026-05-22
Lean Hogs
$100.40/cwt
Front-month HE=F · 2026-05-22
Cattle-Corn Ratio
51.7
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 | — |
Cattle-Corn ratio above 30 = profitable to feed cattle (expansion signal). Hog-Corn ratio above 20 = profitable to farrow hogs. Below breakeven = margin squeeze → producers reduce placements.
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 |
|---|
| 2024-05-24 | 183.70 | 94.28 | 464.75 | 39.5 | 20.3 |
| 2024-05-31 | 181.55 | 94.35 | 446.25 | 40.7 | 21.1 |
| 2024-06-07 | 182.18 | 92.53 | 448.75 | 40.6 | 20.6 |
| 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 | 239.60 | 100.40 | 463.25 | 51.7 | 21.7 |
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 (%) |
|---|
| 2025-05-27 | 23.8 | 10.3 | 7.5 | 4.7 |
| 2025-06-03 | 21.1 | 9.8 | 6.2 | 4.0 |
| 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 |
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 (%) |
|---|
| 2025-05-27 | 28.0 | 21.6 | 3.0 | 0.0 |
| 2025-06-03 | 27.1 | 15.8 | 1.9 | 0.0 |
| 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 |
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 |
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 |
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 |
|---|
| 2026-05-17 | 71.8 | 71.8 | mild_heat | Actual |
| 2026-05-18 | 71.0 | 71.0 | mild_heat | Actual |
| 2026-05-19 | 63.7 | 63.7 | thermoneutral | Actual |
| 2026-05-20 | 58.4 | 58.4 | thermoneutral | Actual |
| 2026-05-21 | 59.4 | 59.4 | thermoneutral | Actual |
| 2026-05-22 | 60.9 | 60.9 | thermoneutral | Actual |
| 2026-05-23 | 64.0 | 64.0 | thermoneutral | Actual |
| 2026-05-24 | 67.3 | 67.3 | thermoneutral | Forecast |
| 2026-05-25 | 71.2 | 71.2 | mild_heat | Forecast |
| 2026-05-26 | 72.2 | 72.2 | mild_heat | Forecast |
| 2026-05-27 | 72.7 | 72.7 | mild_heat | Forecast |
| 2026-05-28 | 72.2 | 72.2 | mild_heat | Forecast |
| 2026-05-29 | 69.1 | 69.1 | mild_heat | Forecast |
| 2026-05-30 | 65.4 | 65.4 | thermoneutral | Forecast |
| 2026-05-31 | 63.0 | 63.0 | thermoneutral | Forecast |
| 2026-06-01 | 62.1 | 62.1 | thermoneutral | Forecast |
| 2026-06-02 | 65.9 | 65.9 | thermoneutral | Forecast |
| 2026-06-03 | 69.6 | 69.6 | mild_heat | Forecast |
| 2026-06-04 | 72.3 | 72.3 | mild_heat | Forecast |
| 2026-06-05 | 73.6 | 73.6 | mild_heat | Forecast |
| 2026-06-06 | 72.5 | 72.5 | 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 |
|---|
| 2026-05-17 | 74.1 | 74.1 | thermoneutral | Actual |
| 2026-05-18 | 68.3 | 68.3 | thermoneutral | Actual |
| 2026-05-19 | 55.9 | 55.9 | thermoneutral | Actual |
| 2026-05-20 | 55.9 | 55.9 | thermoneutral | Actual |
| 2026-05-21 | 58.7 | 58.7 | thermoneutral | Actual |
| 2026-05-22 | 63.0 | 63.0 | thermoneutral | Actual |
| 2026-05-23 | 65.7 | 65.7 | thermoneutral | Actual |
| 2026-05-24 | 68.4 | 68.4 | thermoneutral | Forecast |
| 2026-05-25 | 75.0 | 75.0 | thermoneutral | Forecast |
| 2026-05-26 | 72.5 | 72.5 | thermoneutral | Forecast |
| 2026-05-27 | 69.3 | 69.3 | thermoneutral | Forecast |
| 2026-05-28 | 69.4 | 69.4 | thermoneutral | Forecast |
| 2026-05-29 | 70.6 | 70.6 | thermoneutral | Forecast |
| 2026-05-30 | 70.0 | 70.0 | thermoneutral | Forecast |
| 2026-05-31 | 69.6 | 69.6 | thermoneutral | Forecast |
| 2026-06-01 | 66.1 | 66.1 | thermoneutral | Forecast |
| 2026-06-02 | 68.4 | 68.4 | thermoneutral | Forecast |
| 2026-06-03 | 72.4 | 72.4 | thermoneutral | Forecast |
| 2026-06-04 | 74.3 | 74.3 | thermoneutral | Forecast |
| 2026-06-05 | 75.5 | 75.5 | mild_heat | Forecast |
| 2026-06-06 | 76.5 | 76.5 | mild_heat | Forecast |
CFTC COT Positioning — MM · Commercials · Open Interest · SHPI
Live Cattle Futures (CME) · COT data through 2026-05-19
MM Net Position
+130,113
Managed money long minus short · 92th pct
MM Gross Long
142,147 cts
Gross long · 92th pct
MM Gross Short
12,034 cts
Gross short · 21th pct
MM Week-over-Week
-773
Change in managed money net contracts
Open Interest
491,560 cts
Total open interest · 94th pct
Commercial Net
-117,712
Prod/merchant + swap dealer net · 10th pct
Managed money holds +130,113 contracts
(92th pct, heavily long).
Commercials are net short at -117,712 contracts
(10th 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 |
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 |
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 |
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 |
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 |
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 | 239.60 |
Feeder Cattle Futures (CME) · COT data through 2026-05-19
MM Net Position
+16,380
Managed money long minus short · 85th pct
MM Gross Long
27,343 cts
Gross long · 94th pct
MM Gross Short
10,963 cts
Gross short · 83th pct
MM Week-over-Week
+1,194
Change in managed money net contracts
Open Interest
97,633 cts
Total open interest · 92th pct
Commercial Net
-6,449
Prod/merchant + swap dealer net · 7th pct
Managed money holds +16,380 contracts
(85th pct, heavily long).
Commercials are net short at -6,449 contracts
(7th 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 |
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 |
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 |
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 |
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 |
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 |
Lean Hogs Futures (CME) · COT data through 2026-05-19
MM Net Position
+33,713
Managed money long minus short · 41th pct
MM Gross Long
80,557 cts
Gross long · 80th pct
MM Gross Short
46,844 cts
Gross short · 88th pct
MM Week-over-Week
-7,148
Change in managed money net contracts
Open Interest
442,209 cts
Total open interest · 95th pct
Commercial Net
-25,532
Prod/merchant + swap dealer net · 62th pct
Managed money holds +33,713 contracts
(41th pct, neutral).
Commercials are net short at -25,532 contracts
(62th 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 |
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 |
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 |
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 |
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 |
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 | 100.40 |
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 = Structural Hedging Pressure 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 |
|---|
| 2024-05-28 | +21.4 | +13.2 | -32.4 | 67th |
| 2024-06-04 | +21.7 | +14.1 | -36.5 | 68th |
| 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 | 49th |
| 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 | 66th |
| 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 | 86th |
| 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 | 34th |
| 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 | 47th |
| 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 | 68th |
| 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 |