Livestock Market Intelligence
SoftSignal Research — https://www.getsoftsignal.com
Report date: May 29, 2026
Data as of: COT 2026-05-19 | USDA May 29, 2026

HTML Report: https://reports.getsoftsignal.com/2026/livestock_market_intelligence_cff19b38.html

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AT A GLANCE

Live Cattle          : $239.60/cwt
Feeder Cattle        : $349.85/cwt
Lean Hogs            : $100.40/cwt
Cold Storage (Beef)  : 408M lb
Cold Storage (Pork)  : 436M lb

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SUPPLY SIGNAL

Signal: Bullish
Rationale: Favorable margins and/or tight cold storage support cattle and hog prices

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THERMAL STRESS & PASTURE DROUGHT

Hog Belt              : Thermoneutral                (Apparent Temp 64°F · 2026-05-23)
Feedlot Belt          : Thermoneutral                (Apparent Temp 66°F · 2026-05-23)
Pasture Drought Monitor (US Drought Monitor — D2+ Severe/Extreme/Exceptional):
Southern Plains (TX/OK/KS/NM) : D2+ 42.6% — Moderate — notable forage pressure; watch cow-calf inventory  (2026-05-19)
Northern Plains (NE/SD/ND/MT)  : D2+ 49.0% — Moderate — notable forage pressure; watch cow-calf inventory  (2026-05-19)
Interpretation: High D2+ in pasture belts → reduced forage → producers liquidate cow-calf herds (near-term bearish, long-term bullish as herd rebuilding takes years).

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COT POSITIONING SNAPSHOT

| Market        | MM Net       | Percentile | Positioning  | COT Date   |
| ------------- | ------------ | ---------- | ------------ | ---------- |
| Live Cattle   | +130,113 cts | 92th pct   | Heavily Long | 2026-05-19 |
| Feeder Cattle | +16,380 cts  | 85th pct   | Heavily Long | 2026-05-19 |
| Lean Hogs     | +33,713 cts  | 41th pct   | Neutral      | 2026-05-19 |

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COT MARKET ANALYSIS

=== Live Cattle ===
Managed money is heavily long (92th percentile), net +130,113 contracts. MM reduced 773 net contracts week-over-week. Commercials are net short at -117,712 contracts (10th pct). Open interest is at a historically elevated level (94th pct).

=== Feeder Cattle ===
Managed money is heavily long (85th percentile), net +16,380 contracts. MM added 1,194 net contracts week-over-week. Commercials are net short at -6,449 contracts (7th pct). Open interest is at a historically elevated level (92th pct).

=== Lean Hogs ===
Managed money is neutral (41th percentile), net +33,713 contracts. MM reduced 7,148 net contracts week-over-week. Commercials are net short at -25,532 contracts (62th pct). Open interest is at a historically elevated level (95th pct).

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COT 8-WEEK HISTORY (ALL MARKETS)

--- Live Cattle ---
| Date       | MM Net   | Comm Net | OI      |
| ---------- | -------- | -------- | ------- |
| 2026-03-31 | +123,742 | -110,051 | 450,603 |
| 2026-04-07 | +133,265 | -118,557 | 440,941 |
| 2026-04-14 | +136,642 | -123,593 | 447,345 |
| 2026-04-21 | +134,795 | -117,002 | 453,174 |
| 2026-04-28 | +136,591 | -123,534 | 473,739 |
| 2026-05-05 | +141,965 | -128,381 | 474,894 |
| 2026-05-12 | +130,886 | -113,689 | 480,057 |
| 2026-05-19 | +130,113 | -117,712 | 491,560 |

--- Feeder Cattle ---
| Date       | MM Net  | Comm Net | OI      |
| ---------- | ------- | -------- | ------- |
| 2026-03-31 | +20,111 | -7,765   | 98,650  |
| 2026-04-07 | +20,202 | -7,582   | 102,421 |
| 2026-04-14 | +21,136 | -8,433   | 101,155 |
| 2026-04-21 | +18,765 | -6,921   | 102,997 |
| 2026-04-28 | +17,089 | -6,234   | 100,936 |
| 2026-05-05 | +18,725 | -6,704   | 95,259  |
| 2026-05-12 | +15,186 | -3,372   | 97,803  |
| 2026-05-19 | +16,380 | -6,449   | 97,633  |

--- Lean Hogs ---
| Date       | MM Net  | Comm Net | OI      |
| ---------- | ------- | -------- | ------- |
| 2026-03-31 | +94,208 | -81,235  | 443,113 |
| 2026-04-07 | +98,061 | -85,437  | 441,518 |
| 2026-04-14 | +87,887 | -74,531  | 444,456 |
| 2026-04-21 | +65,591 | -57,333  | 414,739 |
| 2026-04-28 | +57,565 | -48,943  | 424,383 |
| 2026-05-05 | +51,082 | -40,239  | 429,909 |
| 2026-05-12 | +40,860 | -30,797  | 436,108 |
| 2026-05-19 | +33,713 | -25,532  | 442,209 |

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DATA SOURCES

• CFTC Disaggregated COT (Live Cattle, Feeder Cattle, Lean Hogs)
• USDA NASS Cattle on Feed
• CME Group cash settlement prices

This report is for informational purposes only and does not constitute investment advice.
© 2026 SoftSignal LLC