For those interested I hold a weekly livestock webinar on Tuesdays, and my next webinar will be Tuesday, August 04, 2026, at 3:15 pm. It is free for anyone who wants to sign up and the link for sign up is below. If you cannot attend live a recording will be sent to your email upon completion of the webinar.
October Lean Hogs opened lower and rallied to the session high at 84.90. Price turned lower and broke down to the low at 83.35. It settled near the low at 83.675. Hogs consolidated within Friday’s trading range forming an inside candlestick. Monday’s price action reversed Friday’s rally which saw price reclaim most of Thursday’s decline. Friday’s action was within Thursday’s range also forming an inside candlestick. Price has now spent the last two sessions within the 85.325 and 83.325 key levels as traders try to make a decision on whether to continue the down trend or cover short positions. The cash market is once again struggling after the cutout failed to breach the 105.00 barrier. Both the cutout and cash indices have broken down from their recent highs turning futures lower. Friday’s rally was likely month end short-covering and Monday’s failure to build upon the Friday gains leaves bulls in a difficult position. It will need the cash market to bounce back and work higher to incentivize traders to turn the price action around and take futures higher. We’ll see!… A failure from the low could see price test support at81.70. Support then comes in at 80.40. If price can hold settlement, it could re-test resistance at 85.325. Resistance then comes in at the declining 8-DMA now at 86.375.
The Pork Cutout Index decreased and is at 102.29 as of 07/31/2026.
The Lean Hog Index decreased and is at 98.23 as of 07/30/2026.
Estimated Slaughter for Monday is 430,000, which is above last week’s 420,000 and last year’s 427,194.
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Senior Livestock Analyst
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