Hogs Consolidate

If you would like to receive more information on the commodity markets, please use the link to join our email list  - Sign Up Now 

For those interested I hold a weekly livestock webinar on Tuesdays, and my next webinar will be Tuesday, April 28, 2026, at 3:15 pm. It is free for anyone who wants to sign up and the link for sign up is below. 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.

Sign Up Now

June Lean Hogs opened higher and ticked to the session low at 101.975 and then rallied to the high at 102.85. It drifted the rest of the session and settled near the low at 102.175. Hogs broke down on Friday and finally closed the gap created from the April 20^th high at 101.875 to the April 21^st low at 102.675, making the low at 101.85. The early morning strength gave hope that the market could rally to topple recent highs and build some strength in the futures market. It wasn’t to be however, as futures were only able to retrace around 61.8% of the Friday breakdown candle before failing and drifting as the cash market consolidates. The close was just above key support at 101.975 and with the short-term moving averages on the continuous chart flat to down, bears stayed in control of the price action, limiting any upward momentum. The price action formed and inside candlestick with the Monday range within the range of the Friday trade. Cutouts and cash are relatively higher than the previous few weeks of trade but is having trouble breaking out to higher levels as production and demand are keeping pace with one another. We have strong exports and consumer demand but with weights high and slaughter elevated our production and demand seem to be on an even keel. Cutouts attempt to move higher but the 100.00 barrier has been tough to overcome, keeping cash prices stable to slightly higher and not giving the impression of strength. This is keeping futures prices tame and in the lower middle of the June trading range since it became the lead contract. We are moving into grilling season and cattle prices were strong on Monday as it is expected to see cutout prices rally into the seasonality. This could help pork cutouts as it is moving into the same seasonality but traders aren’t impressed with the Hog market just yet. Cattle prices after all the bashing and fear of the border reopening have moved near all-time high prices and traders seem to becoming more bullish on cash as the April (spot) contract with only a few days left to expiration are above the all-time high cash price of 250.00 with its settlement of 250.425. There is more excitement with cattle right now than with Hogs. That could change if the pork cutout can establish itself above the 100.00 barrier. I believe that will happen as retailers prepare for summer. This could renew the bullishness in futures and help drive cash prices higher into the summer. We’ll see!... If price can rally past the Monday high, it could test resistance at the declining 21-DMA now at 103.725. Resistance then comes in at 104.35. A failure from 101.975 could see price test the April 20^th low at 101.10. A failure from here could see price re-test support at 100.075. 

The Pork Cutout Index ticked higher and is at 99.13 as of 04/24/2026. 

The Lean Hog Index up ticked and is at 91.44 as of 04/23/2026.

Estimated Slaughter for Monday is 489,000, which is below last week’s 492,000 and above last year’s 484,594.

**Call me for a free consultation for a marketing plan regarding your livestock needs.**

Ben DiCostanzo

Senior Livestock Analyst

Walsh Trading, Inc.

Direct: 312.957.4163

888.391.7894

Fax: 312.256.0109

bdicostanzo@walshtrading.com

www.walshtrading.com

Walsh Trading, Inc. is registered as a Guaranteed Introducing Broker with the Commodity Futures Trading Commission and an NFA Member.​
Futures and options trading involves substantial risk and is not suitable for all investors. Therefore, individuals should carefully consider their financial condition in deciding whether to trade. Option traders should be aware that the exercise of a long option will result in a futures position. The valuation of futures and options may fluctuate, and as a result, clients may lose more than their original investment. The information contained on this site is the opinion of the writer or was obtained from sources cited within the commentary. The impact on market prices due to seasonal or market cycles and current news events may already be reflected in market prices. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.​

All information, communications, publications, and reports, including this specific material, used and distributed by Walsh Trading, Inc. (“WTI”) shall not be construed as a solicitation for entering into a derivatives transaction. WTI does not distribute research reports, employ research analysts, or maintain a research department as defined in CFTC Regulation 1.71.