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We wrote a 1st half 2026 Grain and Livestock outlook. Sign up through the above link or the QR code down below.
April Lean Hogs opened lower, dipped to the session low at 94.85 and then rallied to the high at 97.375. It drifted the rest of the session and settled near the high at 96.625. The low was above the Friday ow and was a test of support at 95.30. The rally in Hogs took April back to the recent highs and resistance at 97.30. It wasn’t able to make a new high, getting close to the recent 97.55 high but it stalled keeping Hogs in the trading range it has been in but now back at the high end. April Hogs even as it made new highs for the move has been in a trading range as it has pulled back when it made its new high as traders watch the indices move higher and fail and then bounce. It continues to keep a steep premium to the Lean Hog Index. The prior 3-days saw price trade in the lower end of the range so the move upward is a welcome sign and the Monday cutout was higher so maybe it is the start of another move to attempt to break the 100.00 barrier for the cutout. It keeps failing just below it and moves higher after it nears the 90.00 level. The Dollar has bounced after making new lows and is in the middle of its recent high to low price action, so our exports could slow if the Dollar continues to press higher. This could limit the upside in the cutout. Hogs are at an inflection point and needs to have the cash markets continue to move higher to drive a strong break out higher or we could continue to see price consolidate. We’ll see!... If price can hold settlement, we could see a test of the recent high at 97.55. Resistance then comes in at 98.475. A failure from the settlement could see price test support at 95.30. Support then comes in at 93.50.
The Pork Cutout Index decreased and is at 95.00 as of 01/30/2026.
The Lean Hog Index ticked higher and is at 85.78 as of 01/28/2026.
Estimated Slaughter for Monday is 461,000, which is above last week’s 426,000 and below last year’s 476,393.
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Ben DiCostanzo
Senior Livestock Analyst
Walsh Trading, Inc.
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