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June Lean Hogs is now the lead contract as its volume has exceeded the volume of the April contract. It opened unchanged, rallied to the high at 105.85 and then turned lower, working its way to the low by the end of the session at 104.325 and then settling near the low at 104.40. The day started on a positive note as Equity markets and Crude Oil gave traders something to cheer as a crashing Crude Oil sent Equity markets higher as hope that stability was returning in the Middle East for the short-term. The positivity didn’t last long in the Hog market however, and price fell back despite the change in outside sentiment. Hog slaughter and production have been moving higher creating fear we will see a cash market that will work lower with the increase in production. Cash prices have dipped recently and cutouts are struggling to break out above the 100.00 level. But, in my opinion where it is at is a positive sign for grilling season. With Easter approaching we could see an uptick in hams and then it will be all out for the spring and a potential strong cutout market. Even with a somewhat stronger than expected production level, prices haven’t worked lower. It has broached 100.00 a few times for the cutout and as we get into April, we could see the cutout secure the 100.00 level and move higher. June Futures are at an important support level at 104.35 and it needs to hold this level. We’ll see!... If price can hold settlement, it could retest the Monday high. Resistance then comes in at 106.85. A failure from 104.35 could see price test support at 101.975. Support then comes in at 100.075.
The Pork Cutout Index decreased and is at 99.18 as of 03/20/2026.
The Lean Hog Index increased and is at 91.95 as of 03/19/2026.
Estimated Slaughter for Monday is 492,000, which is above last week’s 393,000 and last year’s 471,015.
**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
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