Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
The only difference from the pre-Cattle on Feed report estimates to the actual COF report are the placements down 5% versus the estimate down 7%.
The report should be taken as friendly. There will still be fewer cattle. The report also showed 3% fewer heifer and heifer calves were in the feedlots indicating breeding is taking place.
LEAN HOG COMPLEX
Lean hog volume was very light Friday. Traders were mostly spreading and specifically selling hogs and buying cattle. Since the start of 2026 cattle have been losing to hogs on the spread but it is exactly the opposite of the quarterly hogs and pigs report estimated with more hogs and opposite the December cattle on feed report estimating fewer cattle and so far what the hog and cattle slaughter have been showing.
Interested in more futures markets? Explore our Market Dashboards here
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM. The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.
