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Beef Demand Questioned as Boxed Beef Slides

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March 26, 2026
Categories: DMC

HOGS

  • Lean hog futures had another mixed finish on Wednesday. Front month April was down $0.15 at $90.90. The Jun-Dec contracts were down $0.10 to up $0.175.

  • The negotiated national average turned lower on Tuesday, down $0.97 at $91.65 in the afternoon report as the trade has been stuck in a 3-week sideways price range
  • The pork cutout continued lower on Wednesday printing at $96.40 in the afternoon. The ham primal continued its steep descent having lost approximately $12/cwt in the last 10 days. The ham primal was at $71.25 on Wednesday afternoon, down $1.37 on the day and near 2-year lows.

GRAINS

  • Corn futures were higher on Wednesday with front month May up $0.0475 at $4.6725. The Jul-Dec contracts were $0.0425 to $0.0525 higher.

  • The EIA showed ethanol production for last week at a strong 1.116 million barrels per day, up from the previous week’s 1.093. The 2025/26 crop year’s ethanol production remains at record pace.

  • Soybeans were also higher on Wednesday with front month May up $0.1675 at $11.7175. The Jul-Nov contracts were up $0.0625 to $0.1625 with the nearby months being the stronger performers.

  • Confirmation that Trump will meet with China’s Xi was viewed as supportive to the grain and oilseed markets.

  • The EPA is expected to release updated RVO biofuel quotas on Friday.

CATTLE

  • Cattle futures started the day firm but turned lower after a sharply lower AM choice boxed beef price was printed in the USDA’s XB-402. 
  • The choice cutout went on to lose $8.22 for the day and was at $391.69 on Wednesday afternoon. Its possible demand may finally be slowing with negotiated loads down sharply as we end the 1st qtr of 2026.
  • Live bids of $233-235 on the Fed Cattle Exchange were passed by sellers on Wednesday.

WEATHER

  • Rains will move into the ECB today and tomorrow and then become more widespread across the U.S. starting next week—with the notable exception of the panhandles. Temps remain warm up through at least early April.
  • A wetter overall pattern in central ARG will aid late moisture tomorrow through the 6-10 day; Brazilian rains will mostly hold north going forward, allowing some dryness concerns to linger in southern safrinha corn areas.