Hogs

• Hog futures behaved in much of the same fashion as earlier in the week with October and December front months continuing higher, while deferred months saw slight pressure.  New highs made in front month October yet closing almost a dollar off the high.
• Another strong slaughter day on Wednesday, Saturday slaughter estimated at around 93,000 head. Weights continue to increase. 
• Cash was able to again move higher as packers acquired a good number of head.  National was up $1.66.
• Cutout was also higher after being much lower on Tuesday.  Cutout closed up 66 cents.  So far this week cutout has given up over $1.  As cutout values move “sideways”, this hasn’t given futures the push to move above some technical resistance.
• Exports Pork: Net sales of 17,300 MT for 2025 were down 27 percent from the previous week and 35 percent from the prior 4-week average. Increases were primarily for China (8,200 MT, including decreases of 100 MT), Mexico (4,700 MT, including decreases of 700 MT), Honduras (1,500 MT), Canada (800 MT, including decreases of 200 MT), and Japan (300 MT, including decreases of 4,600 MT).

Grains

• Dec corn is up 1 1/4. Nov beans up 5 1/4. Equities are higher, and crude oil is lower. Gold is lower.
• China has continued avoiding purchases of new-crop U.S. soybeans, leaning heavily on Brazilian supplies instead. The country has already secured around 7.5 million metric tons, mainly from Brazil, for October arrival—enough to cover about 95% of its monthly demand. By contrast, at this point last year, China had booked 12–13 million metric tons of U.S. soybeans for September through November shipment.
• Although U.S. soybeans are currently priced 80–90 cents per bushel below Brazilian beans, Beijing’s 23% tariff adds roughly $2 per bushel, wiping out the cost advantage and making American supplies uncompetitive. Analysts suggest that if China stays out of the U.S. market until mid-November, American farmers could forfeit 14–16 million metric tons in sales. Still, the picture could change quickly if a trade deal is struck, as China will need to lock in additional supplies for deliveries between November and January.
• Corn:  Net sales of 539,900 MT for the 2025/2026 marketing year, which began September 1, primarily for Mexico (256,500 MT, including 24,500 MT switched from unknown destinations and decreases of 23,200 MT), Japan (143,700 MT, including 50,000 MT switched from unknown destinations and decreases of 10,200 MT), unknown destinations (95,500 MT), Vietnam (74,500 MT, including decreases of 19,000 MT), and Colombia (22,600 MT, including 50,000 MT switched from unknown destinations and decreases of 66,100 MT), were offset by reductions for Spain (49,500 MT), Portugal (30,000 MT), Costa Rica (16,300 MT), and Nicaragua (4,300 MT). A total of 1,169,700 MT in sales were carried over from the 2024/2025 marketing year, which ended August 31. Exports for the period ending August 31, of 752,000 MT brought accumulated exports to 69,081,400 MT, up 27 percent from the prior year’s total of 54,277,300 MT. The destinations were primarily to Mexico (242,700 MT), Japan (198,000 MT), Colombia (168,600 MT), Costa Rica (41,700 MT), and Portugal (32,400 MT). Exports for September 1-4 of 687,300 MT were primarily to Mexico (185,500 MT), Japan (156,600 MT), South Korea (136,300 MT), Spain (75,000 MT), and Colombia (54,300 MT).
• Soybeans: Net sales of 541,100 MT for 2025/2026 marketing year, which began September 1, primarily for unknown destinations (431,700 MT), Taiwan (62,000 MT, including decreases of 34,200 MT), Indonesia (32,900 MT), Malaysia (14,200 MT, including decreases of 18,300 MT), and Nepal (7,500 MT, including decreases of 12,000 MT), were offset by reductions for Mexico (19,300 MT), Algeria (800 MT), and Tunisia (800 MT). A total of 767,000 MT in sales were carried over from the 2024/2025 marketing year, which ended August 31. Exports for the period ending August 31 of 406,600 MT brought accumulated exports to 50,105,900 MT, up 13 percent from the prior year’s total of 44,510,100 MT. The primary destinations were Mexico (85,500 MT), Indonesia (69,800 MT), China (67,800 MT), Egypt (57,800 MT), and Germany (53,300 MT). Exports of 233,600 MT for September 1-4 were to Mexico (49,900 MT), Algeria (44,200 MT), Taiwan (33,800 MT), Japan (31,000 MT), and Tunisia (29,200 MT).

Cattle

• Tuesday’s selloff renewed some buying interest on Wednesday, pushing live cattle futures higher on Wednesday.  Feeders did not experience the same interest with only the front months showing gains.  This narrows somewhat the large spread between feeders and live cattle. 
• Packers found producers not willing to accept lower cash prices.  Tuesday’s prices in the north were at $238 live – $5 lower, but packers were forced to raise bids to $240 in the north to add more cattle and they will still need more before week’s end. Dressed sales slowed and prices ranged from $375-$378 – $5-7 lower. No sales have been reported in the south where numbers are the shortest.
• Cutout was lower in both cuts.  The choice select spread has narrowed some this week, yet giving some of that back on Wednesday.  The spread currently at $21.96, demand for select have improved for grinding. This week, domestic fresh beef 90s made yet another all-time high at $435.89, supported by the historically low cow slaughter this year and continued demand for ground beef despite record high prices.
• Exports    Beef: Net sales of 12,100 MT for 2025 were down 27 percent from the previous week, but up 8 percent from the prior 4-week average. Increases were primarily for Japan (3,400 MT, including decreases of 300 MT), South Korea (2,400 MT, including decreases of 300 MT), Hong Kong (1,900 MT, including decreases of 100 MT), Mexico (900 MT, including decreases of 100 MT), and Taiwan (900 MT, including decreases of 100 MT).

Weather

• The Midwest and Plains remain dry through tomorrow before chances fire up in the west this weekend, with a wet west/dry east pattern past that; temps peak into the 6-10 day but remain normal-to-above into late September.