Hogs

• Lean hog futures came under pressure again on Friday and finished the week with new low closes for the down move that started late September. Front month Dec closed at $77.80, which was the lowest close since May 9.
• China’s Ministry of Agriculture on Friday reported China’s hog herd has dropped to fewer than 40 million animals as the country is attempting to correct overcapacity.
• Dec futures finished the week trading an abnormal premium of $.10/cwt to Feb.
• The CME index was lower on Friday afternoon at $84.81, down $0.90.
• The pork carcass cutout which fell for most of the week, turned higher as the belly primal recovered much of the sharp pullback seen on Thursday. 

Dec '25 Hogs

Grains

• Grains had a quiet session to end the overall volatile week on Friday with corn slightly lower and beans slightly higher. 
• Jan soybeans were up $0.025 at $11.25. Nov 26 was down $0.0225 at $11.3425.
• Dec corn settled at $4.255 down $0.01 with March 26 down $0.0025 at $4.375.
• The Grain Industry Association of Western Australia (GIWA) on Friday raised its estimated 2025/26 wheat production by 420,000 metric tons, increasing the expectations for a large Australian harvest that will put downward pressure on global prices.

Dec '25 Corn

Jan '26 Soybeans

Cattle

• Tyson Foods announced late Friday afternoon their intention to close their beef slaughter plant in Lexington, Ne early in 2026 and reduce production at their Amarillo, TX plant.
• The November Cattle on Feed report was released on Friday afternoon and appeared neutral to slightly supportive, but the Tyson announcement will likely be the larger market driver to start this week.
• Cattle on Feed came in at 97.8% vs the average estimate of 97.7%.
• Oct placements were 90% vs the average estimate of 91.6%.
• Oct marketings were 92 vs the average estimate of 92.3%
• The beef cutout was higher Friday with choice up $0.20 at $371.28 and select up $2.80 at $356.98.

Dec '25 Cattle

*NO LRP QUOTE DUE TO USDA CATTLE ON FEED RELEASE*

WEATHER

• Rains fell across the southern Plains and Midwest over the weekend and remain there this morning, with the heaviest action coming further south today and tomorrow. Rain and snow comes further north later this week into a wet 6-10 day time frame throughout, with 11-15 day maps more varied but still bringing plenty of precip chances. Temperatures will cool this week and sit safely below-normal right up through the first week of December. 
• Argentina was dry over the weekend but precipitation chances are now looking better starting later this week into the 6-10 day time frame. 

• Brazil saw heavy weekend rains center-north and that general trend remains for the next ten days; some moisture-improving chances are possible in drier in southern and western crop areas during the 6-10 day period.