Hogs

Lean hog futures finished higher across the board today with front month Dec up $0.40 at $78.20 and the deferred months up $0.50 to $1.475.
Strong production continues with slaughter pace starting the week at an estimated 495K, up 1K from last Monday and up approximately 2.5K from last year.
USDA’s national base hog price was not updated due to no volume reported for negotiated hogs.
The pork carcass cutout found follow-through support from last Friday finishing at $93.78 up $0.35 as bellies continued to recover from a sharp pullback last Thursday.
Dec '25 Hogs

Grains

Grains had another quiet session on Monday as it appears the market needs another infusion of bullish news, or it needs to see firm evidence of recent bullish news materializing in a significant way before it can take another leg higher.
Jan soybeans were up $0.0175 at $11.2325, and Nov 26 was up $0.0475 at $11.1675.
Dec 25 corn settled at $4.2375 down $0.0175, while Dec 26 held steady at $4.60.
Harvest is wrapping up with Monday’s first crop progress released since the government reopened showing corn at 91% harvested and beans at 95%. Both are slightly below 5-year average pace, but not in a significant or threatening degree.
Dec '25 Corn
Jan '26 Soybeans

As was expected, the market did not take the news of Tyson’s plans to close Lexington and reduce shifts at Amarillo’s beef plants well with both live cattle and feeder cattle futures finishing limit lower as the neutral-slightly supportive Nov 1 cattle on feed report was completely overshadowed.
Average negotiated trade for last week came in at mostly $223 in the south down $5 from the previous week, and $217.50 in the north down $7.
Southern basis remained very firm at +$8.50 vs 5yr avg of +$2.30.
Cattle on Feed came in at 97.8% vs the average estimate of 97.7%.
The beef cutout was lower on Monday with choice down $0.99 at $370.49 and select down $1.47 at $355.51.
Dec '25 Cattle

*NO LRP QUOTE DUE TO LIMIT CATTLE FUTURES MOVE*

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
Heavy rains fell in the southern U.S. over the past 24 hours, with lighter action stretching up into the heart of the belt; precip moves through north and southeast today, with the next system arriving Friday/Saturday as heavy snow swaths begin. Extended maps remain active precip-wise, with temperatures holding below-normal now up through at least the first week of December.
Argentina will see beneficial rain chances this weekend in the heart of corn and soybean areas, shifting out mostly to the west for the 6-10 day period.
Brazilian rains held northeast yesterday but will shift from the north and west over the next five days, into the heart of crop areas for the 6-10 day.
Dec '25 Crude Oil
Dec '25 US Dollar