Hogs

• Lean hog futures had a strong finish to the week with Dec up $0.525 at $81.55 and the 2026 contracts up $0.125 to $1.25.
• Potential increases in expand demand due to Spain’s ASF detections continue to influence the market.
• USDA’s national base hog price was lower Friday afternoon at $71.53 down $1.12.

• The pork carcass cutout was up $3.06 at $96.39 to finish the week. This was the strongest finish in almost three weeks. 

  Dec 25 Hogs

Grains

• Ag Secretary Brooke Rollins hinted that further details for farm financial assistance in the form of a bridge payment would be released this week.
• Corn finished modestly higher on Friday with March at $4.4475, down $0.025 and Dec 26 down $0.005 at $4.6425.
• Brazil received needed rainfall last week with widespread 1-2 inches with pockets seeing heavier amounts.
• The soybean market continues to fall as actual exports remain sluggish and have yet to live up to the optimism that came from China’s recent reentry into the US market.
• January closed at $11.0525 on Friday, down $0.1425 and Nov 26 was down $.1075 at $11.04.

Mar 26 Corn

Jan 26 Soybeans

Cattle

• Live cattle futures finished an impressive week higher across the board, with the front months sharply higher. Dec settled at $227.15 up $5.70 with Feb and Apr up $3.15 to $2.50 respectively.
• Negotiated trade continued in the north at higher values with $222 to $225 in Nebraska up $2-5 from the prior day. Trade developed at $225-226.50 in the south up $5-$9.50 from last week.
• The beef cutout was lower with choice down $1.52 at $361.20 and select down $2.93 at $347.73.
• What looked to be improving packer margins might have been short lived with the downturn in boxed beef and sharply higher cash trade. This may result in packers scaling back harvest levels that ended last week at an estimated 600K, a level not seen since early spring.

Dec 25 Cattle

Weather

• Snow moved across the heart of the belt over the weekend and the extended pattern continues wet north/dry south, with temps cold N/NE and warm SW.
• Argentine rains continue north with dryness increasing center/south; BRZ weekend rains were widespread with active precipitation continuing this week