HOGS

Lean hog futures started Tuesday trading lower but firmed up and settled mixed. Front month Feb was down $0.475 at $85.675, and the Apr-Oct contracts were down $0.05 to up $0.375
Firming negotiated trade during the session helped support futures after yesterday's 23-month low finish.
Now past the seasonally weakest period, USDA’s national base hog price was sharply higher on Tuesday, posting at $76.36, up $10 from the previous day.
The pork cutout broke lower from the sideways range it’s been trading and finished at $91.25 down $2.59 on the day.

Feb 26 Lean Hogs

Grains

Corn futures traded both sides of unchanged on Tuesday before settling slightly lower vs the previous day and near the session lows. Front month March was down a half cent at $4.44, and the May-Sep contracts were down $0.0075 to $.015.
After yesterday’s sharply higher trade, soybean futures also traded both sides of unchanged before ultimately ending the day lower and near the session lows. March closed at $10.5625 down $0.0525, and the May-Sep contracts were down $0.0625 to $0.0775.
It was reported that China’s Sinograin bought 10 more US soybean cargoes this week bringing the total commitments to nearly 10 million tons of the 12 million tons expected by the Trump administration.

March '26 Corn

March '26 Soybeans

Live cattle futures extended their rally on Tuesday, closing higher across the board. Front month Feb was up $0.75 at $236.625, and the Apr-Oct contracts were up $0.575 to $0.80. The charts do still have an unfilled gap from mid-October that is still nearly $12 away in the Feb contract.
Slaughter pace is starting out slower this week possibly an indication that poor margins are going to cause pace to ease again.
There was no negotiated trade noted today
The beef cutout turned back lower on Tuesday with choice down $2.45 at $351.25 and select down $0.42 at $351.08.

Feb '26 Cattle

The bulk of the Midwest and Plains remained dry yesterday and today but action will pick up from the southern Plains through the southeastern half of the belt tomorrow through Saturday; above-normal precipitation will be confined north for the 6-10 day then west for the 11-15 day, in a similar overall pattern going forward. Temperatures will stay warm through the 6-10 day, with more mixed forecasts possible into later January.
Argentina did see some isolated rains in the southwest over the past 24 hours and chances will hold north through the weekend; there are at least some rains possible center-south for the 6-10 day, but those outlooks continue to waver.
Brazilian rains held far north yesterday but chances look widespread and beneficial over the next five days, drier overall for the 6-10 day period.