Hogs

• April hogs saw some strong follow through and made new contract highs and closed up at $95.00.
• Weekly export sales this morning were slightly under the past month’s average, and China ranked seventh with only a modest purchase.
• That said, technical indicators have strengthened significantly over the last two sessions, with strong buying and increasing open interest. While some profit-taking is possible as prices test contract highs, the overall momentum still points to higher prices.

February’26 Hogs 

GRAINS

• On the overnight corn was higher at 4.22. Soybeans were down 1 at 10.52. Equities are higher and the metals are lower to start the morning.
• Soybeans led the grain market on Thursday closing up 11. Along with some flash sales to China and leaked RVO levels for 2026 and the 2^nd highest NOPA crush ever for a month.
• As we stand now the USDA has confirmed 9 MMT of the 12 MMT pledged for the end of February. Also, many believe some of the unknowns are China getting us above 11 MMT.
• Corn struggled to gain any momentum despite the strength in soybeans. The trade sees corns strong export numbers but continues to shrug it off because of the higher supplies introduced in Monday’s report.

March’26 Corn 

March’26 Soybeans

CATTLE

• Feeder prices were sharply higher to end the trading day up $4.85 on the march.  March feeder cattle currently sit $6.00 from the gap put in mid August.
• Weekly export sales released this morning were within the range seen over the past month, though cumulative sales remain slightly behind last year’s pace. South Korea and Japan were the two largest buyers last week.
• Slaughter through yesterday is running ahead of last week’s pace, which is somewhat surprising given poor packer margins. The uptrend in the cattle complex remains intact, with no clear signs of a major top at this time.

February’26 Cattle

WEATHER

• Scattered light snow and rain will move through the northern and northeastern belt in the near term. A potentially significant winter storm is possible about a week out, though the broader pattern remains unchanged. Cooler temperatures are expected to push farther south into late January.
• In Argentina, rains were observed in the northern regions yesterday and are expected to persist through the weekend. Crop areas elsewhere trend drier moving forward.
• In Brazil, rainfall over the past 24 hours was scattered, but coverage and totals look favorable over the next five days. During the 6–10 day window, rains shift back toward the north, allowing drier conditions to redevelop across the center-south.