HOGS

• Hog futures started the week mixed with lower prices in the nearby months and higher prices in the deferred months. Feb settled at $87.85, down $0.425, while the Apr-Oct contracts were down $0.025 to up $0.875.
• Negotiated hogs moved higher back toward the two-month highs with the national average printing at $80.19 on Tuesday afternoon.
• The cutout continues to chop sideways at $93.47 on Tuesday.

February 26 Hogs

grains

• Corn futures traded in a small range on Tuesday before finishing mixed. March was down a penny at $4.2325, and the May-Sept contracts were down $0.0075 to up $0.0025 on the day.
• Corn export inspections for last week came in at 58 million, putting the accumulated total at 1.178 billion bushels, which is 56% higher than last year.
• Soybean futures started the week lower with front month March down $0.0475 at $10.53 and the May-Sept months down $0.0475 to $0.05.
• Soybean export inspections for last week were 49 million as shipments to China are improving what was a poor pace. The accumulated total is now 710 million, down 40% from last year.

March 26 Corn

March 26 Soybeans

CATTLE

• Last week’s lower finish was not followed through today with live cattle futures modestly higher across the board. Front month Feb was up $0.225 at $232.375, and the Apr-Oct contracts were up $0.60 to $1.20.
• Boxed beef was mixed on Tuesday with choice up $0.43 at $364.76 and select down $0.49 at $359.84.
• Extreme cold and chances of snow later this week in cattle producing areas will need to be monitored.

February 26 Cattle

WEATHER

• A system bringing a mix of rain/ice/snow is moving across the south-central U.S. this morning before moving into the OH River Valley, while a separate system brings snow to the Great Lakes region. Snow cover would certainly be welcomed in SRW country where forecasts are calling for below-zero temps late this week and into the weekend, potentially bringing winter kill risks. 
• Portions of Brazil caught solid rains yesterday, concentrated mainly in the country’s east and the northernmost stretches of Mato Grosso; far southern Brazil and Argentina were dry yesterday and forecasts call for more of the same in the near-term. A heat wave is still expected to move through Argentina in the 6-10 day window, potentially pushing temps into the low 100’s for some areas, bringing stress to the dry spots.