hogs

• All hog futures contract months finished higher on Friday versus last week as the overall trend remains higher. Every month except Feb 26 closed at new contract weekly highs. Front month February finished the week at $88.35 up $0.075 for the week, with April-August up $0.825-$1.85 on the week.
• The future’s market is gaining support as cash markets are beginning to move higher.
• The negotiated national average finished the week at $83.56, up $0.47 on Friday.
• The pork cutout finished the week at $95.75, up $1.13 on the day and up $2.12 on the week.
• Hog crush margins remain historically favorable as lean hog futures gains are offsetting strengthening grain and oilseed markets.

February’26 Hogs 

Grains

• Grains and oilseeds finished higher on Friday capping off a strong week. March corn settled at $4.305 up $0.065 and the May-Sep contracts gained $0.0425 to $0.0575
• Corn exports were a massive 158 million bushels which was the largest in 5 years.
• The March soybean contract finished at $10.6775 up $0.0375 on Friday, while the May-Sep contracts were up $0.0325 to $0.035.
• Soybean export sales came in at 90 million bushels and were a 2-year high.

March’26 Corn

March’26 Soybeans

Cattle

• Friday’s cattle on feed report didn’t contain any surprises with on feed, placements, and marketings all coming in within the pre report estimated ranges
  • On Feed-         96.8%             96.8% avg est (96.0-97.6)
  • Placed-            94.6%              93.1% avg est (88.0-95.1)
  • Marketed-        101.8%            101.7% avg est (100.0-102.0)
• Front month Feb settled at $234.90 on Friday, up $2.525 on the day, and up $2.75 on the week. The Apr-Oct contracts were up $2.575 to $2.95 on the week. Although higher on the week, live cattle futures are still trading below the January highs
• Boxed beef was higher on Friday with choice up $1.47 at $368.92 and select up $0.66 at $362.39.

February’26 Cattle

***No Cattle LRP Quotes Due To Cattle On Feed***

Weather

• Heavy rain, snow, and ice fell across the southern and southeastern U.S. over the weekend as expected, likely resulting in some winterkill in the Plains but also beneficial snow for winter wheat areas as well. Conditions look drier again going forward, up through at least the first week of February. Temperatures will move to a warm west/cold east pattern over the next two weeks.
• Argentine rain chances continue west/southwest over the next ten days, after far southwestern rains over the weekend, with only scattered chances for main corn and soybean areas early this week.
• Brazilian rains held far north over the weekend, and heavy action is seen center–north over the next ten days, still with lighter chances in southern regions.

April’26 Crude Oil  

March’26 US Dollar