Hogs

• Lean hog futures had a strong Tuesday with all contracts except the Feb pushing into new life of contract highs. Negotiated hogs posting 3-month highs and a stronger cutout were supportive. Front month Feb was up $0.80 at $88.55. The Apr-Oct contracts were up $0.55 to $1.525.
• The negotiated national average posted a 3-month high Tuesday at $86.37 up $4.15.
• The pork cutout was also higher on Tuesday at $97.37, up $1.67 which was the highest price in 6 weeks

February 26 Hogs

Grains

• Corn futures found traction on Tuesday and settled modestly high on Tuesday. Front month March was up $0.0275 at $4.285, and the May-Sept contracts were up $0.0175 to $0.0225.
• Soybeans also turned higher with March soybeans finishing at $10.6575, up $0.055 on Tuesday while the May-Sep contracts were up $0.0425 to $0.0475.
• Both the corn and soybean markets were supported by energies reversing recent weakness and closing higher on Tuesday.

March 26 Corn

March 26 Soybeans

Cattle

• Cattle futures continued higher on Tuesday after yesterday's strength broke though chart resistance and made 3-month highs.
• Front month Feb was up $2.15 at $240.325, and the Apr-Oct contracts were up $2.10 to $2.37.
• Boxed beef was higher on Tuesday afternoon with choice at $370.71 up $2.50 and a 10-week high. The select was up $2.32 at $367.23, an 18-week high.

February 26 Cattle

Weather

• The Plains and Midwest remain dry this week with extended precipitation maps finally showing action creeping in from the west, with a wetter north/ northwest and drier south/southeast pattern through mid-month. Temperatures continue to heat up this week, above-normal thru mid-February as well.
• Argentina was dry over the past 24 hours and mostly dry going forward as well, though a rain chance moves in today through Friday; the best chances will occur center-north but all areas will see at least some precip chance.
• Brazilian rain fell in the northeastern half or so of crop areas yesterday and chances favor the center-north over the next week to ten days; some better scattered southern rains are possible in today’s ten-day forecast.