Hogs

• Lean hogs closed the week on a stronger note, with summer contracts finishing higher.
• The cutout continues to be choppy and somewhat inconsistent, but it’s clear that outside money hasn’t headed for the exits just yet.
• The chart below shows fund positions as of February 3rd, with managed money holding near‑record long exposure. The big question now is how much further they can push this market from here.

February’26 Hogs 

Grains

• On the overnight soybeans are down 3, corn is down 1, equities are slightly lower to start the week.
• Soybeans saw another round of fund buying on Friday, pushing the market to new weekly highs before backing off into the close as it appeared that longs were liquidating ahead of the weekend.
• There was also some interesting spread activity: March soybeans finished the day up 3 cents, while new‑crop beans ended 5 cents lower. This divergence reinforces the idea that the fund buying—sparked by Trump’s tweet—is concentrated in old‑crop contracts, highlighting the bullish sentiment in nearby soybeans.
• Corn and wheat, meanwhile, struggled to find momentum on Friday and slipped lower into the weekend after showing some strength on Thursday.

March’26 Corn 

March’26 Soybeans

Cattle

• Live cattle and feeder cattle futures ripped higher to open Friday’s trade and continued it strength until some news hit at end of trading session.
• Some news came out that Trump is it sign an executive order quadrupling beef imports from Argentina the market did have time to trade it and only backed off slightly.
• Futures did back off some into the close but ended up closing $3.00 higher on March feeder cattle and $2.50 higher on Feb live cattle.
• Some cash cattle traded at $245 in Texas $5.00 higher week over week.

February’26 Cattle

Weather

• Brazil has received ample rainfall throughout both planting and harvest, and the next seven days are expected to bring additional precipitation.
• Argentina is also forecast to pick up much‑needed moisture, helping to ease concerns after a recent stretch of dryness.