Hogs

• Lean hog futures were higher again on Wednesday gaining support from firm negotiated hog trade and stronger basis levels following last week’s sharp futures pullback. Front month April was up $0.25 at $92.55, and the Jun-Dec contracts were up $0.75 to $1.23.
• The negotiated national average lean hog price was up $0.11 on Wednesday afternoon at $88.34, which is another new high this week made for 2026.
• The pork cutout continues to be rangebound and mostly flat finishing down $0.32 on Wednesday afternoon at $95.56. 

April’26 Hogs 

Grains

• In a slow news day corn futures finished slightly higher. March settled at $4.27 up ¾ cent, and the May-Sept months were up ½ cent to 1 cent.
• The EIA did not release last week’s ethanol production and storage report on Wednesday. Due to the holiday on Monday the report is delayed until Thursday.
• This week’s USDA AG Forum showed expected 20/26/27 corn acres at 94.0 million vs expectations of 95.0 million. Expected soybean acreage came in near expectations at 85.0 million acres.
• Soybean futures were steady/mixed on Wednesday. Front month March was down ½ cent at $11.33 ½ and the May-Sept contracts were down ¾ cent to up ¼ cent.
• Soybean oil continues to ratchet higher following strong crude oil prices. The nearby contract is nearing 2 1/2 year highs with March finishing at $58.59.

March’26 Corn 

March’26 Soybeans

Cattle

• Cattle futures were mixed on Wednesday with front month Feb at $246.60 up $0.05. The Apr-Oct contracts were down $0.275 to up $0.15.
• There was trade noted on the Fed Cattle Exchange at $249 for fed heifers in Texas, up $2 from last week and a new high record.
• Boxed beef prices were mixed with choice at $363.80 down $0.96 and select at $360.63 up $0.41 from Tuesday.

February’26 Cattle

Weather

• Rain and snow fell north and northeast over the past 24 hours with scattered action lingering in the north and west this morning; a mixed system is seen moving through the heart of the belt today and into the NE belt tomorrow, with a dry forecast holding on otherwise. Extended precip is held out mostly to the north, with a drier pattern center-south. Temperatures will remain safely above-normal up through the first week of March.
• Argentina saw some heavy rains center-southwest over the past 24 hours; chances will favor the northern half of corn and soybean areas through Monday, before 6-10 day forecasts bring back a drier pattern for most regions.
• Brazilian rains were scattered yesterday and mostly confined to northeastern crop areas; rains look very impressive for the next five days throughout the country, with above-normal chances holding north for the 6-10 day period.