Hogs

• The 2026 lean hog futures contracts finished higher again on Thursday as negotiated hog trade continues to firm. Front month April was up $0.90 at $93.45, and the Jun-Dec contracts were up $0.025 to $0.575.
• The negotiated national average lean hog price has firmed each day this week and was up $2.70 on Thursday afternoon at $91.04, a four-month high.
• The pork cutout is nearing the top of the 2026 trade range, finishing up $0.72 on Thursday afternoon at $96.28. The high for the cutout so far this year was $97.37 on Feb 2.

April’26 Hogs 

Grains

• Corn futures were mixed on Thursday. Front month March was down 1 ? cent at $4.2575 and the May-Sept contracts were down ? cent to up ? cent.
• The EIA reported strong ethanol production for last week at 1.118 million barrels per day. It was a 4-week high and record high production for the calendar week.
• Soybean futures were higher on Thursday with front month March registering its highest close since late November at $11.41 up 7 ? cents. The May-Sept contracts were up 2 ? to 7 cents.
• Soybean oil continues to be the primary driver of the soybean rally as increasing tensions between the US and Iran have added support to crude oil. The nearby contract made a new 2 1/2 year high with March finishing at $59.68 up a sharp $1.09 from Wednesday.

March’26 Corn 

March’26 Soybeans

Cattle

• Cattle futures were mixed on Thursday with front month Feb at $247.50 up $0.90. The Apr-Oct contracts were down $0.20 to up $0.90. The more nearby months were the stronger performers.
• There was no negotiated trade noted on Thursday.
• Boxed beef prices were mixed with choice at $365.17 up $1.37 and select at $359.79 down $0.84 from Wednesday.

February’26 Cattle

Weather

• Precipitation fell from the central through eastern belt over the past 24 hours roughly as expected, including some heavy snow in IA and severe weather into the ECB, mixed precip is moving out through the NE belt today and leaving a mostly dry pattern again for the next ten days as systems mostly hold north. 11-15 day maps do bring back some rain chances in the southern Plains and Midwest. Temps will stay warm up through the first week of March.
• Argentine rains were confined far northeast yesterday, but light chances remain tomorrow through Monday, before 6-10 day maps turn back drier.
• Brazilian rains were widespread but scattered over the past 24 hours, though some good precipitation did fall in far southern crop areas; amounts and coverage look impressive through early next week, with 6-10 day maps pushing the best chances back out to the north and leaving the center-south drier.