Hogs

• Lean hog futures closed higher each day this week and recovered some, but not all of last week’s sharp losses. April closed at $93.675 on Friday up $0.225. The Jun-Dec contracts were up $0.65 to $0.875.
• The negotiated national average lean hog price turned lower on Friday, ending the week at $88.96. This price is still the second highest of the calendar year after the recent advance.
• The pork cutout ended the week still within the same mid-$90’s range it has been fluctuating in for the last couple of months. The cutout was $95.61 on Friday afternoon, down $0.67 from the previous day. 

April’26 Hogs 

Grain

• Corn futures settled higher on Friday. Front month March closed at $4.275 up 0.0175. The May-Sep contracts were up $0.0325 to $0.0375.
• Exports for the week ending 2/12 had corn sales at 58 million bushels, which was in line with expectations. This brings the accumulated total for the marketing year to 2.452 billion bushels up 30% from last year.
• Soybean futures finished modestly lower on Friday. March was down $0.035 at $11.375, and the May-Aug contracts were down $0.02 to $0.0275.
• Soybean exports for the week ending 2/12 were 29 million bushels, which was in line with expectations. The market year to date total of 1.3 billion bushels is 19% lower than last year.
• The Supreme Court striking down Trump’s blanket tariffs might dissuade China from buying US beans with Brazilian beans significantly cheaper.

March’26 Corn 

March’26 Soybeans 

Cattle

• Cattle futures were lower on Friday despite firmer cash trade. Front month Feb was down $0.925 at $246.575, and the Apr-Oct contracts were down $1.125 to $1.425.
• Negotiated trade was mostly $247-$249 in NE up $2-$4, and $249 in KS/TX up $1-$2.
• Boxed beef prices were higher with choice at $366.70 up $1.53 and select at $360.74 up $0.95.
• Cattle on Feed was mostly neutral with the USDA estimates coming in within the range of the pre-report private estimates:
  • Feb 1 On Feed:       USDA 98.2% vs 98.5% avg est (range 97.8%-98.8%)
  • Jan Placements:      USDA 95.3% vs 96.7% avg est (range 92.7%-99.5%)
  • Jan Marketings:       USDA 87.0% vs 87.0% avg est (range 86.7%-88.0%)

February’26 Cattle

Weather

• The U.S. Plains and Midwest remain mostly dry this week but extended maps are running wetter, starting this weekend; temps stay warm thru early March.
• Argentine rains mostly held in the west over the weekend and the best chances hold there going forward, though some chances are present in the heart of the country’s crop regions today through Friday.
• Brazilian rains were heavy and widespread for almost the entire country over the weekend, save for the far south; that similar wet pattern continues this week, with rains moving out to the north and west for the 6-10 day period.