Hogs

• Lean hog futures struggled on Wednesday, closing mixed for the day.  Front month August saw a 10 cent positive close, while October thru May closed lower for the day.
• Cutout was not supportive down $2.90 for the day with pressure from the ham, belly, and loin.
• Cash was slightly higher with the national up 25 cents on the day.  Cash is again called mostly steady as supplies remain somewhat tight, yet closer to the end of the week.  Week to date slaughter running just ahead of last week, with a projected Saturday kill of 45-50,000 head would put slaughter around 2.370 down slightly from prior year.
• Exports Pork: Net sales of 31,000 MT for 2025 were down 22 percent from the previous week, but up 27 percent from the prior 4-week average. Increases were primarily for China (12,500 MT), Mexico (7,000 MT, including decreases of 700 MT), South Korea (2,800 MT, including decreases of 900 MT), Colombia (2,500 MT, including decreases of 200 MT), and Japan (2,000 MT, including decreases of 100 MT).
• Twelve businesses across England and Northern Ireland secure access to Mexico's rapidly expanding market.  The twelve approved businesses will also now be able to export offal and edible by-products, bringing British pig farmers a return on parts that are less popular in the UK but which Mexican consumers relish as part of classical buche meat dishes.

Grains

• Overnight Dec corn is up 3 cents, Nov beans up 3 1/4 cents. S&P 500 is up 40 points. USD is higher at 98.25. Crude is up .50. Gold is higher, and Copper is higher.
• The December 2025 corn futures contract fell beneath the $4.00-per-bushel mark for the first time on Wednesday, pressured by increasingly favorable growing conditions across the U.S. Corn Belt. Recent widespread rainfall and ideal weather have bolstered yield potential, fueling bearish sentiment in the market.
• Private analysts continue to release robust U.S. yield projections, adding to the downward price momentum. The average trade estimate ahead of next Tuesday’s USDA report stands at 184.2 bushels per acre, compared to the agency’s current forecast of 181 bpa. Many in the trade are anticipating a notable upward revision from the USDA.
• Wheat futures carved out new lows on Wednesday, with the September 2025 SRW contract dipping to $5.04 per bushel—the lowest level for a spot contract since May. Despite the downturn, the contract managed a modest rebound, closing the session a quarter cent higher at approximately $5.09 per bushel. Persistent pressure from ample global inventories and soft export demand continues to undermine wheat prices.
• Soybean futures also slid further, with the November 2025 contract losing roughly 6 cents to settle near $9.85 per bushel. The weakness was driven by continued losses in soybean meal futures, which have been hampered by tepid demand and plentiful supply.
• Corn: Net sales of 170,400 MT for 2024/2025 were down 50 percent from the previous week and 71 percent from the prior 4-week average. Increases primarily for Mexico (208,400 MT, including 86,500 MT switched from unknown destinations and decreases of 6,900 MT), Colombia (148,900 MT, including 149,000 MT switched from unknown destinations and decreases of 48,800 MT), Japan (75,000 MT, including 76,200 MT switched from unknown destinations and decreases of 3,500 MT), South Korea (70,100 MT, including 65,000 MT switched from unknown destinations), and Ireland (52,000 MT), were offset by reductions for unknown destinations (491,700 MT), Nicaragua (2,000 MT), and Morocco (1,900 MT). Net sales of 3,163,200 MT for 2025/2026 were primarily for unknown destinations (1,278,900 MT), Mexico (408,000 MT), South Korea (402,000 MT), Colombia (331,300 MT), and Japan (298,000 MT). Exports of 1,229,200 MT were down 17 percent from the previous week and 10 percent from the prior 4-week average. The destinations were primarily to Mexico (511,000 MT), Colombia (258,300 MT), Japan (147,800 MT), South Korea (135,700 MT), and Portugal (58,600 MT).
• Soybeans: Net sales of 467,800 MT for 2024/2025 were up 71 percent from the previous week and 63 percent from the prior 4-week average. Increases primarily for Taiwan (150,400 MT, including decreases of 100 MT), the Netherlands (119,700 MT, including 120,000 MT switched from unknown destinations and decreases of 8,600 MT), Germany (75,600 MT), Indonesia (68,100 MT, including 55,000 MT switched from unknown destinations and decreases of 400 MT), and Egypt (59,000 MT, including 40,000 MT switched from Algeria), were offset by reductions for unknown destinations (179,200 MT), Algeria (40,000 MT), and Morocco (400 MT). Net sales of 545,000 MT for 2025/2026 were primarily for unknown destinations (254,300 MT), Egypt (106,000 MT), Mexico (42,800 MT), Japan (30,000 MT), and Tunisia (30,000 MT). Exports of 689,500 MT were up 63 percent from the previous week and 97 percent from the prior 4-week average. The destinations were primarily to the Netherlands (119,700 MT), Egypt (114,000 MT), Mexico (93,800 MT), Indonesia (80,300 MT), and Germany (75,600 MT).

Cattle

• Cattle futures continued with strength on Wednesday, pushing futures to new highs with the exception of October.
• Cutout had another strong day on Wednesday with choice up $4.92 for the day.  This week has seen choice box beef climb over $11.  The rally is being supported by the seasonal and the sharp production cuts made by packers last week and this week.
• Similar to the futures market, the weather calls for much of the country to some hotter days this week along with humidity, curbing appetites for cattle and humans.
• A sprinkling of cattle traded at $237 in Texas but most asking prices remain at $240 in the south and $250 in the north. Expect some development in the cash today.
• Exports Beef: Net sales of 15,900 MT for 2025 were up 88 percent from the previous week and 40 percent from the prior 4-week average. Increases were primarily for Japan (6,100 MT, including decreases of 300 MT), South Korea (4,000 MT, including decreases of 300 MT), Mexico (1,800 MT, including decreases of 100 MT), Taiwan (1,100 MT, including decreases of 100 MT), and the Philippines (800 MT).

Weather

• Yesterday’s rains covered a good portion of the Western Corn Belt, with the heaviest totals seen in eastern NE/western IA; further north, the long-dry Canadian Prairies saw additional rainfall, this time moving further east to cover much of Manitoba as well. More rains are moving across Saskatchewan, eastern MT, and western ND today, as well as a small but heavy system currently in southern IA that looks to stretch into northern MO/western IL later today.
• Mixed shifts were seen in near-term forecasts from yesterday to today, with the 1-5 day period cooling for the plains, while the 6-10 day period turned notably hotter with the biggest increases centered on NE.