Hogs

• The 2026 lean hog futures contracts gapped higher on Tuesday following stronger cutout and negotiated hog prices on Monday. The June contract closed at $103.20 up $1.475 and the Jul-Dec contracts were up $0.525 to $1.225. 
• The negotiated national average was higher on Tuesday at $92.65, up $0.52
• The pork cutout turned lower on Tuesday at $99.34 down $$0.86 with bellies providing the most pressure down $5.87.
• Weekly harvest is off to another strong pace at 496K WTD.

Subsidy capture is prohibited. On our quote, we show the difference between the cost of an LRP endorsement and CME put options to demonstrate the value of the insurance product NOT promoting the practice of subsidy capture. Please ask us any questions regarding using livestock insurance products and other livestock pricing tools.

Grains

• Grains and oilseeds were firm on Tuesday getting support from higher crude oil prices and sharply higher soybean oil prices. The US-Iran ceasefire was extended after the market closed.
• Front month May corn was up $0.0175 at $4.5375, and the Jul-Dec contracts were up $0.0175 to $0.0225.
• There were a couple flash corn export sales noted this morning with 100K MT sold to Columbia and 195K sold to unknown destinations.
• The May soybean contract settled at $11.745 up $0.0875, and the Jul-Nov contracts were up $0.085 to $0.095.

Cattle

• Live cattle futures traded lower on Tuesday despite a sharply higher cutout on Monday afternoon. Front month April closed at $247.425 down $2.175, and the Jun-Dec contracts were down $1.55 to $2.525.
• There were negotiated bids on Tuesday noted at $246 that were passed on by the sellers.
• Boxed beef was higher again on Tuesday afternoon with choice up $2.62 at $386.18 and select up $3.59 at $387.20.

Subsidy capture is prohibited. On our quote, we show the difference between the cost of an LRP endorsement and CME put options to demonstrate the value of the insurance product NOT promoting the practice of subsidy capture. Please ask us any questions regarding using livestock insurance products and other livestock pricing tools.

WEATHER

• The U.S. remains dry through mid-week before the next system arrives in the heart of the Midwest late on Thursday, moving into the ECB Friday; extended maps remain cool and wet past that, now up through the first week of May. 
• Argentine rains fell in the eastern belt yesterday but conditions look drier across the next ten days, aiding drydown and early corn and soybean harvest. 
• Brazilian rains were mostly light and scattered over the past 24 hours, but chances move in for the west down through the center-south over the next ten days, aiding safrinha moisture there while dryness increases east/northeast.