Hogs

• With the exception of the nearby April contract, lean hog futures had a firm tone to end the week after having spent most of the week grinding sideways. The April contract settled at $90.775 on Friday, down $0.05 on the day and down $0.50 on the week. The Jun-Dec contracts gained $1.275 to $2.225 on the week with the stronger performing contracts being the more nearby months.
• The negotiated national average chopped mostly sideways last week and ended at $90.52, which was down $0.37 from the previous day, but up $0.14 from the previous Friday.

• The pork cutout finished the week at $96.56, up $1.21 on Friday, but down $2.64 week over week. Hams have been the worst performing primal recently, finishing last week at $71.01, its worst weekly finish since 2020.

Grain

• Corn futures ended the week lower being pressured by a sharply lower soybean market. Front month May corn was down $0.05 at $4.62, and the Jul-Dec contracts were down $0.04 to $0.045.

• The EPA was not expected to make changes to the 15 billion gallon annual ethanol blend mandate and on Friday it was announced there would not be a change.

• Soybeans were sharply lower on Friday with front month May down $0.145 at $11.5925. The Jul-Nov contracts were down $0.0875 to $0.1425.

• The EPA’s biofuel guidance came in mostly as expected with small increases for 2026 and 2027, but foreign biofuel feedstock will still be given full RIN’s which was disappointment to the soy oil bulls.

Cattle

• Cattle futures had another firm week and ended at the weekly highs Friday. Front month Apr settled at $238.50 on Friday, up a sharp $3.40 on the day, and up $4.45 for the week. The Jun-Dec contracts were up $3.95 to $5.35 on the week with the more nearby months performing better than the more deferred months.

• Negotiated trade for the week was mostly $235 in the north and $235-238 in the south. Steady to $3 higher than the previous week.

• Boxed beef turned lower mid-week with choice losing $7.14 for the week ending at $392.97 on Friday afternoon. Select was at $389.87, down $1.79 on the week.

Weather

• Rains mostly cleared out over the weekend, and action lingers far north this morning, increasing throughout this week with precipitation holding above normal all the way into mid-April. Temperatures will move back closer to normal for the 6-10 day, back above-normal for the 11-15 day time frame.
• Heavy Argentine rains fell center-east over the weekend, and the wet pattern remains for the heart of the country’s corn and soybean area through the next ten days, aiding moisture for any needed late growth. 
• BRZ rains held north over the weekend and remains there this week, though drier far southern safrinha areas will continue to see decent chances as well.