Hogs

• Lean hog futures put in a weak performance last week with most months closing at their lowest levels since December. Front month April contract settled at $90.725 on Friday, down $0.05. The Jun-Dec contracts lost $0.025 to $0.75 on the week.
• The negotiated national average ended the week at $89.36, which was down $0.56 from the previous day, and down $0.03 from last Friday.
• The pork cutout finished the week at $98.70, up $1.32 on the day, but down $0.25 on the week. The cutout has spent most of the last two months trading between $95 and $100 with just a handful of exceptions trading slightly over $100. Carcass weights remain historically heavy with a current average of 219.16 lbs.

Grains

• After US-Iran negotiations failed over the weekend the White announced a blockade of the Strait of Hormuz which will likely raise volatility in grains and oilseeds again. Corn and soybeans opened modestly higher on Sunday night with corn up 3 to 4 cents and soybeans up 2 to cents. Soybean oil, which has been very sensitive to crude oil price movements, was up nearly 100 points.

• Corn futures settled lower on Friday and back at price levels last seen in mid-February. The May contract was down $0.03 at $4.41, and the Jul-Dec contracts down $0.02 to $0.0375.

• Soybean futures were higher, with front month May up $0.105 at 11.7575 and the July-Nov contracts up $0.0525 to $0.1025.

Cattle

• Cattle futures had a very strong week with contracts reaching life of contract highs and settling at their highest weekly closes so far. Front month Apr settled at $251.775 on Friday, up $2.00. The Jun-Dec contracts were up $0.675 to $1.40.
• Negotiated trade was light with $248 to $249 in areas, up $3-$4. Basis levels deteriorated as the rally in cash was more than offset by $5.575 week over week gain in the April contract.
• Boxed beef was slightly lower Friday afternoon with choice at $380.90 down $0.19 and select down $0.23 at $381.34.

Weather

• Rains spread across the belt from SW to NE over the weekend as expected, with a similar pattern lingering through this work week as well; the Panhandles and SW KS did see some light rains over the weekend, but conditions look drier there again going forward. Extended maps are a bit more mixed to open the week as well; temperatures will hold normal to above near-term.
• Argentine rains mostly held north/northeast over the weekend and precip holds there near-term, but shifts from the north into central crop areas through the next week to ten days, mostly slowing crop dry down and harvest.
• Brazil saw heavy weekend rains center-north over the weekend, and action will fill in for all but eastern crop areas over the next ten days, aiding safrinha corn moisture for most crop areas