Cattle and Hogs Extend Rebound as Grains Split on Fresh Data

Overview

• Live cattle jumped $2.30–$3.47 on Tuesday and were steady by Wednesday midday, with cash trade still light and a Fed Cattle Exchange lot changing hands at $249 live.
• Lean hogs gained $1.02–$1.30 Tuesday and added 40–90 cents Wednesday, while the pork cutout softened and week-to-date slaughter continued to trail last year.
• Soybeans turned from early Wednesday gains to small losses after NOPA reported a larger January crush at 221.56 mbu and inspections improved, as bean oil rallied on reports the EPA is expected to send 2026 biofuel quotas for White House review.
• Corn was little changed after Tuesday’s pullback, with weekly export shipments at 1.492 MMT and total commitments at 60.805 MMT (about 73% of USDA’s forecast) as Brazil’s harvest and second-crop planting lag last year.
• Wheat bounced after Tuesday’s decline, with heavy fund shorts and fresh global supply updates—SovEcon’s higher Russian crop estimate and India’s export approval—back in view, while cotton posted a modest midday rise after recent selling as certified stocks climbed.