Grains and Cotton Slide as Hogs and Cattle Rally to Start February

Overview

• By midday Monday, corn, soybeans and wheat extended losses, cotton pared early declines, and front-month lean hogs rose roughly $2 while live and feeder cattle jumped $3 to $8.
• USDA export inspections showed 1.136 MMT of corn, 1.31 MMT of soybeans and 326,828 MT of wheat shipped in the week ended Jan. 29, with marketing‑year corn and wheat exports running ahead of last year and soybeans still behind.
• CFTC data through Jan. 27 indicated funds trimmed corn and Chicago wheat shorts, added soybean longs, expanded a sizable cotton net short, and lifted lean hog net longs to more than 113,000 contracts.
• USDA’s annual Cattle Inventory counted 86.155 million head, down 0.37% year over year, with beef cows at 27.607 million and replacement heifers at 4.714 million.
• A Truth Social post from President Trump was reported claiming a call with India’s President Modi included lower U.S. tariffs and prospective Indian purchases over $500 billion, a market note without independent confirmation in the coverage.