Grains Firm as Hogs Rebound and Cattle Slide Midweek

Overview

• Corn extended gains after Tuesday export notices showed 295,000 metric tons in new 2025/26 sales and USDA inspections logged 1.669 million tons shipped in the week ended April 16.
• Soybeans built on Tuesday’s rally as stronger bean‑oil prices tied to rich D4 RIN compliance credits lifted crush values, with the national cash bean average rising to $11.11 per bushel.
• USDA’s Crop Progress report showed fast fieldwork with corn 11% planted and soybeans 12% planted, which sets an early supply base and can support yield potential if weather holds.
• Hog futures recovered Tuesday and held gains into Wednesday as the national base price hovered near $92 per cwt and the pork cutout sat near $100, even with heavy slaughter near 2.5 million head last week.
• Cattle futures fell again Wednesday as traders weighed March placements down 7.67% year over year and a developing screwworm outbreak in Mexico, with APHIS reporting 1,395 active cases.