USDA Outlook Spurs Wheat Rally and Hog Gains as Corn Dips, Soybeans Firm

Overview

• Wheat futures extended a two‑day climb on Thursday, with Chicago SRW up about 10–12 cents and KC HRW up roughly 9–11 cents after a midweek rebound.
• USDA’s Ag Outlook Forum issued preliminary 2026 estimates: corn at 94.0 million acres and 15.755 billion bushels (183 bpa), soybeans at 85.0 million acres and 4.45 billion bushels (53 bpa), and wheat at 45.0 million acres and 1.860 billion bushels (50.8 bpa).
• Lean hog futures advanced again Thursday by roughly 45–77 cents, while live cattle traded mixed after Tuesday’s sharp rally and a steadier Wednesday session.
• Corn futures eased 1–2.5 cents at midday Thursday even as EIA reported weekly ethanol output at 1.118 million barrels per day and stocks at 25.588 million barrels.
• Recently reported export data highlight a split in demand, with corn commitments at 60.805 MMT up 31% year over year versus soybeans at 34.572 MMT down 20%, as CFTC data show managed money net long soybeans at 123,148 contracts as of February 10.