Trade in ag commodity futures saw two diverging trends to start the week. Weakness quickly developed in grains and oilseeds amid profit taking, weak technicals, and Export Inspections data that were about as exciting as the last half of the Broncos–Patriots game. Conversely, cattle futures saw strength emerge despite a neutral/bearish Cattle on Feed report, and lean hog futures surged to fresh contract highs on strong pork pricing. Funds were clear net sellers in the grains complex for the day, with concerns about export competition for corn and soybeans and a “sell the fact” trade developing in wheat after the weekend U.S. winter storm.  WPI views the last few days as a microcosm of our broader CY 2026 outlook: there...