The daily LRP quotes for the Livestock Risk Protection policy are listed below. These prices are valid until 01/17/26 at 8:25am CST. If interested, contact James Graves at James.Graves@hilltopsecurities.com or 806.350.2400. #cattle #ag

1/16 mid-day cash #dairy prices. A nice end of the week bounce for spot butter, whey and dry milk prices. Except for wheat the trends remain lower. DM us to discuss the best way to protect dairy and #cattle related businesses through our customized hedging solutions programs.

The January Cattle On Feed report is next Friday, 1/23. The reported December 1 #cattle on feed in Kansas was in the middle of the 5 year range. With live cattle demand softening in Texas and Nebraska do inventories pressure negotiated prices after the holiday restock?

Interesting that Mosaic (NYSE: MOS) is reporting that North America potash and phosphate were materially off. Phosphate demand was down 20% YoY but should accelerate as USDA direct payments are sent in February. Not a signal about 2026 #corn or #soybeans planted acres.

As we start to estimate planted US acres in 2026 the #cotton/soy and cotton/corn ratios seem to favor fiber over food. This seems unrealistic. Baring a global supply shock we see cotton struggling for acres in MY 26/27 and feel that core acres is approx. 9.0 million. A major

Choice beef prices continue to exhibit typical seasonal behavior. Rib values are declining, end cuts are rising and packer margins are still negative. we expect to see the loin primal start to gain as spring demand starts shortly. Choice-Select spread remains weak #cattle

The daily LRP quotes for the Livestock Risk Protection policy are listed below. These prices are valid until 01/16/26 at 8:25am CST. If interested, contact James Graves at James.Graves@hilltopsecurities.com or 806.350.2400. #cattle #ag

1/15 mid-day cash #dairy prices. Prices remain weak with butter, cheese and dry milk prices underperforming. DM us to discuss the best way to protect dairy and #cattle related businesses through our customized hedging solutions programs.

Estimated gross packer margins are back to extremely negative territory. Slowing live #cattle demand & cattle slaughter is coming. 2026 will be interesting for choice beef. Imports will rise to record levels and the choice demand structure will recategorize and become more of a

The January WASDE showed US #corn MY 25/26 ending stocks at an oppressive 2.2 bbu. Does this impact planted acres in 2026? The November/December #soybeans/corn ratio is 2.21 & trending higher. The ratio is one variable we use to model acres. The timing is early we see corn

Estimated CME Feeder #cattle index for 1/15 $-.23 @ $369.46/cwt.....the $370 mark is in the sights and the record $375 is close.

CONAB's #corn #soybeans and #cotton January production estimates are incrementally lower across the board with soy output falling the most.

The estimated 2.2 bbu #corn ending stocks in the January WASDE is the fourth largest for the month going back to 1990. That's a lot of corn. Barring a supply shock in Latin America or a major contraction in MY 26/27 planted US acres what can stimulate material demand?

Brazil is the largest beef exporting country and Vietnam approved 4 new Brazilian beef packing facilities for beef imports. With 8 Brazilian packing plants approved for imports its clear that as the US #cattle herd shrinks US is a residual beef supplier to the world

The daily LRP quotes for the Livestock Risk Protection policy are listed below. These prices are valid until 01/15/26 at 8:25am CST. If interested, contact James Graves at James.Graves@hilltopsecurities.com or 806.350.2400. #cattle #ag

1/14 mid-day cash #dairy prices. Prices remain weak. Butter, cheese and dry milk prices continue to underperform. DM us to discuss the best way to protect dairy and #cattle related businesses through our customized hedging solutions programs.

At -$.44 the North-South (Nebraska-Kansas) live #cattle spread has returned to the seasonal norm. With Tyson closing Lexington, NE at the end of January and Kansas cattle on feed in the middle of the 5 year range do Kansas cash prices lead over Nebraska this spring?

Big Russian #wheat crops keep getting bigger as @sovecon raises the country's January export volume to 3-3.4 mmt from 2.3 mmt. Russia's MY 25/26 exports are estimated at 44.6 mmt versus the USDA at 44.0. Rising Russian exports = headwinds for US HRW.

Estimated CME Feeder #cattle index for 1/14 +$.50 @ $369.62/cwt

Aside of the 2018 trade war, seasonal 50 delta at-the-money #corn implied volatility is the lowest in 10 years. Historically implied vol rises into the January WASDE, and gains into March & the Prospective Plantings report We see corn acres declining in 2026 but does vol rally?