
CoBank's year-ahead outlook says US trade policy uncertainty has eased, with the effective tariff rate around 17% and actual average import tax near 10%. It expects animal protein demand to stay strong in 2026 despite higher meat and poultry prices, and it notes falling feed prices boosting producer optimism.
Strong protein demand and lower feed costs support livestock margins and herd retention, but lower feed prices reduce feed-grain demand support.
After 28 past bullish macro events, Live Cattle moved a median -0.3% over 5 sessions (39% higher; middle half -1.2% to +0.9%), and +1.7% over 20.
After 37 past macro events, Lean Hogs moved a median -0.4% over 5 sessions (46% higher; middle half -2.2% to +2.4%), and +0.0% over 20.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.