U.S. lean hog futures posted broad gains on Wednesday, with the October and December contracts up 22.5 cents and 57.5 cents, respectively. USDA’s national base hog cash price was $101.08 per cwt, up 86 cents from the prior day. The CME Lean Hog Index rose to $96.64 per cwt. Federally inspected hog slaughter for the week to date totaled 1.38 million head, down 17,913 head from the same week last year.

McDonald’s shares fell to a 52-week low of $263.65 around July 21, down 23% from the March high. The company is scheduled to report Q2 2026 results on Aug. 4, with the market broadly expecting U.S. same-store sales to drop 2% and foot traffic to fall 4.6% year over year. The median analyst target price stands at $329.30, while the stock trades at a forward P/E of 20.44, its lowest since 2018. The piece does not cite specific pre-earnings catalysts and instead suggests waiting for the earnings release.

Super Micro Computer (SMCI) issued a Q4 earnings preview, saying it booked more than $60 billion in new AI server orders for the quarter and now expects gross margin of 16%, up from prior guidance of 8.3%. While its revenue outlook remained near the low end of its earlier range, the company said the mix shift toward higher-margin orders is improving profitability. Needham reiterated a “Buy” rating and raised its price target to $46, implying more than 45% upside from current levels.

Improving monsoon rains in India eased fears of a smaller sugar crop, after the cumulative rainfall deficit narrowed to -19% by July 22 from -42% at the end of June. New York and London raw sugar futures fell 1.28% and 1.11%, respectively. WTI crude oil jumped more than 2%, supporting ethanol economics, but funds’ sugar net-long positions are at historical highs, adding to near-term downside pressure. The market faces a tighter short-term supply-demand tug-of-war, while longer-term risks remain tied to the potential impact of El Niño.

Cocoa futures sank nearly 6%, sending both New York and London contracts to their lowest levels in two months. The selloff followed a 4.6% year-on-year drop in Europe’s Q2 cocoa grindings to a six-year low, alongside signs of ample near-term supply including a 21% jump in Ivory Coast port arrivals and ICE stocks at a two-year high. North American and Asian grindings rose more than expected, and longer-term risks tied to El Niño and early crop checks remain in view. Still, the latest demand and inventory data dominated market pricing, reinforcing a clear bearish catalyst.

AeroVironment (AVAV) said it has been awarded a $117.30 million contract from the U.S. Army to supply its P550 electric vertical takeoff and landing (eVTOL) unmanned aerial system for the Army’s Long Range Reconnaissance program. The company reported fiscal 2026 fourth-quarter revenue rose 133.3% year over year to $641.62 million and said funded backlog stood at $1.20 billion as of April 30. Wall Street analysts currently rate the stock “Strong Buy” with a consensus price target of $239.65, implying 53.1% upside from current levels.

December soybean meal (ZMZ26) futures have climbed to a nine-week high, with the technical trend pointing higher and the MACD turning bullish. Fundamentals also point to tighter global grain supplies, driven by restricted shipping in war-torn regions and drought and heat in key growing areas, alongside strong U.S. soybean demand. The analysis says a move above $330.00 per ton would create a buying opportunity, with an upside objective of $360.00 and support at $315.00.

Cotton futures extended Tuesday’s rally in early Wednesday trade, with the front-month contract up 25–30 points after closing 145–159 points higher in the prior session. USDA Crop Progress data showed 73% of the U.S. cotton crop was squared as of Sunday, 1 percentage point ahead of normal, while the good/excellent rating rose 1 point on the week to 45%. ICE-certified cotton stocks fell 1,038 bales to 97,800 bales, and crude oil gained $1.76 per barrel as the U.S. dollar index rose 0.254, adding cost support.

USDA NASS data showed 66% of the U.S. soybean crop was blooming as of 7/19, 6 percentage points ahead of normal, with 32% setting pods, 8 points ahead. Crop condition ratings improved to 66% good/excellent. Soybean futures and cash prices fell, with the August contract down 6 1/2 cents to $12.19 1/2 per bushel and the national average cash price down 5 cents to $11.84 per bushel. The figures point to faster development and improved conditions in key areas, pressuring prices in the near term.