Most-active lean hog futures are up 1.7%, potentially establishing upward momentum after last week's Hogs and Pigs report showed a shrinking hog supply in the second half of 2026. Livestock traders are keeping an eye on the flow of news surrounding the future of the USMCA, which is important to hogs as Mexico and Canada are large buyers of U.S. pork exports. If President Trump does announce that the deal will not be extended, then that leaves it in "infinite limbo," says StoneX in a note. "We may be in rounds of negotiation for the remainder of the Trump administration, if not longer," says the firm. Live cattle are down 0.3%. (kirk.maltais@wsj.com)