February 17, 2026 Market Report

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Produce

Iceberg lettuce continues climbing toward historically rare levels near $50/carton, while tomato pricing remains elevated due to freeze damage despite a slight week-over-week pullback. Supply disruption remains the dominant market driver.

Outlook: Tomato markets may remain firm for several more weeks before easing into late March. Lettuce pricing at extreme levels is unlikely to hold long-term, particularly if demand softens in response.

Grain

Soybeans continued rallying on trade optimism tied to a potential U.S.–China truce extension, keeping May futures above $11. However, weaker export sales and strong Brazilian supply are tempering bullish sentiment.

Outlook: While short-term support remains in place, global supply dynamics may cap further upside. Farmer selling could reintroduce pressure, though a significant break below $11 appears unlikely in the immediate term.

Dairy

Cheese markets were mixed, with CME blocks down to $1.39/lb and barrels steady at $1.44/lb. Butter increased to $1.74/lb but remains well below prior-year averages year-to-date. Milk supplies are adequate, and production remains near capacity despite recent weather disruptions.

Outlook: Balanced milk availability and steady demand are supporting cheese markets. Butter demand remains strong domestically and internationally, keeping downside risk limited in the near term.

Beef

Cattle futures gained 3% to $242.50/cwt as harvest volumes remained sharply lower. Choice cutout eased slightly to $364.84/cwt while select moved higher. Striploins climbed to $9.78/lb and ribeyes to $10.70/lb, while ground beef 81% declined to $3.50/lb. Lean trim strengthened to $4.25/lb, reflecting tighter availability.

Outlook: Tight supply fundamentals continue to support beef pricing despite seasonally softer demand. With substantial brisket volumes already committed and harvest levels constrained, pricing risk remains elevated in the near term.

Pork

Hog futures were lower week-over-week, though the pork cutout ticked up to $95.65/cwt. Loins rose 2% with boneless loins at $1.40/lb, bellies posted gains, and ham primals declined. Export volumes slowed, particularly in boneless butts.

Outlook: Lower harvest levels are lending mild support, but soft retail demand remains a limiting factor. Rebuilding freezer inventories and potential export improvement may help stabilize the market, with steady to slightly firmer pricing expected.

Seafood

Frozen tilapia fillet prices fell 9.5% month-over-month to their lowest level since 2012, driven by seasonal softness and increased import volumes entering the U.S. market.

Outlook: A seasonal rebound is likely in early spring before prices soften again heading into late Q2, consistent with historical demand cycles.

Poultry

USDA young chicken harvest reached 167.7 million head, slightly higher week-over-week but down 1% year-over-year. The National Composite WOG increased to $1.18/lb, with boneless/skinless breasts up 22% month-over-month to $1.45/lb and tenderloins at $1.52/lb. Wings rose to $1.21/lb but remain 37% below last year. Boneless/skinless thighs strengthened to $1.46/lb, up 16% m/m and 9% y/y. Turkey breasts remain sharply elevated y/y, and shell eggs climbed nearly 10% week-over-week, now up 101% m/m.

Outlook: Reduced harvest volumes and seasonal demand are firming the complex, particularly across white meat. Expect continued short-term strength, with egg volatility remaining a key watchpoint for purchasing teams.