May corn closed up 5 1/4 cents and December corn was up 2 cents. May soybeans closed up 12 3/4 cents and November soybeans were up 8 cents. July KC wheat closed up 1/2 cents, July Chicago wheat was up 1 cents, July Minneapolis wheat was up 3/4 cents.

It was overall a strong day for U.S. row-crop markets as corn and wheat futures reversed from recent down spells in price, attracting buyers at support points on their respective charts. For wheat, prices spent much of the session lower before buyers stepped in by the early afternoon to spark a reversal. Soybean futures accelerated gains throughout the session, turning what was initially a respectable 5- to 6-cent move into a double-digit push higher, making technical headway in the process. Outside markets were mostly of a positive influence on the ag complex Thursday, with stock indices higher, a weaker U.S. dollar, and steady energy prices.

The live cattle complex yet again traded mostly higher as traders continue to believe in the market's long-term bullishness. The nearby June contract the lone exception only slightly lower, but that seems to be a mere pause in the market's rally until traders are given green-light fundamentally, which hopefully will come in the form of stronger cash cattle sales. It's fully anticipated that fed cash cattle prices will be higher again this week, but no trade has developed just yet.

The feeder cattle complex finished the session strong in the last hour of trade, eliminating red from the board. Traders are hoping more fundamental support will develop but have nothing tangible to ease their jitters. Demand still remains utterly incredible in the countryside, and that seems to be helping traders in this exact scenario.

The only real win throughout the day for the lean hog complex was the fact that midday pork cutout values were higher. But in the wake of sharply lower exports, lower cash prices and some technical hesitancy, the contracts were trading softly lower. At this point it's likely that packers have fulfilled their bulk needs in the cash market and will only vaguely participate through the remainder of the week.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/24145520/web-closing-markets.mp3">HERE</a> for audio

By: NATHAN STUEDLESt. Joseph PostGRAINS:May corn closed up 5 1/4 cents and December corn was up 2 cents. May soybeans closed up 12 3/4 cents and November soybeans were up 8 cents. July KC wheat closed up 1/2 cents, July Chicago wheat was up 1 cents, July Minneapolis wheat was up 3/4 cents.It was overall a strong day for U.S. row-crop markets as corn and wheat futures reversed from recent down spells in price, attracting buyers at support points on their respective charts. For wheat, prices spent much of the session lower before buyers stepped in by the early afternoon to spark a reversal. Soybean futures accelerated gains throughout the session, turning what was initially a respectable 5- to 6-cent move into a double-digit push higher, making technical headway in the process. Outside markets were mostly of a positive influence on the ag complex Thursday, with stock indices higher, a weaker U.S. dollar, and steady energy prices.LIVESTOCK:The live cattle complex yet again traded mostly higher as traders continue to believe in the market's long-term bullishness. The nearby June contract the lone exception only slightly lower, but that seems to be a mere pause in the market's rally until traders are given green-light fundamentally, which hopefully will come in the form of stronger cash cattle sales. It's fully anticipated that fed cash cattle prices will be higher again this week, but no trade has developed just yet. The feeder cattle complex finished the session strong in the last hour of trade, eliminating red from the board. Traders are hoping more fundamental support will develop but have nothing tangible to ease their jitters. Demand still remains utterly incredible in the countryside, and that seems to be helping traders in this exact scenario.The only real win throughout the day for the lean hog complex was the fact that midday pork cutout values were higher. But in the wake of sharply lower exports, lower cash prices and some technical hesitancy, the contracts were trading softly lower. At this point it's likely that packers have fulfilled their bulk needs in the cash market and will only vaguely participate through the remainder of the week.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/24145520/web-closing-markets.mp3">HERE</a> for audio

Commodity markets daily recap

Many provisions in the 2017 Tax Cuts and Jobs Act are set to expire this year. The American Farm Bureau says that adds a big task to the Congressional to-do list: updating the tax code. Many of those expiring provisions provide important relief for farm families. AFBF Associate Economist Samantha Ayoub says while reductions in the corporate income tax rates were made permanent in 2017, income tax cuts for individuals began to phase out in 2022, with the biggest tax increases are coming with expirations at the end of this year. 

For some farm families, grieving the loss of a loved one comes with an additional burden, that being a hefty tax on everything their family member left to them. Without an act of Congress, the estate tax exemption will drop by 50 percent to $7.61 million on January 1, 2026, putting the future of thousands of family farms at risk.

Many provisions in the 2017 Tax Cuts and Jobs Act are set to expire this year. The American Farm Bureau says that adds a big task to the Congressional to-do list: updating the tax code. Many of those expiring provisions provide important relief for farm families. AFBF Associate Economist Samantha Ayoub says while reductions in the corporate income tax rates were made permanent in 2017, income tax cuts for individuals began to phase out in 2022, with the biggest tax increases are coming with expirations at the end of this year. For some farm families, grieving the loss of a loved one comes with an additional burden, that being a hefty tax on everything their family member left to them. Without an act of Congress, the estate tax exemption will drop by 50 percent to $7.61 million on January 1, 2026, putting the future of thousands of family farms at risk.-NAFB

Death taxes threaten farm families

May corn closed down 3 3/4 cents and December corn was down 3 1/2 cents. May soybeans closed up 5 1/4 cents and November soybeans were up 1 cents. May KC wheat closed down 8 1/4 cents, May Chicago wheat was down 7 1/4 cents, May Minneapolis wheat was down 4 cents.

President Trump said on Tuesday afternoon that the extremely elevated tariffs of 145% (ranging as high as 245% depending on the product in question) could possibly be reduced, likely in an attempt to bring China to the table for negotiations after Chinese officials reiterated Wednesday willingness to talks but not under the recent series of escalations and threats. No official decision has been announced but these positive comments, coupled with a similar sentiment from Treasury Secretary Bessent on Tuesday, allowed soybean prices to build off Tuesday's session to trade back among the strongest price in almost two months. Meanwhile, wheat prices continue to be pressured by the current U.S. weather forecasts, with Kansas City futures hitting a fresh contract low on the May board on Wednesday. Corn futures were down as well, pressured by wheat and good weather for development in Brazil. Outside markets were of mixed influence on ag products on Wednesday, with stock indices higher, but the U.S. dollar also higher and crude oil posting a reversal candle lower lent some pressure to the ag complex.

The live cattle complex was able to successfully maintain its higher position through Wednesday's trade which is quite commendable given that the market gapped higher at the day's start and traded slightly above the spot June contract's previous resistance level. Traders are likely to monitor fundamental support closely through the later part of the week as they're hoping to see support from both cash prices and boxed beef prices compliment their higher push this morning. Still no developments have surfaced in the cash cattle market and trade will likely be delayed until Thursday, or even Friday.

The feeder cattle complex did not see quite as much momentum in its market as compared to the live cattle contracts, but they still traded higher, nonetheless. The feeder cattle complex seems more concerned about its technical resistance pressure as traders haven't taken on the looming resistance at $293.00 in the spot August contract.

The lean hog complex's rally has been slightly broken as the nearby contracts traded softly lower while the deferred months continued to push mildly higher. It was pretty impressive that the lean hog complex had a nine straight day consecutive rally which helped propel the spot June contract to the highest price the market has traded since late February. But after such aggressive technical footwork, the market seemed to cool its momentum as traders look around to see if the markets' fundamentals are going to support such a move.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/23150333/web-closing-markets.mp3">HERE</a> for audio

By: NATHAN STUEDLESt. Joseph PostGRAINS:May corn closed down 3 3/4 cents and December corn was down 3 1/2 cents. May soybeans closed up 5 1/4 cents and November soybeans were up 1 cents. May KC wheat closed down 8 1/4 cents, May Chicago wheat was down 7 1/4 cents, May Minneapolis wheat was down 4 cents.President Trump said on Tuesday afternoon that the extremely elevated tariffs of 145% (ranging as high as 245% depending on the product in question) could possibly be reduced, likely in an attempt to bring China to the table for negotiations after Chinese officials reiterated Wednesday willingness to talks but not under the recent series of escalations and threats. No official decision has been announced but these positive comments, coupled with a similar sentiment from Treasury Secretary Bessent on Tuesday, allowed soybean prices to build off Tuesday's session to trade back among the strongest price in almost two months. Meanwhile, wheat prices continue to be pressured by the current U.S. weather forecasts, with Kansas City futures hitting a fresh contract low on the May board on Wednesday. Corn futures were down as well, pressured by wheat and good weather for development in Brazil. Outside markets were of mixed influence on ag products on Wednesday, with stock indices higher, but the U.S. dollar also higher and crude oil posting a reversal candle lower lent some pressure to the ag complex.LIVESTOCK:The live cattle complex was able to successfully maintain its higher position through Wednesday's trade which is quite commendable given that the market gapped higher at the day's start and traded slightly above the spot June contract's previous resistance level. Traders are likely to monitor fundamental support closely through the later part of the week as they're hoping to see support from both cash prices and boxed beef prices compliment their higher push this morning. Still no developments have surfaced in the cash cattle market and trade will likely be delayed until Thursday, or even Friday.The feeder cattle complex did not see quite as much momentum in its market as compared to the live cattle contracts, but they still traded higher, nonetheless. The feeder cattle complex seems more concerned about its technical resistance pressure as traders haven't taken on the looming resistance at $293.00 in the spot August contract.The lean hog complex's rally has been slightly broken as the nearby contracts traded softly lower while the deferred months continued to push mildly higher. It was pretty impressive that the lean hog complex had a nine straight day consecutive rally which helped propel the spot June contract to the highest price the market has traded since late February. But after such aggressive technical footwork, the market seemed to cool its momentum as traders look around to see if the markets' fundamentals are going to support such a move. Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/23150333/web-closing-markets.mp3">HERE</a> for audio

U.S. egg production totaled 8.63 billion during March 2025, down seven percent from last year. Production included 7.35 billion table eggs and 1.28 billion hatching eggs, of which 1.18 billion were broiler-type and 104 million were egg-type. The average number of layers during March totaled 351 million, down eight percent from last year. March egg production per 100 layers was 2,458 eggs, up slightly from March 2024. Total layers in the U.S. on April 1, 2025, totaled 351 million, down eight percent from last year. 

The 351 million consisted of 287 million layers producing table or market-type eggs, 60.4 million layers producing broiler-type hatching eggs, and four million layers producing egg-type hatching eggs. The rate of lay per day on April 1 averaged 79.1 eggs per 100 layers, down slightly from April 1, 2024. Egg-type chicks hatched during March totaled 60.7 million, up 11 percent from March 2024.&nbsp;

U.S. egg production totaled 8.63 billion during March 2025, down seven percent from last year. Production included 7.35 billion table eggs and 1.28 billion hatching eggs, of which 1.18 billion were broiler-type and 104 million were egg-type. The average number of layers during March totaled 351 million, down eight percent from last year. March egg production per 100 layers was 2,458 eggs, up slightly from March 2024. Total layers in the U.S. on April 1, 2025, totaled 351 million, down eight percent from last year. The 351 million consisted of 287 million layers producing table or market-type eggs, 60.4 million layers producing broiler-type hatching eggs, and four million layers producing egg-type hatching eggs. The rate of lay per day on April 1 averaged 79.1 eggs per 100 layers, down slightly from April 1, 2024. Egg-type chicks hatched during March totaled 60.7 million, up 11 percent from March 2024.&nbsp;-NAFB

March egg production down seven percent

Farm bankruptcies grew 55 percent from 2023 to 2024 and are trending even higher in 2025. Farmers are continuing to struggle with low prices for their agricultural commodities and the high costs of inputs needed to grow those crops. Reports say unpredictable tariffs, immigration overhauls, federal programs being cut, and frozen USDA funding are now part of the challenges farmers face as they look for financial assistance. 

The Federal Reserve Bank in Chicago says the share of the district’s farm loan portfolio assessed as having “major or severe” repayment problems was 4.3 percent in the fourth quarter of 2024, the highest point it reached since late in 2020. The Kansas City Fed said at the end of March that as farm debt grew and conditions in the farm economy deteriorated, delinquency rates increased modestly from historic lows. The American Farmland Owner says Iowa leads all other states with 12 bankruptcies this year.  

Farm bankruptcies grew 55 percent from 2023 to 2024 and are trending even higher in 2025. Farmers are continuing to struggle with low prices for their agricultural commodities and the high costs of inputs needed to grow those crops. Reports say unpredictable tariffs, immigration overhauls, federal programs being cut, and frozen USDA funding are now part of the challenges farmers face as they look for financial assistance. The Federal Reserve Bank in Chicago says the share of the district’s farm loan portfolio assessed as having “major or severe” repayment problems was 4.3 percent in the fourth quarter of 2024, the highest point it reached since late in 2020. The Kansas City Fed said at the end of March that as farm debt grew and conditions in the farm economy deteriorated, delinquency rates increased modestly from historic lows. The American Farmland Owner says Iowa leads all other states with 12 bankruptcies this year. -NAFB

Farm bankruptcies to climb in 2025

May corn closed down 6 cents and December corn was down 6 1/2 cents. May soybeans closed up 5 1/2 cents and November soybeans were up 3/4 cents. May KC wheat closed down 4 3/4 cents, May Chicago wheat was down 3 cents, May Minneapolis wheat was down 4 1/2 cents.

Ag markets continued their subdued, choppy nature Tuesday, with soybean prices showing life to recover Monday's losses. Meanwhile corn futures broke to their lowest price since April 10 but also held chart support. Wheat prices traded lower despite slightly declining conditions reported by the USDA in Monday's Crop Progress report, as rainfall remains in the forecast across the Midwest, with coverage stretching into western hard red growing areas, many of which had been dry through the winter. Overall, Tuesday's trade continued to be driven by mainly technical features as fresh fundamental drivers were lacking. In outside markets, it was a day of recovery as stocks rebounded from the Trump-versus-Powell-induced selloff to begin the week, helped along by positive trade comments from Treasury Secretary Scott Bessent. The U.S. dollar also posted a modest move higher as a result.

The live cattle complex was back in action as the market was fronting a promising $1.00 to $2.50 push heading into Tuesday's close. The market is close to nearing resistance pressure in the spot June contract, but if fundamental support is ample this week (especially in the form of strong box prices and fed cash cattle prices) there's a chance that traders could take on the market's resistance. The only other key fundamental component that needs to be monitored this week is throughput, as Monday's slaughter was light at just 100,000 head.

The bullish front of the cattle complex is being spurred on by the feeder cattle complex as all of its contracts traded higher into the day's closing bell. Like the spot June live cattle contract, the spot May feeder cattle contract is nearing market resistance that could be problematic for traders if they don't see continued fundamental support later this week.

The lean hog complex also enjoyed a fruitful day where the front four contracts were trading above $1.00 higher. It's rather impressive to see the spot June contract trading at the highest it's been since the end of February, and the market is also on its ninth consecutive day of higher trading. The additional support of stronger pork cutout values is lending a helping hand as well, which is mainly to thank again this morning because of the $3.47 jump in the belly.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/22141443/web-closing-markets.mp3">HERE</a> for audio

By: NATHAN STUEDLESt. Joseph PostGRAINS:May corn closed down 6 cents and December corn was down 6 1/2 cents. May soybeans closed up 5 1/2 cents and November soybeans were up 3/4 cents. May KC wheat closed down 4 3/4 cents, May Chicago wheat was down 3 cents, May Minneapolis wheat was down 4 1/2 cents.Ag markets continued their subdued, choppy nature Tuesday, with soybean prices showing life to recover Monday's losses. Meanwhile corn futures broke to their lowest price since April 10 but also held chart support. Wheat prices traded lower despite slightly declining conditions reported by the USDA in Monday's Crop Progress report, as rainfall remains in the forecast across the Midwest, with coverage stretching into western hard red growing areas, many of which had been dry through the winter. Overall, Tuesday's trade continued to be driven by mainly technical features as fresh fundamental drivers were lacking. In outside markets, it was a day of recovery as stocks rebounded from the Trump-versus-Powell-induced selloff to begin the week, helped along by positive trade comments from Treasury Secretary Scott Bessent. The U.S. dollar also posted a modest move higher as a result.LIVESTOCK:The live cattle complex was back in action as the market was fronting a promising $1.00 to $2.50 push heading into Tuesday's close. The market is close to nearing resistance pressure in the spot June contract, but if fundamental support is ample this week (especially in the form of strong box prices and fed cash cattle prices) there's a chance that traders could take on the market's resistance. The only other key fundamental component that needs to be monitored this week is throughput, as Monday's slaughter was light at just 100,000 head.The bullish front of the cattle complex is being spurred on by the feeder cattle complex as all of its contracts traded higher into the day's closing bell. Like the spot June live cattle contract, the spot May feeder cattle contract is nearing market resistance that could be problematic for traders if they don't see continued fundamental support later this week.The lean hog complex also enjoyed a fruitful day where the front four contracts were trading above $1.00 higher. It's rather impressive to see the spot June contract trading at the highest it's been since the end of February, and the market is also on its ninth consecutive day of higher trading. The additional support of stronger pork cutout values is lending a helping hand as well, which is mainly to thank again this morning because of the $3.47 jump in the belly.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/22141443/web-closing-markets.mp3">HERE</a> for audio

The USDA reminds agricultural producers that the final date to apply for or make changes to their existing crop insurance coverage is quickly approaching for summer planted crops, annual forage, and forage seeding. Sales closing dates vary by crop, but the next major sales closing dates are May 1, July 15, and July 31. Producers are encouraged to visit their crop insurance agents soon to learn specific details for the 2025 crop year. 

The USDA reminds agricultural producers that the final date to apply for or make changes to their existing crop insurance coverage is quickly approaching for summer planted crops, annual forage, and forage seeding. Sales closing dates vary by crop, but the next major sales closing dates are May 1, July 15, and July 31. Producers are encouraged to visit their crop insurance agents soon to learn specific details for the 2025 crop year.

Important crop deadlines drawing closer

Producers in Missouri saw 4.8 days suitable for fieldwork in the week ending April 21st. Statewide, the average temperature was just under 61 degrees, nearly 4 degrees above normal. Precipitation averaged seven-tenths of an inch, three-tenths below normal. Topsoil moisture supply was rated 28 percent short to very short, and 72 percent adequate. Subsoil moisture supply was rated at 46 percent short to very short, and 54 percent adequate. 

Corn planted reached 47 percent, more than double the 5-year average of 21 percent. Corn emerged reached 12 percent, compared to the 5-year average of just 3 percent. Soybeans planted reached 16 percent, compared to the 5-year average of only 3 percent. Winter wheat headed reached 23 percent, compared to the 5-year average of 5 percent with condition at 2% poor to very poor, 21 percent fair, 77 percent good to excellent.

By: NATHAN STUEDLESt. Joseph PostProducers in Missouri saw 4.8 days suitable for fieldwork in the week ending April 21st. Statewide, the average temperature was just under 61 degrees, nearly 4 degrees above normal. Precipitation averaged seven-tenths of an inch, three-tenths below normal. Topsoil moisture supply was rated 28 percent short to very short, and 72 percent adequate. Subsoil moisture supply was rated at 46 percent short to very short, and 54 percent adequate. Corn planted reached 47 percent, more than double the 5-year average of 21 percent. Corn emerged reached 12 percent, compared to the 5-year average of just 3 percent. Soybeans planted reached 16 percent, compared to the 5-year average of only 3 percent. Winter wheat headed reached 23 percent, compared to the 5-year average of 5 percent with condition at 2% poor to very poor, 21 percent fair, 77 percent good to excellent.

Early planting is slightly ahead of schedule

The 97th Missouri FFA State Convention will run Wednesday through Friday in Columbia. More than 8,000 students and guests are expected to attend the convention at the Hearnes Center.  The state association will present state FFA degrees to over 1,000 members for their agricultural and leadership achievements.  The State Star Farmer, State Star in Agribusiness, State Star in Placement, and State Star in Agriscience will also be named.  A total of 519 FFA members will receive awards in 45 ag proficiency areas, including production, management, and communications disciplines. 

By: NATHAN STUEDLESt. Joseph PostThe 97th Missouri FFA State Convention will run Wednesday through Friday in Columbia. More than 8,000 students and guests are expected to attend the convention at the Hearnes Center. The state association will present state FFA degrees to over 1,000 members for their agricultural and leadership achievements. The State Star Farmer, State Star in Agribusiness, State Star in Placement, and State Star in Agriscience will also be named. A total of 519 FFA members will receive awards in 45 ag proficiency areas, including production, management, and communications disciplines.

State FFA convention begins Wednesday in Columbia

May corn closed down 1/2 cents and December corn was down 1 1/2 cents. May soybeans closed down 7 cents and November soybeans were down 6 3/4 cents. May KC wheat closed down 6 3/4 cents, May Chicago wheat was down 10 1/4 cents, May Minneapolis wheat was down 5 1/4 cents.

It was another slow session for U.S. ag markets to begin the new week, with relatively low volume behind the trade as corn and soy continue to stall at chart resistance. Wheat markets are quickly retreating back toward long-term support on Kansas City futures, with decent rainfall across the Southern Plains and the forecast for more chances over the next two weeks being the main source of pressure to wheat prices. In outside markets, following a brief period of stabilization, stock indices have turned heavily downward over the past three sessions as President Trump has voiced his displeasure with Fed Chair Jerome Powell's monetary policy in recent days, leading to unease among investors. The U.S Dollar Index made a new low for its move Monday morning, hitting its lowest level since March of 2022. Meanwhile, gold futures surged to fresh all-time highs amid vast uncertainty in markets.

The live cattle complex seemed as though it wanted to trade higher -- but as the days' time slowly passed by, skepticism was center-stage for the cattle complex. One could point to last Friday's Cattle on Feed report for something to blame, but traders are closely monitoring the equity markets and aren't going to trade too oppositely of what they're doing. And while this may be the market's direction currently, the bullish push in last week's fed cash cattle market amid higher prices already this morning for boxed beef to be an equally compelling argument as to why the market should trade higher. So once again here we sit, waiting for time to solve the puzzle.

The feeder cattle contracts also traded lower, not finding enough immediate support in Monday's market to justify pressuring resistance and advancing the contracts any higher. It will be interesting to see if sales are met with the same kind of demand this week.

The lean hog complex continued to grind higher, although a couple of the nearly contracts traded slightly lower at various points in the day, as traders question if the market has enough support to take on immediate resistance thresholds. The Spot June contract is currently trading near the highest point in which the market has traded since the middle of March.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/21151803/web-closing-markets.mp3">HERE</a> for audio

By: NATHAN STUEDLESt. Joseph PostGRAINS:May corn closed down 1/2 cents and December corn was down 1 1/2 cents. May soybeans closed down 7 cents and November soybeans were down 6 3/4 cents. May KC wheat closed down 6 3/4 cents, May Chicago wheat was down 10 1/4 cents, May Minneapolis wheat was down 5 1/4 cents.It was another slow session for U.S. ag markets to begin the new week, with relatively low volume behind the trade as corn and soy continue to stall at chart resistance. Wheat markets are quickly retreating back toward long-term support on Kansas City futures, with decent rainfall across the Southern Plains and the forecast for more chances over the next two weeks being the main source of pressure to wheat prices. In outside markets, following a brief period of stabilization, stock indices have turned heavily downward over the past three sessions as President Trump has voiced his displeasure with Fed Chair Jerome Powell's monetary policy in recent days, leading to unease among investors. The U.S Dollar Index made a new low for its move Monday morning, hitting its lowest level since March of 2022. Meanwhile, gold futures surged to fresh all-time highs amid vast uncertainty in markets.LIVESTOCK:The live cattle complex seemed as though it wanted to trade higher -- but as the days' time slowly passed by, skepticism was center-stage for the cattle complex. One could point to last Friday's Cattle on Feed report for something to blame, but traders are closely monitoring the equity markets and aren't going to trade too oppositely of what they're doing. And while this may be the market's direction currently, the bullish push in last week's fed cash cattle market amid higher prices already this morning for boxed beef to be an equally compelling argument as to why the market should trade higher. So once again here we sit, waiting for time to solve the puzzle. The feeder cattle contracts also traded lower, not finding enough immediate support in Monday's market to justify pressuring resistance and advancing the contracts any higher. It will be interesting to see if sales are met with the same kind of demand this week.The lean hog complex continued to grind higher, although a couple of the nearly contracts traded slightly lower at various points in the day, as traders question if the market has enough support to take on immediate resistance thresholds. The Spot June contract is currently trading near the highest point in which the market has traded since the middle of March.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/21151803/web-closing-markets.mp3">HERE</a> for audio

Reports continue to say the Trump administration is planning to severely scale back or end all funding for many of the key programs in the Agriculture Department. That’s according to White House documents obtained by Government Executive, which reports that the administration wants to cut workers and whole offices at the local level. A document from the Office of Management and Budget proposes fiscal 2026 funding levels that would gut research and conservation efforts and trim almost all program budgets across the board. 

OMB says many difficult decisions will become necessary to reach that proposed spending level for the upcoming fiscal year. The Farm Service Agency, the Natural Resources Conservation Service, and USDA’s Rural Development employ almost 20,000 workers between them. One official who helps oversee the agencies said the proposed changes to the budget would lead to office closures at the local level and affect people face-to-face with farmers. 

Reports continue to say the Trump administration is planning to severely scale back or end all funding for many of the key programs in the Agriculture Department. That’s according to White House documents obtained by Government Executive, which reports that the administration wants to cut workers and whole offices at the local level. A document from the Office of Management and Budget proposes fiscal 2026 funding levels that would gut research and conservation efforts and trim almost all program budgets across the board. OMB says many difficult decisions will become necessary to reach that proposed spending level for the upcoming fiscal year. The Farm Service Agency, the Natural Resources Conservation Service, and USDA’s Rural Development employ almost 20,000 workers between them. One official who helps oversee the agencies said the proposed changes to the budget would lead to office closures at the local level and affect people face-to-face with farmers. - NAFB

White House budget proposes FSA, NRCS closures

Bayer says it may stop producing glyphosate, the world’s most popular weed-killer unless it can get court protection against lawsuits blaming the herbicide for causing cancer. Reports show that Bayer currently produces about 40 percent of the world’s glyphosate needs, which farmers use to kill weeds that threaten their crops. Over the last ten years, the herbicide has also caught Bayer up in a number of lawsuits. 

In early March, Bayer told farmers, suppliers, and retailers that it may have to stop selling Roundup, which would force U.S. farmers to rely on imported glyphosate from China. “We’re pretty much reaching the end of our road,” says Bayer Chief Executive Bill Anderson. “We’re not talking years but months instead.” The USDA points out that more than 90 percent of soybeans, corn, and cotton crops planted in the U.S. are genetically modified to withstand the glyphosate-based weedkiller. 

By: NATHAN STUEDLESt. Joseph PostBayer says it may stop producing glyphosate, the world’s most popular weed-killer unless it can get court protection against lawsuits blaming the herbicide for causing cancer. Reports show that Bayer currently produces about 40 percent of the world’s glyphosate needs, which farmers use to kill weeds that threaten their crops. Over the last ten years, the herbicide has also caught Bayer up in a number of lawsuits. In early March, Bayer told farmers, suppliers, and retailers that it may have to stop selling Roundup, which would force U.S. farmers to rely on imported glyphosate from China. “We’re pretty much reaching the end of our road,” says Bayer Chief Executive Bill Anderson. “We’re not talking years but months instead.” The USDA points out that more than 90 percent of soybeans, corn, and cotton crops planted in the U.S. are genetically modified to withstand the glyphosate-based weedkiller.

Bayer may stop producing glyphosate

May corn closed down 2 cents and December corn was down 3/4 cents. May soybeans closed down 2 1/4 cents and November soybeans were down 1 3/4 cents. May KC wheat closed down 1/2 cents, May Chicago wheat was up 1 cent, May Minneapolis wheat was up 2 1/2 cents.

May corn closed down 8 cents and December corn was up 2 1/2 cents. May soybeans closed down 6 1/4 cents and November soybeans were up 7 cents. May KC wheat closed down 10 1/2 cents, May Chicago wheat was down 7 cents and May Minneapolis wheat was down 8 3/4 cents.

Chicago and Minneapolis wheat markets were able to build off Wednesday's strength to trade mostly higher yet again Thursday. Corn and Kansas City wheat faded off early highs to close out what was mostly a sideways to slightly lower week for price action with dwindling volume behind the trade as the week progressed. Soybean markets were slightly lower Thursday as May futures remained mostly stagnant this week, caught between chart resistance and support. Outside markets were on edge following Fed Chair Jerome Powell's comments on Wednesday that the Federal Reserve may face a difficult task in balancing tariff driven inflation with future rate decisions. Powell's comments drew the ire of President Trump, who said early Thursday that the Chair's termination "cannot come fast enough". The U.S. dollar inched higher on Thursday, attempting to post just its fourth higher session since the announcement of the reciprocal tariff policy on April 2. Energy markets were mostly positive, which provided strength to the vegetable oil complex, with soybean oil inching higher to close the week.

Live cattle complex traders are patiently waiting for this week's fed cash cattle trade to get underway, but that did not hold them back from pushing the live cattle contracts higher. There's a chance that the anticipation of this afternoon's Cattle on Feed report could derail some of trader's will to continue to drive the contracts higher, but at this point, that's not yet been the case. There are few bids on the table in parts of Nebraska at $208 live and $328 dressed, but still no cattle have traded. The South remains quiet without any bids having surfaced, but asking prices are noted at $208 to $210. At this point, trade could develop later this afternoon or potentially be delayed until Friday.

Again, the feeder cattle complex charged relentlessly into the noon hour, despite the fact that later on Thursday, the month's Cattle on Feed report was set for release. Given that the estimated values of which placements could be, there's a chance that some market hesitation could creep in, But all throughout Thursday's trade, the feeder cattle contracts willfully traded higher as bullish undertones continue to be the market's biggest theme.

The lean hog complex is leaned into Thursday's close fully higher and is very appreciative of the help of stronger pork cutout values late this week. It's rather impressive to note that this morning, not a single major cut was reported lower, but the belly does take today's cake with the highest day-over-day gain of $6.36.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/17150718/30001-closing-markets.mp3">HERE</a> for audio

By: NATHAN STUEDLESt. Joseph PostGRAINS:May corn closed down 2 cents and December corn was down 3/4 cents. May soybeans closed down 2 1/4 cents and November soybeans were down 1 3/4 cents. May KC wheat closed down 1/2 cents, May Chicago wheat was up 1 cent, May Minneapolis wheat was up 2 1/2 cents.FOR THE WEEK:May corn closed down 8 cents and December corn was up 2 1/2 cents. May soybeans closed down 6 1/4 cents and November soybeans were up 7 cents. May KC wheat closed down 10 1/2 cents, May Chicago wheat was down 7 cents and May Minneapolis wheat was down 8 3/4 cents.Chicago and Minneapolis wheat markets were able to build off Wednesday's strength to trade mostly higher yet again Thursday. Corn and Kansas City wheat faded off early highs to close out what was mostly a sideways to slightly lower week for price action with dwindling volume behind the trade as the week progressed. Soybean markets were slightly lower Thursday as May futures remained mostly stagnant this week, caught between chart resistance and support. Outside markets were on edge following Fed Chair Jerome Powell's comments on Wednesday that the Federal Reserve may face a difficult task in balancing tariff driven inflation with future rate decisions. Powell's comments drew the ire of President Trump, who said early Thursday that the Chair's termination "cannot come fast enough". The U.S. dollar inched higher on Thursday, attempting to post just its fourth higher session since the announcement of the reciprocal tariff policy on April 2. Energy markets were mostly positive, which provided strength to the vegetable oil complex, with soybean oil inching higher to close the week.LIVESTOCK:Live cattle complex traders are patiently waiting for this week's fed cash cattle trade to get underway, but that did not hold them back from pushing the live cattle contracts higher. There's a chance that the anticipation of this afternoon's Cattle on Feed report could derail some of trader's will to continue to drive the contracts higher, but at this point, that's not yet been the case. There are few bids on the table in parts of Nebraska at $208 live and $328 dressed, but still no cattle have traded. The South remains quiet without any bids having surfaced, but asking prices are noted at $208 to $210. At this point, trade could develop later this afternoon or potentially be delayed until Friday.Again, the feeder cattle complex charged relentlessly into the noon hour, despite the fact that later on Thursday, the month's Cattle on Feed report was set for release. Given that the estimated values of which placements could be, there's a chance that some market hesitation could creep in, But all throughout Thursday's trade, the feeder cattle contracts willfully traded higher as bullish undertones continue to be the market's biggest theme. The lean hog complex is leaned into Thursday's close fully higher and is very appreciative of the help of stronger pork cutout values late this week. It's rather impressive to note that this morning, not a single major cut was reported lower, but the belly does take today's cake with the highest day-over-day gain of $6.36.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/17150718/30001-closing-markets.mp3">HERE</a> for audio

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May corn closed up 3 cents and December corn was up 2 1/2 cents. May soybeans closed up 2 3/4 cents and November soybeans were up 4 1/2 cents. May KC wheat closed up 5 cents, May Chicago wheat was up 5 3/4 cents, May Minneapolis wheat was up 2 1/2 cents.

The U.S. Dollar Index is down 0.73 at 99.49. The Dow Jones Industrial Average is down 604.0 points at 39,971.0. June gold is up $111.50 at $3,351.90, May silver is up $0.60 at $32.90 and May copper is up $0.0490. May crude oil is up $1.25 at $62.58, June ultra-low sulfur diesel is up $0.0325, June RBOB gasoline is up $0.0209 and May natural gas is down $0.081.

May corn closed up 3 cents on Wednesday to $4.84 1/4. New-crop December futures were up 2 1/2 cents to $4.66 3/4. May corn futures traded to a high of $4.87 on Wednesday but were unable to sustain the attempt higher. For now, resistance has formed in the upper $4.80s to low $4.90s, while support waits at the 50-day moving average near $4.77. Meanwhile, December futures posted a fifth positive session in the last six. Bullish traders are likely looking at the 2025 calendar year high for December corn of $4.79 3/4 as a medium-term target. Weekly ethanol production numbers from the EIA again reflected a seasonal slowdown in production with 1.012 million barrels of ethanol produced per day last week. Pace of production held at 3.7% higher than this time in 2024 for the corn marketing year thus far. In Brazil, agency DERAL reported in their weekly crop update on Tuesday that Parana's (second largest safrinha producing state) crop had stabilized in condition as a result of recent rainfall but did voice concerns over uneven precipitation for portions of the crop. Corn pollination was reported at 38% complete as of Monday, April 14. Further south in Argentina, it should be noted that the Rosario Grain Exchange, which had been among the lowest among corn production estimates for Argentina, revised their estimate 4 million metric tons (mmt) higher in their update last week to 48.5 mmt, much closer but still a touch below the USDA estimate of 50 mmt from the April WASDE. Argentine corn harvest is roughly a quarter complete.

The DTN National Corn Index finished Tuesday at $4.54. Wednesday's futures close and Tuesday's implied corn basis of 27 cents under the May board would indicate the index on Wednesday afternoon to be near $4.57.

May soybeans closed up 2 3/4 cents on Wednesday to $10.38 3/4. Meanwhile new-crop soybeans were up 4 1/2 cents to $10.34 1/4. May soybeans started the day session strong, trading to a high of $10.45 3/4 before strength faded throughout the session. The market continues to struggle against the 200-day moving average at $10.41 1/4 which has been staunch resistance to soybean prices historically. To the downside, support at the 50-day moving average of $10.27 3/4 supported prices when tested on Wednesday.

Early optimistic trade reports surrounding negotiations with Japan and even the potential for attempted talks between the U.S. and China was the main source of bullish sentiment in the soybean market on Wednesday, although the news grew quickly stale as the session wore on. In fundamental news, NOPA released their March soybean crush figures on Tuesday, reporting that members crushed 194.55 million bushels (mb) of soybeans during the month of March. This was a strong recovery from a bit of a lag in February, a 9.4% increase in NOPA figures to be exact. Typically, NOPA members account for roughly 94% of total U.S. crush which would imply a total crush for March at just under 207 mb. Overall, this is a strong monthly number which should keep the industry on pace to hit the USDA's freshly increased goal of 2.420 billion bushels (bb) of soybean crush in 2024-25. The other number which garnered attention for Tuesday was the soybean stocks estimate, which was below expectations at 1.498 billion pounds. This aided soybean oil futures in a move higher both Tuesday and Wednesday, which in turn supported soybean futures as well.

The DTN National Soybean Index finished Tuesday at $9.81. Wednesday's futures close and Tuesday's implied soybean basis of 55 cents under the May board, would indicate the index on Wednesday afternoon to be near $9.84.

May Kansas City futures traded 5 cents higher on Wednesday to $5.58. New-crop July futures were also up 3 3/4 cents to $5.72 1/4. Wheat markets were firmer for Wednesday across the three major futures contracts on what felt like primarily a technically driven bounce. Support at $5.50 for May KC futures again flexed its muscles in rejecting an attempt lower early on Wednesday. The market could not sustain a move back above $5.60 on Wednesday, and the 20-day moving average waits as a likely source of resistance at least in the near term at $5.65 1/4.

The market conditions for wheat remained largely unchanged on Wednesday. The softer U.S. Dollar Index likely can be pointed to as a source of strength behind Wednesday's positive price action. Otherwise, weather forecasts for the next two weeks remain on the wetter side across U.S. growing areas, an event which will likely be met with mixed feelings as hard red growers in the west will welcome the moisture while soft red producers in the east will likely be dealing with excess moisture through the month of April thus far.

The DTN National HRW Index finished Tuesday at $4.85, while the DTN National HRS Index was at $5.75. Wednesday's futures close and the implied Tuesday basis of 83 cents under the July for HRW, and 41 cents under the July for HRS, would indicate the indices for Wednesday afternoon to be near $4.86 and $5.74, respectively.

By MATT PIKESt. Joseph Post<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/16144650/30001-closing-markets.mp3">Click here for audio</a>GENERAL COMMENTS:May corn closed up 3 cents and December corn was up 2 1/2 cents. May soybeans closed up 2 3/4 cents and November soybeans were up 4 1/2 cents. May KC wheat closed up 5 cents, May Chicago wheat was up 5 3/4 cents, May Minneapolis wheat was up 2 1/2 cents.The U.S. Dollar Index is down 0.73 at 99.49. The Dow Jones Industrial Average is down 604.0 points at 39,971.0. June gold is up $111.50 at $3,351.90, May silver is up $0.60 at $32.90 and May copper is up $0.0490. May crude oil is up $1.25 at $62.58, June ultra-low sulfur diesel is up $0.0325, June RBOB gasoline is up $0.0209 and May natural gas is down $0.081.CORN:May corn closed up 3 cents on Wednesday to $4.84 1/4. New-crop December futures were up 2 1/2 cents to $4.66 3/4. May corn futures traded to a high of $4.87 on Wednesday but were unable to sustain the attempt higher. For now, resistance has formed in the upper $4.80s to low $4.90s, while support waits at the 50-day moving average near $4.77. Meanwhile, December futures posted a fifth positive session in the last six. Bullish traders are likely looking at the 2025 calendar year high for December corn of $4.79 3/4 as a medium-term target. Weekly ethanol production numbers from the EIA again reflected a seasonal slowdown in production with 1.012 million barrels of ethanol produced per day last week. Pace of production held at 3.7% higher than this time in 2024 for the corn marketing year thus far. In Brazil, agency DERAL reported in their weekly crop update on Tuesday that Parana's (second largest safrinha producing state) crop had stabilized in condition as a result of recent rainfall but did voice concerns over uneven precipitation for portions of the crop. Corn pollination was reported at 38% complete as of Monday, April 14. Further south in Argentina, it should be noted that the Rosario Grain Exchange, which had been among the lowest among corn production estimates for Argentina, revised their estimate 4 million metric tons (mmt) higher in their update last week to 48.5 mmt, much closer but still a touch below the USDA estimate of 50 mmt from the April WASDE. Argentine corn harvest is roughly a quarter complete.The DTN National Corn Index finished Tuesday at $4.54. Wednesday's futures close and Tuesday's implied corn basis of 27 cents under the May board would indicate the index on Wednesday afternoon to be near $4.57.SOYBEANS:May soybeans closed up 2 3/4 cents on Wednesday to $10.38 3/4. Meanwhile new-crop soybeans were up 4 1/2 cents to $10.34 1/4. May soybeans started the day session strong, trading to a high of $10.45 3/4 before strength faded throughout the session. The market continues to struggle against the 200-day moving average at $10.41 1/4 which has been staunch resistance to soybean prices historically. To the downside, support at the 50-day moving average of $10.27 3/4 supported prices when tested on Wednesday.Early optimistic trade reports surrounding negotiations with Japan and even the potential for attempted talks between the U.S. and China was the main source of bullish sentiment in the soybean market on Wednesday, although the news grew quickly stale as the session wore on. In fundamental news, NOPA released their March soybean crush figures on Tuesday, reporting that members crushed 194.55 million bushels (mb) of soybeans during the month of March. This was a strong recovery from a bit of a lag in February, a 9.4% increase in NOPA figures to be exact. Typically, NOPA members account for roughly 94% of total U.S. crush which would imply a total crush for March at just under 207 mb. Overall, this is a strong monthly number which should keep the industry on pace to hit the USDA's freshly increased goal of 2.420 billion bushels (bb) of soybean crush in 2024-25. The other number which garnered attention for Tuesday was the soybean stocks estimate, which was below expectations at 1.498 billion pounds. This aided soybean oil futures in a move higher both Tuesday and Wednesday, which in turn supported soybean futures as well.The DTN National Soybean Index finished Tuesday at $9.81. Wednesday's futures close and Tuesday's implied soybean basis of 55 cents under the May board, would indicate the index on Wednesday afternoon to be near $9.84.WHEAT:May Kansas City futures traded 5 cents higher on Wednesday to $5.58. New-crop July futures were also up 3 3/4 cents to $5.72 1/4. Wheat markets were firmer for Wednesday across the three major futures contracts on what felt like primarily a technically driven bounce. Support at $5.50 for May KC futures again flexed its muscles in rejecting an attempt lower early on Wednesday. The market could not sustain a move back above $5.60 on Wednesday, and the 20-day moving average waits as a likely source of resistance at least in the near term at $5.65 1/4.The market conditions for wheat remained largely unchanged on Wednesday. The softer U.S. Dollar Index likely can be pointed to as a source of strength behind Wednesday's positive price action. Otherwise, weather forecasts for the next two weeks remain on the wetter side across U.S. growing areas, an event which will likely be met with mixed feelings as hard red growers in the west will welcome the moisture while soft red producers in the east will likely be dealing with excess moisture through the month of April thus far.The DTN National HRW Index finished Tuesday at $4.85, while the DTN National HRS Index was at $5.75. Wednesday's futures close and the implied Tuesday basis of 83 cents under the July for HRW, and 41 cents under the July for HRS, would indicate the indices for Wednesday afternoon to be near $4.86 and $5.74, respectively.

The Interior Department may see more lawsuits after announcing it would no longer require the Bureau of Land Management to create an environmental impact statement for more than 3,200 oil and gas leases in seven states. 

The Biden administration started work on the review four days before President Trump took office in January. E and E News says the review was the “culmination” of almost a decade’s worth of lawsuits on federal leases that date back to the Obama administration. The leases cover 3.5 million acres across Colorado, Montana, New Mexico, North Dakota, South Dakota, Utah, and Wyoming. 

The Center for Biological Diversity says the work done by the Bureau to guard against the environmental effects of oil and gas production on federal lands has been “weak.” Jeremy Nichols, a senior advocate for the Center, says the Interior Department’s decision to walk back the environmental impact statement is likely illegal.

The Interior Department may see more lawsuits after announcing it would no longer require the Bureau of Land Management to create an environmental impact statement for more than 3,200 oil and gas leases in seven states. The Biden administration started work on the review four days before President Trump took office in January. E and E News says the review was the “culmination” of almost a decade’s worth of lawsuits on federal leases that date back to the Obama administration. The leases cover 3.5 million acres across Colorado, Montana, New Mexico, North Dakota, South Dakota, Utah, and Wyoming. The Center for Biological Diversity says the work done by the Bureau to guard against the environmental effects of oil and gas production on federal lands has been “weak.” Jeremy Nichols, a senior advocate for the Center, says the Interior Department’s decision to walk back the environmental impact statement is likely illegal.-NAFB

BLM may face more lawsuits

The USDA says inspections of corn and wheat were higher, while soybean assessments declined during the week ending on April 10. 

Corn inspections rose week to week, increasing to 1.83 million metric tons, up from 1.61 million tons a week earlier and 1.36 million during the same week last year. Examinations for overseas delivery rose to 604,000 metric tons from just over 355,000 tons the prior week and 620,000 at the same point last year. 

Soybean inspections dropped to 546,300 metric tons from 814,300 tons the previous week. That’s higher than the 447,550 tons assessed during the same week in 2024. Wheat inspections since the start of the marketing year are now at 18.3 million metric tons, up from 16 million at this point a year ago. 

Since the start of their respective marketing years, USDA has inspected 37.5 million metric tons of corn and 42.1 million metric tons of soybeans.

The USDA says inspections of corn and wheat were higher, while soybean assessments declined during the week ending on April 10. Corn inspections rose week to week, increasing to 1.83 million metric tons, up from 1.61 million tons a week earlier and 1.36 million during the same week last year. Examinations for overseas delivery rose to 604,000 metric tons from just over 355,000 tons the prior week and 620,000 at the same point last year. Soybean inspections dropped to 546,300 metric tons from 814,300 tons the previous week. That’s higher than the 447,550 tons assessed during the same week in 2024. Wheat inspections since the start of the marketing year are now at 18.3 million metric tons, up from 16 million at this point a year ago. Since the start of their respective marketing years, USDA has inspected 37.5 million metric tons of corn and 42.1 million metric tons of soybeans.-NAFB

Corn and wheat inspections climb higher

USDA has started figuring the president’s tariffs against China and the resulting retaliation into this month’s grain and livestock reports. Chief Economist Seth Meyer says USDA included the tariff effect in the hogs and pigs and grain stocks reports that go into the monthly World Ag Supply and Demand Estimates.

“We assume ‘policy in place.’ So, tariffs that China has placed on us in retaliation, and the tariffs we have placed on them, are assumed to continue throughout the remainder of this marketing year and into next marketing year.” 

“We’re incorporating the tariff effects that are in place. We primarily see that in cotton and pork in these balance sheets.” 

But despite the China tariffs, Meyer says other effects have depressed hog prices so far.

“I would have said that supplies in the hogs and pigs report should have been supportive of hog prices, and yet, we made some downward revisions—a significant part of that being trade effects.” 

It’s largely weaker overall export demand expected to knock off two or three dollars from average hog prices in each of the remaining three quarters.

As for corn, Meyer says there were no changes.

“Part of this is because we don’t have any corn on the books going to China. We haven’t sold corn to China this year, and at the same time, we’re two-thirds to three-quarters marketed for that crop.” 

USDA also notes soybean exports for oil are forecast higher on slower domestic use for biofuel. But tariffs hitting imports of other feedstocks like cooking oil from China are seen boosting domestic soy oil use in the fourth quarter.

USDA has started figuring the president’s tariffs against China and the resulting retaliation into this month’s grain and livestock reports. Chief Economist Seth Meyer says USDA included the tariff effect in the hogs and pigs and grain stocks reports that go into the monthly World Ag Supply and Demand Estimates.“We assume ‘policy in place.’ So, tariffs that China has placed on us in retaliation, and the tariffs we have placed on them, are assumed to continue throughout the remainder of this marketing year and into next marketing year.” Starting with two major commodities.“We’re incorporating the tariff effects that are in place. We primarily see that in cotton and pork in these balance sheets.” But despite the China tariffs, Meyer says other effects have depressed hog prices so far.“I would have said that supplies in the hogs and pigs report should have been supportive of hog prices, and yet, we made some downward revisions—a significant part of that being trade effects.” It’s largely weaker overall export demand expected to knock off two or three dollars from average hog prices in each of the remaining three quarters.As for corn, Meyer says there were no changes.“Part of this is because we don’t have any corn on the books going to China. We haven’t sold corn to China this year, and at the same time, we’re two-thirds to three-quarters marketed for that crop.” USDA also notes soybean exports for oil are forecast higher on slower domestic use for biofuel. But tariffs hitting imports of other feedstocks like cooking oil from China are seen boosting domestic soy oil use in the fourth quarter.-NAFB

USDA starts figuring tariffs into crop, livestock reports

Senators Chuck Grassley (R-IA), a member of the Senate Ag Committee, joined Mike Rounds (R-SD) in reintroducing the “New Markets for State-Inspected Meat and Poultry Act.” 

The bipartisan legislation would allow meat and poultry products inspected by state Meat and Poultry Inspection Programs to be sold across state lines. Currently, meat and poultry products inspected by those state programs are limited to markets within the same state, even though inspection at a state facility meets or exceeds federal inspection standards.

 More than half the states - 29, in total - have their own inspection programs.

 “Iowa produces some of the best meat and poultry in the world, and high-quality products that have already passed a rigorous inspection process shouldn’t require any extra inspection to sell across state lines,” Grassley said. “Our commonsense legislation would remove this regulatory overreach and provide consumers with more options at their local meat counter.”

Senators Chuck Grassley (R-IA), a member of the Senate Ag Committee, joined Mike Rounds (R-SD) in reintroducing the “New Markets for State-Inspected Meat and Poultry Act.” The bipartisan legislation would allow meat and poultry products inspected by state Meat and Poultry Inspection Programs to be sold across state lines. Currently, meat and poultry products inspected by those state programs are limited to markets within the same state, even though inspection at a state facility meets or exceeds federal inspection standards. More than half the states - 29, in total - have their own inspection programs. “Iowa produces some of the best meat and poultry in the world, and high-quality products that have already passed a rigorous inspection process shouldn’t require any extra inspection to sell across state lines,” Grassley said. “Our commonsense legislation would remove this regulatory overreach and provide consumers with more options at their local meat counter.”-NAFB

Legislation would expand access to meat and poultry

A new report from CoBank says rapidly worsening expectations about everything from inflation to personal income to business conditions and labor supplies are elevating economic concerns. 

The question of whether the declining expectations will translate into slower spending and tightening profit margins will likely come into view by late June. Uncertainty over trade and biofuel policy pulled corn, soybean, and wheat prices down last quarter despite the weaker U.S. dollar. 

Trade concerns weighed heaviest on wheat as world buyers have multiple suppliers available. Crop production expenses are expected to continue trending lower, but they remain elevated in relation to lower commodity prices. Also, renewable diesel and biodiesel production has scaled back to find stability in the absence of the blender’s tax credit, pushing prices above petroleum. 

Record high prices for beef cattle remain across the sector despite continuing herd liquidation. The U.S. pork sector is positioned for moderate growth this year.

A new report from CoBank says rapidly worsening expectations about everything from inflation to personal income to business conditions and labor supplies are elevating economic concerns. The question of whether the declining expectations will translate into slower spending and tightening profit margins will likely come into view by late June. Uncertainty over trade and biofuel policy pulled corn, soybean, and wheat prices down last quarter despite the weaker U.S. dollar. Trade concerns weighed heaviest on wheat as world buyers have multiple suppliers available. Crop production expenses are expected to continue trending lower, but they remain elevated in relation to lower commodity prices. Also, renewable diesel and biodiesel production has scaled back to find stability in the absence of the blender’s tax credit, pushing prices above petroleum. Record high prices for beef cattle remain across the sector despite continuing herd liquidation. The U.S. pork sector is positioned for moderate growth this year.-NAFB

CoBank: Tariffs compounding economic anxiety

May corn closed down 3 3/4 cents and December corn was up 2 1/4 cents. May soybeans closed down 5 3/4 cents and November soybeans were up 1 1/4 cents. May KC wheat closed down 2 1/4 cents, May Chicago wheat was down 5 1/2 cents, May Minneapolis wheat was down 3 1/2 cents.

U.S. grain markets were pressured again Tuesday by profit-taking spurred on by friendly weather outlooks over the next two weeks, particularly for Brazilian corn pollination, but also for western winter wheat growing areas in the U.S., although the added precipitation in the eastern grain belt may ultimately prove problematic. At least part of the pressure to begin this week is likely natural technically induced selling following what was a tremendous rally across the corn and soybean markets last week. In outside markets, stock indices are cautiously higher through the week thus far, as although tensions between the U.S. and China remain high, there has been at least a momentary ceasefire in trade war escalation over the past couple of days. Meanwhile, the U.S. dollar is firmer Tuesday, finding support at levels below 100 on the Index. This may explain some of the weakness in the commodity markets for Tuesday as well.

The live cattle complex continued to trade higher as the market continues to feel well supported by ample trader interest, strong trade throughout the equity markets and day-by-day the continued feeling that some of the pressure from the announcement of tariffs is sitting on the backburner now. It is interesting to note that the spot June contract is trading back above the market's 40-day moving average, which again, will continue to be a threshold to monitor. Still no developments have surfaced in the fed cash cattle market, but some early bids could surface as early as this afternoon due to the holiday-shortened week.

The feeder cattle complex is continued to trade higher, not fearful of filling in the gap that was created when tariffs were brought to the forefront of everyone's mind a little over a week ago. Demand has seemed to improve again this week for feeder cattle in the countryside as buyers are pleased to see the futures complex again finding ease in the marketplace.

The lean hog complex traded mostly steady, minimal loss in the July contract, the balance of the board in the green, a bit higher in some of the deferred months. Traders seem to be holding steady in the spot and nearby contracts, as pork cutout values were a little lower this morning. And as some resistance pressure is being felt in the June lean hog contract, as traders near the point in which prices fell upon the tariff announcement. If demand happens to prevail later this week at the meat counter, then there's a chance that traders may deem enough support in the market to justify facing resistance pressure.

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By: NATHAN STUEDLESt. Joseph PostGRAINS:May corn closed down 3 3/4 cents and December corn was up 2 1/4 cents. May soybeans closed down 5 3/4 cents and November soybeans were up 1 1/4 cents. May KC wheat closed down 2 1/4 cents, May Chicago wheat was down 5 1/2 cents, May Minneapolis wheat was down 3 1/2 cents.U.S. grain markets were pressured again Tuesday by profit-taking spurred on by friendly weather outlooks over the next two weeks, particularly for Brazilian corn pollination, but also for western winter wheat growing areas in the U.S., although the added precipitation in the eastern grain belt may ultimately prove problematic. At least part of the pressure to begin this week is likely natural technically induced selling following what was a tremendous rally across the corn and soybean markets last week. In outside markets, stock indices are cautiously higher through the week thus far, as although tensions between the U.S. and China remain high, there has been at least a momentary ceasefire in trade war escalation over the past couple of days. Meanwhile, the U.S. dollar is firmer Tuesday, finding support at levels below 100 on the Index. This may explain some of the weakness in the commodity markets for Tuesday as well.LIVESTOCK:The live cattle complex continued to trade higher as the market continues to feel well supported by ample trader interest, strong trade throughout the equity markets and day-by-day the continued feeling that some of the pressure from the announcement of tariffs is sitting on the backburner now. It is interesting to note that the spot June contract is trading back above the market's 40-day moving average, which again, will continue to be a threshold to monitor. Still no developments have surfaced in the fed cash cattle market, but some early bids could surface as early as this afternoon due to the holiday-shortened week. The feeder cattle complex is continued to trade higher, not fearful of filling in the gap that was created when tariffs were brought to the forefront of everyone's mind a little over a week ago. Demand has seemed to improve again this week for feeder cattle in the countryside as buyers are pleased to see the futures complex again finding ease in the marketplace.The lean hog complex traded mostly steady, minimal loss in the July contract, the balance of the board in the green, a bit higher in some of the deferred months. Traders seem to be holding steady in the spot and nearby contracts, as pork cutout values were a little lower this morning. And as some resistance pressure is being felt in the June lean hog contract, as traders near the point in which prices fell upon the tariff announcement. If demand happens to prevail later this week at the meat counter, then there's a chance that traders may deem enough support in the market to justify facing resistance pressure.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/15142024/web-closing-markets.mp3">HERE</a> for audio

Four state governors sent a letter to Lee Zeldin, administrator of the Environmental Protection Agency, asking him to set higher Renewable Volume Obligation levels. “Over the past several years, the biofuels industry made significant investments to expand domestic production capacity and strengthen feedstock supply,” the governors wrote. “Unfortunately, the Renewable Volume Obligation levels set by the previous administration failed to reflect that growth.” Because of the inadequate levels, an increasing number of biofuel producers have been forced to slow or cease operations, costing rural communities jobs and weakening key markets for American farmers. 

The governors asked the EPA to establish a 2026 RVO of no less than 15 billion gallons for conventional ethanol and 5.25 billion gallons for biomass-based diesel. These higher volumes would be reflective of the growth within the U.S. biofuels industry and would create long-term stability. Governors from South Dakota, Iowa, Missouri, and Nebraska signed the letter.

Four state governors sent a letter to Lee Zeldin, administrator of the Environmental Protection Agency, asking him to set higher Renewable Volume Obligation levels. “Over the past several years, the biofuels industry made significant investments to expand domestic production capacity and strengthen feedstock supply,” the governors wrote. “Unfortunately, the Renewable Volume Obligation levels set by the previous administration failed to reflect that growth.” Because of the inadequate levels, an increasing number of biofuel producers have been forced to slow or cease operations, costing rural communities jobs and weakening key markets for American farmers. The governors asked the EPA to establish a 2026 RVO of no less than 15 billion gallons for conventional ethanol and 5.25 billion gallons for biomass-based diesel. These higher volumes would be reflective of the growth within the U.S. biofuels industry and would create long-term stability. Governors from South Dakota, Iowa, Missouri, and Nebraska signed the letter.-NAFB

Governors ask EPA for more renewable fuels

Thousands of workers have accepted the Trump administration’s buyout offers at the USDA. Reports show employees who’ve seen the internal numbers at USDA say the count has reached 3,100 at the Forest Service, 1,200 at the Animal and Plant Health Inspection Service, and possibly up to 12,000 people through the entire agency. That’s over 10 percent of the department’s 100,000 employees. The buyouts are deferred resignations with paid leave through September and are said to be preludes to firings expected to hit USDA in the weeks ahead. 

An employee at the Natural Resources Conservation Service who took the buyout offer said the numbers are subject to change if workers clicked on the offer but don’t sign the resignation agreement. Another report says the USDA is planning to relocate a sizable number of employees that it doesn’t lay off to one of three locations around the country.

By: NATHAN STUEDLESt. Joseph PostThousands of workers have accepted the Trump administration’s buyout offers at the USDA. Reports show employees who’ve seen the internal numbers at USDA say the count has reached 3,100 at the Forest Service, 1,200 at the Animal and Plant Health Inspection Service, and possibly up to 12,000 people through the entire agency. That’s over 10 percent of the department’s 100,000 employees. The buyouts are deferred resignations with paid leave through September and are said to be preludes to firings expected to hit USDA in the weeks ahead. An employee at the Natural Resources Conservation Service who took the buyout offer said the numbers are subject to change if workers clicked on the offer but don’t sign the resignation agreement. Another report says the USDA is planning to relocate a sizable number of employees that it doesn’t lay off to one of three locations around the country.

Thousands accept buyouts at USDA

May corn closed down 5 1/4 cents and December corn was down 1 1/2 cents. May soybeans closed down 1 cents and November soybeans were up 3 cents. May KC wheat closed down 12 3/4 cents, May Chicago wheat was down 8 1/4 cents, May Minneapolis wheat was down 10 1/4 cents.

The market kicked off a new week with mostly quiet trade, especially in corn and soybeans where traders are weighing the next leg of price direction following last week's strong price rally, likely waiting on U.S. planting and Brazilian safrinha weather to offer clues. Wheat markets in the meanwhile sank lower Monday, as prices are caught between last week's bearish USDA report and an uncertain new winter wheat crop scenario both in the U.S. and abroad. In outside markets, stock indices were cautiously higher to start the week, as tech companies got a boost from the weekend announcement from the Trump administration that smartphones and computers are exempt from tariffs for now, although officials have been clear that this is temporary and new tariffs on chips are on the table for the coming months. Meanwhile, the U.S. dollar continues to drop, working toward a fifth straight session lower and trading at the lowest level since April 2022.

The live cattle complex is continuing to rally following the boost of support the market received late last week.The spot June contract even broke above its 40-day moving average, which will be a threshold we need to monitor not only throughout the rest of the day, but likely through the week's end. No bids or asking prices have surfaced in the cash cattle market, but trade will likely develop earlier this week as the market will be closed on Friday for Good Friday ahead of Easter Sunday.

The live cattle complex may be trading higher but the feeder cattle contracts were trading in a bolder manner as traders push the feeder cattle contracts higher with ease. Traders are close to reaching the gap that was created when the tariff news broke, which could be a bit of a technical hurdle; but at this point traders don't seem concerned about the pressure that may be ahead for the market.

The lean hog complex also traded higher as it continues to see tremendous trader support which has actually helped the spot June contract fill in the gap made two weeks ago when news broke regarding tariffs. Monday's move has been solely a technical decision as there hasn't been enough time for traders to see what's developing fundamentally yet. As long as traders continue to see broad support from external factors such as the equity markets, this higher trend should be sustainable through the day's close.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/14143233/web-closing-markets.mp3">HERE</a> for audio

By: NATHAN STUEDLESt. Joseph PostGRAINS:May corn closed down 5 1/4 cents and December corn was down 1 1/2 cents. May soybeans closed down 1 cents and November soybeans were up 3 cents. May KC wheat closed down 12 3/4 cents, May Chicago wheat was down 8 1/4 cents, May Minneapolis wheat was down 10 1/4 cents.The market kicked off a new week with mostly quiet trade, especially in corn and soybeans where traders are weighing the next leg of price direction following last week's strong price rally, likely waiting on U.S. planting and Brazilian safrinha weather to offer clues. Wheat markets in the meanwhile sank lower Monday, as prices are caught between last week's bearish USDA report and an uncertain new winter wheat crop scenario both in the U.S. and abroad. In outside markets, stock indices were cautiously higher to start the week, as tech companies got a boost from the weekend announcement from the Trump administration that smartphones and computers are exempt from tariffs for now, although officials have been clear that this is temporary and new tariffs on chips are on the table for the coming months. Meanwhile, the U.S. dollar continues to drop, working toward a fifth straight session lower and trading at the lowest level since April 2022.LIVESTOCK:The live cattle complex is continuing to rally following the boost of support the market received late last week.The spot June contract even broke above its 40-day moving average, which will be a threshold we need to monitor not only throughout the rest of the day, but likely through the week's end. No bids or asking prices have surfaced in the cash cattle market, but trade will likely develop earlier this week as the market will be closed on Friday for Good Friday ahead of Easter Sunday.The live cattle complex may be trading higher but the feeder cattle contracts were trading in a bolder manner as traders push the feeder cattle contracts higher with ease. Traders are close to reaching the gap that was created when the tariff news broke, which could be a bit of a technical hurdle; but at this point traders don't seem concerned about the pressure that may be ahead for the market.The lean hog complex also traded higher as it continues to see tremendous trader support which has actually helped the spot June contract fill in the gap made two weeks ago when news broke regarding tariffs. Monday's move has been solely a technical decision as there hasn't been enough time for traders to see what's developing fundamentally yet. As long as traders continue to see broad support from external factors such as the equity markets, this higher trend should be sustainable through the day's close.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/14143233/web-closing-markets.mp3">HERE</a> for audio

Farmer sentiment dropped during March as concerns over agricultural trade and farm policy weighed on producers’ outlook for the future. The Purdue University/CME Group Ag Economy Barometer fell 12 points to 140. The Index saw a 15-point drop in the Index of Future Expectations to 144, and the Current Conditions Index fell five points to 132. The drop was influenced by falling crop prices since mid-February, along with the increasing uncertainty surrounding agricultural trade and farm policy. 

Keeping on with the trade theme, they asked producers which of the following policies or programs, between trade policy and interest rate policy, will be most important over the next five years, and there's been a shift since the election. 22 percent of the respondents in the survey chose interest rate policy as one of their top concerns versus 20 percent choosing trade policy.  Since the election, over 40 percent, an average of 43 percent, of the respondents to the survey have chosen trade policy as their top concern. While the percentage choosing interest rate policy as a top concern has been falling, and this month was just ten percent. The Index indicates that producers still anticipate better financial performance this year than in 2024.

By NATHAN STUEDLESt. Joseph PostFarmer sentiment dropped during March as concerns over agricultural trade and farm policy weighed on producers’ outlook for the future. The Purdue University/CME Group Ag Economy Barometer fell 12 points to 140. The Index saw a 15-point drop in the Index of Future Expectations to 144, and the Current Conditions Index fell five points to 132. The drop was influenced by falling crop prices since mid-February, along with the increasing uncertainty surrounding agricultural trade and farm policy. Keeping on with the trade theme, they asked producers which of the following policies or programs, between trade policy and interest rate policy, will be most important over the next five years, and there's been a shift since the election. 22 percent of the respondents in the survey chose interest rate policy as one of their top concerns versus 20 percent choosing trade policy. Since the election, over 40 percent, an average of 43 percent, of the respondents to the survey have chosen trade policy as their top concern. While the percentage choosing interest rate policy as a top concern has been falling, and this month was just ten percent. The Index indicates that producers still anticipate better financial performance this year than in 2024.

Farmer sentiment dropped during March

USDA has warned its 100,000-plus employees that major staff cuts are coming, offices will be closed, and people will be forced to relocate if they want to keep their jobs. USDA employees have been given the option to quit with up to six months in pay if they choose to take it. Citing the president's executive order in February implementing the "Department of Government Efficiency Workforce Optimization Initiative," the memo warned of more cuts to come. "While final plans are still under development, USDA aims to be transparent about what employees can expect."

 USDA plans to further reduce the size of the workforce and consolidate offices. That includes moving more people out of Washington, D.C., or the "National Capital Region," so staff can be "closer to the farmers, ranchers, foresters, and consumers we serve."

USDA has warned its 100,000-plus employees that major staff cuts are coming, offices will be closed, and people will be forced to relocate if they want to keep their jobs. USDA employees have been given the option to quit with up to six months in pay if they choose to take it. Citing the president's executive order in February implementing the "Department of Government Efficiency Workforce Optimization Initiative," the memo warned of more cuts to come. "While final plans are still under development, USDA aims to be transparent about what employees can expect." USDA plans to further reduce the size of the workforce and consolidate offices. That includes moving more people out of Washington, D.C., or the "National Capital Region," so staff can be "closer to the farmers, ranchers, foresters, and consumers we serve."-NAFB