March corn closed up 1 3/4 cents and May corn was up 3 1/2 cents. March soybeans closed down 3 1/2 cents and May soybeans were down 2 3/4 cents. March KC wheat closed up 6 3/4 cents, March Chicago wheat was up 14 cents, March MIAX Minneapolis wheat was up 4 3/4 cents.

Corn and soybean futures traded both sides of even on Friday, with routine trade interrupted at midmorning by reports the U.S. Supreme Court ruled against President Trump's use of the 1977 International Emergency Economic Powers Act (IEEPA) to implement widespread "reciprocal" tariffs through the first year of his second term. While the initial minutes following the breaking story featured a sharp reversal from daily highs, grain futures settled down and eventually recovered through the session, with wheat futures remaining a bullish beacon throughout with another double-digit surge higher. The exact implications of the ruling will likely take weeks -- if not months -- to determine, but for Friday equity markets initially moved higher on the news, while the U.S. dollar softened.

The livestock complex was trading mixed into Friday's noon hour as the cattle contracts dipped slightly lower ahead of seeing the afternoon's Cattle on Feed report and upon not seeing any fed cash cattle trade by that time.&nbsp;The lean hog contracts continued to scale higher as traders were not currently up against any immediate fears of resistance pressure. 

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/02/06205559/30001.mp3">Click HERE for Audio</a>

Grains:March corn closed up 1 3/4 cents and May corn was up 3 1/2 cents. March soybeans closed down 3 1/2 cents and May soybeans were down 2 3/4 cents. March KC wheat closed up 6 3/4 cents, March Chicago wheat was up 14 cents, March MIAX Minneapolis wheat was up 4 3/4 cents.Corn and soybean futures traded both sides of even on Friday, with routine trade interrupted at midmorning by reports the U.S. Supreme Court ruled against President Trump's use of the 1977 International Emergency Economic Powers Act (IEEPA) to implement widespread "reciprocal" tariffs through the first year of his second term. While the initial minutes following the breaking story featured a sharp reversal from daily highs, grain futures settled down and eventually recovered through the session, with wheat futures remaining a bullish beacon throughout with another double-digit surge higher. The exact implications of the ruling will likely take weeks -- if not months -- to determine, but for Friday equity markets initially moved higher on the news, while the U.S. dollar softened.Livestock:The livestock complex was trading mixed into Friday's noon hour as the cattle contracts dipped slightly lower ahead of seeing the afternoon's Cattle on Feed report and upon not seeing any fed cash cattle trade by that time.&nbsp;The lean hog contracts continued to scale higher as traders were not currently up against any immediate fears of resistance pressure. <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/02/06205559/30001.mp3">Click HERE for Audio</a>

Commodity markets daily recap

Farm Journal Foundation launched the Veterinary Workforce Solutions Program in 2022 to address the nationwide shortage of veterinarians in rural America. The shortage is having significant consequences on farmer livelihoods, food security, and rural economic growth. In the last four years, the Foundation discovered that the shortage is multidimensional, with high student debt being just one factor. 

Other factors include a lack of early exposure to the opportunities offered in this field, mentorship, and business training, are equally as significant. Recruitment and retention must also be addressed together through a coordinated education-to-practice continuum. Sustainable progress in getting more vets into rural areas depends on local and state infrastructure, not just federal-level programs. Young veterinarians often cite business confidence, financial literacy, and consistent community support as key factors in deciding whether to remain in rural practice. University extension partnerships are effective vehicles for delivering targeted business and risk management training for young veterinarians.

Farm Journal Foundation launched the Veterinary Workforce Solutions Program in 2022 to address the nationwide shortage of veterinarians in rural America. The shortage is having significant consequences on farmer livelihoods, food security, and rural economic growth. In the last four years, the Foundation discovered that the shortage is multidimensional, with high student debt being just one factor. Other factors include a lack of early exposure to the opportunities offered in this field, mentorship, and business training, are equally as significant. Recruitment and retention must also be addressed together through a coordinated education-to-practice continuum. Sustainable progress in getting more vets into rural areas depends on local and state infrastructure, not just federal-level programs. Young veterinarians often cite business confidence, financial literacy, and consistent community support as key factors in deciding whether to remain in rural practice. University extension partnerships are effective vehicles for delivering targeted business and risk management training for young veterinarians.-NAFB

Farm Journal Reports Rural Veterinarian Shortage

Bayer and attorneys for cancer patients announced they’ve reached a proposed settlement this week worth $7.25 billion. The goal is to resolve thousands of lawsuits alleging the company failed to warn people that Roundup, its most popular weed killer, could cause cancer. The AP reports the settlement came about as the Supreme Court is preparing to hear arguments in April on Bayer’s assertion that the Environmental Protection Agency’s approval of Roundup without a cancer warning should invalidate claims filed in state courts. 

“Patients would be assured of receiving at least some settlement money,” the Associated Press reported, “even if the Supreme Court ruled in Bayer’s favor.” Bayer would also be protected from potentially much larger financial penalties if the Court ruled against the agrochemical manufacturer. The deal would require Bayer to make yearly payments into a fund for up to 21 years, which could eventually be worth $7.25 billion.&nbsp;

Bayer and attorneys for cancer patients announced they’ve reached a proposed settlement this week worth $7.25 billion. The goal is to resolve thousands of lawsuits alleging the company failed to warn people that Roundup, its most popular weed killer, could cause cancer. The AP reports the settlement came about as the Supreme Court is preparing to hear arguments in April on Bayer’s assertion that the Environmental Protection Agency’s approval of Roundup without a cancer warning should invalidate claims filed in state courts. “Patients would be assured of receiving at least some settlement money,” the Associated Press reported, “even if the Supreme Court ruled in Bayer’s favor.” Bayer would also be protected from potentially much larger financial penalties if the Court ruled against the agrochemical manufacturer. The deal would require Bayer to make yearly payments into a fund for up to 21 years, which could eventually be worth $7.25 billion.&nbsp;-NAFB

Bayer Proposes a Roundup Settlement

President Donald Trump signed an Executive Order mobilizing the Defense Production Act to protect the domestic production of elemental phosphorus and glyphosate-based herbicides. The order says these two critical inputs are essential to military readiness and America’s agricultural strength, respectively. The Order finds that any interruption of the supply of either of these critical materials could leave the defense industrial base and food supply vulnerable to hostile foreign actors. 

Reuters said the order underscores U.S. farmers’ critical need to have access to the herbicide. Bayer, the only domestic supplier of glyphosate, produces roughly 40 percent of the world’s supply at its U.S. facilities, and the company added that this move would not lead to shortages in other countries. However, not everyone applauded the move by the White House. The New York Times reported that the move set off immediate alarms among the supporters of the Make America Healthy Again movement.&nbsp;

President Donald Trump signed an Executive Order mobilizing the Defense Production Act to protect the domestic production of elemental phosphorus and glyphosate-based herbicides. The order says these two critical inputs are essential to military readiness and America’s agricultural strength, respectively. The Order finds that any interruption of the supply of either of these critical materials could leave the defense industrial base and food supply vulnerable to hostile foreign actors. Reuters said the order underscores U.S. farmers’ critical need to have access to the herbicide. Bayer, the only domestic supplier of glyphosate, produces roughly 40 percent of the world’s supply at its U.S. facilities, and the company added that this move would not lead to shortages in other countries. However, not everyone applauded the move by the White House. The New York Times reported that the move set off immediate alarms among the supporters of the Make America Healthy Again movement.&nbsp;-NAFB

Trump Order Protects Glyphosate, Phosphate Production

March corn closed down 1 1/4 cents and May corn was down 1/2 cent. March soybeans closed up 7 1/2 cents and May soybeans were up 7 cents. March KC wheat closed up 14 1/2 cents, March Chicago wheat was up 12 1/2 cents, March Minneapolis wheat was up 8 1/2 cents.

Row-crop futures were mixed Thursday with wheat and soybeans higher while corn futures remained sluggish. USDA's early forecasts for 2026-27 were largely as traders anticipated, featuring a switch from corn acres to soybean acres expected to occur this spring. Otherwise, there was very little news Thursday to break markets out of their weekly trends. Outside markets continue to reflect increased risk surrounding tensions between the U.S. and Iran, with crude oil futures hitting their highest mark since early August. Meanwhile, the U.S. Dollar Index has strung together positive sessions this week to climb from four-year lows hit in late January. The index has been resistant at 98 through February, however.

The live cattle complex traded mixed into Thursday's close, as the market is currently seeing its nearby contracts trading higher while the deferred months scale lower. It would appear as though the nearby contracts are trading higher, although no trade has developed yet in the fed cash cattle market, as traders know that supplies of market-ready cattle are going to be thin through the first quarter and potentially partway through the second quarter, which may be part of the reason why the February through June contracts were higher. Absolutely nothing has developed yet in the fed cash cattle market, and there's a chance that trade could be delayed until after Friday's Cattle on Feed report. Boxed beef prices are higher: choice up $1.30 ($365.10) and select up $0.05 ($360.68) with a movement of 54 loads (36.97 loads of choice, 9.47 loads of select, zero loads of trim and 7.16 loads of ground beef).

The feeder cattle contracts weren't as bullish, as traders yearn to see continued fundamental support before they'll likely push the contracts much higher. And another part of the market's cautiousness could be stemming from the fact that traders are holding a slightly more cautious position ahead of the Cattle on Feed report.

The lean hog complex was trading mostly higher into Thursday's closing bell, as once again, trades aren't feeling pressured by any resistance thresholds following the past week's sharp downturn. Pork cutout values were up slightly, but not enough to make any impactful difference for traders.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/02/19140859/web-closing-markets-1.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:March corn closed down 1 1/4 cents and May corn was down 1/2 cent. March soybeans closed up 7 1/2 cents and May soybeans were up 7 cents. March KC wheat closed up 14 1/2 cents, March Chicago wheat was up 12 1/2 cents, March Minneapolis wheat was up 8 1/2 cents.Row-crop futures were mixed Thursday with wheat and soybeans higher while corn futures remained sluggish. USDA's early forecasts for 2026-27 were largely as traders anticipated, featuring a switch from corn acres to soybean acres expected to occur this spring. Otherwise, there was very little news Thursday to break markets out of their weekly trends. Outside markets continue to reflect increased risk surrounding tensions between the U.S. and Iran, with crude oil futures hitting their highest mark since early August. Meanwhile, the U.S. Dollar Index has strung together positive sessions this week to climb from four-year lows hit in late January. The index has been resistant at 98 through February, however.LIVESTOCK:The live cattle complex traded mixed into Thursday's close, as the market is currently seeing its nearby contracts trading higher while the deferred months scale lower. It would appear as though the nearby contracts are trading higher, although no trade has developed yet in the fed cash cattle market, as traders know that supplies of market-ready cattle are going to be thin through the first quarter and potentially partway through the second quarter, which may be part of the reason why the February through June contracts were higher. Absolutely nothing has developed yet in the fed cash cattle market, and there's a chance that trade could be delayed until after Friday's Cattle on Feed report. Boxed beef prices are higher: choice up $1.30 ($365.10) and select up $0.05 ($360.68) with a movement of 54 loads (36.97 loads of choice, 9.47 loads of select, zero loads of trim and 7.16 loads of ground beef).The feeder cattle contracts weren't as bullish, as traders yearn to see continued fundamental support before they'll likely push the contracts much higher. And another part of the market's cautiousness could be stemming from the fact that traders are holding a slightly more cautious position ahead of the Cattle on Feed report.The lean hog complex was trading mostly higher into Thursday's closing bell, as once again, trades aren't feeling pressured by any resistance thresholds following the past week's sharp downturn. Pork cutout values were up slightly, but not enough to make any impactful difference for traders.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/02/19140859/web-closing-markets-1.mp3">Click HERE for audio</a>

Farmers are always interested in growing more resilient crops that can survive tough conditions. Researchers at the University of Missouri may have literally gotten to the root of the challenge. Researchers have discovered how a specific protein known as SRFR1 plays a critical role in how deeply plant roots grow underground. What’s even more promising is that they unlocked a way to manipulate this protein to encourage longer root growth, which is a trait that can potentially help plants better withstand drought. 

This breakthrough could pave the way for genetically engineered seeds that produce more resilient crops. “Depending on the environment, plants sometimes need a longer or shorter root, and we discovered the protein that helps regulate the outcome,” said Walter Gassman of the Missouri College of Agriculture, Food, and Natural Resources. ‘Now that we have learned what this protein does, we can manipulate it to help the plant thrive in various environments.” 

Farmers are always interested in growing more resilient crops that can survive tough conditions. Researchers at the University of Missouri may have literally gotten to the root of the challenge. Researchers have discovered how a specific protein known as SRFR1 plays a critical role in how deeply plant roots grow underground. What’s even more promising is that they unlocked a way to manipulate this protein to encourage longer root growth, which is a trait that can potentially help plants better withstand drought. This breakthrough could pave the way for genetically engineered seeds that produce more resilient crops. “Depending on the environment, plants sometimes need a longer or shorter root, and we discovered the protein that helps regulate the outcome,” said Walter Gassman of the Missouri College of Agriculture, Food, and Natural Resources. ‘Now that we have learned what this protein does, we can manipulate it to help the plant thrive in various environments.” -NAFB

Mizzou researchers uncover key to growing more resilient crops

Over one million FFA members, alumni, and supporters will celebrate National FFA Week from February 21 to February 28. It’s an annual tradition coordinated by the National FFA Organization to share the real value of FFA and the impact it has on members every day. “National FFA Week is a time when we showcase the collective impact of FFA nationwide,” said National FFA Advisor, Dr. Travis Park. “Throughout FFA, we see our members stepping up as leaders, innovators, and advocates for agriculture.”

 Park also said this happens through the dedication of agriculture teachers, FFA Alumni, and Supporters. The six National FFA Officers will travel across the country to connect with members during the week, leading workshops, delivering keynote talks, and interacting with students on a more personal level. Trey Myers, National FFA President said, “I’m really looking forward to being in North Carolina and seeing FFA show up in so many different ways.” 

Over one million FFA members, alumni, and supporters will celebrate National FFA Week from February 21 to February 28. It’s an annual tradition coordinated by the National FFA Organization to share the real value of FFA and the impact it has on members every day. “National FFA Week is a time when we showcase the collective impact of FFA nationwide,” said National FFA Advisor, Dr. Travis Park. “Throughout FFA, we see our members stepping up as leaders, innovators, and advocates for agriculture.” Park also said this happens through the dedication of agriculture teachers, FFA Alumni, and Supporters. The six National FFA Officers will travel across the country to connect with members during the week, leading workshops, delivering keynote talks, and interacting with students on a more personal level. Trey Myers, National FFA President said, “I’m really looking forward to being in North Carolina and seeing FFA show up in so many different ways.” -NAFB

National FFA Week brings students, communities, and agriculture together

March corn closed up 3/4 cent and May corn was up 1 cent. March soybeans closed down 1/2 cent and May soybeans were up 1/4 cent. March KC wheat closed up 12 1/4 cents, March Chicago wheat was up 9 1/4 cents, March Minneapolis wheat was up 5 3/4 cents.

U.S. crop markets traded almost uniformly higher overnight before turning mixed through the day session Wednesday. Two-sided trade was especially prevalent in the soybean market with futures technically overbought and feeling top heavy ahead of the USDA Ag Outlook Forum (with balance sheets unveiled early Thursday), which is expected to show higher soybean area to be planted in 2026. Wheat futures held to a nice recovery after an ugly session on Tuesday, while corn futures were stagnant and caught between influences from wheat and soybean markets. Outside markets for Wednesday were mixed with the U.S. Dollar Index moving higher for the third straight session and five of the past six. Crude oil futures have surged higher at midweek, back among the highest levels of 2026 thus far amid risk with negotiations between the U.S. and Iran ongoing but thus far reportedly yielding little in the way of a clear nuclear deal.

After rallying to highs not seen since October, the live cattle complex ended the session trading mixed to mostly lower as traders look for reassurance from the market's fundamentals. The cash cattle market remains absolutely silent, with no bids or asking prices having been noted yet. It's most likely that trade will be delayed until Friday again this week, and it is assumed that fed cash cattle prices will be higher again this week. Boxed beef prices are mixed: choice down $1.26 ($363.50) and select up $0.99 ($361.21) with a movement of 58 loads (43.87 loads of choice, 6.35 loads of select, zero loads of trim and 8.12 loads of ground beef).

The feeder cattle complex traded slightly more optimistically into midday Wednesday than the live cattle complex, and its contracts end the session mixed. Helping keep the feeder cattle contracts elevated is the strong demand in the countryside, as buyers know that supplies are going to remain thin and that if they want to fill their orders, they have to buy aggressively.

The lean hog complex was trading fully higher into Wednesday's closing bell as the market is pleased to have found some technical support after its straining downturn over the last week. Fundamental support remains lagging, and traders will eventually desire to see more support in pork demand.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/02/18142504/web-closing-markets-1.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:March corn closed up 3/4 cent and May corn was up 1 cent. March soybeans closed down 1/2 cent and May soybeans were up 1/4 cent. March KC wheat closed up 12 1/4 cents, March Chicago wheat was up 9 1/4 cents, March Minneapolis wheat was up 5 3/4 cents.U.S. crop markets traded almost uniformly higher overnight before turning mixed through the day session Wednesday. Two-sided trade was especially prevalent in the soybean market with futures technically overbought and feeling top heavy ahead of the USDA Ag Outlook Forum (with balance sheets unveiled early Thursday), which is expected to show higher soybean area to be planted in 2026. Wheat futures held to a nice recovery after an ugly session on Tuesday, while corn futures were stagnant and caught between influences from wheat and soybean markets. Outside markets for Wednesday were mixed with the U.S. Dollar Index moving higher for the third straight session and five of the past six. Crude oil futures have surged higher at midweek, back among the highest levels of 2026 thus far amid risk with negotiations between the U.S. and Iran ongoing but thus far reportedly yielding little in the way of a clear nuclear deal.LIVESTOCK:After rallying to highs not seen since October, the live cattle complex ended the session trading mixed to mostly lower as traders look for reassurance from the market's fundamentals. The cash cattle market remains absolutely silent, with no bids or asking prices having been noted yet. It's most likely that trade will be delayed until Friday again this week, and it is assumed that fed cash cattle prices will be higher again this week. Boxed beef prices are mixed: choice down $1.26 ($363.50) and select up $0.99 ($361.21) with a movement of 58 loads (43.87 loads of choice, 6.35 loads of select, zero loads of trim and 8.12 loads of ground beef).The feeder cattle complex traded slightly more optimistically into midday Wednesday than the live cattle complex, and its contracts end the session mixed. Helping keep the feeder cattle contracts elevated is the strong demand in the countryside, as buyers know that supplies are going to remain thin and that if they want to fill their orders, they have to buy aggressively. The lean hog complex was trading fully higher into Wednesday's closing bell as the market is pleased to have found some technical support after its straining downturn over the last week. Fundamental support remains lagging, and traders will eventually desire to see more support in pork demand.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/02/18142504/web-closing-markets-1.mp3">Click HERE for audio</a>

The National FFA Organization said it will cooperate with a congressional inquiry examining one of its corporate sponsors, while emphasizing its nonpartisan mission and independence from donor influence. 

At question is FFA’s alleged ties to the Chinese Communist Party through a partnership with Chinese-owned Syngenta Group. FFA declined to provide additional details, citing the ongoing nature of the investigation. The inquiry comes amid heightened scrutiny from some members of Congress over partnerships between U.S.-based nonprofits and companies with foreign ownership ties.

The youth agricultural education group released a statement exclusively to the NAFB News Service that included: "While FFA accepts support from generous donors and sponsors throughout the agricultural and agri-business community, it does not and cannot advocate the views for any donor or sponsor. FFA has received a Congressional inquiry about one of our sponsors, and it intends to cooperate fully."

The National FFA Organization said it will cooperate with a congressional inquiry examining one of its corporate sponsors, while emphasizing its nonpartisan mission and independence from donor influence. At question is FFA’s alleged ties to the Chinese Communist Party through a partnership with Chinese-owned Syngenta Group. FFA declined to provide additional details, citing the ongoing nature of the investigation. The inquiry comes amid heightened scrutiny from some members of Congress over partnerships between U.S.-based nonprofits and companies with foreign ownership ties.The youth agricultural education group released a statement exclusively to the NAFB News Service that included: "While FFA accepts support from generous donors and sponsors throughout the agricultural and agri-business community, it does not and cannot advocate the views for any donor or sponsor. FFA has received a Congressional inquiry about one of our sponsors, and it intends to cooperate fully."-NAFB

FFA says it will cooperate with congressional inquiry

The number of farms in the United States fell by 15,000 in 2025, continuing a long-term decline in the nation’s agricultural landscape, the U.S. Department of Agriculture reported. According to USDA’s annual Land in Farms report, the total number of farms dropped to about 1.865 million last year, down from roughly 1.88 million in 2024. The decline spanned nearly all size and sales categories, with smaller operations — particularly those reporting $1,000 to $9,999 in annual sales — posting the largest losses, USDA data showed. 

Only operations with annual sales above $1 million saw a slight increase of about 50 farms. Total land in farms also edged lower, decreasing about 0.3% to 873.9 million acres, even as average farm size ticked upward, reflecting a consolidation trend. Analysts said economic pressures, including slim profit margins, rising costs and generational turnover, continue to challenge smaller producers and reshape the structure of U.S. agriculture.

The number of farms in the United States fell by 15,000 in 2025, continuing a long-term decline in the nation’s agricultural landscape, the U.S. Department of Agriculture reported. According to USDA’s annual Land in Farms report, the total number of farms dropped to about 1.865 million last year, down from roughly 1.88 million in 2024. The decline spanned nearly all size and sales categories, with smaller operations — particularly those reporting $1,000 to $9,999 in annual sales — posting the largest losses, USDA data showed. Only operations with annual sales above $1 million saw a slight increase of about 50 farms. Total land in farms also edged lower, decreasing about 0.3% to 873.9 million acres, even as average farm size ticked upward, reflecting a consolidation trend. Analysts said economic pressures, including slim profit margins, rising costs and generational turnover, continue to challenge smaller producers and reshape the structure of U.S. agriculture.-NAFB

U.S. farm numbers decline for second straight year

March corn closed down 5 1/2 cents and May corn was down 6 1/4 cents. March soybeans closed up 1 cents and May soybeans were up 1/4 cent. March KC wheat closed down 3 3/4 cents, March Chicago wheat was down 11 cents, March Minneapolis wheat was down 3 1/2 cents.

It was a day of mostly lower price action for row-crop futures with soybeans standing alone on the positive side of the fence. Corn futures were lower and posted a poor close from a technical standpoint despite relatively little in the way of news Tuesday. Most of the bearish pressure for corn came via wheat, with Chicago futures falling sharply just two sessions removed from hitting three-month highs on upward revisions to forecasts for Russia's 2026 crop. Outside markets leaned bearish to ag futures on Tuesday, with a firm U.S. dollar trading counter to continued selling pressure in precious metals. Crude oil (and other energy futures) was lower as well Tuesday, despite early reports of Iran's "partial and temporary" closure of the Strait of Hormuz, a crucial waterway for world oil trade. Risks in this regard were seemingly offset in the eyes of traders by positive feedback following the latest round of nuclear negotiations between the U.S. and Iran in Switzerland on Tuesday.

It's was a solidly successful day for the live cattle complex as the market is seeing immense support from traders, which is helped the contracts scale well over $1.00 higher into Tuesday's closing bell. More than anything, the robust fundamental support from last week's cash cattle market, mixed with the bullish long-term trajectory, seemed to have traders' full attention this morning. New showlists appear to be mixed, higher in Nebraska/Colorado, about steady in Kansas, and lower in Texas. Boxed beef prices are mixed: choice up $0.86 ($366.91) and select up $0.14 ($361.37) with a movement of 62 loads (45.85 loads of choice, 5.50 loads of select, 3.48 loads of trim and 6.86 loads of ground beef).

Upon noting the strength of last week's fed cash cattle trade and seeing how traders are energetically supporting the live cattle contracts, it's been an easy decision for traders to push the feeder cattle contracts higher. So long as the live cattle complex continues to trade higher, the feeder cattle contracts will likely follow in the same direction.

After a tumultuous downturn over the last seven trading days, the lean hog complex finally found some technical support as traders potentially believe that the contracts have created enough space from the contract highs scored in early February. Pork cutout values were a tick lower this morning, but that did not seem to be affecting traders through today's session.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/02/17135609/web-closing-markets-1.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:March corn closed down 5 1/2 cents and May corn was down 6 1/4 cents. March soybeans closed up 1 cents and May soybeans were up 1/4 cent. March KC wheat closed down 3 3/4 cents, March Chicago wheat was down 11 cents, March Minneapolis wheat was down 3 1/2 cents.It was a day of mostly lower price action for row-crop futures with soybeans standing alone on the positive side of the fence. Corn futures were lower and posted a poor close from a technical standpoint despite relatively little in the way of news Tuesday. Most of the bearish pressure for corn came via wheat, with Chicago futures falling sharply just two sessions removed from hitting three-month highs on upward revisions to forecasts for Russia's 2026 crop. Outside markets leaned bearish to ag futures on Tuesday, with a firm U.S. dollar trading counter to continued selling pressure in precious metals. Crude oil (and other energy futures) was lower as well Tuesday, despite early reports of Iran's "partial and temporary" closure of the Strait of Hormuz, a crucial waterway for world oil trade. Risks in this regard were seemingly offset in the eyes of traders by positive feedback following the latest round of nuclear negotiations between the U.S. and Iran in Switzerland on Tuesday.LIVESTOCK:It's was a solidly successful day for the live cattle complex as the market is seeing immense support from traders, which is helped the contracts scale well over $1.00 higher into Tuesday's closing bell. More than anything, the robust fundamental support from last week's cash cattle market, mixed with the bullish long-term trajectory, seemed to have traders' full attention this morning. New showlists appear to be mixed, higher in Nebraska/Colorado, about steady in Kansas, and lower in Texas. Boxed beef prices are mixed: choice up $0.86 ($366.91) and select up $0.14 ($361.37) with a movement of 62 loads (45.85 loads of choice, 5.50 loads of select, 3.48 loads of trim and 6.86 loads of ground beef).Upon noting the strength of last week's fed cash cattle trade and seeing how traders are energetically supporting the live cattle contracts, it's been an easy decision for traders to push the feeder cattle contracts higher. So long as the live cattle complex continues to trade higher, the feeder cattle contracts will likely follow in the same direction.After a tumultuous downturn over the last seven trading days, the lean hog complex finally found some technical support as traders potentially believe that the contracts have created enough space from the contract highs scored in early February. Pork cutout values were a tick lower this morning, but that did not seem to be affecting traders through today's session.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/02/17135609/web-closing-markets-1.mp3">Click HERE for audio</a>

The National FFA Organization is proud to announce a new way for people to support the next generation for this year’s Give FFA Day. It’s called ChapterBoost. The ChapterBoost program showcases local FFA chapters and their goals for hands-on learning, leadership development, and agricultural education, giving donors the opportunity to make an immediate impact by selecting a project to support directly through crowdfunding for an individual chapter. 

The annual Give FFA Day will be held on Thursday, February 26, during National FFA Week. “We’re setting our most ambitious goal yet to raise $1.75 million on Give FFA Day,” said Kimberly Coveney, senior manager of individual giving for the National FFA Foundation. “Every dollar donated helps open doors for our more than one million members by funding programs, leadership development, and experiences that prepare them for careers in agriculture and beyond.” 

The National FFA Organization is proud to announce a new way for people to support the next generation for this year’s Give FFA Day. It’s called ChapterBoost. The ChapterBoost program showcases local FFA chapters and their goals for hands-on learning, leadership development, and agricultural education, giving donors the opportunity to make an immediate impact by selecting a project to support directly through crowdfunding for an individual chapter. The annual Give FFA Day will be held on Thursday, February 26, during National FFA Week. “We’re setting our most ambitious goal yet to raise $1.75 million on Give FFA Day,” said Kimberly Coveney, senior manager of individual giving for the National FFA Foundation. “Every dollar donated helps open doors for our more than one million members by funding programs, leadership development, and experiences that prepare them for careers in agriculture and beyond.” -NAFB

A new way to give back on 'National Give FFA Day'

The USDA announced the enrollment periods for agricultural producers and landowners to submit offers for the Continuous and General Conservation Reserve Program. The Farm Service Agency is accepting offers for Continuous CRP starting this Thursday, February 12, through March 20, 2026. Enrollment for the General CRP will run from March 9, 2026, through April 17, 2026. FSA will announce the dates for the Grassland CRP signup in the near future. 

“We’re still very close to the 27-million-acre statutory cap, with 1.9 million acres available for all CRP enrollments this fiscal year, so enrollment is likely to be competitive,” said Richard Fordyce, USDA Undersecretary for Farm Programs and Conservation. “It’s not about the total number of enrolled acres, it’s about producers and landowners offering the acres that can best deliver real and lasting benefits to soil, water, and wildlife.” Producers and landowners interested in participating in CRP should contact their local FSA county office. 

The USDA announced the enrollment periods for agricultural producers and landowners to submit offers for the Continuous and General Conservation Reserve Program. The Farm Service Agency is accepting offers for Continuous CRP starting this Thursday, February 12, through March 20, 2026. Enrollment for the General CRP will run from March 9, 2026, through April 17, 2026. FSA will announce the dates for the Grassland CRP signup in the near future. “We’re still very close to the 27-million-acre statutory cap, with 1.9 million acres available for all CRP enrollments this fiscal year, so enrollment is likely to be competitive,” said Richard Fordyce, USDA Undersecretary for Farm Programs and Conservation. “It’s not about the total number of enrolled acres, it’s about producers and landowners offering the acres that can best deliver real and lasting benefits to soil, water, and wildlife.” Producers and landowners interested in participating in CRP should contact their local FSA county office. -NAFB

USDA announces enrollment periods for 2026 continuous and general CRP 

The U.S. Department of Agriculture on Thursday launched the Farmer and Rancher Freedom Framework — a policy initiative designed to shield producers from what the department calls politically motivated legal actions and regulatory overreach. Secretary Brooke Rollins described the four-pillar plan as a cornerstone for defending agricultural heritage and providing fairness in rural America. The framework formalizes existing USDA efforts to streamline regulations, reduce compliance burdens and enhance protections for farmers and ranchers facing litigation or enforcement actions. 

Agricultural stakeholders welcomed the announcement, though critics argue it could weaken environmental and consumer safeguards. The policy echoes recent USDA moves to end “agricultural lawfare,” which has been discussed by advocacy groups and within USDA strategy briefings. The initiative also comes amid broader debates over farm profitability, market pressures and federal intervention in agriculture.

The U.S. Department of Agriculture on Thursday launched the Farmer and Rancher Freedom Framework — a policy initiative designed to shield producers from what the department calls politically motivated legal actions and regulatory overreach. Secretary Brooke Rollins described the four-pillar plan as a cornerstone for defending agricultural heritage and providing fairness in rural America. The framework formalizes existing USDA efforts to streamline regulations, reduce compliance burdens and enhance protections for farmers and ranchers facing litigation or enforcement actions. Agricultural stakeholders welcomed the announcement, though critics argue it could weaken environmental and consumer safeguards. The policy echoes recent USDA moves to end “agricultural lawfare,” which has been discussed by advocacy groups and within USDA strategy briefings. The initiative also comes amid broader debates over farm profitability, market pressures and federal intervention in agriculture.-NAFB

USDA unveils plan to cut red tape, legal pressures on Farmers

Agricultural and conservation groups said they are cautiously optimistic after House Agriculture Committee Chairman G.T. Thompson introduced a new Farm Bill proposal Friday afternoon aimed at restarting stalled negotiations in Congress. Thompson, a Pennsylvania Republican,  unveiled the “Farm, Food, and National Security Act of 2026,” which is scheduled for consideration by the House Agriculture Committee beginning Feb. 23. If advanced, the legislation could reach the House floor later this spring. 

Agriculture-aligned conservation groups welcomed the move as a signal of progress after months of uncertainty. Several farm-related matters were previously addressed in last year's "One, Big, Beautiful Bill."  Aaron Field, director of private lands conservation for the Theodore Roosevelt Conservation Partnership, said the Farm Bill plays a critical role in supporting working lands, wildlife habitat and outdoor recreation tied to agriculture. Groups emphasized that bipartisan support will be required for passage and said they plan to closely review the bill’s conservation and forestry provisions as the legislative process moves forward.

Agricultural and conservation groups said they are cautiously optimistic after House Agriculture Committee Chairman G.T. Thompson introduced a new Farm Bill proposal Friday afternoon aimed at restarting stalled negotiations in Congress. Thompson, a Pennsylvania Republican, unveiled the “Farm, Food, and National Security Act of 2026,” which is scheduled for consideration by the House Agriculture Committee beginning Feb. 23. If advanced, the legislation could reach the House floor later this spring. Agriculture-aligned conservation groups welcomed the move as a signal of progress after months of uncertainty. Several farm-related matters were previously addressed in last year's "One, Big, Beautiful Bill." Aaron Field, director of private lands conservation for the Theodore Roosevelt Conservation Partnership, said the Farm Bill plays a critical role in supporting working lands, wildlife habitat and outdoor recreation tied to agriculture. Groups emphasized that bipartisan support will be required for passage and said they plan to closely review the bill’s conservation and forestry provisions as the legislative process moves forward.-NAFB

Thompson unveils ‘Farm Bill 2.0’ to Ag Groups 

March corn closed up 1/2 cent and May corn was up 1/4 cent. March soybeans closed down 4 1/4 cents and May soybeans were down 3 3/4 cents. March KC wheat closed down 11 1/2 cents, March Chicago wheat was down 3 3/4 cents, March Minneapolis wheat was down 5 3/4 cents.

It was an overall mixed to lower session in row-crop futures to close the week, with corn showing resilience to trade marginally higher, while soybeans and wheat futures fell as traders looked to square positions ahead of a long weekend, with markets closed on Monday for Presidents Day. Overall, for the week it was positive price action for U.S. grain markets as prices made technical strides as well in holding chart support. Outside markets for Friday traded primarily in reaction to a cooler than expected inflation reading via the Consumer Price Index, which declined to 2.4% annual price growth, the lowest since early 2021. This was a source of pressure to commodities early on Friday, while also fueling recovery efforts in equities after a two-day selloff through the middle of the week. The U.S. Dollar Index was lower on perceived lower interest rates (as a result of lower inflation), while crude oil and other energy markets recovered from daily lows in an otherwise narrow session to close the week.

The live cattle complex drifted only slightly lower as traders try to remain patient, waiting for cash cattle to trade. It's fully assumed prices will be higher late on Friday when trade develops, but the real question is: How much higher? A single bid was on the table in Nebraska at $238, but otherwise no news has developed as of this writing. Asking prices remain firm in Texas at $245 to $247, but aren't clearly established elsewhere. Boxed beef prices are mixed: choice down $0.45 ($364.39) and select up $0.26 ($363.29) with a movement of 30 loads (24.05 loads of choice, 2.18 loads of select, zero loads of trim and 3.48 loads of ground beef).

Keeping in alignment with the live cattle contracts, the feeder cattle complex traded mixed to slightly lower as well. Demand has mostly higher this week in the countryside for both feeders and calves, but there has been notable interest in the heavier weight feeders that will make grass cattle in a few months.

In keeping with its lower trend, the lean hog complex continued to lose position as the market anticipates more supply to be working its way into the system, which causes traders some fear that pork cutout values could weaken. Not to mention, just a little over a week ago the market did reach new all-time highs in the futures complex which put heavy pressure on the market's technical side.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/02/13145333/web-closing-markets-1.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:March corn closed up 1/2 cent and May corn was up 1/4 cent. March soybeans closed down 4 1/4 cents and May soybeans were down 3 3/4 cents. March KC wheat closed down 11 1/2 cents, March Chicago wheat was down 3 3/4 cents, March Minneapolis wheat was down 5 3/4 cents.It was an overall mixed to lower session in row-crop futures to close the week, with corn showing resilience to trade marginally higher, while soybeans and wheat futures fell as traders looked to square positions ahead of a long weekend, with markets closed on Monday for Presidents Day. Overall, for the week it was positive price action for U.S. grain markets as prices made technical strides as well in holding chart support. Outside markets for Friday traded primarily in reaction to a cooler than expected inflation reading via the Consumer Price Index, which declined to 2.4% annual price growth, the lowest since early 2021. This was a source of pressure to commodities early on Friday, while also fueling recovery efforts in equities after a two-day selloff through the middle of the week. The U.S. Dollar Index was lower on perceived lower interest rates (as a result of lower inflation), while crude oil and other energy markets recovered from daily lows in an otherwise narrow session to close the week.LIVESTOCK:The live cattle complex drifted only slightly lower as traders try to remain patient, waiting for cash cattle to trade. It's fully assumed prices will be higher late on Friday when trade develops, but the real question is: How much higher? A single bid was on the table in Nebraska at $238, but otherwise no news has developed as of this writing. Asking prices remain firm in Texas at $245 to $247, but aren't clearly established elsewhere. Boxed beef prices are mixed: choice down $0.45 ($364.39) and select up $0.26 ($363.29) with a movement of 30 loads (24.05 loads of choice, 2.18 loads of select, zero loads of trim and 3.48 loads of ground beef).Keeping in alignment with the live cattle contracts, the feeder cattle complex traded mixed to slightly lower as well. Demand has mostly higher this week in the countryside for both feeders and calves, but there has been notable interest in the heavier weight feeders that will make grass cattle in a few months.In keeping with its lower trend, the lean hog complex continued to lose position as the market anticipates more supply to be working its way into the system, which causes traders some fear that pork cutout values could weaken. Not to mention, just a little over a week ago the market did reach new all-time highs in the futures complex which put heavy pressure on the market's technical side. <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/02/13145333/web-closing-markets-1.mp3">Click HERE for audio</a>

The first Ag Economists’ Monthly Monitor of 2026 shows the U.S. ag economy entered the year in a clear crop-sector recession. However, the survey also finds a deeper crisis of confidence. Economists say the downturn is cyclical and manageable through optimization, but farmers are experiencing it as a structural stress test on their operations and livelihoods. The first survey points to a continuing split in the ag economy, which is strength in livestock, particularly beef cattle, versus persistent financial stress across most of the row-crop sector. 

The Monthly Monitor asks respondents to compare the ag economy right now with the same time a year ago, and most retailers, producers, and economists report being somewhat worse off. “Across nearly all responses, margin pressure emerged as a dominant concern,” said Tyne Morgan of AgWeb. “While several producers talk about diversifying as a key, others responded with cutting costs to the bone, especially around capital spending.” 

The first Ag Economists’ Monthly Monitor of 2026 shows the U.S. ag economy entered the year in a clear crop-sector recession. However, the survey also finds a deeper crisis of confidence. Economists say the downturn is cyclical and manageable through optimization, but farmers are experiencing it as a structural stress test on their operations and livelihoods. The first survey points to a continuing split in the ag economy, which is strength in livestock, particularly beef cattle, versus persistent financial stress across most of the row-crop sector. The Monthly Monitor asks respondents to compare the ag economy right now with the same time a year ago, and most retailers, producers, and economists report being somewhat worse off. “Across nearly all responses, margin pressure emerged as a dominant concern,” said Tyne Morgan of AgWeb. “While several producers talk about diversifying as a key, others responded with cutting costs to the bone, especially around capital spending.” -NAFB

Survey shows producers “fighting for survival”

According to data from Joe Janzen, an economist for the University of Illinois, The buildout of grain storage capacity in the U.S. has stopped.  He wrote that U.S. grain storage capacity grew in parallel with production from 2000 to 2019 at about 350 million bushels per year. However, that growth has stagnated since 2020 across all regions and facility types. Janzen said this stagnation, combined with continued production growth, has led to a record-high-capacity utilization rate, particularly in on-farm storage. 

The 2025 crop brought these tensions to a head, with December 1 on-farm utilization reaching 80 percent. What’s less clear is why investment in grain storage capacity dropped. It’s also difficult to determine if current U.S. storage capacity is sufficient for efficient operation along the grain supply chains. Janzen said, “The entire grain industry will need to consider these questions as it addresses the shifting geography of global grain production.” 

According to data from Joe Janzen, an economist for the University of Illinois, The buildout of grain storage capacity in the U.S. has stopped. He wrote that U.S. grain storage capacity grew in parallel with production from 2000 to 2019 at about 350 million bushels per year. However, that growth has stagnated since 2020 across all regions and facility types. Janzen said this stagnation, combined with continued production growth, has led to a record-high-capacity utilization rate, particularly in on-farm storage. The 2025 crop brought these tensions to a head, with December 1 on-farm utilization reaching 80 percent. What’s less clear is why investment in grain storage capacity dropped. It’s also difficult to determine if current U.S. storage capacity is sufficient for efficient operation along the grain supply chains. Janzen said, “The entire grain industry will need to consider these questions as it addresses the shifting geography of global grain production.” -NAFB

U.S. grain storage capacity growth has stopped

March corn closed up 3 3/4 cents and May corn was up 5 1/4 cents. March soybeans closed up 13 1/4 cents and May soybeans were up 12 3/4 cents. March KC wheat closed up 15 1/2 cents, March Chicago wheat was up 15 1/4 cents, March Minneapolis wheat was up 7 1/4 cents.

It was a mostly positive session across the board for row-crop futures Thursday, with soybean futures again leading the way higher on continued trade optimism ahead of President Trump's upcoming visit to China in April. Meanwhile, wheat futures have caught a midweek burst, rallying from trendline support and aided by a strong past few weeks for export sales. This positively influenced corn futures as well for Thursday, with strong export sales in their own right. Outside markets were very volatile on Thursday, with no clear macro news to explain the sharp turn lower in stocks by late morning. Treasuries were firm again following Wednesday's better than expected jobs data for January. The U.S. dollar was firm, but energy markets turned lower on U.S. inventory build-ups in crude and finished motor gasoline last week, and at least a temporary soothing of supply risk as negotiations between the U.S. and Iran are planned to continue.

Following Wednesday's sizeable rally, the live cattle complex was back to trading slightly lower as the market tries to patiently wait to see what's going to develop in the fed cash cattle market this week. With boxed beef prices declining -- as they seasonally do during this time -- traders need to see additional fundamental support, which will likely come from the cash market when trade develops at some point this week. But in the lightning fast world we live in, waiting until the very bitter end of the week to see what's going to develop fundamentally for the market is a painful waiting lesson traders aren't necessarily fond of. Boxed beef prices are lower: choice down $0.39 ($365.53) and select down $0.59 ($361.99) with a movement of 46 loads (24.40 loads of choice, 3.08 loads of select, 7.95 loads of trim and 10.72 loads of ground beef).

And as one would logically assume in this market, with the live cattle contracts trading lower, the feeder cattle contracts followed suit. Demand has been mostly strong this week in the countryside for both feeder cattle and calves -- and especially for cattle that will make yearlings this upcoming summer.

The lean hog complex continues to tumble lower as the market anticipates a wall of supply that's likely going to hit the market at any point in time now. The latest Quarterly Hogs and Pigs report showed market-ready supplies were larger than originally assumed, and the market is bracing itself for that supply to hit.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/02/12200936/web-closing-markets-1.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:March corn closed up 3 3/4 cents and May corn was up 5 1/4 cents. March soybeans closed up 13 1/4 cents and May soybeans were up 12 3/4 cents. March KC wheat closed up 15 1/2 cents, March Chicago wheat was up 15 1/4 cents, March Minneapolis wheat was up 7 1/4 cents.It was a mostly positive session across the board for row-crop futures Thursday, with soybean futures again leading the way higher on continued trade optimism ahead of President Trump's upcoming visit to China in April. Meanwhile, wheat futures have caught a midweek burst, rallying from trendline support and aided by a strong past few weeks for export sales. This positively influenced corn futures as well for Thursday, with strong export sales in their own right. Outside markets were very volatile on Thursday, with no clear macro news to explain the sharp turn lower in stocks by late morning. Treasuries were firm again following Wednesday's better than expected jobs data for January. The U.S. dollar was firm, but energy markets turned lower on U.S. inventory build-ups in crude and finished motor gasoline last week, and at least a temporary soothing of supply risk as negotiations between the U.S. and Iran are planned to continue.LIVESTOCK:Following Wednesday's sizeable rally, the live cattle complex was back to trading slightly lower as the market tries to patiently wait to see what's going to develop in the fed cash cattle market this week. With boxed beef prices declining -- as they seasonally do during this time -- traders need to see additional fundamental support, which will likely come from the cash market when trade develops at some point this week. But in the lightning fast world we live in, waiting until the very bitter end of the week to see what's going to develop fundamentally for the market is a painful waiting lesson traders aren't necessarily fond of. Boxed beef prices are lower: choice down $0.39 ($365.53) and select down $0.59 ($361.99) with a movement of 46 loads (24.40 loads of choice, 3.08 loads of select, 7.95 loads of trim and 10.72 loads of ground beef).And as one would logically assume in this market, with the live cattle contracts trading lower, the feeder cattle contracts followed suit. Demand has been mostly strong this week in the countryside for both feeder cattle and calves -- and especially for cattle that will make yearlings this upcoming summer.The lean hog complex continues to tumble lower as the market anticipates a wall of supply that's likely going to hit the market at any point in time now. The latest Quarterly Hogs and Pigs report showed market-ready supplies were larger than originally assumed, and the market is bracing itself for that supply to hit. <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/02/12200936/web-closing-markets-1.mp3">Click HERE for audio</a>

The USDA is facing some doubts about the reliability of its data from farmers, grain traders, and economists. Reports say the doubts are coming about because of the agency’s significant staff losses and the sharp upward revision in how many acres of corn U.S. farmers harvested in 2025. “Thousands of employees left the agency last year as a part of the administration’s push to shrink the federal government, and industry stakeholders are worried that the shrinking staff limited the agency’s ability to produce timely and accurate data.”  

USDA’s final January estimates of how many acres corn farmers planted and harvested in 2025 represented unprecedented increases from June’s initial estimates. Already-low grain prices dropped over five percent at a time when growers were already struggling to make enough money to stay in business. The unexpected revisions prompted the National Agricultural Statistics Service to launch an internal review of its processes for making acreage estimates.

The USDA is facing some doubts about the reliability of its data from farmers, grain traders, and economists. Reports say the doubts are coming about because of the agency’s significant staff losses and the sharp upward revision in how many acres of corn U.S. farmers harvested in 2025. “Thousands of employees left the agency last year as a part of the administration’s push to shrink the federal government, and industry stakeholders are worried that the shrinking staff limited the agency’s ability to produce timely and accurate data.” USDA’s final January estimates of how many acres corn farmers planted and harvested in 2025 represented unprecedented increases from June’s initial estimates. Already-low grain prices dropped over five percent at a time when growers were already struggling to make enough money to stay in business. The unexpected revisions prompted the National Agricultural Statistics Service to launch an internal review of its processes for making acreage estimates.-NAFB

USDA data under increasing scrutiny

It’s well-known that the U.S. cattle herd continues to shrink. The January U.S. Cattle Inventory report showed the total inventory at 86.2 million head on January 1. That was down 300,000 head from last year. American Farm Bureau analysis showed the combination of fewer beef cows and a declining calf crop means the 2026 calf crop will likely continue to trend downward because there are fewer calves available for the breeding herd, even if more heifers are kept for breeding purposes. 

Tighter cattle supplies will contribute to higher prices and volatility for cattle and beef in 2026. Smaller cattle supplies paired with strong consumer demand for beef have driven up prices for both cattle and beef. With cattle supplies this tight, markets have become more responsive to news and events that could impact supply and demand. Beef cattle cash receipts have been one of the few bright spots in the U.S. agricultural economy. 

It’s well-known that the U.S. cattle herd continues to shrink. The January U.S. Cattle Inventory report showed the total inventory at 86.2 million head on January 1. That was down 300,000 head from last year. American Farm Bureau analysis showed the combination of fewer beef cows and a declining calf crop means the 2026 calf crop will likely continue to trend downward because there are fewer calves available for the breeding herd, even if more heifers are kept for breeding purposes. Tighter cattle supplies will contribute to higher prices and volatility for cattle and beef in 2026. Smaller cattle supplies paired with strong consumer demand for beef have driven up prices for both cattle and beef. With cattle supplies this tight, markets have become more responsive to news and events that could impact supply and demand. Beef cattle cash receipts have been one of the few bright spots in the U.S. agricultural economy. -NAFB

AFBF: Smaller cattle herd means market volatility

March corn closed down 1 1/4 cents and May corn was down 3/4 cent. March soybeans closed up 1 1/2 cents and May soybeans were up 2 cents. March KC wheat closed up 8 cents, March Chicago wheat was up 9 cents, March Minneapolis wheat was up 2 cents.

Row-crop trade was quiet at midweek with wheat futures leading the way higher after successfully holding above trendline support early in the week. Meanwhile, soybeans recovered from early losses to extend the rally while corn futures were sluggish despite larger-than-expected cuts to U.S. stocks in Tuesday's WASDE report, with a seven-year high forecast for reserves still weighing on price potential. Outside markets leaned mostly positive with firm energy markets amid lingering geopolitical risks as negotiations continue between the U.S. and Iran regarding the latter's nuclear program. In other news for Wednesday, January jobs data was much better than expected, with a cut to the unemployment rate and a surge in job creation. This in turn pressured Treasuries and raised yields as the slowing job market through the final few months of 2025 had been an argument for lowering interest rates.

It's almost as if the overarching theme in the live cattle complex as we headed into Wednesday's noon hour was, "Why are we waiting around? We know the market's direction is higher." So where does all this support come from this morning? Good question, because boxed beef prices were mostly lower, there's yet to be any trade in the fed cash cattle market, and the equity markets aren't doing anything that would justify trading notably higher. But if there's one thing we know and understand about the livestock complex, it's that it is an anticipatory market. If traders think the market is bound to trade substantially higher, one may ask, "Why not today?" and they followed through finishing fully higher. Still no trade has developed in the fed cash cattle market and both bids and asking prices remain elusive at this point. Boxed beef prices are mixed: choice down $0.41 ($367.14) and select up $1.19 ($364.09) with a movement of 53 loads (45.12 loads of choice, 3.38 loads of select, zero loads of trim and 4.62 loads of ground beef).

Upon seeing the live cattle contracts trading higher, it didn't take much convincing to get the feeder cattle futures to move higher also. Sales have been noticeably stronger this week in the countryside for both feeder cattle and calves as supplies remain incredibly thin.

Meanwhile the lean hog complex is the same story Wednesday that it's been over the last couple of days as the market continued to scale lower. And with pork cutout values down slightly, the market won't likely change its direction until that is corrected.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/02/11140419/web-closing-markets.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:March corn closed down 1 1/4 cents and May corn was down 3/4 cent. March soybeans closed up 1 1/2 cents and May soybeans were up 2 cents. March KC wheat closed up 8 cents, March Chicago wheat was up 9 cents, March Minneapolis wheat was up 2 cents.Row-crop trade was quiet at midweek with wheat futures leading the way higher after successfully holding above trendline support early in the week. Meanwhile, soybeans recovered from early losses to extend the rally while corn futures were sluggish despite larger-than-expected cuts to U.S. stocks in Tuesday's WASDE report, with a seven-year high forecast for reserves still weighing on price potential. Outside markets leaned mostly positive with firm energy markets amid lingering geopolitical risks as negotiations continue between the U.S. and Iran regarding the latter's nuclear program. In other news for Wednesday, January jobs data was much better than expected, with a cut to the unemployment rate and a surge in job creation. This in turn pressured Treasuries and raised yields as the slowing job market through the final few months of 2025 had been an argument for lowering interest rates.LIVESTOCK:It's almost as if the overarching theme in the live cattle complex as we headed into Wednesday's noon hour was, "Why are we waiting around? We know the market's direction is higher." So where does all this support come from this morning? Good question, because boxed beef prices were mostly lower, there's yet to be any trade in the fed cash cattle market, and the equity markets aren't doing anything that would justify trading notably higher. But if there's one thing we know and understand about the livestock complex, it's that it is an anticipatory market. If traders think the market is bound to trade substantially higher, one may ask, "Why not today?" and they followed through finishing fully higher. Still no trade has developed in the fed cash cattle market and both bids and asking prices remain elusive at this point. Boxed beef prices are mixed: choice down $0.41 ($367.14) and select up $1.19 ($364.09) with a movement of 53 loads (45.12 loads of choice, 3.38 loads of select, zero loads of trim and 4.62 loads of ground beef).Upon seeing the live cattle contracts trading higher, it didn't take much convincing to get the feeder cattle futures to move higher also. Sales have been noticeably stronger this week in the countryside for both feeder cattle and calves as supplies remain incredibly thin.Meanwhile the lean hog complex is the same story Wednesday that it's been over the last couple of days as the market continued to scale lower. And with pork cutout values down slightly, the market won't likely change its direction until that is corrected.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/02/11140419/web-closing-markets.mp3">Click HERE for audio</a>

A new American Farm Bureau Market Intel Report said Chapter 12 farm bankruptcies increased for the second year in a row, reaching 315 filings in 2025, a 46 percent increase from 2024. The Midwest and Southeast filed 121 and 105 Chapter 12 cases, respectively, far outpacing any other regions. Deep crop losses across commodities common in those two regions have compounded after years of declining receipts and rising expenses. 

Filing for Chapter 12 bankruptcy is a last resort for farmers who have incurred large debts to continue operating with increased flexibility for payments. Midwest states with double-digit filings include Iowa with 18, Nebraska 17, Missouri and Wisconsin each had 16 filings, Minnesota with 13, and Kansas had 11. The Federal Reserve Bank of Kansas City said farmers are taking out larger operating loans and taking longer to repay them. USDA estimates that total farm debt will rise 5.2 percent to a record $624.7 billion this year. 

A new American Farm Bureau Market Intel Report said Chapter 12 farm bankruptcies increased for the second year in a row, reaching 315 filings in 2025, a 46 percent increase from 2024. The Midwest and Southeast filed 121 and 105 Chapter 12 cases, respectively, far outpacing any other regions. Deep crop losses across commodities common in those two regions have compounded after years of declining receipts and rising expenses. Filing for Chapter 12 bankruptcy is a last resort for farmers who have incurred large debts to continue operating with increased flexibility for payments. Midwest states with double-digit filings include Iowa with 18, Nebraska 17, Missouri and Wisconsin each had 16 filings, Minnesota with 13, and Kansas had 11. The Federal Reserve Bank of Kansas City said farmers are taking out larger operating loans and taking longer to repay them. USDA estimates that total farm debt will rise 5.2 percent to a record $624.7 billion this year. -NAFB

Farm bankruptcies continued climbing in 2025

March corn closed unchanged and May corn was up a 1/4 cent. March soybeans closed up 11 3/4 cents and May soybeans were up 12 1/2 cents. March KC wheat closed up 1 3/4 cents, March Chicago wheat was down a 1/2 cent, March Minneapolis wheat was down 2 1/4 cents.

Soybean futures led the way higher on Tuesday, resuming rallying efforts after a brief pause on Monday. Meanwhile, corn and wheat markets were mixed as USDA made very few changes to U.S. and global balance sheets but did reiterate multi-year highs in grain reserves. Outside markets were mixed for Tuesday with softer energy markets, while the U.S. dollar recovered from the turn lower on Monday.

In trying to wait patiently for the week's fundamentals to shine through the marketplace, the live cattle complex was mixed for the bulk of the session before finishing lower, as traders simply aren't willing to advance the market at this point without first seeing fundamental reassurance develop. It's quite likely the market could enter a sideways trading range until it sees what the fed cash cattle market is going to accomplish this week. Traders don't want to pressure the market's resistance from a technical standpoint, but at the same time they believe in the market's long-term, bullish fundamental outlook, which is why a sideways trend is most likely to be the theme throughout the remainder of the week and until cash cattle begin to trade. Tuesday's WASDE report shared a fruitful outlook for the cattle and beef markets of 2026. Beef production for 2026 was increased by 185 million pounds as fed cattle slaughter is expected to increase, cow slaughter is expected to increase, and carcass weights are obviously higher. Boxed beef prices are mixed: choice up $2.24 ($370.00) and select down $0.82 ($364.53) with a movement of 74 loads (53.35 loads of choice, 4.31 loads of select, 4.17 loads of trim and 11.88 loads of ground beef).

Without a strong presence seen in the live cattle complex, the feeder cattle contracts were also trading mixed into Tuesday's noon hour, before fading and finishing lower. But what remains interesting about the feeder cattle market's behavior is the deferred contracts aren't concerned about what the live cattle contracts are doing and instead traded fully higher, seeming more focused on the market's long-term situation of short supplies for the bulk of today's session.

The lean hog complex was again trading lower as the market seems to be anticipating increased supplies that are soon to hit the market. The last quarterly Hogs and Pigs report unveiled more market-ready supplies than what the industry anticipated, and there were plenty of hogs noted in the heavy weight categories which will meet the consumer in the supply chain at any point in time now. But what also remains true is that while the futures complex may be scaling lower, pork demand over the last two weeks has been noticeably stronger, which one may logically assume is because some consumers are electing to purchase pork as opposed to beef as it's a cheaper protein option.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/02/10143131/web-closing-markets.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:March corn closed unchanged and May corn was up a 1/4 cent. March soybeans closed up 11 3/4 cents and May soybeans were up 12 1/2 cents. March KC wheat closed up 1 3/4 cents, March Chicago wheat was down a 1/2 cent, March Minneapolis wheat was down 2 1/4 cents.Soybean futures led the way higher on Tuesday, resuming rallying efforts after a brief pause on Monday. Meanwhile, corn and wheat markets were mixed as USDA made very few changes to U.S. and global balance sheets but did reiterate multi-year highs in grain reserves. Outside markets were mixed for Tuesday with softer energy markets, while the U.S. dollar recovered from the turn lower on Monday.LIVESTOCK:In trying to wait patiently for the week's fundamentals to shine through the marketplace, the live cattle complex was mixed for the bulk of the session before finishing lower, as traders simply aren't willing to advance the market at this point without first seeing fundamental reassurance develop. It's quite likely the market could enter a sideways trading range until it sees what the fed cash cattle market is going to accomplish this week. Traders don't want to pressure the market's resistance from a technical standpoint, but at the same time they believe in the market's long-term, bullish fundamental outlook, which is why a sideways trend is most likely to be the theme throughout the remainder of the week and until cash cattle begin to trade. Tuesday's WASDE report shared a fruitful outlook for the cattle and beef markets of 2026. Beef production for 2026 was increased by 185 million pounds as fed cattle slaughter is expected to increase, cow slaughter is expected to increase, and carcass weights are obviously higher. Boxed beef prices are mixed: choice up $2.24 ($370.00) and select down $0.82 ($364.53) with a movement of 74 loads (53.35 loads of choice, 4.31 loads of select, 4.17 loads of trim and 11.88 loads of ground beef).Without a strong presence seen in the live cattle complex, the feeder cattle contracts were also trading mixed into Tuesday's noon hour, before fading and finishing lower. But what remains interesting about the feeder cattle market's behavior is the deferred contracts aren't concerned about what the live cattle contracts are doing and instead traded fully higher, seeming more focused on the market's long-term situation of short supplies for the bulk of today's session. The lean hog complex was again trading lower as the market seems to be anticipating increased supplies that are soon to hit the market. The last quarterly Hogs and Pigs report unveiled more market-ready supplies than what the industry anticipated, and there were plenty of hogs noted in the heavy weight categories which will meet the consumer in the supply chain at any point in time now. But what also remains true is that while the futures complex may be scaling lower, pork demand over the last two weeks has been noticeably stronger, which one may logically assume is because some consumers are electing to purchase pork as opposed to beef as it's a cheaper protein option. <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/02/10143131/web-closing-markets.mp3">Click HERE for audio</a>