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

Commodity markets daily recap

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/16144650/30001-closing-markets.mp3">Click here for audio</a>

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.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/15142024/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 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

USDA prepares for 'reduction in force'

Senate Agriculture Committee members have written Secretary of Agriculture Brooke Rollins urging her department to broaden its strategy for managing avian flu to include measures for turkeys and dairy herds. “Since the beginning of the outbreak, the virus has impacted more than 160 million birds, including more than 18.6 million turkeys, and nearly 1,000 dairy herds across the country,” the letter stated. 

“We appreciated your commitment to make addressing avian flu a top priority during your confirmation process and believe this strategic plan is an important first step in this effort… We request an update on the Department’s plan for ensuring turkey producers, dairy and other impacted livestock and wildlife species are covered under the plan. In addition, we request the Department develop a strategy and timeline for working with foreign trading partners to ensure potential vaccination of avian flu in poultry and cattle does not disrupt trade.” Signatories included Chuck Grassley (Iowa), Sen. Amy Klobuchar (Minn.), Ranking Member of the Committee, along with Sens. Mike Rounds (S.D.) and Elissa Slotkin (Mich.).

Senate Agriculture Committee members have written Secretary of Agriculture Brooke Rollins urging her department to broaden its strategy for managing avian flu to include measures for turkeys and dairy herds. “Since the beginning of the outbreak, the virus has impacted more than 160 million birds, including more than 18.6 million turkeys, and nearly 1,000 dairy herds across the country,” the letter stated. “We appreciated your commitment to make addressing avian flu a top priority during your confirmation process and believe this strategic plan is an important first step in this effort… We request an update on the Department’s plan for ensuring turkey producers, dairy and other impacted livestock and wildlife species are covered under the plan. In addition, we request the Department develop a strategy and timeline for working with foreign trading partners to ensure potential vaccination of avian flu in poultry and cattle does not disrupt trade.” Signatories included Chuck Grassley (Iowa), Sen. Amy Klobuchar (Minn.), Ranking Member of the Committee, along with Sens. Mike Rounds (S.D.) and Elissa Slotkin (Mich.).-NAFB

Senators press USDA on avian flu response

May corn closed up 7 1/4 cents and December corn was up 9 1/4 cents. May soybeans closed up 13 3/4 cents and November soybeans were up 20 3/4 cents. May KC wheat closed up 10 cents, May Chicago wheat was up 17 3/4 cents, May Minneapolis wheat was up 13 cents.

May corn closed up 30 cents and July corn was up 29 3/4 cents. May soybeans closed up 65 3/4 cents and July soybeans were up 60 cents. May KC wheat closed up 10 1/2 cents, May Chicago wheat was up 26 3/4 cents and May Minneapolis wheat was up 30 1/2 cents.

Corn and soybean futures accomplished a rare flawless week in price action, trading higher each day, Monday through Friday. Meanwhile, wheat futures had only one blemish on their weekly performance -- Thursday's down session following a disappointing set of estimates in the WASDE report. Grain markets had appeared ready to stage a rally off March lows before the early April tariff concerns hit the market; and now that a 90-day pause on most countries is in effect, the pressure on prices has notably let up and grain markets again are willing to build premium into prices as we head deeper into a spring which has plenty of bullish arguments to fuel a rally. Outside markets on Friday were uncharacteristically quiet compared to recent sessions, as traders and investors now attempt to weigh the potential economic impact of the rapidly escalating trade war between the world's two largest economies in the U.S. and China. Stock indices are up slightly, meanwhile the bond market has caught the attention of Wall Street as the 10-year selloff has continued into the weekend, raising yields to their highest point in a month and a half on Friday. This is even more interesting in comparison with the U.S. dollar which traded Friday to a 3-year low, briefly breaking below 100 in early trading.

The live cattle complex is back to breathing somewhat normally as the market is traded higher. As you can see when you look at all the live cattle contracts, traders are just mildly supporting the nearby contracts as more trade chatter will affect those months more than the deferred contracts that traded $3 higher and more for the bulk of the session.

The feeder cattle complex was the leader of today's rally as its contracts were confidently trading $2.00 to $4.00 higher. The market is again up against its 40-day moving average which could pose some technical pressure moving forward.

Continuing to remain confident in the technical position it possesses, the lean hog contracts were yet again inching their way higher through the day. The market could face some pressure around the $94.00 mark, but it's not likely that traders take on that challenge ahead of Monday's open, even though pork cutout values are higher and offering some additional support.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/11153104/web-closing-markets.mp3">HERE</a> for audio

By NATHAN STUEDLESt. Joseph PostGRAINS:May corn closed up 7 1/4 cents and December corn was up 9 1/4 cents. May soybeans closed up 13 3/4 cents and November soybeans were up 20 3/4 cents. May KC wheat closed up 10 cents, May Chicago wheat was up 17 3/4 cents, May Minneapolis wheat was up 13 cents.For the week:May corn closed up 30 cents and July corn was up 29 3/4 cents. May soybeans closed up 65 3/4 cents and July soybeans were up 60 cents. May KC wheat closed up 10 1/2 cents, May Chicago wheat was up 26 3/4 cents and May Minneapolis wheat was up 30 1/2 cents.Corn and soybean futures accomplished a rare flawless week in price action, trading higher each day, Monday through Friday. Meanwhile, wheat futures had only one blemish on their weekly performance -- Thursday's down session following a disappointing set of estimates in the WASDE report. Grain markets had appeared ready to stage a rally off March lows before the early April tariff concerns hit the market; and now that a 90-day pause on most countries is in effect, the pressure on prices has notably let up and grain markets again are willing to build premium into prices as we head deeper into a spring which has plenty of bullish arguments to fuel a rally. Outside markets on Friday were uncharacteristically quiet compared to recent sessions, as traders and investors now attempt to weigh the potential economic impact of the rapidly escalating trade war between the world's two largest economies in the U.S. and China. Stock indices are up slightly, meanwhile the bond market has caught the attention of Wall Street as the 10-year selloff has continued into the weekend, raising yields to their highest point in a month and a half on Friday. This is even more interesting in comparison with the U.S. dollar which traded Friday to a 3-year low, briefly breaking below 100 in early trading.LIVESTOCK:The live cattle complex is back to breathing somewhat normally as the market is traded higher. As you can see when you look at all the live cattle contracts, traders are just mildly supporting the nearby contracts as more trade chatter will affect those months more than the deferred contracts that traded $3 higher and more for the bulk of the session. The feeder cattle complex was the leader of today's rally as its contracts were confidently trading $2.00 to $4.00 higher. The market is again up against its 40-day moving average which could pose some technical pressure moving forward.Continuing to remain confident in the technical position it possesses, the lean hog contracts were yet again inching their way higher through the day. The market could face some pressure around the $94.00 mark, but it's not likely that traders take on that challenge ahead of Monday's open, even though pork cutout values are higher and offering some additional support.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/11153104/web-closing-markets.mp3">HERE</a> for audio

May corn closed up 9 cents and December corn was up 3 1/2 cents. May soybeans closed up 16 1/4 cents and November soybeans were up 7 3/4 cents. May KC wheat closed down 10 cents, May Chicago wheat was down 4 1/4 cents, May Minneapolis wheat was down 6 3/4 cents.

The U.S. Dollar Index is down 1.99 at 100.91. The Dow Jones Industrial Average is down 845.0 points at 39,991.0. June gold is up $111.10 at $3,190.50, May silver is up $0.69 at $31.10 and May copper is up $0.1870. May crude oil is down $1.93 at $60.42, May ultra-low sulfur diesel is down $0.0578, June RBOB gasoline is down $0.0685 and May natural gas is down $0.286.

May corn futures closed up 9 cents to $4.83 on Thursday. New-crop December futures were up 3 1/4 cents to $4.54 1/4. May corn was able to extend its winning streak to five sessions and in the process secure a close back above the 50-day moving average at $4.78 1/4. This is the first close above the 50-day moving average since Feb. 26. Given the sharp decline in prices seen in late February, the chart left little in the way of clear short-term support and resistance; so, at this point the $5.00 mark becomes the clear bullish target for corn traders moving forward.

The USDA at long last increased its estimate of corn exports in Thursday's WASDE report. Increasing the forecast from 2.45 billion bushels (bb) to 2.55 bb. The USDA did offset this with slightly less feed demand expected, likely stemming primarily from the surprisingly low hog numbers estimated by the USDA in the most recent quarterly Hogs and Pigs Report. Focusing on exports, Thursday morning's Export Sales data from the USDA kept the pace strong with commitments running 25% above 2023-24. The USDA is now penciling in an 11% year-over-year increase, so the potential for future revisions higher remains on the table.

In South American news, Brazilian agency CONAB revised its estimate of 2025 corn production higher to 124.7 million metric tons (mmt) Thursday morning prior to the WASDE release in which the USDA kept its estimate steady at 126 mmt. The next month's weather will be pivotal in the accuracy of these estimates. Meanwhile, Thursday's world corn stocks estimate shrank again by over 1 mmt, notably when not including China's stocks. This puts an increased degree of importance on safrinha corn, with the crop being the second largest source of imported corn for the world behind the U.S.

The DTN National Corn Index finished Wednesday at $4.47. Thursday's futures close and Wednesday's implied corn basis of 27 cents under the May board would indicate the index on Thursday afternoon to be near $4.56.

May soybeans closed at $10.29 on Thursday, up 16 1/4 cents. New-crop November soybeans were up 7 3/4 cents to $10.04 3/4. May soybean futures posted a fourth straight day higher and are now within a half cent of completely erasing the tariff-induced losses from last week. Prices now sit just a penny below the 50-day moving average, a level the market has not closed above since late February. Support is seen currently near $10.15 to the downside.

Thursday's USDA data was mostly quiet for soybeans as the USDA did reduce domestic ending stocks by 5 million bushels (mb), as a result of stronger crush but offset slightly by increased imports of soybeans. I was a bit surprised by both adjustments. The crush in particular is a welcomed bullish adjustment, especially considering the somewhat disappointing crush volume seen in February. However, March is usually a strong crush month and will do a lot to dictate the pace through the balance of the marketing year. On the world side, the USDA again left South American production estimates unchanged, however there was a surprise increase to Brazilian production for 2023-24 which in turn increased Brazilian soybean stocks for this current year. CONAB Brazil did notably increase their soybean estimate in their April report Thursday morning to 167.9 mmt, closing the gap with the USDA. At this point, the argument is really just which record crop is larger as it pertains to Brazil. Lastly, Thursday's figures did include increased domestic crush in both Argentina and Brazil which likely would have resulted in a drawdown of world stocks outside of China had the USDA not bolstered beginning stocks in Brazil as a result of revising last year's figures.

The DTN National Soybean Index finished Wednesday at $9.55. Thursday's futures close and Wednesday's implied soybean basis of 58 cents under the May board, would indicate the index on Thursday afternoon to be near $9.71.

May Kansas City wheat futures closed down 10 cents Thursday to $5.58. New-crop July futures were down 7 1/4 to $5.73. It was not surprising to see wheat futures retreat from daily highs following what was for the most part a bearish USDA report. KC May futures challenged their 100-day moving average at $5.75 1/2 but failed to gain a footing there. $5.50 is seen as the most significant immediate round of support for Kansas City futures.

The USDA again cut wheat export expectations in Thursday's WASDE. This time by 15 mb to now 820 mb for the season. To add to the bottom-line stocks increase of 27 mb from March, the USDA cut seed usage slightly but more notably increased imports yet another 10 mb. Wheat imports are seen to be the largest since 2017-18 as estimated, largely to do with the strong U.S. Dollar through most of the marketing season especially relative to the Canadian dollar where most of the imports are sourced. In world figures, the USDA increased world wheat stocks outside of China by just under 3 mmt. Mainly as a result of the USDA expecting less wheat trade to occur, primarily due to further reductions in Russian exports driving less imports and subsequently less domestic usage in major importing countries outside of China. Despite the bearish tone to Thursday's numbers, I remain interested to see how quickly traders turn the page on this report and return focus to weather, where between flooding in the East and dryness in the West there remains potential issues as 2025 wheat heading advances. For reference, in Thursday morning's Drought Monitor from the University of Nebraska-Lincoln, 32% of winter wheat growing area was still seen in some form of drought.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/10140730/30001-closing-markets.mp3">Click HERE to listen to the Closing Markets</a>

By MATT PIKESt. Joseph PostGENERAL COMMENTS:May corn closed up 9 cents and December corn was up 3 1/2 cents. May soybeans closed up 16 1/4 cents and November soybeans were up 7 3/4 cents. May KC wheat closed down 10 cents, May Chicago wheat was down 4 1/4 cents, May Minneapolis wheat was down 6 3/4 cents.The U.S. Dollar Index is down 1.99 at 100.91. The Dow Jones Industrial Average is down 845.0 points at 39,991.0. June gold is up $111.10 at $3,190.50, May silver is up $0.69 at $31.10 and May copper is up $0.1870. May crude oil is down $1.93 at $60.42, May ultra-low sulfur diesel is down $0.0578, June RBOB gasoline is down $0.0685 and May natural gas is down $0.286.CORN:May corn futures closed up 9 cents to $4.83 on Thursday. New-crop December futures were up 3 1/4 cents to $4.54 1/4. May corn was able to extend its winning streak to five sessions and in the process secure a close back above the 50-day moving average at $4.78 1/4. This is the first close above the 50-day moving average since Feb. 26. Given the sharp decline in prices seen in late February, the chart left little in the way of clear short-term support and resistance; so, at this point the $5.00 mark becomes the clear bullish target for corn traders moving forward.The USDA at long last increased its estimate of corn exports in Thursday's WASDE report. Increasing the forecast from 2.45 billion bushels (bb) to 2.55 bb. The USDA did offset this with slightly less feed demand expected, likely stemming primarily from the surprisingly low hog numbers estimated by the USDA in the most recent quarterly Hogs and Pigs Report. Focusing on exports, Thursday morning's Export Sales data from the USDA kept the pace strong with commitments running 25% above 2023-24. The USDA is now penciling in an 11% year-over-year increase, so the potential for future revisions higher remains on the table.In South American news, Brazilian agency CONAB revised its estimate of 2025 corn production higher to 124.7 million metric tons (mmt) Thursday morning prior to the WASDE release in which the USDA kept its estimate steady at 126 mmt. The next month's weather will be pivotal in the accuracy of these estimates. Meanwhile, Thursday's world corn stocks estimate shrank again by over 1 mmt, notably when not including China's stocks. This puts an increased degree of importance on safrinha corn, with the crop being the second largest source of imported corn for the world behind the U.S.The DTN National Corn Index finished Wednesday at $4.47. Thursday's futures close and Wednesday's implied corn basis of 27 cents under the May board would indicate the index on Thursday afternoon to be near $4.56.SOYBEANS:May soybeans closed at $10.29 on Thursday, up 16 1/4 cents. New-crop November soybeans were up 7 3/4 cents to $10.04 3/4. May soybean futures posted a fourth straight day higher and are now within a half cent of completely erasing the tariff-induced losses from last week. Prices now sit just a penny below the 50-day moving average, a level the market has not closed above since late February. Support is seen currently near $10.15 to the downside.Thursday's USDA data was mostly quiet for soybeans as the USDA did reduce domestic ending stocks by 5 million bushels (mb), as a result of stronger crush but offset slightly by increased imports of soybeans. I was a bit surprised by both adjustments. The crush in particular is a welcomed bullish adjustment, especially considering the somewhat disappointing crush volume seen in February. However, March is usually a strong crush month and will do a lot to dictate the pace through the balance of the marketing year. On the world side, the USDA again left South American production estimates unchanged, however there was a surprise increase to Brazilian production for 2023-24 which in turn increased Brazilian soybean stocks for this current year. CONAB Brazil did notably increase their soybean estimate in their April report Thursday morning to 167.9 mmt, closing the gap with the USDA. At this point, the argument is really just which record crop is larger as it pertains to Brazil. Lastly, Thursday's figures did include increased domestic crush in both Argentina and Brazil which likely would have resulted in a drawdown of world stocks outside of China had the USDA not bolstered beginning stocks in Brazil as a result of revising last year's figures.The DTN National Soybean Index finished Wednesday at $9.55. Thursday's futures close and Wednesday's implied soybean basis of 58 cents under the May board, would indicate the index on Thursday afternoon to be near $9.71.WHEAT:May Kansas City wheat futures closed down 10 cents Thursday to $5.58. New-crop July futures were down 7 1/4 to $5.73. It was not surprising to see wheat futures retreat from daily highs following what was for the most part a bearish USDA report. KC May futures challenged their 100-day moving average at $5.75 1/2 but failed to gain a footing there. $5.50 is seen as the most significant immediate round of support for Kansas City futures.The USDA again cut wheat export expectations in Thursday's WASDE. This time by 15 mb to now 820 mb for the season. To add to the bottom-line stocks increase of 27 mb from March, the USDA cut seed usage slightly but more notably increased imports yet another 10 mb. Wheat imports are seen to be the largest since 2017-18 as estimated, largely to do with the strong U.S. Dollar through most of the marketing season especially relative to the Canadian dollar where most of the imports are sourced. In world figures, the USDA increased world wheat stocks outside of China by just under 3 mmt. Mainly as a result of the USDA expecting less wheat trade to occur, primarily due to further reductions in Russian exports driving less imports and subsequently less domestic usage in major importing countries outside of China. Despite the bearish tone to Thursday's numbers, I remain interested to see how quickly traders turn the page on this report and return focus to weather, where between flooding in the East and dryness in the West there remains potential issues as 2025 wheat heading advances. For reference, in Thursday morning's Drought Monitor from the University of Nebraska-Lincoln, 32% of winter wheat growing area was still seen in some form of drought.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/10140730/30001-closing-markets.mp3">Click HERE to listen to the Closing Markets</a>

Senators Chuck Grassley (IA) and Amy Klobuchar (MN) are leading a bipartisan group of 16 senators in urging the Environmental Protection Agency to restore integrity to the Renewable Fuel Standard. They want the agency to raise the Renewable Volume Obligation (RVO) levels for biomass-based diesel and advanced biofuels to help restore stability and growth to the U.S. biofuel sector. 

The Biden-era EPA set RVOs at levels that failed to align with market conditions and production outlook, which has contributed to biodiesel plant closures in the Midwest. In a letter to EPA Administrator Lee Zeldin,  the senators pressed the agency to implement multi-year RVO standards to provide more clarity and growth for the biofuels industry. “The biofuels market continues expanding to new frontiers, including marine shipping, aviation, and rail,” the letter says. “Biofuels provide a buffer to market fluctuations in the liquid fuel market, consistently costing consumers less than traditional liquid fuels.” 

Senators Chuck Grassley (IA) and Amy Klobuchar (MN) are leading a bipartisan group of 16 senators in urging the Environmental Protection Agency to restore integrity to the Renewable Fuel Standard. They want the agency to raise the Renewable Volume Obligation (RVO) levels for biomass-based diesel and advanced biofuels to help restore stability and growth to the U.S. biofuel sector. The Biden-era EPA set RVOs at levels that failed to align with market conditions and production outlook, which has contributed to biodiesel plant closures in the Midwest. In a letter to EPA Administrator Lee Zeldin, the senators pressed the agency to implement multi-year RVO standards to provide more clarity and growth for the biofuels industry. “The biofuels market continues expanding to new frontiers, including marine shipping, aviation, and rail,” the letter says. “Biofuels provide a buffer to market fluctuations in the liquid fuel market, consistently costing consumers less than traditional liquid fuels.” -NAFB

Senators want integrity restored to RFS

May corn closed up 5 cents and December corn was up 5 cents. May soybeans closed up 20 cents and November soybeans were up 19 1/4 cents. May KC wheat closed up 6 1/2 cents, May Chicago wheat was up 2 1/4 cents, May Minneapolis wheat was up 7 3/4 cents.

What began as a similar day to the past four sessions took a dramatic shift in the early afternoon Wednesday after the Trump administration announced a 90-day pause on some tariffs, with the exception of China, which will now face a 125% duty as a result of their increased retaliatory action against the United States in recent days. The fine details of Trump's statement on Truth Social are still somewhat ambiguous; but for now the policy shift appears to be a reduction of all increased reciprocal tariffs back to the 10% baseline level over the next 90-days, with China left out of the alleviation. The Dow Jones Industrial Average skyrocketed to up over 2,600 points immediately upon the news being reported. Meanwhile, grain markets which had been struggling against chart resistance surged as well, led by soybean futures which quickly moved double-digits higher despite the trading relationship with China remaining sour. Crude oil futures rose to over $5 per barrel higher than the intraday low, and with that reversal lent strength to soybean oil futures as well, which snapped a four-day losing streak.

The live cattle complex traded lower for the bulk of the session as pressure again reared its nasty head. More than anything, the psychological pressure of not knowing what's to come seemed to be plaguing the market as traders sat uneasily. After the tariff anouncement from the Trump administration, that there would be a "pause", there was a flurry of activity and all contracts ended sharply higher. A few bids have surfaced leading up to Wednesday's noon hour as live bids are currently being offered in Nebraska at $205 to $208, and in Texas at $200. Asking prices are firm in the South at $208, but it will be interesting to see who gives this week and where the trade's weighted average lands this week. But it's still assumed that the week's trade will be delayed until Thursday or Friday.

The feeder cattle complex tried to hold its nearby contracts higher while the rest of the market follows the direction of the live cattle complex early on in the session. Helping keep the nearby feeder cattle contracts higher is also the fact that turnout season is nearing, and order buyers want to fill their orders before supplies run out. The same flurry of activity hit just before close and all contracts finished significantly higher by the closing bell.

The lean hog complex traded mixed with the market's nearby contracts trading mildly higher while the deferred months continue to venture lower for the bulk of the session. More than anything it's appearing as though the nearby contracts have found technical support which traders are mildly rallying from. The late session tariff news help bolster the market with only the two far deferred contracts finishing modestly lower. Hopefully, Thursday's WASDE report will offer some guidance into what the demand picture looks like moving forward.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/09143804/web-closing-markets.mp3">HERE</a> for audio

By NATHAN STUEDLESt. Joseph PostGRAINS:May corn closed up 5 cents and December corn was up 5 cents. May soybeans closed up 20 cents and November soybeans were up 19 1/4 cents. May KC wheat closed up 6 1/2 cents, May Chicago wheat was up 2 1/4 cents, May Minneapolis wheat was up 7 3/4 cents.What began as a similar day to the past four sessions took a dramatic shift in the early afternoon Wednesday after the Trump administration announced a 90-day pause on some tariffs, with the exception of China, which will now face a 125% duty as a result of their increased retaliatory action against the United States in recent days. The fine details of Trump's statement on Truth Social are still somewhat ambiguous; but for now the policy shift appears to be a reduction of all increased reciprocal tariffs back to the 10% baseline level over the next 90-days, with China left out of the alleviation. The Dow Jones Industrial Average skyrocketed to up over 2,600 points immediately upon the news being reported. Meanwhile, grain markets which had been struggling against chart resistance surged as well, led by soybean futures which quickly moved double-digits higher despite the trading relationship with China remaining sour. Crude oil futures rose to over $5 per barrel higher than the intraday low, and with that reversal lent strength to soybean oil futures as well, which snapped a four-day losing streak.LIVESTOCK:The live cattle complex traded lower for the bulk of the session as pressure again reared its nasty head. More than anything, the psychological pressure of not knowing what's to come seemed to be plaguing the market as traders sat uneasily. After the tariff anouncement from the Trump administration, that there would be a "pause", there was a flurry of activity and all contracts ended sharply higher. A few bids have surfaced leading up to Wednesday's noon hour as live bids are currently being offered in Nebraska at $205 to $208, and in Texas at $200. Asking prices are firm in the South at $208, but it will be interesting to see who gives this week and where the trade's weighted average lands this week. But it's still assumed that the week's trade will be delayed until Thursday or Friday.The feeder cattle complex tried to hold its nearby contracts higher while the rest of the market follows the direction of the live cattle complex early on in the session. Helping keep the nearby feeder cattle contracts higher is also the fact that turnout season is nearing, and order buyers want to fill their orders before supplies run out. The same flurry of activity hit just before close and all contracts finished significantly higher by the closing bell.The lean hog complex traded mixed with the market's nearby contracts trading mildly higher while the deferred months continue to venture lower for the bulk of the session. More than anything it's appearing as though the nearby contracts have found technical support which traders are mildly rallying from. The late session tariff news help bolster the market with only the two far deferred contracts finishing modestly lower. Hopefully, Thursday's WASDE report will offer some guidance into what the demand picture looks like moving forward. Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/09143804/web-closing-markets.mp3">HERE</a> for audio

The Fertilizer Institute thanked members of Congress in both chambers for sending a letter to Interior Secretary Doug Burgum in support of potash and phosphate being included on the list of critical minerals. “We thank the multiple senators and representatives for working together and uniting a bipartisan voice urging the Secretary of the Interior to rightfully recognize the essential nature of phosphate and potash,” said TFI President and CEO Corey Rosenbusch. 

“The majority of the world’s phosphate and potash resources are concentrated in only a few countries, leaving them open to supply chain vulnerabilities and geopolitical instability.” He also said the events of the past few years have shown us that food security is national security and now is the time to change how we talk about these vital resources. The U.S. imports about 98 percent of its potash needs, most of which at 85 percent, comes from Canada. 

The Fertilizer Institute thanked members of Congress in both chambers for sending a letter to Interior Secretary Doug Burgum in support of potash and phosphate being included on the list of critical minerals. “We thank the multiple senators and representatives for working together and uniting a bipartisan voice urging the Secretary of the Interior to rightfully recognize the essential nature of phosphate and potash,” said TFI President and CEO Corey Rosenbusch. “The majority of the world’s phosphate and potash resources are concentrated in only a few countries, leaving them open to supply chain vulnerabilities and geopolitical instability.” He also said the events of the past few years have shown us that food security is national security and now is the time to change how we talk about these vital resources. The U.S. imports about 98 percent of its potash needs, most of which at 85 percent, comes from Canada. -NAFB

TFI applauds critical mineral decision

The Missouri Department of Agriculture launched the 16th annual Focus on Missouri Agriculture photo contest this week. Missourians can share their story of agriculture through photographs. The contest is open to Missouri photographers of all ages. Participants may enter up to three photos in each of the categories, and runs through June 6th. Categories include: Beauty of the Farm, Faces of the Farmer, Around the Barnyard, Everyday Life and Kid’s Corner for youth ages 12 and under.

In addition, Governor Mike Kehoe and First Lady Claudia Kehoe will also evaluate the winning photos and select the First Family’s Choice photo. Winners will be announced in early July and winning photos will be displayed in the Agriculture Building at the 2025 Missouri State Fair, August 7-17. A complete list of rules, submission information, and more is available at <a href="https://agriculture.mo.gov/">Agriculture.Mo.Gov</a>

By NATHAN STUEDLESt. Joseph PostThe Missouri Department of Agriculture launched the 16th annual Focus on Missouri Agriculture photo contest this week. Missourians can share their story of agriculture through photographs. The contest is open to Missouri photographers of all ages. Participants may enter up to three photos in each of the categories, and runs through June 6th. Categories include: Beauty of the Farm, Faces of the Farmer, Around the Barnyard, Everyday Life and Kid’s Corner for youth ages 12 and under.In addition, Governor Mike Kehoe and First Lady Claudia Kehoe will also evaluate the winning photos and select the First Family’s Choice photo. Winners will be announced in early July and winning photos will be displayed in the Agriculture Building at the 2025 Missouri State Fair, August 7-17. A complete list of rules, submission information, and more is available at <a href="https://agriculture.mo.gov/">Agriculture.Mo.Gov</a>

Missouri department of agriculture opens up photo contest

May corn closed up 4 1/2 cents and December corn was down 1/4 cents. May soybeans closed up 9 3/4 cents and November soybeans were down 3 1/4 cents. May KC wheat closed up 2 1/4 cents, May Chicago wheat was up 3 1/2 cents, May Minneapolis wheat was up 7 cents.

For the most part on Tuesday, U.S. agricultural markets staged a recovery attempt from the lows set immediately following last week's tariff-induced selloff. Soybean futures led the way Tuesday, quickly pushing back toward $10.00 on May futures, despite little optimism being reported in regard to negotiations between the U.S. and China, and the U.S. set to go ahead with another additional 50% tariff on China when the policies take effect on Wednesday. For Tuesday, reports that the Trump administration was open to negotiations/deals and had begun talks with trading partners was enough of a bullish spark to send stock indices higher, although markets faded significantly off their daily highs by late morning as general uncertainty still plagues the market.

The live cattle complex continued to follow the direction of the equity markets as traders continue to watch closely for any changes in the external facets of the marketplace. Thankfully, with the equity markets finding some support and stability, the live cattle complex also traded softly higher for much of the session and ended mixed. Still no developments have surfaced for this week's cash cattle trade, and it's likely that if the board continues to trade favorably feedlot managers may elect to hold strong and push the week's trade out until Thursday or Friday.

The feeder cattle complex leaped higher at Tuesday's start and continued to trade higher for the bulk of the session only to end mixed at the closing bell. With the added support of the equity market's higher direction and the live cattle market's stronger trend, the feeder cattle complex feels equipped to trade higher.

The lean hog complex wasn't as confident about the marketplace today as the nearby contracts traded higher, but the rest of the contracts traded lower. Pork cutout values were lower which isn't helping matters either as traders could use the added support of stronger market fundamentals.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/08145809/web-closing-markets.mp3">HERE</a> for audio

By NATHAN STUEDLESt. Joseph PostGRAINS:May corn closed up 4 1/2 cents and December corn was down 1/4 cents. May soybeans closed up 9 3/4 cents and November soybeans were down 3 1/4 cents. May KC wheat closed up 2 1/4 cents, May Chicago wheat was up 3 1/2 cents, May Minneapolis wheat was up 7 cents.For the most part on Tuesday, U.S. agricultural markets staged a recovery attempt from the lows set immediately following last week's tariff-induced selloff. Soybean futures led the way Tuesday, quickly pushing back toward $10.00 on May futures, despite little optimism being reported in regard to negotiations between the U.S. and China, and the U.S. set to go ahead with another additional 50% tariff on China when the policies take effect on Wednesday. For Tuesday, reports that the Trump administration was open to negotiations/deals and had begun talks with trading partners was enough of a bullish spark to send stock indices higher, although markets faded significantly off their daily highs by late morning as general uncertainty still plagues the market.LIVESTOCK:The live cattle complex continued to follow the direction of the equity markets as traders continue to watch closely for any changes in the external facets of the marketplace. Thankfully, with the equity markets finding some support and stability, the live cattle complex also traded softly higher for much of the session and ended mixed. Still no developments have surfaced for this week's cash cattle trade, and it's likely that if the board continues to trade favorably feedlot managers may elect to hold strong and push the week's trade out until Thursday or Friday.The feeder cattle complex leaped higher at Tuesday's start and continued to trade higher for the bulk of the session only to end mixed at the closing bell. With the added support of the equity market's higher direction and the live cattle market's stronger trend, the feeder cattle complex feels equipped to trade higher.The lean hog complex wasn't as confident about the marketplace today as the nearby contracts traded higher, but the rest of the contracts traded lower. Pork cutout values were lower which isn't helping matters either as traders could use the added support of stronger market fundamentals.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/08145809/web-closing-markets.mp3">HERE</a> for audio

The Food and Agricultural Policy Research Institute at the University of Missouri released its 2025 U.S. Agricultural Market Outlook report. The outlook for U.S. farm finances is characterized by two competing story lines. For producers of many crops, net returns are down sharply from recent peaks as output prices have declined more than input costs. The cattle sector, in contrast, is experiencing record prices and returns to cow-calf producers. 

By NATHAN STUEDLESt. Joseph PostThe Food and Agricultural Policy Research Institute at the University of Missouri released its 2025 U.S. Agricultural Market Outlook report. The outlook for U.S. farm finances is characterized by two competing story lines. For producers of many crops, net returns are down sharply from recent peaks as output prices have declined more than input costs. The cattle sector, in contrast, is experiencing record prices and returns to cow-calf producers.

FAPRI releases 2025 U.S. ag market outlook

Corn futures were flat to 4 cents higher at the close, with active two-sided trade and the range holding so far as we watch the outside market rollercoaster. Ethanol margins will see continued pressure from losses in energies.

Soybean futures were1 1/4 to 6 cents higher at the bell on the three nearby contracts, with trade working to consolidate the low end of the range after the late-week washout with a brief sharp rally on positive trade rumors. South American weather looks to remain cooperative for harvest to keep overall harvest pressure easing outside of the trade action.

Wheat futures were 1 to 8 cents higher at the close with light short-covering and weather concerns keeping support in play. The hard red wheat areas look to be mostly dry in the short term with warming temps this week before moisture potential improves the second week. Weekly crop progress is expected to show conditions a bit lower than the last national report last fall with development in line with the 5-year average pace. MATIF wheat is solidly firmer as the dollar weakness eases again today.

Live cattle futures have continued lower with all contracts now trading under the $200 per cwt threshold that seemed solid just a week ago. Although stock markets made wide shifts through the morning, the inability to hold the temporary gains has led to widespread market pressure redeveloping in nearly all markets. There remains a lot of concern and fear about what the ramifications of tariff levels will have on not only beef markets but the general economy, which is keeping trade under pressure. Cash cattle markets are quiet with bids and offers still undeveloped.

Feeder cattle futures followed the bearish tone seen through other markets on Monday. Very little fundamental market direction is being utilized at this point, and overall market technical factors are being generally overlooked. The main focus across all markets, including feeder cattle trade tariff levels and potential implications to the economy. It is way too early to determine what short- or long-term impact any of this will have on cattle markets and cattle prices, but traders are taking protection if there is no other information available to trade at this point.

Lean hog futures moved lower Monday despite showing some signs of support early in the session. Underlying concerns of tariff levels set and retaliatory tariffs developing have traders unsure of how overall pork demand will be impacted through 2025 and beyond. When faced with uncertainty, traders nearly always take a protectionary stance. This is one of the main drivers of the recent market tumble.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/07144741/web-closing-markets.mp3">HERE</a> for audio

By NATHAN STUEDLESt. Joseph PostGRAINS:Corn futures were flat to 4 cents higher at the close, with active two-sided trade and the range holding so far as we watch the outside market rollercoaster. Ethanol margins will see continued pressure from losses in energies. Soybean futures were1 1/4 to 6 cents higher at the bell on the three nearby contracts, with trade working to consolidate the low end of the range after the late-week washout with a brief sharp rally on positive trade rumors. South American weather looks to remain cooperative for harvest to keep overall harvest pressure easing outside of the trade action. Wheat futures were 1 to 8 cents higher at the close with light short-covering and weather concerns keeping support in play. The hard red wheat areas look to be mostly dry in the short term with warming temps this week before moisture potential improves the second week. Weekly crop progress is expected to show conditions a bit lower than the last national report last fall with development in line with the 5-year average pace. MATIF wheat is solidly firmer as the dollar weakness eases again today. LIVESTOCK:Live cattle futures have continued lower with all contracts now trading under the $200 per cwt threshold that seemed solid just a week ago. Although stock markets made wide shifts through the morning, the inability to hold the temporary gains has led to widespread market pressure redeveloping in nearly all markets. There remains a lot of concern and fear about what the ramifications of tariff levels will have on not only beef markets but the general economy, which is keeping trade under pressure. Cash cattle markets are quiet with bids and offers still undeveloped. Feeder cattle futures followed the bearish tone seen through other markets on Monday. Very little fundamental market direction is being utilized at this point, and overall market technical factors are being generally overlooked. The main focus across all markets, including feeder cattle trade tariff levels and potential implications to the economy. It is way too early to determine what short- or long-term impact any of this will have on cattle markets and cattle prices, but traders are taking protection if there is no other information available to trade at this point. Lean hog futures moved lower Monday despite showing some signs of support early in the session. Underlying concerns of tariff levels set and retaliatory tariffs developing have traders unsure of how overall pork demand will be impacted through 2025 and beyond. When faced with uncertainty, traders nearly always take a protectionary stance. This is one of the main drivers of the recent market tumble.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/07144741/web-closing-markets.mp3">HERE</a> for audio