The U.S. and the European Union announced that they’ve agreed on a Framework of an Agreement on Reciprocal, Fair, and Balanced Trade. Among the key terms, the EU intends to eliminate tariffs on all U.S. industrial goods and provide preferential market access for a wide range of U.S. seafood and agricultural goods, including dairy products, fresh and processed fruits and vegetables, soybean oil, pork, and other products. 

The U.S. commits to applying the higher of either the U.S. Most Favored Nation Tariff Rate or a tariff rate of 15 percent, comprised of the MFN tariff and a reciprocal tariff, on originating goods from the European Union. Among some of the other commitments, the U.S. and EU share one of the world’s largest economic relationships. European companies commit to invest an additional $600 billion across strategic U.S. sectors through 2028. They’ll also work to eliminate tariff and non-tariff barriers. 

The U.S. and the European Union announced that they’ve agreed on a Framework of an Agreement on Reciprocal, Fair, and Balanced Trade. Among the key terms, the EU intends to eliminate tariffs on all U.S. industrial goods and provide preferential market access for a wide range of U.S. seafood and agricultural goods, including dairy products, fresh and processed fruits and vegetables, soybean oil, pork, and other products. The U.S. commits to applying the higher of either the U.S. Most Favored Nation Tariff Rate or a tariff rate of 15 percent, comprised of the MFN tariff and a reciprocal tariff, on originating goods from the European Union. Among some of the other commitments, the U.S. and EU share one of the world’s largest economic relationships. European companies commit to invest an additional $600 billion across strategic U.S. sectors through 2028. They’ll also work to eliminate tariff and non-tariff barriers. -NAFB

U.S. and E.U. issue a joint statement on trade framework

December corn closed up 7 3/4 cents per bushel at $4.11 3/4 and March corn was up 7 3/4 cents at $4.26 3/4. November soybeans closed up 20 cents at $10.56 0/1 and January soybeans were up 18 1/2 cents at $10.73 3/4. December KC wheat closed up 2 3/4 cents at $5.26, December Chicago wheat was up 1 1/2 cents at $5.29 3/4 and December Minneapolis wheat was up 0.02 cents at $5.9100.

Both the corn and soy markets surged Thursday as the next 10 days holds a dry outlook for the Eastern Corn Belt and crop tour participants are finding diseases more prevalent than thought. Soybean oil rallied ahead of what is expected to be a decision on small refinery exemptions soon. Wheat markets were along for the ride in two-sided trade but in the end finished mixed to slightly higher.

Following Wednesday's massive surge in the futures complex, the live cattle complex&nbsp;traded mostly steady, seeming unsure of what it should do next. It remains incredibly supportive that boxed beef prices are continuing to trend higher, but the market has yet to really see what this week's trend is going to be in the fed cash cattle complex. There's been a light movement in the North at $245, which is steady to a tick higher than last week's weighted average, but the market hasn't seen enough trade, or any trade in the South, to say that it confidently knows what this week's trend is going to be. Regardless, it's anticipated that prices will trade at least steady if not a bit higher again this week simply because feedlot managers possess enough leverage in the marketplace to be able to roll their showlists over if prices aren't what they want. From a technical standpoint, it's impressive to see that futures contracts are trading mostly steady as traders want to support the complex more but also don't want to overdo anything.

The feeder cattle complex&nbsp;continued to trade mostly higher into Thursday's close after a rough start to the session, as traders are seeing plenty of support. Support from feeder cattle sales in the countryside, support from strong boxed beef demand, support from the light movement that the fed cash cattle complex has seen already this week, and, as of this point this week, total support from traders.

Although pork cutout values were down slightly, and the week's export report wasn't overly supportive, the lean hog complex traded mostly higher into Thursday's closing bell as traders have seemed to find some footing in the futures complex. The bulk of this week's cash hog trade is likely done, so any fundamental support is going to need to come from cutout values, and this morning the carcass price was down slightly.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/08/21152506/web-closing-markets.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed up 7 3/4 cents per bushel at $4.11 3/4 and March corn was up 7 3/4 cents at $4.26 3/4. November soybeans closed up 20 cents at $10.56 0/1 and January soybeans were up 18 1/2 cents at $10.73 3/4. December KC wheat closed up 2 3/4 cents at $5.26, December Chicago wheat was up 1 1/2 cents at $5.29 3/4 and December Minneapolis wheat was up 0.02 cents at $5.9100.Both the corn and soy markets surged Thursday as the next 10 days holds a dry outlook for the Eastern Corn Belt and crop tour participants are finding diseases more prevalent than thought. Soybean oil rallied ahead of what is expected to be a decision on small refinery exemptions soon. Wheat markets were along for the ride in two-sided trade but in the end finished mixed to slightly higher.LIVESTOCK:Following Wednesday's massive surge in the futures complex, the live cattle complex&nbsp;traded mostly steady, seeming unsure of what it should do next. It remains incredibly supportive that boxed beef prices are continuing to trend higher, but the market has yet to really see what this week's trend is going to be in the fed cash cattle complex. There's been a light movement in the North at $245, which is steady to a tick higher than last week's weighted average, but the market hasn't seen enough trade, or any trade in the South, to say that it confidently knows what this week's trend is going to be. Regardless, it's anticipated that prices will trade at least steady if not a bit higher again this week simply because feedlot managers possess enough leverage in the marketplace to be able to roll their showlists over if prices aren't what they want. From a technical standpoint, it's impressive to see that futures contracts are trading mostly steady as traders want to support the complex more but also don't want to overdo anything.The feeder cattle complex&nbsp;continued to trade mostly higher into Thursday's close after a rough start to the session, as traders are seeing plenty of support. Support from feeder cattle sales in the countryside, support from strong boxed beef demand, support from the light movement that the fed cash cattle complex has seen already this week, and, as of this point this week, total support from traders. Although pork cutout values were down slightly, and the week's export report wasn't overly supportive, the lean hog complex traded mostly higher into Thursday's closing bell as traders have seemed to find some footing in the futures complex. The bulk of this week's cash hog trade is likely done, so any fundamental support is going to need to come from cutout values, and this morning the carcass price was down slightly.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/08/21152506/web-closing-markets.mp3">Click HERE for audio</a>

Commodity markets daily recap

Local opposition to utility-scale solar installations in rural areas is growing following the rapid pace of new solar developments in recent years. Land use concerns in areas largely dominated by agricultural production are fueling much of the community-level resistance. A new CoBank report says solar expansion could deliver the fastest, most affordable means for increasing the nation’s razor-thin energy reserves while driving new revenue streams for rural communities. 

CoBank says concerns around the pace of solar development in rural areas and the implications for land use in agricultural regions are warranted. A recent independent study found that about 15 percent of U.S. counties have some form of restriction on building new utility-scale solar energy projects. American Farmland Trust says more than 80 percent of new solar development will take place on agricultural lands over the next 20 years, with almost half that development on what’s considered “prime” land. 

Local opposition to utility-scale solar installations in rural areas is growing following the rapid pace of new solar developments in recent years. Land use concerns in areas largely dominated by agricultural production are fueling much of the community-level resistance. A new CoBank report says solar expansion could deliver the fastest, most affordable means for increasing the nation’s razor-thin energy reserves while driving new revenue streams for rural communities. CoBank says concerns around the pace of solar development in rural areas and the implications for land use in agricultural regions are warranted. A recent independent study found that about 15 percent of U.S. counties have some form of restriction on building new utility-scale solar energy projects. American Farmland Trust says more than 80 percent of new solar development will take place on agricultural lands over the next 20 years, with almost half that development on what’s considered “prime” land. -NAFB

Can large-scale solar coexist with agriculture in rural America?

The 2022 Census of Agriculture Typology Report shows that family farms make up 95 percent of all U.S. farms. The report, released by the National Agricultural Statistics Service, focuses on the “family farm,” which is defined as any farm where the majority of the business is owned by the producer and individuals related to the producer. 

“Classifying America’s 1.9 million farms to better reflect their variety is critical to evaluating and reporting on U.S. agriculture,” said NASS Administrator Joseph Parson. “Typology allows us to more meaningfully explore the demographics of who is farming and ranching today as well as their impact on the economy and communities across the country.” The data shows that small family farms with income under $350,000 per year make up 85 percent of all U.S. farms. They also have 39 percent of the total land in farms, and 14 percent of the value of all agricultural products sold. 

The 2022 Census of Agriculture Typology Report shows that family farms make up 95 percent of all U.S. farms. The report, released by the National Agricultural Statistics Service, focuses on the “family farm,” which is defined as any farm where the majority of the business is owned by the producer and individuals related to the producer. “Classifying America’s 1.9 million farms to better reflect their variety is critical to evaluating and reporting on U.S. agriculture,” said NASS Administrator Joseph Parson. “Typology allows us to more meaningfully explore the demographics of who is farming and ranching today as well as their impact on the economy and communities across the country.” The data shows that small family farms with income under $350,000 per year make up 85 percent of all U.S. farms. They also have 39 percent of the total land in farms, and 14 percent of the value of all agricultural products sold. -NAFB

Family farms make up 95 percent of all U.S. Farms

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/08/20142159/30001-230-markets.wav">HERE</a> to listen to the closing markets

December corn closed up 3/4 cent per bushel at $4.04 and March corn was up 1 1/2 cents at $4.22. November soybeans closed up 2 1/4 cents at $10.36 0/1 and January soybeans were up 2 cents at $10.55 1/4. December KC wheat closed up 1 1/2 cents at $5.23 1/4, December Chicago wheat was up 7 cents at $5.28 1/4 and MIAX December Minneapolis wheat was up 0.02 cents at $5.8975.

The September U.S. Dollar Index is trading down 0.064 at 98.055. The Dow Jones Industrial Average is down 88.22 points at 44,834.05. December gold is up $29.30 at $3,388.00, September silver is up $0.44 at $37.77 and September copper is up $0.0050 at $4.4275. October crude oil is up $0.95 at $62.72, October heating oil is up $0.0297, October RBOB is up $0.0367 and September natural gas is down $0.016.

Corn futures were quietly higher Wednesday in slow trade, rejecting early weakness to finish higher. Reports from the ongoing Midwest annual crop tour showed more good numbers with record pod counts in Nebraska soy and higher corn yields and record ear counts in Indiana. However, there were some weather issues and tour participants found tip back on western and northern Illinois fields Wednesday, so perhaps some strength came from that. However, it is likely both Illinois and especially Iowa will show record potential when done. Some rust is being found in Kansas, Nebraska and Iowa fields, which could have a small impact on yield. Corn demand continues to be very good with two more sales to Colombia and Mexico announced on Wednesday amounting to 9 million bushels (mb). Corn sales and inspections continue to run at a solid pace, However, with Brazil's safrinha corn harvest nearing the finish line, they have become much more aggressive in selling corn, with shipping firm ANEC reporting Brazil would ship over 8 million metric tons (mmt) in August, 1.5 mmt higher than a year ago. IN EIA's weekly petroleum report ethanol production slipped 2% lower at 1.072 million barrels per day while stocks remained steady. Word from the University of Illinois is that the breakeven cost on corn, depending on the area, ranges from $4.64 to $4.94 with futures sitting at $4.06 currently. Funds remain net-short corn to the tune of 160,000 contracts. DTN's National Corn Index is $3.61 and 19 cents under the September futures.

Soybeans were modestly higher Wednesday, drawing strength from the continuing rally in soybean meal. It is being reported that not only are funds covering some of their sizeable meal short, but traders are also unwinding September-October spreads, which has moved that from a $4.00 carry to a $2.00 inverse. Bean oil continues to show weakness with September threatening to fill an open chart gap left following the June announcement of the increased RVOs for biodiesel. Tour participants are finding record pod counts in many areas such as Nebraska and are hinting at the potential for record soy yields. Unlike corn, demand is not keeping pace with the expectation for increased supply. The ongoing tariff battle with China has sent them on a buying spree from Brazil all the way into November, and at close to a $1.00 premium to U.S. FOB beans. While China would typically take anywhere from 2 mmt to 8 mmt of U.S. new-crop beans by mid-August, with the 23% tariff they imposed on U.S. beans they have bought zero so far. China's July soy imports from Brazil jumped 14% from the previous year to 10.4 mmt. The American Soybean Association is urging the Trump administration to get a grain deal with China soon or many farmers would face financial hardship. The weather forecast is mostly dry this week until the weekend when we will see rain in the western Midwest. The soy crop will need some finishing rain to solidify record yields. DTN's National Soybean Index is $9.67 and 67 under the November futures.

Wheat markets began Wednesday by falling to new contract lows, but each market recovered to finish higher, with Chicago leading the way. Both the KC and Chicago markets had become extremely oversold and due for a bounce. It is being reported that FOB soft red wheat had become so cheap at the Gulf and more than $10 below FOB Russian wheat that it has drawn some Asian interest. Growing supplies and aggressive marketing from other major wheat exporters, especially Russia and the EU, have pressured wheat lately. In other news, the U.S. spring wheat harvest is advancing and as of Sunday was over 36% done. Tenders include Bangladesh for 50,000 mt of optional milling wheat and Taiwan is tendering for over 90,000 mt of U.S. milling wheat. Jordan passed on its tender for 120,000 mt of milling wheat. Funds remain short both KC and Chicago wheat. DTN's National HRW Index is $4.50 and 50 cents under the September futures.

By MATT PIKEClick <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/08/20142159/30001-230-markets.wav">HERE</a> to listen to the closing marketsGENERAL COMMENTS:December corn closed up 3/4 cent per bushel at $4.04 and March corn was up 1 1/2 cents at $4.22. November soybeans closed up 2 1/4 cents at $10.36 0/1 and January soybeans were up 2 cents at $10.55 1/4. December KC wheat closed up 1 1/2 cents at $5.23 1/4, December Chicago wheat was up 7 cents at $5.28 1/4 and MIAX December Minneapolis wheat was up 0.02 cents at $5.8975.The September U.S. Dollar Index is trading down 0.064 at 98.055. The Dow Jones Industrial Average is down 88.22 points at 44,834.05. December gold is up $29.30 at $3,388.00, September silver is up $0.44 at $37.77 and September copper is up $0.0050 at $4.4275. October crude oil is up $0.95 at $62.72, October heating oil is up $0.0297, October RBOB is up $0.0367 and September natural gas is down $0.016.CORN:Corn futures were quietly higher Wednesday in slow trade, rejecting early weakness to finish higher. Reports from the ongoing Midwest annual crop tour showed more good numbers with record pod counts in Nebraska soy and higher corn yields and record ear counts in Indiana. However, there were some weather issues and tour participants found tip back on western and northern Illinois fields Wednesday, so perhaps some strength came from that. However, it is likely both Illinois and especially Iowa will show record potential when done. Some rust is being found in Kansas, Nebraska and Iowa fields, which could have a small impact on yield. Corn demand continues to be very good with two more sales to Colombia and Mexico announced on Wednesday amounting to 9 million bushels (mb). Corn sales and inspections continue to run at a solid pace, However, with Brazil's safrinha corn harvest nearing the finish line, they have become much more aggressive in selling corn, with shipping firm ANEC reporting Brazil would ship over 8 million metric tons (mmt) in August, 1.5 mmt higher than a year ago. IN EIA's weekly petroleum report ethanol production slipped 2% lower at 1.072 million barrels per day while stocks remained steady. Word from the University of Illinois is that the breakeven cost on corn, depending on the area, ranges from $4.64 to $4.94 with futures sitting at $4.06 currently. Funds remain net-short corn to the tune of 160,000 contracts. DTN's National Corn Index is $3.61 and 19 cents under the September futures.SOYBEANS:Soybeans were modestly higher Wednesday, drawing strength from the continuing rally in soybean meal. It is being reported that not only are funds covering some of their sizeable meal short, but traders are also unwinding September-October spreads, which has moved that from a $4.00 carry to a $2.00 inverse. Bean oil continues to show weakness with September threatening to fill an open chart gap left following the June announcement of the increased RVOs for biodiesel. Tour participants are finding record pod counts in many areas such as Nebraska and are hinting at the potential for record soy yields. Unlike corn, demand is not keeping pace with the expectation for increased supply. The ongoing tariff battle with China has sent them on a buying spree from Brazil all the way into November, and at close to a $1.00 premium to U.S. FOB beans. While China would typically take anywhere from 2 mmt to 8 mmt of U.S. new-crop beans by mid-August, with the 23% tariff they imposed on U.S. beans they have bought zero so far. China's July soy imports from Brazil jumped 14% from the previous year to 10.4 mmt. The American Soybean Association is urging the Trump administration to get a grain deal with China soon or many farmers would face financial hardship. The weather forecast is mostly dry this week until the weekend when we will see rain in the western Midwest. The soy crop will need some finishing rain to solidify record yields. DTN's National Soybean Index is $9.67 and 67 under the November futures.WHEAT:Wheat markets began Wednesday by falling to new contract lows, but each market recovered to finish higher, with Chicago leading the way. Both the KC and Chicago markets had become extremely oversold and due for a bounce. It is being reported that FOB soft red wheat had become so cheap at the Gulf and more than $10 below FOB Russian wheat that it has drawn some Asian interest. Growing supplies and aggressive marketing from other major wheat exporters, especially Russia and the EU, have pressured wheat lately. In other news, the U.S. spring wheat harvest is advancing and as of Sunday was over 36% done. Tenders include Bangladesh for 50,000 mt of optional milling wheat and Taiwan is tendering for over 90,000 mt of U.S. milling wheat. Jordan passed on its tender for 120,000 mt of milling wheat. Funds remain short both KC and Chicago wheat. DTN's National HRW Index is $4.50 and 50 cents under the September futures.

Farm Credit System Institutions made more than 150,000 loans to young, beginning, and small U.S. producers in 2024. A new Farm Credit Administration Report shows the institutional support for its ongoing mission of supporting rural communities and agriculture. “The future of agriculture depends on the next generation,” said Christy Seyfert, president and CEO of the Farm Credit Council. “We’re proud to deliver on our ongoing commitment to supporting young, beginning, and small producers as evidenced through this report.” 

During 2024, Farm Credit institutions made the 150,000 loans, totaling $33.1 billion, which was more than half of all loans made last year. Through 2024, Farm Credit supported over 50,000 loans to young producers who were 35 and under. More than 72,000 loans were made to beginning producers with ten years or less of experience, and 121,000 loans to producers with under $350,000 in gross cash farm income. 

Farm Credit System Institutions made more than 150,000 loans to young, beginning, and small U.S. producers in 2024. A new Farm Credit Administration Report shows the institutional support for its ongoing mission of supporting rural communities and agriculture. “The future of agriculture depends on the next generation,” said Christy Seyfert, president and CEO of the Farm Credit Council. “We’re proud to deliver on our ongoing commitment to supporting young, beginning, and small producers as evidenced through this report.” During 2024, Farm Credit institutions made the 150,000 loans, totaling $33.1 billion, which was more than half of all loans made last year. Through 2024, Farm Credit supported over 50,000 loans to young producers who were 35 and under. More than 72,000 loans were made to beginning producers with ten years or less of experience, and 121,000 loans to producers with under $350,000 in gross cash farm income. -NAFB

Farm credit supporting young farmers

Based on the mid-year cattle report, a further tightening is expected of calves available for placement in late 2025 and early 2026. The report also suggests steady but gradual changes to inventories of beef cows and replacement heifers. That means the 2025 and 2026 beef production forecasts were lowered from last month. Elsewhere, lamb prices moved sharply upward in June and July of this year, leading to higher lamb price forecasts for the rest of 2025 and 2026. 

Milk production is forecast to increase in 2025 and 2026, driven by larger herds and improved yields. The all-milk price remains unchanged at $22 per hundredweight. Pork production for 2025 is reduced by one percent from last month’s forecast to 27.7 billion pounds, reflecting a slower slaughter rate and reduced dressed weights in the third and fourth quarters. Projected broiler production in the poultry industry is expected to increase due to strong hatchery data and lower feed costs. 

Based on the mid-year cattle report, a further tightening is expected of calves available for placement in late 2025 and early 2026. The report also suggests steady but gradual changes to inventories of beef cows and replacement heifers. That means the 2025 and 2026 beef production forecasts were lowered from last month. Elsewhere, lamb prices moved sharply upward in June and July of this year, leading to higher lamb price forecasts for the rest of 2025 and 2026. Milk production is forecast to increase in 2025 and 2026, driven by larger herds and improved yields. The all-milk price remains unchanged at $22 per hundredweight. Pork production for 2025 is reduced by one percent from last month’s forecast to 27.7 billion pounds, reflecting a slower slaughter rate and reduced dressed weights in the third and fourth quarters. Projected broiler production in the poultry industry is expected to increase due to strong hatchery data and lower feed costs. -NAFB

USDA issues August livestock report

December corn closed down 3 1/4 cents at $4.20 3/4 and March corn was down 3 1/2 cents at $4.03 1/4. November soybeans closed down 7 1/2 cents at $10.33 3/4 and January soybeans were down 6 3/4 cents at $10.53 1/2. December KC wheat closed down 6 1/2 cents at $5.21 3/4, September Chicago wheat was down 4 1/4 cents at $4.98 1/2 and December Minneapolis wheat was up 0.01 cents at $5.87.

It was generally a bright red day on ag commodity quote boards as all three wheat markets again printed new lows; corn, soybeans and bean oil fell, with the latter two down hard. Steady crop ratings in corn and soy and the ongoing crop tour reflecting the record yield potential that USDA saw, along with the accelerating southern harvests, combined to weigh on prices throughout the session.

Tuesday presented itself as another opportunity to rally in the live cattle complex, and traders didn't let the chance to again push the contracts higher slip by.It's obviously helping that boxed beef prices continue to trek higher despite the already incredibly high price point at which the market is trading, but resistance pressure could at any time pressure the live cattle contracts and cause traders some anxiety. In the spot October contract, resistance pressure looms around $232, and the contract was just roughly $0.50 away from that threshold for the bulk of the session. Asking prices are noted in the South at $240 plus, but are still not established in the North.

The feeder cattle complex continues to flex its power and strength, as currently, many of the nearby contracts have already reached new contract highs for the day. More than anything, the surge in the feeder cattle complex seems to be stemming from the fact that demand in the countryside remains utterly incredible, and that the live cattle complex is seeing plenty of support, which all bodes well with traders.

Following yesterday's higher close in the lean hog complex, the market seemed to question its move, trying to determine if it has enough support to justify the move made yesterday and finished modestly lower. The biggest deterrent to the morning's carcass price was the loin's $2.24 decline.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/08/19142439/web-closing-markets.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed down 3 1/4 cents at $4.20 3/4 and March corn was down 3 1/2 cents at $4.03 1/4. November soybeans closed down 7 1/2 cents at $10.33 3/4 and January soybeans were down 6 3/4 cents at $10.53 1/2. December KC wheat closed down 6 1/2 cents at $5.21 3/4, September Chicago wheat was down 4 1/4 cents at $4.98 1/2 and December Minneapolis wheat was up 0.01 cents at $5.87.It was generally a bright red day on ag commodity quote boards as all three wheat markets again printed new lows; corn, soybeans and bean oil fell, with the latter two down hard. Steady crop ratings in corn and soy and the ongoing crop tour reflecting the record yield potential that USDA saw, along with the accelerating southern harvests, combined to weigh on prices throughout the session.LIVESTOCK:Tuesday presented itself as another opportunity to rally in the live cattle complex, and traders didn't let the chance to again push the contracts higher slip by.It's obviously helping that boxed beef prices continue to trek higher despite the already incredibly high price point at which the market is trading, but resistance pressure could at any time pressure the live cattle contracts and cause traders some anxiety. In the spot October contract, resistance pressure looms around $232, and the contract was just roughly $0.50 away from that threshold for the bulk of the session. Asking prices are noted in the South at $240 plus, but are still not established in the North.The feeder cattle complex continues to flex its power and strength, as currently, many of the nearby contracts have already reached new contract highs for the day. More than anything, the surge in the feeder cattle complex seems to be stemming from the fact that demand in the countryside remains utterly incredible, and that the live cattle complex is seeing plenty of support, which all bodes well with traders.Following yesterday's higher close in the lean hog complex, the market seemed to question its move, trying to determine if it has enough support to justify the move made yesterday and finished modestly lower. The biggest deterrent to the morning's carcass price was the loin's $2.24 decline.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/08/19142439/web-closing-markets.mp3">Click HERE for audio</a>

Recent beef checkoff-funded research adds to a growing body of evidence reinforcing the important role fresh beef plays in a healthy, sustainable diet. Animal-sourced foods like red meat are often associated with obesity risk. However, Texas Tech University researchers conducted a comprehensive analysis of available research on the relationship between unprocessed red meat intake and obesity, finding no significant effect of such intake on weight gain or related metabolic issues in adults. 

The researchers found that beef contains high-quality protein and other essential nutrients, and people enjoy it as a key source of nourishment, but they’re often discouraged from consuming red meat based on recommendations primarily driven by observational evidence. The Texas Tech study is the first to fully review the totality of causative evidence, which shows no protective or adverse effect of unprocessed red meat intake on obesity. The NCBA and the Texas Beef Council funded the research. 

Recent beef checkoff-funded research adds to a growing body of evidence reinforcing the important role fresh beef plays in a healthy, sustainable diet. Animal-sourced foods like red meat are often associated with obesity risk. However, Texas Tech University researchers conducted a comprehensive analysis of available research on the relationship between unprocessed red meat intake and obesity, finding no significant effect of such intake on weight gain or related metabolic issues in adults. The researchers found that beef contains high-quality protein and other essential nutrients, and people enjoy it as a key source of nourishment, but they’re often discouraged from consuming red meat based on recommendations primarily driven by observational evidence. The Texas Tech study is the first to fully review the totality of causative evidence, which shows no protective or adverse effect of unprocessed red meat intake on obesity. The NCBA and the Texas Beef Council funded the research. -NAFB

New study on red meat and obesity shows no link

One of the most important independent measurements of American crop production is well underway this week amid several challenges which are making it harder than ever to predict yield, one of the crucial statistics driving the Corn Belt’s economy. The 33rd annual Pro Farmer Crop Tour runs through August 21, and will send scouts to fields in seven states to measure corn and soybean potential. 

Lane Aakre (acre), Pro Farmer economist and eastern tour leader, says they’re eager to get out into the fields. “USDA is forecasting some huge numbers in states like Iowa, Illinois, Indiana, Minnesota, Missouri, and South Dakota, based on satellite imagery and feedback from farmer surveys,” Aakre said. USDA no longer collects objective yield samples in August, so the Crop Tour is the first to broadly measure ear populations and pod counts from actual fields in the Corn Belt. They’ll pull more than 1,600 corn and 1,600 soybean samples.

One of the most important independent measurements of American crop production is well underway this week amid several challenges which are making it harder than ever to predict yield, one of the crucial statistics driving the Corn Belt’s economy. The 33rd annual Pro Farmer Crop Tour runs through August 21, and will send scouts to fields in seven states to measure corn and soybean potential. Lane Aakre (acre), Pro Farmer economist and eastern tour leader, says they’re eager to get out into the fields. “USDA is forecasting some huge numbers in states like Iowa, Illinois, Indiana, Minnesota, Missouri, and South Dakota, based on satellite imagery and feedback from farmer surveys,” Aakre said. USDA no longer collects objective yield samples in August, so the Crop Tour is the first to broadly measure ear populations and pod counts from actual fields in the Corn Belt. They’ll pull more than 1,600 corn and 1,600 soybean samples.-NAFB

Pro Farmer Crop Tour this week is counting down to harvest

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/08/18144852/30001-closing-markets.wav">HERE</a> to listen to the closing markets

December corn closed up 1 1/4 cents per bushel at $4.06 1/2 and March corn was up 1 3/4 cents at $4.24 1/4. November soybeans closed down 1 1/4 cents at $10.41 1/4 and January soybeans were down 1 1/2 cents at $10.60. September KC wheat closed down 3/4 cent at $5.06 1/4, September Chicago wheat was down 3 3/4 cents at $5.02 3/4 and MIAX December Minneapolis wheat was down 0.01 cents at $5.8825.

The September U.S. Dollar Index is trading up 0.263 at 97.975. The Dow Jones Industrial Average is down 44.33 points at 44,901.79. December gold is down $3.60 at $3,379.00, September silver is up $0.08 at $38.06 and September copper is down $0.0125 at $4.4800. September crude oil is up $0.58 at $63.38, September heating oil is up $0.0140, September RBOB is up $0.0243 and September natural gas is down $0.027.

December corn futures, in two-sided trade, finished slightly better on Monday. Early pressure was coming from not only the continued favorable weather with the primary Corn Belt slated to get more rain amid a cooling trend, but also from thoughts that a major annual crop tour which began on Monday was likely to find more reasons to be bearish corn. After the recent August WASDE had pegged the corn crop at a record 188.8 bushels per acre (bpa) yield with record production of over 16.7 billion bushels (bb), some even believed NASS could ultimately raise yield again in future reports. Talk centered on corn at least having a yield of 186 bpa with some private estimates even inching up to and above the 190-bpa mark. Also adding pressure is the expanding southern corn harvest with Louisiana likely to reach more than 60% harvested with Arkansas moving close to 20%, pressuring cash values. So far, Delta corn yields are reported to be running well above a year ago. On Monday morning another new corn sale was announced -- 4.9 mb sold to unknown destinations. Demand remains solid on the export front along with corn used for ethanol. Weekend rain fell in the Northern Plains, Upper Midwest, with more rain early Monday for parts of Nebraska, Iowa and into Minnesota and Wisconsin. Funds remain net-short the corn market. DTN's National Corn Index is $3.65 and 19 cents under the September futures.

The soy market was quiet to start the new week with soybeans trading to a slight loss late, while bean oil was slightly higher in two-sided trade and soymeal fell for the third consecutive day. Weather continues to be very favorable into the first half of September. Weekend rain in the Northern Plains, Upper Midwest and primary Corn Belt will be followed by a cooler and wetter pattern beyond Tuesday. The trade is awaiting news from the ongoing Pro Farmer tour which will conclude Thursday with a yield and production estimate. The calendar spread in beans is suggesting we could see another bump in soy yield in coming reports. Export business in the new-crop slot continues to be anemic with zero China soy purchases on the books so far. At a time when U.S. soy exporters usually find strong China buying interest, due to the tariff fight, it seems China has loaded up on more expensive South American beans. Domestically, soybean crush continues to be the bright spot with the July NOPA report showing a record large grind of 195.6 million bushels (mb). A recent farm advisory private tour of Iowa and Illinois revealed record large pod counts, and the DTN Digital Tour results from those two states would likely concur with call for record yields. The southern soybean harvest will likely begin just after the Labor Day weekend, with the large corn and soy crops expected to strain the storage system. Funds begin the new week with a modest bean short and bean oil long and a large soymeal net short of 109,000 contracts. DTN's National Soybean Index is $9.78 and 65 under the November futures.

By MATT PIKEClick <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/08/18144852/30001-closing-markets.wav">HERE</a> to listen to the closing marketsGENERAL COMMENTS:December corn closed up 1 1/4 cents per bushel at $4.06 1/2 and March corn was up 1 3/4 cents at $4.24 1/4. November soybeans closed down 1 1/4 cents at $10.41 1/4 and January soybeans were down 1 1/2 cents at $10.60. September KC wheat closed down 3/4 cent at $5.06 1/4, September Chicago wheat was down 3 3/4 cents at $5.02 3/4 and MIAX December Minneapolis wheat was down 0.01 cents at $5.8825.The September U.S. Dollar Index is trading up 0.263 at 97.975. The Dow Jones Industrial Average is down 44.33 points at 44,901.79. December gold is down $3.60 at $3,379.00, September silver is up $0.08 at $38.06 and September copper is down $0.0125 at $4.4800. September crude oil is up $0.58 at $63.38, September heating oil is up $0.0140, September RBOB is up $0.0243 and September natural gas is down $0.027.CORN:December corn futures, in two-sided trade, finished slightly better on Monday. Early pressure was coming from not only the continued favorable weather with the primary Corn Belt slated to get more rain amid a cooling trend, but also from thoughts that a major annual crop tour which began on Monday was likely to find more reasons to be bearish corn. After the recent August WASDE had pegged the corn crop at a record 188.8 bushels per acre (bpa) yield with record production of over 16.7 billion bushels (bb), some even believed NASS could ultimately raise yield again in future reports. Talk centered on corn at least having a yield of 186 bpa with some private estimates even inching up to and above the 190-bpa mark. Also adding pressure is the expanding southern corn harvest with Louisiana likely to reach more than 60% harvested with Arkansas moving close to 20%, pressuring cash values. So far, Delta corn yields are reported to be running well above a year ago. On Monday morning another new corn sale was announced -- 4.9 mb sold to unknown destinations. Demand remains solid on the export front along with corn used for ethanol. Weekend rain fell in the Northern Plains, Upper Midwest, with more rain early Monday for parts of Nebraska, Iowa and into Minnesota and Wisconsin. Funds remain net-short the corn market. DTN's National Corn Index is $3.65 and 19 cents under the September futures.SOYBEANS:The soy market was quiet to start the new week with soybeans trading to a slight loss late, while bean oil was slightly higher in two-sided trade and soymeal fell for the third consecutive day. Weather continues to be very favorable into the first half of September. Weekend rain in the Northern Plains, Upper Midwest and primary Corn Belt will be followed by a cooler and wetter pattern beyond Tuesday. The trade is awaiting news from the ongoing Pro Farmer tour which will conclude Thursday with a yield and production estimate. The calendar spread in beans is suggesting we could see another bump in soy yield in coming reports. Export business in the new-crop slot continues to be anemic with zero China soy purchases on the books so far. At a time when U.S. soy exporters usually find strong China buying interest, due to the tariff fight, it seems China has loaded up on more expensive South American beans. Domestically, soybean crush continues to be the bright spot with the July NOPA report showing a record large grind of 195.6 million bushels (mb). A recent farm advisory private tour of Iowa and Illinois revealed record large pod counts, and the DTN Digital Tour results from those two states would likely concur with call for record yields. The southern soybean harvest will likely begin just after the Labor Day weekend, with the large corn and soy crops expected to strain the storage system. Funds begin the new week with a modest bean short and bean oil long and a large soymeal net short of 109,000 contracts. DTN's National Soybean Index is $9.78 and 65 under the November futures.WHEAT:

A draft of the upcoming MAHA report, reportedly will not propose direct restrictions on ultra-processed foods and pesticides that HHS Secretary Robert F. Kennedy, Jr., called “major threats.” If it is adopted, the report on the health of America’s children will be good news for the food and agriculture industries, which feared much more restrictive proposals than the ones currently outlined in the draft. 

Kennedy, the Health and Human Services Secretary, has sought to change the nation’s diet by pushing the industries to make major changes through his “Make America Healthy Again” movement. The New York Times said industry regulators will work with ag stakeholders to make sure the public is aware of and confident in existing pesticide review procedures. However, it also said the administration will back research on technologies to help farmers reduce pesticide use and on the health impacts on the public.

A draft of the upcoming MAHA report, reportedly will not propose direct restrictions on ultra-processed foods and pesticides that HHS Secretary Robert F. Kennedy, Jr., called “major threats.” If it is adopted, the report on the health of America’s children will be good news for the food and agriculture industries, which feared much more restrictive proposals than the ones currently outlined in the draft. Kennedy, the Health and Human Services Secretary, has sought to change the nation’s diet by pushing the industries to make major changes through his “Make America Healthy Again” movement. The New York Times said industry regulators will work with ag stakeholders to make sure the public is aware of and confident in existing pesticide review procedures. However, it also said the administration will back research on technologies to help farmers reduce pesticide use and on the health impacts on the public.-NAFB

Draft MAHA report shows no pesticide restrictions

U.S. wheat exports for 2025-2026 are forecast to increase by 25 million bushels this month, the highest since 2020, based on a strong pace of export sales and competitive pricing. Hard Red Winter Wheat exports are forecast to rise by 300 million bushels, with total commitments almost double from a year ago. That’s based on information from the USDA’s Foreign Agricultural Service Export Sales Database. 

With competitive pricing compared to other exporters, HRW sales have expanded to a wide variety of markets, most notably to Nigeria, Mexico, Venezuela, and Bangladesh. 

Export sales of Soft Red Winter Wheat and Durum are running slightly ahead of last year, and total exports of those classes are forecast to increase during the marketing year. Conversely, sales of Hard Red Spring and White currently lag behind last year’s pace and are forecast to be lower year to year. Total 2025-2026 wheat production is forecast at 1.93 billion bushels.

U.S. wheat exports for 2025-2026 are forecast to increase by 25 million bushels this month, the highest since 2020, based on a strong pace of export sales and competitive pricing. Hard Red Winter Wheat exports are forecast to rise by 300 million bushels, with total commitments almost double from a year ago. That’s based on information from the USDA’s Foreign Agricultural Service Export Sales Database. With competitive pricing compared to other exporters, HRW sales have expanded to a wide variety of markets, most notably to Nigeria, Mexico, Venezuela, and Bangladesh. Export sales of Soft Red Winter Wheat and Durum are running slightly ahead of last year, and total exports of those classes are forecast to increase during the marketing year. Conversely, sales of Hard Red Spring and White currently lag behind last year’s pace and are forecast to be lower year to year. Total 2025-2026 wheat production is forecast at 1.93 billion bushels.-NAFB

Wheat exports to rebound in the year ahead

December corn closed up 8 cents per bushel at $4.05 1/4 and March corn was up 8 1/2 cents at $4.22 1/2. November soybeans closed up 14 cents at $10.61 1/2 and January soybeans were up 13 1/4 cents at $10.42 1/2. September KC wheat closed up 2 3/4 cents at $5.07, September Chicago wheat was up 3 cents at $5.06 1/2 and December Minneapolis wheat was down 0.02 cents at $5.8975.

September corn rose 1 cent for the week to close at $3.83 3/4 and December corn finished down 1/4 cent at $4.05 1/4. September soybeans closed up 54 1/2 cents to end the week at $10.22 1/4 and November beans closed up 55 cents to finish at $10.42 1/2. Chicago September wheat finished down 8 at $5.06 1/2, KC September fell 11 1/4 cents to end at $5.07.  Minneapolis wheat ended down .0575 to end the week at $5.69 1/4.

Grain and soy markets closed stronger Friday with the exception of soymeal and Minneapolis wheat. Traders likely added back some weather premium due to the warmer and drier outlook for parts of the eastern and southern Midwest and Delta. The strength came despite the news that Brazil's corn and soy crops would both be record large. Kansas City and Chicago wheat had become extremely oversold and joined in Friday's rally effort.

The live cattle complex was back to rallying as traders were hopeful that the fed cash cattle market will indeed see higher prices in both regions this week. There was a thin movement of cattle traded in the North at mostly $384 to $386, which is $3.00 to $5.00 higher than last week's weighted average, Asking prices remain firm in the South at $237 plus, and there are bids currently on the table in Texas at $233, but again, no Southern live cattle have traded yet. Even so, traders are hopeful that the market will continue to see fundamental support, which is mainly why the contracts traded higher into Friday's close. Plus, it's helpful that boxed beef prices were rallying noticeably again today.

The feeder cattle complex was worried at the start of Friday's complex that the day's trade may be pressured like it was on Thursday. But thankfully, upon seeing the live cattle contracts trading higher, even the feeder cattle contracts traded significantly stronger into Friday's close.

At last, the lean hog complex traded higher as the market has finally seemed to find some technical support, which helped rally the contracts and the strong uptick in pork demand this morning was helpful too. The $14.87 rally in the belly is the biggest reason why the carcass price was higher, but every single one of the major cuts were trading higher and advancements of $2.00 to $5.00 were the norm this morning.

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By: NATHAN STUEDLEGRAINS:December corn closed up 8 cents per bushel at $4.05 1/4 and March corn was up 8 1/2 cents at $4.22 1/2. November soybeans closed up 14 cents at $10.61 1/2 and January soybeans were up 13 1/4 cents at $10.42 1/2. September KC wheat closed up 2 3/4 cents at $5.07, September Chicago wheat was up 3 cents at $5.06 1/2 and December Minneapolis wheat was down 0.02 cents at $5.8975.For the Week:September corn rose 1 cent for the week to close at $3.83 3/4 and December corn finished down 1/4 cent at $4.05 1/4. September soybeans closed up 54 1/2 cents to end the week at $10.22 1/4 and November beans closed up 55 cents to finish at $10.42 1/2. Chicago September wheat finished down 8 at $5.06 1/2, KC September fell 11 1/4 cents to end at $5.07. Minneapolis wheat ended down .0575 to end the week at $5.69 1/4.Grain and soy markets closed stronger Friday with the exception of soymeal and Minneapolis wheat. Traders likely added back some weather premium due to the warmer and drier outlook for parts of the eastern and southern Midwest and Delta. The strength came despite the news that Brazil's corn and soy crops would both be record large. Kansas City and Chicago wheat had become extremely oversold and joined in Friday's rally effort.LIVESTOCK:The live cattle complex was back to rallying as traders were hopeful that the fed cash cattle market will indeed see higher prices in both regions this week. There was a thin movement of cattle traded in the North at mostly $384 to $386, which is $3.00 to $5.00 higher than last week's weighted average, Asking prices remain firm in the South at $237 plus, and there are bids currently on the table in Texas at $233, but again, no Southern live cattle have traded yet. Even so, traders are hopeful that the market will continue to see fundamental support, which is mainly why the contracts traded higher into Friday's close. Plus, it's helpful that boxed beef prices were rallying noticeably again today.The feeder cattle complex was worried at the start of Friday's complex that the day's trade may be pressured like it was on Thursday. But thankfully, upon seeing the live cattle contracts trading higher, even the feeder cattle contracts traded significantly stronger into Friday's close. At last, the lean hog complex traded higher as the market has finally seemed to find some technical support, which helped rally the contracts and the strong uptick in pork demand this morning was helpful too. The $14.87 rally in the belly is the biggest reason why the carcass price was higher, but every single one of the major cuts were trading higher and advancements of $2.00 to $5.00 were the norm this morning.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/08/15141605/web-closing-markets.mp3">Click HERE for audio</a>

Despite ongoing challenges, agricultural land values have remained remarkably stable through mid-2025. According to the Farmers National Company, the resilience is mainly driven by simple supply and demand; there are more motivated buyers than willing sellers. While producers remain the main buyers of ag land, interest from individual and institutional investors can’t be ignored. As land values stabilize after the peaks of the last five years, investors are increasingly attracted to the annual returns and long-term appreciation. 

Farm Credit Services of America says benchmark Midwest farmland values increased 57 percent over the past five years and 39 percent over the past decade. Inventory remains limited, with listings down 25 percent from the peak in 2020-2021. “While producer balance sheets generally remain strong, any negative movements in the ag economy could quickly impact the land market,” said Paul Shadegg, the senior vice president of real estate operations at Farmers National. 

Despite ongoing challenges, agricultural land values have remained remarkably stable through mid-2025. According to the Farmers National Company, the resilience is mainly driven by simple supply and demand; there are more motivated buyers than willing sellers. While producers remain the main buyers of ag land, interest from individual and institutional investors can’t be ignored. As land values stabilize after the peaks of the last five years, investors are increasingly attracted to the annual returns and long-term appreciation. Farm Credit Services of America says benchmark Midwest farmland values increased 57 percent over the past five years and 39 percent over the past decade. Inventory remains limited, with listings down 25 percent from the peak in 2020-2021. “While producer balance sheets generally remain strong, any negative movements in the ag economy could quickly impact the land market,” said Paul Shadegg, the senior vice president of real estate operations at Farmers National. -NAFB

Ag land market remains resilient

American Farm Bureau President Zippy Duvall commented on the EPA’s announcement that it will revise Diesel Exhaust Fluid (DEF) guidelines for manufacturers of heavy trucks and off-road equipment. Manufacturers will be directed to update the software in equipment that uses DEF to prevent them from losing power. “Farm Bureau thanks the EPA and Administrator Zeldin for their common-sense approach to heavy trucks and off-road equipment that uses Diesel Exhaust Fluid,” Duvall said. 

“When a vehicle runs out of DEF or there is an error in the software, it loses power, causing delays that could be the difference between getting a crop harvested or animals to their destination.” He also said the agency’s decision to grant a grace period to make repairs or refill DEF is the right thing to do, which keeps farmers in the field and commerce moving. Since 2010, diesel trucks and tractors have used DEF to reduce emissions of nitrous oxides. 

American Farm Bureau President Zippy Duvall commented on the EPA’s announcement that it will revise Diesel Exhaust Fluid (DEF) guidelines for manufacturers of heavy trucks and off-road equipment. Manufacturers will be directed to update the software in equipment that uses DEF to prevent them from losing power. “Farm Bureau thanks the EPA and Administrator Zeldin for their common-sense approach to heavy trucks and off-road equipment that uses Diesel Exhaust Fluid,” Duvall said. “When a vehicle runs out of DEF or there is an error in the software, it loses power, causing delays that could be the difference between getting a crop harvested or animals to their destination.” He also said the agency’s decision to grant a grace period to make repairs or refill DEF is the right thing to do, which keeps farmers in the field and commerce moving. Since 2010, diesel trucks and tractors have used DEF to reduce emissions of nitrous oxides. -NAFB

Farmers applaud common-sense fix for diesel engines

December corn closed unchanged at $3.97 1/4 and March corn was down a penny at $4.14. November soybeans closed down 15 3/4 cents at $10.28 1/2 and January soybeans were down 14 1/2 cents at $10.48 1/4. September KC wheat closed down 2 1/2 cents at $5.04 1/4, September Chicago wheat was down 3 3/4 cents at $5.03 1/2 and December Minneapolis wheat was down 0.04 cents at $5.92.

The soybean market retreated Thursday, halting a 3-day rally, as did soy products. Both Chicago and Kansas City wheat fell to new contract lows before bouncing and corn was mixed to lower in quiet trade. December corn came within a half-cent of the low before stabilizing. Bean oil futures resumed the downtrend.

Even though the live cattle complex was grateful to close higher Wednesday afternoon and see fed cash cattle prices trade higher in the North. The market is struggled as the week's export report was lousy and traders are holding their breath, waiting to see if the complex falls below last Friday's close, which would be a bearish technical signal. Last Friday, the market traded as low as $225.60, which will be the threshold we need to continue to monitor. A few cash bids are on the table as live bids are being offered at $233 in Texas. Live bids are being offered in Nebraska at $245, but no trade has developed yet following Wednesday's movement in the Nebraska where dressed cattle were trading at $385, which is $4.00 higher than last week's weighted average.

And as one would logically expect, the feeder cattle complex also traded significantly lower after seeing the live cattle contracts duck and run. Traders believed that was the best route to send the feeder cattle contracts as well. Again, this decision is solely one being made on technical indications as demand in the countryside remains nearly unfathomable for feeder cattle. It's looking like the fed cash cattle market may be able to trade cattle for higher money this week, but time will tell.

The lean hog complex traded lower as well into Thursday's closing bell, as traders remain displeased about the morning's export report and didn't finding the morning's fundamental support to be sufficient enough to keep steady. The cutout's biggest problem this morning was the $4.96 decline in the picnic.

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By: NATHAN STUEDLEGRAINS:December corn closed unchanged at $3.97 1/4 and March corn was down a penny at $4.14. November soybeans closed down 15 3/4 cents at $10.28 1/2 and January soybeans were down 14 1/2 cents at $10.48 1/4. September KC wheat closed down 2 1/2 cents at $5.04 1/4, September Chicago wheat was down 3 3/4 cents at $5.03 1/2 and December Minneapolis wheat was down 0.04 cents at $5.92.The soybean market retreated Thursday, halting a 3-day rally, as did soy products. Both Chicago and Kansas City wheat fell to new contract lows before bouncing and corn was mixed to lower in quiet trade. December corn came within a half-cent of the low before stabilizing. Bean oil futures resumed the downtrend.LIVESTOCK:Even though the live cattle complex was grateful to close higher Wednesday afternoon and see fed cash cattle prices trade higher in the North. The market is struggled as the week's export report was lousy and traders are holding their breath, waiting to see if the complex falls below last Friday's close, which would be a bearish technical signal. Last Friday, the market traded as low as $225.60, which will be the threshold we need to continue to monitor. A few cash bids are on the table as live bids are being offered at $233 in Texas. Live bids are being offered in Nebraska at $245, but no trade has developed yet following Wednesday's movement in the Nebraska where dressed cattle were trading at $385, which is $4.00 higher than last week's weighted average.And as one would logically expect, the feeder cattle complex also traded significantly lower after seeing the live cattle contracts duck and run. Traders believed that was the best route to send the feeder cattle contracts as well. Again, this decision is solely one being made on technical indications as demand in the countryside remains nearly unfathomable for feeder cattle. It's looking like the fed cash cattle market may be able to trade cattle for higher money this week, but time will tell.The lean hog complex traded lower as well into Thursday's closing bell, as traders remain displeased about the morning's export report and didn't finding the morning's fundamental support to be sufficient enough to keep steady. The cutout's biggest problem this morning was the $4.96 decline in the picnic.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/08/14144813/web-closing-markets.mp3">Click HERE for audio</a>

The USDA reminds agricultural producers that the final date to apply for or make changes to their existing crop insurance coverage is quickly approaching for fall-planted crops. Sales closing dates vary by crop and location, but the next major sales closing dates are September 1 and September 30. Producers are encouraged to visit their crop insurance agent soon to learn specific details for the 2026 crop year. Crop insurance coverage decisions must be made on or before the applicable sales closing date. 

The USDA’s Risk Management Agency lists sales closing dates in the Actuarial Information Browser, under the “Dates” tab. Producers can also access the RMA Information Reporting System tool to specifically identify applicable dates for their operation, using the “Insurance Offer Reports” application. Federal crop insurance is critical to the farm safety net. It helps producers and owners manage revenue risks and strengthens the U.S. rural economy. 

The USDA reminds agricultural producers that the final date to apply for or make changes to their existing crop insurance coverage is quickly approaching for fall-planted crops. Sales closing dates vary by crop and location, but the next major sales closing dates are September 1 and September 30. Producers are encouraged to visit their crop insurance agent soon to learn specific details for the 2026 crop year. Crop insurance coverage decisions must be made on or before the applicable sales closing date. The USDA’s Risk Management Agency lists sales closing dates in the Actuarial Information Browser, under the “Dates” tab. Producers can also access the RMA Information Reporting System tool to specifically identify applicable dates for their operation, using the “Insurance Offer Reports” application. Federal crop insurance is critical to the farm safety net. It helps producers and owners manage revenue risks and strengthens the U.S. rural economy. -NAFB

Crop insurance deadline drawing closer

Recent data from the Association of Equipment Manufacturers showed Canadian sales of combines grew 11.4 percent in July 2025 compared to July of last year. Canadian sales of two-wheel-drive tractors also increased slightly, growing three percent in July 2025 compared to July 2024. U.S. sales of combines fell 43 percent, while total agricultural tractor sales fell by 4.9 percent in July 2025 compared to last year. 

“While we are encouraged by the modest growth in Canadian combine and tractor sales, the significant declines in the U.S. reflect ongoing caution in the marketplace,” said AEM Senior Vice President Curt Blades. “We believe North American farmers are carefully evaluating their capital assets and taking a measured approach to equipment purchases, balancing operational needs with broader economic uncertainty.” The biggest drop in the U.S. was in self-propelled combine sales, dropping almost 44 percent from July 2024.

Recent data from the Association of Equipment Manufacturers showed Canadian sales of combines grew 11.4 percent in July 2025 compared to July of last year. Canadian sales of two-wheel-drive tractors also increased slightly, growing three percent in July 2025 compared to July 2024. U.S. sales of combines fell 43 percent, while total agricultural tractor sales fell by 4.9 percent in July 2025 compared to last year. “While we are encouraged by the modest growth in Canadian combine and tractor sales, the significant declines in the U.S. reflect ongoing caution in the marketplace,” said AEM Senior Vice President Curt Blades. “We believe North American farmers are carefully evaluating their capital assets and taking a measured approach to equipment purchases, balancing operational needs with broader economic uncertainty.” The biggest drop in the U.S. was in self-propelled combine sales, dropping almost 44 percent from July 2024.-NAFB

U.S. combine sales continue to decline while Canadian sales rise 

December corn closed up 2 3/4 cents per bushel at $3.97 1/4 and March corn was up 2 3/4 cents at $4.15. November soybeans closed up 11 1/2 cents at $10.44 1/4 and January soybeans were up 12 cents at $10.62 3/4. September KC wheat closed down 4 cents at $5.06 3/4, September Chicago wheat was up 2 1/4 cents at $5.07 1/4 and MIAX December Minneapolis wheat was up 0.01 cents at $5.9600.

Soybeans continued to move higher Wednesday, again reacting to the surprise cut in harvested acres and lower production despite a record yield as reflected in Tuesday's USDA report. Wheat in Chicago fell to a new low and Kansas City came within a penny of the same fate. Corn was able to bounce slightly following the Tuesday beatdown.

Following the supportive trade that developed earlier this week for live cattle, traders are again twiddling their fingers, seeming to have the mindset that again asks: now what? On one hand, traders would like to continue to support the complex and push prices higher, but at the same time, they don't want to become overly aggressive and overextend the futures complex. So, as the market nears midday Wednesday, a mixed attitude has taken over the contracts as the nearby contracts are trading higher, but the deferred months are a tick more cautious and trading lower.

The feeder cattle complex is walking back some of its position following Tuesday's sporty jump as traders are concerned that there might not be enough technical support to keep prices trading higher. Some stronger sales were just noted in the Fed cash cattle market, which could help change traders' attitude, but that's yet to be seen.&nbsp;

The lean hog complex is trading lower even though the midday cutout report showed strong pork interest and the midday cash hog report showed stronger packer demand. Even so, the lean hog contracts are trading lower as technical pressure remains the issue for the market. October lean hogs are down $1.37 at $90.22, December lean hogs are down $1.45 at $82.35 and February lean hogs are down $1.45 at $85.12. It was interesting to see that the belly and the picnic jumped up over $6.00 higher on today's midday report.

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GrainsDecember corn closed up 2 3/4 cents per bushel at $3.97 1/4 and March corn was up 2 3/4 cents at $4.15. November soybeans closed up 11 1/2 cents at $10.44 1/4 and January soybeans were up 12 cents at $10.62 3/4. September KC wheat closed down 4 cents at $5.06 3/4, September Chicago wheat was up 2 1/4 cents at $5.07 1/4 and MIAX December Minneapolis wheat was up 0.01 cents at $5.9600.Soybeans continued to move higher Wednesday, again reacting to the surprise cut in harvested acres and lower production despite a record yield as reflected in Tuesday's USDA report. Wheat in Chicago fell to a new low and Kansas City came within a penny of the same fate. Corn was able to bounce slightly following the Tuesday beatdown.LivestockFollowing the supportive trade that developed earlier this week for live cattle, traders are again twiddling their fingers, seeming to have the mindset that again asks: now what? On one hand, traders would like to continue to support the complex and push prices higher, but at the same time, they don't want to become overly aggressive and overextend the futures complex. So, as the market nears midday Wednesday, a mixed attitude has taken over the contracts as the nearby contracts are trading higher, but the deferred months are a tick more cautious and trading lower.The feeder cattle complex is walking back some of its position following Tuesday's sporty jump as traders are concerned that there might not be enough technical support to keep prices trading higher. Some stronger sales were just noted in the Fed cash cattle market, which could help change traders' attitude, but that's yet to be seen.&nbsp;The lean hog complex is trading lower even though the midday cutout report showed strong pork interest and the midday cash hog report showed stronger packer demand. Even so, the lean hog contracts are trading lower as technical pressure remains the issue for the market. October lean hogs are down $1.37 at $90.22, December lean hogs are down $1.45 at $82.35 and February lean hogs are down $1.45 at $85.12. It was interesting to see that the belly and the picnic jumped up over $6.00 higher on today's midday report.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/07/16201542/30001.mp3">Click HERE for Audio</a>

Mexico has set minimum export prices for its fresh tomatoes to protect its domestic production and ensure internal supply after a bilateral agreement with the U.S. expired. Mexico’s economy and agriculture ministries made the announcement in a joint statement after Washington withdrew from a 2019 deal between the two countries, which regulated Mexican tomato exports to the U.S. 

On July 14, the Trump administration announced a duty of about 17 percent on fresh tomato imports from Mexico. The new pricing rules apply exclusively to definitive exports, but they don’t restrict export volumes or impose maximum prices. The Mexican ministries said prices will be reviewed every year or sooner if market conditions suddenly demand it. “This action reinforces the government’s commitment to agricultural competitiveness, dignified rural employment, and food sovereignty,” the ministries said. Minimum export prices per kilogram include $1.70 for cherry and grape tomatoes and 88 cents for Roma tomatoes.

Mexico has set minimum export prices for its fresh tomatoes to protect its domestic production and ensure internal supply after a bilateral agreement with the U.S. expired. Mexico’s economy and agriculture ministries made the announcement in a joint statement after Washington withdrew from a 2019 deal between the two countries, which regulated Mexican tomato exports to the U.S. On July 14, the Trump administration announced a duty of about 17 percent on fresh tomato imports from Mexico. The new pricing rules apply exclusively to definitive exports, but they don’t restrict export volumes or impose maximum prices. The Mexican ministries said prices will be reviewed every year or sooner if market conditions suddenly demand it. “This action reinforces the government’s commitment to agricultural competitiveness, dignified rural employment, and food sovereignty,” the ministries said. Minimum export prices per kilogram include $1.70 for cherry and grape tomatoes and 88 cents for Roma tomatoes.-NAFB

Mexico Sets Minimum Export Prices for Fresh Tomatoes

The National Cattlemen’s Beef Association notched a legal victory affirming protections for cattle farmers and ranchers from onerous and unnecessary air emissions reporting requirements. NCBA and a coalition of farm groups have engaged in the litigation for years to ensure that family farmers and ranchers were not forced to file complex, overreaching reports with the federal government about emissions under the Emergency Planning and Community Right-to-Know Act (EPCRA) and the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA). 

“CERCLA and EPCRA were intended to address the worst industrial and toxic chemicals, not govern family farms and ranches,” said Kaitlynn Glover, executive director of the Public Lands Council. ‘The decision affirms that family cattle producers shouldn’t have to file reports for a natural, biological process under a law meant for significant chemical contaminants.” She also said NCBA and the other groups “stepped up” to protect family farms and ranches through this litigation.

The National Cattlemen’s Beef Association notched a legal victory affirming protections for cattle farmers and ranchers from onerous and unnecessary air emissions reporting requirements. NCBA and a coalition of farm groups have engaged in the litigation for years to ensure that family farmers and ranchers were not forced to file complex, overreaching reports with the federal government about emissions under the Emergency Planning and Community Right-to-Know Act (EPCRA) and the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA). “CERCLA and EPCRA were intended to address the worst industrial and toxic chemicals, not govern family farms and ranches,” said Kaitlynn Glover, executive director of the Public Lands Council. ‘The decision affirms that family cattle producers shouldn’t have to file reports for a natural, biological process under a law meant for significant chemical contaminants.” She also said NCBA and the other groups “stepped up” to protect family farms and ranches through this litigation.-NAFB

Legal Victory Protects Cattle Producers from Emissions Regulations

President Donald Trump signed an executive order on Monday extending a deadline for higher tariffs on Chinese imports until November. Officials from the U.S. and China first ended tariff tit-for-tat in May after duty rates on both sides reached triple digits. The latest deadline was set to expire on Tuesday (today). The executive order sets the new deadline for higher duties on November 10. 

“The U.S. continues to have discussions with China to address the lack of trade reciprocity in our economic relationship and our resulting national and economic security concerns,” the order reads. “Through these discussions, China continues to take significant steps toward remedying non-reciprocal trade arrangements and addressing the concerns of the United States.” 

Treasury Secretary Scott Bessent said the two sides are expected to meet later this year to continue discussions. Over the weekend, the president said he’s hopeful China will “quadruple” its U.S. soybean purchases.

President Donald Trump signed an executive order on Monday extending a deadline for higher tariffs on Chinese imports until November. Officials from the U.S. and China first ended tariff tit-for-tat in May after duty rates on both sides reached triple digits. The latest deadline was set to expire on Tuesday (today). The executive order sets the new deadline for higher duties on November 10. “The U.S. continues to have discussions with China to address the lack of trade reciprocity in our economic relationship and our resulting national and economic security concerns,” the order reads. “Through these discussions, China continues to take significant steps toward remedying non-reciprocal trade arrangements and addressing the concerns of the United States.” Treasury Secretary Scott Bessent said the two sides are expected to meet later this year to continue discussions. Over the weekend, the president said he’s hopeful China will “quadruple” its U.S. soybean purchases.-NAFB

China Tariff Truce Extended

December corn closed down 13 1/4 cents per bushel at $3.94 1/2 and March corn was down 13 cents at $4.12 1/4. November soybeans closed up 21 1/2 cents at $10.32 3/4 and January soybeans were up 21 1/4 cents at $10.50 3/4. September KC wheat closed down 8 1/4 cents at $5.10 3/4, September Chicago wheat was down 10 cents at $5.05 0/1 and September Minneapolis wheat was down 0.005 cents at $5.7725.

In atypical fashion from their usual conservative approach to revising yield and production early, USDA truly shocked most traders Tuesday. Granted there were private forecasts with a similar yield in the past few weeks, but no one saw the 7.8 bushel per acre increase from last month that the August report put forth. That shot the national production estimate to a record large 16.742 bb and sent corn to big losses.

The biggest news for the live cattle complex was undoubtedly the wild rally in midday boxed beef prices, which were not up mildly, but up a dramatic $8.50 for choice and up $5.39 for select. Thankfully, this positive fundamental development helped drive the live cattle contracts higher as all of the contracts traded more than $2.00 higher into Tuesday's closing bell. Still no news has developed in the cash cattle complex as no bids or asking prices have been posted.

Tuesday's WASDE report was rather bullish for the beef and cattle markets of 2025. Beef production for 2025 was decreased by 262 million pounds as both fed and non-fed cattle slaughter speeds have been reduced and carcass weights have decline slightly as well. But the major jaw-dropping data in the report was the quarterly steer price projections. Steer prices in the third quarter of 2025 are expected to average $238 (up $12.00 from last month's estimate), fourth quarter steer prices are expected to average $240 (up $11 from last month's estimate), steer prices in the first quarter of 2026 are expected to average $242 (up $15 from last month's estimate) and steer prices in the second quarter of 2026 are expected to average $243 (up $15 from last month's estimate). 2025 beef imports were reduced by 103 million pounds as tariff restrictions are expected to limit Brazilian beef imports. And 2025 beef exports were reduced by 46 million pounds as supplies remain tight domestically.

Keeping with stronger tone of Monday, the feeder cattle complex traded sharply higher into Tuesday's close. As seen Monday afternoon through the day, the CME feeder cattle index closed at $$341.04, up $3.83 from the previous day. Feeder cattle demand remains red hot in the countryside as buyers still have orders to fill and they know supplies aren't going to become numerous anytime soon.

With both pork cutout values and cash prices lower this morning, it comes as no real surprise that the lean hog complex traded lower for the bulk of the session. And with the spot October contract nearing resistance pressure (at $92.50), it's unlikely that without robust fundamental support, the contracts are going to trade higher and challenge that threshold.

Tuesday's WASDE report shared mostly positive news for the pork and hog markets of 2025. Pork production for 2025 was reduced by 557 million pounds as chain speeds have been and are expected to remain slower, and carcass weights are lighter as well. Luckily, the quarterly price projections saw an increase compared to last month's report as hog prices in the third quarter of 2025 are expected to average $77 (up $1.00 from last month's estimate), hog prices in the fourth quarter of 2025 are expected to average $67 (up $2.00 from last month's estimate), hog prices in the first quarter of 2026 are expected to average $64 (unchanged from last month's estimate) and hog prices in the second quarter of 2026 are expected to average $69 (up $1.00 from last month's report). Pork imports for 2025 were decreased by 9 million pounds, but pork exports for 2025 were increased by 9 million pounds.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/08/12142811/web-closing-markets.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed down 13 1/4 cents per bushel at $3.94 1/2 and March corn was down 13 cents at $4.12 1/4. November soybeans closed up 21 1/2 cents at $10.32 3/4 and January soybeans were up 21 1/4 cents at $10.50 3/4. September KC wheat closed down 8 1/4 cents at $5.10 3/4, September Chicago wheat was down 10 cents at $5.05 0/1 and September Minneapolis wheat was down 0.005 cents at $5.7725.In atypical fashion from their usual conservative approach to revising yield and production early, USDA truly shocked most traders Tuesday. Granted there were private forecasts with a similar yield in the past few weeks, but no one saw the 7.8 bushel per acre increase from last month that the August report put forth. That shot the national production estimate to a record large 16.742 bb and sent corn to big losses.LIVESTOCK:The biggest news for the live cattle complex was undoubtedly the wild rally in midday boxed beef prices, which were not up mildly, but up a dramatic $8.50 for choice and up $5.39 for select. Thankfully, this positive fundamental development helped drive the live cattle contracts higher as all of the contracts traded more than $2.00 higher into Tuesday's closing bell. Still no news has developed in the cash cattle complex as no bids or asking prices have been posted.Tuesday's WASDE report was rather bullish for the beef and cattle markets of 2025. Beef production for 2025 was decreased by 262 million pounds as both fed and non-fed cattle slaughter speeds have been reduced and carcass weights have decline slightly as well. But the major jaw-dropping data in the report was the quarterly steer price projections. Steer prices in the third quarter of 2025 are expected to average $238 (up $12.00 from last month's estimate), fourth quarter steer prices are expected to average $240 (up $11 from last month's estimate), steer prices in the first quarter of 2026 are expected to average $242 (up $15 from last month's estimate) and steer prices in the second quarter of 2026 are expected to average $243 (up $15 from last month's estimate). 2025 beef imports were reduced by 103 million pounds as tariff restrictions are expected to limit Brazilian beef imports. And 2025 beef exports were reduced by 46 million pounds as supplies remain tight domestically.Keeping with stronger tone of Monday, the feeder cattle complex traded sharply higher into Tuesday's close. As seen Monday afternoon through the day, the CME feeder cattle index closed at $$341.04, up $3.83 from the previous day. Feeder cattle demand remains red hot in the countryside as buyers still have orders to fill and they know supplies aren't going to become numerous anytime soon.With both pork cutout values and cash prices lower this morning, it comes as no real surprise that the lean hog complex traded lower for the bulk of the session. And with the spot October contract nearing resistance pressure (at $92.50), it's unlikely that without robust fundamental support, the contracts are going to trade higher and challenge that threshold.Tuesday's WASDE report shared mostly positive news for the pork and hog markets of 2025. Pork production for 2025 was reduced by 557 million pounds as chain speeds have been and are expected to remain slower, and carcass weights are lighter as well. Luckily, the quarterly price projections saw an increase compared to last month's report as hog prices in the third quarter of 2025 are expected to average $77 (up $1.00 from last month's estimate), hog prices in the fourth quarter of 2025 are expected to average $67 (up $2.00 from last month's estimate), hog prices in the first quarter of 2026 are expected to average $64 (unchanged from last month's estimate) and hog prices in the second quarter of 2026 are expected to average $69 (up $1.00 from last month's report). Pork imports for 2025 were decreased by 9 million pounds, but pork exports for 2025 were increased by 9 million pounds.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/08/12142811/web-closing-markets.mp3">Click HERE for audio</a>

Several key agriculture programs that Republicans didn’t get in the reconciliation bill will expire soon. reports say  a farm bill battle is coming in the fall because Republicans will likely need Democrats’ help to construct a smaller farm bill. While the One Big Beautiful Bill took care of much of the farm bill, the deep cuts in the Supplemental Nutrition Assistance Program will make it harder to get the legislation over the finish line. 

“I still think there’s hope,” said Senate Ag Ranking Member Amy Klobuchar at Farmfest in Minnesota. “There’s hope, because we still have other work to do.” In the House, Ag Chair GT Thompson wants to release some legislative text in September, but that will depend on how quickly the staff work gets done in August. Ranking Member Angie Craig said they’re in the “very early stages” of discussing what they’d like to see in the skinny farm bill. 

Several key agriculture programs that Republicans didn’t get in the reconciliation bill will expire soon. reports say a farm bill battle is coming in the fall because Republicans will likely need Democrats’ help to construct a smaller farm bill. While the One Big Beautiful Bill took care of much of the farm bill, the deep cuts in the Supplemental Nutrition Assistance Program will make it harder to get the legislation over the finish line. “I still think there’s hope,” said Senate Ag Ranking Member Amy Klobuchar at Farmfest in Minnesota. “There’s hope, because we still have other work to do.” In the House, Ag Chair GT Thompson wants to release some legislative text in September, but that will depend on how quickly the staff work gets done in August. Ranking Member Angie Craig said they’re in the “very early stages” of discussing what they’d like to see in the skinny farm bill. -NAFB