Weekly pork slaughter was estimated to be higher than 2.6 million head, although we won’t know the actual figures as the USDA has furloughed many of its staff due to a funding lapse. Seasonally, pork supply trends higher in the fall, and this year is no different. Slaughter is up 11 percent compared to where it was in mid-August, while weights are up three percent. With nearly 15 percent more pork coming to market, prices have started to trend lower and could see more downside this quarter. 

Pork trim prices were counter-seasonally higher in the previous three weeks, but the increase in supply has finally started to catch up with this market. Strong demand should keep prices above year-ago levels, but prices in November and December are expected to be lower than the current trends. Ham prices are expected to trade sideways, while belly prices could see more downside. 

Weekly pork slaughter was estimated to be higher than 2.6 million head, although we won’t know the actual figures as the USDA has furloughed many of its staff due to a funding lapse. Seasonally, pork supply trends higher in the fall, and this year is no different. Slaughter is up 11 percent compared to where it was in mid-August, while weights are up three percent. With nearly 15 percent more pork coming to market, prices have started to trend lower and could see more downside this quarter. Pork trim prices were counter-seasonally higher in the previous three weeks, but the increase in supply has finally started to catch up with this market. Strong demand should keep prices above year-ago levels, but prices in November and December are expected to be lower than the current trends. Ham prices are expected to trade sideways, while belly prices could see more downside. -NAFB

Pork prices trend lower

A bipartisan group of 47 legislators from both Chambers of Congress petitioned the EPA to finalize its proposal for the Renewable Fuel Standard Program, which includes measures to discourage the use of imports into the U.S. biofuels market. The group sent a letter to Lee Zeldin, the Environmental Protection Agency Administrator, asking him to advocate for the proposal. The legislators say it represents a common-sense approach that puts America’s farmers first in line, strengthens U.S. domestic biofuel markets, and delivers tangible economic benefits to rural communities.

 An EPA proposal in June would change the RFS program to increase the Renewable Volume Obligation, or RVO, reduce the value of the Renewable Identification Numbers (RINs) for foreign-produced fuels and biofuel components, and reallocate unmet regulatory costs from exempted small refineries to larger ones. The group argued that the RIN reduction measure would provide essential support for the farm economy.

A bipartisan group of 47 legislators from both Chambers of Congress petitioned the EPA to finalize its proposal for the Renewable Fuel Standard Program, which includes measures to discourage the use of imports into the U.S. biofuels market. The group sent a letter to Lee Zeldin, the Environmental Protection Agency Administrator, asking him to advocate for the proposal. The legislators say it represents a common-sense approach that puts America’s farmers first in line, strengthens U.S. domestic biofuel markets, and delivers tangible economic benefits to rural communities. An EPA proposal in June would change the RFS program to increase the Renewable Volume Obligation, or RVO, reduce the value of the Renewable Identification Numbers (RINs) for foreign-produced fuels and biofuel components, and reallocate unmet regulatory costs from exempted small refineries to larger ones. The group argued that the RIN reduction measure would provide essential support for the farm economy.-NAFB

Congressional coalition supports EPA biofuels plan

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

Corn, soy, and wheat prices fell Thursday, erasing gains made through a generally bullish midweek session Wednesday. Corn and soybean futures hit technical resistance Thursday, which bullish traders lack the reassurance to trade through currently with no USDA report this month to back up thoughts (supported by firmer spreads and basis levels) that the supply and demand relationship for corn and soybeans is tighter than previously reports have estimated. Outside markets on Thursday leaned negative, with a firmer U.S. dollar and lower energy markets weighing on agricultural prices.

The live cattle complex again followed in the feeder cattle market's wake, trading higher, with once again the market's deferred contracts seeing the biggest gains. With the spot December contract nearing the market's resistance at $241, it will be interesting to see how traders handle that threshold, as not only is it a resistance plane, but depending on how far traders would potentially take the contracts, it could mean new record high prices for the contracts as well. A single bid of $230 is currently on the table in Nebraska, but still no cash cattle trade has developed as feedlot managers are hoping to hold prices at least steady, and packers are obviously hoping to again work the market lower. Asking prices are noted at $235 to $237 in the South but are still not established in the North.

Rallying like it didn't have a care or a concern in the world, the feeder cattle contracts were pressing onward, pushing an aggressive $3.00 rally into midday Thursday. On Wednesday afternoon, the market was pleased to successfully reach new contract highs, which has seemed to fuel the market's ambition as traders have restlessly continued to push it higher and higher. Yes, seeing stronger boxed beef prices is helping, and if the fed cash cattle market were to trade steady to somewhat higher, that would be positive as well, but time will tell if that support develops or not.

It was another painstaking morning and session overall for the lean hog complex as support did not come to fruition, and the contracts were struggling because of that. Both cash prices and pork cutout values were weaker in the midday reports, and it's likely that remains the theme through the balance of the week.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/10/09143635/web-closing-markets.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed down 3 3/4 cents and March corn was down 3 3/4 cents. November soybeans closed down 7 1/4 cents and January soybeans were down 5 3/4 cents. December KC wheat closed down 3 1/2 cents, December Chicago wheat was down 3/4 cents, December Minneapolis wheat was up 1 1/2 cents.Corn, soy, and wheat prices fell Thursday, erasing gains made through a generally bullish midweek session Wednesday. Corn and soybean futures hit technical resistance Thursday, which bullish traders lack the reassurance to trade through currently with no USDA report this month to back up thoughts (supported by firmer spreads and basis levels) that the supply and demand relationship for corn and soybeans is tighter than previously reports have estimated. Outside markets on Thursday leaned negative, with a firmer U.S. dollar and lower energy markets weighing on agricultural prices.LIVESTOCK:The live cattle complex again followed in the feeder cattle market's wake, trading higher, with once again the market's deferred contracts seeing the biggest gains. With the spot December contract nearing the market's resistance at $241, it will be interesting to see how traders handle that threshold, as not only is it a resistance plane, but depending on how far traders would potentially take the contracts, it could mean new record high prices for the contracts as well. A single bid of $230 is currently on the table in Nebraska, but still no cash cattle trade has developed as feedlot managers are hoping to hold prices at least steady, and packers are obviously hoping to again work the market lower. Asking prices are noted at $235 to $237 in the South but are still not established in the North.Rallying like it didn't have a care or a concern in the world, the feeder cattle contracts were pressing onward, pushing an aggressive $3.00 rally into midday Thursday. On Wednesday afternoon, the market was pleased to successfully reach new contract highs, which has seemed to fuel the market's ambition as traders have restlessly continued to push it higher and higher. Yes, seeing stronger boxed beef prices is helping, and if the fed cash cattle market were to trade steady to somewhat higher, that would be positive as well, but time will tell if that support develops or not.It was another painstaking morning and session overall for the lean hog complex as support did not come to fruition, and the contracts were struggling because of that. Both cash prices and pork cutout values were weaker in the midday reports, and it's likely that remains the theme through the balance of the week.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/10/09143635/web-closing-markets.mp3">Click HERE for audio</a>

Commodity markets daily recap

The Iowa Department of Agriculture and Land Stewardship and the USDA’s Animal and Plant Health Inspection Service detected a case of Highly Pathogenic Avian Influenza in a commercial turkey flock in Calhoun County, Iowa. This is Iowa’s eighth detection of HPAI within domestic birds in 2025. As the fall wild bird migration continues, that’s typically when infections in domestic flocks pick up. Clinical signs of infection include a sudden increase in bird deaths without any clinical signs, lethargy, and a lack of appetite. 

It can also include a decrease in egg production, or soft, thin-shelled, or misshapen eggs, and a swelling of the head, eyelids, comb, wattles, and hocks. Remember, it remains safe to enjoy eggs and poultry products. Consumers are reminded to properly handle and cook eggs and poultry products, including cooking to an internal temperature of 165 degrees Fahrenheit. The CDC said the threat to the public remains low.

The Iowa Department of Agriculture and Land Stewardship and the USDA’s Animal and Plant Health Inspection Service detected a case of Highly Pathogenic Avian Influenza in a commercial turkey flock in Calhoun County, Iowa. This is Iowa’s eighth detection of HPAI within domestic birds in 2025. As the fall wild bird migration continues, that’s typically when infections in domestic flocks pick up. Clinical signs of infection include a sudden increase in bird deaths without any clinical signs, lethargy, and a lack of appetite. It can also include a decrease in egg production, or soft, thin-shelled, or misshapen eggs, and a swelling of the head, eyelids, comb, wattles, and hocks. Remember, it remains safe to enjoy eggs and poultry products. Consumers are reminded to properly handle and cook eggs and poultry products, including cooking to an internal temperature of 165 degrees Fahrenheit. The CDC said the threat to the public remains low.-NAFB

HPAI detected in Iowa commercial flock

Four people familiar with the talks say that the White House is delaying its plans to issue economic aid to farmers this week due to the government shutdown. The White House Office of Management and Budget prepared between $12 and $13 billion to be allocated from an internal USDA account. The sources said no final decision has been made yet on the total amount of money that will go for farm aid, and the package likely won’t be coming out soon. 

It’s possible the timeline was further delayed because some of the USDA’s political appointees have been placed on furlough during the shutdown. Politico also said officials are weighing the possibility of using tariff revenue, the USDA’s Commodity Credit Corporation fund, and other alternative methods to alleviate farmers’ financial stress. President Trump tapped the USDA fund to dole out $28 billion in assistance during the first trade war with China. 

Four people familiar with the talks say that the White House is delaying its plans to issue economic aid to farmers this week due to the government shutdown. The White House Office of Management and Budget prepared between $12 and $13 billion to be allocated from an internal USDA account. The sources said no final decision has been made yet on the total amount of money that will go for farm aid, and the package likely won’t be coming out soon. It’s possible the timeline was further delayed because some of the USDA’s political appointees have been placed on furlough during the shutdown. Politico also said officials are weighing the possibility of using tariff revenue, the USDA’s Commodity Credit Corporation fund, and other alternative methods to alleviate farmers’ financial stress. President Trump tapped the USDA fund to dole out $28 billion in assistance during the first trade war with China. -NAFB

Farm aid reportedly delayed by government shutdown

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

It was the soybean show for row-crop futures Wednesday as November futures raced for its fourth higher session in the past six; meanwhile corn and wheat markets initially struggled to get off the ground but eventually joined with modest gains of their own amid a general bullishness across commodities at midweek. Crude oil futures put in a fourth straight session higher, with higher diesel prices also providing positive influence on the soybean complex. Meanwhile, the hot macroeconomic topic this week has been gold futures' meteoric rise through 2025 but especially the last few months to over $4,000 per troy ounce, fueled recently by the uncertainty due to the ongoing U.S. government shutdown. For Wednesday, the U.S. Dollar Index also rose to 2-month highs, likely a source of pressure to the wheat market.

The live cattle complex continued to trade higher as the market regained some technical support and interest from traders and continues to highlight the fact that boxed beef prices have seen more support this week as well. The spot December contract is nearing resistance at $241.00, which could cause the market some angst, as although support has been a tick more bountiful this week, has it really been enough to surpass resistance? Time will tell. So far, there's been no trade in the fed cash cattle market, but asking prices remain firm in the South at $235 to $237 and are still unestablished in the North. Trade will likely be delayed for another day or so. Some of the support that the cattle complex has received early this week could also be stemming from the fact that yet another new case of New World screwworm was detected in Mexico, roughly 170 miles away from the U.S./Mexico border. And while it may seem counterintuitive for the market to trade higher upon that finding, because we could be battling NWS here domestically at any point in time, another detection does likely indicate that the border won't be reopened any time soon, which should keep feeder cattle prices elevated.

The feeder cattle complex was powering on, full steam ahead, as the market traded $2.00 to $3.00 higher into Wednesday's noon hour and reaching as much as $5.00 to $6.00 higher before the closing bell in the far deferreds. So far, traders haven't seemed anxious about surpassing the market's resistance at $364, as they're continuing to drive the contracts.

Meanwhile, the lean hog complex traded mixed as the market wishes consumer demand would shine through and lend some additional support to the marketplace. But with fundamental support being hard to come by, traders yearn to push the contracts higher but are doing so in a cautious manner.

By: NATHAN STUEDLEGRAINS:December corn closed up 2 1/4 cents and March corn was up 1 1/2 cents. November soybeans closed up 7 1/2 cents and January soybeans were up 5 1/4 cents. December KC wheat closed up 1 1/4 cents, December Chicago wheat was up 1/2 cents, December Minneapolis wheat was up 3 1/2 cents.It was the soybean show for row-crop futures Wednesday as November futures raced for its fourth higher session in the past six; meanwhile corn and wheat markets initially struggled to get off the ground but eventually joined with modest gains of their own amid a general bullishness across commodities at midweek. Crude oil futures put in a fourth straight session higher, with higher diesel prices also providing positive influence on the soybean complex. Meanwhile, the hot macroeconomic topic this week has been gold futures' meteoric rise through 2025 but especially the last few months to over $4,000 per troy ounce, fueled recently by the uncertainty due to the ongoing U.S. government shutdown. For Wednesday, the U.S. Dollar Index also rose to 2-month highs, likely a source of pressure to the wheat market.LIVESTOCK:The live cattle complex continued to trade higher as the market regained some technical support and interest from traders and continues to highlight the fact that boxed beef prices have seen more support this week as well. The spot December contract is nearing resistance at $241.00, which could cause the market some angst, as although support has been a tick more bountiful this week, has it really been enough to surpass resistance? Time will tell. So far, there's been no trade in the fed cash cattle market, but asking prices remain firm in the South at $235 to $237 and are still unestablished in the North. Trade will likely be delayed for another day or so. Some of the support that the cattle complex has received early this week could also be stemming from the fact that yet another new case of New World screwworm was detected in Mexico, roughly 170 miles away from the U.S./Mexico border. And while it may seem counterintuitive for the market to trade higher upon that finding, because we could be battling NWS here domestically at any point in time, another detection does likely indicate that the border won't be reopened any time soon, which should keep feeder cattle prices elevated.The feeder cattle complex was powering on, full steam ahead, as the market traded $2.00 to $3.00 higher into Wednesday's noon hour and reaching as much as $5.00 to $6.00 higher before the closing bell in the far deferreds. So far, traders haven't seemed anxious about surpassing the market's resistance at $364, as they're continuing to drive the contracts.Meanwhile, the lean hog complex traded mixed as the market wishes consumer demand would shine through and lend some additional support to the marketplace. But with fundamental support being hard to come by, traders yearn to push the contracts higher but are doing so in a cautious manner. Click HERE for audio

Mexico’s Agriculture Ministry said another case of New World Screwworm was reported in Nuevo Leon, which borders the United States. Reports say it’s the state’s second confirmed case in approximately two weeks. The infected calf came from the southern part of Mexico and was intercepted just south of Monterrey. None of the other 84 animals in the shipment were found to be infected with the flesh-eating parasite. 

The screwworm larvae in the detected case were all found dead or dying as a result of the mandatory treatments, including the antiparasitic Ivermectin. “The condition in which the larvae arrived makes them unviable for reproduction, demonstrating the effectiveness of the inspection protocols at origin and destination applied to mitigate the risk of screwworm spreading,” the ministry said in a statement about the most recent case. The outbreak has prompted the U.S. government to keep its border mostly closed to Mexican cattle imports.

Mexico’s Agriculture Ministry said another case of New World Screwworm was reported in Nuevo Leon, which borders the United States. Reports say it’s the state’s second confirmed case in approximately two weeks. The infected calf came from the southern part of Mexico and was intercepted just south of Monterrey. None of the other 84 animals in the shipment were found to be infected with the flesh-eating parasite. The screwworm larvae in the detected case were all found dead or dying as a result of the mandatory treatments, including the antiparasitic Ivermectin. “The condition in which the larvae arrived makes them unviable for reproduction, demonstrating the effectiveness of the inspection protocols at origin and destination applied to mitigate the risk of screwworm spreading,” the ministry said in a statement about the most recent case. The outbreak has prompted the U.S. government to keep its border mostly closed to Mexican cattle imports.-NAFB

Another screwworm case in Mexico

Although the overall runoff in September was above average in the upper Missouri River Basin, the runoff at the Fort Peck and Garrison reaches continues to be well below average. “Beneficial rainfall occurred over central South Dakota and North Dakota in September, resulting in well-above average runoff into Oahe, Big Bend, Fort Randall, and Gavin's Point,” said John Remus, Chief of the U.S. Army Corps of Engineers Water Management Division. 

“The above-average runoff combined with the lower releases from Gavin's Point slightly improves the System storage outlook for the beginning of the 2026 runoff season.” September runoff was 1.3 million acre-feet, 109 percent of the average above Sioux City, Iowa. As of October 1, the total volume of water stored in the system was 50.4-million-acre feet, which is 5.7 million below the base of the system’s flood control zone. System storage will continue to decline through the fall.

Although the overall runoff in September was above average in the upper Missouri River Basin, the runoff at the Fort Peck and Garrison reaches continues to be well below average. “Beneficial rainfall occurred over central South Dakota and North Dakota in September, resulting in well-above average runoff into Oahe, Big Bend, Fort Randall, and Gavin's Point,” said John Remus, Chief of the U.S. Army Corps of Engineers Water Management Division. “The above-average runoff combined with the lower releases from Gavin's Point slightly improves the System storage outlook for the beginning of the 2026 runoff season.” September runoff was 1.3 million acre-feet, 109 percent of the average above Sioux City, Iowa. As of October 1, the total volume of water stored in the system was 50.4-million-acre feet, which is 5.7 million below the base of the system’s flood control zone. System storage will continue to decline through the fall.-NAFB

Missouri River September runoff above average

December corn closed down 2 cents per bushel at $4.19 3/4 and March corn closed down 2 cents per bushel at $4.36 1/4 and November soybeans closed up 4 1/4 cents at $10.22 and January soybeans were up 3 1/4 cents at $10.39. December KC wheat closed down 3 1/2 cents at $4.92, December Chicago wheat was down 6 cents at $5.06 3/4 and MIAX December Minneapolis wheat was down 0.05 cents at $5.5200.

On an extremely slow trading day, corn traded both sides and moved little early before fading, while wheat markets again headed toward contract lows, with the MIAX Minneapolis contract establishing a new contract low. A dearth of news as traders awaited a decision on financial aid to farmers resulted in a low volume and low range trade.

The livestock complex is again trading mixed as the feeder cattle complex inches higher, but both the live cattle and lean hog contracts are trading lower. Still no bids or asking prices have been noted in the fed cash cattle market.

With the equity markets trading lower, it comes as no real surprise that the live cattle complex is also trading lower, as the market's support isn't significant enough to look beyond the additional concerns. The live cattle complex may be feeling the pressure of the equity market's lower trend. Still, the feeder cattle complex is continuing to trade higher into Tuesday's noon hour as traders look at the demand that was found in Monday's feeder cattle sales as a positive factor, and the continued uptick in beef demand to be enough support to justify pushing the contracts higher for now.&nbsp;

It's somewhat surprising to see the lean hog complex trading lower, as the market has better pork demand currently and is no longer up against immediate resistance pressure. December lean hogs are down $1.10 at $86.17, February lean hogs are down $1.27 at $88.27 and April lean hogs are down $0.90 at $91.50. The morning's weakness in the futures complex could partly be because traders noted the decline of packer interest in this morning's cash market, but otherwise, there's been no significant change in the complex.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/09/16193009/30001.mp3">Click HERE for Audio</a>

Grains:December corn closed down 2 cents per bushel at $4.19 3/4 and March corn closed down 2 cents per bushel at $4.36 1/4 and November soybeans closed up 4 1/4 cents at $10.22 and January soybeans were up 3 1/4 cents at $10.39. December KC wheat closed down 3 1/2 cents at $4.92, December Chicago wheat was down 6 cents at $5.06 3/4 and MIAX December Minneapolis wheat was down 0.05 cents at $5.5200.On an extremely slow trading day, corn traded both sides and moved little early before fading, while wheat markets again headed toward contract lows, with the MIAX Minneapolis contract establishing a new contract low. A dearth of news as traders awaited a decision on financial aid to farmers resulted in a low volume and low range trade.Livestock:The livestock complex is again trading mixed as the feeder cattle complex inches higher, but both the live cattle and lean hog contracts are trading lower. Still no bids or asking prices have been noted in the fed cash cattle market.With the equity markets trading lower, it comes as no real surprise that the live cattle complex is also trading lower, as the market's support isn't significant enough to look beyond the additional concerns. The live cattle complex may be feeling the pressure of the equity market's lower trend. Still, the feeder cattle complex is continuing to trade higher into Tuesday's noon hour as traders look at the demand that was found in Monday's feeder cattle sales as a positive factor, and the continued uptick in beef demand to be enough support to justify pushing the contracts higher for now.&nbsp;It's somewhat surprising to see the lean hog complex trading lower, as the market has better pork demand currently and is no longer up against immediate resistance pressure. December lean hogs are down $1.10 at $86.17, February lean hogs are down $1.27 at $88.27 and April lean hogs are down $0.90 at $91.50. The morning's weakness in the futures complex could partly be because traders noted the decline of packer interest in this morning's cash market, but otherwise, there's been no significant change in the complex.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/09/16193009/30001.mp3">Click HERE for Audio</a>

U.S. Representative Derrick Van Orden (R-WI) joined the American Business Immigration Coalition and dairy industry leaders at the World Dairy Expo to address the urgent labor shortages facing America’s dairy farmers. They also championed practical immigration reforms tailored to the industry’s needs. Speakers highlighted the essential role of workers in keeping dairy operations safe, efficient, and productive. 

“If we deport every undocumented person working in the agriculture, hospitality, and construction industries, all of them will shutter at a moment’s notice,” Van Orden said. “If our farms close, we’ll be completely dependent on other countries to feed our people, and that is unacceptable.” He called that situation a national security issue. Brian Rexing of Dairy Farmers of America said taking hard-working employees off farms doesn’t make communities safer. “We need Congress and the administration to address our broken agricultural visa program,” he said. “We don’t want shortcuts. We want reform.”

U.S. Representative Derrick Van Orden (R-WI) joined the American Business Immigration Coalition and dairy industry leaders at the World Dairy Expo to address the urgent labor shortages facing America’s dairy farmers. They also championed practical immigration reforms tailored to the industry’s needs. Speakers highlighted the essential role of workers in keeping dairy operations safe, efficient, and productive. “If we deport every undocumented person working in the agriculture, hospitality, and construction industries, all of them will shutter at a moment’s notice,” Van Orden said. “If our farms close, we’ll be completely dependent on other countries to feed our people, and that is unacceptable.” He called that situation a national security issue. Brian Rexing of Dairy Farmers of America said taking hard-working employees off farms doesn’t make communities safer. “We need Congress and the administration to address our broken agricultural visa program,” he said. “We don’t want shortcuts. We want reform.”-NAFB

Coalition Calls for Permits for Agricultural Workers

The U.S. is bracing for a record grain harvest totaling 21.5 billion bushels of corn, soybeans, and grain sorghum this fall. The bumper crop arrives during a period of heightened uncertainty surrounding the future of the U.S.-China trade relationship. It all means grain storage and transportation logistics will be much more complicated than usual. 

CoBank’s Knowledge Exchange said grain storage space will be extraordinarily tight this fall, with grain merchandisers charging higher fees due to limited capacity and strained infrastructure. While grain elevators stand to benefit from buying cheaper basis and capturing wider carries in the futures markets, the profit opportunities aren’t risk-free. “Among the top 12 corn-producing states, the U.S. is facing a 1.4-billion-bushel shortage of upright grain storage this year, with elevators relying on bunkers and ground piles.” This year’s shortage is in stark contrast to last year, when the top corn-producing states had 361 million bushels of excess storage.

The U.S. is bracing for a record grain harvest totaling 21.5 billion bushels of corn, soybeans, and grain sorghum this fall. The bumper crop arrives during a period of heightened uncertainty surrounding the future of the U.S.-China trade relationship. It all means grain storage and transportation logistics will be much more complicated than usual. CoBank’s Knowledge Exchange said grain storage space will be extraordinarily tight this fall, with grain merchandisers charging higher fees due to limited capacity and strained infrastructure. While grain elevators stand to benefit from buying cheaper basis and capturing wider carries in the futures markets, the profit opportunities aren’t risk-free. “Among the top 12 corn-producing states, the U.S. is facing a 1.4-billion-bushel shortage of upright grain storage this year, with elevators relying on bunkers and ground piles.” This year’s shortage is in stark contrast to last year, when the top corn-producing states had 361 million bushels of excess storage.-NAFB

Record Harvest, Uneven Exports to Tangle Logistics

For the fourth straight year, water levels in the Ohio and Mississippi Rivers will soon be critically low, forcing shippers to light-load grain barges during harvest season. As barge rates get higher, those higher costs are making their way down to the farm level. Gary Williams, director of the Upper Mississippi River Water Association, told Agri-Pulse that between low commodity prices and high shipping costs, 

“Corn and soybean growers are looking to stash their commodities in every nook and cranny they can find.” A Forbes report said this could not come at a worse time for farmers. “This is a peak period when corn and soybeans from the Midwest get shipped downriver to New Orleans for export to the international marketplace.”

"If the lower levels get worse," Mike Steenhoek (STEEN-hook) of the Soy Transportation Coalition said, "that may mean lost profits for farmers because of an inefficient transportation system.”

For the fourth straight year, water levels in the Ohio and Mississippi Rivers will soon be critically low, forcing shippers to light-load grain barges during harvest season. As barge rates get higher, those higher costs are making their way down to the farm level. Gary Williams, director of the Upper Mississippi River Water Association, told Agri-Pulse that between low commodity prices and high shipping costs, “Corn and soybean growers are looking to stash their commodities in every nook and cranny they can find.” A Forbes report said this could not come at a worse time for farmers. “This is a peak period when corn and soybeans from the Midwest get shipped downriver to New Orleans for export to the international marketplace.”"If the lower levels get worse," Mike Steenhoek (STEEN-hook) of the Soy Transportation Coalition said, "that may mean lost profits for farmers because of an inefficient transportation system.”-NAFB

Low Mississippi River Levels Again Set to Disrupt Harvest Shipping

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

Grain prices traded both sides of even on Monday as traders await more field-level reports as U.S. harvesting efforts continue to ramp up into mid-October. Soybean futures briefly overcame overnight lows to trade higher before eventually falling back toward the bottom end of the range by the close. Corn and wheat futures were also mixed, with the former finding some strength on a surprising release of weekly export inspections from USDA which reaffirmed the very strong pace of export demand for U.S. corn.&nbsp;

The livestock complex is off to a stronger start Monday morning as traders seem willing and motivated to push the contracts higher. It is helping matters that both pork cutout values and boxed beef prices are higher.

The live cattle futures are off to a stronger start for the week as the market takes the positive close of last Friday and continues to run with the support available in the marketplace. Last week Northern dressed trade began to develop on Tuesday and saw small increments of cattle trade throughout the remainder of the week.&nbsp;

The feeder cattle complex is again following the same direction as the live cattle contracts as its market is trading higher too. What could become problematic for the market moving forward is the nearby contracts are reaching resistance levels which could pressure traders to turn the contracts lower unless something substantial develops fundamentally. October is commonly referred to as "dead calf month" at sale barns as the severe temperature swings and the stressful conditions of weaning can be too much for calves. So mixed demand could remain the theme at sales barns for the next couple of week.

It seems as though the support established in the lean hog complex is holding true again this week as the contracts are continuing to trade higher.&nbsp; It is helpful again Monday morning that pork cutout values are higher with demand being robustly strong as the only cut trading lower is the picnic, which is down $1.06.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/09/29194004/30001.mp3">HERE </a>for Audio

Grains:December corn closed up 2 3/4 cents and March corn was up 2 1/2 cents. November soybeans closed down 1/4 cents and January soybeans were down 1 1/4 cents. December KC wheat closed down 1 1/2 cents, December Chicago wheat was down 2 1/2 cents, December MIAX Minneapolis wheat was down 3 1/4 cents.Grain prices traded both sides of even on Monday as traders await more field-level reports as U.S. harvesting efforts continue to ramp up into mid-October. Soybean futures briefly overcame overnight lows to trade higher before eventually falling back toward the bottom end of the range by the close. Corn and wheat futures were also mixed, with the former finding some strength on a surprising release of weekly export inspections from USDA which reaffirmed the very strong pace of export demand for U.S. corn.&nbsp;Livestock:The livestock complex is off to a stronger start Monday morning as traders seem willing and motivated to push the contracts higher. It is helping matters that both pork cutout values and boxed beef prices are higher.The live cattle futures are off to a stronger start for the week as the market takes the positive close of last Friday and continues to run with the support available in the marketplace. Last week Northern dressed trade began to develop on Tuesday and saw small increments of cattle trade throughout the remainder of the week.&nbsp;The feeder cattle complex is again following the same direction as the live cattle contracts as its market is trading higher too. What could become problematic for the market moving forward is the nearby contracts are reaching resistance levels which could pressure traders to turn the contracts lower unless something substantial develops fundamentally. October is commonly referred to as "dead calf month" at sale barns as the severe temperature swings and the stressful conditions of weaning can be too much for calves. So mixed demand could remain the theme at sales barns for the next couple of week.It seems as though the support established in the lean hog complex is holding true again this week as the contracts are continuing to trade higher.&nbsp; It is helpful again Monday morning that pork cutout values are higher with demand being robustly strong as the only cut trading lower is the picnic, which is down $1.06.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/09/29194004/30001.mp3">HERE </a>for Audio

A trade mission to Nigeria. A memorandum of understanding with Vietnam. A surge of purchases from Bangladesh. These countries are not typically major customers for soybeans from the U.S. farm belt. But, according to Reuters, desperate farmers, their trade organizations and President Donald Trump's administration are turning to far corners of the world in hopes of averting a disaster for agriculture from a trade war that has kept China from purchasing U.S. supplies. 

The efforts so far are failing to offset the loss of the country's biggest customer for the crop. The crisis is particularly acute in Illinois, the largest U.S. soybean producing and exporting state. After months of work that included planting seeds, fertilizing fields and spraying weedkillers, Illinois growers are facing losses of up to $8 per acre thanks to low crop prices and weak exports, according to University of Illinois estimates.

A trade mission to Nigeria. A memorandum of understanding with Vietnam. A surge of purchases from Bangladesh. These countries are not typically major customers for soybeans from the U.S. farm belt. But, according to Reuters, desperate farmers, their trade organizations and President Donald Trump's administration are turning to far corners of the world in hopes of averting a disaster for agriculture from a trade war that has kept China from purchasing U.S. supplies. The efforts so far are failing to offset the loss of the country's biggest customer for the crop. The crisis is particularly acute in Illinois, the largest U.S. soybean producing and exporting state. After months of work that included planting seeds, fertilizing fields and spraying weedkillers, Illinois growers are facing losses of up to $8 per acre thanks to low crop prices and weak exports, according to University of Illinois estimates.-NAFB

US Soybean Farmers, Deserted by Big Buyer China, Scramble for Other Importers

“The U.S. federal government shutdown that began Wednesday will halt some payments to farmers and delay access to federal farm loans, the latest blow for producers already facing low crop prices, record-high debts, and a trade war at the height of the fall harvest.” reports Reuters. On Wednesday, the scope of the shutdown’s potential impact to U.S. farmers was beginning to emerge. Even short interruptions in payments could deepen farmers’ economic turmoil. ‘It costs money to run those combines,’ said Chad Hart, agricultural economist with Iowa State University.” 

The shut down effects the processing of farm loans and making payments to farmers, including billions of dollars in disaster aid contained in President Donald Trump’s tax-cut and spending bill. The USDA has stopped issuing weather-related disaster payments, accepting and processing farm loans, providing technical assistance for conservation programs, and swaths of other agency work.&nbsp;

“The U.S. federal government shutdown that began Wednesday will halt some payments to farmers and delay access to federal farm loans, the latest blow for producers already facing low crop prices, record-high debts, and a trade war at the height of the fall harvest.” reports Reuters. On Wednesday, the scope of the shutdown’s potential impact to U.S. farmers was beginning to emerge. Even short interruptions in payments could deepen farmers’ economic turmoil. ‘It costs money to run those combines,’ said Chad Hart, agricultural economist with Iowa State University.” The shut down effects the processing of farm loans and making payments to farmers, including billions of dollars in disaster aid contained in President Donald Trump’s tax-cut and spending bill. The USDA has stopped issuing weather-related disaster payments, accepting and processing farm loans, providing technical assistance for conservation programs, and swaths of other agency work.&nbsp;- NAFB

Gov’t Shutdown Halts Some Payments, Loans to Farmers

The FDA recently, conditionally approved Dectomax-CA1 (doramectin injection) injectable solution for the prevention and treatment of New World screwworm (NWS) larval infestations and prevention of NWS reinfestation for 21 days. 

“We understand the urgency with which America’s farmers and ranchers are asking for tools to fight New World screwworm,” said FDA Commissioner Marty Makary. “Today’s conditional approval – the first in the U.S. for NWS – shows our dedication to rapidly advancing important animal medicines when they are needed most. We continue to work tirelessly to complete review of other NWS products to protect multiple animal species in the U.S.” 

“Under this conditional approval, the FDA has determined the drug is safe and has a reasonable expectation of effectiveness. We are making this treatment available to cattle producers immediately while the sponsor collects the data needed for a full approval,” said Timothy Schell, Ph.D., acting director of the FDA’s Center for Veterinary Medicine.

The FDA recently, conditionally approved Dectomax-CA1 (doramectin injection) injectable solution for the prevention and treatment of New World screwworm (NWS) larval infestations and prevention of NWS reinfestation for 21 days. “We understand the urgency with which America’s farmers and ranchers are asking for tools to fight New World screwworm,” said FDA Commissioner Marty Makary. “Today’s conditional approval – the first in the U.S. for NWS – shows our dedication to rapidly advancing important animal medicines when they are needed most. We continue to work tirelessly to complete review of other NWS products to protect multiple animal species in the U.S.” “Under this conditional approval, the FDA has determined the drug is safe and has a reasonable expectation of effectiveness. We are making this treatment available to cattle producers immediately while the sponsor collects the data needed for a full approval,” said Timothy Schell, Ph.D., acting director of the FDA’s Center for Veterinary Medicine.-NAFB

FDA Approves First Drug for Prevention and Treatment of New World Screwworm in Cattle

By:<a href="https://missouriindependent.com/author/joshua-haiar/">Joshua Haiar</a> <a href="https://southdakotasearchlight.com/">South Dakota Searchlight</a>

SALEM — Spending 12 hours a day in his combine this week, harvesting amber rows of soybeans he planted in the spring, Andrew Streff has time to think — and it’s hard not to think about the ongoing trade dispute with China.

The country is boycotting purchases of U.S. soybeans in response to President Donald Trump’s tariffs.

“China hasn’t purchased any soybeans from the United States this year, thanks to the president,” said Streff, who farms near Salem. “Our beans are the cheapest in the world, by about $2 a bushel, but this trade war is keeping them out of China — our biggest customer.”

Robert Lee is harvesting 300 acres of soybeans on his land near De Smet. He said many farmers are hesitant to blame Trump for bad bean prices.

“But the fact is, China imported 120 million metric tons of soybeans this year and not one bushel came from the U.S.,” Lee said. “That’s a direct result of this trade war.”

Farmers were similarly affected by trade disputes during Trump’s first term. Congress responded with&nbsp;<a href="https://www.congress.gov/crs_external_products/IF/PDF/IF11289/IF11289.3.pdf" target="_blank">$28 billion</a>&nbsp;of aid for farmers in 2018 and 2019, according to the Congressional Research Service. The relief paid for farmers’ lost income by providing direct payments in its place.

U.S. Senate Majority Leader John Thune, R-South Dakota, said during a Sept. 26 public event in Rapid City that the federal government will probably have to help farmers again.

“I have talked to the president about this, because some of this is a result of tariff policies, trade relationships, etc. — China’s not buying soybeans today,” Thune said. “And so I think, inevitably, what’s going to happen is they’ll probably end up doing what we did a few years ago, because of loss of markets.”

Thune said that’s something “none of us want.”

“But I think some of that tariff revenue that’s coming in probably will end up heading in that direction,” he said.

Trump’s tariffs will increase federal tax revenues by an estimated $171 billion this year, according to a Sept. 26 report from the&nbsp;<a href="https://taxfoundation.org/research/all/federal/trump-tariffs-trade-war/" target="_blank">Tax Foundation</a>, a nonpartisan, tax policy research nonprofit.

On Thursday, Treasury Secretary Scott Bessent confirmed that the Trump administration is considering aid to farmers. He said in an<a href="https://www.cnbc.com/2025/10/02/cnbc-transcript-us-treasury-secretary-scott-bessent-speaks-with-cnbcs-squawk-box-today.html" target="_blank">&nbsp;interview</a>&nbsp;with CNBC that farmers “should expect some news on Tuesday” about “substantial support for our farmers, especially the soybean farmers.”

Jerry Schmitz is the executive director of the South Dakota Soybean Association. He said U.S. soybean prices are down more than a dollar per bushel from last year, from over $11 down to $10, with South Dakota prices another 80 cents to $1.35 lower. Local grain elevators are struggling because exports through the Pacific Northwest into Asian countries have slowed to a trickle.

Based on the number of soybean acres planted this year, Schmitz said a $1 drop in price equates to about $250 million of lost income for South Dakota farmers.

A tariff is a tax paid by importers, with the cost often passed along in prices charged to customers. Schmitz said the impact of tariffs on farmers goes beyond the obvious. An example is a rise in fertilizer prices, “partly due to inflation, but exacerbated by the tariffs.”

Streff, the Salem-area farmer, also works as a commodities broker in Mitchell. He said farmers like him who locked in a price with a grain buyer months before harvest are doing better, but “you were gambling on the future.”

“A lot of farmers were hoping the president learned from the last time around,” he said. “But it didn’t surprise me — he campaigned on doing these tariffs. The U.S. elected someone who likes to pick fights with other countries, and now we’re in the middle of it.”

He said others waited to see how the crop would turn out and if trade relations with China would improve. They haven’t.

Farm leaders and state officials are creating new domestic soybean uses, including a&nbsp;<a href="https://southdakotasearchlight.com/2025/09/09/500-million-soybean-processing-plant-opens-in-mitchell/" target="_blank">$500 million soybean processing plant</a>&nbsp;in Mitchell that will mostly use soybeans to make renewable diesel and livestock feed.

Streff said that’s encouraging, but it won’t replace the demand of a country with 1.4 billion people who like soybean-fed pork.

“It’s not going to solve all our problems,” he said.

It’s a point Thune echoed while in Rapid City.

“We need to get the Chinese market back at some point because we sell a ton,” Thune said. “Sixty percent of our soybeans are exported, mostly to China. And so we’ve got to have those export markets.”

This story was originally produced by&nbsp;<a href="https://southdakotasearchlight.com/2025/10/02/harvest-of-stress-soybean-farmers-await-help-as-tariff-dispute-closes-china-market/" target="_blank">South Dakota Searchlight</a>, which is part of States Newsroom, a nonprofit news network which includes Missouri Independent, and is supported by grants and a coalition of donors as a 501c(3) public charity.

<figure>
 <img src="https://media.eaglewebservices.com/public/2025/10/1759754181444.png" alt="Andrew Streff drives his combine while harvesting soybeans on Sept. 29, 2025, near Salem. (Joshua Haiar/South Dakota Searchlight)" />
 <figcaption>Andrew Streff drives his combine while harvesting soybeans on Sept. 29, 2025, near Salem. (Joshua Haiar/South Dakota Searchlight)</figcaption>
 </figure>By:<a href="https://missouriindependent.com/author/joshua-haiar/">Joshua Haiar</a> <a href="https://southdakotasearchlight.com/">South Dakota Searchlight</a>SALEM — Spending 12 hours a day in his combine this week, harvesting amber rows of soybeans he planted in the spring, Andrew Streff has time to think — and it’s hard not to think about the ongoing trade dispute with China.The country is boycotting purchases of U.S. soybeans in response to President Donald Trump’s tariffs.“China hasn’t purchased any soybeans from the United States this year, thanks to the president,” said Streff, who farms near Salem. “Our beans are the cheapest in the world, by about $2 a bushel, but this trade war is keeping them out of China — our biggest customer.”Robert Lee is harvesting 300 acres of soybeans on his land near De Smet. He said many farmers are hesitant to blame Trump for bad bean prices.“But the fact is, China imported 120 million metric tons of soybeans this year and not one bushel came from the U.S.,” Lee said. “That’s a direct result of this trade war.”<figure>
 <img src="https://media.eaglewebservices.com/public/2025/10/1759754226543.png" alt="Andrew Streff drives his combine while harvesting soybeans on Sept. 29, 2025, near Salem. (Joshua Haiar/South Dakota Searchlight)" />
 <figcaption>Andrew Streff drives his combine while harvesting soybeans on Sept. 29, 2025, near Salem. (Joshua Haiar/South Dakota Searchlight)</figcaption>
 </figure>Farmers were similarly affected by trade disputes during Trump’s first term. Congress responded with&nbsp;<a href="https://www.congress.gov/crs_external_products/IF/PDF/IF11289/IF11289.3.pdf" target="_blank">$28 billion</a>&nbsp;of aid for farmers in 2018 and 2019, according to the Congressional Research Service. The relief paid for farmers’ lost income by providing direct payments in its place.U.S. Senate Majority Leader John Thune, R-South Dakota, said during a Sept. 26 public event in Rapid City that the federal government will probably have to help farmers again.“I have talked to the president about this, because some of this is a result of tariff policies, trade relationships, etc. — China’s not buying soybeans today,” Thune said. “And so I think, inevitably, what’s going to happen is they’ll probably end up doing what we did a few years ago, because of loss of markets.”Thune said that’s something “none of us want.”“But I think some of that tariff revenue that’s coming in probably will end up heading in that direction,” he said.Trump’s tariffs will increase federal tax revenues by an estimated $171 billion this year, according to a Sept. 26 report from the&nbsp;<a href="https://taxfoundation.org/research/all/federal/trump-tariffs-trade-war/" target="_blank">Tax Foundation</a>, a nonpartisan, tax policy research nonprofit.On Thursday, Treasury Secretary Scott Bessent confirmed that the Trump administration is considering aid to farmers. He said in an<a href="https://www.cnbc.com/2025/10/02/cnbc-transcript-us-treasury-secretary-scott-bessent-speaks-with-cnbcs-squawk-box-today.html" target="_blank">&nbsp;interview</a>&nbsp;with CNBC that farmers “should expect some news on Tuesday” about “substantial support for our farmers, especially the soybean farmers.”Jerry Schmitz is the executive director of the South Dakota Soybean Association. He said U.S. soybean prices are down more than a dollar per bushel from last year, from over $11 down to $10, with South Dakota prices another 80 cents to $1.35 lower. Local grain elevators are struggling because exports through the Pacific Northwest into Asian countries have slowed to a trickle.Based on the number of soybean acres planted this year, Schmitz said a $1 drop in price equates to about $250 million of lost income for South Dakota farmers.A tariff is a tax paid by importers, with the cost often passed along in prices charged to customers. Schmitz said the impact of tariffs on farmers goes beyond the obvious. An example is a rise in fertilizer prices, “partly due to inflation, but exacerbated by the tariffs.”Streff, the Salem-area farmer, also works as a commodities broker in Mitchell. He said farmers like him who locked in a price with a grain buyer months before harvest are doing better, but “you were gambling on the future.”“A lot of farmers were hoping the president learned from the last time around,” he said. “But it didn’t surprise me — he campaigned on doing these tariffs. The U.S. elected someone who likes to pick fights with other countries, and now we’re in the middle of it.”He said others waited to see how the crop would turn out and if trade relations with China would improve. They haven’t.Farm leaders and state officials are creating new domestic soybean uses, including a&nbsp;<a href="https://southdakotasearchlight.com/2025/09/09/500-million-soybean-processing-plant-opens-in-mitchell/" target="_blank">$500 million soybean processing plant</a>&nbsp;in Mitchell that will mostly use soybeans to make renewable diesel and livestock feed.Streff said that’s encouraging, but it won’t replace the demand of a country with 1.4 billion people who like soybean-fed pork.“It’s not going to solve all our problems,” he said.It’s a point Thune echoed while in Rapid City.“We need to get the Chinese market back at some point because we sell a ton,” Thune said. “Sixty percent of our soybeans are exported, mostly to China. And so we’ve got to have those export markets.”This story was originally produced by&nbsp;<a href="https://southdakotasearchlight.com/2025/10/02/harvest-of-stress-soybean-farmers-await-help-as-tariff-dispute-closes-china-market/" target="_blank">South Dakota Searchlight</a>, which is part of States Newsroom, a nonprofit news network which includes Missouri Independent, and is supported by grants and a coalition of donors as a 501c(3) public charity.

Harvest of stress: Soybean farmers await help as tariff dispute closes China market

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

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

It was a slow day to close the week for futures markets as the U.S. government shutdown is in its third day, resulting in a lack of government reports to influence traders. The late week rally across row crop futures gradually exhausted itself through the session Friday, led by soybean futures, which eventually settled over a dime lower than the daily high on the November contract. Outside markets leaned positive to close the week with the Dow Jones Industrial Average accelerating weekly gains to a fresh record on Friday. Investors are currently showing no major concerns regarding the government shutdown, focusing instead on an expected rate cut in the Fed's meeting late this month. Energy markets ended the week higher, with crude oil futures narrowly avoiding five straight lower sessions amid support in the low $60 per barrel range.

The live cattle complex battled through, as the market continues to feel stalemated, not seeing the support it needs to drive the contracts much higher. Between weaker cash cattle prices and lower waning boxed beef prices, the market is stuck trading steady/somewhat lower as there's not enough support to do anything different for the time being, but the market found enough for all contracts to finish in the green. Before the week ends, there should still be some more cash cattle trade to develop; however, there's only been a thin movement in the North so far, and virtually no movement yet at all in the South. Asking prices are noted at $235 to $237 in the South and $362 plus in the North.

The feeder cattle complex was back to trading moderately higher as traders are currently willing to mildly support the contracts. The live cattle complex ended giving enough support and the market was able to maintain the mild rally through the day's end.

The lean hog complex is finally seeing support work its way into the market as pork cutout values were higher, and trades allowed the contracts to trade mildly higher as well. The biggest factor helping drive the carcass price higher this morning is the belly's $6.82 jump, and the picnics $4.24 gain as well.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/10/03140156/30001-markets-230pm.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed down 2 3/4 cents and March corn was down 2 1/4 cents. November soybeans closed down 5 3/4 cents and January soybeans were down 4 3/4 cents. December KC wheat closed down 2 cents, December Chicago wheat was up 1/2 cents, December Minneapolis wheat was down 3/4 cents.For the Week:December corn closed down 3 cents and March corn was down 3 cents. November soybeans closed up 4 1/4 cents and January soybeans were up 4 cents. December KC wheat closed down 8 1/2 cents, December Chicago wheat was down 4 1/2 cents and December Minneapolis wheat was down 8 cents.It was a slow day to close the week for futures markets as the U.S. government shutdown is in its third day, resulting in a lack of government reports to influence traders. The late week rally across row crop futures gradually exhausted itself through the session Friday, led by soybean futures, which eventually settled over a dime lower than the daily high on the November contract. Outside markets leaned positive to close the week with the Dow Jones Industrial Average accelerating weekly gains to a fresh record on Friday. Investors are currently showing no major concerns regarding the government shutdown, focusing instead on an expected rate cut in the Fed's meeting late this month. Energy markets ended the week higher, with crude oil futures narrowly avoiding five straight lower sessions amid support in the low $60 per barrel range.LIVE CATTLE:The live cattle complex battled through, as the market continues to feel stalemated, not seeing the support it needs to drive the contracts much higher. Between weaker cash cattle prices and lower waning boxed beef prices, the market is stuck trading steady/somewhat lower as there's not enough support to do anything different for the time being, but the market found enough for all contracts to finish in the green. Before the week ends, there should still be some more cash cattle trade to develop; however, there's only been a thin movement in the North so far, and virtually no movement yet at all in the South. Asking prices are noted at $235 to $237 in the South and $362 plus in the North. The feeder cattle complex was back to trading moderately higher as traders are currently willing to mildly support the contracts. The live cattle complex ended giving enough support and the market was able to maintain the mild rally through the day's end.The lean hog complex is finally seeing support work its way into the market as pork cutout values were higher, and trades allowed the contracts to trade mildly higher as well. The biggest factor helping drive the carcass price higher this morning is the belly's $6.82 jump, and the picnics $4.24 gain as well.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/10/03140156/30001-markets-230pm.mp3">Click HERE for audio</a>

The Renewable Fuels Association applauded California Governor Gavin Newsome for signing Assembly Bill 30 into law. AB30, which passed unanimously out of both the Assembly and the Senate, immediately legalizes lower-cost E15 fuel in the Golden State. Prior to the signing, California was the only remaining state in the nation where E15 sales weren’t allowed. RFA President and CEO Geoff Cooper said, “California is on the road to lower gas prices and a cleaner future for families across the state,” and “Many other states have already seen the benefits of E15, including healthier air, better engine performance, and costs savings at the pump.”

 California drivers are about to experience those same benefits for themselves, and RFA thanked Governor Newsom for voicing his support for E15 through the legislative process. Recent studies have shown that E15 could save California drivers $2.7 billion annually, or about $200 per household, while significantly cutting tailpipe pollutants. 

The Renewable Fuels Association applauded California Governor Gavin Newsome for signing Assembly Bill 30 into law. AB30, which passed unanimously out of both the Assembly and the Senate, immediately legalizes lower-cost E15 fuel in the Golden State. Prior to the signing, California was the only remaining state in the nation where E15 sales weren’t allowed. RFA President and CEO Geoff Cooper said, “California is on the road to lower gas prices and a cleaner future for families across the state,” and “Many other states have already seen the benefits of E15, including healthier air, better engine performance, and costs savings at the pump.” California drivers are about to experience those same benefits for themselves, and RFA thanked Governor Newsom for voicing his support for E15 through the legislative process. Recent studies have shown that E15 could save California drivers $2.7 billion annually, or about $200 per household, while significantly cutting tailpipe pollutants. -NAFB

California governor signs E15 bill

The U.S. federal government shutdown will stop some payments to farmers and also delay access to federal farm loans. Reuters said it’s one more blow for producers already struggling with low crop prices, record-high debts, and a trade war at the height of the fall harvest. Republican and Democratic lawmakers couldn’t agree on a plan to fund the federal government, and this will last until one party gets enough votes for its funding plan. 

“Even short interruptions in payments could deepen farmers’ economic turmoil,” said Chad Hart, an agricultural economist with Iowa State University. “After all, it costs money to run those combines at harvest.”  While administration of nutrition programs and food inspections will continue, much of USDA’s other work will cease. That includes processing farm loans and making payments to farmers, including billions in disaster aid. It will also not process annual commodity and land conservation payments typically issued by October. 

The U.S. federal government shutdown will stop some payments to farmers and also delay access to federal farm loans. Reuters said it’s one more blow for producers already struggling with low crop prices, record-high debts, and a trade war at the height of the fall harvest. Republican and Democratic lawmakers couldn’t agree on a plan to fund the federal government, and this will last until one party gets enough votes for its funding plan. “Even short interruptions in payments could deepen farmers’ economic turmoil,” said Chad Hart, an agricultural economist with Iowa State University. “After all, it costs money to run those combines at harvest.” While administration of nutrition programs and food inspections will continue, much of USDA’s other work will cease. That includes processing farm loans and making payments to farmers, including billions in disaster aid. It will also not process annual commodity and land conservation payments typically issued by October. -NAFB

Shutdown halts some payments and loans to farmers

December corn closed up 5 1/4 cents and March corn was up 5 1/4 cents. November soybeans closed up 10 3/4 cents and January soybeans were up 10 3/4 cents. December KC wheat closed up 3 1/2 cents, December Chicago wheat was up 5 1/2 cents, December Minneapolis wheat was up 3 1/2 cents.

U.S. crop prices again shook off a shaky start to the session on Thursday, with the soybean market leading the way higher as traders continue to look ahead to the month-end summit between Presidents Trump and Xi as a reason for optimism and a reason to remove short-side risk out of portfolios amid shrinking soybean supply side ideas as well. Corn and wheat futures were mainly along for the ride on Thursday but also managed to put together modestly higher sessions. Outside markets were overall a negative weight on agricultural prices for Thursday, with mixed equities as the Dow Jones pushes back toward record highs while the S&amp;P reversed off record highs on Thursday as well. The U.S. Dollar Index was firmer on Thursday while energy markets fell again, breaking support near $62 per barrel to trade to the lowest level since late May.

Without any substantial fundamental support having developed in the complex this week, the live cattle contracts were yet again trading lower. And yes, the spot December live cattle contract was again trading below its 40-day moving average as traders continued to look around for immediate support -- but came up short handed from both a fundamental and technical sense. Asking prices are noted in the South at $237 to $240, and at $363 plus in the North. No new trade has developed following the light business that transpired on Wednesday where some dressed cattle in Nebraska sold at $360 -- $5.00 lower than last week's weighted average. Some bids are on the table at $230 to $233 live in Kansas, and $230 live in Nebraska and $357 to $360 dressed.

Following in the live cattle market's footsteps, the feeder cattle complex also traded lower as traders continue to struggle to find enough support to justify trading higher. Not to mention, adding only more kindling to the feeder cattle market's reasons to trade lower, the market did close lower Wednesday afternoon after traders decided they didn't possess enough support to be edging up against the market's resistance thresholds.

The lean hog complex continued to scale lower and lower as the market again left without enough support to help traders put a bottom in the downward spiral that the market's currently been on. Pork cutout values are again lower this morning with the picnic being the market begging hindrance as it alone is done $6.62.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/10/02135955/web-closing-markets.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed up 5 1/4 cents and March corn was up 5 1/4 cents. November soybeans closed up 10 3/4 cents and January soybeans were up 10 3/4 cents. December KC wheat closed up 3 1/2 cents, December Chicago wheat was up 5 1/2 cents, December Minneapolis wheat was up 3 1/2 cents.U.S. crop prices again shook off a shaky start to the session on Thursday, with the soybean market leading the way higher as traders continue to look ahead to the month-end summit between Presidents Trump and Xi as a reason for optimism and a reason to remove short-side risk out of portfolios amid shrinking soybean supply side ideas as well. Corn and wheat futures were mainly along for the ride on Thursday but also managed to put together modestly higher sessions. Outside markets were overall a negative weight on agricultural prices for Thursday, with mixed equities as the Dow Jones pushes back toward record highs while the S&amp;P reversed off record highs on Thursday as well. The U.S. Dollar Index was firmer on Thursday while energy markets fell again, breaking support near $62 per barrel to trade to the lowest level since late May.LIVESTOCK:Without any substantial fundamental support having developed in the complex this week, the live cattle contracts were yet again trading lower. And yes, the spot December live cattle contract was again trading below its 40-day moving average as traders continued to look around for immediate support -- but came up short handed from both a fundamental and technical sense. Asking prices are noted in the South at $237 to $240, and at $363 plus in the North. No new trade has developed following the light business that transpired on Wednesday where some dressed cattle in Nebraska sold at $360 -- $5.00 lower than last week's weighted average. Some bids are on the table at $230 to $233 live in Kansas, and $230 live in Nebraska and $357 to $360 dressed.Following in the live cattle market's footsteps, the feeder cattle complex also traded lower as traders continue to struggle to find enough support to justify trading higher. Not to mention, adding only more kindling to the feeder cattle market's reasons to trade lower, the market did close lower Wednesday afternoon after traders decided they didn't possess enough support to be edging up against the market's resistance thresholds.The lean hog complex continued to scale lower and lower as the market again left without enough support to help traders put a bottom in the downward spiral that the market's currently been on. Pork cutout values are again lower this morning with the picnic being the market begging hindrance as it alone is done $6.62.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/10/02135955/web-closing-markets.mp3">Click HERE for audio</a>

The White House Office of Management and Budget requires the USDA to maintain a plan for agency operations in the absence of appropriations. The plan shows a total of 85,907 USDA employees on board before the government shutdown took place on Wednesday morning at 12 am. According to the plan, a total of 42,256 agency employees were placed on furlough. 

The plan shows that the work getting paused during a shutdown includes most of the Risk Management Agency, Natural Resources Conservation Service, Foreign Agricultural Service, Food and Nutrition Service, and other segments of the agency. The shutdown particularly affects employees who work face-to-face with farmers. More than 6,000 of the 9,000-plus Farm Service Agency employees are going on furlough. By comparison, just 533 of the 7,600-plus people working at the Food Safety and Inspection Service, which regulates meat and poultry processing, are to be furloughed. Pesticide registration work at the EPA will continue.

The White House Office of Management and Budget requires the USDA to maintain a plan for agency operations in the absence of appropriations. The plan shows a total of 85,907 USDA employees on board before the government shutdown took place on Wednesday morning at 12 am. According to the plan, a total of 42,256 agency employees were placed on furlough. The plan shows that the work getting paused during a shutdown includes most of the Risk Management Agency, Natural Resources Conservation Service, Foreign Agricultural Service, Food and Nutrition Service, and other segments of the agency. The shutdown particularly affects employees who work face-to-face with farmers. More than 6,000 of the 9,000-plus Farm Service Agency employees are going on furlough. By comparison, just 533 of the 7,600-plus people working at the Food Safety and Inspection Service, which regulates meat and poultry processing, are to be furloughed. Pesticide registration work at the EPA will continue.-NAFB

Over 40,000 USDA employees furloughed by shutdown

Tens of thousands of FFA members, advisors, alumni, and supporters from across the country will gather in Indianapolis for the 98th National FFA Convention and Expo. This celebration of agricultural education and leadership takes place from October 29-November 1. “This year’s convention is more than just an event; it’s a celebration of our members’ dedication and a launchpad for the next generation of leaders,” said Christine White, chief program officer for the National FFA Organization. 

“It’s a time where we honor the hard work of today and ignite the spark of inspiration for tomorrow, empowering a community that will shape the future of agriculture and innovation for years to come.” Last year, over 71,000 people attended the event, which is the largest annual gathering of FFA members. Attendees will participate in award ceremonies, explore careers, do hands-on service projects, and more. FFA members will participate in a variety of competitions.

Tens of thousands of FFA members, advisors, alumni, and supporters from across the country will gather in Indianapolis for the 98th National FFA Convention and Expo. This celebration of agricultural education and leadership takes place from October 29-November 1. “This year’s convention is more than just an event; it’s a celebration of our members’ dedication and a launchpad for the next generation of leaders,” said Christine White, chief program officer for the National FFA Organization. “It’s a time where we honor the hard work of today and ignite the spark of inspiration for tomorrow, empowering a community that will shape the future of agriculture and innovation for years to come.” Last year, over 71,000 people attended the event, which is the largest annual gathering of FFA members. Attendees will participate in award ceremonies, explore careers, do hands-on service projects, and more. FFA members will participate in a variety of competitions.-NAFB

Celebrating leadership and agriculture at the National FFA Convention

December corn closed up 1 cent and March corn was up 3/4 cents. November soybeans closed up 11 1/4 cents and January soybeans were up 10 3/4 cents. December KC wheat closed down 2 1/4 cents, December Chicago wheat was up 1 1/4 cents, December Minneapolis wheat was down 5 3/4 cents.

U.S. crop markets were en route to another lower finish Wednesday, with corn and wheat futures in particular continuing to trade the fallout from bearish Sept. 1 stocks reported by USDA on Tuesday. However, the tide quickly turned shortly after noon when President Trump posted on Truth Social he will meet with Chinese President Xi in four weeks, and soybeans will be a "major topic of discussion." This ultimately sent soybean futures surging over a dime in the last hour plus of trade and ultimately 19 1/4 cents higher than the daily low, pulling corn futures higher as well. Outside markets Wednesday were mixed, as the featured macroeconomic news was the government shutdown which took effect late Tuesday/early Wednesday. Equity markets turned higher after ADP's September employment report indicated a slowing labor market and pointed toward another rate cut in the next Fed meeting. Energy markets were lower after Wednesday's Petroleum Status report from the Energy Information Administration (EIA) showed a general building of crude and crude product inventories in the U.S. and ahead of this weekend's OPEC+ production meeting.

Despite the U.S. government shutdown, the live cattle complex trudged on with business as normal. The live cattle contracts traded fully higher into Wednesday's noon hour, with yet again the market's deferred contracts seeing the biggest day-over-day gains. But even so, the spot December contract was still trading slightly below the market's 40-day moving average, which continues to be a threshold the market is struggling to conquer and the contracts finished the day no better than mixed. Still no cash cattle trade has developed but asking prices are now noted in the South at $237 to $240 but are still elusive in the North. With no packer interest having developed yet, it's likely the week's trade will be delayed another day if not two.

The feeder cattle complex was also scaling higher into Wednesday's noon hour as the market points to the corn complex's continued decline as a slightly bullish factor. The market is growing closer to resistance levels which could cause traders some angst, but traders were content to scale the contracts higher until the reversal in the grain complexes, that triggered some late session selling and the feeder contracts finished in the red all but a few far deferred contracts.

The lean hog complex continued to struggle as the market is currently trading below support at $87.00 in the spot December contract -- which has been a threshold the market has respected since early September. And again, adding to the market's disappointment is the fact that pork cutout values were lower once again today.

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By: NATHAN STUEDLEGRAINS:December corn closed up 1 cent and March corn was up 3/4 cents. November soybeans closed up 11 1/4 cents and January soybeans were up 10 3/4 cents. December KC wheat closed down 2 1/4 cents, December Chicago wheat was up 1 1/4 cents, December Minneapolis wheat was down 5 3/4 cents.U.S. crop markets were en route to another lower finish Wednesday, with corn and wheat futures in particular continuing to trade the fallout from bearish Sept. 1 stocks reported by USDA on Tuesday. However, the tide quickly turned shortly after noon when President Trump posted on Truth Social he will meet with Chinese President Xi in four weeks, and soybeans will be a "major topic of discussion." This ultimately sent soybean futures surging over a dime in the last hour plus of trade and ultimately 19 1/4 cents higher than the daily low, pulling corn futures higher as well. Outside markets Wednesday were mixed, as the featured macroeconomic news was the government shutdown which took effect late Tuesday/early Wednesday. Equity markets turned higher after ADP's September employment report indicated a slowing labor market and pointed toward another rate cut in the next Fed meeting. Energy markets were lower after Wednesday's Petroleum Status report from the Energy Information Administration (EIA) showed a general building of crude and crude product inventories in the U.S. and ahead of this weekend's OPEC+ production meeting.LIVESTOCK:Despite the U.S. government shutdown, the live cattle complex trudged on with business as normal. The live cattle contracts traded fully higher into Wednesday's noon hour, with yet again the market's deferred contracts seeing the biggest day-over-day gains. But even so, the spot December contract was still trading slightly below the market's 40-day moving average, which continues to be a threshold the market is struggling to conquer and the contracts finished the day no better than mixed. Still no cash cattle trade has developed but asking prices are now noted in the South at $237 to $240 but are still elusive in the North. With no packer interest having developed yet, it's likely the week's trade will be delayed another day if not two. The feeder cattle complex was also scaling higher into Wednesday's noon hour as the market points to the corn complex's continued decline as a slightly bullish factor. The market is growing closer to resistance levels which could cause traders some angst, but traders were content to scale the contracts higher until the reversal in the grain complexes, that triggered some late session selling and the feeder contracts finished in the red all but a few far deferred contracts.The lean hog complex continued to struggle as the market is currently trading below support at $87.00 in the spot December contract -- which has been a threshold the market has respected since early September. And again, adding to the market's disappointment is the fact that pork cutout values were lower once again today.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/10/01144403/web-closing-markets.mp3">Click HERE for audio</a>

The USDA’s Grain Stocks Report showed corn stocks down 13 percent from last year, soybean stocks are eight percent lower, and all wheat stocks are up six percent from 2024. Old crop corn stocks in all positions on September 1, 2025, totaled 1.53 billion bushels, down 13 percent from September 1, 2024. Both on-farm and off-farm stocks were down from last year. 

Old crop soybeans stored in all positions on September 1, 2025, totaled 316 million bushels, down eight percent from September 1, 2024. Both on-farm and off-farm stocks were lower. All wheat stored in all positions on September 1, 2025, totaled 2.12 billion bushels, up six percent from a year ago. Based on the 2024 end of the marketing year analysis, corn for grain production was revised up 25 million bushels from the prior estimate. 2024 soybean production was revised up 7.7 million bushels from the previous estimate. 

The USDA’s Grain Stocks Report showed corn stocks down 13 percent from last year, soybean stocks are eight percent lower, and all wheat stocks are up six percent from 2024. Old crop corn stocks in all positions on September 1, 2025, totaled 1.53 billion bushels, down 13 percent from September 1, 2024. Both on-farm and off-farm stocks were down from last year. Old crop soybeans stored in all positions on September 1, 2025, totaled 316 million bushels, down eight percent from September 1, 2024. Both on-farm and off-farm stocks were lower. All wheat stored in all positions on September 1, 2025, totaled 2.12 billion bushels, up six percent from a year ago. Based on the 2024 end of the marketing year analysis, corn for grain production was revised up 25 million bushels from the prior estimate. 2024 soybean production was revised up 7.7 million bushels from the previous estimate. -NAFB