A court ruling determined that agricultural equipment manufacturer John Deere must face a lawsuit by the Federal Trade Commission, which accuses the company of forcing farmers to use its authorized dealer network. A judge ruled that drove up farmers’ costs for repairs and parts. A U.S. District Court Judge in Rockford, Illinois, rejected Deere’s effort, for now, to end the lawsuit, which was filed at the end of President Joe Biden’s administration in January. 

 “The suit alleges John Deere is violating federal antitrust law by controlling too tightly where and how farmers can get their equipment repaired, allowing the company to charge artificially higher prices,” the report says “The FTC was joined in its lawsuit by Michigan, Wisconsin, and three other states.” Right-to-repair advocates say the digitization of agriculture equipment, with its various computers, has made self-repair almost impossible, forcing farmers to depend on the manufacturer.

A court ruling determined that agricultural equipment manufacturer John Deere must face a lawsuit by the Federal Trade Commission, which accuses the company of forcing farmers to use its authorized dealer network. A judge ruled that drove up farmers’ costs for repairs and parts. A U.S. District Court Judge in Rockford, Illinois, rejected Deere’s effort, for now, to end the lawsuit, which was filed at the end of President Joe Biden’s administration in January. “The suit alleges John Deere is violating federal antitrust law by controlling too tightly where and how farmers can get their equipment repaired, allowing the company to charge artificially higher prices,” the report says “The FTC was joined in its lawsuit by Michigan, Wisconsin, and three other states.” Right-to-repair advocates say the digitization of agriculture equipment, with its various computers, has made self-repair almost impossible, forcing farmers to depend on the manufacturer.-NAFB

Deere must face 'Right-to-Repair' lawsuit

July corn closed up 5 1/4 cents and December corn was up 2 cents. July soybeans closed up 1 3/4 cents and November soybeans were up 1/2 cents. July KC wheat closed down 10 1/4 cents, July Chicago wheat was down 7 1/2 cents, July Minneapolis wheat was down 9 1/4 cents.

Wheat futures broke another leg lower, erasing eight sessions worth of price gains over the past two as improved conditions in the U.S. and forecasted rain for dry world wheat growing regions have traders re-evaluating their recent buying spree. Meanwhile, corn and soybean futures found support Tuesday, with the former again trading among calendar year lows and enticing buyers. In outside markets, equities continue to hover among their highest levels in three months, as traders await further insight into the progress made in London trade talks between the U.S. and China, which are now in their second day.

The live cattle complex traded on a mixed basis as traders seem to be uncomfortable advancing the contracts any higher without seeing renewed fundamental support this week. Although one could point to the market's higher boxed beef prices as support, given the historical price point in which the market is trading at, traders need more support to justify trading the contracts any higher. Bids and asking prices are still elusive at this point and trade isn't expected to develop until later in the week.

The feeder cattle complex traded higher despite the fact that the live cattle contracts traded mildly lower for the bulk of Tuesday's session. For the most part, the feeder cattle complex has followed in the live cattle market's shadow step by step over the last couple weeks, but today, the market seemed to possess enough support to trade higher while the live cattle contract paused its own rally.

The lean hog complex traded skeptically as traders want to continue to support the market and push prices higher, but traders need to see furthered consistent, fundamental support before they'll fully dive in and do so. But with the belly's price improvement, the morning's carcass price was able to sprint higher.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/10144350/web-closing-markets-1.mp3">HERE</a> for audio

By: NATHAN STUEDLEGRAINS:July corn closed up 5 1/4 cents and December corn was up 2 cents. July soybeans closed up 1 3/4 cents and November soybeans were up 1/2 cents. July KC wheat closed down 10 1/4 cents, July Chicago wheat was down 7 1/2 cents, July Minneapolis wheat was down 9 1/4 cents.Wheat futures broke another leg lower, erasing eight sessions worth of price gains over the past two as improved conditions in the U.S. and forecasted rain for dry world wheat growing regions have traders re-evaluating their recent buying spree. Meanwhile, corn and soybean futures found support Tuesday, with the former again trading among calendar year lows and enticing buyers. In outside markets, equities continue to hover among their highest levels in three months, as traders await further insight into the progress made in London trade talks between the U.S. and China, which are now in their second day.LIVESTOCK:The live cattle complex traded on a mixed basis as traders seem to be uncomfortable advancing the contracts any higher without seeing renewed fundamental support this week. Although one could point to the market's higher boxed beef prices as support, given the historical price point in which the market is trading at, traders need more support to justify trading the contracts any higher. Bids and asking prices are still elusive at this point and trade isn't expected to develop until later in the week.The feeder cattle complex traded higher despite the fact that the live cattle contracts traded mildly lower for the bulk of Tuesday's session. For the most part, the feeder cattle complex has followed in the live cattle market's shadow step by step over the last couple weeks, but today, the market seemed to possess enough support to trade higher while the live cattle contract paused its own rally.The lean hog complex traded skeptically as traders want to continue to support the market and push prices higher, but traders need to see furthered consistent, fundamental support before they'll fully dive in and do so. But with the belly's price improvement, the morning's carcass price was able to sprint higher.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/10144350/web-closing-markets-1.mp3">HERE</a> for audio

Commodity markets daily recap

The American Farm Bureau Federation, in partnership with Farm Credit, has extended the deadline for entrepreneurs to apply online for the 2026 Farm Bureau Ag Innovation Challenge to June 15th. Now in year number 12, this national business competition showcases U.S. startup companies developing innovative solutions to challenges faced by America’s farmers, ranchers, and rural communities. 

The overall winner of the competition will receive $100,000 in startup funds, the runner-up will be awarded $25,000, and two additional business owners who advance to the final four round will receive $10,000. “This competition supports incredible entrepreneurs who are making sure agriculture is ready to meet the challenges of tomorrow,” said AFBF President Zippy Duvall. “If you have a vision for how your business can drive agriculture forward, apply today.” After the application period closes on June 15, ten semi-finalist teams will be selected and announced on August 4th.&nbsp;

The American Farm Bureau Federation, in partnership with Farm Credit, has extended the deadline for entrepreneurs to apply online for the 2026 Farm Bureau Ag Innovation Challenge to June 15th. Now in year number 12, this national business competition showcases U.S. startup companies developing innovative solutions to challenges faced by America’s farmers, ranchers, and rural communities. The overall winner of the competition will receive $100,000 in startup funds, the runner-up will be awarded $25,000, and two additional business owners who advance to the final four round will receive $10,000. “This competition supports incredible entrepreneurs who are making sure agriculture is ready to meet the challenges of tomorrow,” said AFBF President Zippy Duvall. “If you have a vision for how your business can drive agriculture forward, apply today.” After the application period closes on June 15, ten semi-finalist teams will be selected and announced on August 4th.&nbsp;-NAFB

Ag innovation challenge deadline extended

After spring planting is finished, agricultural producers should make an appointment with their local Farm Service Agency county office to complete crop acreage reports before the applicable deadline. July 15 is a major deadline for most crops, but acreage reporting deadlines vary by county and crop. “To ensure receipt of important safety net, disaster assistance, conservation, and crop insurance program benefits, producers should file an accurate crop acreage report for all crops and land uses, including failed acreage and prevented planting acreage before the deadline,” said FSA Administrator Bill Beam. 

“Once planting is complete, call your local FSA Office to make an appointment to report your acres and take care of other FSA-related business at the same time.” To file a crop acreage report, producers need to provide a number of facts, including crop type or variety and the number of crop acres.&nbsp;

After spring planting is finished, agricultural producers should make an appointment with their local Farm Service Agency county office to complete crop acreage reports before the applicable deadline. July 15 is a major deadline for most crops, but acreage reporting deadlines vary by county and crop. “To ensure receipt of important safety net, disaster assistance, conservation, and crop insurance program benefits, producers should file an accurate crop acreage report for all crops and land uses, including failed acreage and prevented planting acreage before the deadline,” said FSA Administrator Bill Beam. “Once planting is complete, call your local FSA Office to make an appointment to report your acres and take care of other FSA-related business at the same time.” To file a crop acreage report, producers need to provide a number of facts, including crop type or variety and the number of crop acres.&nbsp;-NAFB

Reminder to file crop acreage reports

July corn closed down 9 cents and December corn was down 11 1/4 cents. July soybeans closed down 1 1/4 cents and November soybeans were down 6 1/4 cents. July KC wheat closed down 11 3/4 cents, July Chicago wheat was down 12 3/4 cents, July Minneapolis wheat was down 12 3/4 cents.

Corn and wheat markets turned sharply lower to begin the new week, as weather forecasts remain mostly friendly to crops in the immediate outlook. Soybean futures were also lower, with increased losses in deferred contract months as traders await the next round of crop conditions from USDA this afternoon, which are expected to show steady to improved ratings across the major U.S. crops. In outside markets on Monday, equities were on edge as the market awaits details on the trade summit between the U.S. and China in London, which is expected to be a two-day event. Energy markets were mostly positive to start the week as NYMEX crude oil futures attempt to solidify their late-week breakout but will likely face technical pressure from here.

Following last week's rally, the live cattle complex was able to maintain a mostly higher position through Monday's session and finished in the green. With ample fundamental support encouraging the complex to trade higher, traders have been more than willing and receptive to the market's strong fundamentals which has pushed the contracts beyond resistance thresholds. At some point, packers will get enough supply bought up to dampen the fed cash cattle market's fire-like rally, but until then, it's anyone's guess at this point where the market's top could be. New showlists appear to be mixed, higher in Texas, somewhat higher in Nebraska/Colorado, but lower in Kansas. Last week Southern live cattle traded at mostly $230 to $232, which is $8.00 to $10.00 higher than the previous week's weighted average, and Northern dressed cattle traded at mostly $380 which is $13.00 higher than the previous week's weighted average.

The feeder cattle contracts traded higher, as the market is closely following the live cattle market's direction. And given the wild support in which the market's fundamentals (fed cash cattle trade, boxed beef prices, feeder cattle buyer demand) have recently seen, there's more than enough encouragement in the market to justify trader support. But the question that seems to be on everyone's mind and that frankly won't be answered until time plays the clock out is: where the top at?

The lean hog complex is trading mostly higher into Monday's closing bell as traders are hopeful that consumer demand will continue to help fuel the market's rally into this week. Pork cutout values were down slightly this morning, but that's mainly because of a $4.46 drop in the ham. Otherwise, the cuts were trading mostly higher.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/09190127/web-closing-markets-1.mp3">HERE</a> for audio

By: NATHAN STUEDLEGRAINS:July corn closed down 9 cents and December corn was down 11 1/4 cents. July soybeans closed down 1 1/4 cents and November soybeans were down 6 1/4 cents. July KC wheat closed down 11 3/4 cents, July Chicago wheat was down 12 3/4 cents, July Minneapolis wheat was down 12 3/4 cents.Corn and wheat markets turned sharply lower to begin the new week, as weather forecasts remain mostly friendly to crops in the immediate outlook. Soybean futures were also lower, with increased losses in deferred contract months as traders await the next round of crop conditions from USDA this afternoon, which are expected to show steady to improved ratings across the major U.S. crops. In outside markets on Monday, equities were on edge as the market awaits details on the trade summit between the U.S. and China in London, which is expected to be a two-day event. Energy markets were mostly positive to start the week as NYMEX crude oil futures attempt to solidify their late-week breakout but will likely face technical pressure from here.LIVESTOCK:Following last week's rally, the live cattle complex was able to maintain a mostly higher position through Monday's session and finished in the green. With ample fundamental support encouraging the complex to trade higher, traders have been more than willing and receptive to the market's strong fundamentals which has pushed the contracts beyond resistance thresholds. At some point, packers will get enough supply bought up to dampen the fed cash cattle market's fire-like rally, but until then, it's anyone's guess at this point where the market's top could be. New showlists appear to be mixed, higher in Texas, somewhat higher in Nebraska/Colorado, but lower in Kansas. Last week Southern live cattle traded at mostly $230 to $232, which is $8.00 to $10.00 higher than the previous week's weighted average, and Northern dressed cattle traded at mostly $380 which is $13.00 higher than the previous week's weighted average.The feeder cattle contracts traded higher, as the market is closely following the live cattle market's direction. And given the wild support in which the market's fundamentals (fed cash cattle trade, boxed beef prices, feeder cattle buyer demand) have recently seen, there's more than enough encouragement in the market to justify trader support. But the question that seems to be on everyone's mind and that frankly won't be answered until time plays the clock out is: where the top at? The lean hog complex is trading mostly higher into Monday's closing bell as traders are hopeful that consumer demand will continue to help fuel the market's rally into this week. Pork cutout values were down slightly this morning, but that's mainly because of a $4.46 drop in the ham. Otherwise, the cuts were trading mostly higher.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/09190127/web-closing-markets-1.mp3">HERE</a> for audio

Iowa Governor Kim Reynolds has just two weeks to either sign or veto a controversial bill that would impact carbon dioxide pipelines in Iowa. On a Friday press call, landowners urged Reynolds to uphold Iowa and GOP values around property rights by signing the bill into law. House File 639 advanced from the Senate May 13, following four years of effort from a group of landowners and House lawmakers. 

The bill would do a number of things including require carbon sequestration projects to prove they are a common carrier, in order to use eminent domain. The legislation, and landowner support, comes largely in response to a proposed carbon sequestration pipeline project, the Summit Carbon Solutions pipeline, that would connect to nearly 60 ethanol plants and pipe the sequestered carbon dioxide through Iowa and surrounding states to underground storage in North Dakota. Those opposed to the project say a private company should not be given the right to condemn agricultural land.

Iowa Governor Kim Reynolds has just two weeks to either sign or veto a controversial bill that would impact carbon dioxide pipelines in Iowa. On a Friday press call, landowners urged Reynolds to uphold Iowa and GOP values around property rights by signing the bill into law. House File 639 advanced from the Senate May 13, following four years of effort from a group of landowners and House lawmakers. The bill would do a number of things including require carbon sequestration projects to prove they are a common carrier, in order to use eminent domain. The legislation, and landowner support, comes largely in response to a proposed carbon sequestration pipeline project, the Summit Carbon Solutions pipeline, that would connect to nearly 60 ethanol plants and pipe the sequestered carbon dioxide through Iowa and surrounding states to underground storage in North Dakota. Those opposed to the project say a private company should not be given the right to condemn agricultural land.

Iowans urge Gov. Reynolds to pass bill limiting eminent domain for CO2 pipelines

Bayer executives have been warning in recent weeks that after losing billions of dollars to Roundup case settlements and jury awards, they may be ready to give up the fight and get out of the glyphosate business. Bayer CEO, Bill Anderson, told investors in a recent conference call, in the U.S., there is no broad protection for producers of pesticides, so manufacturers can comply with the federal regulatory labeling requirements and still get sued for failing to warn. 

Anderson said that is one factor among others as the company questions whether or not it should continue production of glyphosate, the active ingredient in Roundup and its other branded weedkillers. Glyphosate, introduced by Monsanto in the 1970s, is the world’s most widely used herbicidal chemical. The company has already removed glyphosate from consumer herbicide products sold in the US. Now, the ongoing litigation threatens Bayer’s ability to continue to supply glyphosate-based products to farmers and other professional users.

Bayer executives have been warning in recent weeks that after losing billions of dollars to Roundup case settlements and jury awards, they may be ready to give up the fight and get out of the glyphosate business. Bayer CEO, Bill Anderson, told investors in a recent conference call, in the U.S., there is no broad protection for producers of pesticides, so manufacturers can comply with the federal regulatory labeling requirements and still get sued for failing to warn. Anderson said that is one factor among others as the company questions whether or not it should continue production of glyphosate, the active ingredient in Roundup and its other branded weedkillers. Glyphosate, introduced by Monsanto in the 1970s, is the world’s most widely used herbicidal chemical. The company has already removed glyphosate from consumer herbicide products sold in the US. Now, the ongoing litigation threatens Bayer’s ability to continue to supply glyphosate-based products to farmers and other professional users.-NAFB

Bayer seeks escape from costly Roundup litigation

July corn closed up 3 cents and December corn was up 1 cent. July soybeans closed up 5 1/2 cents and November soybeans were up 3 3/4 cents. July KC wheat closed up 6 3/4 cents, July Chicago wheat was up 9 1/4 cents, July Minneapolis wheat was up 10 cents.

July corn closed down 1 1/2 cents and December corn was up 10 3/4 cents. July soybeans closed up 15 1/2 cents and November soybeans were up 10 1/4 cents. July KC wheat closed up 16 cents, July Chicago wheat was up 20 3/4 cents and July Minneapolis wheat was up 9 3/4 cents.

Row-crop futures were mostly higher Friday, closing out what was overall a solid week for prices. Corn and soybean markets recovered through this week from bearish trade throughout most of last week, while wheat markets were able to slightly extend last week's rally. Looking ahead to next week, the market will turn its focus to the June edition of the World Agricultural Supply and Demand Estimates (WASDE) report on Thursday for insight into market fundamentals heading into the 2025 growing season. In outside markets for Friday, equities were higher after May employment data pointed to another steady month for the U.S. labor market, as the economy added more jobs through the month than expected and unemployment held at 4.2%. The report also gave a boost to the U.S. dollar heading into the weekend. Energy markets for Friday were mostly higher as well, NYMEX crude oil broke above resistance to close at the highest price since April 3 which was, of course, in the midst of the fallout from the April 2 tariff announcements. This strength helped support ethanol prices which had been grinding lower over the past several sessions, and as a result also injected strength into corn futures as well.

Live cattle futures continued to hold firm market support with nearby June through December contracts able to post follow-through gains late in the week. The ability to hold prices at or above contract highs is likely to help solidify additional buyer support early next week. Cash cattle markets have seen light trade reported in parts of Nebraska this morning at $242 live, $2 higher than Thursday's business and $7 above last week's weekly average. Asking prices for cattle left on showlists are around $233-plus in the South, and $383-plus in the North. So far this week, live trade in Kansas and Texas has had a range of $225 to $232, $3 to $10 higher than last week's weighted averages. Dressed deals in Nebraska and Iowa have been done at mostly $380, $13 higher than the prior week's weighted average basis in Nebraska.

Feeder cattle futures remained strong, although Friday trade did see the feeder cattle complex as the one market which has been unable to continue higher through the morning, but did manage to enter the closing bell fully higher. Very little has changed in the overall direction of the market, allowing traders a chance to square positions at the end of the week.

Lean hog futures became the bright spot of livestock trade Friday morning with moderate to strong gains developing in nearby contracts. Continued outside market support and the potential for follow-through demand support over the coming weeks and months could help bring additional buyer interest into both nearby and deferred futures contracts.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/06141445/web-closing-markets.mp3">HERE</a> for audio

By: NATHAN STUEDLEGRAINS:July corn closed up 3 cents and December corn was up 1 cent. July soybeans closed up 5 1/2 cents and November soybeans were up 3 3/4 cents. July KC wheat closed up 6 3/4 cents, July Chicago wheat was up 9 1/4 cents, July Minneapolis wheat was up 10 cents.FOR THE WEEK:July corn closed down 1 1/2 cents and December corn was up 10 3/4 cents. July soybeans closed up 15 1/2 cents and November soybeans were up 10 1/4 cents. July KC wheat closed up 16 cents, July Chicago wheat was up 20 3/4 cents and July Minneapolis wheat was up 9 3/4 cents.Row-crop futures were mostly higher Friday, closing out what was overall a solid week for prices. Corn and soybean markets recovered through this week from bearish trade throughout most of last week, while wheat markets were able to slightly extend last week's rally. Looking ahead to next week, the market will turn its focus to the June edition of the World Agricultural Supply and Demand Estimates (WASDE) report on Thursday for insight into market fundamentals heading into the 2025 growing season. In outside markets for Friday, equities were higher after May employment data pointed to another steady month for the U.S. labor market, as the economy added more jobs through the month than expected and unemployment held at 4.2%. The report also gave a boost to the U.S. dollar heading into the weekend. Energy markets for Friday were mostly higher as well, NYMEX crude oil broke above resistance to close at the highest price since April 3 which was, of course, in the midst of the fallout from the April 2 tariff announcements. This strength helped support ethanol prices which had been grinding lower over the past several sessions, and as a result also injected strength into corn futures as well.LIVESTOCK:Live cattle futures continued to hold firm market support with nearby June through December contracts able to post follow-through gains late in the week. The ability to hold prices at or above contract highs is likely to help solidify additional buyer support early next week. Cash cattle markets have seen light trade reported in parts of Nebraska this morning at $242 live, $2 higher than Thursday's business and $7 above last week's weekly average. Asking prices for cattle left on showlists are around $233-plus in the South, and $383-plus in the North. So far this week, live trade in Kansas and Texas has had a range of $225 to $232, $3 to $10 higher than last week's weighted averages. Dressed deals in Nebraska and Iowa have been done at mostly $380, $13 higher than the prior week's weighted average basis in Nebraska. Feeder cattle futures remained strong, although Friday trade did see the feeder cattle complex as the one market which has been unable to continue higher through the morning, but did manage to enter the closing bell fully higher. Very little has changed in the overall direction of the market, allowing traders a chance to square positions at the end of the week. Lean hog futures became the bright spot of livestock trade Friday morning with moderate to strong gains developing in nearby contracts. Continued outside market support and the potential for follow-through demand support over the coming weeks and months could help bring additional buyer interest into both nearby and deferred futures contracts.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/06141445/web-closing-markets.mp3">HERE</a> for audio

The House of Representatives advanced the “One Big Beautiful Bill” to the Senate. It’s a significant step toward restoring some longer-term certainty for farmers and ranchers after a series of short-term extensions of the 2018 Farm Bill. The bill comes amid continued challenges like volatile markets, high production costs, and weather disasters. 

The bill combines several provisions across commodity programs and tax policy into one comprehensive package supported by ag groups like the American Farm Bureau. The Congressional Budget Office said the House-passed version would increase agriculture-facing program spending by nearly $57 billion over the next decade. Of the total increase, $52 billion is tied to enhancements in the farm safety net, such as higher reference prices under P L C, adjusted formulas for ARC program, and expanded crop insurance support. The remaining $4 billion includes investments in trade promotion, rural school funding, livestock biosecurity research, and energy programs. 

The House of Representatives advanced the “One Big Beautiful Bill” to the Senate. It’s a significant step toward restoring some longer-term certainty for farmers and ranchers after a series of short-term extensions of the 2018 Farm Bill. The bill comes amid continued challenges like volatile markets, high production costs, and weather disasters. The bill combines several provisions across commodity programs and tax policy into one comprehensive package supported by ag groups like the American Farm Bureau. The Congressional Budget Office said the House-passed version would increase agriculture-facing program spending by nearly $57 billion over the next decade. Of the total increase, $52 billion is tied to enhancements in the farm safety net, such as higher reference prices under P L C, adjusted formulas for ARC program, and expanded crop insurance support. The remaining $4 billion includes investments in trade promotion, rural school funding, livestock biosecurity research, and energy programs. -NAFB

The impact of “One Big, Beautiful Bill” on U.S. ag

The Energy Information Administration says U.S. ethanol output jumped to the highest level in over two months, and inventories improved in the week ending on May 30. EIA data says production rose an average of 1.105 million barrels during the week, up from 1.056 million barrels the previous week and the highest production since March 14. 

Midwestern output increased to an average of 1.05 million barrels per day, up more than 100,000 barrels over the prior week. Gulf Coast production increased by 1,000 barrels a day from the previous week. West Coast output improved to 9,000 barrels a day, up from 8,000 the week before. The East Coast and Rocky Mountain regions were unchanged compared to the prior week at 12,000 and 11,000 barrels per day, respectively. Ethanol inventories during the same week rose to 24.4 million barrels, up from 24.2 million barrels, up from 24.2 million barrels a week earlier.

The Energy Information Administration says U.S. ethanol output jumped to the highest level in over two months, and inventories improved in the week ending on May 30. EIA data says production rose an average of 1.105 million barrels during the week, up from 1.056 million barrels the previous week and the highest production since March 14. Midwestern output increased to an average of 1.05 million barrels per day, up more than 100,000 barrels over the prior week. Gulf Coast production increased by 1,000 barrels a day from the previous week. West Coast output improved to 9,000 barrels a day, up from 8,000 the week before. The East Coast and Rocky Mountain regions were unchanged compared to the prior week at 12,000 and 11,000 barrels per day, respectively. Ethanol inventories during the same week rose to 24.4 million barrels, up from 24.2 million barrels, up from 24.2 million barrels a week earlier.-NAFB

Ethanol output hits highest level in two months

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

Markets were mostly higher Thursday with old-crop corn futures again showing a high level of uncertainty on where market value should be, while new-crop prices extended their rally to three days, widening the premium over old-crop in the process. Soybean futures were also higher after President Trump spoke with China's President Xi early Thursday with President Trump calling the discussion "positive." Wheat markets lagged behind corn and soybeans Thursday after hitting technical resistance on their respective charts. In macro news, the U.S. trade deficit for April of $61.6 billion was the largest monthly cut on record as U.S. imports dropped drastically as the Trump administration's tariffs set in. Financial markets traded higher amid the day's news, while energy markets were mixed. Notably ethanol prices have drifted lower over the past two weeks, trading now to their lowest price since mid-May and prior to that since early March.

It was assumed traders would continue to support the live cattle complex so long as fundamental support was sufficient -- and obviously traders deemed the $3.00 to $8.00 jump in Southern live cattle prices Wednesday afternoon as enough support to justify another impeccable rally throughout the futures complex. What's so significant about this rally is currently the spot August contract has blown past the market's previous resistance threshold and it's looking like the contract could carve out a new contract high.

Upon seeing the live cattle contracts launch higher, the feeder cattle complex couldn't stand the idea of being left out and so traders quickly followed suit and sent the feeder cattle contracts rallying as well. Demand continues to be impeccable in the feeder cattle complex as the market remains short of supply and buyers want to have pens of cattle to market later this fall when prices are still projected to be record-breaking strong.

The lean hog complex is trading mixed as with the market's fundamental support this morning showing pork cutout values slightly higher but cash prices are lower. Until traders see full support from the market's fundamentals, they'll likely remain hesitant to trade the futures contracts any higher.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/05144144/web-closing-markets.mp3">HERE</a> for audio

By: NATHAN STUEDLEGRAINS:July corn closed up 3/4 cents and December corn was up 4 1/2 cents. July soybeans closed up 6 3/4 cents and November soybeans were up 8 1/4 cents. July KC wheat closed up 2 cents, July Chicago wheat was up 2 1/4 cents, July Minneapolis wheat was up 1 3/4 cents.Markets were mostly higher Thursday with old-crop corn futures again showing a high level of uncertainty on where market value should be, while new-crop prices extended their rally to three days, widening the premium over old-crop in the process. Soybean futures were also higher after President Trump spoke with China's President Xi early Thursday with President Trump calling the discussion "positive." Wheat markets lagged behind corn and soybeans Thursday after hitting technical resistance on their respective charts. In macro news, the U.S. trade deficit for April of $61.6 billion was the largest monthly cut on record as U.S. imports dropped drastically as the Trump administration's tariffs set in. Financial markets traded higher amid the day's news, while energy markets were mixed. Notably ethanol prices have drifted lower over the past two weeks, trading now to their lowest price since mid-May and prior to that since early March.LIVESTOCK:It was assumed traders would continue to support the live cattle complex so long as fundamental support was sufficient -- and obviously traders deemed the $3.00 to $8.00 jump in Southern live cattle prices Wednesday afternoon as enough support to justify another impeccable rally throughout the futures complex. What's so significant about this rally is currently the spot August contract has blown past the market's previous resistance threshold and it's looking like the contract could carve out a new contract high. Upon seeing the live cattle contracts launch higher, the feeder cattle complex couldn't stand the idea of being left out and so traders quickly followed suit and sent the feeder cattle contracts rallying as well. Demand continues to be impeccable in the feeder cattle complex as the market remains short of supply and buyers want to have pens of cattle to market later this fall when prices are still projected to be record-breaking strong.The lean hog complex is trading mixed as with the market's fundamental support this morning showing pork cutout values slightly higher but cash prices are lower. Until traders see full support from the market's fundamentals, they'll likely remain hesitant to trade the futures contracts any higher.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/05144144/web-closing-markets.mp3">HERE</a> for audio

Farmer sentiment in May climbed to its highest level since May 2021. The Purdue University/CME Group Ag Economy Barometer index reached 158, ten points above April. Farmers were more optimistic about current conditions and future expectations. The Current Conditions Index climbed five points to 146, and the Future Expectations Index jumped 12 points to 164. 

Farmer sentiment in May climbed to its highest level since May 2021. The Purdue University/CME Group Ag Economy Barometer index reached 158, ten points above April. Farmers were more optimistic about current conditions and future expectations. The Current Conditions Index climbed five points to 146, and the Future Expectations Index jumped 12 points to 164.

Farmer sentiment reaches 4-year high in May

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

Corn, soybeans, and wheat markets closed higher Wednesday amid technical support as well as trade optimism as the U.S. enters a busy second half of the week with trade talks taking place Wednesday with European Union representatives in Paris and President Trump reportedly scheduled to speak on the phone with China's President Xi on Friday. Macro markets were more on edge for Wednesday, with the U.S. Dollar Index continuing to drift lower and back amongst its lowest level since late April amid tariff concerns, a move which has likely offered some support to Ag futures especially wheat prices. Equity markets for Wednesday were mostly steady, while energy markets were mixed with NYMEX crude oil futures correcting lower after hitting chart resistance near $64 per barrel, a level that has kept prices in check on multiple tests since mid-April as OPEC+ production concerns linger over the market.

The live cattle complex traded higher into Wednesday's closing bell as the market is hopeful that fundamental support will arise later this week, but currently, no cash cattle trade has developed and boxed beef prices are mixed. More than anything, traders are merely keeping the contracts steady in their current sideways trading range until they have a better idea of what the cash market is going to do this week. Asking prices are noted in the South at $226, but otherwise the market is still silent otherwise.

The feeder cattle complex was again following in the live cattle market's direction as all are hopeful that traders will later in the week find the fundamental support that they're hopeful to see, but at this point, it's still too early in the week to know. Demand in the countryside has been strong again this week other than feeders weighing 600 to 700 pounds as grass buyers have largely fulfilled their needs already for the week.

With the help of strong cash prices and a slight improvement in consumer demand, the lean hog complex once again traded higher on Wednesday's session. The biggest help this morning in regard to pork demand was the $3.80 increase in the belly.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/04144945/web-closing-markets.mp3">HERE</a> for audio

By: NATHAN STUEDLEGRAINS:July corn closed up 1/4 cents and December corn was up 5 1/4 cents. July soybeans closed up 4 1/4 cents and November soybeans were up 3 1/2 cents. July KC wheat closed up 3 3/4 cents, July Chicago wheat was up 7 1/4 cents, July Minneapolis wheat was up 5 1/2 cents.Corn, soybeans, and wheat markets closed higher Wednesday amid technical support as well as trade optimism as the U.S. enters a busy second half of the week with trade talks taking place Wednesday with European Union representatives in Paris and President Trump reportedly scheduled to speak on the phone with China's President Xi on Friday. Macro markets were more on edge for Wednesday, with the U.S. Dollar Index continuing to drift lower and back amongst its lowest level since late April amid tariff concerns, a move which has likely offered some support to Ag futures especially wheat prices. Equity markets for Wednesday were mostly steady, while energy markets were mixed with NYMEX crude oil futures correcting lower after hitting chart resistance near $64 per barrel, a level that has kept prices in check on multiple tests since mid-April as OPEC+ production concerns linger over the market.LIVESTOCK:The live cattle complex traded higher into Wednesday's closing bell as the market is hopeful that fundamental support will arise later this week, but currently, no cash cattle trade has developed and boxed beef prices are mixed. More than anything, traders are merely keeping the contracts steady in their current sideways trading range until they have a better idea of what the cash market is going to do this week. Asking prices are noted in the South at $226, but otherwise the market is still silent otherwise. The feeder cattle complex was again following in the live cattle market's direction as all are hopeful that traders will later in the week find the fundamental support that they're hopeful to see, but at this point, it's still too early in the week to know. Demand in the countryside has been strong again this week other than feeders weighing 600 to 700 pounds as grass buyers have largely fulfilled their needs already for the week.With the help of strong cash prices and a slight improvement in consumer demand, the lean hog complex once again traded higher on Wednesday's session. The biggest help this morning in regard to pork demand was the $3.80 increase in the belly.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/04144945/web-closing-markets.mp3">HERE</a> for audio

Thousands of FFA members from across the U.S. will be in Washington, D.C., June 3-July 11. The Washington Leadership Conference offers five week-long blocks that students can choose from. The premier leadership experience for more than 1,600 high school students exposes them to the rich history of the nation’s capital. WLC, which has been taking place for more than 50 years, inspires FFA members to become changemakers in their communities. 

A key aspect of the conference is for the students to learn how to advocate for agriculture and agricultural education, and this is accomplished through congressional visits and meeting in person with their state representatives and senators. Each day of the conference focuses on a different principle taught in the context of the nation’s capital, including exploration, encouragement, advocacy, and service. At the end of the week, attendees leave with a Living to Serve plan they can implement in their communities.

Thousands of FFA members from across the U.S. will be in Washington, D.C., June 3-July 11. The Washington Leadership Conference offers five week-long blocks that students can choose from. The premier leadership experience for more than 1,600 high school students exposes them to the rich history of the nation’s capital. WLC, which has been taking place for more than 50 years, inspires FFA members to become changemakers in their communities. A key aspect of the conference is for the students to learn how to advocate for agriculture and agricultural education, and this is accomplished through congressional visits and meeting in person with their state representatives and senators. Each day of the conference focuses on a different principle taught in the context of the nation’s capital, including exploration, encouragement, advocacy, and service. At the end of the week, attendees leave with a Living to Serve plan they can implement in their communities.-NAFB

FFA members attend Washington Leadership Conference

Purdue University researchers have developed an innovative, paper-based diagnostic test for rapidly detecting avian influenza. The novel test addresses the urgent need for an efficient and cost-effective surveillance tool to combat the global threat posed by avian influenza viruses. The test is suitable for use in field settings, including areas with limited access to advanced laboratory facilities. A key advantage of the test is its potential use across a variety of species. 

It works by using an oral or nasal swab and then transferring the sample to paper-based devices. The test should work across different livestock species like poultry and dairy animals, wildlife like birds and rodents, and even humans. The role of avian flu is contributing to the higher cost of eggs due to the falling levels of supplies in the country. Other factors add to the costs, including rigorous and expensive protection measures for enhanced sanitation on farms. 

Purdue University researchers have developed an innovative, paper-based diagnostic test for rapidly detecting avian influenza. The novel test addresses the urgent need for an efficient and cost-effective surveillance tool to combat the global threat posed by avian influenza viruses. The test is suitable for use in field settings, including areas with limited access to advanced laboratory facilities. A key advantage of the test is its potential use across a variety of species. It works by using an oral or nasal swab and then transferring the sample to paper-based devices. The test should work across different livestock species like poultry and dairy animals, wildlife like birds and rodents, and even humans. The role of avian flu is contributing to the higher cost of eggs due to the falling levels of supplies in the country. Other factors add to the costs, including rigorous and expensive protection measures for enhanced sanitation on farms. -NAFB

Purdue researchers develop a new avian influenza test

DETROIT&nbsp;– Yunqing Jian, 33, and Zunyong Liu, 34, citizens of the People’s Republic of China, were charged in a criminal complaint with conspiracy, smuggling goods into the United States, false statements, and visa fraud, announced United States Attorney Jerome F. Gorgon, Jr.

Gorgon was joined in the announcement by Special Agent in Charge Cheyvoryea Gibson, Federal Bureau of Investigation, Detroit Division and Marty C. Raybon, Director of Field Operations, U.S. Customs and Border Protection.

The FBI arrested Jian in connection with allegations related to Jian’s and Liu’s smuggling into America a fungus called Fusarium graminearum, which scientific literature classifies as a potential agroterrorism weapon. This noxious fungus causes “head blight,” a disease of wheat, barley, maize, and rice, and is responsible for billions of dollars in economic losses worldwide each year. Fusarium graminearum’s toxins cause vomiting, liver damage, and reproductive defects in humans and livestock.

According to the complaint, Jian received Chinese government funding for her work on this pathogen in China. The complaint also alleges that Jian’s electronics contain information describing her membership in and loyalty to the Chinese Communist Party. It is further alleged that Jian’s boyfriend, Liu, works at a Chinese university where he conducts research on the same pathogen and that he first lied but then admitted to smuggling Fusarium graminearum into America—through the Detroit Metropolitan Airport—so that he could conduct research on it at the laboratory at the University of Michigan where his girlfriend, Jian, worked.

United States Attorney Gorgon stated: “The alleged actions of these Chinese nationals—including a loyal member of the Chinese Communist Party—are of the gravest national security concerns. These two aliens have been charged with smuggling a fungus that has been described as a ‘potential agroterrorism weapon’ into the heartland of America, where they apparently intended to use a University of Michigan laboratory to further their scheme.”

“The federal charges announced today against Yunqing Jian and Zunyong Liu, both residents of the People’s Republic of China, signify a crucial advancement in our efforts to safeguard our communities and uphold national security,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI Detroit Field Office. “These individuals exploited their access to laboratory facilities at a local university to engage in the smuggling of biological pathogens, an act that posed an imminent threat to public safety. Thanks to the exceptional investigative efforts of the FBI Detroit Counterintelligence Task Force, in close cooperation with U.S. Customs and Border Protection’s Office of Field Operations these dangerous activities have been effectively halted. The FBI remains resolutely committed to collaborating with our law enforcement partners to protect the residents of Michigan and defend the United States against such grave threats.”

U.S. Custom and Border Protection, Director of Field Operations Marty C. Raybon stated, “Today’s criminal charges levied upon Yunqing Jian and Zunyong Liu are indicative of CBP’s critical role in protecting the American people from biological threats that could devastate our agricultural economy and cause harm to humans; especially when it involves a researcher from a major university attempting to clandestinely bring potentially harmful biological materials into the United States. This was a complex investigation involving CBP offices from across the country, alongside our federal partners. I’m grateful for their tireless efforts, ensuring our borders remain secure from all types of threats while safeguarding America’s national security interests.”

Jian will be appearing this afternoon in federal court in Detroit for her initial appearance on the complaint.

A complaint is only a charge and is not evidence of guilt. Trial cannot be held on felony charges in a complaint. When the investigation is completed, a determination will be made whether to seek a felony indictment.

The FBI and CBP are investigating this case.

<figure>
 <img src="https://media.eaglewebservices.com/public/2025/6/1749002066377.png" alt="Photo United State's District Court" />
 <figcaption>Photo United State's District Court</figcaption>
 </figure>DETROIT&nbsp;– Yunqing Jian, 33, and Zunyong Liu, 34, citizens of the People’s Republic of China, were charged in a criminal complaint with conspiracy, smuggling goods into the United States, false statements, and visa fraud, announced United States Attorney Jerome F. Gorgon, Jr.<div><blockquote class="twitter-tweet">New... I can confirm that the FBI arrested a Chinese national within the United States who allegedly smuggled a dangerous biological pathogen into the country. The individual, Yunqing Jian, is alleged to have smuggled a dangerous fungus called &quot;Fusarium graminearum,&quot; which is an…&mdash; FBI Director Kash Patel (@FBIDirectorKash) <a href="https://twitter.com/FBIDirectorKash/status/1930044884284523001?ref_src=twsrc%5Etfw">June 3, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>Gorgon was joined in the announcement by Special Agent in Charge Cheyvoryea Gibson, Federal Bureau of Investigation, Detroit Division and Marty C. Raybon, Director of Field Operations, U.S. Customs and Border Protection.The FBI arrested Jian in connection with allegations related to Jian’s and Liu’s smuggling into America a fungus called Fusarium graminearum, which scientific literature classifies as a potential agroterrorism weapon. This noxious fungus causes “head blight,” a disease of wheat, barley, maize, and rice, and is responsible for billions of dollars in economic losses worldwide each year. Fusarium graminearum’s toxins cause vomiting, liver damage, and reproductive defects in humans and livestock.According to the complaint, Jian received Chinese government funding for her work on this pathogen in China. The complaint also alleges that Jian’s electronics contain information describing her membership in and loyalty to the Chinese Communist Party. It is further alleged that Jian’s boyfriend, Liu, works at a Chinese university where he conducts research on the same pathogen and that he first lied but then admitted to smuggling Fusarium graminearum into America—through the Detroit Metropolitan Airport—so that he could conduct research on it at the laboratory at the University of Michigan where his girlfriend, Jian, worked.United States Attorney Gorgon stated: “The alleged actions of these Chinese nationals—including a loyal member of the Chinese Communist Party—are of the gravest national security concerns. These two aliens have been charged with smuggling a fungus that has been described as a ‘potential agroterrorism weapon’ into the heartland of America, where they apparently intended to use a University of Michigan laboratory to further their scheme.”“The federal charges announced today against Yunqing Jian and Zunyong Liu, both residents of the People’s Republic of China, signify a crucial advancement in our efforts to safeguard our communities and uphold national security,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI Detroit Field Office. “These individuals exploited their access to laboratory facilities at a local university to engage in the smuggling of biological pathogens, an act that posed an imminent threat to public safety. Thanks to the exceptional investigative efforts of the FBI Detroit Counterintelligence Task Force, in close cooperation with U.S. Customs and Border Protection’s Office of Field Operations these dangerous activities have been effectively halted. The FBI remains resolutely committed to collaborating with our law enforcement partners to protect the residents of Michigan and defend the United States against such grave threats.”U.S. Custom and Border Protection, Director of Field Operations Marty C. Raybon stated, “Today’s criminal charges levied upon Yunqing Jian and Zunyong Liu are indicative of CBP’s critical role in protecting the American people from biological threats that could devastate our agricultural economy and cause harm to humans; especially when it involves a researcher from a major university attempting to clandestinely bring potentially harmful biological materials into the United States. This was a complex investigation involving CBP offices from across the country, alongside our federal partners. I’m grateful for their tireless efforts, ensuring our borders remain secure from all types of threats while safeguarding America’s national security interests.”Jian will be appearing this afternoon in federal court in Detroit for her initial appearance on the complaint.A complaint is only a charge and is not evidence of guilt. Trial cannot be held on felony charges in a complaint. When the investigation is completed, a determination will be made whether to seek a felony indictment.The FBI and CBP are investigating this case.

Chinese couple charged with smuggling biological pathogen into the U.S.

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

Corn and soybean markets found technical support Tuesday after sinking back to multi-week lows amid ongoing rainfall across the U.S. grain belt and few perceived "big" issues with spring planted crops thus far. Wheat prices corrected following a string of sessions higher as the Black Sea spark from Ukraine's weekend drone bombing campaign has faded, and improved overall crop conditions through the past week also pressured prices for Tuesday. Outside markets were mixed with the U.S. dollar rebounding from the weekend's trade anxiety, while energy markets were again mostly higher. NYMEX crude oil futures are working toward their highest close in three weeks currently.

Following last week's dynamic trade, the live cattle complex is continued to rally early today as traders believe that the momentum that fueled last week's market will sustain into this week's marketplace. That optimistic view faded after the noon hour and the complex ended red across the board. Asking prices are noted in Texas at $226 but otherwise, the fed cash cattle market hasn't had any other asking prices or bids develop.

The feeder cattle complex was again pleased to be trading higher as the market is grateful to see the added support of the live cattle contract's higher trend. However, the momentum come to a close and finished the day lower across the board. The market's resistance threshold is around $305 in the spot August contract, so the market has some upward room to trade after this pressure from a technical sense.

The lean hog complex was mixed bag as futures contracts are trading on both sides of steady. There hasn't been enough trade in the cash market for prices to even be reported, and pork cutout values were a tick lower. Pork cutout values are trending mostly lower as the only cut that was printing higher at the noon hour was the rib, which is up just $0.70.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/03140727/web-closing-markets.mp3">HERE</a> for audio

By: NATHAN STUEDLEGRAINS:July corn closed up 1/4 cents and December corn was up 2 3/4 cents. July soybeans closed up 7 1/4 cents and November soybeans were up 4 1/2 cents. July KC wheat closed down 3 cents, July Chicago wheat was down 3 cents, July Minneapolis wheat was down 9 1/4 cents.Corn and soybean markets found technical support Tuesday after sinking back to multi-week lows amid ongoing rainfall across the U.S. grain belt and few perceived "big" issues with spring planted crops thus far. Wheat prices corrected following a string of sessions higher as the Black Sea spark from Ukraine's weekend drone bombing campaign has faded, and improved overall crop conditions through the past week also pressured prices for Tuesday. Outside markets were mixed with the U.S. dollar rebounding from the weekend's trade anxiety, while energy markets were again mostly higher. NYMEX crude oil futures are working toward their highest close in three weeks currently.LIVESTOCK:Following last week's dynamic trade, the live cattle complex is continued to rally early today as traders believe that the momentum that fueled last week's market will sustain into this week's marketplace. That optimistic view faded after the noon hour and the complex ended red across the board. Asking prices are noted in Texas at $226 but otherwise, the fed cash cattle market hasn't had any other asking prices or bids develop.The feeder cattle complex was again pleased to be trading higher as the market is grateful to see the added support of the live cattle contract's higher trend. However, the momentum come to a close and finished the day lower across the board. The market's resistance threshold is around $305 in the spot August contract, so the market has some upward room to trade after this pressure from a technical sense.The lean hog complex was mixed bag as futures contracts are trading on both sides of steady. There hasn't been enough trade in the cash market for prices to even be reported, and pork cutout values were a tick lower. Pork cutout values are trending mostly lower as the only cut that was printing higher at the noon hour was the rib, which is up just $0.70.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/03140727/web-closing-markets.mp3">HERE</a> for audio

The 2025 annual survey of cash rental rates for Iowa farmland shows that rates decreased, on average, by 2.9 percent in 2025 to $271 per acre. It’s the first decline in cash rents since 2019, after a peak of $279 per acre during the previous two years of the survey. Crop reporting districts saw different results in cash rents, ranging from a drop of 6.9 percent in South Central Iowa to an increase of 2.8 percent in Southeast Iowa.

There was considerable variability across the counties in year-to-year changes, as is typical of survey data. A total of 68 of Iowa’s 99 counties reported decreases in average rents for corn and soybean acres. High-quality land experienced a decrease of 3.4 percent, from $328 an acre last year to $317 in 2025. Medium-quality land dropped 2.5 percent to $271 in 2025, while low-quality land experienced a three percent decrease to $225 per acre.

The 2025 annual survey of cash rental rates for Iowa farmland shows that rates decreased, on average, by 2.9 percent in 2025 to $271 per acre. It’s the first decline in cash rents since 2019, after a peak of $279 per acre during the previous two years of the survey. Crop reporting districts saw different results in cash rents, ranging from a drop of 6.9 percent in South Central Iowa to an increase of 2.8 percent in Southeast Iowa.There was considerable variability across the counties in year-to-year changes, as is typical of survey data. A total of 68 of Iowa’s 99 counties reported decreases in average rents for corn and soybean acres. High-quality land experienced a decrease of 3.4 percent, from $328 an acre last year to $317 in 2025. Medium-quality land dropped 2.5 percent to $271 in 2025, while low-quality land experienced a three percent decrease to $225 per acre.-NAFB

Iowa cash rents drop in 2025

The U.S. has churned out record levels of ethanol since late 2024, largely due to a rise in exports and steady domestic demand. But Reuters said output has dropped from record levels during the last two weeks, which coincides with the buildup of the summer driving season. The U.S. does have large stockpiles of ethanol that can offset some of the lower production levels in the short term. 

Exports and domestic travel trends will have to be watched in the coming weeks and months when fuel demand typically hits its highest point of the year. During the last four weeks ending on May 23, America’s ethanol production averaged about 1.026 million barrels per day. That’s the best for the period in the last six years but behind the levels of six and seven years ago. U.S. gasoline demand hasn’t been as impressive, with rates similar to year-ago levels.

The U.S. has churned out record levels of ethanol since late 2024, largely due to a rise in exports and steady domestic demand. But Reuters said output has dropped from record levels during the last two weeks, which coincides with the buildup of the summer driving season. The U.S. does have large stockpiles of ethanol that can offset some of the lower production levels in the short term. Exports and domestic travel trends will have to be watched in the coming weeks and months when fuel demand typically hits its highest point of the year. During the last four weeks ending on May 23, America’s ethanol production averaged about 1.026 million barrels per day. That’s the best for the period in the last six years but behind the levels of six and seven years ago. U.S. gasoline demand hasn’t been as impressive, with rates similar to year-ago levels.-NAFB

Record ethanol production slows ahead of Summer driving

The Des Moines region is now home to the first above-ground B99 fueling pump, an action that was celebrated Thursday morning by leaders in the biofuels, trucking, and soybean industries. 

Iowa Secretary of Agriculture Mike Naig said the new pump, which allows certain semi-trucks to fill up with a 99% biodiesel blended fuel, shows a completion of the ag supply chain, from the field to the biofuel refineries and now into a truck. 

"Every time I see this, or think of an infrastructure investment, I just know that that’s more demand pulling through, and what that ultimately means is more demand for the things that we grow, "Naig said. "It adds value every single step throughout the chain. "

The pump is located at a Pilot fuel station in Urbandale, near the intersection of Douglas Avenue and Interstate 35, and for now will be used primarily by PepsiCo trucks which are equipped to utilize the fuel.

The Des Moines region is now home to the first above-ground B99 fueling pump, an action that was celebrated Thursday morning by leaders in the biofuels, trucking, and soybean industries. Iowa Secretary of Agriculture Mike Naig said the new pump, which allows certain semi-trucks to fill up with a 99% biodiesel blended fuel, shows a completion of the ag supply chain, from the field to the biofuel refineries and now into a truck. "Every time I see this, or think of an infrastructure investment, I just know that that’s more demand pulling through, and what that ultimately means is more demand for the things that we grow, "Naig said. "It adds value every single step throughout the chain. "The pump is located at a Pilot fuel station in Urbandale, near the intersection of Douglas Avenue and Interstate 35, and for now will be used primarily by PepsiCo trucks which are equipped to utilize the fuel.-NAFB

Iowa opens first of its kind biodiesel pump in Urbandale

A federal court ruled Wednesday that an emergency law does not provide President Trump with unilateral authority to impose tariffs on nearly every country. 

The interruption was short-lived after a federal appeals court granted the Trump administration’s request to temporarily pause a lower-court ruling. A federal appeals court has now granted the Trump administration’s request to temporarily pause the Wednesday lower-court ruling that declared an emergency law does not provide President Trump with unilateral authority to impose tariffs on nearly every country — a decision that would have blocked reciprocal tariff announcements dating back to February. 

The original ruling was issued by a three-judge panel at the U.S. Court of International Trade. The judges said the sweeping tariffs and other global levies imposed under the International Emergency Economic Power Act were unlawful, which invalidates President Trump’s April 2 reciprocal tariff order. 

That order included 30% tariffs on Chinese imports, 25% tariffs on select goods from Mexico and Canada, as well as a blanket 10% tariff on most imported goods.

A federal court ruled Wednesday that an emergency law does not provide President Trump with unilateral authority to impose tariffs on nearly every country. The interruption was short-lived after a federal appeals court granted the Trump administration’s request to temporarily pause a lower-court ruling. A federal appeals court has now granted the Trump administration’s request to temporarily pause the Wednesday lower-court ruling that declared an emergency law does not provide President Trump with unilateral authority to impose tariffs on nearly every country — a decision that would have blocked reciprocal tariff announcements dating back to February. The original ruling was issued by a three-judge panel at the U.S. Court of International Trade. The judges said the sweeping tariffs and other global levies imposed under the International Emergency Economic Power Act were unlawful, which invalidates President Trump’s April 2 reciprocal tariff order. That order included 30% tariffs on Chinese imports, 25% tariffs on select goods from Mexico and Canada, as well as a blanket 10% tariff on most imported goods.-NAFB

Trump’s aggressive trade agenda is back on

Secretary of Agriculture Brooke Rollins announced the release of congressionally-mandated Emergency Livestock Relief Program (ELRP) payments to cover grazing losses due to eligible drought or wildfire events in 2023 and/or 2024. 

The USDA’s Farm Service Agency (FSA) is leveraging existing Livestock Forage Disaster Program (LFP) data to streamline payment calculations and expedite relief. Emergency relief payments are automatically issued for producers who have an approved LFP application on file for 2023 and/or 2024, and they do not have to contact USDA to receive payments. 

The Department of Agriculture is stepping up to support livestock producers by expediting disaster payments when drought and wildfires strike. On May 7, it launched its 2023/2024 Supplemental Disaster Assistance public landing page where the status of USDA disaster assistance and block grant rollout timeline can be tracked. 

The page is updated regularly and accessible through fsa.usda.gov.

Secretary of Agriculture Brooke Rollins announced the release of congressionally-mandated Emergency Livestock Relief Program (ELRP) payments to cover grazing losses due to eligible drought or wildfire events in 2023 and/or 2024. The USDA’s Farm Service Agency (FSA) is leveraging existing Livestock Forage Disaster Program (LFP) data to streamline payment calculations and expedite relief. Emergency relief payments are automatically issued for producers who have an approved LFP application on file for 2023 and/or 2024, and they do not have to contact USDA to receive payments. The Department of Agriculture is stepping up to support livestock producers by expediting disaster payments when drought and wildfires strike. On May 7, it launched its 2023/2024 Supplemental Disaster Assistance public landing page where the status of USDA disaster assistance and block grant rollout timeline can be tracked. The page is updated regularly and accessible through fsa.usda.gov.-NAFB

USDA to provide $1 Billion to livestock producers impacted by drought or wildfire

President Trump's Department of Government Efficiency (DOGE) has silently updated the lease terminations listed on its Wall of Receipts, and USDA offices have been majorly impacted. 

In March, the Wall of Receipts listed nearly 750 government office lease terminations, planned as part of the DOGE agenda to “maximize governmental efficiency and productivity.” Now, the number of listed offices is less than 500, and a large chunk of the offices no longer listed are those of USDA agencies. 

One of the USDA offices no longer listed is the Hendersonville Farm Service Agency (FSA) office in North Carolina. Two sources familiar with the office confirmed a change in the office’s lease status last week, one saying the lease had been renewed. This all comes in the midst of Elon Musk’s reported departure from the Trump administration. 

Comparing the current DOGE list, more than 70 USDA agency offices have been quietly removed from the Wall of Receipts. Over half are FSA and Natural Resources Conservation Service (NRCS) offices, which often work the most closely with farmers.

President Trump's Department of Government Efficiency (DOGE) has silently updated the lease terminations listed on its Wall of Receipts, and USDA offices have been majorly impacted. In March, the Wall of Receipts listed nearly 750 government office lease terminations, planned as part of the DOGE agenda to “maximize governmental efficiency and productivity.” Now, the number of listed offices is less than 500, and a large chunk of the offices no longer listed are those of USDA agencies. One of the USDA offices no longer listed is the Hendersonville Farm Service Agency (FSA) office in North Carolina. Two sources familiar with the office confirmed a change in the office’s lease status last week, one saying the lease had been renewed. This all comes in the midst of Elon Musk’s reported departure from the Trump administration. Comparing the current DOGE list, more than 70 USDA agency offices have been quietly removed from the Wall of Receipts. Over half are FSA and Natural Resources Conservation Service (NRCS) offices, which often work the most closely with farmers.-NAFB

USDA offices disappear from DOGE’s lease termination list

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/02155853/30001.wav">HERE</a> to listen

July corn closed down 5 3/4 cents and December corn was down 2 3/4 cents. July soybeans closed down 8 1/4 cents and November soybeans were down 9 3/4 cents. July KC wheat closed up 6 1/2 cents, July Chicago wheat was up 5 cents, July MIAX Minneapolis wheat was up 1 3/4 cents.

The U.S. Dollar Index is down 0.52 at 98.81. The Dow Jones Industrial Average is down 6.0 points at 42,288.0. August gold is up $82.10 at $3,397.50, July silver is up $1.71 at $34.74 and July copper is up $0.1720. July crude oil is up $1.78 at $62.57, July ultra-low sulfur diesel is up $0.0427, July RBOB gasoline is up $0.0391 and July natural gas is up $0.249.

July corn futures closed down 5 3/4 cents on Monday to $4.38 1/4. New crop December futures were down 2 3/4 cents to $4.35 3/4. The corn market saw Monday's early upward momentum fade as the session wore on, eventually slipping lower for the session likely as the result of the weight of the sinking soybean complex counteracting the positive pull from the wheat market, especially as wheat prices faded well off their daily highs by afternoon.

In Monday's grain inspections numbers, the USDA reported 62 million bushels (mb) of corn inspected for import for the week ending May 29. This brings total Federal inspections for the year to 1.913 billion bushels (bb), up 29% from this time in 2024. In other old crop demand news, Monday afternoon will also see the release of the latest Grain Crushings report from the USDA which will update corn used for ethanol in April. Through March, corn used for ethanol was running 0.57% ahead of the 2023-24 corn marketing year. Rough estimation from weekly Energy Information Administration data on ethanol production would point to approximately 434 mb of corn crush in April. The market will also be tuned in for the latest Crop Progress report Monday afternoon at 3 p.m. CDT. A recent drier stretch in the northern grain belt has likely been conducive to wrapping up planting, but any acres yet to go in as of Sunday will face a return of wet conditions across most of the eastern half of the U.S. including most major corn growing regions.

In corn technicals for Monday, $4.42 1/2 remains a key level on July futures to watch as it is the lowest close for the board for 2025 thus far. For Monday, the contract came within half a cent of the level but found support. Beyond $4.42 1/2, $4.36 1/2 stands as the lowest price for July futures overall, which was a price which attracted buyers. Upside resistance is seen immediately at the 20-day moving average of $4.50 3/4, which prices failed to hold above on an attempt early Monday.

The DTN National Corn Index finished Friday at $4.20. Monday's futures close and implied corn basis of 24 cents under the July board would indicate the Index on Monday afternoon to be near $4.14.

July soybeans traded 8 1/4 cents lower on Monday, closing at $10.33 1/2. New crop November futures were down 9 3/4 cents to $10.17. The renewed trade tensions between the U.S. and China are the clear catalyst for the selling pressure in soybean futures to close last week and again on Monday. Both sides have accused the other of trade violations in recent days. To add to the pressure on soybean prices, ongoing concerns regarding political support for the biofuel industry and the slow progress of the budget bill through the Senate currently.

Export inspections for soybeans for the week ending May 29 totaled 9.9 mb, bringing the total to 1.639 bb or 11% ahead of inspections at the same point in 2024. The USDA is penciling a 9% increase in year over year soybean exports so inspections currently are holding just above the pace needed to hit this goal. In other soybean demand news, Monday afternoon the USDA will release the latest Fats and Oils report with soybean crush data from April. Crush can be expected to come in near 202 mb for April based on the NOPA crush released in the mid-May which was 190.23 mb, as NOPA members typically account for 94-95% of national crush. Oil stocks will also be of interest in light of the recent selloff in soybean oil futures amid shaky biofuel usage through the first quarter of 2025.

In soybean technicals, November soybeans broke below the 50-day moving average at $10.26 3/4 after closing directly even with the mark on Friday. This sets up a move back towards $10.00 to $10.10 as a likely target for bearish traders. The early May low close of $10.18 1/4 is an area of immediate support for prices which held for Monday.

The DTN National Soybean Index finished Friday at $9.92. Monday's futures close and implied soybean basis of 50 cents under the July board would indicate the Index on Monday afternoon to be near $9.84.

July Kansas City wheat closed up 6 1/2 cents on Monday to $5.39 3/4. Chicago soft red winter wheat prices were also higher, while MIAX Minneapolis spring wheat futures also traded slightly higher as well. Last week's late wheat rally was primarily driven by spring wheat futures following the very low initial crop rating released by USDA last Tuesday. However, for Monday, bullishness shifted into winter wheat varieties in reaction to the weekend bombing campaign by Ukraine against Russia.

Wheat export inspections for the week ending May 29 totaled 20.3 mb and brought the running total for inspections for the 2024-25 crop year to 802 mb. The 2024-25 marketing year ended over the weekend, so there will likely be some adjustments to be made for the last few days not captured by Monday's data as well as Thursday's upcoming Export Sales report which will report for the same period. All totaled, given the Census Bureau was running approximately 3.4% ahead of the USDA's shipment estimate through March, a final export figure of nearly 800 mb seems accurate, although again some last minute fine tuning could be expected.

The market will also look forward to the crop update from the USDA Monday afternoon, especially following last week's low score for spring wheat conditions, particularly in North Dakota. Meanwhile, the winter wheat crop has also declined in condition slightly over the past two reports. The last week featured more rainfall across hard red growing regions and significantly reduced drought in central to western Kansas, while poorly rated Nebraska wheat areas also received 1-3 inches. Meanwhile, in world wheat news, Black Sea wheat growing regions are forecasted to remain hot and dry over the next two weeks, while dryness remains an issue across north-central China.

In wheat technicals, July Kansas City futures fell well off their daily highs Monday after failing on an attempt to challenge the 50-day moving average at $5.51, the highest intraday price for July KC wheat in over a month. However, sellers rejected the move for Monday. The low $5.40s is the immediate resistance to prices which stalled rally attempts twice in May. Support is seen first at $5.28 1/4, the 20-day moving average.

The DTN National HRW Index finished Friday at $4.68, while the DTN National HRS Index was $6.03. Monday's futures close and the implied basis of 65 cents under the July for HRW, and 22 cents under the July for HRS, would indicate the Indices for Monday afternoon to be near $4.75 and $6.04, respectively.

By SAMMY HAJEERClick <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/02155853/30001.wav">HERE</a> to listenGENERAL COMMENTS:July corn closed down 5 3/4 cents and December corn was down 2 3/4 cents. July soybeans closed down 8 1/4 cents and November soybeans were down 9 3/4 cents. July KC wheat closed up 6 1/2 cents, July Chicago wheat was up 5 cents, July MIAX Minneapolis wheat was up 1 3/4 cents.The U.S. Dollar Index is down 0.52 at 98.81. The Dow Jones Industrial Average is down 6.0 points at 42,288.0. August gold is up $82.10 at $3,397.50, July silver is up $1.71 at $34.74 and July copper is up $0.1720. July crude oil is up $1.78 at $62.57, July ultra-low sulfur diesel is up $0.0427, July RBOB gasoline is up $0.0391 and July natural gas is up $0.249.CORN:July corn futures closed down 5 3/4 cents on Monday to $4.38 1/4. New crop December futures were down 2 3/4 cents to $4.35 3/4. The corn market saw Monday's early upward momentum fade as the session wore on, eventually slipping lower for the session likely as the result of the weight of the sinking soybean complex counteracting the positive pull from the wheat market, especially as wheat prices faded well off their daily highs by afternoon.In Monday's grain inspections numbers, the USDA reported 62 million bushels (mb) of corn inspected for import for the week ending May 29. This brings total Federal inspections for the year to 1.913 billion bushels (bb), up 29% from this time in 2024. In other old crop demand news, Monday afternoon will also see the release of the latest Grain Crushings report from the USDA which will update corn used for ethanol in April. Through March, corn used for ethanol was running 0.57% ahead of the 2023-24 corn marketing year. Rough estimation from weekly Energy Information Administration data on ethanol production would point to approximately 434 mb of corn crush in April. The market will also be tuned in for the latest Crop Progress report Monday afternoon at 3 p.m. CDT. A recent drier stretch in the northern grain belt has likely been conducive to wrapping up planting, but any acres yet to go in as of Sunday will face a return of wet conditions across most of the eastern half of the U.S. including most major corn growing regions.In corn technicals for Monday, $4.42 1/2 remains a key level on July futures to watch as it is the lowest close for the board for 2025 thus far. For Monday, the contract came within half a cent of the level but found support. Beyond $4.42 1/2, $4.36 1/2 stands as the lowest price for July futures overall, which was a price which attracted buyers. Upside resistance is seen immediately at the 20-day moving average of $4.50 3/4, which prices failed to hold above on an attempt early Monday.The DTN National Corn Index finished Friday at $4.20. Monday's futures close and implied corn basis of 24 cents under the July board would indicate the Index on Monday afternoon to be near $4.14.SOYBEANS:July soybeans traded 8 1/4 cents lower on Monday, closing at $10.33 1/2. New crop November futures were down 9 3/4 cents to $10.17. The renewed trade tensions between the U.S. and China are the clear catalyst for the selling pressure in soybean futures to close last week and again on Monday. Both sides have accused the other of trade violations in recent days. To add to the pressure on soybean prices, ongoing concerns regarding political support for the biofuel industry and the slow progress of the budget bill through the Senate currently.Export inspections for soybeans for the week ending May 29 totaled 9.9 mb, bringing the total to 1.639 bb or 11% ahead of inspections at the same point in 2024. The USDA is penciling a 9% increase in year over year soybean exports so inspections currently are holding just above the pace needed to hit this goal. In other soybean demand news, Monday afternoon the USDA will release the latest Fats and Oils report with soybean crush data from April. Crush can be expected to come in near 202 mb for April based on the NOPA crush released in the mid-May which was 190.23 mb, as NOPA members typically account for 94-95% of national crush. Oil stocks will also be of interest in light of the recent selloff in soybean oil futures amid shaky biofuel usage through the first quarter of 2025.In soybean technicals, November soybeans broke below the 50-day moving average at $10.26 3/4 after closing directly even with the mark on Friday. This sets up a move back towards $10.00 to $10.10 as a likely target for bearish traders. The early May low close of $10.18 1/4 is an area of immediate support for prices which held for Monday.The DTN National Soybean Index finished Friday at $9.92. Monday's futures close and implied soybean basis of 50 cents under the July board would indicate the Index on Monday afternoon to be near $9.84.WHEAT:July Kansas City wheat closed up 6 1/2 cents on Monday to $5.39 3/4. Chicago soft red winter wheat prices were also higher, while MIAX Minneapolis spring wheat futures also traded slightly higher as well. Last week's late wheat rally was primarily driven by spring wheat futures following the very low initial crop rating released by USDA last Tuesday. However, for Monday, bullishness shifted into winter wheat varieties in reaction to the weekend bombing campaign by Ukraine against Russia.Wheat export inspections for the week ending May 29 totaled 20.3 mb and brought the running total for inspections for the 2024-25 crop year to 802 mb. The 2024-25 marketing year ended over the weekend, so there will likely be some adjustments to be made for the last few days not captured by Monday's data as well as Thursday's upcoming Export Sales report which will report for the same period. All totaled, given the Census Bureau was running approximately 3.4% ahead of the USDA's shipment estimate through March, a final export figure of nearly 800 mb seems accurate, although again some last minute fine tuning could be expected.The market will also look forward to the crop update from the USDA Monday afternoon, especially following last week's low score for spring wheat conditions, particularly in North Dakota. Meanwhile, the winter wheat crop has also declined in condition slightly over the past two reports. The last week featured more rainfall across hard red growing regions and significantly reduced drought in central to western Kansas, while poorly rated Nebraska wheat areas also received 1-3 inches. Meanwhile, in world wheat news, Black Sea wheat growing regions are forecasted to remain hot and dry over the next two weeks, while dryness remains an issue across north-central China.In wheat technicals, July Kansas City futures fell well off their daily highs Monday after failing on an attempt to challenge the 50-day moving average at $5.51, the highest intraday price for July KC wheat in over a month. However, sellers rejected the move for Monday. The low $5.40s is the immediate resistance to prices which stalled rally attempts twice in May. Support is seen first at $5.28 1/4, the 20-day moving average.The DTN National HRW Index finished Friday at $4.68, while the DTN National HRS Index was $6.03. Monday's futures close and the implied basis of 65 cents under the July for HRW, and 22 cents under the July for HRS, would indicate the Indices for Monday afternoon to be near $4.75 and $6.04, respectively.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/28142157/30001-closing-markets.mp3">HERE</a> to listen

July corn closed down 8 1/2 cents and December corn was down 3 cents. July soybeans closed down 14 cents and November soybeans were down 13 1/4 cents. July KC wheat closed up 3/4 cents, July Chicago wheat was up 1 3/4 cents, July MIAX Minneapolis wheat was up 7 cents.

The U.S. Dollar Index is up 0.42 at 99.94. The Dow Jones Industrial Average is down 114.0 points at 42,296.0. June gold is up $0.20 at $3,300.60, July silver is down $0.14 at $33.18 and July copper is down $0.0590. July crude oil is up $0.86 at $61.75, July ultra-low sulfur diesel is up $0.0136, July RBOB gasoline is up $0.0076 and July natural gas is down $0.171.

July corn futures traded 8 1/2 cents lower Wednesday, finishing at $4.51. New-crop December futures were down 3 cents to $4.43 1/2. The corn market struggled to find any footing on Wednesday as recent buyers who entered the market last week are seemingly exiting positions for a quick profit, driven by mostly steady planting pace for corn, and a strong first crop condition reading in Tuesday's Crop Progress report from USDA.

In Tuesday's report, USDA pegged U.S. corn plantings at 87% complete versus the five-year average of 85%. Planting pace did slow slightly, with the lead over the five-year pace narrowing over the past week. Notably, Illinois, Indiana, and Kentucky remain behind normal pace due to heavy rainfall throughout the past few weeks. These states still have time ahead of the start of the late planting window on June 5 but depending on how these next few weeks go weather-wise, the door remains open in my view to potentially see a shift back toward soybean acreage in late states. The market may have been in agreement with this opinion Wednesday, as new-crop November soybeans dropped 13 1/2 cents relative to December corn's 3-cent drop. For corn conditions, USDA found in their first reading Tuesday that 68% of the U.S. corn crop is in good-to-excellent condition. This was perhaps a touch lower than many were expecting but, overall, not enough to spark much in the way of a bullish rally.

Looking at the December corn chart, Wednesday was a disappointing technical day for prices, as prices again failed at the 50-day moving average ($4.49 1/2) and the 20-day moving average at $4.44 1/2 also failed to hold in the afternoon. $4.40 is the next immediate support point, otherwise the 2025 low of $4.34 1/2 remains in play.

The DTN National Corn Index finished Tuesday at $4.35. Wednesday's futures close and implied corn basis of 25 cents under the July board would indicate the index on Wednesday afternoon to be near $4.25.

July soybean futures fell 14 cents Wednesday to $10.48 1/2. Meanwhile, new-crop November soybeans were down 13 1/4 cents to $10.37 1/2. The soybean complex as a whole was lower Wednesday, led by soybean oil which dropped 0.64 cents per pound but did find support near 48.58, trendline support which has caught prices on two breaks through the latter half of May. General nervousness regarding the budget bill as it works its way through the U.S. Senate seemed to be the primary source of weakness to soybean oil prices for Wednesday.

In Tuesday's Crop Progress report, USDA said U.S. soybean planting was 76% complete as of May 25, still 8 points ahead of the five-year average. Ohio, Kentucky, and Mississippi stand out as states currently behind average pace. The seven-day forecast continues to show widespread precipitation across the U.S. Grain Belt, with parts of Illinois, Indiana, and Ohio in particular slated to receive 1 to 2+ additional inches of rain.

Looking at the November soybean futures chart for Wednesday, prices closed below the 20-day moving average ($10.38 1/4) for the first time since May 8. Support is stacked just above $10.30 in the form of the 100- and 200-day moving averages, while the 50-day moving average waits just below at $10.25 3/4.

The DTN National Soybean Index finished Tuesday at $10.12. Wednesday's futures close and implied soybean basis of 50 cents under the July board would indicate the index on Wednesday afternoon to be near $9.98.

July Kansas City wheat closed up 3/4 cents to $5.25 1/4 on Wednesday. Chicago wheat futures were also marginally higher while MIAX Minneapolis spring wheat futures led the charge higher, closing up 8 1/2 cents on July futures following a poor initial condition reading from USDA on Tuesday.

U.S. spring wheat condition was reported on Tuesday to be 45% good to excellent across the six major growing states. Top-producing North Dakota in particular posted the third lowest initial crop rating since the series began in 1986. 2021 stands out as one of the years which began with an even lower good-to-excellent rating than the 34% reported for North Dakota's crop in Tuesday's release. Heavy rainfall and cooler-than-average temperatures can be attributed to the slow start for spring wheat conditions. MIAX Minneapolis futures as a result extended their gains above KC and Chicago varieties on Wednesday, trading 6 cents higher on the September contract in what has turned into a choppy back-and-forth action for spring wheat prices over the past handful of sessions.

For the U.S. winter wheat crop, conditions again dropped week-over-week from 52% good to excellent to 50% in Tuesday's report. Nebraska led the way with a sharp 9-point drop in good-to-excellent ratings and a subsequent 12-point increase in poor-to-very-poor conditions as 53% of the states' wheat crop is now rated poor to very poor. It will be interesting to see if recent rainfall as well as chances over the next week will reverse fortunes there. Meanwhile, Kansas and Oklahoma are also slated to receive more rainfall over the next week. This may be welcome in parts of Kansas, but I would think the potential for too much moisture in Oklahoma may be possible after what has been an extremely wet last couple of months for the central and eastern parts of the state specifically. Finally, in international news, winter wheat prices may have been partially pressured by the International Grains Council increasing their estimate for Russian production to 81.7 million metric tons (mmt), joining USDA as well as SovEcon in estimating the crop higher than what was originally thought would be the case in early 2025.

Looking at the September MIAX Minneapolis wheat chart, prices stalled in their rally Wednesday at the 50-day moving average near $6.18 1/4, which has kept prices in check over the past five sessions. September Minneapolis futures have not sustained a move above the 50-day moving average since early in the year, and prices have subsequently failed at this level three times in the past three months.

The DTN National HRW Index finished Tuesday at $4.58, while the DTN National HRS Index was $5.73. Wednesday's futures close and the implied basis of 66 cents under the July for HRW, and 23 cents under the July for HRS, would indicate the indices for Wednesday afternoon to be near $4.59 and $5.82, respectively.

By MATT PIKESt. Joseph PostClick <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/28142157/30001-closing-markets.mp3">HERE</a> to listenGENERAL COMMENTS:July corn closed down 8 1/2 cents and December corn was down 3 cents. July soybeans closed down 14 cents and November soybeans were down 13 1/4 cents. July KC wheat closed up 3/4 cents, July Chicago wheat was up 1 3/4 cents, July MIAX Minneapolis wheat was up 7 cents.The U.S. Dollar Index is up 0.42 at 99.94. The Dow Jones Industrial Average is down 114.0 points at 42,296.0. June gold is up $0.20 at $3,300.60, July silver is down $0.14 at $33.18 and July copper is down $0.0590. July crude oil is up $0.86 at $61.75, July ultra-low sulfur diesel is up $0.0136, July RBOB gasoline is up $0.0076 and July natural gas is down $0.171.CORN:July corn futures traded 8 1/2 cents lower Wednesday, finishing at $4.51. New-crop December futures were down 3 cents to $4.43 1/2. The corn market struggled to find any footing on Wednesday as recent buyers who entered the market last week are seemingly exiting positions for a quick profit, driven by mostly steady planting pace for corn, and a strong first crop condition reading in Tuesday's Crop Progress report from USDA.In Tuesday's report, USDA pegged U.S. corn plantings at 87% complete versus the five-year average of 85%. Planting pace did slow slightly, with the lead over the five-year pace narrowing over the past week. Notably, Illinois, Indiana, and Kentucky remain behind normal pace due to heavy rainfall throughout the past few weeks. These states still have time ahead of the start of the late planting window on June 5 but depending on how these next few weeks go weather-wise, the door remains open in my view to potentially see a shift back toward soybean acreage in late states. The market may have been in agreement with this opinion Wednesday, as new-crop November soybeans dropped 13 1/2 cents relative to December corn's 3-cent drop. For corn conditions, USDA found in their first reading Tuesday that 68% of the U.S. corn crop is in good-to-excellent condition. This was perhaps a touch lower than many were expecting but, overall, not enough to spark much in the way of a bullish rally.Looking at the December corn chart, Wednesday was a disappointing technical day for prices, as prices again failed at the 50-day moving average ($4.49 1/2) and the 20-day moving average at $4.44 1/2 also failed to hold in the afternoon. $4.40 is the next immediate support point, otherwise the 2025 low of $4.34 1/2 remains in play.The DTN National Corn Index finished Tuesday at $4.35. Wednesday's futures close and implied corn basis of 25 cents under the July board would indicate the index on Wednesday afternoon to be near $4.25.SOYBEANS:July soybean futures fell 14 cents Wednesday to $10.48 1/2. Meanwhile, new-crop November soybeans were down 13 1/4 cents to $10.37 1/2. The soybean complex as a whole was lower Wednesday, led by soybean oil which dropped 0.64 cents per pound but did find support near 48.58, trendline support which has caught prices on two breaks through the latter half of May. General nervousness regarding the budget bill as it works its way through the U.S. Senate seemed to be the primary source of weakness to soybean oil prices for Wednesday.In Tuesday's Crop Progress report, USDA said U.S. soybean planting was 76% complete as of May 25, still 8 points ahead of the five-year average. Ohio, Kentucky, and Mississippi stand out as states currently behind average pace. The seven-day forecast continues to show widespread precipitation across the U.S. Grain Belt, with parts of Illinois, Indiana, and Ohio in particular slated to receive 1 to 2+ additional inches of rain.Looking at the November soybean futures chart for Wednesday, prices closed below the 20-day moving average ($10.38 1/4) for the first time since May 8. Support is stacked just above $10.30 in the form of the 100- and 200-day moving averages, while the 50-day moving average waits just below at $10.25 3/4.The DTN National Soybean Index finished Tuesday at $10.12. Wednesday's futures close and implied soybean basis of 50 cents under the July board would indicate the index on Wednesday afternoon to be near $9.98.WHEAT:July Kansas City wheat closed up 3/4 cents to $5.25 1/4 on Wednesday. Chicago wheat futures were also marginally higher while MIAX Minneapolis spring wheat futures led the charge higher, closing up 8 1/2 cents on July futures following a poor initial condition reading from USDA on Tuesday.U.S. spring wheat condition was reported on Tuesday to be 45% good to excellent across the six major growing states. Top-producing North Dakota in particular posted the third lowest initial crop rating since the series began in 1986. 2021 stands out as one of the years which began with an even lower good-to-excellent rating than the 34% reported for North Dakota's crop in Tuesday's release. Heavy rainfall and cooler-than-average temperatures can be attributed to the slow start for spring wheat conditions. MIAX Minneapolis futures as a result extended their gains above KC and Chicago varieties on Wednesday, trading 6 cents higher on the September contract in what has turned into a choppy back-and-forth action for spring wheat prices over the past handful of sessions.For the U.S. winter wheat crop, conditions again dropped week-over-week from 52% good to excellent to 50% in Tuesday's report. Nebraska led the way with a sharp 9-point drop in good-to-excellent ratings and a subsequent 12-point increase in poor-to-very-poor conditions as 53% of the states' wheat crop is now rated poor to very poor. It will be interesting to see if recent rainfall as well as chances over the next week will reverse fortunes there. Meanwhile, Kansas and Oklahoma are also slated to receive more rainfall over the next week. This may be welcome in parts of Kansas, but I would think the potential for too much moisture in Oklahoma may be possible after what has been an extremely wet last couple of months for the central and eastern parts of the state specifically. Finally, in international news, winter wheat prices may have been partially pressured by the International Grains Council increasing their estimate for Russian production to 81.7 million metric tons (mmt), joining USDA as well as SovEcon in estimating the crop higher than what was originally thought would be the case in early 2025.Looking at the September MIAX Minneapolis wheat chart, prices stalled in their rally Wednesday at the 50-day moving average near $6.18 1/4, which has kept prices in check over the past five sessions. September Minneapolis futures have not sustained a move above the 50-day moving average since early in the year, and prices have subsequently failed at this level three times in the past three months.The DTN National HRW Index finished Tuesday at $4.58, while the DTN National HRS Index was $5.73. Wednesday's futures close and the implied basis of 66 cents under the July for HRW, and 23 cents under the July for HRS, would indicate the indices for Wednesday afternoon to be near $4.59 and $5.82, respectively.