Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/28111447/kfeq-com-news.mp3">HERE</a> to listen

<a href="https://stjosephpost.com/posts/2e655dc6-854a-4a17-b3b1-df8dd919c51b">Fewer U.S. cattle on feed</a>

<a href="https://stjosephpost.com/posts/492dd8d0-6985-45fc-a11c-e189f96db7fb">USDA food purchases to help the needy</a>

Grassley Sees Few Senate Tax Changes to House-Passed Trump Tax, Spending Bill

<a href="https://stjosephpost.com/posts/431948c6-0012-4bdb-be86-1708e00519bf">White House Gives EU a Trade Reprieve</a>

<a href="https://stjosephpost.com/posts/0c8a5ebd-f25e-4bfd-a810-17610394315a">Outbreaks of bird flu in mammals doubled in 2024</a>

By MATT PIKE and NATHAN&nbsp; STUEDLESt. Joseph PostClick <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/28111447/kfeq-com-news.mp3">HERE</a> to listen<a href="https://stjosephpost.com/posts/2e655dc6-854a-4a17-b3b1-df8dd919c51b">Fewer U.S. cattle on feed</a><a href="https://stjosephpost.com/posts/492dd8d0-6985-45fc-a11c-e189f96db7fb">USDA food purchases to help the needy</a>Grassley Sees Few Senate Tax Changes to House-Passed Trump Tax, Spending Bill<a href="https://stjosephpost.com/posts/431948c6-0012-4bdb-be86-1708e00519bf">White House Gives EU a Trade Reprieve</a><a href="https://stjosephpost.com/posts/0c8a5ebd-f25e-4bfd-a810-17610394315a">Outbreaks of bird flu in mammals doubled in 2024</a>

Ag News for May 28th, 2025

Outbreaks of bird flu in mammals doubled in 2024 with other diseases spreading and putting more humans at risk, says a new report on animal health. 

The first assessment published by the World Organization for Animal Health revealed animal diseases were migrating into unaffected areas. Half (47%) of these have animal-to-human potential. In 2023, there were 459 outbreaks of bird flu recorded in mammals, but that number climbed to 1,022 across 55 countries a year later. 

The expanding animal trade and a five percent reduction in livestock vaccinations between 2020 and 2022 contributed to the rise. The spread, prevalence and impact of infectious animal diseases is changing, bringing new challenges for agriculture and food security, human health and development, and natural ecosystems. 

More than 630 million birds have been culled across two decades during bird flu outbreaks. While the risk to humans remains low, more mammalian species that become infected - such as cattle, cats and dogs - the greater the risk of transmission to humans.

Outbreaks of bird flu in mammals doubled in 2024 with other diseases spreading and putting more humans at risk, says a new report on animal health. The first assessment published by the World Organization for Animal Health revealed animal diseases were migrating into unaffected areas. Half (47%) of these have animal-to-human potential. In 2023, there were 459 outbreaks of bird flu recorded in mammals, but that number climbed to 1,022 across 55 countries a year later. The expanding animal trade and a five percent reduction in livestock vaccinations between 2020 and 2022 contributed to the rise. The spread, prevalence and impact of infectious animal diseases is changing, bringing new challenges for agriculture and food security, human health and development, and natural ecosystems. More than 630 million birds have been culled across two decades during bird flu outbreaks. While the risk to humans remains low, more mammalian species that become infected - such as cattle, cats and dogs - the greater the risk of transmission to humans.-NAFB

Outbreaks of bird flu in mammals doubled in 2024

The European Union won a pause from President Donald Trump’s threatened 50 percent tariffs. 

 However, Reuters said it’s not certain yet how the EU will push for a beneficial trade deal while Washington pushes for steeper EU concessions. After a conference call with the EU Commission President, Trump restored the July 9 deadline to allow talks between the U.S. and the 27-member nations to produce a trade agreement. 

The EU Commission oversees the trade policy for the bloc and said the call from Trump added new motivation to the negotiations that the two presidents agreed to put on a fast track. There wasn’t a lot of indication of what, if any, progress was made during the phone call toward clearing a path toward a negotiated solution. 

The EU wants a deal beneficial to both sides that could include moving to zero tariffs on industrial goods and the EU buying more U.S. soybeans.

The European Union won a pause from President Donald Trump’s threatened 50 percent tariffs. However, Reuters said it’s not certain yet how the EU will push for a beneficial trade deal while Washington pushes for steeper EU concessions. After a conference call with the EU Commission President, Trump restored the July 9 deadline to allow talks between the U.S. and the 27-member nations to produce a trade agreement. The EU Commission oversees the trade policy for the bloc and said the call from Trump added new motivation to the negotiations that the two presidents agreed to put on a fast track. There wasn’t a lot of indication of what, if any, progress was made during the phone call toward clearing a path toward a negotiated solution. The EU wants a deal beneficial to both sides that could include moving to zero tariffs on industrial goods and the EU buying more U.S. soybeans.-NAFB

White House gives EU a trade reprieve

The USDA will purchase up to $67 million in fresh seafood, fruits, and vegetables from domestic producers to distribute to food banks and nutrition assistance programs across the country. 

These purchases are being made through Section 32 of the Agriculture Act of 1935 and will assist producers and communities in need. Fiscal year to date, USDA has provided more than $600 million in purchases, all of which benefit the charitable feeding network.

 “These purchases deliver healthy and nutritious American commodities to individuals and families in need,” said Ag Secretary Brooke Rollins. “USDA is proud to support those in need by providing access to the safest and highest quality fresh fruits, vegetables, and seafood in the world.” 

USDA’s Agricultural Marketing Service will purchase $20 million in Atlantic Groundfish, $14 million in canned pears, $3 million in sweet cherries, $14 million worth of Great Northern Beans, and $16 million in Pacific Pink Shrimp.

The USDA will purchase up to $67 million in fresh seafood, fruits, and vegetables from domestic producers to distribute to food banks and nutrition assistance programs across the country. These purchases are being made through Section 32 of the Agriculture Act of 1935 and will assist producers and communities in need. Fiscal year to date, USDA has provided more than $600 million in purchases, all of which benefit the charitable feeding network. “These purchases deliver healthy and nutritious American commodities to individuals and families in need,” said Ag Secretary Brooke Rollins. “USDA is proud to support those in need by providing access to the safest and highest quality fresh fruits, vegetables, and seafood in the world.” USDA’s Agricultural Marketing Service will purchase $20 million in Atlantic Groundfish, $14 million in canned pears, $3 million in sweet cherries, $14 million worth of Great Northern Beans, and $16 million in Pacific Pink Shrimp.-NAFB

USDA food purchases to help the needy

The USDA’s Cattle on Feed Report showed on-feed numbers, placements, and marketings were all down two-to-three percent this month. 

U.S. cattle and calves on feed for the slaughter market for feedlots with a capacity of 1,000 or more head totaled 11.4 million head on May 1, 2025. April placements in feedlots totaled 1.61 million head, three percent below 2024. 

Net placements were 1.56 million head. April’s fed cattle marketings totaled 1.83 million head, three percent below 2024. Other disappearances totaled 50,000 head during April, 11 percent below 2024. 

USDA also released its Cold Storage Report on Friday, which showed total red meat supplies in freezers were up five percent from the previous month but down six percent from last year. 

Total pounds of beef in freezers were down two percent from the previous month and down two percent from last year. Frozen pork supplies were up 11 percent from the prior month.

The USDA’s Cattle on Feed Report showed on-feed numbers, placements, and marketings were all down two-to-three percent this month. U.S. cattle and calves on feed for the slaughter market for feedlots with a capacity of 1,000 or more head totaled 11.4 million head on May 1, 2025. April placements in feedlots totaled 1.61 million head, three percent below 2024. Net placements were 1.56 million head. April’s fed cattle marketings totaled 1.83 million head, three percent below 2024. Other disappearances totaled 50,000 head during April, 11 percent below 2024. USDA also released its Cold Storage Report on Friday, which showed total red meat supplies in freezers were up five percent from the previous month but down six percent from last year. Total pounds of beef in freezers were down two percent from the previous month and down two percent from last year. Frozen pork supplies were up 11 percent from the prior month.-NAFB

Fewer U.S. cattle on feed

July corn closed unchanged and December corn was down 4 1/4 cents. July soybeans closed up 2 1/4 cents and November soybeans were up 1/4 cents. July KC wheat closed down 14 1/4 cents, July Chicago wheat was down 14 cents, July Minneapolis wheat was down 10 1/4 cents.

Grain markets traded mixed to begin a shortened trading week. Corn futures chopped on both sides of even as a sharply lower wheat market weighed psychologically on corn traders following another week of decent rainfall across the Southern Plains which stretched into Nebraska, offering relief to areas which have been among the worst in drought conditions as of last week. Soybean futures were able to post marginal gains after President Trump announced a delay on a 50% tariff against the European Union until July 9 to allow time for trade talks to take place. Outside markets were mixed, with stock indices higher on the delayed tariff news. This also led to a firmer U.S. dollar which may have weighed negatively on wheat futures as well for Tuesday's session.

Most believed that Friday's encouraging Cattle on Feed report would help propel the market into at least steady, if not higher, trade early this week, but traders have a different feel of the market as the live cattle contracts traded well over $1.00 lower into today's noon hour. Some of the market's concern could be stemming from the fact that this week's slaughter is expected to be dramatically lower than recent weeks as packers continue to try to find ways to build up supply around them and avoid driving the cash cattle market any higher.

It's was a grim morning for the feeder cattle complex as most of the contracts traded $2.00 to $3.00 lower into Tuesday's noon hour. At first, the market opened higher but then did a key reversal as traders quickly jerked all their support for the complex out.

It's was encouraging day for the lean hog complex as the market finally found some technical support and is pleased to see the noticeable jump in pork cutout values. The market is a couple of dollars away from its resistance threshold, so the complex will likely be able to sustain this rally.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/27143338/web-closing-markets.mp3">HERE</a> for audio

By: NATHAN STUEDLESt. Joseph PostGRAINS:July corn closed unchanged and December corn was down 4 1/4 cents. July soybeans closed up 2 1/4 cents and November soybeans were up 1/4 cents. July KC wheat closed down 14 1/4 cents, July Chicago wheat was down 14 cents, July Minneapolis wheat was down 10 1/4 cents.Grain markets traded mixed to begin a shortened trading week. Corn futures chopped on both sides of even as a sharply lower wheat market weighed psychologically on corn traders following another week of decent rainfall across the Southern Plains which stretched into Nebraska, offering relief to areas which have been among the worst in drought conditions as of last week. Soybean futures were able to post marginal gains after President Trump announced a delay on a 50% tariff against the European Union until July 9 to allow time for trade talks to take place. Outside markets were mixed, with stock indices higher on the delayed tariff news. This also led to a firmer U.S. dollar which may have weighed negatively on wheat futures as well for Tuesday's session.LIVESTOCK:Most believed that Friday's encouraging Cattle on Feed report would help propel the market into at least steady, if not higher, trade early this week, but traders have a different feel of the market as the live cattle contracts traded well over $1.00 lower into today's noon hour. Some of the market's concern could be stemming from the fact that this week's slaughter is expected to be dramatically lower than recent weeks as packers continue to try to find ways to build up supply around them and avoid driving the cash cattle market any higher.It's was a grim morning for the feeder cattle complex as most of the contracts traded $2.00 to $3.00 lower into Tuesday's noon hour. At first, the market opened higher but then did a key reversal as traders quickly jerked all their support for the complex out. It's was encouraging day for the lean hog complex as the market finally found some technical support and is pleased to see the noticeable jump in pork cutout values. The market is a couple of dollars away from its resistance threshold, so the complex will likely be able to sustain this rally.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/27143338/web-closing-markets.mp3">HERE</a> for audio

Commodity markets daily recap

According to a report from the Ag Department, red meat output in April fell 1% from the same month in 2024. Production in the U.S. totaled 4.6 billion pounds last month, down from 4.65 billion a year earlier, the agency said in their monthly report. Beef output was reported at 2.24 billion pounds, up 3% year over year, as cattle slaughter dropped 6% to 2.57 million head. The average live weight was up 36 pounds.

Pork production, meanwhile, rose 1% from the previous year to 2.34 billion pounds in April, USDA said. Hog slaughter also rose 1%, reaching 10.8 million head, and average weight was just slightly higher at 291 pounds. Veal output plunged 39% while lamb and mutton production jumped 13%. Commercial red meat output from Jan. 1 through the end of April totaled 18.1 billion pounds, down 1% from the same timeframe last year. 

According to a report from the Ag Department, red meat output in April fell 1% from the same month in 2024. Production in the U.S. totaled 4.6 billion pounds last month, down from 4.65 billion a year earlier, the agency said in their monthly report. Beef output was reported at 2.24 billion pounds, up 3% year over year, as cattle slaughter dropped 6% to 2.57 million head. The average live weight was up 36 pounds.Pork production, meanwhile, rose 1% from the previous year to 2.34 billion pounds in April, USDA said. Hog slaughter also rose 1%, reaching 10.8 million head, and average weight was just slightly higher at 291 pounds. Veal output plunged 39% while lamb and mutton production jumped 13%. Commercial red meat output from Jan. 1 through the end of April totaled 18.1 billion pounds, down 1% from the same timeframe last year. -NAFB

Red meat production falls 1% year over year 

Iowa ethanol advocates and farmers are urging Gov. Kim Reynolds to veto a bill restricting carbon sequestration pipelines. The advocates said in a press conference Thursday the bill is “extremely problematic” to biofuels, farming, energy and Iowa economies. The bill, which passed the Iowa Senate May 12 and is awaiting a signature from Reynolds, would change definitions of a common carrier and increase insurance requirements for pipelines transporting liquid carbon dioxide. 

It would also set requirements for the Iowa Utilities Commission and expand who can intervene on dockets with the commission. Advocates and lawmakers in favor of the bill oppose the use of eminent domain by the Summit Carbon Solutions pipeline, which would transport captured carbon dioxide from ethanol facilities in Iowa, and neighboring states, to underground storage in North Dakota. 

Iowa ethanol advocates and farmers are urging Gov. Kim Reynolds to veto a bill restricting carbon sequestration pipelines. The advocates said in a press conference Thursday the bill is “extremely problematic” to biofuels, farming, energy and Iowa economies. The bill, which passed the Iowa Senate May 12 and is awaiting a signature from Reynolds, would change definitions of a common carrier and increase insurance requirements for pipelines transporting liquid carbon dioxide. It would also set requirements for the Iowa Utilities Commission and expand who can intervene on dockets with the commission. Advocates and lawmakers in favor of the bill oppose the use of eminent domain by the Summit Carbon Solutions pipeline, which would transport captured carbon dioxide from ethanol facilities in Iowa, and neighboring states, to underground storage in North Dakota. -NAFB

Ethanol industry urges Reynolds to veto eminent domain bill

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

July corn closed up 16 cents and December corn was up 15 1/4 cents. July soybeans closed up 10 1/4 cents and November soybeans were up 15 cents. July KC wheat closed up 22 1/4 cents, July Chicago wheat was up 17 1/2 cents and July MIAX Minneapolis wheat was up 33 1/4 cents.

Row-crop prices were softer overall Friday as the strong price rallies across corn, soybeans, and wheat ran out of steam heading into the long weekend, although Friday's session also featured a drop in volume behind the trade. Traders will want to watch for Friday afternoon's Commitments of Traders data, which will offer insight into short-covering over the last week and a half rally in prices. In outside markets, stocks were again on edge Friday following President Trump making new tariff threats against the European Union as well as Apple, Inc. President Trump noted in social media posts that negotiations thus far with the E.U. were "going nowhere" and followed up by floating the idea of a 50% tariff beginning June 1. The U.S. dollar sank on the news, dropping for the fourth time out of five sessions this week. Crude oil markets were lower to begin Friday on the refreshed trade concerns but have since recovered in choppy trade which has been the feature of the oil market over the past week.

The live cattle complex traded indecisively, higher one minute, lower the next as traders are juggling the mixed signals from the marketplace. Traders are keenly aware of the hesitancy this morning of the equity markets, amid furthered concerns about tariffs, and also adding some perplexities to the market is the fact that still no Southern live cattle have traded. There was some trade in the North on Wednesday afternoon at $354 to $370, but mostly at $360 which is $2.00 higher than last week's record-breaking weighted average. But since then, there's been virtually no trade to speak of. That being said, more trade will need to develop at some point today if traders are going to keep themselves from being short bought in the weeks ahead.

The feeder cattle complex traded higher as traders are anxiously awaiting to see what this afternoon's Cattle on Feed report unveils. It's fully anticipated that the report will be bullish as feed totals and placements are both expected to be lighter than a year ago.

The lean hog complex traded fully lower as not only is the market battling its own resistance pressure, but it's also concerned about continued tariff dilemmas. And while it is always helpful for the market to see pork cutout values higher, traders seemed dull to the fundamental support.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/23142704/web-closing-markets.mp3">HERE</a> for audio

By: NATHAN STUEDLESt. Joseph PostGRAINS:July corn closed down 3 1/2 cents and December corn was down 2 1/2 cents. July soybeans closed down 7 1/4 cents and November soybeans were down 4 3/4 cents. July KC wheat closed down 1 1/4 cents, July Chicago wheat was down 2 cents, July MIAX Minneapolis wheat was up 6 1/4 cents.For the week:July corn closed up 16 cents and December corn was up 15 1/4 cents. July soybeans closed up 10 1/4 cents and November soybeans were up 15 cents. July KC wheat closed up 22 1/4 cents, July Chicago wheat was up 17 1/2 cents and July MIAX Minneapolis wheat was up 33 1/4 cents.Row-crop prices were softer overall Friday as the strong price rallies across corn, soybeans, and wheat ran out of steam heading into the long weekend, although Friday's session also featured a drop in volume behind the trade. Traders will want to watch for Friday afternoon's Commitments of Traders data, which will offer insight into short-covering over the last week and a half rally in prices. In outside markets, stocks were again on edge Friday following President Trump making new tariff threats against the European Union as well as Apple, Inc. President Trump noted in social media posts that negotiations thus far with the E.U. were "going nowhere" and followed up by floating the idea of a 50% tariff beginning June 1. The U.S. dollar sank on the news, dropping for the fourth time out of five sessions this week. Crude oil markets were lower to begin Friday on the refreshed trade concerns but have since recovered in choppy trade which has been the feature of the oil market over the past week.LIVESTOCK:The live cattle complex traded indecisively, higher one minute, lower the next as traders are juggling the mixed signals from the marketplace. Traders are keenly aware of the hesitancy this morning of the equity markets, amid furthered concerns about tariffs, and also adding some perplexities to the market is the fact that still no Southern live cattle have traded. There was some trade in the North on Wednesday afternoon at $354 to $370, but mostly at $360 which is $2.00 higher than last week's record-breaking weighted average. But since then, there's been virtually no trade to speak of. That being said, more trade will need to develop at some point today if traders are going to keep themselves from being short bought in the weeks ahead. The feeder cattle complex traded higher as traders are anxiously awaiting to see what this afternoon's Cattle on Feed report unveils. It's fully anticipated that the report will be bullish as feed totals and placements are both expected to be lighter than a year ago. The lean hog complex traded fully lower as not only is the market battling its own resistance pressure, but it's also concerned about continued tariff dilemmas. And while it is always helpful for the market to see pork cutout values higher, traders seemed dull to the fundamental support.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/23142704/web-closing-markets.mp3">HERE</a> for audio

The recent Consumer Price Index data for April shows a welcome moderation in overall inflation, cooling to its slowest annual rate since early 2021. Despite that, many families continue to feel the pinch at the grocery store and dining out. In April, consumer prices rose 0.2 percent from the previous month, slowing the annual inflation rate from 2.4 to 2.3 percent. The data from the Bureau of Labor Statistics was surprising as many expected ongoing trade disputes and tariffs to push prices higher. 

The recent Consumer Price Index data for April shows a welcome moderation in overall inflation, cooling to its slowest annual rate since early 2021. Despite that, many families continue to feel the pinch at the grocery store and dining out. In April, consumer prices rose 0.2 percent from the previous month, slowing the annual inflation rate from 2.4 to 2.3 percent. The data from the Bureau of Labor Statistics was surprising as many expected ongoing trade disputes and tariffs to push prices higher.

Food inflation rate cools in April

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

Row crop markets were mixed Thursday with old crop corn and soybean futures able to extend their weekly price rallies, while new crop corn futures slipped following an impressive three-day rally. Wheat prices were lower across the board after hitting technical resistance by mid-week as traders paused short covering efforts likely to reassess current conditions. Outside markets were mixed to slightly negative influence on ag markets for Thursday, a stronger U.S. dollar and generally weaker energy markets. In other news, the U.S. House of Representatives just narrowly passed President Trump's "Big, Beautiful Bill," which will now move onto the Senate.

The live cattle complex is trading with more vigor today as traders are pleased to see the note of the strong sales in the North yesterday afternoon. It was assumed that fed cash cattle prices would trade steady at best this week as packers were able to build up some supply last week and because next week's schedule will be limited because of the long holiday weekend. Wednesday afternoon a light movement of dressed sales ranged anywhere from $358 to $370, but mostly at $360 which is $2.00 higher than last week's weighted average. The bullish surprise has helped reignite some bullishness throughout the futures complex as traders were merely trading the complex steady before seeing the trade develop. Still no sizeable sales have developed in the Southern plains.

With the added support of strong sales in the fed cash cattle market, and upon seeing the live cattle contracts trading higher, the feeder cattle complex followed suit as its contracts traded significantly higher as well. So long as the support remains ample from the live cattle/fed cash cattle market, the feeder cattle complex should be able to maintain its higher trend.

Surprisingly, the lean hog complex isn't delighted with the fact that the morning's export report was favorable and that midday pork cutout values are higher as well. Instead, the nearby lean hog contracts traded slightly lower while the deferred months were traded mildly higher. At this point, it's proving that the market's resistance at $100 is simply too much pressure for traders to stomach.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/22145122/web-closing-markets.mp3">HERE</a> for audio

By: NATHAN STUEDLESt. Joseph PostGRAINS:July corn closed up 2 cents and December corn was down 2 1/4 cents. July soybeans closed up 4 3/4 cents and November soybeans were up 3 cents. July KC wheat closed down 1/2 cents, July Chicago wheat was down 4 3/4 cents, July MIAX Minneapolis wheat was down 4 cents. Row crop markets were mixed Thursday with old crop corn and soybean futures able to extend their weekly price rallies, while new crop corn futures slipped following an impressive three-day rally. Wheat prices were lower across the board after hitting technical resistance by mid-week as traders paused short covering efforts likely to reassess current conditions. Outside markets were mixed to slightly negative influence on ag markets for Thursday, a stronger U.S. dollar and generally weaker energy markets. In other news, the U.S. House of Representatives just narrowly passed President Trump's "Big, Beautiful Bill," which will now move onto the Senate.LIVESTOCK:The live cattle complex is trading with more vigor today as traders are pleased to see the note of the strong sales in the North yesterday afternoon. It was assumed that fed cash cattle prices would trade steady at best this week as packers were able to build up some supply last week and because next week's schedule will be limited because of the long holiday weekend. Wednesday afternoon a light movement of dressed sales ranged anywhere from $358 to $370, but mostly at $360 which is $2.00 higher than last week's weighted average. The bullish surprise has helped reignite some bullishness throughout the futures complex as traders were merely trading the complex steady before seeing the trade develop. Still no sizeable sales have developed in the Southern plains. With the added support of strong sales in the fed cash cattle market, and upon seeing the live cattle contracts trading higher, the feeder cattle complex followed suit as its contracts traded significantly higher as well. So long as the support remains ample from the live cattle/fed cash cattle market, the feeder cattle complex should be able to maintain its higher trend.Surprisingly, the lean hog complex isn't delighted with the fact that the morning's export report was favorable and that midday pork cutout values are higher as well. Instead, the nearby lean hog contracts traded slightly lower while the deferred months were traded mildly higher. At this point, it's proving that the market's resistance at $100 is simply too much pressure for traders to stomach.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/22145122/web-closing-markets.mp3">HERE</a> for audio

The National Corn Growers Association kicked off its 61st annual Yield Contest. For six decades, the event has celebrated the ingenuity, resilience, and drive of American corn growers who continuously push the limits of what’s possible. “What began as a modest competition has evolved into a cornerstone of the industry,” said NCGA President and Illinois corn grower Kenneth Hartman, Jr. “Each year, we honor not only the achievements of past participants but also the forward-looking spirit that defines today’s growers.” 

The 2025 contest is now open for entries through August 13, offering growers across the country a chance to compete, learn, and showcase their success. New this year, Class J: Nitrogen Management is now open to all growers following two successful years as a limited pilot class. As the competition enters its seventh decade, it’s a platform for discovery and a celebration of the progress that powers American agriculture. 

The National Corn Growers Association kicked off its 61st annual Yield Contest. For six decades, the event has celebrated the ingenuity, resilience, and drive of American corn growers who continuously push the limits of what’s possible. “What began as a modest competition has evolved into a cornerstone of the industry,” said NCGA President and Illinois corn grower Kenneth Hartman, Jr. “Each year, we honor not only the achievements of past participants but also the forward-looking spirit that defines today’s growers.” The 2025 contest is now open for entries through August 13, offering growers across the country a chance to compete, learn, and showcase their success. New this year, Class J: Nitrogen Management is now open to all growers following two successful years as a limited pilot class. As the competition enters its seventh decade, it’s a platform for discovery and a celebration of the progress that powers American agriculture. -NAFB

NCGA launches annual yield contest

Bayer is continuing its push to resolve lawsuits linking Roundup, its popular weedkiller, to cancer. People familiar with the matter told the Wall Street Journal that the company is also exploring a bankruptcy filing for its Monsanto agriculture business in case the settlement plan fails. Bayer is drawing up plans to try and resolve some of its mass lawsuits over Roundup through proceedings in a Missouri state court, where a majority are still pending. 

Given its past difficulties in ending the Roundup litigation in civil courts, the German drug and agriculture conglomerate is preparing, as another option, a bankruptcy filing covering the weedkiller’s U.S. manufacturer, Monsanto. One possible option, the Texas Two Step, has yielded mixed results after court rulings curbed the use of Chapter 11 to protect solvent companies from litigation. Bayer is exploring the option of placing Monsanto’s U.S. business directly into Chapter 11.

Bayer is continuing its push to resolve lawsuits linking Roundup, its popular weedkiller, to cancer. People familiar with the matter told the Wall Street Journal that the company is also exploring a bankruptcy filing for its Monsanto agriculture business in case the settlement plan fails. Bayer is drawing up plans to try and resolve some of its mass lawsuits over Roundup through proceedings in a Missouri state court, where a majority are still pending. Given its past difficulties in ending the Roundup litigation in civil courts, the German drug and agriculture conglomerate is preparing, as another option, a bankruptcy filing covering the weedkiller’s U.S. manufacturer, Monsanto. One possible option, the Texas Two Step, has yielded mixed results after court rulings curbed the use of Chapter 11 to protect solvent companies from litigation. Bayer is exploring the option of placing Monsanto’s U.S. business directly into Chapter 11.-NAFB

Bayer considering bankruptcy for its Monsanto unit

July corn closed up 6 1/2 cents and December corn was up 7 cents. July soybeans closed up 9 3/4 cents and November soybeans were up 11 1/4 cents. July KC wheat closed up 4 1/4 cents, July Chicago wheat was up 3 1/4 cents, July MIAX Minneapolis wheat was up 6 1/2 cents.

U.S. markets again posted solid gains across the major row crops on Wednesday, with soybeans catching a bid and surging to a double-digit gain. Wheat markets continue to attract buying attention as heavy-selling speculators thus far through the spring may be viewing their positions as of last week as overexposed given the worrisome weather across several key wheat growing regions in the world. Corn was again able to borrow strength from the wheat market as well as some emerging concerns of potential late-season planting delays primarily in the Eastern Corn Belt. Outside markets for Wednesday were mixed, with the U.S. Dollar Index continuing to sink following Moody's credit downgrade on Monday, while energy markets have faded off early strength which was due to reports that Israel was preparing a strike against Iran's nuclear infrastructure.

The live cattle complex traded mildly higher as traders showed light interest toward the market, but don't have enough technical buy-in to do much. It is supportive that boxed beef prices were higher, but as mentioned, it's unlikely that traders are going to do much with that positive fundamental development ahead of the long three-day weekend. Still no cash cattle trade has developed, and bids and asking prices remain elusive. It is assumed that prices will trade steady at best this week as packers have been able to buy some supply in recent weeks.

Although the live cattle complex was lending support, the feeder cattle contracts mostly traded lower into Wednesday's closing bell, as traders don't feel comfortable advancing the contracts at this point. Prices in the countryside have dipped slightly this week as some buyers have fulfilled their needs already for grass orders, and others are still leery of being overstocked with drought lingering.

The lean hog complex seemed to gain a second wind as the contracts are trading mostly higher into Wednesday's noon hour. Pork cutout values were up slightly, at midday it was not enough to be the sole reason why traders pushed the contracts higher at noon today. The spot June contract is battling the market's resistance at $100, and the complex finished in the red by the closing bell.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/21144036/web-closing-markets.mp3">HERE</a> for audio

By: NATHAN STUEDLESt. Joseph PostGRAINS:July corn closed up 6 1/2 cents and December corn was up 7 cents. July soybeans closed up 9 3/4 cents and November soybeans were up 11 1/4 cents. July KC wheat closed up 4 1/4 cents, July Chicago wheat was up 3 1/4 cents, July MIAX Minneapolis wheat was up 6 1/2 cents.U.S. markets again posted solid gains across the major row crops on Wednesday, with soybeans catching a bid and surging to a double-digit gain. Wheat markets continue to attract buying attention as heavy-selling speculators thus far through the spring may be viewing their positions as of last week as overexposed given the worrisome weather across several key wheat growing regions in the world. Corn was again able to borrow strength from the wheat market as well as some emerging concerns of potential late-season planting delays primarily in the Eastern Corn Belt. Outside markets for Wednesday were mixed, with the U.S. Dollar Index continuing to sink following Moody's credit downgrade on Monday, while energy markets have faded off early strength which was due to reports that Israel was preparing a strike against Iran's nuclear infrastructure.LIVESTOCK:The live cattle complex traded mildly higher as traders showed light interest toward the market, but don't have enough technical buy-in to do much. It is supportive that boxed beef prices were higher, but as mentioned, it's unlikely that traders are going to do much with that positive fundamental development ahead of the long three-day weekend. Still no cash cattle trade has developed, and bids and asking prices remain elusive. It is assumed that prices will trade steady at best this week as packers have been able to buy some supply in recent weeks.Although the live cattle complex was lending support, the feeder cattle contracts mostly traded lower into Wednesday's closing bell, as traders don't feel comfortable advancing the contracts at this point. Prices in the countryside have dipped slightly this week as some buyers have fulfilled their needs already for grass orders, and others are still leery of being overstocked with drought lingering. The lean hog complex seemed to gain a second wind as the contracts are trading mostly higher into Wednesday's noon hour. Pork cutout values were up slightly, at midday it was not enough to be the sole reason why traders pushed the contracts higher at noon today. The spot June contract is battling the market's resistance at $100, and the complex finished in the red by the closing bell.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/21144036/web-closing-markets.mp3">HERE</a> for audio

The U.S. Government Accountability Office released a study that raises questions about the accuracy of broadband availability data in the FCC’s National Broadband Map. The study says the Commission hasn’t documented or assessed the sufficiency of its processes for ensuring the map is as accurate as possible. That, in turn, could jeopardize agencies’ ability to make the most efficient and effective funding decisions. The GAO also recommends that the Commission, the National Telecommunications and Information Administration, and the Departments of Agriculture and the Treasury better coordinate on broadband policy and funding. 

This report comes three years after the GAO told federal agencies how to coordinate over 100 federal broadband programs administered by 15 agencies. The Government Accountability Office also noted that most of the work from the 2022 assessment remains undone. 

The U.S. Government Accountability Office released a study that raises questions about the accuracy of broadband availability data in the FCC’s National Broadband Map. The study says the Commission hasn’t documented or assessed the sufficiency of its processes for ensuring the map is as accurate as possible. That, in turn, could jeopardize agencies’ ability to make the most efficient and effective funding decisions. The GAO also recommends that the Commission, the National Telecommunications and Information Administration, and the Departments of Agriculture and the Treasury better coordinate on broadband policy and funding. This report comes three years after the GAO told federal agencies how to coordinate over 100 federal broadband programs administered by 15 agencies. The Government Accountability Office also noted that most of the work from the 2022 assessment remains undone. -NAFB

Broadband data may not be accurate

Ag Secretary Brooke Rollins released a set of policy proposals under her newly launched Make Agriculture Great Again Initiative. Her initial proposals are a comprehensive set of policy solutions aimed at improving the variability and longevity of smaller-scale family farms for generations to come. About 86 percent of all U.S. farms are small family farms. To ensure small family farms can start and stay in business, the USDA has outlined a toolkit of actions like streamlining application processes. 

The new policy agenda also includes solutions like ensuring simple, streamlined, and transparent tools and applications. It ensures reliable access to credit for small family farms. One of the key proposals is to ensure small farms can be passed on to the next generation for generations to come. Another proposal would enhance access to risk management and business planning tools. USDA also wants to ensure the farm size definitions reflect modern-day realities. 

Ag Secretary Brooke Rollins released a set of policy proposals under her newly launched Make Agriculture Great Again Initiative. Her initial proposals are a comprehensive set of policy solutions aimed at improving the variability and longevity of smaller-scale family farms for generations to come. About 86 percent of all U.S. farms are small family farms. To ensure small family farms can start and stay in business, the USDA has outlined a toolkit of actions like streamlining application processes. The new policy agenda also includes solutions like ensuring simple, streamlined, and transparent tools and applications. It ensures reliable access to credit for small family farms. One of the key proposals is to ensure small farms can be passed on to the next generation for generations to come. Another proposal would enhance access to risk management and business planning tools. USDA also wants to ensure the farm size definitions reflect modern-day realities. -NAFB

Rollins announces new small family farms policy 

July corn closed up 7 cents and December corn was up 6 3/4 cents. July soybeans closed up 2 1/4 cents and November soybeans were up 4 cents. July KC wheat closed up 13 1/2 cents, July Chicago wheat was up 17 cents, July MIAX Minneapolis wheat was up 12 1/4 cents.

U.S. ag markets were mostly higher Tuesday, led again by wheat futures which posted a fifth day higher in the past six for the July Kansas City contract. Corn futures were supported by the strength in wheat despite Monday's planting report from USDA confirming corn plantings in the U.S. still sit ahead of the average pace for mid-May. Soybean futures were quiet but are struggling to regain momentum following last week's biofuel-related selloff, although July prices did manage a second day higher to start the week. Outside markets leaned mostly positive to agriculture on Tuesday with crude oil futures attempting a third straight session higher while the U.S. dollar remains under pressure following Moody's downgrade of the United States' credit rating on Monday.

Try as it might, try as it hopes, try as it wants, the live cattle complex may be trading mildly higher, but the stars simply don't seem to be aligning for the market to be gaining any momentum. Following the rally and the sharp decline endured late last week, the live cattle complex seems stagnant as traders don't possess enough support to move the complex any higher at this point. Still no cash cattle trade has developed, and trade will likely be delayed until Thursday or Friday.

The feeder cattle complex was also traded mildly higher as it's cautiously following in the live cattle market's wake. It's likely that so long as the live cattle complex continues to trade higher that the feeder cattle market will as well. So far this week, it seems as though prices are trading mostly steady in sale barns across the countryside.

The lean hog complex traded mixed as traders remain leery of coming up against the market's resistance threshold, as they simply don't possess enough power and support to break above that price point currently. Not to mention, it's not helpful either that midday pork cutout values are lower and that cash prices are as well.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/20141618/web-closing-markets.mp3">HERE</a> for audio

By: NATHAN STUEDLESt. Joseph PostGRAINS:July corn closed up 7 cents and December corn was up 6 3/4 cents. July soybeans closed up 2 1/4 cents and November soybeans were up 4 cents. July KC wheat closed up 13 1/2 cents, July Chicago wheat was up 17 cents, July MIAX Minneapolis wheat was up 12 1/4 cents.U.S. ag markets were mostly higher Tuesday, led again by wheat futures which posted a fifth day higher in the past six for the July Kansas City contract. Corn futures were supported by the strength in wheat despite Monday's planting report from USDA confirming corn plantings in the U.S. still sit ahead of the average pace for mid-May. Soybean futures were quiet but are struggling to regain momentum following last week's biofuel-related selloff, although July prices did manage a second day higher to start the week. Outside markets leaned mostly positive to agriculture on Tuesday with crude oil futures attempting a third straight session higher while the U.S. dollar remains under pressure following Moody's downgrade of the United States' credit rating on Monday.LIVESTOCK:Try as it might, try as it hopes, try as it wants, the live cattle complex may be trading mildly higher, but the stars simply don't seem to be aligning for the market to be gaining any momentum. Following the rally and the sharp decline endured late last week, the live cattle complex seems stagnant as traders don't possess enough support to move the complex any higher at this point. Still no cash cattle trade has developed, and trade will likely be delayed until Thursday or Friday.The feeder cattle complex was also traded mildly higher as it's cautiously following in the live cattle market's wake. It's likely that so long as the live cattle complex continues to trade higher that the feeder cattle market will as well. So far this week, it seems as though prices are trading mostly steady in sale barns across the countryside.The lean hog complex traded mixed as traders remain leery of coming up against the market's resistance threshold, as they simply don't possess enough power and support to break above that price point currently. Not to mention, it's not helpful either that midday pork cutout values are lower and that cash prices are as well. Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/20141618/web-closing-markets.mp3">HERE</a> for audio

During the next several weeks, the National Agricultural Statistics Service will conduct the June Agricultural Survey. The agency will contact 92,000 producers across the nation to determine crop acreage and stock levels as of June 1, 2025. “The June Agricultural Survey is one of the most important and well-known surveys that NASS conducts,” said Joseph Parsons, USDA NASS Administrator. “It’s important to remind producers that NASS safeguards the privacy of respondents by keeping all individual information confidential and publishing the data in aggregate form only to ensure that no operation or producer can be identified.” 

He also said producer responses provide essential information used by farmers and ranchers, USDA, exporters, researchers, economists, policymakers, and others to inform a wide range of decisions. Producers can respond to the survey at agcounts.usda.gov, by phone, or by mail. NASS will publish the data in a series of USDA reports on June 30, 2025.

During the next several weeks, the National Agricultural Statistics Service will conduct the June Agricultural Survey. The agency will contact 92,000 producers across the nation to determine crop acreage and stock levels as of June 1, 2025. “The June Agricultural Survey is one of the most important and well-known surveys that NASS conducts,” said Joseph Parsons, USDA NASS Administrator. “It’s important to remind producers that NASS safeguards the privacy of respondents by keeping all individual information confidential and publishing the data in aggregate form only to ensure that no operation or producer can be identified.” He also said producer responses provide essential information used by farmers and ranchers, USDA, exporters, researchers, economists, policymakers, and others to inform a wide range of decisions. Producers can respond to the survey at agcounts.usda.gov, by phone, or by mail. NASS will publish the data in a series of USDA reports on June 30, 2025.-NAFB

NASS is looking for producer feedback

Brazil, the world’s biggest chicken exporter, confirmed its first outbreak of bird flu last Friday. That triggered protocols for a country-wide trade ban from top buyer China and state-wide restrictions from other major chicken consumers. Reports show the outbreak happened in southern Brazil at a farm supplying Vibra Foods, a Brazilian operation backed by Tyson Foods. The Vibra website says it has 15 processing plants in Brazil and exports to more than 60 countries. 

Brazil accounted for 35 percent of global trade in 2024 when it exported about $10 billion worth of chicken meat. China, Japan, Saudi Arabia, and the United Arab Emirates are among the top destinations for Brazil’s chicken shipments. Brazil’s Ag Minister said last week that under existing protocols, countries like China, the EU, and South Korea would ban Brazil’s poultry imports for 60 days. Neighboring Argentina is suspending imports of all Brazilian poultry products.

Brazil, the world’s biggest chicken exporter, confirmed its first outbreak of bird flu last Friday. That triggered protocols for a country-wide trade ban from top buyer China and state-wide restrictions from other major chicken consumers. Reports show the outbreak happened in southern Brazil at a farm supplying Vibra Foods, a Brazilian operation backed by Tyson Foods. The Vibra website says it has 15 processing plants in Brazil and exports to more than 60 countries. Brazil accounted for 35 percent of global trade in 2024 when it exported about $10 billion worth of chicken meat. China, Japan, Saudi Arabia, and the United Arab Emirates are among the top destinations for Brazil’s chicken shipments. Brazil’s Ag Minister said last week that under existing protocols, countries like China, the EU, and South Korea would ban Brazil’s poultry imports for 60 days. Neighboring Argentina is suspending imports of all Brazilian poultry products.-NAFB

Bird flu hits Brazil

Listen <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/19143502/30001-closing-markets.mp3">HERE</a>

July corn closed up 4 cents and December corn was up 6 1/4 cents. July soybeans closed up 3/4 cents and November soybeans were up 1 1/2 cents. July KC wheat closed up 6 1/4 cents, July Chicago wheat was up 4 cents, July MIAX Minneapolis wheat was up 12 1/4 cents.

The U.S. Dollar Index is down 0.62 at 100.47. The Dow Jones Industrial Average is up 106.0 points at 42,842.0. June gold is up $46.10 at $3,233.30, July silver is up $0.13 at $32.49 and July copper is up $0.0660. July crude oil is up $0.03 at $62.0, July ultra-low sulfur diesel is down $0.0126, July RBOB gasoline is down $0.0115 and June natural gas is down $0.213.

July corn futures closed up 4 cents to $4.47 1/2, while new-crop December futures were up 6 1/4 cents to $4.41 3/4. July futures posted a third session higher out of the past four, while new-crop prices were able to snap a four-day losing streak Monday following last week's USDA estimate of a record-large corn crop coming in 2025.

As of May 13, noncommercial corn traders now hold just 18,106 contracts of length in corn futures, having sold over 450,000 contracts (2.25 bb) of their mid-February length. The big question moving forward is will we see speculators decide to flip their books and become short holders in the corn market? The weather likely holds the answer to this riddle, with little in that vein thus far through the spring to inspire much in the way of fresh buying among noncommercial traders. However, the longer-term outlook may still inspire some caution among bearish traders as to adding to their short positions. For one, last week's drought monitor still shows just under a quarter of the nation's corn area is in drought, with lingering issues primarily in the Western Corn Belt. Rains through April and May alleviated some issues but from a soil moisture standpoint a drop off in precipitation as the growing season kicks off may have negative yield consequences in those drought-stricken areas. NOAA's three-month outlook for June through August released last week illustrates this point further with calls for below-average precipitation and above-average temperatures for the western corn growing states.

In Monday's Export Inspections update, USDA reported 67.7 million bushels (mb) of corn was federally inspected for export for the week ended May 15. This keeps the current year inspections at an impressive 29% lead above the 2023-24 marketing year. As of last Monday's WASDE report, the USDA is estimating 2.6 billion bushels (bb) of corn exports in 2024-25 which would represent a 13% increase in shipments if true.

In corn technicals, for the last week of trade old-crop July futures have found support in the low $4.40s, specifically near $4.42 to $4.43 for now. The low for the move sits at $4.36 1/2 which was set last Tuesday. Price bias will largely be weather driven, but from a technical viewpoint the 50-day moving average near $4.70 is a fair medium-term bullish target for traders who may view this dip as a buying opportunity, which would also be in line with the downtrend channel which has emerged since late February. For a downside target, the mid-$4.30s is still a possibility as would a slip in price further toward $4.20 if speculators remain on their selling streak.

The DTN National Corn Index finished Friday at $4.17. Monday's futures close and implied corn basis of 27 cents under the July board would indicate the index on Monday afternoon to be near $4.21.

July soybean futures traded 3/4 of a cent higher on Monday to close at $10.50 3/4. Meanwhile, new-crop November prices were up 1 1/2 cents to $10.37.

The soybean market last week quickly lost ground made following a mostly supportive WASDE report released on May 12. Rumors the EPA had submitted proposed blending mandates for biofuels at a lower level than industry recommendations spurred a sharp correction in soybean oil prices in combination with technically driven selling as well which in turn pressured soybean futures.

In Friday's Commitments of Traders report, CFTC said noncommercial soybean traders held 65,178 contracts as of May 13, the most bullish bet on soybean price for speculators since November 2023, although Wednesday's profit-taking session likely reduced this position which will be reflected in the next CFTC report this coming Friday.

Monday's Export Inspections from USDA reported 8 mb of soybeans inspected for shipment in the week ended May 15, among the lowest of the marketing year but also not too surprising given the time of year/seasonal tendencies of soy exports. Following last Monday's revision higher in soybean exports by the USDA to 1.850 bb, the government is now expecting a 9% increase in soybean exports from 2023-24. The current inspection pace is 11% ahead of last marketing year.

In soybean technicals for Monday, July soybeans have tested the 100-day moving average (currently near $10.47 1/2) in each of the past three sessions, with support holding each time. A break below this level would set the 50-day moving average as the immediate target just below $10.40. Immediate resistance to old-crop soy prices is near $10.60, with last week's high close of $10.77 3/4 as the clear medium-term bullish target.

The DTN National Soybean Index finished Friday at $9.99. Monday's futures close and implied soybean basis of 51 cents under the July board would indicate the index on Monday afternoon to be near $10.00.

July Kansas City wheat futures closed up 6 1/4 cents on Monday to 5.22 3/4. July Chicago and MIAX Minneapolis spring wheat futures were also higher on Monday with the latter leading the way with a 12 1/4 cent move.

Wheat futures were able to shrug off Friday's move lower which had snapped a three-day winning streak in Kansas City prices. Last week's Wheat Tour across Kansas yielded some interesting results, with participants estimating a weighted average yield for the region at 53 bushels per acre (bpa), higher than USDA estimated for Kansas in the Crop Production report released on May 12. However, the tour also estimated a lesser total production for Kansas wheat at 338.5 mb as compared to 345 mb estimated by USDA. Either estimate would mark a steep improvement from 2024's 307.5 mb of production for the nation's top-producing wheat state. More information on last week's tour can be read in DTN Crops Editor Jason Jenkin's daily reports which followed the scouting on daily basis last week. https://www.dtnpf.com/agriculture/web/ag/crops/article/2025/05/15/2025-winter-wheat-tour-final-average

For U.S. wheat growing conditions, persistent drought remains across a large portion of the central to Northern Plains. Last Thursday's drought monitor estimated 23% of U.S. winter wheat area was in an area experiencing drought. The two-week precipitation outlook shows coverage for much of this area. The USDA will update winter wheat conditions and progress in Monday afternoon's Crop Progress report, due out at 3 p.m. CDT.

As of last Tuesday, May 13, the combined short position across Chicago, KC, and Minneapolis wheat contracts had grown to over 207,000 contracts, now far and away a record short position although price action over the latter part of last week indicates traders likely took some profits on some of these positions; $5.30 is the immediate price resistance for July KC futures, with a medium-term price target near $5.50 begin realistic for wheat bulls. To the downside, a retest of $5.00 is the clear bearish target for July KC futures.

By MATT PIKESt. Joseph PostListen <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/19143502/30001-closing-markets.mp3">HERE</a>GENERAL COMMENTS:July corn closed up 4 cents and December corn was up 6 1/4 cents. July soybeans closed up 3/4 cents and November soybeans were up 1 1/2 cents. July KC wheat closed up 6 1/4 cents, July Chicago wheat was up 4 cents, July MIAX Minneapolis wheat was up 12 1/4 cents.The U.S. Dollar Index is down 0.62 at 100.47. The Dow Jones Industrial Average is up 106.0 points at 42,842.0. June gold is up $46.10 at $3,233.30, July silver is up $0.13 at $32.49 and July copper is up $0.0660. July crude oil is up $0.03 at $62.0, July ultra-low sulfur diesel is down $0.0126, July RBOB gasoline is down $0.0115 and June natural gas is down $0.213.CORN:July corn futures closed up 4 cents to $4.47 1/2, while new-crop December futures were up 6 1/4 cents to $4.41 3/4. July futures posted a third session higher out of the past four, while new-crop prices were able to snap a four-day losing streak Monday following last week's USDA estimate of a record-large corn crop coming in 2025.As of May 13, noncommercial corn traders now hold just 18,106 contracts of length in corn futures, having sold over 450,000 contracts (2.25 bb) of their mid-February length. The big question moving forward is will we see speculators decide to flip their books and become short holders in the corn market? The weather likely holds the answer to this riddle, with little in that vein thus far through the spring to inspire much in the way of fresh buying among noncommercial traders. However, the longer-term outlook may still inspire some caution among bearish traders as to adding to their short positions. For one, last week's drought monitor still shows just under a quarter of the nation's corn area is in drought, with lingering issues primarily in the Western Corn Belt. Rains through April and May alleviated some issues but from a soil moisture standpoint a drop off in precipitation as the growing season kicks off may have negative yield consequences in those drought-stricken areas. NOAA's three-month outlook for June through August released last week illustrates this point further with calls for below-average precipitation and above-average temperatures for the western corn growing states.In Monday's Export Inspections update, USDA reported 67.7 million bushels (mb) of corn was federally inspected for export for the week ended May 15. This keeps the current year inspections at an impressive 29% lead above the 2023-24 marketing year. As of last Monday's WASDE report, the USDA is estimating 2.6 billion bushels (bb) of corn exports in 2024-25 which would represent a 13% increase in shipments if true.In corn technicals, for the last week of trade old-crop July futures have found support in the low $4.40s, specifically near $4.42 to $4.43 for now. The low for the move sits at $4.36 1/2 which was set last Tuesday. Price bias will largely be weather driven, but from a technical viewpoint the 50-day moving average near $4.70 is a fair medium-term bullish target for traders who may view this dip as a buying opportunity, which would also be in line with the downtrend channel which has emerged since late February. For a downside target, the mid-$4.30s is still a possibility as would a slip in price further toward $4.20 if speculators remain on their selling streak.The DTN National Corn Index finished Friday at $4.17. Monday's futures close and implied corn basis of 27 cents under the July board would indicate the index on Monday afternoon to be near $4.21.SOYBEANS:July soybean futures traded 3/4 of a cent higher on Monday to close at $10.50 3/4. Meanwhile, new-crop November prices were up 1 1/2 cents to $10.37.The soybean market last week quickly lost ground made following a mostly supportive WASDE report released on May 12. Rumors the EPA had submitted proposed blending mandates for biofuels at a lower level than industry recommendations spurred a sharp correction in soybean oil prices in combination with technically driven selling as well which in turn pressured soybean futures.In Friday's Commitments of Traders report, CFTC said noncommercial soybean traders held 65,178 contracts as of May 13, the most bullish bet on soybean price for speculators since November 2023, although Wednesday's profit-taking session likely reduced this position which will be reflected in the next CFTC report this coming Friday.Monday's Export Inspections from USDA reported 8 mb of soybeans inspected for shipment in the week ended May 15, among the lowest of the marketing year but also not too surprising given the time of year/seasonal tendencies of soy exports. Following last Monday's revision higher in soybean exports by the USDA to 1.850 bb, the government is now expecting a 9% increase in soybean exports from 2023-24. The current inspection pace is 11% ahead of last marketing year.In soybean technicals for Monday, July soybeans have tested the 100-day moving average (currently near $10.47 1/2) in each of the past three sessions, with support holding each time. A break below this level would set the 50-day moving average as the immediate target just below $10.40. Immediate resistance to old-crop soy prices is near $10.60, with last week's high close of $10.77 3/4 as the clear medium-term bullish target.The DTN National Soybean Index finished Friday at $9.99. Monday's futures close and implied soybean basis of 51 cents under the July board would indicate the index on Monday afternoon to be near $10.00.WHEAT:July Kansas City wheat futures closed up 6 1/4 cents on Monday to 5.22 3/4. July Chicago and MIAX Minneapolis spring wheat futures were also higher on Monday with the latter leading the way with a 12 1/4 cent move.Wheat futures were able to shrug off Friday's move lower which had snapped a three-day winning streak in Kansas City prices. Last week's Wheat Tour across Kansas yielded some interesting results, with participants estimating a weighted average yield for the region at 53 bushels per acre (bpa), higher than USDA estimated for Kansas in the Crop Production report released on May 12. However, the tour also estimated a lesser total production for Kansas wheat at 338.5 mb as compared to 345 mb estimated by USDA. Either estimate would mark a steep improvement from 2024's 307.5 mb of production for the nation's top-producing wheat state. More information on last week's tour can be read in DTN Crops Editor Jason Jenkin's daily reports which followed the scouting on daily basis last week. https://www.dtnpf.com/agriculture/web/ag/crops/article/2025/05/15/2025-winter-wheat-tour-final-averageFor U.S. wheat growing conditions, persistent drought remains across a large portion of the central to Northern Plains. Last Thursday's drought monitor estimated 23% of U.S. winter wheat area was in an area experiencing drought. The two-week precipitation outlook shows coverage for much of this area. The USDA will update winter wheat conditions and progress in Monday afternoon's Crop Progress report, due out at 3 p.m. CDT.As of last Tuesday, May 13, the combined short position across Chicago, KC, and Minneapolis wheat contracts had grown to over 207,000 contracts, now far and away a record short position although price action over the latter part of last week indicates traders likely took some profits on some of these positions; $5.30 is the immediate price resistance for July KC futures, with a medium-term price target near $5.50 begin realistic for wheat bulls. To the downside, a retest of $5.00 is the clear bearish target for July KC futures.

July corn closed down 5 cents per bushel at $4.43 1/2. July soybeans closed down 1 1/4 cents at $10.50 and August soybeans were down 1 cent at $10.46 1/4. July KC wheat closed down 11 3/4 cents at $5.16 1/2, July Chicago wheat was down 7 3/4 cents at $5.25 0/1 and July Minneapolis wheat was down 6 3/4 cents at $5.73 1/4.

July corn finished down 6 1/4 cents for the week (a fifth straight lower weekly close). December corn dropped 6 1/2 cents for the week to settle at $4.35 1/2. July soybeans fell 1 3/4 cents last week to $10.50 and November beans closed up 5 cents for the week to $10.35 1/2. Chicago July wheat rose 3 1/4 cents to end the week at $5.25. Kansas City July ended up down a penny to settle at $5.16 1/2 and the fifth straight lower close. Minneapolis July wheat plunged 20 3/4 cents for the week, settling at $5,72 3/4.

Corn futures again slipped lower Friday, with even spot July fading from early morning strength. New-crop December futures continue to stair-step lower, falling to within 7 cents of the low. The rapid planting pace, which is projecting corn to be closing in on 80% planted by next week, is expected to be followed by beneficial heavy rains next week for much of the Corn Belt. While old-crop U.S. corn export demand has exceeded expectations and it appears USDA is still underestimating, the new-crop balance sheets changes all of that with favorable summer weather. In the meantime, the 2025 corn crop is off to a very favorable start. 

Soybean futures in low volume and erratic trade finished with little change Friday. Soybean meal had a one-day bounce which became short-lived as meal fell. Soybean oil gapped lower Thursday night after the limit-down finish that day. That gap was later filled but bean oil finished lower. Bean oil has been under pressure on rumors that the new budget bill would have an RVO that is lower than industry groups had lobbied for. Also, the newly reduced China tariffs during the 90-day pause on tariffs would still allow Chinese used cooking oil to flow into the U.S. as a feedstock for biofuel. Also weighing on the soy market is the rising South American soy production estimates in both Brazil and Argentina.

The three-day wheat rally in Chicago and Kansas City ended with a bang on Friday with all three markets resuming the downtrend. The Wheat Quality Council's favorable estimate of the Kansas crop surely injected some weakness into the markets. The yield came out at 53 bushels per acre, 3 bpa higher than the USDA with a crop of 339 mb. However, the prevalence of stripe rust in Kansas in many areas is likely to compromise yields. In soft red country, fears of more wheat scab and vomitoxin are rising as more rain is headed that way. On a bullish note, both northern Europe and the China plains could use more rain. There is some relief forecast for next week in China, but the primary wheat areas have been devoid of moisture since March. 

Following the last three days of weaker trading, the live cattle complex traded higher into Friday's closing bell. This could partly be because of stronger midday boxed beef prices, but then again, it could potentially be a signal from traders indicating that they've found some technical support in the marketplace. Anytime demand strengthens in the marketplace, it's a positive thing for the beef complex. But, before we'll be able to truthfully know how traders feel about their current position in the market, we'll need to see more positive technical signs develop. The cash cattle market hasn't seen any more trade develop. So far this week, Southern live cattle have traded anywhere from $218 to $220, which is $1.00 lower to $1.00 higher compared to last week's weighted average. Northern dressed cattle have traded at mostly $358, which is $2.00 higher than last week's weighted average.

With the added support of the live cattle contracts' higher trade, the feeder cattle contracts also traded higher into Friday's close. So long as nothing unravels the live cattle complex, the feeder cattle contracts will likely continue to follow in the same direction.

The lean hog complex is traded on a mixed basis into Friday's close, following the big push seen on Thursday. After breaking through the market's resistance at $100, traders now seem a little skeptical of their bold move and wish that consumer support was stronger today to back their recent technical advancement.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/16142855/web-closing-markets.mp3">HERE</a> for audio

By: NATHAN STUEDLESt. Joseph PostGRAINS:July corn closed down 5 cents per bushel at $4.43 1/2. July soybeans closed down 1 1/4 cents at $10.50 and August soybeans were down 1 cent at $10.46 1/4. July KC wheat closed down 11 3/4 cents at $5.16 1/2, July Chicago wheat was down 7 3/4 cents at $5.25 0/1 and July Minneapolis wheat was down 6 3/4 cents at $5.73 1/4.For the week:July corn finished down 6 1/4 cents for the week (a fifth straight lower weekly close). December corn dropped 6 1/2 cents for the week to settle at $4.35 1/2. July soybeans fell 1 3/4 cents last week to $10.50 and November beans closed up 5 cents for the week to $10.35 1/2. Chicago July wheat rose 3 1/4 cents to end the week at $5.25. Kansas City July ended up down a penny to settle at $5.16 1/2 and the fifth straight lower close. Minneapolis July wheat plunged 20 3/4 cents for the week, settling at $5,72 3/4.Corn futures again slipped lower Friday, with even spot July fading from early morning strength. New-crop December futures continue to stair-step lower, falling to within 7 cents of the low. The rapid planting pace, which is projecting corn to be closing in on 80% planted by next week, is expected to be followed by beneficial heavy rains next week for much of the Corn Belt. While old-crop U.S. corn export demand has exceeded expectations and it appears USDA is still underestimating, the new-crop balance sheets changes all of that with favorable summer weather. In the meantime, the 2025 corn crop is off to a very favorable start. Soybean futures in low volume and erratic trade finished with little change Friday. Soybean meal had a one-day bounce which became short-lived as meal fell. Soybean oil gapped lower Thursday night after the limit-down finish that day. That gap was later filled but bean oil finished lower. Bean oil has been under pressure on rumors that the new budget bill would have an RVO that is lower than industry groups had lobbied for. Also, the newly reduced China tariffs during the 90-day pause on tariffs would still allow Chinese used cooking oil to flow into the U.S. as a feedstock for biofuel. Also weighing on the soy market is the rising South American soy production estimates in both Brazil and Argentina.The three-day wheat rally in Chicago and Kansas City ended with a bang on Friday with all three markets resuming the downtrend. The Wheat Quality Council's favorable estimate of the Kansas crop surely injected some weakness into the markets. The yield came out at 53 bushels per acre, 3 bpa higher than the USDA with a crop of 339 mb. However, the prevalence of stripe rust in Kansas in many areas is likely to compromise yields. In soft red country, fears of more wheat scab and vomitoxin are rising as more rain is headed that way. On a bullish note, both northern Europe and the China plains could use more rain. There is some relief forecast for next week in China, but the primary wheat areas have been devoid of moisture since March. LIVESTOCK:Following the last three days of weaker trading, the live cattle complex traded higher into Friday's closing bell. This could partly be because of stronger midday boxed beef prices, but then again, it could potentially be a signal from traders indicating that they've found some technical support in the marketplace. Anytime demand strengthens in the marketplace, it's a positive thing for the beef complex. But, before we'll be able to truthfully know how traders feel about their current position in the market, we'll need to see more positive technical signs develop. The cash cattle market hasn't seen any more trade develop. So far this week, Southern live cattle have traded anywhere from $218 to $220, which is $1.00 lower to $1.00 higher compared to last week's weighted average. Northern dressed cattle have traded at mostly $358, which is $2.00 higher than last week's weighted average. With the added support of the live cattle contracts' higher trade, the feeder cattle contracts also traded higher into Friday's close. So long as nothing unravels the live cattle complex, the feeder cattle contracts will likely continue to follow in the same direction.The lean hog complex is traded on a mixed basis into Friday's close, following the big push seen on Thursday. After breaking through the market's resistance at $100, traders now seem a little skeptical of their bold move and wish that consumer support was stronger today to back their recent technical advancement.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/16142855/web-closing-markets.mp3">HERE</a> for audio

The House Agriculture Committee voted along party lines 29-25 to advance legislation that would cut as much as $300 billion in food aid spending to pay for Republicans’ domestic policy megabill and some farm bill programs. The vote sends the measure to the House Budget Committee for consideration before a full floor vote on the bill in the chamber. The GOP proposal would create the largest overhaul in decades to the Supplemental Nutrition Assistance Program by forcing states to share the cost of SNAP benefits.

 Republicans exceeded the Ways and Means Committee’s target of $230 billion in spending cuts to get enough room to include a $60 billion farm bill package in the megabill, a critical incentive for passing the legislation. Under the bill, the individual limit for commodity program payments would rise, as would funding for the Environmental Quality Incentives Program and the Conservation Stewardship Program.

The House Agriculture Committee voted along party lines 29-25 to advance legislation that would cut as much as $300 billion in food aid spending to pay for Republicans’ domestic policy megabill and some farm bill programs. The vote sends the measure to the House Budget Committee for consideration before a full floor vote on the bill in the chamber. The GOP proposal would create the largest overhaul in decades to the Supplemental Nutrition Assistance Program by forcing states to share the cost of SNAP benefits. Republicans exceeded the Ways and Means Committee’s target of $230 billion in spending cuts to get enough room to include a $60 billion farm bill package in the megabill, a critical incentive for passing the legislation. Under the bill, the individual limit for commodity program payments would rise, as would funding for the Environmental Quality Incentives Program and the Conservation Stewardship Program.-NAFB

House ag committee advances budget bill

The Environmental Protection Agency has sent a proposed rule setting the amount of biofuels that oil refiners must blend into their fuel starting next year. Reports say the White House must sign off on the proposal from the EPA. The oil and biofuel lobbies have been waiting for this proposal since President Donald Trump took office in January. 

The past dynamic of big oil versus biofuels has changed in recent years as a coalition of oil and biofuel groups recommended the EPA propose federal mandates for biomass-based diesel blending at 5.25 billion gallons. That figure would be a significant increase from past mandates. Soybean oil futures dropped on Thursday due to rumors that the EPA’s proposed rule would set biomass-based diesel blending for 2026 at 4.65 billion gallons. The EPA is expected to propose a new rule that covers both 2026 and 2027. 

The Environmental Protection Agency has sent a proposed rule setting the amount of biofuels that oil refiners must blend into their fuel starting next year. Reports say the White House must sign off on the proposal from the EPA. The oil and biofuel lobbies have been waiting for this proposal since President Donald Trump took office in January. The past dynamic of big oil versus biofuels has changed in recent years as a coalition of oil and biofuel groups recommended the EPA propose federal mandates for biomass-based diesel blending at 5.25 billion gallons. That figure would be a significant increase from past mandates. Soybean oil futures dropped on Thursday due to rumors that the EPA’s proposed rule would set biomass-based diesel blending for 2026 at 4.65 billion gallons. The EPA is expected to propose a new rule that covers both 2026 and 2027. -NAFB

The EPA sends RVO proposal to the White House

July corn closed up 3 cents per bushel at $4.48 1/2 and September corn was down 2 1/4 cents at $4.25 0/1. July soybeans closed down 26 1/2 cents at $10.51 1/4 and August soybeans were down 27 1/4 cents at $10.47 1/4. July KC wheat closed up 5 1/4 cents at $5.28 1/4, July Chicago wheat was up 8 cents at $5.32 3/4 and July Minneapolis wheat was up 3 cents at $5.80.

Corn futures were mixed Thursday with spot July firmer on ongoing strong exports, while new-crop December continues to leak lower on the rapid planting pace and prospects for Corn Belt rain next week. Last week's corn export sales were again impressive, amounting to 86 million bushels (mb) of old and new combined. With total commitments now 28% higher than last year, it seems very evident that, even with the recent USDA increase, they are still underestimating U.S. corn demand. Wednesday's EIA petroleum report showed a 3% decline in ethanol production, but it is still running at a solid pace. Adding a bit of bearishness to new-crop corn was the decision by CONAB to raise Brazil corn production to 126.9 million metric tons (mmt) -- still shy of the USDA but a testament to better yields.

Soybean futures plunged Thursday, pressured by not only increasing South American soy estimates, but also pressured by the limit-down move in soybean oil. Bean oil, one day after ascending to a 2 1/2 year high and five consecutive higher finishes, fell hard to limit losses Thursday. Pressured by the fall in crude oil on the potential for rising stocks and on its own on biofuel news, spot July and deferred months fell to the daily permissible limit. Ideas that perhaps the extension of biofuel credits could take longer than first expected and that renewable mandates might be less than what the trade desired combined to weigh on oil. Also pressuring oil was unwinding of long bean oil, short bean meal spreads.

The wheat markets continued the mini-correction on Thursday, with Kansas City and Chicago up for the third consecutive day. Minneapolis is up for the first time after having scored another new contract low on Wednesday. Supporting wheat are a few weather issues around the globe, with both northern European and Chinese wheat areas looking dry for the next two weeks. Both of those areas have been shortchanged on moisture. Also supportive is word from consultancy Sov Econ that Russian wheat stocks have fallen to just 20.3 mmt and down 7.2 mmt from last year at this time. The Wheat Quality Council Tour's final yield came in at 53.0 bushels per acre.

It's another lower-trending day for the live cattle complex as traders seem to be growing anxious that they've overly supported the market here lately. Not helping the futures market's weakness is the mixed signaling from this week's fed cash cattle prices, as prices are currently trading steady/somewhat lower in the South but higher in the North. Live cattle in Texas are currently traded at $218, which is $1.00 lower than last week's weighted average, but a few sales have been reported in Kansas at $220, which is $1.00 higher than last week's weighted average. Meanwhile, dressed sales are being reported in Nebraska at $358, which is $2.00 higher than last week's weighted average. It is helpful, however, that boxed beef prices were higher today.

With the live cattle complex lower push, the feeder cattle complex has reacted even more aggressively as most contracts traded more than $6.00 lower into Thursday's closing bell. More than anything, today's move seems to be a sharp correction from traders' big push last week/early this week.

The lean hog complex bravely fronted a rally through Thursday's session, as the market pressures resistance thresholds that seemed too significant to challenge earlier in the week. But with a slightly improved export report and with pork cutout values a bit higher, traders are feeling encouraged to push the contracts higher.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/15141914/web-closing-markets.mp3">HERE </a>for audio

By: NATHAN STUEDLESt. Joseph PostGRAINS:July corn closed up 3 cents per bushel at $4.48 1/2 and September corn was down 2 1/4 cents at $4.25 0/1. July soybeans closed down 26 1/2 cents at $10.51 1/4 and August soybeans were down 27 1/4 cents at $10.47 1/4. July KC wheat closed up 5 1/4 cents at $5.28 1/4, July Chicago wheat was up 8 cents at $5.32 3/4 and July Minneapolis wheat was up 3 cents at $5.80.Corn futures were mixed Thursday with spot July firmer on ongoing strong exports, while new-crop December continues to leak lower on the rapid planting pace and prospects for Corn Belt rain next week. Last week's corn export sales were again impressive, amounting to 86 million bushels (mb) of old and new combined. With total commitments now 28% higher than last year, it seems very evident that, even with the recent USDA increase, they are still underestimating U.S. corn demand. Wednesday's EIA petroleum report showed a 3% decline in ethanol production, but it is still running at a solid pace. Adding a bit of bearishness to new-crop corn was the decision by CONAB to raise Brazil corn production to 126.9 million metric tons (mmt) -- still shy of the USDA but a testament to better yields.Soybean futures plunged Thursday, pressured by not only increasing South American soy estimates, but also pressured by the limit-down move in soybean oil. Bean oil, one day after ascending to a 2 1/2 year high and five consecutive higher finishes, fell hard to limit losses Thursday. Pressured by the fall in crude oil on the potential for rising stocks and on its own on biofuel news, spot July and deferred months fell to the daily permissible limit. Ideas that perhaps the extension of biofuel credits could take longer than first expected and that renewable mandates might be less than what the trade desired combined to weigh on oil. Also pressuring oil was unwinding of long bean oil, short bean meal spreads. The wheat markets continued the mini-correction on Thursday, with Kansas City and Chicago up for the third consecutive day. Minneapolis is up for the first time after having scored another new contract low on Wednesday. Supporting wheat are a few weather issues around the globe, with both northern European and Chinese wheat areas looking dry for the next two weeks. Both of those areas have been shortchanged on moisture. Also supportive is word from consultancy Sov Econ that Russian wheat stocks have fallen to just 20.3 mmt and down 7.2 mmt from last year at this time. The Wheat Quality Council Tour's final yield came in at 53.0 bushels per acre.LIVESTOCK:It's another lower-trending day for the live cattle complex as traders seem to be growing anxious that they've overly supported the market here lately. Not helping the futures market's weakness is the mixed signaling from this week's fed cash cattle prices, as prices are currently trading steady/somewhat lower in the South but higher in the North. Live cattle in Texas are currently traded at $218, which is $1.00 lower than last week's weighted average, but a few sales have been reported in Kansas at $220, which is $1.00 higher than last week's weighted average. Meanwhile, dressed sales are being reported in Nebraska at $358, which is $2.00 higher than last week's weighted average. It is helpful, however, that boxed beef prices were higher today.With the live cattle complex lower push, the feeder cattle complex has reacted even more aggressively as most contracts traded more than $6.00 lower into Thursday's closing bell. More than anything, today's move seems to be a sharp correction from traders' big push last week/early this week. The lean hog complex bravely fronted a rally through Thursday's session, as the market pressures resistance thresholds that seemed too significant to challenge earlier in the week. But with a slightly improved export report and with pork cutout values a bit higher, traders are feeling encouraged to push the contracts higher. Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/15141914/web-closing-markets.mp3">HERE </a>for audio

Farm sector production expenses are the costs of all inputs used to produce farm commodities, which directly affect farm profitability. In total, these expenses, including those associated with operator dwellings, are forecast to decrease by $13.4 billion, or 2.9 percent, from $463.8 billion in 2024 to $450.4 billion in 2025 inflation-adjusted dollars. This follows a projected decline of $20.9 billion, or 4.3 percent, from 2023 to 2024. 

Lower spending on feed is forecast to account for more than half the decrease in total expenses over the years. However, the forecast declines in expenses in 2024 and 2025 are expected to be less than the increases in 2022 and 2023. That will keep production expenses above the average from 2004 through 2023. Total cash expenses are also forecast to fall in 2024 and 2025, yet will remain above average. In 2025, they’re projected to be seven percent above the 2004-2023 average.

Farm sector production expenses are the costs of all inputs used to produce farm commodities, which directly affect farm profitability. In total, these expenses, including those associated with operator dwellings, are forecast to decrease by $13.4 billion, or 2.9 percent, from $463.8 billion in 2024 to $450.4 billion in 2025 inflation-adjusted dollars. This follows a projected decline of $20.9 billion, or 4.3 percent, from 2023 to 2024. Lower spending on feed is forecast to account for more than half the decrease in total expenses over the years. However, the forecast declines in expenses in 2024 and 2025 are expected to be less than the increases in 2022 and 2023. That will keep production expenses above the average from 2004 through 2023. Total cash expenses are also forecast to fall in 2024 and 2025, yet will remain above average. In 2025, they’re projected to be seven percent above the 2004-2023 average.-NAFB