The Energy Information Administration says ethanol output rose to its highest level in almost a month while inventories declined slightly during the week ending on February 28. Production rose to an average of 1.09 million barrels a day during the week. That’s up from 1.08 million barrels a day, on average, and the highest since the week ending January 31st.

The Energy Information Administration says ethanol output rose to its highest level in almost a month while inventories declined slightly during the week ending on February 28. Production rose to an average of 1.09 million barrels a day during the week. That’s up from 1.08 million barrels a day, on average, and the highest since the week ending January 31st.

Ethanol production reaches highest level in a month

The updated 2025 calendar year runoff forecast for the Missouri River Basin above Sioux City, continues to be below average. February runoff in the Basin above Sioux City was one million acre-feet, 91 percent of the average. “Runoff in the reservoir system was slightly below average for February, and the conditions across most of the basin remain dry,” said John Remus of the Army Corps of Engineers. “Mountain snowpack improved in February but is still below average, while the Plains snowpack, which was already below average, has mostly melted.”

The updated 2025 calendar year runoff forecast for the Missouri River Basin above Sioux City, continues to be below average. February runoff in the Basin above Sioux City was one million acre-feet, 91 percent of the average. “Runoff in the reservoir system was slightly below average for February, and the conditions across most of the basin remain dry,” said John Remus of the Army Corps of Engineers. “Mountain snowpack improved in February but is still below average, while the Plains snowpack, which was already below average, has mostly melted.”

Flows increasing on Missouri River for navigation support

May corn closed up 8 1/4 cents and July corn was up 7 1/2 cents. May soybeans closed up 15 1/2 cents and July soybeans were up 14 1/2 cents. May KC wheat closed up 8 3/4 cents, May Chicago wheat was up 5 3/4 cents, May Minneapolis wheat was up 8 1/4 cents.

U.S. row-crop markets posted a second consecutive day higher as it was announced late morning that President Trump and Mexican President Sheinbaum have reached a short-term compromise to delay tariffs on goods covered by the USMCA agreement until April 2. There has yet to be any announced alleviation to tariffs against Canada outside of the auto industry rollbacks put in place Wednesday. Regardless, stock markets remain suppressed through Thursday's trade as investors grow frustrated by the whirlwind of policy over the past couple of weeks. Meanwhile, ag markets are also getting a boost from further deterioration of the U.S. dollar as a result of economic uncertainty. Outside commodities leaned negative on Thursday, with crude oil trading to their lowest level since May of 2023 after OPEC+ reaffirmed plans on Wednesday to begin production increases in April.

The live cattle market's rally has again been paused as traders seem to be reluctant to advance the contracts any higher until they see what the week's cash cattle market is going to accomplish. There are currently some bids on the table with live cattle in Texas being bid at $195, and bids in Nebraska surfacing at $195 live and $310 dressed.

The feeder cattle complex is again following the live cattle market as its uncertain that it can challenge resistance levels without the full commitment of traders and better support from the fed cash cattle market. Unless the live cattle complex begins to trade higher, then feeders may follow suit, but without the live cattle market's support higher trade isn't likely.

Thankfully, Thursday has lent the lean hog complex all sorts of good news as the morning's export report was fruitful and news broke mid-morning that President Trump plans to delay tariffs on most goods from Mexico for another month. And with U.S. hog producers concerned about keeping a good working relationship open between the U.S. and Mexico as the market needs that export channel, this announcement is found to be a win.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/03/06145624/web-closing-markets.mp3">HERE</a> for audio

GRAIN:May corn closed up 8 1/4 cents and July corn was up 7 1/2 cents. May soybeans closed up 15 1/2 cents and July soybeans were up 14 1/2 cents. May KC wheat closed up 8 3/4 cents, May Chicago wheat was up 5 3/4 cents, May Minneapolis wheat was up 8 1/4 cents.U.S. row-crop markets posted a second consecutive day higher as it was announced late morning that President Trump and Mexican President Sheinbaum have reached a short-term compromise to delay tariffs on goods covered by the USMCA agreement until April 2. There has yet to be any announced alleviation to tariffs against Canada outside of the auto industry rollbacks put in place Wednesday. Regardless, stock markets remain suppressed through Thursday's trade as investors grow frustrated by the whirlwind of policy over the past couple of weeks. Meanwhile, ag markets are also getting a boost from further deterioration of the U.S. dollar as a result of economic uncertainty. Outside commodities leaned negative on Thursday, with crude oil trading to their lowest level since May of 2023 after OPEC+ reaffirmed plans on Wednesday to begin production increases in April.LIVESTOCK:The live cattle market's rally has again been paused as traders seem to be reluctant to advance the contracts any higher until they see what the week's cash cattle market is going to accomplish. There are currently some bids on the table with live cattle in Texas being bid at $195, and bids in Nebraska surfacing at $195 live and $310 dressed. The feeder cattle complex is again following the live cattle market as its uncertain that it can challenge resistance levels without the full commitment of traders and better support from the fed cash cattle market. Unless the live cattle complex begins to trade higher, then feeders may follow suit, but without the live cattle market's support higher trade isn't likely.Thankfully, Thursday has lent the lean hog complex all sorts of good news as the morning's export report was fruitful and news broke mid-morning that President Trump plans to delay tariffs on most goods from Mexico for another month. And with U.S. hog producers concerned about keeping a good working relationship open between the U.S. and Mexico as the market needs that export channel, this announcement is found to be a win.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/03/06145624/web-closing-markets.mp3">HERE</a> for audio

Commodity closing markets Thursday

Farmer members of the American Soybean Association do not support using tariffs, which now threaten important soybean export markets and raise input costs for farmers, as a negotiation tactic. “Farmers are frustrated,” said Caleb Ragland, ASA president and soy farmer from Kentucky. “Tariffs are not something to take lightly and have fun with.” He says not only do they hit family businesses square in the wallet, but they rock a core tenet on which trading relationships are built, and that is reliability. 

Farmer members of the American Soybean Association do not support using tariffs, which now threaten important soybean export markets and raise input costs for farmers, as a negotiation tactic. “Farmers are frustrated,” said Caleb Ragland, ASA president and soy farmer from Kentucky. “Tariffs are not something to take lightly and have fun with.” He says not only do they hit family businesses square in the wallet, but they rock a core tenet on which trading relationships are built, and that is reliability.

Soy farmers are frustrated with tariffs

The Purdue University/CME Group Ag Economy Barometer climbed to 152 in February, 11 points higher than January. An improvement in the current situation on U.S. farms drove the stronger sentiment among producers. The Current Conditions Index hit 137, 28 points higher than January. The Future Expectations Index rose only three points in February to 159. This month’s Current Conditions Index capped a long climb from late summer and early fall 2024 when the index bottomed out at 76.

The Purdue University/CME Group Ag Economy Barometer climbed to 152 in February, 11 points higher than January. An improvement in the current situation on U.S. farms drove the stronger sentiment among producers. The Current Conditions Index hit 137, 28 points higher than January. The Future Expectations Index rose only three points in February to 159. This month’s Current Conditions Index capped a long climb from late summer and early fall 2024 when the index bottomed out at 76.

Farmer sentiment rises in February

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/03/05142006/30001-closing-markets.wav">Click HERE for audio</a>

May corn closed up 4 1/4 cents and July corn was up 4 cents. May soybeans closed up 12 3/4 cents and July soybeans were up 11 1/4 cents. May KC wheat closed up 8 1/2 cents, May Chicago wheat was up 11 1/2 cents, May Minneapolis wheat was up 8 cents.

The U.S. Dollar Index is down 1.39 at 104.35. The Dow Jones Industrial Average is up 497.0 points at 43,091.0. April gold is up $6.20 at $2,926.80, May silver is up $0.81 at $33.20 and May copper is up $0.2525. April crude oil is down $2.12 at $66.14, April ultra-low sulfur diesel is down $0.0516, April RBOB gasoline is down $0.0642 and April natural gas is up $0.107.

May corn futures traded 4 1/4 cents higher, closing at $4.55 3/4, while new-crop December futures closed at $4.46 3/4, unchanged. It was overall a two-sided session for corn futures as traders kept a lid on upward momentum until they see concrete evidence of a trade compromise in North America. However, traders were equally unwilling to allow prices to slip back below trendline support just above $4.50, as midmorning selling was met with strong buying interest below that level. $4.60 to $4.63 is the immediate bullish target, which was where the bounce stalled Wednesday. But all things considered, just posting a positive session to snap the streak of eight losing sessions is certainly a step in the right direction.

The Energy Information Administration updated the market on ethanol production for the final week of February at a very solid 1.093 million barrels per day (bpd), a week-over-week increase of 12,000 bpd. This keeps ethanol production through the corn marketing year thus far at a 4.2% increase year-over-year. Rough math would imply corn usage for February near 430 million bushels (mb), a 6% drop from the USDA January usage estimate of 457 mb, which isn't totally unreasonable considering fewer days in the month. The January USDA estimate released Monday of this week was well below what I was personally forecasting. It is worth noting as well that USDA raised their December corn usage estimate by roughly 6 mb in Monday's report. All-in-all, the ethanol industry is maintaining a strong showing thus far through the 2024-25 marketing year.

The DTN National Corn Index finished Tuesday at $4.13, a steady basis Wednesday would indicate the index to be near to $4.17.

May soybeans closed up 12 3/4 cents, to $10.11 3/4 while new-crop November soybeans closed up 6 cents, at $10.09 1/2. May soybeans posted a strong double-digit move higher Wednesday to put a halt to their five-day skid. $9.90 to $10.00 reaffirmed itself as a solid support level for soybean prices currently. The upside medium-term target for a reversal would be the 100-day moving average for May futures near $10.29 1/2.

While tariff headlines have dominated the market over the past week -- and rightfully so -- the weather in southern Brazil is developing into a story with some bullish potential which is perhaps being overshadowed at present by the ongoing broader economic concerns. The past week has been hot with spotty rainfall with the next 1- to 2-week forecasts calling for a continuation of these conditions of spotty rainfall especially in the very far south. Brazilian extension agency EMATER, located in southernmost state Rio Grande Do Sul (which accounts for 16% of Brazilian soy production), estimated the percent of soybeans filling pods as of last Thursday at 56% and while there has been relief over the last week, the immediate forecast is calling for mostly dry conditions with better chances in the 7- to 15-day window.

In Monday's Fats and Oils report, the USDA confirmed total January soybeans crushed in the U.S. at 212.65 mb, in line with expectations given the strong NOPA indication. Overall, the crush industry continues to demonstrate record pace, now running 7% above 2023-24 through January. This would imply a total year crush of 2.445 billion bushels (bb) versus the current USDA estimate of 2.410 bb, assuming steady pace throughout the remainder of the marketing year.

The DTN National Soybean Index finished Monday at $9.31. A steady basis Wednesday would indicate the index to be near $9.44

Wheat markets got a much needed boost midweek, finding strength on the waning U.S. dollar to move higher with May Kansas City futures closing at $5.57, up 8 1/2 cents. May futures are also now 15 1/2 cents above the new contract low set on Tuesday as buyers have shown interest near these long-term support levels around $5.50. Currently the HRW market did hit some resistance at $5.60 so that stands as a bullish objective, but beyond that the convergence of the 50- and 100-day moving averages near $5.82 is a reasonable medium-term target should trade concerns ease over the foreseeable future.

Wednesday's winter wheat condition updates were mixed for the most part, with the cold air through the middle part of February likely causing some damage especially in the Northern Plains where good-to-excellent conditions dropped in Montana, South Dakota, and Nebraska. Nebraska and South Dakota are in particularly rough shape with only 23% and 16% of their respective crops rated good to excellent. On the other hand, eastern Colorado and Kansas conditions showed improvement through February, with Kansas' crop now rated 54% good to excellent versus 50% in the early February release. Meanwhile in the east, soft red growing areas remain in good condition for the most part, although February did see declines across Illinois and Indiana. Overall, of the nine states I tracked that release percentile information, the average drop in good-to-excellent ratings from this time in 2024 was 8 percentage points, mainly driven by sharply lower conditions in the north-central plains.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/03/05142006/30001-closing-markets.wav">Click HERE for audio</a>GENERAL COMMENTS:May corn closed up 4 1/4 cents and July corn was up 4 cents. May soybeans closed up 12 3/4 cents and July soybeans were up 11 1/4 cents. May KC wheat closed up 8 1/2 cents, May Chicago wheat was up 11 1/2 cents, May Minneapolis wheat was up 8 cents.The U.S. Dollar Index is down 1.39 at 104.35. The Dow Jones Industrial Average is up 497.0 points at 43,091.0. April gold is up $6.20 at $2,926.80, May silver is up $0.81 at $33.20 and May copper is up $0.2525. April crude oil is down $2.12 at $66.14, April ultra-low sulfur diesel is down $0.0516, April RBOB gasoline is down $0.0642 and April natural gas is up $0.107.CORN:May corn futures traded 4 1/4 cents higher, closing at $4.55 3/4, while new-crop December futures closed at $4.46 3/4, unchanged. It was overall a two-sided session for corn futures as traders kept a lid on upward momentum until they see concrete evidence of a trade compromise in North America. However, traders were equally unwilling to allow prices to slip back below trendline support just above $4.50, as midmorning selling was met with strong buying interest below that level. $4.60 to $4.63 is the immediate bullish target, which was where the bounce stalled Wednesday. But all things considered, just posting a positive session to snap the streak of eight losing sessions is certainly a step in the right direction.The Energy Information Administration updated the market on ethanol production for the final week of February at a very solid 1.093 million barrels per day (bpd), a week-over-week increase of 12,000 bpd. This keeps ethanol production through the corn marketing year thus far at a 4.2% increase year-over-year. Rough math would imply corn usage for February near 430 million bushels (mb), a 6% drop from the USDA January usage estimate of 457 mb, which isn't totally unreasonable considering fewer days in the month. The January USDA estimate released Monday of this week was well below what I was personally forecasting. It is worth noting as well that USDA raised their December corn usage estimate by roughly 6 mb in Monday's report. All-in-all, the ethanol industry is maintaining a strong showing thus far through the 2024-25 marketing year.The DTN National Corn Index finished Tuesday at $4.13, a steady basis Wednesday would indicate the index to be near to $4.17.SOYBEANS:May soybeans closed up 12 3/4 cents, to $10.11 3/4 while new-crop November soybeans closed up 6 cents, at $10.09 1/2. May soybeans posted a strong double-digit move higher Wednesday to put a halt to their five-day skid. $9.90 to $10.00 reaffirmed itself as a solid support level for soybean prices currently. The upside medium-term target for a reversal would be the 100-day moving average for May futures near $10.29 1/2.While tariff headlines have dominated the market over the past week -- and rightfully so -- the weather in southern Brazil is developing into a story with some bullish potential which is perhaps being overshadowed at present by the ongoing broader economic concerns. The past week has been hot with spotty rainfall with the next 1- to 2-week forecasts calling for a continuation of these conditions of spotty rainfall especially in the very far south. Brazilian extension agency EMATER, located in southernmost state Rio Grande Do Sul (which accounts for 16% of Brazilian soy production), estimated the percent of soybeans filling pods as of last Thursday at 56% and while there has been relief over the last week, the immediate forecast is calling for mostly dry conditions with better chances in the 7- to 15-day window.In Monday's Fats and Oils report, the USDA confirmed total January soybeans crushed in the U.S. at 212.65 mb, in line with expectations given the strong NOPA indication. Overall, the crush industry continues to demonstrate record pace, now running 7% above 2023-24 through January. This would imply a total year crush of 2.445 billion bushels (bb) versus the current USDA estimate of 2.410 bb, assuming steady pace throughout the remainder of the marketing year.The DTN National Soybean Index finished Monday at $9.31. A steady basis Wednesday would indicate the index to be near $9.44WHEAT:Wheat markets got a much needed boost midweek, finding strength on the waning U.S. dollar to move higher with May Kansas City futures closing at $5.57, up 8 1/2 cents. May futures are also now 15 1/2 cents above the new contract low set on Tuesday as buyers have shown interest near these long-term support levels around $5.50. Currently the HRW market did hit some resistance at $5.60 so that stands as a bullish objective, but beyond that the convergence of the 50- and 100-day moving averages near $5.82 is a reasonable medium-term target should trade concerns ease over the foreseeable future.Wednesday's winter wheat condition updates were mixed for the most part, with the cold air through the middle part of February likely causing some damage especially in the Northern Plains where good-to-excellent conditions dropped in Montana, South Dakota, and Nebraska. Nebraska and South Dakota are in particularly rough shape with only 23% and 16% of their respective crops rated good to excellent. On the other hand, eastern Colorado and Kansas conditions showed improvement through February, with Kansas' crop now rated 54% good to excellent versus 50% in the early February release. Meanwhile in the east, soft red growing areas remain in good condition for the most part, although February did see declines across Illinois and Indiana. Overall, of the nine states I tracked that release percentile information, the average drop in good-to-excellent ratings from this time in 2024 was 8 percentage points, mainly driven by sharply lower conditions in the north-central plains.

Closing Commodity Markets for Wednesday March 5th, 2025

The National Association of Wheat Growers celebrated the organization’s 75th anniversary during the 2025 Commodity Classic.

 “This event recognizes the hard work of those who have been part of the National Association of Wheat Grower’s history and reaffirms our ongoing commitment to ensuring that wheat growers and rural America can continue to thrive for generations to come,” said NAWG CEO Chandler Goule. 

The 75th-anniversary celebration brought together current and past leaders of the organization to reflect on its accomplishments and look ahead. During the event, the group discussed the future of wheat advocacy, including the continued efforts to get a long-term farm bill that meets the needs of today, including a stronger safety net.

 “As we look back at the past 75 years, it’s amazing to see what NAWG has accomplished,” says Keeff Felty, Wheat Growers President. “Our work is more important than ever to move the industry forward.”

The National Association of Wheat Growers celebrated the organization’s 75th anniversary during the 2025 Commodity Classic. “This event recognizes the hard work of those who have been part of the National Association of Wheat Grower’s history and reaffirms our ongoing commitment to ensuring that wheat growers and rural America can continue to thrive for generations to come,” said NAWG CEO Chandler Goule. The 75th-anniversary celebration brought together current and past leaders of the organization to reflect on its accomplishments and look ahead. During the event, the group discussed the future of wheat advocacy, including the continued efforts to get a long-term farm bill that meets the needs of today, including a stronger safety net. “As we look back at the past 75 years, it’s amazing to see what NAWG has accomplished,” says Keeff Felty, Wheat Growers President. “Our work is more important than ever to move the industry forward.”

Wheat growers celebrate 75 years

The USDA says inspections of corn and wheat for offshore delivery rose last week while soybean assessments dropped in the seven days ending on February 27. 

Corn inspections totaled 1.35 million metric tons, which is up from 1.17 million the week prior and the 1.15 million tons examined during the same week last year. 

Wheat assessments rose narrowly to 389,600 metric tons from 387,855 tons the previous week. That’s also higher than the 358,298 tons inspected at the same point in 2024.

 Soybean inspections totaled 695,158 metric tons, down from 878,615 a week earlier and the 1.16 million tons from the same week last year. 

Since the marketing year began, USDA has inspected 27.3 million metric tons of corn compared to 20.7 million a year earlier, 37.6 million tons of soybeans, up from 34.3 million, and 15.6 million metric tons of wheat, also higher than the previous year.

The USDA says inspections of corn and wheat for offshore delivery rose last week while soybean assessments dropped in the seven days ending on February 27. Corn inspections totaled 1.35 million metric tons, which is up from 1.17 million the week prior and the 1.15 million tons examined during the same week last year. Wheat assessments rose narrowly to 389,600 metric tons from 387,855 tons the previous week. That’s also higher than the 358,298 tons inspected at the same point in 2024. Soybean inspections totaled 695,158 metric tons, down from 878,615 a week earlier and the 1.16 million tons from the same week last year. Since the marketing year began, USDA has inspected 27.3 million metric tons of corn compared to 20.7 million a year earlier, 37.6 million tons of soybeans, up from 34.3 million, and 15.6 million metric tons of wheat, also higher than the previous year.-NAFB

Corn and wheat export inspections improve

&nbsp;USDA Secretary Brooke Rollins says farm labor costs have reached in some cases more than 50 percent of expenses but still defends the president’s mass deportation policy.

Rollins makes no excuse for backing the president on reversing mass migration to the U.S.

“The entire industry is talking about President Trump’s promise, which I fully support, of securing the border and mass deportation.”

But Rollins is caught between that support and her role advocating for the nation’s farmers.

“I realize a lot of our Ag community is concerned about labor and what President Trump’s vision and execution of that vision very quickly will mean. My message is that listen, he understands the challenges to our community. No one has the backs of our farmers and ranchers more than he does. We will take this one day at a time.” 

She promised that farmers’ voices will be heard in the administration, including on broadening the H2A migrant labor Program.

“I know that the H2A is very helpful and important to many of our producers, but to many like the dairy industry, you can’t milk a cow six months a year. I’ve already been speaking with Lori Chavez-Deremer, who will be our new labor secretary if promoted very soon, and working with Congress on that, too.” 

USDA forecasts labor, seed, taxes, and rent will continue to rise this year, including labor by 3.6 percent, while feed, fertilizer, pesticides, fuel, and interest costs decline.

&nbsp;USDA Secretary Brooke Rollins says farm labor costs have reached in some cases more than 50 percent of expenses but still defends the president’s mass deportation policy.Rollins makes no excuse for backing the president on reversing mass migration to the U.S.“The entire industry is talking about President Trump’s promise, which I fully support, of securing the border and mass deportation.”But Rollins is caught between that support and her role advocating for the nation’s farmers.“I realize a lot of our Ag community is concerned about labor and what President Trump’s vision and execution of that vision very quickly will mean. My message is that listen, he understands the challenges to our community. No one has the backs of our farmers and ranchers more than he does. We will take this one day at a time.” She promised that farmers’ voices will be heard in the administration, including on broadening the H2A migrant labor Program.“I know that the H2A is very helpful and important to many of our producers, but to many like the dairy industry, you can’t milk a cow six months a year. I’ve already been speaking with Lori Chavez-Deremer, who will be our new labor secretary if promoted very soon, and working with Congress on that, too.” USDA forecasts labor, seed, taxes, and rent will continue to rise this year, including labor by 3.6 percent, while feed, fertilizer, pesticides, fuel, and interest costs decline.-NAFB

Rollins admits farm labor costs a big problem, but defends Trump’s deportations

Many U.S. ag groups reacted to the President’s decision to implement tariffs on Canada, Mexico, and China.

 Rob Larew, President of the National Farmers Union, says tariffs will have serious consequences for American agriculture. 

“We’re already facing significant economic uncertainty, and this only adds to the strain,” Larew said. 

Corey Rosenbusch, president and CEO of the American Fertilizer Institute, points out that 85 percent of America’s potash comes from Canada. 

“It’s an irreplaceable component of modern agricultural production,” Rosenbusch said. 

National Corn Growers Association President Kenneth Hartman, Jr., says farmers are already facing a troubling economic landscape due to rising input costs and declining corn prices. 

“We ask the President to quickly negotiate agreements with Mexico, Canada, and China that will benefit America’s farmers and address issues important to the U.S.,” Hartman added. 

American Farm Bureau President Zippy Duvall says tariffs and retaliatory responses will take a toll on rural America.

Many U.S. ag groups reacted to the President’s decision to implement tariffs on Canada, Mexico, and China. Rob Larew, President of the National Farmers Union, says tariffs will have serious consequences for American agriculture. “We’re already facing significant economic uncertainty, and this only adds to the strain,” Larew said. Corey Rosenbusch, president and CEO of the American Fertilizer Institute, points out that 85 percent of America’s potash comes from Canada. “It’s an irreplaceable component of modern agricultural production,” Rosenbusch said. National Corn Growers Association President Kenneth Hartman, Jr., says farmers are already facing a troubling economic landscape due to rising input costs and declining corn prices. “We ask the President to quickly negotiate agreements with Mexico, Canada, and China that will benefit America’s farmers and address issues important to the U.S.,” Hartman added. American Farm Bureau President Zippy Duvall says tariffs and retaliatory responses will take a toll on rural America.-NAFB

Ag groups react to tariff implementation

President Donald Trump’s tariffs on Mexican and Canadian imports went live at 12:01 am on Tuesday. 

The 25 percent tariffs on imports from America’s neighbors were joined by an additional ten percent duty on Chinese goods, bringing that total to 20 percent. Reuters says the tariff actions launched new conflicts with the top three U.S. trading partners and may interrupt more than $2 trillion in two-way trade. 

China immediately responded, implementing additional 10-15 percent tariffs on certain U.S. imports and a series of new export restrictions for designated U.S. companies. Canadian Prime Minister Justin Trudeau said Ottawa would respond with immediate 25 percent tariffs on $21 billion worth of U.S. imports and another $86.2 billion if the tariffs are still in place in 21 days. 

“Tariffs will interrupt a very successful trading relationship,” said Trudeau, adding that they violate the U.S.-Mexico-Canada Free Trade Agreement signed during Trump’s first term.

<figure>
 <img src="https://media.eaglewebservices.com/public/2025/3/1741037134328.png" alt="Image from White House video" />
 <figcaption>Image from White House video</figcaption>
 </figure>President Donald Trump’s tariffs on Mexican and Canadian imports went live at 12:01 am on Tuesday. The 25 percent tariffs on imports from America’s neighbors were joined by an additional ten percent duty on Chinese goods, bringing that total to 20 percent. Reuters says the tariff actions launched new conflicts with the top three U.S. trading partners and may interrupt more than $2 trillion in two-way trade. China immediately responded, implementing additional 10-15 percent tariffs on certain U.S. imports and a series of new export restrictions for designated U.S. companies. Canadian Prime Minister Justin Trudeau said Ottawa would respond with immediate 25 percent tariffs on $21 billion worth of U.S. imports and another $86.2 billion if the tariffs are still in place in 21 days. “Tariffs will interrupt a very successful trading relationship,” said Trudeau, adding that they violate the U.S.-Mexico-Canada Free Trade Agreement signed during Trump’s first term.-NAFB

Trade wars underway as U.S. Tariffs take effect

U.S. pork exports to Central America were record-large last year, breaking previous highs in both volume and value. Lucia Ruano represents the U.S. Meat Export Federation in Central America. Ruano says consumer education programs, made possible through support from USDA and the National Pork Board, have helped position U.S. pork as a high-quality, center-of-the-plate protein. The record performance was achieved despite some obstacles in Panama, which has imposed a cap on pork imports that is inconsistent with its obligations under the U.S.-Panama Trade Promotion Agreement. 

This has frustrated importers in Panama and led to some product shortages, including pork ribs sought by the country’s restaurants. U.S. pork has full, duty-free access to all other Central American countries under a separate Free Trade Agreement. In 2024, pork exports to Central America increased 21 percent, reaching 166,000 metric tons. Export value climbed 29 percent to $523 million.

U.S. pork exports to Central America were record-large last year, breaking previous highs in both volume and value. Lucia Ruano represents the U.S. Meat Export Federation in Central America. Ruano says consumer education programs, made possible through support from USDA and the National Pork Board, have helped position U.S. pork as a high-quality, center-of-the-plate protein. The record performance was achieved despite some obstacles in Panama, which has imposed a cap on pork imports that is inconsistent with its obligations under the U.S.-Panama Trade Promotion Agreement. This has frustrated importers in Panama and led to some product shortages, including pork ribs sought by the country’s restaurants. U.S. pork has full, duty-free access to all other Central American countries under a separate Free Trade Agreement. In 2024, pork exports to Central America increased 21 percent, reaching 166,000 metric tons. Export value climbed 29 percent to $523 million.

U.S. pork exports to Central America reach record levels

Lenders responding to a fourth-quarter Ag Credit Survey by the Minneapolis Federal Reserve said farm incomes decreased broadly at the end of 2024. The outlook for the first quarter of 2025 was pessimistic, with survey respondents expecting a further decrease in incomes. District-wide, 89 percent of the agricultural lenders surveyed said incomes decreased in the third quarter from a year earlier, while only four percent reported increased incomes. 

Capital expenditures also dropped, with 69 percent of respondents reporting decreased investment in equipment and buildings from a year ago, though farm household purchases increased on balance. With weaker cash-flows, loan demand increased, while the rate of loan repayment dropped, and loan renewal and extension activity increased. The district average cash rent for non-irrigated land decreased by almost two percent from a year ago, while irrigated land rents fell almost four percent. In contrast, cash rents for ranchland increased almost five percent.

Lenders responding to a fourth-quarter Ag Credit Survey by the Minneapolis Federal Reserve said farm incomes decreased broadly at the end of 2024. The outlook for the first quarter of 2025 was pessimistic, with survey respondents expecting a further decrease in incomes. District-wide, 89 percent of the agricultural lenders surveyed said incomes decreased in the third quarter from a year earlier, while only four percent reported increased incomes. Capital expenditures also dropped, with 69 percent of respondents reporting decreased investment in equipment and buildings from a year ago, though farm household purchases increased on balance. With weaker cash-flows, loan demand increased, while the rate of loan repayment dropped, and loan renewal and extension activity increased. The district average cash rent for non-irrigated land decreased by almost two percent from a year ago, while irrigated land rents fell almost four percent. In contrast, cash rents for ranchland increased almost five percent.

Minneapolis fed survey shows dropping farm income

May corn closed down 4 3/4 cents and July corn was down 4 1/2 cents. May soybeans closed down 12 1/2 cents and July soybeans were down 12 cents. May KC wheat closed down 13 1/2 cents, May Chicago wheat was down 11 cents, May Minneapolis wheat was down 11 1/4 cents.

After months of speculation, President Trump's promised tariffs against Mexico, Canada, and China went into effect Tuesday, officially setting off the latest escalation in the spat between the U.S. and its three largest ag trading partners. The silver lining -- if there is one -- is that at least at this point the market has concrete policy to trade, rather than speculation. Canada and China were both quick to retaliate with tariffs of their own, with Canada announcing an immediate 25% tariff on $30 billion worth of U.S. goods as outlined in the early February release from the government. This list includes U.S. products such as fruits and vegetables, alcoholic beverages, and ag products such as wheat, canola, and other small grains. Meanwhile, retaliatory tariffs from China have targeted U.S. corn and wheat for a 15% tariff, with a 10% duty on U.S. soybeans, as well as beef and pork products. Mexican President Sheinbaum announced Mexico's action will be announced in a press conference on Sunday. Unsurprisingly, Tuesday's whirlwind had equity markets tumbling, as investors grow increasingly anxious of a potential economic slowdown.

The live cattle complex weathered today's chaos amid 25% tariffs being imposed on Mexico and Canada rather well. Is it because traders believe imported beef/cattle from the two countries will carry enough of a price penalty that packers could need more domestic supply? One can only speculate at this point. However, seeing the live cattle complex trade well following the pressure endured on Friday is relieving.

Although the live cattle contracts seem somewhat unphased through the chaotic trade details of today, the feeder cattle contracts are now traded lower right up to the closing bell before muddling their way into the green. And though buyer demand is strong in the countryside, this week's pressure is coming from technical factors, which seem to be the most relevant factors on traders' minds currently.

As fully expected, the lean hog complex is trading yet again substantially lower as traders attempt to grasp what retaliatory actions are going to come from Mexico specifically following this morning's 25% tariff that was invoked on Mexico and Canada. And until the trade chatter simmers, it's unlikely that much else will matter to market participants as this is the biggest line item for today, and potentially this week.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/03/04142446/web-closing-markets.mp3">HERE</a> for audio

GRAINS:May corn closed down 4 3/4 cents and July corn was down 4 1/2 cents. May soybeans closed down 12 1/2 cents and July soybeans were down 12 cents. May KC wheat closed down 13 1/2 cents, May Chicago wheat was down 11 cents, May Minneapolis wheat was down 11 1/4 cents.After months of speculation, President Trump's promised tariffs against Mexico, Canada, and China went into effect Tuesday, officially setting off the latest escalation in the spat between the U.S. and its three largest ag trading partners. The silver lining -- if there is one -- is that at least at this point the market has concrete policy to trade, rather than speculation. Canada and China were both quick to retaliate with tariffs of their own, with Canada announcing an immediate 25% tariff on $30 billion worth of U.S. goods as outlined in the early February release from the government. This list includes U.S. products such as fruits and vegetables, alcoholic beverages, and ag products such as wheat, canola, and other small grains. Meanwhile, retaliatory tariffs from China have targeted U.S. corn and wheat for a 15% tariff, with a 10% duty on U.S. soybeans, as well as beef and pork products. Mexican President Sheinbaum announced Mexico's action will be announced in a press conference on Sunday. Unsurprisingly, Tuesday's whirlwind had equity markets tumbling, as investors grow increasingly anxious of a potential economic slowdown.LIVESTOCK:The live cattle complex weathered today's chaos amid 25% tariffs being imposed on Mexico and Canada rather well. Is it because traders believe imported beef/cattle from the two countries will carry enough of a price penalty that packers could need more domestic supply? One can only speculate at this point. However, seeing the live cattle complex trade well following the pressure endured on Friday is relieving.Although the live cattle contracts seem somewhat unphased through the chaotic trade details of today, the feeder cattle contracts are now traded lower right up to the closing bell before muddling their way into the green. And though buyer demand is strong in the countryside, this week's pressure is coming from technical factors, which seem to be the most relevant factors on traders' minds currently.As fully expected, the lean hog complex is trading yet again substantially lower as traders attempt to grasp what retaliatory actions are going to come from Mexico specifically following this morning's 25% tariff that was invoked on Mexico and Canada. And until the trade chatter simmers, it's unlikely that much else will matter to market participants as this is the biggest line item for today, and potentially this week.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/03/04142446/web-closing-markets.mp3">HERE</a> for audio

Commodity closing markets Tuesday

National Farmers Union President Rob Larew reacted after Environmental Protection Agency Administrator Lee Zeldin decided to uphold the April 28, 2025, implementation date for year-round ethanol sales in the Midwest. “Administrator Zeldin’s announcement is a welcome reassurance to corn growers and producers in the Midwest,” said Larew. 

National Farmers Union President Rob Larew reacted after Environmental Protection Agency Administrator Lee Zeldin decided to uphold the April 28, 2025, implementation date for year-round ethanol sales in the Midwest. “Administrator Zeldin’s announcement is a welcome reassurance to corn growers and producers in the Midwest,” said Larew.

NFU applauds EPA decision on E15

The value of U.S. agricultural exports in fiscal year 2025 is expected to drop to the lowest level in five years. USDA says shipments this year are projected to be valued at $170.5 billion, up from the $170 billion in the November 2024 outlook. That would still be the lowest level since 2020. Corn exports will total $13.8 billion, up from the prior forecast of $12.4 billion. Soybean shipments will reach $21.2 billion, down from the previous forecast of $22.6 billion and well below the value of last year’s shipments. 

The value of U.S. agricultural exports in fiscal year 2025 is expected to drop to the lowest level in five years. USDA says shipments this year are projected to be valued at $170.5 billion, up from the $170 billion in the November 2024 outlook. That would still be the lowest level since 2020. Corn exports will total $13.8 billion, up from the prior forecast of $12.4 billion. Soybean shipments will reach $21.2 billion, down from the previous forecast of $22.6 billion and well below the value of last year’s shipments.

Ag export values to drop in 2025

May corn closed down 13 1/4 cents and July corn was down 12 cents. May soybeans closed down 14 1/4 cents and July soybeans were down 14 1/4 cents. May KC wheat closed down 11 cents, May Chicago wheat was down 8 cents, May Minneapolis wheat was down 6 1/2 cents.

Once again Ag futures appeared to be stabilizing in evening trade but once the day session arrived, trade gave way to resumed heavy selling across grain markets. The looming Tuesday start date for sweeping tariffs on Mexican, Canadian, and Chinese imports to the U.S. is the primary catalyst of trade nervousness. It is not yet known exactly what U.S. ag products will be subject to retaliatory measures, although the list the Canadian government released in early February detailing $30 billion in goods to be subject to a 25% is a safe bet to still be valid. That list contained products spanning from beverage alcohols to fruits and vegetables, but notably did not include ethanol which is a welcomed exclusion among U.S. distillers. In a Sunday interview with Fox News, U.S. Commerce Secretary Howard Lutnick even suggested the final levels of the tariffs to go into effect at midnight will be dependent on how negotiations unfold, which are likely taking place throughout Monday, so the situation will certainly warrant monitoring.

As many assumed, the live cattle complex is following in Friday's wake as the market continues to trade lower. And now that traders have seemed to agree on the fact that the market is at risk for even more downside potential, everyone involved in the cattle complex is gritting their teeth wondering where the next major support plane could be. From a sheer technical standpoint, the next major support plane for the spot April contract is around $188. This week's showlists are higher in Kansas, but lower in Texas, and Nebraska.

Upon seeing the live cattle complex continue in its downward trend, the feeder cattle contracts are also trading fully lower despite the significant gains the market made just last week. Without some support from the live cattle complex, the feeder cattle market will likely remain on edge and skeptical of trading any higher in the immediate future.

After last week's sharp decline, the lean hog contracts are finally finding some technical footing in the futures complex. What's especially crazy about the lean hog market's developments this morning is the sharp rally in carcass prices, which is being wildly inflated by the belly's $31.89 jump. The ham is up $4.75, and the butt is up $3.51, which are both helping push the carcass price higher, but the belly's rally is whiplash worthy.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/03/03144411/web-closing-markets.mp3">HERE</a> for audio

GRAINS:May corn closed down 13 1/4 cents and July corn was down 12 cents. May soybeans closed down 14 1/4 cents and July soybeans were down 14 1/4 cents. May KC wheat closed down 11 cents, May Chicago wheat was down 8 cents, May Minneapolis wheat was down 6 1/2 cents.Once again Ag futures appeared to be stabilizing in evening trade but once the day session arrived, trade gave way to resumed heavy selling across grain markets. The looming Tuesday start date for sweeping tariffs on Mexican, Canadian, and Chinese imports to the U.S. is the primary catalyst of trade nervousness. It is not yet known exactly what U.S. ag products will be subject to retaliatory measures, although the list the Canadian government released in early February detailing $30 billion in goods to be subject to a 25% is a safe bet to still be valid. That list contained products spanning from beverage alcohols to fruits and vegetables, but notably did not include ethanol which is a welcomed exclusion among U.S. distillers. In a Sunday interview with Fox News, U.S. Commerce Secretary Howard Lutnick even suggested the final levels of the tariffs to go into effect at midnight will be dependent on how negotiations unfold, which are likely taking place throughout Monday, so the situation will certainly warrant monitoring.LIVESTOCK:As many assumed, the live cattle complex is following in Friday's wake as the market continues to trade lower. And now that traders have seemed to agree on the fact that the market is at risk for even more downside potential, everyone involved in the cattle complex is gritting their teeth wondering where the next major support plane could be. From a sheer technical standpoint, the next major support plane for the spot April contract is around $188. This week's showlists are higher in Kansas, but lower in Texas, and Nebraska.Upon seeing the live cattle complex continue in its downward trend, the feeder cattle contracts are also trading fully lower despite the significant gains the market made just last week. Without some support from the live cattle complex, the feeder cattle market will likely remain on edge and skeptical of trading any higher in the immediate future.After last week's sharp decline, the lean hog contracts are finally finding some technical footing in the futures complex. What's especially crazy about the lean hog market's developments this morning is the sharp rally in carcass prices, which is being wildly inflated by the belly's $31.89 jump. The ham is up $4.75, and the butt is up $3.51, which are both helping push the carcass price higher, but the belly's rally is whiplash worthy.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/03/03144411/web-closing-markets.mp3">HERE</a> for audio

Commodity closing markets Monday

May corn closed down 11 1/2 cents and July corn was down 11 cents. May soybeans closed down 11 1/2 cents and July soybeans were down 12 cents. May KC wheat closed down 12 1/4 cents, May Chicago wheat was down 6 3/4 cents, May Minneapolis wheat was down 6 cents.

May corn closed down 37 3/4 cents and May corn was down 35 1/2 cents. May soybeans closed down 28 cents and March soybeans were down 31 1/2 cents. May KC wheat closed down 51 cents, May Chicago wheat was down 53 cents and May Minneapolis wheat was down 46 cents.

It was a red day across agricultural futures to finish what has frankly been a week to forget as corn, soybean, and wheat prices all slumped to their largest weekly losses in months in their May contracts. The market to this point can simply not shake this week's onslaught of bearish news, which has in turn sparked massive liquidation among noncommercial ag traders. In outside markets, Friday morning's Personal Consumption Expenditure (PCE) data indeed showed a cooler level of inflation in the economy as compared to earlier metrics in February such as the Consumer Price Index. However, total consumer spending slumped below expectations. Time will tell if the drop off is simply the result of strong spending through the holiday season to end 2024 or if it is indicative of growing consumer concerns about the U.S. economy. Stock indices seemed to reflect this uncertainty on Friday, trading both sides of unchanged throughout most of the session.

Unfortunately, the live cattle complex took a lower approach to Friday's market as the cash cattle market hasn't lent the support it was hoped to. There's some light trade that has been reported in the South at $197, which is $2.00 lower than last week's weighted average. Although no new trade has developed in the North, on Thursday, Northern dressed cattle sold for $313, which is $2.00 lower than last week's weighted average as well.

Although the live cattle contracts have fully elected to trade lower, the feeder cattle complex was split with the market's nearby contracts able to remain on the plus side most of the session while the deferred months traded lower, only to see the support on the nearby contracts give way to the pressure. Between the moisture the countryside received just last week combined with the continued support of excellent feeder cattle demand in the countryside, traders remain willing to continue to support the nearby contracts, while the rest of the market slid lower ahead of the weekend.

The lean hog market's uncertainty crept into Friday's market following Thursday's sharp decline. But with morning pork cutout values not lending any support with a carcass decrease of $1.94 and tariff tribulation expected to hit next week, the market continued to hold its breath waiting for next week to come.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/02/28210949/web-closing-markets.mp3">HERE</a> for market audio

GRAINS:May corn closed down 11 1/2 cents and July corn was down 11 cents. May soybeans closed down 11 1/2 cents and July soybeans were down 12 cents. May KC wheat closed down 12 1/4 cents, May Chicago wheat was down 6 3/4 cents, May Minneapolis wheat was down 6 cents.For the week:May corn closed down 37 3/4 cents and May corn was down 35 1/2 cents. May soybeans closed down 28 cents and March soybeans were down 31 1/2 cents. May KC wheat closed down 51 cents, May Chicago wheat was down 53 cents and May Minneapolis wheat was down 46 cents.It was a red day across agricultural futures to finish what has frankly been a week to forget as corn, soybean, and wheat prices all slumped to their largest weekly losses in months in their May contracts. The market to this point can simply not shake this week's onslaught of bearish news, which has in turn sparked massive liquidation among noncommercial ag traders. In outside markets, Friday morning's Personal Consumption Expenditure (PCE) data indeed showed a cooler level of inflation in the economy as compared to earlier metrics in February such as the Consumer Price Index. However, total consumer spending slumped below expectations. Time will tell if the drop off is simply the result of strong spending through the holiday season to end 2024 or if it is indicative of growing consumer concerns about the U.S. economy. Stock indices seemed to reflect this uncertainty on Friday, trading both sides of unchanged throughout most of the session.LIVESTOCK:Unfortunately, the live cattle complex took a lower approach to Friday's market as the cash cattle market hasn't lent the support it was hoped to. There's some light trade that has been reported in the South at $197, which is $2.00 lower than last week's weighted average. Although no new trade has developed in the North, on Thursday, Northern dressed cattle sold for $313, which is $2.00 lower than last week's weighted average as well.Although the live cattle contracts have fully elected to trade lower, the feeder cattle complex was split with the market's nearby contracts able to remain on the plus side most of the session while the deferred months traded lower, only to see the support on the nearby contracts give way to the pressure. Between the moisture the countryside received just last week combined with the continued support of excellent feeder cattle demand in the countryside, traders remain willing to continue to support the nearby contracts, while the rest of the market slid lower ahead of the weekend.The lean hog market's uncertainty crept into Friday's market following Thursday's sharp decline. But with morning pork cutout values not lending any support with a carcass decrease of $1.94 and tariff tribulation expected to hit next week, the market continued to hold its breath waiting for next week to come.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/02/28210949/web-closing-markets.mp3">HERE</a> for market audio

Commodity closing markets Friday

U.S. farmers are seriously considering planting more corn and less soybean acres this spring than they did last year. Both growers and analysts say that they’re hoping to squeeze out more profits and shield themselves from possible tariffs on Mexico and Canada. Frayne Olson, an ag economist at North Dakota State University, says when you look at the profitability of each crop, corn is winning in the acreage battle. Iowa State University economist Chad Hart says it’s possible that some farmers may be able to earn “a nickel or two” on every corn bushel. 

For soybeans and other crops, prices have fallen below what it costs to produce them. “Given what the cost structures look like right now, corn has the best chance to make a little profit in 2025.” Several industry analysts are forecasting corn plantings will rise to 93.6 million acres, while soybean planting dropping to 84.4 million acres.

U.S. farmers are seriously considering planting more corn and less soybean acres this spring than they did last year. Both growers and analysts say that they’re hoping to squeeze out more profits and shield themselves from possible tariffs on Mexico and Canada. Frayne Olson, an ag economist at North Dakota State University, says when you look at the profitability of each crop, corn is winning in the acreage battle. Iowa State University economist Chad Hart says it’s possible that some farmers may be able to earn “a nickel or two” on every corn bushel. For soybeans and other crops, prices have fallen below what it costs to produce them. “Given what the cost structures look like right now, corn has the best chance to make a little profit in 2025.” Several industry analysts are forecasting corn plantings will rise to 93.6 million acres, while soybean planting dropping to 84.4 million acres.

Farmers to plant more corn than first thought

Missouri landowners, agricultural lenders, rural appraisers, and others with firsthand knowledge of land transactions are invited to participate in the annual Missouri Farmland Values Opinion Survey conducted by the University of Missouri Extension. The survey organizer says this survey provides critical insights into farmland values across the state, helping farmers, lenders, policymakers, and researchers understand current market trends.

Missouri landowners, agricultural lenders, rural appraisers, and others with firsthand knowledge of land transactions are invited to participate in the annual Missouri Farmland Values Opinion Survey conducted by the University of Missouri Extension. The survey organizer says this survey provides critical insights into farmland values across the state, helping farmers, lenders, policymakers, and researchers understand current market trends.

Missouri farmland values survey seeks input from landowners

May corn closed down 12 1/2 cents and July corn was down 11 3/4 cents. May soybeans closed down 4 cents and July soybeans were down 4 1/4 cents. May KC wheat closed down 13 1/4 cents, May Chicago wheat was down 17 1/4 cents, May Minneapolis wheat was down 13 cents.

After a whirlwind Wednesday which included widespread tariff confusion in the wake of President Trump's first cabinet meeting, President Trump clarified tariff intentions early Thursday by signaling the plan is still to go forward with a 25% tariff on both Canada and Mexico as well as an additional 10% tariff on imports from China. This led to a surge in the drifting U.S. Dollar Index furthering the pressure on collapsing wheat futures which again led the overall grain complex lower. Grain markets are also sorting through the 2025 USDA Ag Outlook Forum balance sheets for the 2025-26 crop year which included corn acreage expectations near the upper end of analyst expectations which along with a stout yield estimated pencils out to record corn production in 2025-26. Meanwhile, the soybean complex was stronger out of the gate Thursday, primarily to do with a moderately bullish 2025-26 outlook from the USDA which included the lowest acreage since 2020. However, as the session wore on and tariff concerns mounted, soybean futures faded lower as well.

The live cattle complex is again trading higher as the market seems encouraged by the morning's export sales report -- by the higher note of boxed beef prices and the potential that the cash cattle market could potentially trade steady to somewhat higher this week. The futures complex is in a critical position, hovering between both the market's 40-day moving average and the market's 100-day moving average, seeming to almost clearly say, "either market direction is possible, it's just going to depend on what surfaces fundamentally." Until the cash cattle market trades, we continue to watch earnestly. And once again, the feeder cattle market is sailed higher into Thursday's close, eager to see its contracts advanced. 

At this point, the feeder complex will likely keep its upward momentum through the short term as advancement seems strong and well supported fundamentally by the market's feeder cattle demand in the countryside. 

The political pressure of tariffs that are set to be enforced as early as next week is weighing heavily on the lean hog complex as US hog producers rely heavily on their ability to export pork to Mexico, specifically. And even though morning pork cutout values are higher here domestically today, the bearish news of how tariffs could affect current trade relationships is weighing heavily on the hog complex.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/02/27154043/web-closing-markets.mp3">HERE</a> for audio of closing numbers.

GRAINS:May corn closed down 12 1/2 cents and July corn was down 11 3/4 cents. May soybeans closed down 4 cents and July soybeans were down 4 1/4 cents. May KC wheat closed down 13 1/4 cents, May Chicago wheat was down 17 1/4 cents, May Minneapolis wheat was down 13 cents.After a whirlwind Wednesday which included widespread tariff confusion in the wake of President Trump's first cabinet meeting, President Trump clarified tariff intentions early Thursday by signaling the plan is still to go forward with a 25% tariff on both Canada and Mexico as well as an additional 10% tariff on imports from China. This led to a surge in the drifting U.S. Dollar Index furthering the pressure on collapsing wheat futures which again led the overall grain complex lower. Grain markets are also sorting through the 2025 USDA Ag Outlook Forum balance sheets for the 2025-26 crop year which included corn acreage expectations near the upper end of analyst expectations which along with a stout yield estimated pencils out to record corn production in 2025-26. Meanwhile, the soybean complex was stronger out of the gate Thursday, primarily to do with a moderately bullish 2025-26 outlook from the USDA which included the lowest acreage since 2020. However, as the session wore on and tariff concerns mounted, soybean futures faded lower as well.LIVESTOCK:The live cattle complex is again trading higher as the market seems encouraged by the morning's export sales report -- by the higher note of boxed beef prices and the potential that the cash cattle market could potentially trade steady to somewhat higher this week. The futures complex is in a critical position, hovering between both the market's 40-day moving average and the market's 100-day moving average, seeming to almost clearly say, "either market direction is possible, it's just going to depend on what surfaces fundamentally." Until the cash cattle market trades, we continue to watch earnestly. And once again, the feeder cattle market is sailed higher into Thursday's close, eager to see its contracts advanced. At this point, the feeder complex will likely keep its upward momentum through the short term as advancement seems strong and well supported fundamentally by the market's feeder cattle demand in the countryside. The political pressure of tariffs that are set to be enforced as early as next week is weighing heavily on the lean hog complex as US hog producers rely heavily on their ability to export pork to Mexico, specifically. And even though morning pork cutout values are higher here domestically today, the bearish news of how tariffs could affect current trade relationships is weighing heavily on the hog complex.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/02/27154043/web-closing-markets.mp3">HERE</a> for audio of closing numbers.

Closing commodity markets for Thursday

The Buchanan and Andrew County Soil and Water Conservation District are hosting an education and outreach event for local farmers on Friday morning at 9:30am at the East Hills Library, in St. Joseph. This event will feature two main speakers: Missouri Fertilizer Board--Andrea and Mitch Rice will give details of a new pilot program being offered in Andrew and Buchanan County for up to $10,000 in cost-share funding to local farmers for Nutrient Management, and Brad Summa, Director Heartland Regional Office of the National Agriculture Statistic Service, will discuss the correlations between USDA surveys and USDA programs. How the results affect policy decisions, and how important is it for local area farmers to respond.

“We're thrilled to launch this pilot program and help our local farmers implement conservation practices that benefit both their operation’s bottom line and the environment,” said Gary Waller, Buchanan County SWCD Chairman.  ‘We encourage all interested farmers to apply and take advantage of this opportunity.” For more information on the cost-share program and how to apply, producers can contact their SWCD county offices.

The Buchanan and Andrew County Soil and Water Conservation District are hosting an education and outreach event for local farmers on Friday morning at 9:30am at the East Hills Library, in St. Joseph. This event will feature two main speakers: Missouri Fertilizer Board--Andrea and Mitch Rice will give details of a new pilot program being offered in Andrew and Buchanan County for up to $10,000 in cost-share funding to local farmers for Nutrient Management, and Brad Summa, Director Heartland Regional Office of the National Agriculture Statistic Service, will discuss the correlations between USDA surveys and USDA programs. How the results affect policy decisions, and how important is it for local area farmers to respond.“We're thrilled to launch this pilot program and help our local farmers implement conservation practices that benefit both their operation’s bottom line and the environment,” said Gary Waller, Buchanan County SWCD Chairman. ‘We encourage all interested farmers to apply and take advantage of this opportunity.” For more information on the cost-share program and how to apply, producers can contact their SWCD county offices.

Buchanan and Andrew County Conservation Districts outreach event

May corn closed down 3/4 cents and July corn was down 3/4 cents. May soybeans closed down 7 1/2 cents and July soybeans were down 7 1/4 cents. May KC wheat closed down 7 cents, May Chicago wheat was down 8 cents, May Minneapolis wheat was down 11 cents.

Grain traders continued to hit the sell button throughout Wednesday's trading session as soybeans again turned lower following Tuesday's brief reprieve. Meanwhile, corn futures acted early as if prices would hold on to small gains; but the ongoing selling spree in wheat futures pulled corn futures negative as well by midday. Outside market influence on agriculture futures on Wednesday was mixed as stock indices were up, but crude oil prices continue to slide back to their lowest level since early December. U.S. crude oil stocks fell for the first time since mid-January in Wednesday's Petroleum Status Report from the Energy Information Administration, although year-over-year weekly stocks remain up over 2%. Energy traders are expressing nervousness over the shaky consumer confidence reading Tuesday, and this weakness is spilling over into the grain complex as cash ethanol values have also slipped over the past week.

Traders have seemed to press the pause button on the live cattle market's rally as they're wanting to see what pans out fundamentally this week. Boxed beef demand has improved, and prices have trended mostly higher this week -- but while there is the belief that cash prices could trade steady/somewhat higher this week, you can't count your eggs before they hatch.&nbsp; The live cattle complex may be pulling up the reins on its market. As the feeder cattle complex headed towards Wednesday's closing bell, the nearby contracts gave way to the negative influence. Traders will likely watch any developments in the cash market and monitor feeder cattle buyer demand this afternoon. Following immense down-pressure, the lean hog complex has again seemed to find some support as nearly every contract traded higher by the close. Pork cutout values are higher too, which is lending support, but that's not a stable facet that traders are going to hone in on just yet as prices have been finicky.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/02/26202548/web-closing-markets.mp3">HERE</a> for closing market audio.

GRAINS:May corn closed down 3/4 cents and July corn was down 3/4 cents. May soybeans closed down 7 1/2 cents and July soybeans were down 7 1/4 cents. May KC wheat closed down 7 cents, May Chicago wheat was down 8 cents, May Minneapolis wheat was down 11 cents.Grain traders continued to hit the sell button throughout Wednesday's trading session as soybeans again turned lower following Tuesday's brief reprieve. Meanwhile, corn futures acted early as if prices would hold on to small gains; but the ongoing selling spree in wheat futures pulled corn futures negative as well by midday. Outside market influence on agriculture futures on Wednesday was mixed as stock indices were up, but crude oil prices continue to slide back to their lowest level since early December. U.S. crude oil stocks fell for the first time since mid-January in Wednesday's Petroleum Status Report from the Energy Information Administration, although year-over-year weekly stocks remain up over 2%. Energy traders are expressing nervousness over the shaky consumer confidence reading Tuesday, and this weakness is spilling over into the grain complex as cash ethanol values have also slipped over the past week.LIVESTOCK:Traders have seemed to press the pause button on the live cattle market's rally as they're wanting to see what pans out fundamentally this week. Boxed beef demand has improved, and prices have trended mostly higher this week -- but while there is the belief that cash prices could trade steady/somewhat higher this week, you can't count your eggs before they hatch.&nbsp; The live cattle complex may be pulling up the reins on its market. As the feeder cattle complex headed towards Wednesday's closing bell, the nearby contracts gave way to the negative influence. Traders will likely watch any developments in the cash market and monitor feeder cattle buyer demand this afternoon. Following immense down-pressure, the lean hog complex has again seemed to find some support as nearly every contract traded higher by the close. Pork cutout values are higher too, which is lending support, but that's not a stable facet that traders are going to hone in on just yet as prices have been finicky.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/02/26202548/web-closing-markets.mp3">HERE</a> for closing market audio.

Commodity closing markets for Wednesday

The USDA reminds agricultural producers that the final date to apply for or make changes to their existing crop insurance coverage is approaching for spring planted crops, Whole-Farm Revenue Protection, and Micro Farm. Sales closing dates vary by crop and location, but the next major closing dates are February 28, March 15, and April 15. The USDA’s Risk Management Agency lists the closing dates in the Actuarial Information Browser on their website. 

The USDA reminds agricultural producers that the final date to apply for or make changes to their existing crop insurance coverage is approaching for spring planted crops, Whole-Farm Revenue Protection, and Micro Farm. Sales closing dates vary by crop and location, but the next major closing dates are February 28, March 15, and April 15. The USDA’s Risk Management Agency lists the closing dates in the Actuarial Information Browser on their website.

Crop insurance deadline draws near

The Environmental Protection Agency says it will uphold the current April 28, 2025 implementation date for year-round use of E15 and E10 in eight states. The action provides certainty for fuel suppliers and expands consumer access to year-round E15 in Illinois, Iowa, Minnesota, Missouri, Nebraska, Ohio, South Dakota, and Wisconsin. EPA Administrator Lee Zeldin says this underscores EPA’s commitment to consumer access to E15 while ensuring a smooth transition for fuel suppliers and refiners. 

The approach provides certainty for states that are ready to move forward with year-round E15, while also accommodating those states that requested additional time. The EPA intends to consider granting requests for a one-year delay for those states seeking additional time for compliance. Congress is negotiating a plan to allow for the permanent, year-round sale of E15 nationwide.

The Environmental Protection Agency says it will uphold the current April 28, 2025 implementation date for year-round use of E15 and E10 in eight states. The action provides certainty for fuel suppliers and expands consumer access to year-round E15 in Illinois, Iowa, Minnesota, Missouri, Nebraska, Ohio, South Dakota, and Wisconsin. EPA Administrator Lee Zeldin says this underscores EPA’s commitment to consumer access to E15 while ensuring a smooth transition for fuel suppliers and refiners. The approach provides certainty for states that are ready to move forward with year-round E15, while also accommodating those states that requested additional time. The EPA intends to consider granting requests for a one-year delay for those states seeking additional time for compliance. Congress is negotiating a plan to allow for the permanent, year-round sale of E15 nationwide.