Farmer sentiment dropped during March as concerns over agricultural trade and farm policy weighed on producers’ outlook for the future. The Purdue University/CME Group Ag Economy Barometer fell 12 points to 140. The Index saw a 15-point drop in the Index of Future Expectations to 144, and the Current Conditions Index fell five points to 132. The drop was influenced by falling crop prices since mid-February, along with the increasing uncertainty surrounding agricultural trade and farm policy. 

Keeping on with the trade theme, they asked producers which of the following policies or programs, between trade policy and interest rate policy, will be most important over the next five years, and there's been a shift since the election. 22 percent of the respondents in the survey chose interest rate policy as one of their top concerns versus 20 percent choosing trade policy.  Since the election, over 40 percent, an average of 43 percent, of the respondents to the survey have chosen trade policy as their top concern. While the percentage choosing interest rate policy as a top concern has been falling, and this month was just ten percent. The Index indicates that producers still anticipate better financial performance this year than in 2024.

By NATHAN STUEDLESt. Joseph PostFarmer sentiment dropped during March as concerns over agricultural trade and farm policy weighed on producers’ outlook for the future. The Purdue University/CME Group Ag Economy Barometer fell 12 points to 140. The Index saw a 15-point drop in the Index of Future Expectations to 144, and the Current Conditions Index fell five points to 132. The drop was influenced by falling crop prices since mid-February, along with the increasing uncertainty surrounding agricultural trade and farm policy. Keeping on with the trade theme, they asked producers which of the following policies or programs, between trade policy and interest rate policy, will be most important over the next five years, and there's been a shift since the election. 22 percent of the respondents in the survey chose interest rate policy as one of their top concerns versus 20 percent choosing trade policy. Since the election, over 40 percent, an average of 43 percent, of the respondents to the survey have chosen trade policy as their top concern. While the percentage choosing interest rate policy as a top concern has been falling, and this month was just ten percent. The Index indicates that producers still anticipate better financial performance this year than in 2024.

Farmer sentiment dropped during March

USDA has warned its 100,000-plus employees that major staff cuts are coming, offices will be closed, and people will be forced to relocate if they want to keep their jobs. USDA employees have been given the option to quit with up to six months in pay if they choose to take it. Citing the president's executive order in February implementing the "Department of Government Efficiency Workforce Optimization Initiative," the memo warned of more cuts to come. "While final plans are still under development, USDA aims to be transparent about what employees can expect."

 USDA plans to further reduce the size of the workforce and consolidate offices. That includes moving more people out of Washington, D.C., or the "National Capital Region," so staff can be "closer to the farmers, ranchers, foresters, and consumers we serve."

USDA has warned its 100,000-plus employees that major staff cuts are coming, offices will be closed, and people will be forced to relocate if they want to keep their jobs. USDA employees have been given the option to quit with up to six months in pay if they choose to take it. Citing the president's executive order in February implementing the "Department of Government Efficiency Workforce Optimization Initiative," the memo warned of more cuts to come. "While final plans are still under development, USDA aims to be transparent about what employees can expect." USDA plans to further reduce the size of the workforce and consolidate offices. That includes moving more people out of Washington, D.C., or the "National Capital Region," so staff can be "closer to the farmers, ranchers, foresters, and consumers we serve."-NAFB

USDA prepares for 'reduction in force'

Senate Agriculture Committee members have written Secretary of Agriculture Brooke Rollins urging her department to broaden its strategy for managing avian flu to include measures for turkeys and dairy herds. “Since the beginning of the outbreak, the virus has impacted more than 160 million birds, including more than 18.6 million turkeys, and nearly 1,000 dairy herds across the country,” the letter stated. 

“We appreciated your commitment to make addressing avian flu a top priority during your confirmation process and believe this strategic plan is an important first step in this effort… We request an update on the Department’s plan for ensuring turkey producers, dairy and other impacted livestock and wildlife species are covered under the plan. In addition, we request the Department develop a strategy and timeline for working with foreign trading partners to ensure potential vaccination of avian flu in poultry and cattle does not disrupt trade.” Signatories included Chuck Grassley (Iowa), Sen. Amy Klobuchar (Minn.), Ranking Member of the Committee, along with Sens. Mike Rounds (S.D.) and Elissa Slotkin (Mich.).

Senate Agriculture Committee members have written Secretary of Agriculture Brooke Rollins urging her department to broaden its strategy for managing avian flu to include measures for turkeys and dairy herds. “Since the beginning of the outbreak, the virus has impacted more than 160 million birds, including more than 18.6 million turkeys, and nearly 1,000 dairy herds across the country,” the letter stated. “We appreciated your commitment to make addressing avian flu a top priority during your confirmation process and believe this strategic plan is an important first step in this effort… We request an update on the Department’s plan for ensuring turkey producers, dairy and other impacted livestock and wildlife species are covered under the plan. In addition, we request the Department develop a strategy and timeline for working with foreign trading partners to ensure potential vaccination of avian flu in poultry and cattle does not disrupt trade.” Signatories included Chuck Grassley (Iowa), Sen. Amy Klobuchar (Minn.), Ranking Member of the Committee, along with Sens. Mike Rounds (S.D.) and Elissa Slotkin (Mich.).-NAFB

Senators press USDA on avian flu response

May corn closed up 7 1/4 cents and December corn was up 9 1/4 cents. May soybeans closed up 13 3/4 cents and November soybeans were up 20 3/4 cents. May KC wheat closed up 10 cents, May Chicago wheat was up 17 3/4 cents, May Minneapolis wheat was up 13 cents.

May corn closed up 30 cents and July corn was up 29 3/4 cents. May soybeans closed up 65 3/4 cents and July soybeans were up 60 cents. May KC wheat closed up 10 1/2 cents, May Chicago wheat was up 26 3/4 cents and May Minneapolis wheat was up 30 1/2 cents.

Corn and soybean futures accomplished a rare flawless week in price action, trading higher each day, Monday through Friday. Meanwhile, wheat futures had only one blemish on their weekly performance -- Thursday's down session following a disappointing set of estimates in the WASDE report. Grain markets had appeared ready to stage a rally off March lows before the early April tariff concerns hit the market; and now that a 90-day pause on most countries is in effect, the pressure on prices has notably let up and grain markets again are willing to build premium into prices as we head deeper into a spring which has plenty of bullish arguments to fuel a rally. Outside markets on Friday were uncharacteristically quiet compared to recent sessions, as traders and investors now attempt to weigh the potential economic impact of the rapidly escalating trade war between the world's two largest economies in the U.S. and China. Stock indices are up slightly, meanwhile the bond market has caught the attention of Wall Street as the 10-year selloff has continued into the weekend, raising yields to their highest point in a month and a half on Friday. This is even more interesting in comparison with the U.S. dollar which traded Friday to a 3-year low, briefly breaking below 100 in early trading.

The live cattle complex is back to breathing somewhat normally as the market is traded higher. As you can see when you look at all the live cattle contracts, traders are just mildly supporting the nearby contracts as more trade chatter will affect those months more than the deferred contracts that traded $3 higher and more for the bulk of the session.

The feeder cattle complex was the leader of today's rally as its contracts were confidently trading $2.00 to $4.00 higher. The market is again up against its 40-day moving average which could pose some technical pressure moving forward.

Continuing to remain confident in the technical position it possesses, the lean hog contracts were yet again inching their way higher through the day. The market could face some pressure around the $94.00 mark, but it's not likely that traders take on that challenge ahead of Monday's open, even though pork cutout values are higher and offering some additional support.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/11153104/web-closing-markets.mp3">HERE</a> for audio

By NATHAN STUEDLESt. Joseph PostGRAINS:May corn closed up 7 1/4 cents and December corn was up 9 1/4 cents. May soybeans closed up 13 3/4 cents and November soybeans were up 20 3/4 cents. May KC wheat closed up 10 cents, May Chicago wheat was up 17 3/4 cents, May Minneapolis wheat was up 13 cents.For the week:May corn closed up 30 cents and July corn was up 29 3/4 cents. May soybeans closed up 65 3/4 cents and July soybeans were up 60 cents. May KC wheat closed up 10 1/2 cents, May Chicago wheat was up 26 3/4 cents and May Minneapolis wheat was up 30 1/2 cents.Corn and soybean futures accomplished a rare flawless week in price action, trading higher each day, Monday through Friday. Meanwhile, wheat futures had only one blemish on their weekly performance -- Thursday's down session following a disappointing set of estimates in the WASDE report. Grain markets had appeared ready to stage a rally off March lows before the early April tariff concerns hit the market; and now that a 90-day pause on most countries is in effect, the pressure on prices has notably let up and grain markets again are willing to build premium into prices as we head deeper into a spring which has plenty of bullish arguments to fuel a rally. Outside markets on Friday were uncharacteristically quiet compared to recent sessions, as traders and investors now attempt to weigh the potential economic impact of the rapidly escalating trade war between the world's two largest economies in the U.S. and China. Stock indices are up slightly, meanwhile the bond market has caught the attention of Wall Street as the 10-year selloff has continued into the weekend, raising yields to their highest point in a month and a half on Friday. This is even more interesting in comparison with the U.S. dollar which traded Friday to a 3-year low, briefly breaking below 100 in early trading.LIVESTOCK:The live cattle complex is back to breathing somewhat normally as the market is traded higher. As you can see when you look at all the live cattle contracts, traders are just mildly supporting the nearby contracts as more trade chatter will affect those months more than the deferred contracts that traded $3 higher and more for the bulk of the session. The feeder cattle complex was the leader of today's rally as its contracts were confidently trading $2.00 to $4.00 higher. The market is again up against its 40-day moving average which could pose some technical pressure moving forward.Continuing to remain confident in the technical position it possesses, the lean hog contracts were yet again inching their way higher through the day. The market could face some pressure around the $94.00 mark, but it's not likely that traders take on that challenge ahead of Monday's open, even though pork cutout values are higher and offering some additional support.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/11153104/web-closing-markets.mp3">HERE</a> for audio

Commodity markets daily recap

May corn closed up 9 cents and December corn was up 3 1/2 cents. May soybeans closed up 16 1/4 cents and November soybeans were up 7 3/4 cents. May KC wheat closed down 10 cents, May Chicago wheat was down 4 1/4 cents, May Minneapolis wheat was down 6 3/4 cents.

The U.S. Dollar Index is down 1.99 at 100.91. The Dow Jones Industrial Average is down 845.0 points at 39,991.0. June gold is up $111.10 at $3,190.50, May silver is up $0.69 at $31.10 and May copper is up $0.1870. May crude oil is down $1.93 at $60.42, May ultra-low sulfur diesel is down $0.0578, June RBOB gasoline is down $0.0685 and May natural gas is down $0.286.

May corn futures closed up 9 cents to $4.83 on Thursday. New-crop December futures were up 3 1/4 cents to $4.54 1/4. May corn was able to extend its winning streak to five sessions and in the process secure a close back above the 50-day moving average at $4.78 1/4. This is the first close above the 50-day moving average since Feb. 26. Given the sharp decline in prices seen in late February, the chart left little in the way of clear short-term support and resistance; so, at this point the $5.00 mark becomes the clear bullish target for corn traders moving forward.

The USDA at long last increased its estimate of corn exports in Thursday's WASDE report. Increasing the forecast from 2.45 billion bushels (bb) to 2.55 bb. The USDA did offset this with slightly less feed demand expected, likely stemming primarily from the surprisingly low hog numbers estimated by the USDA in the most recent quarterly Hogs and Pigs Report. Focusing on exports, Thursday morning's Export Sales data from the USDA kept the pace strong with commitments running 25% above 2023-24. The USDA is now penciling in an 11% year-over-year increase, so the potential for future revisions higher remains on the table.

In South American news, Brazilian agency CONAB revised its estimate of 2025 corn production higher to 124.7 million metric tons (mmt) Thursday morning prior to the WASDE release in which the USDA kept its estimate steady at 126 mmt. The next month's weather will be pivotal in the accuracy of these estimates. Meanwhile, Thursday's world corn stocks estimate shrank again by over 1 mmt, notably when not including China's stocks. This puts an increased degree of importance on safrinha corn, with the crop being the second largest source of imported corn for the world behind the U.S.

The DTN National Corn Index finished Wednesday at $4.47. Thursday's futures close and Wednesday's implied corn basis of 27 cents under the May board would indicate the index on Thursday afternoon to be near $4.56.

May soybeans closed at $10.29 on Thursday, up 16 1/4 cents. New-crop November soybeans were up 7 3/4 cents to $10.04 3/4. May soybean futures posted a fourth straight day higher and are now within a half cent of completely erasing the tariff-induced losses from last week. Prices now sit just a penny below the 50-day moving average, a level the market has not closed above since late February. Support is seen currently near $10.15 to the downside.

Thursday's USDA data was mostly quiet for soybeans as the USDA did reduce domestic ending stocks by 5 million bushels (mb), as a result of stronger crush but offset slightly by increased imports of soybeans. I was a bit surprised by both adjustments. The crush in particular is a welcomed bullish adjustment, especially considering the somewhat disappointing crush volume seen in February. However, March is usually a strong crush month and will do a lot to dictate the pace through the balance of the marketing year. On the world side, the USDA again left South American production estimates unchanged, however there was a surprise increase to Brazilian production for 2023-24 which in turn increased Brazilian soybean stocks for this current year. CONAB Brazil did notably increase their soybean estimate in their April report Thursday morning to 167.9 mmt, closing the gap with the USDA. At this point, the argument is really just which record crop is larger as it pertains to Brazil. Lastly, Thursday's figures did include increased domestic crush in both Argentina and Brazil which likely would have resulted in a drawdown of world stocks outside of China had the USDA not bolstered beginning stocks in Brazil as a result of revising last year's figures.

The DTN National Soybean Index finished Wednesday at $9.55. Thursday's futures close and Wednesday's implied soybean basis of 58 cents under the May board, would indicate the index on Thursday afternoon to be near $9.71.

May Kansas City wheat futures closed down 10 cents Thursday to $5.58. New-crop July futures were down 7 1/4 to $5.73. It was not surprising to see wheat futures retreat from daily highs following what was for the most part a bearish USDA report. KC May futures challenged their 100-day moving average at $5.75 1/2 but failed to gain a footing there. $5.50 is seen as the most significant immediate round of support for Kansas City futures.

The USDA again cut wheat export expectations in Thursday's WASDE. This time by 15 mb to now 820 mb for the season. To add to the bottom-line stocks increase of 27 mb from March, the USDA cut seed usage slightly but more notably increased imports yet another 10 mb. Wheat imports are seen to be the largest since 2017-18 as estimated, largely to do with the strong U.S. Dollar through most of the marketing season especially relative to the Canadian dollar where most of the imports are sourced. In world figures, the USDA increased world wheat stocks outside of China by just under 3 mmt. Mainly as a result of the USDA expecting less wheat trade to occur, primarily due to further reductions in Russian exports driving less imports and subsequently less domestic usage in major importing countries outside of China. Despite the bearish tone to Thursday's numbers, I remain interested to see how quickly traders turn the page on this report and return focus to weather, where between flooding in the East and dryness in the West there remains potential issues as 2025 wheat heading advances. For reference, in Thursday morning's Drought Monitor from the University of Nebraska-Lincoln, 32% of winter wheat growing area was still seen in some form of drought.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/10140730/30001-closing-markets.mp3">Click HERE to listen to the Closing Markets</a>

By MATT PIKESt. Joseph PostGENERAL COMMENTS:May corn closed up 9 cents and December corn was up 3 1/2 cents. May soybeans closed up 16 1/4 cents and November soybeans were up 7 3/4 cents. May KC wheat closed down 10 cents, May Chicago wheat was down 4 1/4 cents, May Minneapolis wheat was down 6 3/4 cents.The U.S. Dollar Index is down 1.99 at 100.91. The Dow Jones Industrial Average is down 845.0 points at 39,991.0. June gold is up $111.10 at $3,190.50, May silver is up $0.69 at $31.10 and May copper is up $0.1870. May crude oil is down $1.93 at $60.42, May ultra-low sulfur diesel is down $0.0578, June RBOB gasoline is down $0.0685 and May natural gas is down $0.286.CORN:May corn futures closed up 9 cents to $4.83 on Thursday. New-crop December futures were up 3 1/4 cents to $4.54 1/4. May corn was able to extend its winning streak to five sessions and in the process secure a close back above the 50-day moving average at $4.78 1/4. This is the first close above the 50-day moving average since Feb. 26. Given the sharp decline in prices seen in late February, the chart left little in the way of clear short-term support and resistance; so, at this point the $5.00 mark becomes the clear bullish target for corn traders moving forward.The USDA at long last increased its estimate of corn exports in Thursday's WASDE report. Increasing the forecast from 2.45 billion bushels (bb) to 2.55 bb. The USDA did offset this with slightly less feed demand expected, likely stemming primarily from the surprisingly low hog numbers estimated by the USDA in the most recent quarterly Hogs and Pigs Report. Focusing on exports, Thursday morning's Export Sales data from the USDA kept the pace strong with commitments running 25% above 2023-24. The USDA is now penciling in an 11% year-over-year increase, so the potential for future revisions higher remains on the table.In South American news, Brazilian agency CONAB revised its estimate of 2025 corn production higher to 124.7 million metric tons (mmt) Thursday morning prior to the WASDE release in which the USDA kept its estimate steady at 126 mmt. The next month's weather will be pivotal in the accuracy of these estimates. Meanwhile, Thursday's world corn stocks estimate shrank again by over 1 mmt, notably when not including China's stocks. This puts an increased degree of importance on safrinha corn, with the crop being the second largest source of imported corn for the world behind the U.S.The DTN National Corn Index finished Wednesday at $4.47. Thursday's futures close and Wednesday's implied corn basis of 27 cents under the May board would indicate the index on Thursday afternoon to be near $4.56.SOYBEANS:May soybeans closed at $10.29 on Thursday, up 16 1/4 cents. New-crop November soybeans were up 7 3/4 cents to $10.04 3/4. May soybean futures posted a fourth straight day higher and are now within a half cent of completely erasing the tariff-induced losses from last week. Prices now sit just a penny below the 50-day moving average, a level the market has not closed above since late February. Support is seen currently near $10.15 to the downside.Thursday's USDA data was mostly quiet for soybeans as the USDA did reduce domestic ending stocks by 5 million bushels (mb), as a result of stronger crush but offset slightly by increased imports of soybeans. I was a bit surprised by both adjustments. The crush in particular is a welcomed bullish adjustment, especially considering the somewhat disappointing crush volume seen in February. However, March is usually a strong crush month and will do a lot to dictate the pace through the balance of the marketing year. On the world side, the USDA again left South American production estimates unchanged, however there was a surprise increase to Brazilian production for 2023-24 which in turn increased Brazilian soybean stocks for this current year. CONAB Brazil did notably increase their soybean estimate in their April report Thursday morning to 167.9 mmt, closing the gap with the USDA. At this point, the argument is really just which record crop is larger as it pertains to Brazil. Lastly, Thursday's figures did include increased domestic crush in both Argentina and Brazil which likely would have resulted in a drawdown of world stocks outside of China had the USDA not bolstered beginning stocks in Brazil as a result of revising last year's figures.The DTN National Soybean Index finished Wednesday at $9.55. Thursday's futures close and Wednesday's implied soybean basis of 58 cents under the May board, would indicate the index on Thursday afternoon to be near $9.71.WHEAT:May Kansas City wheat futures closed down 10 cents Thursday to $5.58. New-crop July futures were down 7 1/4 to $5.73. It was not surprising to see wheat futures retreat from daily highs following what was for the most part a bearish USDA report. KC May futures challenged their 100-day moving average at $5.75 1/2 but failed to gain a footing there. $5.50 is seen as the most significant immediate round of support for Kansas City futures.The USDA again cut wheat export expectations in Thursday's WASDE. This time by 15 mb to now 820 mb for the season. To add to the bottom-line stocks increase of 27 mb from March, the USDA cut seed usage slightly but more notably increased imports yet another 10 mb. Wheat imports are seen to be the largest since 2017-18 as estimated, largely to do with the strong U.S. Dollar through most of the marketing season especially relative to the Canadian dollar where most of the imports are sourced. In world figures, the USDA increased world wheat stocks outside of China by just under 3 mmt. Mainly as a result of the USDA expecting less wheat trade to occur, primarily due to further reductions in Russian exports driving less imports and subsequently less domestic usage in major importing countries outside of China. Despite the bearish tone to Thursday's numbers, I remain interested to see how quickly traders turn the page on this report and return focus to weather, where between flooding in the East and dryness in the West there remains potential issues as 2025 wheat heading advances. For reference, in Thursday morning's Drought Monitor from the University of Nebraska-Lincoln, 32% of winter wheat growing area was still seen in some form of drought.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/10140730/30001-closing-markets.mp3">Click HERE to listen to the Closing Markets</a>

Senators Chuck Grassley (IA) and Amy Klobuchar (MN) are leading a bipartisan group of 16 senators in urging the Environmental Protection Agency to restore integrity to the Renewable Fuel Standard. They want the agency to raise the Renewable Volume Obligation (RVO) levels for biomass-based diesel and advanced biofuels to help restore stability and growth to the U.S. biofuel sector. 

The Biden-era EPA set RVOs at levels that failed to align with market conditions and production outlook, which has contributed to biodiesel plant closures in the Midwest. In a letter to EPA Administrator Lee Zeldin,  the senators pressed the agency to implement multi-year RVO standards to provide more clarity and growth for the biofuels industry. “The biofuels market continues expanding to new frontiers, including marine shipping, aviation, and rail,” the letter says. “Biofuels provide a buffer to market fluctuations in the liquid fuel market, consistently costing consumers less than traditional liquid fuels.” 

Senators Chuck Grassley (IA) and Amy Klobuchar (MN) are leading a bipartisan group of 16 senators in urging the Environmental Protection Agency to restore integrity to the Renewable Fuel Standard. They want the agency to raise the Renewable Volume Obligation (RVO) levels for biomass-based diesel and advanced biofuels to help restore stability and growth to the U.S. biofuel sector. The Biden-era EPA set RVOs at levels that failed to align with market conditions and production outlook, which has contributed to biodiesel plant closures in the Midwest. In a letter to EPA Administrator Lee Zeldin, the senators pressed the agency to implement multi-year RVO standards to provide more clarity and growth for the biofuels industry. “The biofuels market continues expanding to new frontiers, including marine shipping, aviation, and rail,” the letter says. “Biofuels provide a buffer to market fluctuations in the liquid fuel market, consistently costing consumers less than traditional liquid fuels.” -NAFB

Senators want integrity restored to RFS

May corn closed up 5 cents and December corn was up 5 cents. May soybeans closed up 20 cents and November soybeans were up 19 1/4 cents. May KC wheat closed up 6 1/2 cents, May Chicago wheat was up 2 1/4 cents, May Minneapolis wheat was up 7 3/4 cents.

What began as a similar day to the past four sessions took a dramatic shift in the early afternoon Wednesday after the Trump administration announced a 90-day pause on some tariffs, with the exception of China, which will now face a 125% duty as a result of their increased retaliatory action against the United States in recent days. The fine details of Trump's statement on Truth Social are still somewhat ambiguous; but for now the policy shift appears to be a reduction of all increased reciprocal tariffs back to the 10% baseline level over the next 90-days, with China left out of the alleviation. The Dow Jones Industrial Average skyrocketed to up over 2,600 points immediately upon the news being reported. Meanwhile, grain markets which had been struggling against chart resistance surged as well, led by soybean futures which quickly moved double-digits higher despite the trading relationship with China remaining sour. Crude oil futures rose to over $5 per barrel higher than the intraday low, and with that reversal lent strength to soybean oil futures as well, which snapped a four-day losing streak.

The live cattle complex traded lower for the bulk of the session as pressure again reared its nasty head. More than anything, the psychological pressure of not knowing what's to come seemed to be plaguing the market as traders sat uneasily. After the tariff anouncement from the Trump administration, that there would be a "pause", there was a flurry of activity and all contracts ended sharply higher. A few bids have surfaced leading up to Wednesday's noon hour as live bids are currently being offered in Nebraska at $205 to $208, and in Texas at $200. Asking prices are firm in the South at $208, but it will be interesting to see who gives this week and where the trade's weighted average lands this week. But it's still assumed that the week's trade will be delayed until Thursday or Friday.

The feeder cattle complex tried to hold its nearby contracts higher while the rest of the market follows the direction of the live cattle complex early on in the session. Helping keep the nearby feeder cattle contracts higher is also the fact that turnout season is nearing, and order buyers want to fill their orders before supplies run out. The same flurry of activity hit just before close and all contracts finished significantly higher by the closing bell.

The lean hog complex traded mixed with the market's nearby contracts trading mildly higher while the deferred months continue to venture lower for the bulk of the session. More than anything it's appearing as though the nearby contracts have found technical support which traders are mildly rallying from. The late session tariff news help bolster the market with only the two far deferred contracts finishing modestly lower. Hopefully, Thursday's WASDE report will offer some guidance into what the demand picture looks like moving forward.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/09143804/web-closing-markets.mp3">HERE</a> for audio

By NATHAN STUEDLESt. Joseph PostGRAINS:May corn closed up 5 cents and December corn was up 5 cents. May soybeans closed up 20 cents and November soybeans were up 19 1/4 cents. May KC wheat closed up 6 1/2 cents, May Chicago wheat was up 2 1/4 cents, May Minneapolis wheat was up 7 3/4 cents.What began as a similar day to the past four sessions took a dramatic shift in the early afternoon Wednesday after the Trump administration announced a 90-day pause on some tariffs, with the exception of China, which will now face a 125% duty as a result of their increased retaliatory action against the United States in recent days. The fine details of Trump's statement on Truth Social are still somewhat ambiguous; but for now the policy shift appears to be a reduction of all increased reciprocal tariffs back to the 10% baseline level over the next 90-days, with China left out of the alleviation. The Dow Jones Industrial Average skyrocketed to up over 2,600 points immediately upon the news being reported. Meanwhile, grain markets which had been struggling against chart resistance surged as well, led by soybean futures which quickly moved double-digits higher despite the trading relationship with China remaining sour. Crude oil futures rose to over $5 per barrel higher than the intraday low, and with that reversal lent strength to soybean oil futures as well, which snapped a four-day losing streak.LIVESTOCK:The live cattle complex traded lower for the bulk of the session as pressure again reared its nasty head. More than anything, the psychological pressure of not knowing what's to come seemed to be plaguing the market as traders sat uneasily. After the tariff anouncement from the Trump administration, that there would be a "pause", there was a flurry of activity and all contracts ended sharply higher. A few bids have surfaced leading up to Wednesday's noon hour as live bids are currently being offered in Nebraska at $205 to $208, and in Texas at $200. Asking prices are firm in the South at $208, but it will be interesting to see who gives this week and where the trade's weighted average lands this week. But it's still assumed that the week's trade will be delayed until Thursday or Friday.The feeder cattle complex tried to hold its nearby contracts higher while the rest of the market follows the direction of the live cattle complex early on in the session. Helping keep the nearby feeder cattle contracts higher is also the fact that turnout season is nearing, and order buyers want to fill their orders before supplies run out. The same flurry of activity hit just before close and all contracts finished significantly higher by the closing bell.The lean hog complex traded mixed with the market's nearby contracts trading mildly higher while the deferred months continue to venture lower for the bulk of the session. More than anything it's appearing as though the nearby contracts have found technical support which traders are mildly rallying from. The late session tariff news help bolster the market with only the two far deferred contracts finishing modestly lower. Hopefully, Thursday's WASDE report will offer some guidance into what the demand picture looks like moving forward. Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/09143804/web-closing-markets.mp3">HERE</a> for audio

The Fertilizer Institute thanked members of Congress in both chambers for sending a letter to Interior Secretary Doug Burgum in support of potash and phosphate being included on the list of critical minerals. “We thank the multiple senators and representatives for working together and uniting a bipartisan voice urging the Secretary of the Interior to rightfully recognize the essential nature of phosphate and potash,” said TFI President and CEO Corey Rosenbusch. 

“The majority of the world’s phosphate and potash resources are concentrated in only a few countries, leaving them open to supply chain vulnerabilities and geopolitical instability.” He also said the events of the past few years have shown us that food security is national security and now is the time to change how we talk about these vital resources. The U.S. imports about 98 percent of its potash needs, most of which at 85 percent, comes from Canada. 

The Fertilizer Institute thanked members of Congress in both chambers for sending a letter to Interior Secretary Doug Burgum in support of potash and phosphate being included on the list of critical minerals. “We thank the multiple senators and representatives for working together and uniting a bipartisan voice urging the Secretary of the Interior to rightfully recognize the essential nature of phosphate and potash,” said TFI President and CEO Corey Rosenbusch. “The majority of the world’s phosphate and potash resources are concentrated in only a few countries, leaving them open to supply chain vulnerabilities and geopolitical instability.” He also said the events of the past few years have shown us that food security is national security and now is the time to change how we talk about these vital resources. The U.S. imports about 98 percent of its potash needs, most of which at 85 percent, comes from Canada. -NAFB

TFI applauds critical mineral decision

The Missouri Department of Agriculture launched the 16th annual Focus on Missouri Agriculture photo contest this week. Missourians can share their story of agriculture through photographs. The contest is open to Missouri photographers of all ages. Participants may enter up to three photos in each of the categories, and runs through June 6th. Categories include: Beauty of the Farm, Faces of the Farmer, Around the Barnyard, Everyday Life and Kid’s Corner for youth ages 12 and under.

In addition, Governor Mike Kehoe and First Lady Claudia Kehoe will also evaluate the winning photos and select the First Family’s Choice photo. Winners will be announced in early July and winning photos will be displayed in the Agriculture Building at the 2025 Missouri State Fair, August 7-17. A complete list of rules, submission information, and more is available at <a href="https://agriculture.mo.gov/">Agriculture.Mo.Gov</a>

By NATHAN STUEDLESt. Joseph PostThe Missouri Department of Agriculture launched the 16th annual Focus on Missouri Agriculture photo contest this week. Missourians can share their story of agriculture through photographs. The contest is open to Missouri photographers of all ages. Participants may enter up to three photos in each of the categories, and runs through June 6th. Categories include: Beauty of the Farm, Faces of the Farmer, Around the Barnyard, Everyday Life and Kid’s Corner for youth ages 12 and under.In addition, Governor Mike Kehoe and First Lady Claudia Kehoe will also evaluate the winning photos and select the First Family’s Choice photo. Winners will be announced in early July and winning photos will be displayed in the Agriculture Building at the 2025 Missouri State Fair, August 7-17. A complete list of rules, submission information, and more is available at <a href="https://agriculture.mo.gov/">Agriculture.Mo.Gov</a>

Missouri department of agriculture opens up photo contest

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

For the most part on Tuesday, U.S. agricultural markets staged a recovery attempt from the lows set immediately following last week's tariff-induced selloff. Soybean futures led the way Tuesday, quickly pushing back toward $10.00 on May futures, despite little optimism being reported in regard to negotiations between the U.S. and China, and the U.S. set to go ahead with another additional 50% tariff on China when the policies take effect on Wednesday. For Tuesday, reports that the Trump administration was open to negotiations/deals and had begun talks with trading partners was enough of a bullish spark to send stock indices higher, although markets faded significantly off their daily highs by late morning as general uncertainty still plagues the market.

The live cattle complex continued to follow the direction of the equity markets as traders continue to watch closely for any changes in the external facets of the marketplace. Thankfully, with the equity markets finding some support and stability, the live cattle complex also traded softly higher for much of the session and ended mixed. Still no developments have surfaced for this week's cash cattle trade, and it's likely that if the board continues to trade favorably feedlot managers may elect to hold strong and push the week's trade out until Thursday or Friday.

The feeder cattle complex leaped higher at Tuesday's start and continued to trade higher for the bulk of the session only to end mixed at the closing bell. With the added support of the equity market's higher direction and the live cattle market's stronger trend, the feeder cattle complex feels equipped to trade higher.

The lean hog complex wasn't as confident about the marketplace today as the nearby contracts traded higher, but the rest of the contracts traded lower. Pork cutout values were lower which isn't helping matters either as traders could use the added support of stronger market fundamentals.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/08145809/web-closing-markets.mp3">HERE</a> for audio

By NATHAN STUEDLESt. Joseph PostGRAINS:May corn closed up 4 1/2 cents and December corn was down 1/4 cents. May soybeans closed up 9 3/4 cents and November soybeans were down 3 1/4 cents. May KC wheat closed up 2 1/4 cents, May Chicago wheat was up 3 1/2 cents, May Minneapolis wheat was up 7 cents.For the most part on Tuesday, U.S. agricultural markets staged a recovery attempt from the lows set immediately following last week's tariff-induced selloff. Soybean futures led the way Tuesday, quickly pushing back toward $10.00 on May futures, despite little optimism being reported in regard to negotiations between the U.S. and China, and the U.S. set to go ahead with another additional 50% tariff on China when the policies take effect on Wednesday. For Tuesday, reports that the Trump administration was open to negotiations/deals and had begun talks with trading partners was enough of a bullish spark to send stock indices higher, although markets faded significantly off their daily highs by late morning as general uncertainty still plagues the market.LIVESTOCK:The live cattle complex continued to follow the direction of the equity markets as traders continue to watch closely for any changes in the external facets of the marketplace. Thankfully, with the equity markets finding some support and stability, the live cattle complex also traded softly higher for much of the session and ended mixed. Still no developments have surfaced for this week's cash cattle trade, and it's likely that if the board continues to trade favorably feedlot managers may elect to hold strong and push the week's trade out until Thursday or Friday.The feeder cattle complex leaped higher at Tuesday's start and continued to trade higher for the bulk of the session only to end mixed at the closing bell. With the added support of the equity market's higher direction and the live cattle market's stronger trend, the feeder cattle complex feels equipped to trade higher.The lean hog complex wasn't as confident about the marketplace today as the nearby contracts traded higher, but the rest of the contracts traded lower. Pork cutout values were lower which isn't helping matters either as traders could use the added support of stronger market fundamentals.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/08145809/web-closing-markets.mp3">HERE</a> for audio

The Food and Agricultural Policy Research Institute at the University of Missouri released its 2025 U.S. Agricultural Market Outlook report. The outlook for U.S. farm finances is characterized by two competing story lines. For producers of many crops, net returns are down sharply from recent peaks as output prices have declined more than input costs. The cattle sector, in contrast, is experiencing record prices and returns to cow-calf producers. 

By NATHAN STUEDLESt. Joseph PostThe Food and Agricultural Policy Research Institute at the University of Missouri released its 2025 U.S. Agricultural Market Outlook report. The outlook for U.S. farm finances is characterized by two competing story lines. For producers of many crops, net returns are down sharply from recent peaks as output prices have declined more than input costs. The cattle sector, in contrast, is experiencing record prices and returns to cow-calf producers.

FAPRI releases 2025 U.S. ag market outlook

Corn futures were flat to 4 cents higher at the close, with active two-sided trade and the range holding so far as we watch the outside market rollercoaster. Ethanol margins will see continued pressure from losses in energies.

Soybean futures were1 1/4 to 6 cents higher at the bell on the three nearby contracts, with trade working to consolidate the low end of the range after the late-week washout with a brief sharp rally on positive trade rumors. South American weather looks to remain cooperative for harvest to keep overall harvest pressure easing outside of the trade action.

Wheat futures were 1 to 8 cents higher at the close with light short-covering and weather concerns keeping support in play. The hard red wheat areas look to be mostly dry in the short term with warming temps this week before moisture potential improves the second week. Weekly crop progress is expected to show conditions a bit lower than the last national report last fall with development in line with the 5-year average pace. MATIF wheat is solidly firmer as the dollar weakness eases again today.

Live cattle futures have continued lower with all contracts now trading under the $200 per cwt threshold that seemed solid just a week ago. Although stock markets made wide shifts through the morning, the inability to hold the temporary gains has led to widespread market pressure redeveloping in nearly all markets. There remains a lot of concern and fear about what the ramifications of tariff levels will have on not only beef markets but the general economy, which is keeping trade under pressure. Cash cattle markets are quiet with bids and offers still undeveloped.

Feeder cattle futures followed the bearish tone seen through other markets on Monday. Very little fundamental market direction is being utilized at this point, and overall market technical factors are being generally overlooked. The main focus across all markets, including feeder cattle trade tariff levels and potential implications to the economy. It is way too early to determine what short- or long-term impact any of this will have on cattle markets and cattle prices, but traders are taking protection if there is no other information available to trade at this point.

Lean hog futures moved lower Monday despite showing some signs of support early in the session. Underlying concerns of tariff levels set and retaliatory tariffs developing have traders unsure of how overall pork demand will be impacted through 2025 and beyond. When faced with uncertainty, traders nearly always take a protectionary stance. This is one of the main drivers of the recent market tumble.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/07144741/web-closing-markets.mp3">HERE</a> for audio

By NATHAN STUEDLESt. Joseph PostGRAINS:Corn futures were flat to 4 cents higher at the close, with active two-sided trade and the range holding so far as we watch the outside market rollercoaster. Ethanol margins will see continued pressure from losses in energies. Soybean futures were1 1/4 to 6 cents higher at the bell on the three nearby contracts, with trade working to consolidate the low end of the range after the late-week washout with a brief sharp rally on positive trade rumors. South American weather looks to remain cooperative for harvest to keep overall harvest pressure easing outside of the trade action. Wheat futures were 1 to 8 cents higher at the close with light short-covering and weather concerns keeping support in play. The hard red wheat areas look to be mostly dry in the short term with warming temps this week before moisture potential improves the second week. Weekly crop progress is expected to show conditions a bit lower than the last national report last fall with development in line with the 5-year average pace. MATIF wheat is solidly firmer as the dollar weakness eases again today. LIVESTOCK:Live cattle futures have continued lower with all contracts now trading under the $200 per cwt threshold that seemed solid just a week ago. Although stock markets made wide shifts through the morning, the inability to hold the temporary gains has led to widespread market pressure redeveloping in nearly all markets. There remains a lot of concern and fear about what the ramifications of tariff levels will have on not only beef markets but the general economy, which is keeping trade under pressure. Cash cattle markets are quiet with bids and offers still undeveloped. Feeder cattle futures followed the bearish tone seen through other markets on Monday. Very little fundamental market direction is being utilized at this point, and overall market technical factors are being generally overlooked. The main focus across all markets, including feeder cattle trade tariff levels and potential implications to the economy. It is way too early to determine what short- or long-term impact any of this will have on cattle markets and cattle prices, but traders are taking protection if there is no other information available to trade at this point. Lean hog futures moved lower Monday despite showing some signs of support early in the session. Underlying concerns of tariff levels set and retaliatory tariffs developing have traders unsure of how overall pork demand will be impacted through 2025 and beyond. When faced with uncertainty, traders nearly always take a protectionary stance. This is one of the main drivers of the recent market tumble.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/07144741/web-closing-markets.mp3">HERE</a> for audio

Beekeepers across the country are sounding the alarm as honeybee populations are dwindling at an unprecedented rate, a trend that could affect Americans' wallets at the grocery store. Honeybees are the backbone of the food ecosystem, pollinating 75% of the world's natural supplies, but a recent nationwide survey by Project Apis found catastrophic honeybee declines across the industry. Commercial operators reported an average loss of 62% from June to February nationwide. 

These alarming losses could significantly impact U.S. agriculture, particularly crop pollination for almonds, fruits, vegetables, and other essential food sources. There are many contributing factors that can cause a colony to die, including pathogens; varroa mites, a parasite that feeds on bees; and a lack of nutrition. Bees are responsible for $17 billion in agricultural production in the United States every year. A loss of pollinators would result in food prices going up. Bees are the only insects that produce food for human consumption.

Beekeepers across the country are sounding the alarm as honeybee populations are dwindling at an unprecedented rate, a trend that could affect Americans' wallets at the grocery store. Honeybees are the backbone of the food ecosystem, pollinating 75% of the world's natural supplies, but a recent nationwide survey by Project Apis found catastrophic honeybee declines across the industry. Commercial operators reported an average loss of 62% from June to February nationwide. These alarming losses could significantly impact U.S. agriculture, particularly crop pollination for almonds, fruits, vegetables, and other essential food sources. There are many contributing factors that can cause a colony to die, including pathogens; varroa mites, a parasite that feeds on bees; and a lack of nutrition. Bees are responsible for $17 billion in agricultural production in the United States every year. A loss of pollinators would result in food prices going up. Bees are the only insects that produce food for human consumption.-NAFB

U.S. honeybee deaths soar, grocery bills could take the hit

May corn closed up 2 3/4 cents and December corn was down 3/4 cents. May soybeans closed down 34 1/2 cents and November soybeans were down 32 3/4 cents. May KC wheat closed down 11 1/2 cents, May Chicago wheat was down 7 cents, May Minneapolis wheat was down 4 cents.

May corn closed up 7 cents and July corn was up 7 1/4 cents. May soybeans closed down 46 cents and July soybeans were down 44 1/4 cents. May KC wheat closed up 5 3/4 cents, May Chicago wheat was up 3/4 cents and May Minneapolis wheat was up 3 1/2 cents.

Friday was overall a red day across markets -- both financial and agricultural -- as investors and traders continue to attempt to sort out the consequences from this week's tariffs announced by the Trump administration. The headline news to begin the day was China's announcement of a 34% blanket tariff of its own on all imported goods from the U.S. Soybeans, as one would expect given the significance of China for that commodity, took the news especially hard, dropping over 40 cents at one point on nearby May futures before finding at least some degree of stabilization by the close, albeit still down 3.41% for the session, and down over 5% since the U.S. tariff announcement Wednesday. Corn futures have again proven somewhat insulated from the effects as the trading relationship with China is not a significant one currently for U.S. corn. Wheat markets were caught in the middle, not hit quite as hard as soybeans, but still pressured primarily by an attempted recovery in the U.S. dollar through the session Friday. In outside markets, stock indices posted their worst session since the early days of the COVID-19 pandemic on Thursday and continued that weakness into the weekend with the Dow Jones Industrial Average down another 1,900 points. Meanwhile, interest rates have also moved sharply lower as investors flock to bonds amid the market turmoil.

Live cattle futures traded sharply lower Friday in reaction to additional tariff concerns and announcements that China is implementing corresponding tariffs starting next week. The overall lack of support in all livestock markets is following the pattern of sharp losses in the stock market and financial trade.

Feeder cattle futures were sharply lower Friday with traders continuing to focus on the potential that this week's round of tariffs will have prolonged reactions. The announcement that China is implementing offsetting tariff actions starting next week is another indication of market problems. We could see expanded limits Monday, and if the continued bearishness holds over the weekend, this could continue to wipe out all of the gains seen this year.

Lean hog futures moved sharply lower, also focused on tariff levels and the announcement that China will impose tariffs starting next week. A close at these levels would indicate expanded trading limits Monday, creating potential additional pressure early next week.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/04140706/web-closing-markets.mp3">HERE</a> for audio

By NATHAN STUEDLESt. Joseph PostGRAINS:May corn closed up 2 3/4 cents and December corn was down 3/4 cents. May soybeans closed down 34 1/2 cents and November soybeans were down 32 3/4 cents. May KC wheat closed down 11 1/2 cents, May Chicago wheat was down 7 cents, May Minneapolis wheat was down 4 cents.For the week:May corn closed up 7 cents and July corn was up 7 1/4 cents. May soybeans closed down 46 cents and July soybeans were down 44 1/4 cents. May KC wheat closed up 5 3/4 cents, May Chicago wheat was up 3/4 cents and May Minneapolis wheat was up 3 1/2 cents.Friday was overall a red day across markets -- both financial and agricultural -- as investors and traders continue to attempt to sort out the consequences from this week's tariffs announced by the Trump administration. The headline news to begin the day was China's announcement of a 34% blanket tariff of its own on all imported goods from the U.S. Soybeans, as one would expect given the significance of China for that commodity, took the news especially hard, dropping over 40 cents at one point on nearby May futures before finding at least some degree of stabilization by the close, albeit still down 3.41% for the session, and down over 5% since the U.S. tariff announcement Wednesday. Corn futures have again proven somewhat insulated from the effects as the trading relationship with China is not a significant one currently for U.S. corn. Wheat markets were caught in the middle, not hit quite as hard as soybeans, but still pressured primarily by an attempted recovery in the U.S. dollar through the session Friday. In outside markets, stock indices posted their worst session since the early days of the COVID-19 pandemic on Thursday and continued that weakness into the weekend with the Dow Jones Industrial Average down another 1,900 points. Meanwhile, interest rates have also moved sharply lower as investors flock to bonds amid the market turmoil.LIVESTOCK:Live cattle futures traded sharply lower Friday in reaction to additional tariff concerns and announcements that China is implementing corresponding tariffs starting next week. The overall lack of support in all livestock markets is following the pattern of sharp losses in the stock market and financial trade. Feeder cattle futures were sharply lower Friday with traders continuing to focus on the potential that this week's round of tariffs will have prolonged reactions. The announcement that China is implementing offsetting tariff actions starting next week is another indication of market problems. We could see expanded limits Monday, and if the continued bearishness holds over the weekend, this could continue to wipe out all of the gains seen this year. Lean hog futures moved sharply lower, also focused on tariff levels and the announcement that China will impose tariffs starting next week. A close at these levels would indicate expanded trading limits Monday, creating potential additional pressure early next week. Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/04140706/web-closing-markets.mp3">HERE</a> for audio

Commodity market daily recap

A coalition of U.S. oil and biofuel groups met with the Environmental Protection Agency this week to push for higher federal mandates for biomass diesel blending. Three sources familiar with the plans said that the EPA meeting may signal that the agency is getting closer to releasing fresh biofuel blending quotas for the Renewable Fuel Standard. The forthcoming proposal is predicted to cover two years’ worth of mandates. Two sources familiar with the matter say the EPA could release the proposal as early as this month. 

Big Oil and the Farm Belt’s biofuel makers haven’t worked well together in the past. The two sides are traditionally competitors in the multi-billion-dollar U.S. fuel market. One document shows the coalition pushed for biomass diesel blending mandates of 5.5 billion to 5.75 billion gallons. The current level is 3.35 billion gallons, which the industry says is far below production capacity.

A coalition of U.S. oil and biofuel groups met with the Environmental Protection Agency this week to push for higher federal mandates for biomass diesel blending. Three sources familiar with the plans said that the EPA meeting may signal that the agency is getting closer to releasing fresh biofuel blending quotas for the Renewable Fuel Standard. The forthcoming proposal is predicted to cover two years’ worth of mandates. Two sources familiar with the matter say the EPA could release the proposal as early as this month. Big Oil and the Farm Belt’s biofuel makers haven’t worked well together in the past. The two sides are traditionally competitors in the multi-billion-dollar U.S. fuel market. One document shows the coalition pushed for biomass diesel blending mandates of 5.5 billion to 5.75 billion gallons. The current level is 3.35 billion gallons, which the industry says is far below production capacity.-NAFB

Oil and biofuel coalition meets with EPA

May corn closed down 1/4 cents and December corn was down 1 1/4 cents. May soybeans closed down 18 cents and November soybeans were down 20 1/4 cents. May KC wheat closed up 1/2 cents, May Chicago wheat was down 3 1/4 cents, May Minneapolis wheat was down 1 1/4 cents.

Tariff talk and headlines leaped back into the driver's seat of the market Wednesday evening following President Trump's unveiling of sweeping tariffs across the globe. Traders and investors had been holding out optimism that the trade policies would be much more precise and specific than what was announced, which ultimately included a blanket 10% tariff on all imports to the United States, with more severe duties on countries the Trump administration deemed as the worst offenders. The latter includes a 20% duty on the European Union and an additional 34% tariff on China, in addition to increased action against Vietnam, Thailand, and Japan. The U.S. ag markets reacted as one would have expected, with a gap lower across major U.S. grains and livestock markets Wednesday evening. Since then, corn and wheat markets have stabilized, finding optimism that major trading partners have not yet announced retaliation and in the weakening U.S. dollar's positive effect on U.S. price competitiveness on the world stage. Soybeans, on the other hand, did manage to recover off daily lows but remained under pressure for the session due to the heavy duties against China and China's promise Thursday of a policy response. Stock indices predictably responded to Wednesday's measure with sharp volatility, with the Dow Jones Industrial Average down over 1,500 points at one point on Thursday.

Live cattle futures have given back all midweek gains and even more as trade and tariff concerns rocking financial markets had a significant impact on livestock trade and the cattle market specifically. Cash cattle markets remain generally quiet, although a few more bids are now on the table. In Nebraska, major packers are bidding $335, while a regional packer has bid $345. Asking prices in the North are still not well established. Southern bids are at $208, which is well below current asking prices of around $212. Packer inquiry should continue to improve as the day progresses, but significant trade volume may be delayed until Friday.

Feeder cattle futures led the market lower with the general pressure on all cattle trade starting in the morning trade. The market has additional concerns about these newly instated tariffs will impact not only short-term trade and buying decisions, but also long-term market activity. The focus on overall economic health continues to be weighed heavily on overall cattle trade which may have a longer-term impact on overall beef demand.

Lean hog futures were mostly lower as the general market tone Thursday remained weak. But compared to the rest of the livestock trade, lean hog futures seem to have worked most of the tariff and demand concerns into the complex. With nearby contracts trading in the bottom half of short-term market levels, it is uncertain just how much more active selling pressure will develop given the current fundamental market support.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/03160521/web-closing-markets.mp3">HERE</a> for audio

By NATHAN STUEDLESt. Joseph PostGRAINS:May corn closed down 1/4 cents and December corn was down 1 1/4 cents. May soybeans closed down 18 cents and November soybeans were down 20 1/4 cents. May KC wheat closed up 1/2 cents, May Chicago wheat was down 3 1/4 cents, May Minneapolis wheat was down 1 1/4 cents.Tariff talk and headlines leaped back into the driver's seat of the market Wednesday evening following President Trump's unveiling of sweeping tariffs across the globe. Traders and investors had been holding out optimism that the trade policies would be much more precise and specific than what was announced, which ultimately included a blanket 10% tariff on all imports to the United States, with more severe duties on countries the Trump administration deemed as the worst offenders. The latter includes a 20% duty on the European Union and an additional 34% tariff on China, in addition to increased action against Vietnam, Thailand, and Japan. The U.S. ag markets reacted as one would have expected, with a gap lower across major U.S. grains and livestock markets Wednesday evening. Since then, corn and wheat markets have stabilized, finding optimism that major trading partners have not yet announced retaliation and in the weakening U.S. dollar's positive effect on U.S. price competitiveness on the world stage. Soybeans, on the other hand, did manage to recover off daily lows but remained under pressure for the session due to the heavy duties against China and China's promise Thursday of a policy response. Stock indices predictably responded to Wednesday's measure with sharp volatility, with the Dow Jones Industrial Average down over 1,500 points at one point on Thursday.LIVESTOCK:Live cattle futures have given back all midweek gains and even more as trade and tariff concerns rocking financial markets had a significant impact on livestock trade and the cattle market specifically. Cash cattle markets remain generally quiet, although a few more bids are now on the table. In Nebraska, major packers are bidding $335, while a regional packer has bid $345. Asking prices in the North are still not well established. Southern bids are at $208, which is well below current asking prices of around $212. Packer inquiry should continue to improve as the day progresses, but significant trade volume may be delayed until Friday. Feeder cattle futures led the market lower with the general pressure on all cattle trade starting in the morning trade. The market has additional concerns about these newly instated tariffs will impact not only short-term trade and buying decisions, but also long-term market activity. The focus on overall economic health continues to be weighed heavily on overall cattle trade which may have a longer-term impact on overall beef demand.Lean hog futures were mostly lower as the general market tone Thursday remained weak. But compared to the rest of the livestock trade, lean hog futures seem to have worked most of the tariff and demand concerns into the complex. With nearby contracts trading in the bottom half of short-term market levels, it is uncertain just how much more active selling pressure will develop given the current fundamental market support. Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/03160521/web-closing-markets.mp3">HERE</a> for audio

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

The grain markets took a breather Wednesday with decreased volume and volatility behind the trade. It was not all that surprising to see corn and soybeans trade slightly lower ahead of the pending announcement from President Trump due Wednesday afternoon regarding the implementation of reciprocal tariffs on U.S. trading partners. However, the moderate correction from Tuesday's strong session in soybeans displays that traders are likely finding some degree of optimism in that, at the very least, the period of waiting and speculating on policy out of Washington will reach some form of conclusion Wednesday afternoon. Kansas City wheat prices on the other hand continue to recover from last week's lows on continued strength from the bullish acreage estimate on Monday as well as an uncertain weather outlook. Outside markets were understandably choppy ahead of President Trump's comments, but notably the U.S. Dollar Index fell to its lowest point in a week and a half, which also likely served as some bullish fuel for the wheat market.

Live cattle futures have regained additional momentum through midweek with prices moving through last week's highs of $209.55 per cwt in April contracts. This ability to move to additional heights over the past couple of days has helped to rekindle buyer support in both nearby and deferred contracts. Most of the buyer support and aggressive price movement have been contained to April through August contracts with traders focusing on summer demand and the potential for further wholesale and retail beef price support over the coming months. Cash cattle markets remain at a general standstill midweek with activity through the morning and a very slow start to the day with just a few asking prices noted around $212 in the South, but they are still not established in the North.

Feeder cattle futures are held onto light to moderate gains following the support in live cattle trade through the morning. Narrow support is seen in April and May contracts, but further support is seen in fall 2025 contracts. The potential for tighter supplies through the end of the year and continued long-term strength in beef values well past the current run higher is helping to sustain longer-term support through the feeder cattle complex. Given the recent support in the market, nearby and deferred contracts are holding well above both 40-day and 100-day moving averages as contracts continue to reach for new contract highs.

Lean hog futures remain under pressure as traders continue to battle the uncertainty of tariff implications and economic concerns for both short- and longer-term buying decisions. Summer contracts were trading with triple-digit losses as concerns of moving further lower keep buyers on the sidelines. May through July futures have dipped below the 40-day moving average during morning trade.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/02142248/web-closing-markets.mp3">HERE</a> for audio

By NATHAN STUEDLESt. Joseph PostGRAINS:May corn closed down 4 cents and December corn was down 3/4 cents. May soybeans closed down 4 3/4 cents and November soybeans were down 2 cents. May KC wheat closed up 3 1/4 cents, May Chicago wheat was down 1 1/4 cents, May Minneapolis wheat was down 1 1/2 cents.The grain markets took a breather Wednesday with decreased volume and volatility behind the trade. It was not all that surprising to see corn and soybeans trade slightly lower ahead of the pending announcement from President Trump due Wednesday afternoon regarding the implementation of reciprocal tariffs on U.S. trading partners. However, the moderate correction from Tuesday's strong session in soybeans displays that traders are likely finding some degree of optimism in that, at the very least, the period of waiting and speculating on policy out of Washington will reach some form of conclusion Wednesday afternoon. Kansas City wheat prices on the other hand continue to recover from last week's lows on continued strength from the bullish acreage estimate on Monday as well as an uncertain weather outlook. Outside markets were understandably choppy ahead of President Trump's comments, but notably the U.S. Dollar Index fell to its lowest point in a week and a half, which also likely served as some bullish fuel for the wheat market.LIVESTOCK:Live cattle futures have regained additional momentum through midweek with prices moving through last week's highs of $209.55 per cwt in April contracts. This ability to move to additional heights over the past couple of days has helped to rekindle buyer support in both nearby and deferred contracts. Most of the buyer support and aggressive price movement have been contained to April through August contracts with traders focusing on summer demand and the potential for further wholesale and retail beef price support over the coming months. Cash cattle markets remain at a general standstill midweek with activity through the morning and a very slow start to the day with just a few asking prices noted around $212 in the South, but they are still not established in the North. Feeder cattle futures are held onto light to moderate gains following the support in live cattle trade through the morning. Narrow support is seen in April and May contracts, but further support is seen in fall 2025 contracts. The potential for tighter supplies through the end of the year and continued long-term strength in beef values well past the current run higher is helping to sustain longer-term support through the feeder cattle complex. Given the recent support in the market, nearby and deferred contracts are holding well above both 40-day and 100-day moving averages as contracts continue to reach for new contract highs. Lean hog futures remain under pressure as traders continue to battle the uncertainty of tariff implications and economic concerns for both short- and longer-term buying decisions. Summer contracts were trading with triple-digit losses as concerns of moving further lower keep buyers on the sidelines. May through July futures have dipped below the 40-day moving average during morning trade.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/02142248/web-closing-markets.mp3">HERE</a> for audio

The U.S. Trade Representative recently held hearings on a proposal to impose million-dollar port call fees on Chinese vessels. The U.S. Meat Export Federation joined more than 300 other organizations in saying the fees would hurt U.S. exports. USMEF President and CEO Dan Halstrom supports the intent of the proposal to incentivize U.S. shipbuilding. “The reality is it’s not feasible right now,” Halstrom said. “It’s going to take some time to become viable, and we don’t want to have our exporters get penalized by other countries while we wait for this to happen.” 

Shippers have already indicated they would reduce port calls, including a key port for the red meat industry. “The Port of Oakland represents about 40 percent of our waterborne exports on the beef side,” Halstrom added. “We’ve had some companies publicly say that Oakland would be a candidate to stop service to, if this current policy were installed.”

By NATHAN STUEDLESt. Joseph PostThe U.S. Trade Representative recently held hearings on a proposal to impose million-dollar port call fees on Chinese vessels. The U.S. Meat Export Federation joined more than 300 other organizations in saying the fees would hurt U.S. exports. USMEF President and CEO Dan Halstrom supports the intent of the proposal to incentivize U.S. shipbuilding. “The reality is it’s not feasible right now,” Halstrom said. “It’s going to take some time to become viable, and we don’t want to have our exporters get penalized by other countries while we wait for this to happen.” Shippers have already indicated they would reduce port calls, including a key port for the red meat industry. “The Port of Oakland represents about 40 percent of our waterborne exports on the beef side,” Halstrom added. “We’ve had some companies publicly say that Oakland would be a candidate to stop service to, if this current policy were installed.”

USMEF says shipbuilding idea not feasible

Improved economic conditions in many regions, together with ongoing high prices for other proteins, make poultry an attractive option for worldwide consumers. Rabobank says global consumption growth is predicted to reach 2.5 to three percent this year. This marks the second year of above-average market growth, which led to significant improvements in margin performance. However, dealing with avian influenza remains a significant challenge for the U.S. poultry industry and one of its biggest concerns. 

Additionally, the supply of parent stock remains tight, and hatching egg prices are still high, restricting growth. Aside from the ongoing flu risk, rising geopolitical tensions and competition pose the biggest challenges for global trade. The geopolitical tension includes U.S. tariffs on imports and retaliatory tariffs on U.S. poultry from affected regions, which could lead to a trade war and shifting global trade flows. 

Improved economic conditions in many regions, together with ongoing high prices for other proteins, make poultry an attractive option for worldwide consumers. Rabobank says global consumption growth is predicted to reach 2.5 to three percent this year. This marks the second year of above-average market growth, which led to significant improvements in margin performance. However, dealing with avian influenza remains a significant challenge for the U.S. poultry industry and one of its biggest concerns. Additionally, the supply of parent stock remains tight, and hatching egg prices are still high, restricting growth. Aside from the ongoing flu risk, rising geopolitical tensions and competition pose the biggest challenges for global trade. The geopolitical tension includes U.S. tariffs on imports and retaliatory tariffs on U.S. poultry from affected regions, which could lead to a trade war and shifting global trade flows. -NAFB

Poultry markets strong but face headwinds

U.S. farmers will plant nearly 5 million more corn acres in 2025 compared with last year. In its 2025 Prospective Plantings report released Monday, the agency pegged corn acres for the 2025/2026 crop year at 95.3 million. This was up 5% from last year and above the average trade expectation. Soybean acres projected below last year at 83.5 million acres, below both last year and the average trade expectation. 

By NATHAN STUEDLESt. Joseph PostU.S. farmers will plant nearly 5 million more corn acres in 2025 compared with last year. In its 2025 Prospective Plantings report released Monday, the agency pegged corn acres for the 2025/2026 crop year at 95.3 million. This was up 5% from last year and above the average trade expectation. Soybean acres projected below last year at 83.5 million acres, below both last year and the average trade expectation.

USDA says corn acres up 5% in 2025

Extreme weather events, such as drought, jointly impact agricultural production and rural infrastructure, including transportation infrastructure. An important part of this transportation infrastructure is the Mississippi River. It serves as one of the most critical networks for moving agricultural commodities. Soybeans, the leading U.S. agricultural export, rely heavily on barge transportation, with 53 percent of exports moved by barge. 

Despite this reliance on barges for moving U.S. grain, little is known about the link between extreme weather, rural transportation infrastructure, and crop prices. Record-low water levels increased transportation costs and barge freight rates. Higher transportation costs are transmitted to row crop producers through lower cash bids or a weakening of local crop basis. Historic lows in Mississippi River levels during the fall harvest of the last three years have highlighted the need to measure the impact of these low river levels on rural infrastructure and communities. 

By NATHAN STUEDLESt. Joseph PostExtreme weather events, such as drought, jointly impact agricultural production and rural infrastructure, including transportation infrastructure. An important part of this transportation infrastructure is the Mississippi River. It serves as one of the most critical networks for moving agricultural commodities. Soybeans, the leading U.S. agricultural export, rely heavily on barge transportation, with 53 percent of exports moved by barge. Despite this reliance on barges for moving U.S. grain, little is known about the link between extreme weather, rural transportation infrastructure, and crop prices. Record-low water levels increased transportation costs and barge freight rates. Higher transportation costs are transmitted to row crop producers through lower cash bids or a weakening of local crop basis. Historic lows in Mississippi River levels during the fall harvest of the last three years have highlighted the need to measure the impact of these low river levels on rural infrastructure and communities.

Impact of low Mississippi River levels on soybean basis

May corn closed up 4 1/2 cents and July corn was up 5 cents. May soybeans closed up 19 1/2 cents and July soybeans were up 21 cents. May KC wheat closed up 8 1/4 cents, May Chicago wheat was up 3 1/2 cents, May Minneapolis wheat was up 2 cents.

After somewhat head-scratching price action following Monday's onslaught of USDA data, market sentiment was much clearer Tuesday with corn, soybeans, and wheat all trading higher in apparent consensus to focus on the bullish aspects of Monday's reports. The markets will have technical roadblocks to an attempted rally and weather both in the U.S. and abroad will take an increased level of precedence to the markets as planting season has arrived. In outside markets, U.S. stocks continued choppy action on Tuesday ahead of Wednesday's long-awaited announcement from the Trump administration regarding tariff action. The announcement is expected at 3 p.m. CDT on Wednesday. Stock indices noted two-sided trade on Tuesday as some investors are holding out optimism that U.S. trade policy Wednesday will be precise and at least fill in some unknowns that have had the market anxious over the past month plus. In biofuel news, the Trump administration released over half a billion dollars for biofuel blending initiatives on Monday, in the latest optimistic sign that the administration has the biofuel industry in mind despite the uncertainty in the industry through 2025 thus far.

The live cattle complex may have initially been trading lower this morning, but as the market plodded through the day, stronger tones powered the live cattle market. Following the market's lower ascend on both Friday and Monday, traders now again sit in a better technical position as they are no longer up against immediate resistance pressure. From a fundamental standpoint, boxed beef prices are showing ample support, but no cash cattle trade has developed yet and won't likely develop until Friday. And yes, your choice cuts really were up over $7.00 this morning -- that's no April Fool's joke! Asking prices are noted in the South at $212 but are still not established or known for the North.

The feeder cattle complex is "feeling its oats" as the market charged mostly $2.00 higher into Tuesday's noon hour. The spot May contract is still about $2.00 lower than the market's resistance threshold, so traders were able to maintain their stronger tune throughout the afternoon without too much opposition.

Although pork cutout values made a trend lower, the lean hog complex traded higher as the market is rallying on some of the positive energy stemming from the cattle complex's change in direction. The biggest hindrance to the morning's pork cutout value was the $4.75 decline in the belly.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/01143656/web-closing-markets.mp3">HERE</a> for audio

By NATHAN STUEDLESt. Joseph PostGRAINS:May corn closed up 4 1/2 cents and July corn was up 5 cents. May soybeans closed up 19 1/2 cents and July soybeans were up 21 cents. May KC wheat closed up 8 1/4 cents, May Chicago wheat was up 3 1/2 cents, May Minneapolis wheat was up 2 cents.After somewhat head-scratching price action following Monday's onslaught of USDA data, market sentiment was much clearer Tuesday with corn, soybeans, and wheat all trading higher in apparent consensus to focus on the bullish aspects of Monday's reports. The markets will have technical roadblocks to an attempted rally and weather both in the U.S. and abroad will take an increased level of precedence to the markets as planting season has arrived. In outside markets, U.S. stocks continued choppy action on Tuesday ahead of Wednesday's long-awaited announcement from the Trump administration regarding tariff action. The announcement is expected at 3 p.m. CDT on Wednesday. Stock indices noted two-sided trade on Tuesday as some investors are holding out optimism that U.S. trade policy Wednesday will be precise and at least fill in some unknowns that have had the market anxious over the past month plus. In biofuel news, the Trump administration released over half a billion dollars for biofuel blending initiatives on Monday, in the latest optimistic sign that the administration has the biofuel industry in mind despite the uncertainty in the industry through 2025 thus far.LIVESTOCK:The live cattle complex may have initially been trading lower this morning, but as the market plodded through the day, stronger tones powered the live cattle market. Following the market's lower ascend on both Friday and Monday, traders now again sit in a better technical position as they are no longer up against immediate resistance pressure. From a fundamental standpoint, boxed beef prices are showing ample support, but no cash cattle trade has developed yet and won't likely develop until Friday. And yes, your choice cuts really were up over $7.00 this morning -- that's no April Fool's joke! Asking prices are noted in the South at $212 but are still not established or known for the North.The feeder cattle complex is "feeling its oats" as the market charged mostly $2.00 higher into Tuesday's noon hour. The spot May contract is still about $2.00 lower than the market's resistance threshold, so traders were able to maintain their stronger tune throughout the afternoon without too much opposition. Although pork cutout values made a trend lower, the lean hog complex traded higher as the market is rallying on some of the positive energy stemming from the cattle complex's change in direction. The biggest hindrance to the morning's pork cutout value was the $4.75 decline in the belly.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/04/01143656/web-closing-markets.mp3">HERE</a> for audio

Agricultural producers who have not yet enrolled in the Agriculture Risk Coverage (ARC) or Price Loss Coverage (PLC) programs for the 2025 crop year have until April 15th to revise elections and sign contracts. Both safety net programs, delivered by USDA’s Farm Service Agency (FSA), provide vital income support to eligible farmers who experience substantial declines  in crop prices or revenues for the 2025 crop year.  

ARC or PLC programs provide excellent risk protection, for market declines, at no cost to the producer, said Brenda Archuleta, deputy state executive director for FSA. Producers who have not made program elections or signed a contract are urged to contact their local FSA county office as soon as possible to set an appointment so you don’t miss the April 15th deadline.

By NATHAN STUEDLESt. Joseph PostAgricultural producers who have not yet enrolled in the Agriculture Risk Coverage (ARC) or Price Loss Coverage (PLC) programs for the 2025 crop year have until April 15th to revise elections and sign contracts. Both safety net programs, delivered by USDA’s Farm Service Agency (FSA), provide vital income support to eligible farmers who experience substantial declines  in crop prices or revenues for the 2025 crop year.  ARC or PLC programs provide excellent risk protection, for market declines, at no cost to the producer, said Brenda Archuleta, deputy state executive director for FSA. Producers who have not made program elections or signed a contract are urged to contact their local FSA county office as soon as possible to set an appointment so you don’t miss the April 15th deadline.

April 15th deadline to enroll in key commodity safety net programs

May corn closed up 4 cents and July corn was up 3 1/4 cents. May soybeans closed down 8 1/4 cents and July soybeans were down 9 cents. May KC wheat closed up 5 1/4 cents, May Chicago wheat was up 8 3/4 cents, May Minneapolis wheat was up 11 cents.

As alluded to in prior recaps, often the most difficult aspect of USDA releases to gauge is how prices will react to a given estimate. Meaning a bearish number on paper can often translate to a bullish price action given how the figure stacks up against trader expectations as well as price action in the weeks leading up to the report. Monday's Prospective Plantings and Grain Stocks reports from the USDA were a perfect example of this phenomenon. On paper, one would have thought that the higher-than-expected corn acreage and slightly lower-than-expected soybean acreage reported Monday would have translated into corn being down and soybeans being up. In fact, the opposite was true on Monday as corn futures moved higher while soybeans dropped. This price action certainly implies that the Grain Stocks report garnered more attention from corn and soybean traders as compared to the Plantings estimates, which is the opposite of what some expected. Meanwhile, wheat futures gained a spark from a bit of a bullish surprise in the acreage report, ignoring on the other hand what was a sluggish Stocks report.

As the live cattle complex tip-toes into the new week, traders were again cautious not to be overly supportive of the contracts ahead of seeing what's going to develop fundamentally this week. Just last week the futures complex reached yet another new contract high in the spot June contract, so it's natural for traders to be cautious amid reaching new technical highs. All contracts finished in the red by the closing bell. It's likely that the cash cattle market won't trade until Friday again this week. New showlists appear to be mixed, higher in Kansas, somewhat smaller in Texas and lower in Nebraska/Colorado.

The feeder cattle complex is again trapped and feeling unable to take on the resistance pressure of its market, while the live cattle contracts traded lower. The market has seemed to somewhat plateau and unless something riveting happens in the live cattle complex, it's unlikely that the market will move boldly enough on its own to push through this barrier. A few of the far deferred contracts finished the day unchanged, the front months all slightly in the red at the closing bell.

The lean hog complex was trading lower at the day's start, but throughout the morning the market has grew stronger and the contracts traded fully higher into Monday's noon hour. It likely helped that the market had stronger pork cutout values this morning, which is largely stemming from the ham's $4.39 uptick. The strength faded in afternoon trade with only the April contract finishing in the green.

By NATHAN STUEDLESt. Joseph PostGRAINS:May corn closed up 4 cents and July corn was up 3 1/4 cents. May soybeans closed down 8 1/4 cents and July soybeans were down 9 cents. May KC wheat closed up 5 1/4 cents, May Chicago wheat was up 8 3/4 cents, May Minneapolis wheat was up 11 cents.As alluded to in prior recaps, often the most difficult aspect of USDA releases to gauge is how prices will react to a given estimate. Meaning a bearish number on paper can often translate to a bullish price action given how the figure stacks up against trader expectations as well as price action in the weeks leading up to the report. Monday's Prospective Plantings and Grain Stocks reports from the USDA were a perfect example of this phenomenon. On paper, one would have thought that the higher-than-expected corn acreage and slightly lower-than-expected soybean acreage reported Monday would have translated into corn being down and soybeans being up. In fact, the opposite was true on Monday as corn futures moved higher while soybeans dropped. This price action certainly implies that the Grain Stocks report garnered more attention from corn and soybean traders as compared to the Plantings estimates, which is the opposite of what some expected. Meanwhile, wheat futures gained a spark from a bit of a bullish surprise in the acreage report, ignoring on the other hand what was a sluggish Stocks report.LIVESTOCK:As the live cattle complex tip-toes into the new week, traders were again cautious not to be overly supportive of the contracts ahead of seeing what's going to develop fundamentally this week. Just last week the futures complex reached yet another new contract high in the spot June contract, so it's natural for traders to be cautious amid reaching new technical highs. All contracts finished in the red by the closing bell. It's likely that the cash cattle market won't trade until Friday again this week. New showlists appear to be mixed, higher in Kansas, somewhat smaller in Texas and lower in Nebraska/Colorado.The feeder cattle complex is again trapped and feeling unable to take on the resistance pressure of its market, while the live cattle contracts traded lower. The market has seemed to somewhat plateau and unless something riveting happens in the live cattle complex, it's unlikely that the market will move boldly enough on its own to push through this barrier. A few of the far deferred contracts finished the day unchanged, the front months all slightly in the red at the closing bell.The lean hog complex was trading lower at the day's start, but throughout the morning the market has grew stronger and the contracts traded fully higher into Monday's noon hour. It likely helped that the market had stronger pork cutout values this morning, which is largely stemming from the ham's $4.39 uptick. The strength faded in afternoon trade with only the April contract finishing in the green.

Deere and Co. filed an answer to the Federal Trade Commission’s lawsuit alleging the tractor manufacturer holds a monopoly over its repair services. The FTC says that hold unfairly drives up costs and restricts farmers from fixing their equipment in a timely manner. Attorneys defended John Deere in federal court by repeatedly denying allegations that its “business practices are unlawful.” Manufacturing Dive says the issue over equipment repair practices has been building for years, with technological advancements that companies say are designed to make consumers’ lives easier create headaches for those looking to fix their tractors. 

While Deere offers a different repair tool to customers and independent repair shops, the FTC claims that version is inferior to the one available to authorized dealers, saying the tool is allegedly incapable of doing all repairs on Deere equipment. The company acknowledged the existence of two tools but denied that one was inferior.

Deere and Co. filed an answer to the Federal Trade Commission’s lawsuit alleging the tractor manufacturer holds a monopoly over its repair services. The FTC says that hold unfairly drives up costs and restricts farmers from fixing their equipment in a timely manner. Attorneys defended John Deere in federal court by repeatedly denying allegations that its “business practices are unlawful.” Manufacturing Dive says the issue over equipment repair practices has been building for years, with technological advancements that companies say are designed to make consumers’ lives easier create headaches for those looking to fix their tractors. While Deere offers a different repair tool to customers and independent repair shops, the FTC claims that version is inferior to the one available to authorized dealers, saying the tool is allegedly incapable of doing all repairs on Deere equipment. The company acknowledged the existence of two tools but denied that one was inferior.NAFB