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

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

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

Rollins announces new small family farms policy 

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

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

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

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

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

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

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

Commodity markets daily recap

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

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

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

NASS is looking for producer feedback

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

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

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

Bird flu hits Brazil

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

House ag committee advances budget bill

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

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

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

The EPA sends RVO proposal to the White House

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

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

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

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

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

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

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

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

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

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

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

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

Production expenses forecast above 20-Year average

Groups representing U.S. farmers have filed a brief encouraging the Supreme Court to hear a case on labeling for glyphosate and other pesticides. The groups, which represent a broad swath of agriculture and cover over 300 million acres, argue that glyphosate is a “once-in-a-century” herbicide given its effectiveness at controlling an array of damaging weeds, affordability, and low toxicity. However, uncertainty created by inaccurate interpretations of pesticide labeling requirements has risked farmers’ access to glyphosate and other indispensable tools. 

The question at the center of the case, Durnell v. Monsanto, is whether manufacturers of glyphosate or other pesticides are liable under state law for failure to warn of alleged cancer or other health risks when federal regulators have thoroughly evaluated the safety of the product and determined their uses are safe. The groups say the Federal Insecticide, Fungicide, and Rodenticide Act prevents states from imposing labeling requirements different from EPA findings.   

Groups representing U.S. farmers have filed a brief encouraging the Supreme Court to hear a case on labeling for glyphosate and other pesticides. The groups, which represent a broad swath of agriculture and cover over 300 million acres, argue that glyphosate is a “once-in-a-century” herbicide given its effectiveness at controlling an array of damaging weeds, affordability, and low toxicity. However, uncertainty created by inaccurate interpretations of pesticide labeling requirements has risked farmers’ access to glyphosate and other indispensable tools. The question at the center of the case, Durnell v. Monsanto, is whether manufacturers of glyphosate or other pesticides are liable under state law for failure to warn of alleged cancer or other health risks when federal regulators have thoroughly evaluated the safety of the product and determined their uses are safe. The groups say the Federal Insecticide, Fungicide, and Rodenticide Act prevents states from imposing labeling requirements different from EPA findings. -NAFB

Supreme Court hearing on glyphosate case

The U.S. Department of Agriculture announced several Conservation Reserve Program enrollment opportunities for agricultural producers and landowners. USDA’s Farm Service Agency is accepting offers for both the General and Continuous CRP now through June 6, 2025. CRP has long been USDA’s flagship conservation program and celebrates its 40th anniversary this year.&nbsp; FSA Administrator Bill Beam says, "With 1.8 million acres available for all CRP enrollment this fiscal year, we are very aware that we are bumping up against the statutory 27-million-acre cap.”&nbsp;&nbsp;

Beam also said that with the limited number of acres available, they’re not necessarily looking for the most acres offered but instead are prioritizing mindful conservation efforts to ensure that FSA maximizes the return on investment from both a conservation and an economic perspective. 

By: NATHAN STUEDLESt. Joseph PostThe U.S. Department of Agriculture announced several Conservation Reserve Program enrollment opportunities for agricultural producers and landowners. USDA’s Farm Service Agency is accepting offers for both the General and Continuous CRP now through June 6, 2025. CRP has long been USDA’s flagship conservation program and celebrates its 40th anniversary this year.&nbsp; FSA Administrator Bill Beam says, "With 1.8 million acres available for all CRP enrollment this fiscal year, we are very aware that we are bumping up against the statutory 27-million-acre cap.”&nbsp;&nbsp;Beam also said that with the limited number of acres available, they’re not necessarily looking for the most acres offered but instead are prioritizing mindful conservation efforts to ensure that FSA maximizes the return on investment from both a conservation and an economic perspective.

USDA announces several CRP signups

July corn closed up 3 cents per bushel at $4.45 1/2 and December corn was down 1/2 cents at $4.40 1/2. July soybeans closed up 5 1/4 cents at $10.77 3/4 and November soybeans were up 1 3/4 cents at $10.61 1/4. July KC wheat closed up 11 1/4 cents at $5.23, July Chicago wheat was up 7 1/2 cents at $5.24 3/4 and July Minneapolis wheat was down 3 3/4 cents at $5.77.

Corn futures ended Wednesday in mixed fashion, with spot July rallying back to close firm, while new-crop December gravitated around unchanged for much of the day. In the weekly petroleum status report from the EIA, ethanol production slipped close to 3% from last week to 993,000 barrels per day. With another four to five days of mostly clear weather ahead for the central U.S., the corn planting pace is already well ahead of the average pace, which should continue to advance quickly. Nearby futures continue to be supported by the higher exports and tightening U.S. and world supply.

Perhaps the biggest story on Wednesday is the continued ascent of July bean oil futures, closing into a new high and finishing higher for the fifth consecutive day. That was instrumental in getting soybeans to close higher as well. Traders are optimistic that a new bill proposed by Congress would possibly extend the 45Z biofuel credit for several more years if it were passed. Another aspect of the same bill would be to restrict the use of foreign feedstocks including used cooking oil (UCO) from China. The net effect of such a bill would be to boost domestic soybean oil usage. Soymeal continues to be the weight on the soy complex as both Brazilian and especially Argentine soymeal are offered far cheaper than U.S. On a positive note, the WASDE report estimated a far lower soybean ending stocks number of 295 mb, with the prospect for that to tighten even further if the record yield of 52.5 bushels per acre (bpa) is not achieved.

The wheat markets finished a mixed day, with both Chicago and Kansas City futures, after an early challenge of the lows each finished with a gain. Minneapolis wheat, on the other hand, set a new contract low and failed to trade higher all day. Both Chicago and KC have been under severe pressure for weeks as fund managers amassed a record large net-short position. Both markets had become oversold, and likely profit-taking led them to a rare higher finish. Wednesday marks the second day of the annual Wheat Quality Council Tour of Kansas with the first day results showing a 50.5 bpa yield. That was the result on the tour from Manhattan to Colby and would compare to 49.9 bpa a year ago and is well above the five-year average of just 45.1 bpa. NASS recently pegged Kansas production to be 12% higher than a year ago at 345 mb. There were drought conditions witnessed and some wheat streak mosaic disease as well. The second day of the tour will cover the southwestern and south-central Kansas areas.

The momentum in the live cattle complex faded in afternoon trade as traders push the nearby contracts $1.00 to $2.00 higher into Wednesday's noon hour, which is a bold move given that boxed beef prices were lower this morning. Although the market has yet to see what the fed cash cattle market will do in terms of prices, and aside from the fact that boxed beef prices were softer this morning, traders continue to seek higher prices in the live cattle sector, but faded to finish moderately lower at the closing bell. Asking prices of $224 to $225 are noted in the South but asking prices have not yet been established in the North. It looks like trade will be delayed until Thursday or Friday.

The feeder cattle complex followed the live cattle market's direction as its contracts also traded fully higher into today's noon hour. But that's not to say that the feeder cattle market didn't have enough support of its own, as just yesterday afternoon the CME feeder cattle index climbed to yet another new all-time high of $302.40, showing just how strong buyer demand is in the countryside. However, that did not hold through to the closing bell as all contracts finished the day $3 to $4 lower at the closing bell.

The lean hog complex was "tucking its tail and running" from the market's technical resistance pressure. The complex posted a significant rally on Tuesday, but without enough fundamental support, the market is back to trading lower as there simply isn't enough support to conquer the resistance. Midday pork cutout values were slightly higher, but traders were left searching for more support.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/14142821/web-closing-markets.mp3">HERE</a> for audio

By: NATHAN STUEDLESt. Joseph PostGRAINS:July corn closed up 3 cents per bushel at $4.45 1/2 and December corn was down 1/2 cents at $4.40 1/2. July soybeans closed up 5 1/4 cents at $10.77 3/4 and November soybeans were up 1 3/4 cents at $10.61 1/4. July KC wheat closed up 11 1/4 cents at $5.23, July Chicago wheat was up 7 1/2 cents at $5.24 3/4 and July Minneapolis wheat was down 3 3/4 cents at $5.77.Corn futures ended Wednesday in mixed fashion, with spot July rallying back to close firm, while new-crop December gravitated around unchanged for much of the day. In the weekly petroleum status report from the EIA, ethanol production slipped close to 3% from last week to 993,000 barrels per day. With another four to five days of mostly clear weather ahead for the central U.S., the corn planting pace is already well ahead of the average pace, which should continue to advance quickly. Nearby futures continue to be supported by the higher exports and tightening U.S. and world supply.Perhaps the biggest story on Wednesday is the continued ascent of July bean oil futures, closing into a new high and finishing higher for the fifth consecutive day. That was instrumental in getting soybeans to close higher as well. Traders are optimistic that a new bill proposed by Congress would possibly extend the 45Z biofuel credit for several more years if it were passed. Another aspect of the same bill would be to restrict the use of foreign feedstocks including used cooking oil (UCO) from China. The net effect of such a bill would be to boost domestic soybean oil usage. Soymeal continues to be the weight on the soy complex as both Brazilian and especially Argentine soymeal are offered far cheaper than U.S. On a positive note, the WASDE report estimated a far lower soybean ending stocks number of 295 mb, with the prospect for that to tighten even further if the record yield of 52.5 bushels per acre (bpa) is not achieved.The wheat markets finished a mixed day, with both Chicago and Kansas City futures, after an early challenge of the lows each finished with a gain. Minneapolis wheat, on the other hand, set a new contract low and failed to trade higher all day. Both Chicago and KC have been under severe pressure for weeks as fund managers amassed a record large net-short position. Both markets had become oversold, and likely profit-taking led them to a rare higher finish. Wednesday marks the second day of the annual Wheat Quality Council Tour of Kansas with the first day results showing a 50.5 bpa yield. That was the result on the tour from Manhattan to Colby and would compare to 49.9 bpa a year ago and is well above the five-year average of just 45.1 bpa. NASS recently pegged Kansas production to be 12% higher than a year ago at 345 mb. There were drought conditions witnessed and some wheat streak mosaic disease as well. The second day of the tour will cover the southwestern and south-central Kansas areas.LIVESTOCK:The momentum in the live cattle complex faded in afternoon trade as traders push the nearby contracts $1.00 to $2.00 higher into Wednesday's noon hour, which is a bold move given that boxed beef prices were lower this morning. Although the market has yet to see what the fed cash cattle market will do in terms of prices, and aside from the fact that boxed beef prices were softer this morning, traders continue to seek higher prices in the live cattle sector, but faded to finish moderately lower at the closing bell. Asking prices of $224 to $225 are noted in the South but asking prices have not yet been established in the North. It looks like trade will be delayed until Thursday or Friday.The feeder cattle complex followed the live cattle market's direction as its contracts also traded fully higher into today's noon hour. But that's not to say that the feeder cattle market didn't have enough support of its own, as just yesterday afternoon the CME feeder cattle index climbed to yet another new all-time high of $302.40, showing just how strong buyer demand is in the countryside. However, that did not hold through to the closing bell as all contracts finished the day $3 to $4 lower at the closing bell.The lean hog complex was "tucking its tail and running" from the market's technical resistance pressure. The complex posted a significant rally on Tuesday, but without enough fundamental support, the market is back to trading lower as there simply isn't enough support to conquer the resistance. Midday pork cutout values were slightly higher, but traders were left searching for more support.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/14142821/web-closing-markets.mp3">HERE</a> for audio

House Republicans are proposing a $290 billion cut from the Supplemental Nutrition Assistance Program over the next decade. The GOP plan uses some of the money saved to increase spending on commodity programs, crop insurance, and other farm bill programs. The draft text released on Monday shows the bill’s agriculture provisions would increase the PLC reference prices by ten percent to 20 percent, in line with the farm bill the committee approved last year. 

Reports say the $230 billion instructed savings target will be reached by forcing states to pay for part of the SNAP program using a sliding scale based on their payment error rates, beginning in fiscal 2028, and would pay between five and 25 percent of the benefits costs. The individual limit for commodity program payments would be increased from $125,000 to $155,000 and indexed for inflation. Funding for EQIP and CSP would rise to $3.26 billion and $1.38 billion, respectively. 

House Republicans are proposing a $290 billion cut from the Supplemental Nutrition Assistance Program over the next decade. The GOP plan uses some of the money saved to increase spending on commodity programs, crop insurance, and other farm bill programs. The draft text released on Monday shows the bill’s agriculture provisions would increase the PLC reference prices by ten percent to 20 percent, in line with the farm bill the committee approved last year. Reports say the $230 billion instructed savings target will be reached by forcing states to pay for part of the SNAP program using a sliding scale based on their payment error rates, beginning in fiscal 2028, and would pay between five and 25 percent of the benefits costs. The individual limit for commodity program payments would be increased from $125,000 to $155,000 and indexed for inflation. Funding for EQIP and CSP would rise to $3.26 billion and $1.38 billion, respectively. -NAFB

House ag plans to tighten SNAP, expand safety net

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

Trade Tuesday was naturally much quieter compared to Monday's WASDE report session. Soybean futures continued to build off Monday's price jump, although gains were muted by strong planting progress made over the past week. The same planting report from Monday afternoon pressured corn prices as well on Tuesday. Wheat markets were mixed among the major varieties, with Kansas City futures finding buying support on technical support despite bearish fundamentals published in Monday's USDA release. Outside markets were mostly of positive influence to ag markets Tuesday with stock indices mostly higher after a cooler-than-expected inflation reading in Tuesday morning Consumer Price Index release. Meanwhile, energy markets continue to mount a comeback from last week's multi-year lows, with NYMEX crude oil futures working toward a fourth straight session higher.

The live cattle complex again traded mostly higher, which is an improvement from the morning's earlier tone, as at first, traders were leery of overly supporting the cattle contracts. And aside from the spot June contract, all of the live cattle contracts traded higher into Tuesday's close. The only news that has developed in the cash cattle complex is that asking prices in the South are now noted at $223 to $225, but remain unestablished in the North. Trade will likely be delayed until later in the week.

The feeder cattle complex traded mostly mixed, with some of the nearby contracts trading slightly lower. More than anything, traders just simply seem to be looking around, wondering: after Monday's sharp advancement, can the complex sustain these levels?

The lean hog complex traded higher once again, as traders are hopeful that trade relations with China will improve soon. Meanwhile, the spot June contract is trading near the market's resistance at $100, but it has not yet surpassed that threshold. It is also supportive that morning pork cutout values were higher, which traders are also hopeful will be a trend for this week.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/13142235/web-closing-markets.mp3">HERE</a> for audio

By: NATHAN STUEDLESt. Joseph PostGRAINS:July corn closed down 5 1/2 cents and December corn was down 4 1/2 cents. July soybeans closed up 1 1/4 cents and November soybeans were up 2 cents. July KC wheat closed up 3 3/4 cents, July Chicago wheat was up 2 cents, July Minneapolis wheat was down 3 1/4 cents.Trade Tuesday was naturally much quieter compared to Monday's WASDE report session. Soybean futures continued to build off Monday's price jump, although gains were muted by strong planting progress made over the past week. The same planting report from Monday afternoon pressured corn prices as well on Tuesday. Wheat markets were mixed among the major varieties, with Kansas City futures finding buying support on technical support despite bearish fundamentals published in Monday's USDA release. Outside markets were mostly of positive influence to ag markets Tuesday with stock indices mostly higher after a cooler-than-expected inflation reading in Tuesday morning Consumer Price Index release. Meanwhile, energy markets continue to mount a comeback from last week's multi-year lows, with NYMEX crude oil futures working toward a fourth straight session higher.LIVESTOCK:The live cattle complex again traded mostly higher, which is an improvement from the morning's earlier tone, as at first, traders were leery of overly supporting the cattle contracts. And aside from the spot June contract, all of the live cattle contracts traded higher into Tuesday's close. The only news that has developed in the cash cattle complex is that asking prices in the South are now noted at $223 to $225, but remain unestablished in the North. Trade will likely be delayed until later in the week.The feeder cattle complex traded mostly mixed, with some of the nearby contracts trading slightly lower. More than anything, traders just simply seem to be looking around, wondering: after Monday's sharp advancement, can the complex sustain these levels? The lean hog complex traded higher once again, as traders are hopeful that trade relations with China will improve soon. Meanwhile, the spot June contract is trading near the market's resistance at $100, but it has not yet surpassed that threshold. It is also supportive that morning pork cutout values were higher, which traders are also hopeful will be a trend for this week.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/13142235/web-closing-markets.mp3">HERE</a> for audio

Ag Secretary Brooke Rollins announced the suspension of live cattle, horse, and bison imports through U.S. ports of entry along the southern border due to the northward expansion of the New World Screwworm. “While we are working with Mexico on responding to the screwworm, it’s my duty to take all steps within my control to protect the U.S. livestock industry from this devastating pest,” Rollins said. “The protection of our animals and the safety of our nation’s food supply is a national security issue of the utmost importance.”

 She also said that once the U.S. sees increased surveillance and eradication efforts and the positive results of those actions, the USDA will remain committed to opening the border to livestock trade. “It’s not about politics or punishing Mexico, but rather it’s about food and animal safety.” The first case of NWS in Mexico was reported to the U.S. back in November 2024. 

Ag Secretary Brooke Rollins announced the suspension of live cattle, horse, and bison imports through U.S. ports of entry along the southern border due to the northward expansion of the New World Screwworm. “While we are working with Mexico on responding to the screwworm, it’s my duty to take all steps within my control to protect the U.S. livestock industry from this devastating pest,” Rollins said. “The protection of our animals and the safety of our nation’s food supply is a national security issue of the utmost importance.” She also said that once the U.S. sees increased surveillance and eradication efforts and the positive results of those actions, the USDA will remain committed to opening the border to livestock trade. “It’s not about politics or punishing Mexico, but rather it’s about food and animal safety.” The first case of NWS in Mexico was reported to the U.S. back in November 2024. -NAFB

Rollins suspends animal imports through the Southern border

Corn futures were down 1 to up 3 cents with flat spread action as light buying returns as the weekend trade news of reduced tariffs for 90 days with China builds into the market pre-report. Outside markets had energies firmer and the dollar sharply higher, but were unable to hold the highs on the session. On the report at 11 a.m. CDT, trade is looking for old-crop carryout at 1.433 billion bushels (bb) and new crop at 2.02 bb. Ethanol margins should show little change with corn and unleaded both firmer. Warmer weather into mid-month should keep planting solidly ahead of the average pace with better rains the second week to boost emergence. Weekly crop progress should keep planting and emergence ahead the 5-year averages. Weekly export inspections remained solid at 1.224 million metric tons (mmt), keeping us at 129% of last year's pace. Basis should remain fairly sideways near term. Double-crop weather in Brazil continues to have few issues as we get deeper into the growing season. On the July chart, the 20-day moving average at $4.75 is resistance with support the fresh low at $4.42 1/4.

Soybean futures were 19 to 27 cents higher at the close with buying returning on expectations of renewed demand post-trade deal ahead of the report; Meal was 3 to 4 dollars higher. On the report, trade is looking for 368 million bushels (mb) of old-crop carryout and 375 mb on new. South American weather will remain conducive to harvest progress. Warmer weather should boost planting pace and emergence into mid-month, keeping us solidly ahead of average on planting and emergence on the weekly report. Basis will likely find a little better short-term action if crush can recover further. The daily wire saw 120,000 metric tons of old crop sold to Mexico with weekly inspections staying range-bound at 426,077 metric tons (mt) with year-to-date pace at 110%. On the July chart, resistance is the 20-day moving average at $10.50, which we are well above at midday, with the lower Bollinger Band at $10.35 as support.

Wheat futures were 6 to 9 cents lower with trade remaining oversold at the lower end of the range and struggling with the sharply stronger dollar ahead of the WASDE report. The hard red wheat areas are expected to see OK short-term weather, along with near-term improvement in the Black Sea continuing. Weekly crop progress should show steady conditions and development slightly ahead of average, with spring wheat planting likely to remain solidly ahead of average. On the report, trade is looking for old-crop carryout at 847 mb, and new at 857 mb. Weekly export inspections were OK at 405,170 mt with year-to-date pace remaining at 115%. MATIF wheat is solidly higher to start the week. On the KC July chart, resistance is the 20-day moving average at $5.44 with the next level of support the fresh low at $5.11 3/4.

The live cattle complex is thrilled to be trading even higher Monday as the announcement that Mexican cattle imports have again been halted because of the continued spread of New World screwworm (NWS) has sent the contracts notably higher. But what's potentially most interesting to note about the contracts is that it isn't the immediate/nearby contracts that are seeing the biggest gains -- it's the late spring/early summer 2026 contracts that saw the biggest daily push. Which is likely because traders recognize that supplies may be thin now, but they're going to be even tighter next year at this time. New showlists appear to be lower in all major feeding states. Last week, Southern live cattle traded at mostly $219 to $220, which is $1.00 to $2.00 higher than the prior week's weighted average. Northern dressed cattle traded at mostly $355, which is $6.00 higher than the previous week's weighted average.

Upon being given the opportunity to trade the announcement that Mexican cattle imports will be halted for 15 days because of the continued spread of New World screwworm, traders didn't waste any time gapping the feeder cattle contracts higher at Monday's start. Even without the added market buzz surrounding the boarder closure, it's likely that the feeder cattle complex would have traded at least steady following last week's bullish gains. However, this breaking news has obviously grabbed the markets and traders' full attention. Monday's WASDE report shared mixed news for the cattle and beef markets of 2025. Beef production for 2025 was decreased as larger carcass weights are more than offsetting the decrease in production in terms of the number of head processed. Beef production for 2025 was decreased by 277 million pounds compared to a month ago. Compared to last month's estimates, the quarterly price projections were changed drastically upon seeing the recent price uptick in the fed cash cattle market. Steers in the second quarter of 2025 are expected to average $217 (up $13 from last month), steers in the third quarter of 2025 are expected to average $216 (up $10 from last month) and steers in the fourth quarter of 2025 are expected to average $220 (up $13 from last month). Beef imports were increased by 212 million pounds compared to last month's estimates (and yes, this report does take into account the ban on Mexican cattle imports currently), but beef exports were decreased by 22 million pounds.

Although, the cattle complex is seeing the greatest advancement, the lean hog complex traded higher as well. The market still isn't comfortable facing its resistance pressure around the $100 market in the spot June contract -- but even so, the market still is trading higher and has even more room to trade higher before that threshold becomes an issue. Monday's WASDE report shared mixed news for the hog and pork markets of 2025. Pork production for 2025 was decreased by 79 million pounds as processing speeds in the second half of the year aren't expected to be as aggressive. Hog prices also saw an increase from last month's projections as hogs in the second quarter of 2025 are expected to average $68 (up $5.00 from last month), hogs in the third quarter are expected to average $71 (up $6.00 from last month) and hogs in the fourth quarter of 2025 are expected to average $60 (up $4.00 from last month). Pork imports for 2025 were increased by 15 million pounds, and pork exports for 2025 were increased by 103 million pounds.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/12141945/web-closing-markets.mp3">HERE</a> for audio

By: NATHAN STUEDLESt. Joseph PostGRAINS:Corn futures were down 1 to up 3 cents with flat spread action as light buying returns as the weekend trade news of reduced tariffs for 90 days with China builds into the market pre-report. Outside markets had energies firmer and the dollar sharply higher, but were unable to hold the highs on the session. On the report at 11 a.m. CDT, trade is looking for old-crop carryout at 1.433 billion bushels (bb) and new crop at 2.02 bb. Ethanol margins should show little change with corn and unleaded both firmer. Warmer weather into mid-month should keep planting solidly ahead of the average pace with better rains the second week to boost emergence. Weekly crop progress should keep planting and emergence ahead the 5-year averages. Weekly export inspections remained solid at 1.224 million metric tons (mmt), keeping us at 129% of last year's pace. Basis should remain fairly sideways near term. Double-crop weather in Brazil continues to have few issues as we get deeper into the growing season. On the July chart, the 20-day moving average at $4.75 is resistance with support the fresh low at $4.42 1/4.Soybean futures were 19 to 27 cents higher at the close with buying returning on expectations of renewed demand post-trade deal ahead of the report; Meal was 3 to 4 dollars higher. On the report, trade is looking for 368 million bushels (mb) of old-crop carryout and 375 mb on new. South American weather will remain conducive to harvest progress. Warmer weather should boost planting pace and emergence into mid-month, keeping us solidly ahead of average on planting and emergence on the weekly report. Basis will likely find a little better short-term action if crush can recover further. The daily wire saw 120,000 metric tons of old crop sold to Mexico with weekly inspections staying range-bound at 426,077 metric tons (mt) with year-to-date pace at 110%. On the July chart, resistance is the 20-day moving average at $10.50, which we are well above at midday, with the lower Bollinger Band at $10.35 as support.Wheat futures were 6 to 9 cents lower with trade remaining oversold at the lower end of the range and struggling with the sharply stronger dollar ahead of the WASDE report. The hard red wheat areas are expected to see OK short-term weather, along with near-term improvement in the Black Sea continuing. Weekly crop progress should show steady conditions and development slightly ahead of average, with spring wheat planting likely to remain solidly ahead of average. On the report, trade is looking for old-crop carryout at 847 mb, and new at 857 mb. Weekly export inspections were OK at 405,170 mt with year-to-date pace remaining at 115%. MATIF wheat is solidly higher to start the week. On the KC July chart, resistance is the 20-day moving average at $5.44 with the next level of support the fresh low at $5.11 3/4.LIVESTOCK:The live cattle complex is thrilled to be trading even higher Monday as the announcement that Mexican cattle imports have again been halted because of the continued spread of New World screwworm (NWS) has sent the contracts notably higher. But what's potentially most interesting to note about the contracts is that it isn't the immediate/nearby contracts that are seeing the biggest gains -- it's the late spring/early summer 2026 contracts that saw the biggest daily push. Which is likely because traders recognize that supplies may be thin now, but they're going to be even tighter next year at this time. New showlists appear to be lower in all major feeding states. Last week, Southern live cattle traded at mostly $219 to $220, which is $1.00 to $2.00 higher than the prior week's weighted average. Northern dressed cattle traded at mostly $355, which is $6.00 higher than the previous week's weighted average.Upon being given the opportunity to trade the announcement that Mexican cattle imports will be halted for 15 days because of the continued spread of New World screwworm, traders didn't waste any time gapping the feeder cattle contracts higher at Monday's start. Even without the added market buzz surrounding the boarder closure, it's likely that the feeder cattle complex would have traded at least steady following last week's bullish gains. However, this breaking news has obviously grabbed the markets and traders' full attention. Monday's WASDE report shared mixed news for the cattle and beef markets of 2025. Beef production for 2025 was decreased as larger carcass weights are more than offsetting the decrease in production in terms of the number of head processed. Beef production for 2025 was decreased by 277 million pounds compared to a month ago. Compared to last month's estimates, the quarterly price projections were changed drastically upon seeing the recent price uptick in the fed cash cattle market. Steers in the second quarter of 2025 are expected to average $217 (up $13 from last month), steers in the third quarter of 2025 are expected to average $216 (up $10 from last month) and steers in the fourth quarter of 2025 are expected to average $220 (up $13 from last month). Beef imports were increased by 212 million pounds compared to last month's estimates (and yes, this report does take into account the ban on Mexican cattle imports currently), but beef exports were decreased by 22 million pounds.Although, the cattle complex is seeing the greatest advancement, the lean hog complex traded higher as well. The market still isn't comfortable facing its resistance pressure around the $100 market in the spot June contract -- but even so, the market still is trading higher and has even more room to trade higher before that threshold becomes an issue. Monday's WASDE report shared mixed news for the hog and pork markets of 2025. Pork production for 2025 was decreased by 79 million pounds as processing speeds in the second half of the year aren't expected to be as aggressive. Hog prices also saw an increase from last month's projections as hogs in the second quarter of 2025 are expected to average $68 (up $5.00 from last month), hogs in the third quarter are expected to average $71 (up $6.00 from last month) and hogs in the fourth quarter of 2025 are expected to average $60 (up $4.00 from last month). Pork imports for 2025 were increased by 15 million pounds, and pork exports for 2025 were increased by 103 million pounds.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/12141945/web-closing-markets.mp3">HERE</a> for audio

NTCA - The Rural Broadband Association applaud the introduction of the “Lowering Broadband Costs for Consumers Act.” The legislation directs the Federal Communications Commission to require broadband service providers to contribute to the Universal Service Fund. “NCTA applauds the introduction of the Lowering Broadband Costs for Consumers Act, which would promote more predictable and stable funding to preserve and advance the statutory mission of universal service,” says NTCA CEO Shirley Bloomfield. 

 “As traditional telecommunications revenues decline, the assessment on the remaining consumers of such services increases, resulting in a disproportionate burden on those consumers even though they are not the most significant users of services or beneficiaries of underlying networks.” She also says common-sense reforms like those directed by this legislation will shore up the foundation of universal service funding and will ultimately help low-income and rural consumers, schools, and other rural facilities that depend on critical universal service programs. 

NTCA - The Rural Broadband Association applaud the introduction of the “Lowering Broadband Costs for Consumers Act.” The legislation directs the Federal Communications Commission to require broadband service providers to contribute to the Universal Service Fund. “NCTA applauds the introduction of the Lowering Broadband Costs for Consumers Act, which would promote more predictable and stable funding to preserve and advance the statutory mission of universal service,” says NTCA CEO Shirley Bloomfield. “As traditional telecommunications revenues decline, the assessment on the remaining consumers of such services increases, resulting in a disproportionate burden on those consumers even though they are not the most significant users of services or beneficiaries of underlying networks.” She also says common-sense reforms like those directed by this legislation will shore up the foundation of universal service funding and will ultimately help low-income and rural consumers, schools, and other rural facilities that depend on critical universal service programs. -NAFB

NTCA applauds bill to lower broadband costs

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

July corn closed down 22 1/2 cents and December corn was down 5 1/4 cents. July soybeans closed up 1 1/2 cents and November soybeans were up 6 1/2 cents. July KC wheat closed down 10 cents, July Chicago wheat was down 9 1/4 cents and July Minneapolis wheat was down 2 cents.

U.S. ag markets were mostly higher Friday with the exception of wheat futures which continue to be under heavy selling pressure ahead of Monday's updated look into world fundamentals for the next marketing year. Corn and soybean markets traded higher, with the latter putting in double-digit gains early before strength faded by afternoon. The soybean move higher was driven primarily by trade optimism after President Trump floated the idea of an 80% tariff on China on Thursday, ahead of the meeting between officials from the United States and China on Saturday. Outside markets were mostly supportive to ag futures on Friday, with the U.S. dollar correcting slightly following a strong day Thursday and crude oil futures working toward a third positive session in the past four and trading at the highest price for the month of May thus far.

The live cattle complex traded mixed throughout the day, but upon seeing midday boxed beef prices lower, traders eased their support of the complex even more. A few new cash cattle bids have surfaced in the North at $225 to $228 live, but at this point, no new sales have been reported. So far this week, Northern dressed deals have been marked at mostly $355, $6 higher than last week's weighted average, basis Nebraska, a Regional, paid as much as $360 for some cattle set for delayed delivery. The South had live sales marked at $218 to $221, mostly $219 to $220, $1 to $2 higher than last week's weighted averages. Some more clean-up trade could develop, but by and large, it's looking like this week's trade is mostly done with.

The feeder cattle complex also ran out of steam ahead of the weekend as its contracts traded mostly lower into Friday's closing bell. And while the market's support was grandiose throughout the earlier part of the week, traders simply seem exhausted and seem to be welcoming the idea of pausing and catching their breath.

With the help of strong midday pork cutout values, the nearby lean hog contracts traded higher into Friday's close. The gains seen this morning in pork cutout values were wild as the butt jumped $7.30, and the loin jumped $7.06. It also seems to be true that the spot June contract is finding some technical support around $97.00, which is helping find some balance in the contracts as well.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/09135529/web-closing-markets.mp3">HERE </a>for audio

By: NATHAN STUEDLESt. Joseph PostGRAINS:July corn closed up 2 1/4 cents and December corn was up 3 1/4 cents. July soybeans closed up 6 3/4 cents and November soybeans were up 5 1/2 cents. July KC wheat closed down 7 1/4 cents, July Chicago wheat was down 7 1/2 cents, July Minneapolis wheat was down 7 1/4 cents.For the week:July corn closed down 22 1/2 cents and December corn was down 5 1/4 cents. July soybeans closed up 1 1/2 cents and November soybeans were up 6 1/2 cents. July KC wheat closed down 10 cents, July Chicago wheat was down 9 1/4 cents and July Minneapolis wheat was down 2 cents.U.S. ag markets were mostly higher Friday with the exception of wheat futures which continue to be under heavy selling pressure ahead of Monday's updated look into world fundamentals for the next marketing year. Corn and soybean markets traded higher, with the latter putting in double-digit gains early before strength faded by afternoon. The soybean move higher was driven primarily by trade optimism after President Trump floated the idea of an 80% tariff on China on Thursday, ahead of the meeting between officials from the United States and China on Saturday. Outside markets were mostly supportive to ag futures on Friday, with the U.S. dollar correcting slightly following a strong day Thursday and crude oil futures working toward a third positive session in the past four and trading at the highest price for the month of May thus far.LIVESTOCK:The live cattle complex traded mixed throughout the day, but upon seeing midday boxed beef prices lower, traders eased their support of the complex even more. A few new cash cattle bids have surfaced in the North at $225 to $228 live, but at this point, no new sales have been reported. So far this week, Northern dressed deals have been marked at mostly $355, $6 higher than last week's weighted average, basis Nebraska, a Regional, paid as much as $360 for some cattle set for delayed delivery. The South had live sales marked at $218 to $221, mostly $219 to $220, $1 to $2 higher than last week's weighted averages. Some more clean-up trade could develop, but by and large, it's looking like this week's trade is mostly done with. The feeder cattle complex also ran out of steam ahead of the weekend as its contracts traded mostly lower into Friday's closing bell. And while the market's support was grandiose throughout the earlier part of the week, traders simply seem exhausted and seem to be welcoming the idea of pausing and catching their breath. With the help of strong midday pork cutout values, the nearby lean hog contracts traded higher into Friday's close. The gains seen this morning in pork cutout values were wild as the butt jumped $7.30, and the loin jumped $7.06. It also seems to be true that the spot June contract is finding some technical support around $97.00, which is helping find some balance in the contracts as well.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/09135529/web-closing-markets.mp3">HERE </a>for audio

The United States and the United Kingdom announced a historic trade deal. The White House says the agreement provides American companies with unprecedented access to U.K. markets while bolstering national security. President Donald Trump said, “The deal includes billions of dollars of increased market access for American exports, especially in agriculture, dramatically increasing access for American beef, ethanol, and virtually all the products produced by our great farmers.” 

The U.K. also agrees to reduce or eliminate non-tariff trade barriers that unfairly discriminate against U.S. goods. The deal creates a $5 billion opportunity for new exports for U.S. farmers, ranchers, and producers, including over $700 million in ethanol exports and $250 million in other agricultural products like beef. It also commits the countries to work together to enhance industrial and agricultural market access. Customs procedures for U.S. exports will be streamlined to ensure smooth entry into the U.K. marketplace. 

The United States and the United Kingdom announced a historic trade deal. The White House says the agreement provides American companies with unprecedented access to U.K. markets while bolstering national security. President Donald Trump said, “The deal includes billions of dollars of increased market access for American exports, especially in agriculture, dramatically increasing access for American beef, ethanol, and virtually all the products produced by our great farmers.” The U.K. also agrees to reduce or eliminate non-tariff trade barriers that unfairly discriminate against U.S. goods. The deal creates a $5 billion opportunity for new exports for U.S. farmers, ranchers, and producers, including over $700 million in ethanol exports and $250 million in other agricultural products like beef. It also commits the countries to work together to enhance industrial and agricultural market access. Customs procedures for U.S. exports will be streamlined to ensure smooth entry into the U.K. marketplace. -NAFB

U.S. and U.K. reach historic trade deal 

The updated 2025 calendar year runoff forecast for the Missouri River Basin above Sioux City, Iowa, continues to be below average. April runoff in the Missouri River Basin above Sioux City was 1.4 million acre-feet, which is 48 percent of the average. “Runoff into the reservoir system was below average for the month of April, and runoff was below average in all reaches,” says John Remus of the U.S. Army Corps of Engineers. 

“Drought or abnormally dry conditions are currently present in 75 percent of the basin, and conditions have worsened in the Fort Peck reach and Garrison reach in the last month, which resulted in a forecast lowered by 1.9 million acre-feet from last month.” The 2025 calendar year forecast above Sioux City is 20 million acre-feet, 78 percent of the average. The runoff forecast is based on current soil moisture conditions, mountain snowpack, and long-term precipitation and temperature outlooks. 

The updated 2025 calendar year runoff forecast for the Missouri River Basin above Sioux City, Iowa, continues to be below average. April runoff in the Missouri River Basin above Sioux City was 1.4 million acre-feet, which is 48 percent of the average. “Runoff into the reservoir system was below average for the month of April, and runoff was below average in all reaches,” says John Remus of the U.S. Army Corps of Engineers. “Drought or abnormally dry conditions are currently present in 75 percent of the basin, and conditions have worsened in the Fort Peck reach and Garrison reach in the last month, which resulted in a forecast lowered by 1.9 million acre-feet from last month.” The 2025 calendar year forecast above Sioux City is 20 million acre-feet, 78 percent of the average. The runoff forecast is based on current soil moisture conditions, mountain snowpack, and long-term precipitation and temperature outlooks. -NAFB

Missouri River runoff forecast lowered by drought

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

Traders kept their fingers on the sell button for corn and wheat Thursday, driving prices further into multi-month lows for corn, and multi-year lows for wheat prices. Soybean futures were able to find some strength, trading higher on optimism regarding international trade and this weekend's upcoming meeting between the U.S. and China. The big news for Thursday was the announcement of a trade agreement between the U.S. and United Kingdom, of which many finer details are unknown but the early terms appear to be a win for U.S. agricultural interests, with Commerce Secretary Lutnick singling out ethanol and beef exports as examples of U.S. commodities which will enjoy larger market access as a result of the agreement. The agreement comes as the first following the April 2 tariff rollout and subsequent 90-day pause and certainly worked to further ease investors' minds as stocks pressed higher following the news, with the Dow Jones Industrial Average working towards a seventh higher session over the past ten days.

The live cattle complex traded higher upon recognizing the light movement in the North yesterday afternoon and higher for fed cash cattle prices. It's also helpful that boxed beef prices have seemed to find another wind of support as boxes have seen better demand this week than they have in recent weeks. There's been no more trade in the cash cattle market today, but some more trade is likely to develop ahead of the week's end, especially in the North, as movement there has been thin. So far this week, the bulk of transactions have been in Kansas and Texas, with a range of $218 to $221, mostly $219 to $220, $1 to $2 higher than last week's weighted averages. Very light scattered sales in Nebraska and Iowa have been marked at $353 to $360, mostly $353 to $355, $4 to $6 higher than last week's weighted averages.

The feeder cattle complex also traded higher as the market is pleased to see ample support stemming from the live cattle/fed cash cattle market this week. With the live cattle contracts trading higher, boxed beef prices seeing better demand, the fed cash cattle market trading higher, and prices still extremely high in the countryside for feeder cattle, the market honestly has all the support it could wish for.

With a less-than-supportive export sales report and lukewarm market fundamentals, it comes as no surprise that the lean hog market traded mixed again today. The losses currently seen in the pork cutout sector are mainly affecting the carcass prices because of the $5.31 decline in the rib and the $3.00 drop in the belly.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/08144851/web-closing-markets.mp3">HERE</a> for audio

By: NATHAN STUEDLESt. Joseph PostGRAINS:July corn closed down 1 3/4 cents and December corn was down 2 cents. July soybeans closed up 5 3/4 cents and November soybeans were up 3 cents. July KC wheat closed down 4 3/4 cents, July Chicago wheat was down 5 cents, July Minneapolis wheat was down 2 1/4 cents.Traders kept their fingers on the sell button for corn and wheat Thursday, driving prices further into multi-month lows for corn, and multi-year lows for wheat prices. Soybean futures were able to find some strength, trading higher on optimism regarding international trade and this weekend's upcoming meeting between the U.S. and China. The big news for Thursday was the announcement of a trade agreement between the U.S. and United Kingdom, of which many finer details are unknown but the early terms appear to be a win for U.S. agricultural interests, with Commerce Secretary Lutnick singling out ethanol and beef exports as examples of U.S. commodities which will enjoy larger market access as a result of the agreement. The agreement comes as the first following the April 2 tariff rollout and subsequent 90-day pause and certainly worked to further ease investors' minds as stocks pressed higher following the news, with the Dow Jones Industrial Average working towards a seventh higher session over the past ten days.LIVESTOCK:The live cattle complex traded higher upon recognizing the light movement in the North yesterday afternoon and higher for fed cash cattle prices. It's also helpful that boxed beef prices have seemed to find another wind of support as boxes have seen better demand this week than they have in recent weeks. There's been no more trade in the cash cattle market today, but some more trade is likely to develop ahead of the week's end, especially in the North, as movement there has been thin. So far this week, the bulk of transactions have been in Kansas and Texas, with a range of $218 to $221, mostly $219 to $220, $1 to $2 higher than last week's weighted averages. Very light scattered sales in Nebraska and Iowa have been marked at $353 to $360, mostly $353 to $355, $4 to $6 higher than last week's weighted averages.The feeder cattle complex also traded higher as the market is pleased to see ample support stemming from the live cattle/fed cash cattle market this week. With the live cattle contracts trading higher, boxed beef prices seeing better demand, the fed cash cattle market trading higher, and prices still extremely high in the countryside for feeder cattle, the market honestly has all the support it could wish for.With a less-than-supportive export sales report and lukewarm market fundamentals, it comes as no surprise that the lean hog market traded mixed again today. The losses currently seen in the pork cutout sector are mainly affecting the carcass prices because of the $5.31 decline in the rib and the $3.00 drop in the belly.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/08144851/web-closing-markets.mp3">HERE</a> for audio

Investors who profit from selling stocks, real estate and other assets soon could reap an even larger benefit in Missouri, which is poised to become the first U.S. state to exempt capital gains from its income tax. Legislation that won final approval Wednesday would halt the capital gains tax this year for individuals and could eventually eliminate it for corporations, if state revenues keep growing. 

By: NATHAN STUEDLESt. Joseph PostInvestors who profit from selling stocks, real estate and other assets soon could reap an even larger benefit in Missouri, which is poised to become the first U.S. state to exempt capital gains from its income tax. Legislation that won final approval Wednesday would halt the capital gains tax this year for individuals and could eventually eliminate it for corporations, if state revenues keep growing.

Missouri poised to become first U.S. state to exempt stock sale profits from income taxes

EPA Administrator Lee Zeldin says the Office of Pesticide Programs will benefit from the dissolution of the Office of Research and Development, the agency’s scientific research arm. The agency said last week the Office of Chemical Safety and Pollution Prevention, which includes OPP, will get more than 130 employees, some of whom will work on pesticide reviews. On Tuesday, Zeldin told farm broadcasters EPA chemicals staff had urged him to bolster chemical reviews and pesticide registrations. 

“They said that if they were able to get scientists sent to them from the Office of Research and Development, that can help them in getting through this backlog that we inherited,” Zeldin said. Zeldin also urged growers to reach out with suggestions for the recently released insecticide strategy. “My message would be for any individual growers that are out there and they read the insecticide strategy, and they have an idea for us on how to do anything better, let us know, and we'll update. This isn't a final document,” according to Zeldin.

EPA Administrator Lee Zeldin says the Office of Pesticide Programs will benefit from the dissolution of the Office of Research and Development, the agency’s scientific research arm. The agency said last week the Office of Chemical Safety and Pollution Prevention, which includes OPP, will get more than 130 employees, some of whom will work on pesticide reviews. On Tuesday, Zeldin told farm broadcasters EPA chemicals staff had urged him to bolster chemical reviews and pesticide registrations. “They said that if they were able to get scientists sent to them from the Office of Research and Development, that can help them in getting through this backlog that we inherited,” Zeldin said. Zeldin also urged growers to reach out with suggestions for the recently released insecticide strategy. “My message would be for any individual growers that are out there and they read the insecticide strategy, and they have an idea for us on how to do anything better, let us know, and we'll update. This isn't a final document,” according to Zeldin.-NAFB

EPA working to clear pesticide registration backlog 

July corn closed down 6 1/4 cents and December corn was down 1/2 cents. July soybeans closed down 2 cents and November soybeans were up 2 3/4 cents. July KC wheat closed down 8 1/2 cents, July Chicago wheat was down 1 3/4 cents, July Minneapolis wheat was down 7 3/4 cents.

The market received an early shot of adrenaline Wednesday when it was reported that the U.S. and China will officially kick off trade negotiations later this week when parties from both nations will meet in Geneva, Switzerland. Agricultural and financial markets alike will be keeping close tabs on the talks for clues on the next stage of the 2025 trade war. Strength in U.S. grains and oilseed markets faded through the morning as traders remain in favor of liquidation with the May USDA data drop just days away. By the close, most U.S. markets had slipped lower with the exception of new-crop November soybeans, which managed to hold on to small gains amid the China related headlines. In outside markets, all eyes were again on the Federal Reserve, which again decided to hold rates steady amid ongoing inflation concerns in what was a widely predicted outcome. Fed Chair Powell's comments Wednesday afternoon will undoubtedly have the market's attention.

After reaching new contract highs yet again just Tuesday, and following the light business that took place in the South at $218 to $220 which is steady to $2.00 higher than last week's weighted average, traders have grown cold to the live cattle complex as all its contracts traded lower into Wednesday's close. More than anything it seems as though traders are cautious about overly supporting the complex more than they already have; traders could also be waiting to see what happens in the North for fed cash cattle trade. At this point only a few more cattle have sold in Texas for $219 which is steady with Tuesday's business, but otherwise no more cattle have sold. Asking prices in the South are noted at $220-plus but are still not fully established in the North.

Following in the same direction as the live cattle contracts, the feeder cattle market was trending lower into Wednesday's close. And just like the live cattle complex, this lower move doesn't seem to be because of any rationale other than because traders are worried the market is overbought.

Without any rip-roaring, wild support stemming from the market's fundamentals, it's no surprise to see the lean hog complex trading lower again, just the July contract managed to finish slightly higher. And while pork cutout values may be up slightly, it currently isn't enough to help boost the morale of traders as their tone and sentiment was set on trading lower.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/07142036/web-closing-markets.mp3">HERE</a> for audio

By: NAHAN STUEDLESt. Joseph PostGRAINS:July corn closed down 6 1/4 cents and December corn was down 1/2 cents. July soybeans closed down 2 cents and November soybeans were up 2 3/4 cents. July KC wheat closed down 8 1/2 cents, July Chicago wheat was down 1 3/4 cents, July Minneapolis wheat was down 7 3/4 cents.The market received an early shot of adrenaline Wednesday when it was reported that the U.S. and China will officially kick off trade negotiations later this week when parties from both nations will meet in Geneva, Switzerland. Agricultural and financial markets alike will be keeping close tabs on the talks for clues on the next stage of the 2025 trade war. Strength in U.S. grains and oilseed markets faded through the morning as traders remain in favor of liquidation with the May USDA data drop just days away. By the close, most U.S. markets had slipped lower with the exception of new-crop November soybeans, which managed to hold on to small gains amid the China related headlines. In outside markets, all eyes were again on the Federal Reserve, which again decided to hold rates steady amid ongoing inflation concerns in what was a widely predicted outcome. Fed Chair Powell's comments Wednesday afternoon will undoubtedly have the market's attention.LIVESTOCK:After reaching new contract highs yet again just Tuesday, and following the light business that took place in the South at $218 to $220 which is steady to $2.00 higher than last week's weighted average, traders have grown cold to the live cattle complex as all its contracts traded lower into Wednesday's close. More than anything it seems as though traders are cautious about overly supporting the complex more than they already have; traders could also be waiting to see what happens in the North for fed cash cattle trade. At this point only a few more cattle have sold in Texas for $219 which is steady with Tuesday's business, but otherwise no more cattle have sold. Asking prices in the South are noted at $220-plus but are still not fully established in the North.Following in the same direction as the live cattle contracts, the feeder cattle market was trending lower into Wednesday's close. And just like the live cattle complex, this lower move doesn't seem to be because of any rationale other than because traders are worried the market is overbought.Without any rip-roaring, wild support stemming from the market's fundamentals, it's no surprise to see the lean hog complex trading lower again, just the July contract managed to finish slightly higher. And while pork cutout values may be up slightly, it currently isn't enough to help boost the morale of traders as their tone and sentiment was set on trading lower.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/07142036/web-closing-markets.mp3">HERE</a> for audio