There is still time to apply to the Beginning Farmer Institute from the National Farmers Union. 

The registration deadline has been extended to July 15, 2025. The Institute is a free, ten-week farm business management program. It’s a comprehensive course designed to strengthen the long-term success and resilience of farms and ranches across the country. 

From October through December, participants will have weekly online trainings led by farm business management experts and engage in peer-to-peer learning. Participants who complete all the necessary course requirements will be considered for an additional in-person session the following spring, which will include additional trainings, farm tours, and networking opportunities with the National Farmers Union’s leadership team. 

The Beginning Farmer Institute is open to any U.S. producer over 18. Applicants must currently be farming or ranching at a for-profit operation. Operations of any size and type may apply. For more information, go to the event&nbsp;<a href="https://www.eventcreate.com/e/bfi">webpage</a>.

<a href="https://www.eventcreate.com/e/bfi"></a>.

There is still time to apply to the Beginning Farmer Institute from the National Farmers Union. The registration deadline has been extended to July 15, 2025. The Institute is a free, ten-week farm business management program. It’s a comprehensive course designed to strengthen the long-term success and resilience of farms and ranches across the country. From October through December, participants will have weekly online trainings led by farm business management experts and engage in peer-to-peer learning. Participants who complete all the necessary course requirements will be considered for an additional in-person session the following spring, which will include additional trainings, farm tours, and networking opportunities with the National Farmers Union’s leadership team. The Beginning Farmer Institute is open to any U.S. producer over 18. Applicants must currently be farming or ranching at a for-profit operation. Operations of any size and type may apply. For more information, go to the event&nbsp;<a href="https://www.eventcreate.com/e/bfi">webpage</a>.-NAFB<a href="https://www.eventcreate.com/e/bfi"></a>.

Beginning farmer institute registration deadline extended

A USDA report says May egg output dropped year over year, as did the number of total egg layers in the U.S. Production fell to 8.59 billion eggs last month, down six percent year over year. 

About 7.3 billion were table eggs, and 1.29 billion were hatching eggs. Of the hatching eggs, 1.18 billion were broiler-type. USDA also said the number of egg layers in the U.S. on June 1 totaled 350 million, a six percent drop from the same date last year. 

Approximately 285 million layers produced table or market eggs, 60.3 million laid broiler-type hatching eggs, and 4.13 million produced egg-type hatching eggs. The rate of production averaged 79 eggs per 100 layers, a slight decrease from June 2024. 

Hatchings in May included 60.9 million egg-type chicks, an eight percent increase from the same month last year. Eggs in incubators jumped 11 percent to 59.6 million.

A USDA report says May egg output dropped year over year, as did the number of total egg layers in the U.S. Production fell to 8.59 billion eggs last month, down six percent year over year. About 7.3 billion were table eggs, and 1.29 billion were hatching eggs. Of the hatching eggs, 1.18 billion were broiler-type. USDA also said the number of egg layers in the U.S. on June 1 totaled 350 million, a six percent drop from the same date last year. Approximately 285 million layers produced table or market eggs, 60.3 million laid broiler-type hatching eggs, and 4.13 million produced egg-type hatching eggs. The rate of production averaged 79 eggs per 100 layers, a slight decrease from June 2024. Hatchings in May included 60.9 million egg-type chicks, an eight percent increase from the same month last year. Eggs in incubators jumped 11 percent to 59.6 million.-NAFB

May egg production drops six percent

The Senate parliamentarian who acts as a legislative umpire has ruled against a key funding provision in the president’s One Big Beautiful tax and spending bill. 

Elizabeth MacDonough says the SNAP provision to force the states to pick up a sliding amount of food stamp benefits based on payment error rates violates a key Senate rule.

The Byrd rule, named after the late West Virginia Senator Robert Byrd, prohibited legislating on budget reconciliation bills. Iowa Senator Chuck Grassley.

“I think there are still going to be attempts to look at alternative ways to craft some form of alternative cost-share that complies with the Byrd rule. So, this might not be over yet. Hopefully it’s not.” 

But if the ruling stands, it would be a big win for Democrats, who’ve targeted SNAP savings in their long-running farm bill feud with Republicans, and would punch a huge funding hole in the GOP tax bill. Grassley has some longstanding, though so far, unsuccessful ideas on new savings.

“Get rid of the proposal to increase payment limits from 125 thousand to 155 thousand. We can also increase savings by closing the ‘actively engaged’ loophole that allows Wall Street bankers to cash government checks meant for farmers with dirt under their fingernails.”  

But without a quick solution or a Senate override of the parliamentarian, action could be slowed.

“The Leader says we’re going to stay in session until we get it done, even if that takes us into Sunday.” 

President Trump has set a goal of having the bill on his desk by July 4th though both chambers were set to be out for the holiday by the end of this week.

The Senate parliamentarian who acts as a legislative umpire has ruled against a key funding provision in the president’s One Big Beautiful tax and spending bill. Elizabeth MacDonough says the SNAP provision to force the states to pick up a sliding amount of food stamp benefits based on payment error rates violates a key Senate rule.The Byrd rule, named after the late West Virginia Senator Robert Byrd, prohibited legislating on budget reconciliation bills. Iowa Senator Chuck Grassley.“I think there are still going to be attempts to look at alternative ways to craft some form of alternative cost-share that complies with the Byrd rule. So, this might not be over yet. Hopefully it’s not.” But if the ruling stands, it would be a big win for Democrats, who’ve targeted SNAP savings in their long-running farm bill feud with Republicans, and would punch a huge funding hole in the GOP tax bill. Grassley has some longstanding, though so far, unsuccessful ideas on new savings.“Get rid of the proposal to increase payment limits from 125 thousand to 155 thousand. We can also increase savings by closing the ‘actively engaged’ loophole that allows Wall Street bankers to cash government checks meant for farmers with dirt under their fingernails.” But without a quick solution or a Senate override of the parliamentarian, action could be slowed.“The Leader says we’re going to stay in session until we get it done, even if that takes us into Sunday.” President Trump has set a goal of having the bill on his desk by July 4th though both chambers were set to be out for the holiday by the end of this week.-Matt Kaye/Berns Bureau

 Senate parliamentarian strikes SNAP state cost-share

Growth Energy applauded a ruling by the U.S. Court of Appeals in Washington, D.C., that defended the RFS Set. 

The decision rejected an attempt by oil industry interests to undermine the Renewable Fuel Standard, a program requiring refiners to include a certain amount of biofuels in the nation’s fuel blend. 

“The oil industry’s arguments in this case were fatally flawed and relied on tenuous legal arguments that ran contrary to the facts and plain language of the RFS statute,” said Growth Energy in a statement. 

Oil and environmental groups challenged EPA’s RFS Set Rule, which established Renewable Volume Obligations for 2023-2025, on various grounds. In its ruling late last week, the country rejected most of their claims, finding that the challenges were without merit. 

The decision also remands the rule back to the EPA and the Fish and Wildlife Service to better explain its conclusions while allowing the set rule to remain.

Growth Energy applauded a ruling by the U.S. Court of Appeals in Washington, D.C., that defended the RFS Set. The decision rejected an attempt by oil industry interests to undermine the Renewable Fuel Standard, a program requiring refiners to include a certain amount of biofuels in the nation’s fuel blend. “The oil industry’s arguments in this case were fatally flawed and relied on tenuous legal arguments that ran contrary to the facts and plain language of the RFS statute,” said Growth Energy in a statement. Oil and environmental groups challenged EPA’s RFS Set Rule, which established Renewable Volume Obligations for 2023-2025, on various grounds. In its ruling late last week, the country rejected most of their claims, finding that the challenges were without merit. The decision also remands the rule back to the EPA and the Fish and Wildlife Service to better explain its conclusions while allowing the set rule to remain.-NAFB

Appeals court upholds RFS Set challenge

United States and China tensions and the resulting tariffs cost U.S. farmers $2 billion in lost exports this year. 

A new study from North Dakota State University’s Center for Agricultural Policy and Trade Studies says the lost sales to China far surpass modest gains elsewhere. From January to April, agricultural exports to China contracted by over $5 billion, leaving export volumes up to 55 percent lower than the previous year. 

U.S. ag exports to South Asia, the European Union, and Central America climbed by 43, 39, and 24 percent, respectively. However, U.S. gains didn’t get high enough to offset the losses in the Chinese market. Both countries reduced tariffs as part of a deal negotiated in Switzerland. However, the U.S. preserved a baseline ten percent tariff on Chinese products and a 20 percent tariff applied over China’s role in the fentanyl crisis. 

Beijing has a ten percent tariff in place.

United States and China tensions and the resulting tariffs cost U.S. farmers $2 billion in lost exports this year. A new study from North Dakota State University’s Center for Agricultural Policy and Trade Studies says the lost sales to China far surpass modest gains elsewhere. From January to April, agricultural exports to China contracted by over $5 billion, leaving export volumes up to 55 percent lower than the previous year. U.S. ag exports to South Asia, the European Union, and Central America climbed by 43, 39, and 24 percent, respectively. However, U.S. gains didn’t get high enough to offset the losses in the Chinese market. Both countries reduced tariffs as part of a deal negotiated in Switzerland. However, the U.S. preserved a baseline ten percent tariff on Chinese products and a 20 percent tariff applied over China’s role in the fentanyl crisis. Beijing has a ten percent tariff in place.-NAFB

U.S.-China trade tensions cost farmers $2 Billion

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/24192416/30001.mp3">&lt; Click here to listen to audio &gt;</a>

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July corn closed down 3 cents and December corn was down 4 3/4 cents. July soybeans closed down 12 cents and November soybeans were down 9 3/4 cents. July KC wheat closed down 15 1/4 cents, July Chicago wheat was down 17 cents, July MIAX Minneapolis wheat was down 1 3/4 cents.

The U.S. Dollar Index is down 0.54 at 97.88. The Dow Jones Industrial Average is up 507.0 points at 43,408.0. August gold is down $64.30 at $3,330.70, July silver is down $0.41 at $35.78 and July copper is up $0.0330. August crude oil is down $4.01 at $64.50, August ultra-low sulfur diesel is down $0.0859, August RBOB gasoline is down $0.1252 and July natural gas is down $0.153.

July corn moved lower yet again Tuesday, closing at $4.16 1/4, down 3 cents. December futures were also lower, down 4 3/4 cents at $4.29. July futures posted a third straight session lower and the fourth down day out of the past five. A bearish cloud remains over the corn market. Not even the lower conditions report from USDA on Monday or a sizeable flash sale of corn to Mexico Tuesday morning could deter sellers. The market is preparing for increased corn acreage in next Monday's USDA report and traders seem to be expressing skepticism in the 1.365-billion-bushel (bb) carryout stocks number USDA is currently estimating as well.

Monday's Crop Progress report was a bit of surprise with national good-to-excellent ratings for the corn crop coming in 2 percentage points less than a week ago. Even with the drop, the good-to-excellent rating of 70% certainly doesn't paint a very concerning picture for the yield potential of the crop. It is worth reminding that June condition scores have a weak relationship in general with final corn yields; there is a lot of weather left to go at this point. Which is why the extension of friendly weather through June and into early July is the primary bearish factor keeping corn prices in a downtrend. The longer the forecast remains friendly, the less perceived risk to the growing crop in the eyes of traders.

In other news for Tuesday, private exporters announced a very strong round of corn sales to Mexico amounting to 24.8 million bushels (mb). Of the total, 21.8 mb are for 2025-26 and the balance for 2026-27. This will certainly extend the commitments lead over a year ago. Seasonally speaking, mid-June is typically where we start to see a pick-up in new-crop corn sales, which may be the boost of demand needed to slow the selling pressure in corn futures. For Tuesday, however, futures traders gave little mind to the flash sale.

In corn technicals, December corn futures are in clear striking distance of the current contract low of $4.28, which is a likely target for the trade this week. If that level is broken, the next round of support is likely in the low $4.20s. For a bullish objective, I'd like to see a recovery to back above former support at $4.35, which would put a challenge of downtrend resistance in the $4.40 to $4.45 area back into play.

The DTN National Corn Index finished Monday at $3.98. Tuesday's futures close and implied corn basis of 21 cents under the July board would indicate the index on Tuesday afternoon to be near $3.95.

July soybeans dropped another 12 cents Tuesday to $10.46 3/4. November soybeans were down 9 3/4 cents to $10.37. It was another day of profit-taking across the soybean complex, primarily spurred on by the drastic reversal in crude oil prices which spilled over into soybean oil futures as well. Soybean oil futures closed at 52.17, trading lower for the fifth straight session and chipping away slightly at the gap left in the chart following the June 13 EPA announcement. If profit-takers decide to fill the gap, 50.61 is the target.

Monday's Crop Progress report saw soybean conditions hold steady at 66% good to excellent, just a point lower than at this point in 2024. Soybean plantings were reported at 96% complete as of June 22, just a point behind 2024 as well. Currently there are no glaring delays with the majority of soybean planting regions now within the late planting window for crop insurance purposes. It is worth noting that lagging states such as Kansas and Kentucky have portions of the state that allow soybean planting up until June 30 so there is still incentive there for producers to plant to the buzzer.

In soybean technicals, November futures traded back below the 20-day moving average near $10.40 Tuesday, while the 50-day moving average near $10.36 3/4 held for now. The 50-day moving average has been relatively supportive to new-crop soybean futures since mid-April.

The DTN National Soybean Index finished Monday at $9.99. Tuesday's futures close and implied soybean basis of 60 cents under the July board would indicate the index on Tuesday afternoon to be near $9.87.

Wheat futures traded sharply lower again Tuesday with July Kansas City futures down 15 1/4 cents to $5.34 3/4. July Chicago and MIAX Minneapolis wheat futures were also lower, with Minneapolis showing the most resilience to the pressure, closing down only 1 3/4 cents.

Winter wheat harvest across the U.S. advanced 9 points through the most recent week to 19% complete on average. This remains behind the previous 5-year average pace of 28% heading into the final week of June. Meanwhile, conditions also declined nationally, with good-to-excellent ratings declining by 3 percentage points to 49%. Leading weekly declines came from Montana, Oklahoma, and Colorado. Oklahoma and Colorado's drops may be a bit misleading, especially for Colorado where conditions were 66% good to excellent prior to this week and even with the drop still sit in better shape than at this point in 2024. Top-producing Kansas lost 4 points from good-to-excellent ratings, perhaps reflective of heavy precipitation and wind damage early last week. It is also possible high heat through the weekend played a role. The heat looks to break over the next week's forecast, and there are chances for rains across the Southern Plains, which at this point may work to slow harvest further in some areas.

For Tuesday, wheat traders pretty much ignored Monday's Crop Progress report, perhaps seeing enough opportunity for dry windows in the forecast for harvest pace to catch up, and not seeing the drop in winter wheat ratings as a serious issue at this point. On the world scale, generally good conditions for the crop in France as well as improved estimates in recent weeks and months for the Russian wheat crop continue to add to pressure on wheat futures.

The DTN National HRW Index finished Monday at $4.93, while the DTN National HRS Index was $5.98. Tuesday's futures close and the implied basis of 57 cents under the July for HRW, and 16 cents under the July for HRS, would indicate the indices for Tuesday afternoon to be near $4.78 and $5.96, respectively.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/24192416/30001.mp3">&lt; Click here to listen to audio &gt;</a><a href="https://www.680kfeq.com/daily-cash-grain-bids/">&lt; For cash grain bid updates click here &gt;</a>GENERAL COMMENTS:July corn closed down 3 cents and December corn was down 4 3/4 cents. July soybeans closed down 12 cents and November soybeans were down 9 3/4 cents. July KC wheat closed down 15 1/4 cents, July Chicago wheat was down 17 cents, July MIAX Minneapolis wheat was down 1 3/4 cents.The U.S. Dollar Index is down 0.54 at 97.88. The Dow Jones Industrial Average is up 507.0 points at 43,408.0. August gold is down $64.30 at $3,330.70, July silver is down $0.41 at $35.78 and July copper is up $0.0330. August crude oil is down $4.01 at $64.50, August ultra-low sulfur diesel is down $0.0859, August RBOB gasoline is down $0.1252 and July natural gas is down $0.153.CORN:July corn moved lower yet again Tuesday, closing at $4.16 1/4, down 3 cents. December futures were also lower, down 4 3/4 cents at $4.29. July futures posted a third straight session lower and the fourth down day out of the past five. A bearish cloud remains over the corn market. Not even the lower conditions report from USDA on Monday or a sizeable flash sale of corn to Mexico Tuesday morning could deter sellers. The market is preparing for increased corn acreage in next Monday's USDA report and traders seem to be expressing skepticism in the 1.365-billion-bushel (bb) carryout stocks number USDA is currently estimating as well.Monday's Crop Progress report was a bit of surprise with national good-to-excellent ratings for the corn crop coming in 2 percentage points less than a week ago. Even with the drop, the good-to-excellent rating of 70% certainly doesn't paint a very concerning picture for the yield potential of the crop. It is worth reminding that June condition scores have a weak relationship in general with final corn yields; there is a lot of weather left to go at this point. Which is why the extension of friendly weather through June and into early July is the primary bearish factor keeping corn prices in a downtrend. The longer the forecast remains friendly, the less perceived risk to the growing crop in the eyes of traders.In other news for Tuesday, private exporters announced a very strong round of corn sales to Mexico amounting to 24.8 million bushels (mb). Of the total, 21.8 mb are for 2025-26 and the balance for 2026-27. This will certainly extend the commitments lead over a year ago. Seasonally speaking, mid-June is typically where we start to see a pick-up in new-crop corn sales, which may be the boost of demand needed to slow the selling pressure in corn futures. For Tuesday, however, futures traders gave little mind to the flash sale.In corn technicals, December corn futures are in clear striking distance of the current contract low of $4.28, which is a likely target for the trade this week. If that level is broken, the next round of support is likely in the low $4.20s. For a bullish objective, I'd like to see a recovery to back above former support at $4.35, which would put a challenge of downtrend resistance in the $4.40 to $4.45 area back into play.The DTN National Corn Index finished Monday at $3.98. Tuesday's futures close and implied corn basis of 21 cents under the July board would indicate the index on Tuesday afternoon to be near $3.95.SOYBEANS:July soybeans dropped another 12 cents Tuesday to $10.46 3/4. November soybeans were down 9 3/4 cents to $10.37. It was another day of profit-taking across the soybean complex, primarily spurred on by the drastic reversal in crude oil prices which spilled over into soybean oil futures as well. Soybean oil futures closed at 52.17, trading lower for the fifth straight session and chipping away slightly at the gap left in the chart following the June 13 EPA announcement. If profit-takers decide to fill the gap, 50.61 is the target.Monday's Crop Progress report saw soybean conditions hold steady at 66% good to excellent, just a point lower than at this point in 2024. Soybean plantings were reported at 96% complete as of June 22, just a point behind 2024 as well. Currently there are no glaring delays with the majority of soybean planting regions now within the late planting window for crop insurance purposes. It is worth noting that lagging states such as Kansas and Kentucky have portions of the state that allow soybean planting up until June 30 so there is still incentive there for producers to plant to the buzzer.In soybean technicals, November futures traded back below the 20-day moving average near $10.40 Tuesday, while the 50-day moving average near $10.36 3/4 held for now. The 50-day moving average has been relatively supportive to new-crop soybean futures since mid-April.The DTN National Soybean Index finished Monday at $9.99. Tuesday's futures close and implied soybean basis of 60 cents under the July board would indicate the index on Tuesday afternoon to be near $9.87.WHEAT:Wheat futures traded sharply lower again Tuesday with July Kansas City futures down 15 1/4 cents to $5.34 3/4. July Chicago and MIAX Minneapolis wheat futures were also lower, with Minneapolis showing the most resilience to the pressure, closing down only 1 3/4 cents.Winter wheat harvest across the U.S. advanced 9 points through the most recent week to 19% complete on average. This remains behind the previous 5-year average pace of 28% heading into the final week of June. Meanwhile, conditions also declined nationally, with good-to-excellent ratings declining by 3 percentage points to 49%. Leading weekly declines came from Montana, Oklahoma, and Colorado. Oklahoma and Colorado's drops may be a bit misleading, especially for Colorado where conditions were 66% good to excellent prior to this week and even with the drop still sit in better shape than at this point in 2024. Top-producing Kansas lost 4 points from good-to-excellent ratings, perhaps reflective of heavy precipitation and wind damage early last week. It is also possible high heat through the weekend played a role. The heat looks to break over the next week's forecast, and there are chances for rains across the Southern Plains, which at this point may work to slow harvest further in some areas.For Tuesday, wheat traders pretty much ignored Monday's Crop Progress report, perhaps seeing enough opportunity for dry windows in the forecast for harvest pace to catch up, and not seeing the drop in winter wheat ratings as a serious issue at this point. On the world scale, generally good conditions for the crop in France as well as improved estimates in recent weeks and months for the Russian wheat crop continue to add to pressure on wheat futures.The DTN National HRW Index finished Monday at $4.93, while the DTN National HRS Index was $5.98. Tuesday's futures close and the implied basis of 57 cents under the July for HRW, and 16 cents under the July for HRS, would indicate the indices for Tuesday afternoon to be near $4.78 and $5.96, respectively.

Closing Markets for June 24th, 2025

Amy Klobuchar (D-MN), Ranking Member of the Senate Agriculture Committee, commented on the Senate Parliamentarian’s advice that the agriculture, nutrition, and forestry provisions of the Republican reconciliation bill violate the Senate’s Byrd Rule. Those provisions would be subject to a 60-vote threshold if they’re included in the final bill before a Senate vote. 

These provisions include cost-shifts to states, which mandates that states cover a portion of SNAP program benefits with the state share escalating with payment error rates. “The Parliamentarian made clear that Senate Republicans cannot use their partisan budget to shift major nutrition assistance costs to the states, which would have inevitably led to major cuts,” she said. “While the Republican’s proposed cuts to SNAP will still be devastating to families, farmers, and independent grocers, we will keep fighting to protect families in need.” She also said Republicans should work with Democrats to lower costs for all Americans.

Amy Klobuchar (D-MN), Ranking Member of the Senate Agriculture Committee, commented on the Senate Parliamentarian’s advice that the agriculture, nutrition, and forestry provisions of the Republican reconciliation bill violate the Senate’s Byrd Rule. Those provisions would be subject to a 60-vote threshold if they’re included in the final bill before a Senate vote. These provisions include cost-shifts to states, which mandates that states cover a portion of SNAP program benefits with the state share escalating with payment error rates. “The Parliamentarian made clear that Senate Republicans cannot use their partisan budget to shift major nutrition assistance costs to the states, which would have inevitably led to major cuts,” she said. “While the Republican’s proposed cuts to SNAP will still be devastating to families, farmers, and independent grocers, we will keep fighting to protect families in need.” She also said Republicans should work with Democrats to lower costs for all Americans.-NAFB

Klobuchar on Reconciliation Package Decisions

President Donald Trump is again considering how to shield American agricultural industry stakeholders from the effects of his illegal immigration crackdown. 

USA Today says that comes only days after the administration reinstated workplace raids at U.S. agricultural operations. “We can’t put farms out of business,” Trump said on June 20. “We’re looking at doing something where good and reputable farmers can take responsibility for the people they hire and let them have the responsibility. At the same time, we don’t want to hurt people who are not criminals.” 

The messages have been mixed as raids continue despite the President promising changes to protect migrants in the farming, hotel, and leisure industries in a social media post on Truth Social on June 12. After directing immigration officials to largely pause the raids on farms, hotels, restaurants, and meatpacking plants, the administration reversed course only a few days later and resumed the raids.

President Donald Trump is again considering how to shield American agricultural industry stakeholders from the effects of his illegal immigration crackdown. USA Today says that comes only days after the administration reinstated workplace raids at U.S. agricultural operations. “We can’t put farms out of business,” Trump said on June 20. “We’re looking at doing something where good and reputable farmers can take responsibility for the people they hire and let them have the responsibility. At the same time, we don’t want to hurt people who are not criminals.” The messages have been mixed as raids continue despite the President promising changes to protect migrants in the farming, hotel, and leisure industries in a social media post on Truth Social on June 12. After directing immigration officials to largely pause the raids on farms, hotels, restaurants, and meatpacking plants, the administration reversed course only a few days later and resumed the raids.-NAFB

Administration Still Considering Immigration Relief for U.S. Agriculture

The USDA’s Cattle on Feed Report said cattle and calves on feed for the slaughter market in the United States for feedlots with a capacity of 1,000 or more head totaled 11.4 million on June 1, 2025. 

That inventory level was one percent below June 1, 2024, which fell within most of the industry’s pre-report expectations. Industry experts called the report neutral to slightly friendly but continue to point to a tight supply picture for the cattle market. Drovers says several states continue to see inventory well below last year, such as Texas at 93 percent and Colorado at 96 percent of 2024. 

On the other end, Nebraska was 104 percent compared to 2024, Oklahoma was 102 percent, and Kansas was 101 percent. Fed cattle marketings in May totaled 1.76 million head, ten percent below 2024. Other disappearances in May totaled 62,000 head, unchanged from May 2024.

The USDA’s Cattle on Feed Report said cattle and calves on feed for the slaughter market in the United States for feedlots with a capacity of 1,000 or more head totaled 11.4 million on June 1, 2025. That inventory level was one percent below June 1, 2024, which fell within most of the industry’s pre-report expectations. Industry experts called the report neutral to slightly friendly but continue to point to a tight supply picture for the cattle market. Drovers says several states continue to see inventory well below last year, such as Texas at 93 percent and Colorado at 96 percent of 2024. On the other end, Nebraska was 104 percent compared to 2024, Oklahoma was 102 percent, and Kansas was 101 percent. Fed cattle marketings in May totaled 1.76 million head, ten percent below 2024. Other disappearances in May totaled 62,000 head, unchanged from May 2024.-NAFB

U.S. Cattle on Feed Down One Percent

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July corn closed down 9 1/2 cents and December corn was down 7 1/2 cents. July soybeans closed down 9 1/4 cents and November soybeans were down 14 cents. July KC wheat closed down 13 1/4 cents, July Chicago wheat was down 15 cents, July MIAX Minneapolis wheat was down 12 cents.

The U.S. Dollar Index is down 0.24 at 98.46. The Dow Jones Industrial Average is up 263.0 points at 42,778.0. August gold is up $15.20 at $3,400.90, July silver is up $0.26 at $36.28 and July copper is up $0.0735. August crude oil is down $5.48 at $68.36, August ultra-low sulfur diesel is down $0.1667, August RBOB gasoline is down $0.1181 and July natural gas is down $0.148.

July corn futures traded sharply lower Monday, down 9 1/2 cents to $4.19 1/4. December futures followed, down 7 1/2 cents to $4.33 3/4. Old-crop July corn futures traded to new contract lows Monday, as speculators continue to build short positions. Ending stocks-to-use percentage is far from a perfect predictor of corn price, but a $4.20 futures price and new contract lows with a stocks-to-use of less than 9% is certainly a bearish surprise for the season, and a telling indication that grain fundamentals just aren't currently at the top of trader concerns. That or traders are still expecting a bearish increase in stocks by the end of the marketing year, in which case the June 30 report has a history of such surprises, both bullish and bearish.

Moving forward, Monday afternoon's delayed Commitments of Traders report from the CFTC will shed some light on speculator positions as of June 17, but it will be a safe assumption that whatever figure is printed Monday afternoon is likely less than the true net-short position amongst noncommercial traders. Also released post-close on Monday will be the latest Crop Progress report from USDA, the U.S. corn crop was rated at 72% good to excellent last week, which is expected to hold steady or even improve this afternoon.

In corn technicals, December corn futures traded again to 2025 lows, and dropped just below recent support near $4.35 following Friday's rejection at downtrend resistance. For a deeper look into December 2025 corn technicals, consider reading Monday's Technically Speaking column from DTN Analyst Dana Mantini.

The DTN National Corn Index finished Friday at $4.07. Monday's futures close and implied corn basis of 22 cents under the July board would indicate the index on Monday afternoon to be near $3.97.

July soybeans dropped 9 1/4 cents Monday to $10.58 3/4. November soybeans were down 14 cents to $10.46 3/4. Soybean futures dropped for a second straight session following Friday's reversal and have now given back approximately half of the gains made from the bullish EPA biofuel mandate announcement on June 13. Soybean oil futures have also posted a fourth straight session lower since the initial 2-day rally following the EPA news, as traders have quickly turned to booking profits amid lingering uncertainty especially with the Trump administration's "Big, Beautiful Bill" still working its way through the Senate and the July 4 target date for passage growing nearer.

Soybean conditions dropped in last week's Crop Progress report by 2 percentage points to 66% good to excellent. Traders will be interested to see how crops fared in the eyes of the USDA following a week of mostly favorable weather, with the exception of some severe storm events across the Plains. It will also be important with the June 30 acreage revisions looming to see how the planting season concludes, with 93% of the crop planted as of last week.

In soybean technicals, November futures will be searching for support between current prices and the consolidation of the 50-day and 100-day moving averages in the mid $10.30s, which stands as the immediate bearish target. The 20-day moving average near $10.40 1/2 currently is the first line of major support.

The DTN National Soybean Index finished Friday at $10.11. Monday's futures close and implied soybean basis of 57 cents under the July board would indicate the index on Monday afternoon to be near $10.02.

July Kansas City wheat futures traded down 13 1/4 cents Monday to $5.50. Chicago and MIAX Minneapolis futures were also sharply lower as traders return to risk-off trade following a burst of short-covering over the past few weeks which really accelerated last week. Last week's weather events, with notable storms first in southern Kansas and then in North Dakota later in the week, are currently not leading traders to believe any significant yield loss has occurred. In fact, July KC futures traders have removed most of the premium built through Wednesday's 23-cent surge. Prices still remain elevated from mid-May lows, however for now it seems traders are satisfied with the yield risk priced into the market ahead of Monday's update from USDA.

Along those lines, traders will be interested to see if high heat through late last week and into the weekend helped to dry out overly wet areas and allow for producers to catch up following the slow start to harvest noted in last week's Crop Progress update. Price action Monday would indicate traders are expecting significant progress to have been made over the past week. Also, later Monday, it will be very interesting to see just how much of the once-record net-short position wheat traders have covered through the rally as of last Tuesday, June 17.

For wheat technicals on Monday, the $5.50 mark has provided soft support for the price break thus far, beyond that the 50-day moving average near $5.40 is a bearish target for July Kansas City futures. To the upside, if bulls can recover above the 20-day moving average near $5.51 1/2 quickly following Monday's close, that would certainly be an optimistic signal for the nearby trade.

The DTN National HRW Index finished Friday at $5.06, while the DTN National HRS Index was $6.11. Monday's futures close and the implied basis of 57 cents under the July for HRW, and 16 cents under the July for HRS, would indicate the indices for Monday afternoon to be near $4.93 and $5.99, respectively.

Editor's Note: Get ahead of the herd with the latest insights on the cattle market's changing cycle. Join us on Tuesday, June 24, from 10 a.m. CDT to noon for an in-depth analysis of how weather patterns, trade disruptions, and drought are reshaping the beef industry's traditional 10-year cycle. Oklahoma State University Livestock Marketing Specialist Dr. Derrell Peel shares what the cowherd of the future will look like, while DTN experts share details on weather conditions for forage and pastures, hay market dynamics and what it all means for fat and live cattle prices. Register for free here: https://dtn.link/AgSummitSeries-Summer2025 .

By MATT PIKEClick <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/23140452/30001-closing-markets.wav">HERE</a> to listen to the marketsGENERAL COMMENTS:July corn closed down 9 1/2 cents and December corn was down 7 1/2 cents. July soybeans closed down 9 1/4 cents and November soybeans were down 14 cents. July KC wheat closed down 13 1/4 cents, July Chicago wheat was down 15 cents, July MIAX Minneapolis wheat was down 12 cents.The U.S. Dollar Index is down 0.24 at 98.46. The Dow Jones Industrial Average is up 263.0 points at 42,778.0. August gold is up $15.20 at $3,400.90, July silver is up $0.26 at $36.28 and July copper is up $0.0735. August crude oil is down $5.48 at $68.36, August ultra-low sulfur diesel is down $0.1667, August RBOB gasoline is down $0.1181 and July natural gas is down $0.148.CORN:July corn futures traded sharply lower Monday, down 9 1/2 cents to $4.19 1/4. December futures followed, down 7 1/2 cents to $4.33 3/4. Old-crop July corn futures traded to new contract lows Monday, as speculators continue to build short positions. Ending stocks-to-use percentage is far from a perfect predictor of corn price, but a $4.20 futures price and new contract lows with a stocks-to-use of less than 9% is certainly a bearish surprise for the season, and a telling indication that grain fundamentals just aren't currently at the top of trader concerns. That or traders are still expecting a bearish increase in stocks by the end of the marketing year, in which case the June 30 report has a history of such surprises, both bullish and bearish.Moving forward, Monday afternoon's delayed Commitments of Traders report from the CFTC will shed some light on speculator positions as of June 17, but it will be a safe assumption that whatever figure is printed Monday afternoon is likely less than the true net-short position amongst noncommercial traders. Also released post-close on Monday will be the latest Crop Progress report from USDA, the U.S. corn crop was rated at 72% good to excellent last week, which is expected to hold steady or even improve this afternoon.In corn technicals, December corn futures traded again to 2025 lows, and dropped just below recent support near $4.35 following Friday's rejection at downtrend resistance. For a deeper look into December 2025 corn technicals, consider reading Monday's Technically Speaking column from DTN Analyst Dana Mantini.The DTN National Corn Index finished Friday at $4.07. Monday's futures close and implied corn basis of 22 cents under the July board would indicate the index on Monday afternoon to be near $3.97.SOYBEANS:July soybeans dropped 9 1/4 cents Monday to $10.58 3/4. November soybeans were down 14 cents to $10.46 3/4. Soybean futures dropped for a second straight session following Friday's reversal and have now given back approximately half of the gains made from the bullish EPA biofuel mandate announcement on June 13. Soybean oil futures have also posted a fourth straight session lower since the initial 2-day rally following the EPA news, as traders have quickly turned to booking profits amid lingering uncertainty especially with the Trump administration's "Big, Beautiful Bill" still working its way through the Senate and the July 4 target date for passage growing nearer.Soybean conditions dropped in last week's Crop Progress report by 2 percentage points to 66% good to excellent. Traders will be interested to see how crops fared in the eyes of the USDA following a week of mostly favorable weather, with the exception of some severe storm events across the Plains. It will also be important with the June 30 acreage revisions looming to see how the planting season concludes, with 93% of the crop planted as of last week.In soybean technicals, November futures will be searching for support between current prices and the consolidation of the 50-day and 100-day moving averages in the mid $10.30s, which stands as the immediate bearish target. The 20-day moving average near $10.40 1/2 currently is the first line of major support.The DTN National Soybean Index finished Friday at $10.11. Monday's futures close and implied soybean basis of 57 cents under the July board would indicate the index on Monday afternoon to be near $10.02.WHEAT:July Kansas City wheat futures traded down 13 1/4 cents Monday to $5.50. Chicago and MIAX Minneapolis futures were also sharply lower as traders return to risk-off trade following a burst of short-covering over the past few weeks which really accelerated last week. Last week's weather events, with notable storms first in southern Kansas and then in North Dakota later in the week, are currently not leading traders to believe any significant yield loss has occurred. In fact, July KC futures traders have removed most of the premium built through Wednesday's 23-cent surge. Prices still remain elevated from mid-May lows, however for now it seems traders are satisfied with the yield risk priced into the market ahead of Monday's update from USDA.Along those lines, traders will be interested to see if high heat through late last week and into the weekend helped to dry out overly wet areas and allow for producers to catch up following the slow start to harvest noted in last week's Crop Progress update. Price action Monday would indicate traders are expecting significant progress to have been made over the past week. Also, later Monday, it will be very interesting to see just how much of the once-record net-short position wheat traders have covered through the rally as of last Tuesday, June 17.For wheat technicals on Monday, the $5.50 mark has provided soft support for the price break thus far, beyond that the 50-day moving average near $5.40 is a bearish target for July Kansas City futures. To the upside, if bulls can recover above the 20-day moving average near $5.51 1/2 quickly following Monday's close, that would certainly be an optimistic signal for the nearby trade.The DTN National HRW Index finished Friday at $5.06, while the DTN National HRS Index was $6.11. Monday's futures close and the implied basis of 57 cents under the July for HRW, and 16 cents under the July for HRS, would indicate the indices for Monday afternoon to be near $4.93 and $5.99, respectively.**Editor's Note: Get ahead of the herd with the latest insights on the cattle market's changing cycle. Join us on Tuesday, June 24, from 10 a.m. CDT to noon for an in-depth analysis of how weather patterns, trade disruptions, and drought are reshaping the beef industry's traditional 10-year cycle. Oklahoma State University Livestock Marketing Specialist Dr. Derrell Peel shares what the cowherd of the future will look like, while DTN experts share details on weather conditions for forage and pastures, hay market dynamics and what it all means for fat and live cattle prices. Register for free here: https://dtn.link/AgSummitSeries-Summer2025 .

Commodity markets daily recap

Public listening sessions on the future of the Waters of the U.S. (WOTUS) rule have wrapped up, and the Trump administration said it plans to have the rule completed by the end of the year. 

Throughout the sessions, there was a clear divide between what agriculture and industry groups and environmental groups are seeking in WOTUS, as ag reps said they wanted clearer definitions while environmental groups asked for no changes to the rule. 

DTN reports the continued back and forth of definitions and re-definitions from administration to administration in the past 20 years has led to what is currently a patchwork of differing versions of the WOTUS definition from state to state because of a series of legal cases. 

The agencies held nine listening sessions including two public sessions in West Virginia and Utah, and said in the news release that they "heard from people who are frustrated with the constantly shifting" WOTUS definition.

Public listening sessions on the future of the Waters of the U.S. (WOTUS) rule have wrapped up, and the Trump administration said it plans to have the rule completed by the end of the year. Throughout the sessions, there was a clear divide between what agriculture and industry groups and environmental groups are seeking in WOTUS, as ag reps said they wanted clearer definitions while environmental groups asked for no changes to the rule. DTN reports the continued back and forth of definitions and re-definitions from administration to administration in the past 20 years has led to what is currently a patchwork of differing versions of the WOTUS definition from state to state because of a series of legal cases. The agencies held nine listening sessions including two public sessions in West Virginia and Utah, and said in the news release that they "heard from people who are frustrated with the constantly shifting" WOTUS definition.-NAFB

EPA concludes hearings on WOTUS rule

Following a week of immigration whiplash, President Trump's border czar Tom Homan confirmed late last week that immigration raids will continue in the agriculture and hospitality industries. 

The Trump administration had said it was pausing some ICE raids that would hurt those industries, but Homan's comments reaffirm that it is reversing course. While workers at places like farms, restaurants, and hotels will be targeted, people with criminal backgrounds will be a priority for immigration enforcement officials, Homan said. 

"We're going to continue to do worksite enforcement operations, even on farms and hotels, but based on a prioritized basis. Criminals come first," Homan told reporters. 

Asked what he would say to farmers concerned the raids will hurt their jobs and the U.S. economy, Homan said, "Well, first of all, there's a right way and wrong way to hire workers. There are legal programs that bring farm workers in. Second of all, I've been saying for years, Congress needs to address this. But because Congress failed, it just doesn't mean we ignore it. It's illegal to knowingly hire an illegal alien."

Following a week of immigration whiplash, President Trump's border czar Tom Homan confirmed late last week that immigration raids will continue in the agriculture and hospitality industries. The Trump administration had said it was pausing some ICE raids that would hurt those industries, but Homan's comments reaffirm that it is reversing course. While workers at places like farms, restaurants, and hotels will be targeted, people with criminal backgrounds will be a priority for immigration enforcement officials, Homan said. "We're going to continue to do worksite enforcement operations, even on farms and hotels, but based on a prioritized basis. Criminals come first," Homan told reporters. Asked what he would say to farmers concerned the raids will hurt their jobs and the U.S. economy, Homan said, "Well, first of all, there's a right way and wrong way to hire workers. There are legal programs that bring farm workers in. Second of all, I've been saying for years, Congress needs to address this. But because Congress failed, it just doesn't mean we ignore it. It's illegal to knowingly hire an illegal alien."-NAFB

Trump's Border Czar: Immigration raids at farms to continue

&nbsp;Ag Secretary Brooke Rollins says despite the trade uncertainty from the president’s on-again-off-again tariffs, USDA is working to boost US farm exports, especially soy.

A recent visit to Italy brought this response from Secretary Rollins when the top House Ag Democrat asked at an oversight hearing what Rollins was doing to boost soy exports.

“Interestingly, of course, the government of Georgia Meloni is very aligned with President Trump, as an example. They are very open. But Italy, again, as an example, imports about 75 (B) billion dollars in agricultural products. Only 1-point-7 (B) billion comes from our American farmers and ranchers.”

Rollins noted that despite the trade uncertainty surrounding the president’s tariff threats, the administration is pushing for more farm exports.

“We had great conversations, specific to soy, on how we get, which is the number one import, but not nearly enough, how we get more of that into Italy, into the EU, into Japan, into India.”

But Ranking Ag Democrat Angie Craig wanted to know about the US’s biggest soy market.

“China represents 50-percent of (the) U.S. soybean market…wouldn’t it, I’m not going to ask, but I believe it would have been a better strategy to go get these markets before you do an across-the-board trade war that decimates 50-percent of the market.” Rollins “President announced a deal with China, so that is being solved.”

The US and China agreed to drop their reciprocal tariffs to 10-percent for 90-days while negotiating a broader trade deal during the pause. China earlier imposed 10-and 15-percent duties on key U.S. farm goods.

&nbsp;Ag Secretary Brooke Rollins says despite the trade uncertainty from the president’s on-again-off-again tariffs, USDA is working to boost US farm exports, especially soy.A recent visit to Italy brought this response from Secretary Rollins when the top House Ag Democrat asked at an oversight hearing what Rollins was doing to boost soy exports.“Interestingly, of course, the government of Georgia Meloni is very aligned with President Trump, as an example. They are very open. But Italy, again, as an example, imports about 75 (B) billion dollars in agricultural products. Only 1-point-7 (B) billion comes from our American farmers and ranchers.”Rollins noted that despite the trade uncertainty surrounding the president’s tariff threats, the administration is pushing for more farm exports.“We had great conversations, specific to soy, on how we get, which is the number one import, but not nearly enough, how we get more of that into Italy, into the EU, into Japan, into India.”But Ranking Ag Democrat Angie Craig wanted to know about the US’s biggest soy market.“China represents 50-percent of (the) U.S. soybean market…wouldn’t it, I’m not going to ask, but I believe it would have been a better strategy to go get these markets before you do an across-the-board trade war that decimates 50-percent of the market.” Rollins “President announced a deal with China, so that is being solved.”The US and China agreed to drop their reciprocal tariffs to 10-percent for 90-days while negotiating a broader trade deal during the pause. China earlier imposed 10-and 15-percent duties on key U.S. farm goods.-NAFB

Rollins cites efforts to boost soy exports amid tariff uncertainty

The U.S. agricultural trade deficit is widening in 2025, driven by shifting global trade dynamics and rising import demand. 

USDA’s Outlook for U.S. Agricultural Trade report provides projections for exports and imports, offering insight into current trade trends. From January through April, the United States imported $78.2 billion in agricultural products while exporting just $58.5 billion. 

This $19.7 billion deficit is the largest ever recorded for the first four months of a year and signals that the 2025 deficit could surpass previous records. After decades of consistent trade surpluses, U.S. agriculture has been in an agricultural trade deficit since 2022. In fiscal year (FY) 2023, the trade gap reached $16.7 billion and nearly doubles in FY 2024 to $31.8 billion. 

USDA now forecasts the FY 2025 deficit will rise to approximately $49.5 billion, which would mark the largest agricultural trade imbalance on record.

The U.S. agricultural trade deficit is widening in 2025, driven by shifting global trade dynamics and rising import demand. USDA’s Outlook for U.S. Agricultural Trade report provides projections for exports and imports, offering insight into current trade trends. From January through April, the United States imported $78.2 billion in agricultural products while exporting just $58.5 billion. This $19.7 billion deficit is the largest ever recorded for the first four months of a year and signals that the 2025 deficit could surpass previous records. After decades of consistent trade surpluses, U.S. agriculture has been in an agricultural trade deficit since 2022. In fiscal year (FY) 2023, the trade gap reached $16.7 billion and nearly doubles in FY 2024 to $31.8 billion. USDA now forecasts the FY 2025 deficit will rise to approximately $49.5 billion, which would mark the largest agricultural trade imbalance on record.-NAFB

U.S. headed toward record Ag trade deficit

Senate Republicans are racing against the clock to finish their version of President Donald Trump’s Big Beautiful Bill. 

As the Senate continues to roll out its versions of the reconciliation bill, there are some differences between the House and Senate proposals when it comes to agriculture. The main variations come down to changes in the tax provisions, but it’s key to note proposed changes to the farm safety net are similar in both the House and the Senate. 

The House and Senate will now need to work out their differences in the two versions of the Big Beautiful Bill. President Trump said he wants to sign the legislation on July 4, but many reports cast doubt Congress can meet that approaching deadline.

 Politico even reported last week that the Senate GOP’s version of the bill is “facing major headwinds in the House.”

Senate Republicans are racing against the clock to finish their version of President Donald Trump’s Big Beautiful Bill. As the Senate continues to roll out its versions of the reconciliation bill, there are some differences between the House and Senate proposals when it comes to agriculture. The main variations come down to changes in the tax provisions, but it’s key to note proposed changes to the farm safety net are similar in both the House and the Senate. The House and Senate will now need to work out their differences in the two versions of the Big Beautiful Bill. President Trump said he wants to sign the legislation on July 4, but many reports cast doubt Congress can meet that approaching deadline. Politico even reported last week that the Senate GOP’s version of the bill is “facing major headwinds in the House.”-NAFB

Key differences between House and Senate BBB versions could impact farmers

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

July corn closed down 15 3/4 cents and December corn was down 1 3/4 cents. July soybeans closed down 1 3/4 cents and November soybeans were up 6 cents. July KC wheat closed up 22 1/2 cents, July Chicago wheat was up 24 cents and July Minneapolis wheat was up 4 1/2 cents.

Row-crop markets were mostly lower across the board as traders returned from the holiday break ready to square positions and book profits heading into the weekend. It wasn't too surprising to see this given the strong rally in wheat prices on Wednesday and the volatile nature of weather-driven trade. Friday also supported the theory that early week gains in corn prices were primarily due to borrowed strength from the wheat market. In outside markets, investors and traders are still expressing uncertainty as to the ongoing conflict between Israel and Iran. Crude oil prices had been higher early Friday but fell off amid meetings between Iranian and European officials in search of a solution. Meanwhile, Israeli officials have indicated a "prolonged campaign" is possible and President Trump has signaled he will decide whether the U.S. will strike against Iran within the next two weeks, an added layer of uncertainty in the eyes of the market.

Following the severe correction that the market endured earlier this week, the live cattle complex found some technical support and trading higher into Friday's noon hour. With light trade and overall nervousness on pricing, that early confidence faded, and all contracts finished in the red. So far this week, dressed deals in the North have been mostly at $376, $4 lower than last week's weighted averages. While only a small test has been reported in the South, Kansas specifically at $231, $5 lower than last week's weighted average.

Between the strong interest from buyers this week on video sales across the nation and the added support of strong market technicals, the feeder cattle complex is had no issue trading higher this morning. However, the weakness in the live cattle complex spilled over and the feeders finished totally red as well. This afternoon's Cattle on Feed report should add a bullish feather to the market's hat, as feeder cattle placements are expected to be lighter than a year ago.

The lean hog complex was rolling through the morning as the market saw ample support from the week's strong export report and from continued support from consumers as pork cutout values are higher again and managed to finish entirely in the green at the closing bell. The biggest boost that the morning's carcass price received was from the rib's $6.65 jump, along with the ham's $4.10 jump.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/20152514/web-closing-markets-1.mp3">HERE</a> for audio

By: NATHAN STUEDLEGRAINS:July corn closed down 4 3/4 cents and December corn was down 2 3/4 cents. July soybeans closed down 6 3/4 cents and November soybeans were down 7 1/2 cents. July KC wheat closed down 8 cents, July Chicago wheat was down 6 1/2 cents, July Minneapolis wheat was down 7 1/2 cents.For the Week:July corn closed down 15 3/4 cents and December corn was down 1 3/4 cents. July soybeans closed down 1 3/4 cents and November soybeans were up 6 cents. July KC wheat closed up 22 1/2 cents, July Chicago wheat was up 24 cents and July Minneapolis wheat was up 4 1/2 cents.Row-crop markets were mostly lower across the board as traders returned from the holiday break ready to square positions and book profits heading into the weekend. It wasn't too surprising to see this given the strong rally in wheat prices on Wednesday and the volatile nature of weather-driven trade. Friday also supported the theory that early week gains in corn prices were primarily due to borrowed strength from the wheat market. In outside markets, investors and traders are still expressing uncertainty as to the ongoing conflict between Israel and Iran. Crude oil prices had been higher early Friday but fell off amid meetings between Iranian and European officials in search of a solution. Meanwhile, Israeli officials have indicated a "prolonged campaign" is possible and President Trump has signaled he will decide whether the U.S. will strike against Iran within the next two weeks, an added layer of uncertainty in the eyes of the market.LIVESTOCK:Following the severe correction that the market endured earlier this week, the live cattle complex found some technical support and trading higher into Friday's noon hour. With light trade and overall nervousness on pricing, that early confidence faded, and all contracts finished in the red. So far this week, dressed deals in the North have been mostly at $376, $4 lower than last week's weighted averages. While only a small test has been reported in the South, Kansas specifically at $231, $5 lower than last week's weighted average. Between the strong interest from buyers this week on video sales across the nation and the added support of strong market technicals, the feeder cattle complex is had no issue trading higher this morning. However, the weakness in the live cattle complex spilled over and the feeders finished totally red as well. This afternoon's Cattle on Feed report should add a bullish feather to the market's hat, as feeder cattle placements are expected to be lighter than a year ago.The lean hog complex was rolling through the morning as the market saw ample support from the week's strong export report and from continued support from consumers as pork cutout values are higher again and managed to finish entirely in the green at the closing bell. The biggest boost that the morning's carcass price received was from the rib's $6.65 jump, along with the ham's $4.10 jump.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/20152514/web-closing-markets-1.mp3">HERE</a> for audio

The Department of Homeland Security told staff on Monday it would be reversing guidance issued last week that agents weren’t to conduct immigration raids at farms, hotels, and restaurants. Reports say the immigration pullback is directly at odds with President Donald Trump’s calls for mass deportations of anyone illegally in the U.S. Immigration and Customs Enforcement officials told agency staff on a call that they must continue conducting immigration raids on farms and other agricultural businesses along with hotels and restaurants. 

Two people familiar with the agency call said the new instructions were given to staff from as many as 30 field offices across the country. Another report states, “As the vital harvest season gets going in California’s vast agricultural regions, farmers and their workers are getting whiplash from the series of contradictory signals about how the administration’s crackdown on illegal immigration may or may not affect them. 

The Department of Homeland Security told staff on Monday it would be reversing guidance issued last week that agents weren’t to conduct immigration raids at farms, hotels, and restaurants. Reports say the immigration pullback is directly at odds with President Donald Trump’s calls for mass deportations of anyone illegally in the U.S. Immigration and Customs Enforcement officials told agency staff on a call that they must continue conducting immigration raids on farms and other agricultural businesses along with hotels and restaurants. Two people familiar with the agency call said the new instructions were given to staff from as many as 30 field offices across the country. Another report states, “As the vital harvest season gets going in California’s vast agricultural regions, farmers and their workers are getting whiplash from the series of contradictory signals about how the administration’s crackdown on illegal immigration may or may not affect them. -NAFB

ICE reverses agriculture exemption from immigration raids

Ag Secretary Brooke Rollins launched an $8.5 million sterile New World screwworm fly dispersal facility in south Texas and announced a five-part plan to enhance USDA’s ability to detect, control, and eliminate the pest. These urgent actions are necessary to finish the fight against NWS and protect the nation’s livestock. 

While the screwworm has been eradicated from the U.S. for decades, recent detections in Mexico as close as 700 miles from the U.S. border led to the immediate suspension of live cattle, horses, and bison imports through U.S. ports of entry along the southern U.S. border back on May 11. “The U.S. has defeated NWS before and will do it again,” Rollins said during a facility groundbreaking ceremony. “We don’t take the threat NWS poses to our livestock industry, our economy, and food supply chain lightly.” The five-part plan includes partnering with Mexico to ensure eradication and protect the southern border.

Ag Secretary Brooke Rollins launched an $8.5 million sterile New World screwworm fly dispersal facility in south Texas and announced a five-part plan to enhance USDA’s ability to detect, control, and eliminate the pest. These urgent actions are necessary to finish the fight against NWS and protect the nation’s livestock. While the screwworm has been eradicated from the U.S. for decades, recent detections in Mexico as close as 700 miles from the U.S. border led to the immediate suspension of live cattle, horses, and bison imports through U.S. ports of entry along the southern U.S. border back on May 11. “The U.S. has defeated NWS before and will do it again,” Rollins said during a facility groundbreaking ceremony. “We don’t take the threat NWS poses to our livestock industry, our economy, and food supply chain lightly.” The five-part plan includes partnering with Mexico to ensure eradication and protect the southern border.-NAFB

USDA plan to combat new world screwworm

July corn closed up 2 cents and December corn was up 5 1/4 cents. July soybeans closed up 3/4 cents and November soybeans were up 1/2 cents. July KC wheat closed up 23 1/2 cents, July Chicago wheat was up 25 1/4 cents, July Minneapolis wheat was up 15 1/2 cents.

It was an overall green day across U.S. row-crop markets for Wednesday, with strength stemming primarily from wheat markets which surged to the highest prices seen for July futures since mid-April. Storms rolled through the Southern Great Plains primarily in Kansas on Tuesday, with more chances for storms over the next week leading to concerns that U.S. winter wheat harvest will slip further behind schedule. Corn and soybean markets traded higher as well, albeit in a much quieter fashion compared to wheat. In macro news for Wednesday, the Federal Reserve kept interest rates unchanged while still planning for two cuts later this year, this move was widely anticipated by traders and investors. Lastly, markets will pause on Thursday in observance of Juneteenth, with grains reopening Thursday evening at 7 p.m. CDT.

Although the live cattle contracts were pressured throughout the day, the market was able to round out the day on a positive note, as just before closing traders found support. It was interesting to see traders respect the market's 40-day moving average and to see that they elected to keep the spot August contract above that threshold. Now combine the positive movement of the board with the slightly weaker tone of the fed cash cattle market, and it's anyone's guess what the rest of this week's trade will become.

The feeder cattle complex continued to follow the live cattle market's direction innately, so when the live cattle contracts popped higher, so did the feeder cattle contracts. Results of the Corn Belt Classic should be shared later this evening, but reports suggest a stronger undertone was definitely noted.

The lean hog complex was able to thankfully close higher Wednesday afternoon although pork cutout values ended weaker. But with the significant jump in cash prices, traders opted to see the positivity in the market and push prices higher. Again this afternoon the butt's $4.22 decline was the biggest reason why the carcass price was pulled lower, but most of the cuts did end lower to one degree or another.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/18162545/web-closing-markets-1.mp3">HERE</a> for audio

By: NATHAN STUEDLEGRAINS:July corn closed up 2 cents and December corn was up 5 1/4 cents. July soybeans closed up 3/4 cents and November soybeans were up 1/2 cents. July KC wheat closed up 23 1/2 cents, July Chicago wheat was up 25 1/4 cents, July Minneapolis wheat was up 15 1/2 cents.It was an overall green day across U.S. row-crop markets for Wednesday, with strength stemming primarily from wheat markets which surged to the highest prices seen for July futures since mid-April. Storms rolled through the Southern Great Plains primarily in Kansas on Tuesday, with more chances for storms over the next week leading to concerns that U.S. winter wheat harvest will slip further behind schedule. Corn and soybean markets traded higher as well, albeit in a much quieter fashion compared to wheat. In macro news for Wednesday, the Federal Reserve kept interest rates unchanged while still planning for two cuts later this year, this move was widely anticipated by traders and investors. Lastly, markets will pause on Thursday in observance of Juneteenth, with grains reopening Thursday evening at 7 p.m. CDT.LIVESTOCK:Although the live cattle contracts were pressured throughout the day, the market was able to round out the day on a positive note, as just before closing traders found support. It was interesting to see traders respect the market's 40-day moving average and to see that they elected to keep the spot August contract above that threshold. Now combine the positive movement of the board with the slightly weaker tone of the fed cash cattle market, and it's anyone's guess what the rest of this week's trade will become. The feeder cattle complex continued to follow the live cattle market's direction innately, so when the live cattle contracts popped higher, so did the feeder cattle contracts. Results of the Corn Belt Classic should be shared later this evening, but reports suggest a stronger undertone was definitely noted. The lean hog complex was able to thankfully close higher Wednesday afternoon although pork cutout values ended weaker. But with the significant jump in cash prices, traders opted to see the positivity in the market and push prices higher. Again this afternoon the butt's $4.22 decline was the biggest reason why the carcass price was pulled lower, but most of the cuts did end lower to one degree or another.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/18162545/web-closing-markets-1.mp3">HERE</a> for audio

July corn closed down 3 1/4 cents and December corn was up 3 3/4 cents. July soybeans closed up 4 1/4 cents and November soybeans were up 7 1/4 cents. July KC wheat closed up 11 3/4 cents, July Chicago wheat was up 12 1/2 cents, July Minneapolis wheat was up 8 cents.

U.S. ag futures were mostly higher for Tuesday on a combination of technical buying as well as a mixed Crop Progress report from USDA on Monday afternoon in conjunction with the threat of severe weather for western Kansas. Meanwhile, in outside markets, oil prices again firmed on Tuesday after Iran's reported desire to restart talks with Israel seemingly went nowhere. Two oil tankers were also reported to have struck one another in the Gulf of Oman early Tuesday, as the Wall Street Journal reported that navigational systems are being interfered with as a result of military action in the region. Stocks were on edge Tuesday as President Trump left the G-7 Summit in Canada early but denied the early exit was to work on a Middle East ceasefire.

The live cattle complex was faced with technical pushback again today as traders' lingering concern that the market could indeed be overbought hasn't subsided. But the real question that the week has yet to answer is: If the market is indeed able to receive fundamental support in the form of stronger cash prices and continued stronger boxed beef prices, will it make a difference for the futures complex? Some folks are not certain that it will, as traders seem committed to siding with the bears in the market, but there's a chance that if fundamental support does develop that it will at least help hold the market closer to steady as opposed to letting it trade multiple dollars lower. Asking prices are noted at $238 plus in the South, but are still not established in the North.

Almost like clockwork right now, the feeder cattle complex also traded sharply lower as the market will not move against the direction of the live cattle complex in today's market environment. Although Friday's Cattle on Feed report is expected to be bullish in its findings, traders are numb to its effect right now as the only thing they're fixated on is the market's technical pressure.

Although the lean hog complex has seemed almost unable to have a poor day in the last two weeks, even the lean hog contracts were trading lower into Tuesday's close. Traders have relied heavily on the support of consumer demand and this morning it is worth nothing that pork cutout values are slightly lower.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/17150420/web-closing-markets-1.mp3">HERE</a> for audio

By: NATHAN STUEDLEGRAINS:July corn closed down 3 1/4 cents and December corn was up 3 3/4 cents. July soybeans closed up 4 1/4 cents and November soybeans were up 7 1/4 cents. July KC wheat closed up 11 3/4 cents, July Chicago wheat was up 12 1/2 cents, July Minneapolis wheat was up 8 cents.U.S. ag futures were mostly higher for Tuesday on a combination of technical buying as well as a mixed Crop Progress report from USDA on Monday afternoon in conjunction with the threat of severe weather for western Kansas. Meanwhile, in outside markets, oil prices again firmed on Tuesday after Iran's reported desire to restart talks with Israel seemingly went nowhere. Two oil tankers were also reported to have struck one another in the Gulf of Oman early Tuesday, as the Wall Street Journal reported that navigational systems are being interfered with as a result of military action in the region. Stocks were on edge Tuesday as President Trump left the G-7 Summit in Canada early but denied the early exit was to work on a Middle East ceasefire.LIVESTOCK:The live cattle complex was faced with technical pushback again today as traders' lingering concern that the market could indeed be overbought hasn't subsided. But the real question that the week has yet to answer is: If the market is indeed able to receive fundamental support in the form of stronger cash prices and continued stronger boxed beef prices, will it make a difference for the futures complex? Some folks are not certain that it will, as traders seem committed to siding with the bears in the market, but there's a chance that if fundamental support does develop that it will at least help hold the market closer to steady as opposed to letting it trade multiple dollars lower. Asking prices are noted at $238 plus in the South, but are still not established in the North.Almost like clockwork right now, the feeder cattle complex also traded sharply lower as the market will not move against the direction of the live cattle complex in today's market environment. Although Friday's Cattle on Feed report is expected to be bullish in its findings, traders are numb to its effect right now as the only thing they're fixated on is the market's technical pressure.Although the lean hog complex has seemed almost unable to have a poor day in the last two weeks, even the lean hog contracts were trading lower into Tuesday's close. Traders have relied heavily on the support of consumer demand and this morning it is worth nothing that pork cutout values are slightly lower.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/17150420/web-closing-markets-1.mp3">HERE</a> for audio

Nominations are being accepted from farmers and ranchers to serve on local USDA Farm Service Agency county committees. These committees make important decisions about how federal farm programs are administered locally. All nomination forms for the 2025 election must be postmarked or received in the local FSA office by August 1, 2025.

 “Serving on an FSA county committee provides producers with a unique opportunity to have a say in local farm program decisions, ensuring FSA policies work, as intended, for producers at the country level,” said FSA Administrator Bill Beam. “Nominations are open, so here’s your chance to support USDA’s commitment to putting farmers first by amplifying the voices of farmers and ranchers in your community and effectively delivering the economic support they deserve.” Producers may be nominated for candidacy if they participate or cooperate in a USDA program or reside in the LAA that is up for election this year. 

Nominations are being accepted from farmers and ranchers to serve on local USDA Farm Service Agency county committees. These committees make important decisions about how federal farm programs are administered locally. All nomination forms for the 2025 election must be postmarked or received in the local FSA office by August 1, 2025. “Serving on an FSA county committee provides producers with a unique opportunity to have a say in local farm program decisions, ensuring FSA policies work, as intended, for producers at the country level,” said FSA Administrator Bill Beam. “Nominations are open, so here’s your chance to support USDA’s commitment to putting farmers first by amplifying the voices of farmers and ranchers in your community and effectively delivering the economic support they deserve.” Producers may be nominated for candidacy if they participate or cooperate in a USDA program or reside in the LAA that is up for election this year. -NAFB

Nominations are open for FSA county committees

July corn closed down 9 3/4 cents and December corn was down 8 cents. July soybeans closed unchanged, and November soybeans were up 5 3/4 cents. July KC wheat closed down 4 3/4 cents, July Chicago wheat was down 7 1/4 cents, July Minneapolis wheat was down 11 1/2 cents.

Mondays have generally not been friendly to grain futures over the past several weeks and the start of this week was no exception to this recent trend, especially for corn futures as July prices suffered double-digit losses, erasing modest gains made late last week. The soybean market also struggled Monday following Friday's 27-1/2-cent eruption, despite soybean oil gapping higher on Sunday's open to the highest price of 2025 thus far, extending Friday's gains following the bullish EPA biofuel mandate announcement. Wheat futures too were softer on Monday, as the current friendly forecast for U.S. crops through June is undoubtedly at the top of traders' list of reasons to remain active sellers. In outside markets, crude oil futures posted a sharp reversal Monday after it was reported that Iran was seeking to restart negotiations with Israel and bring an end to the violence which has escalated through the weekend. The pressure in energy markets is likely spilling into the corn market to begin the week, although it's done little to slow the burst in soybean oil futures.

After feeling immensely pressured from a technical standpoint last Friday, the live cattle complex is beginning to regain some ground early this week as most of the nearby contracts are traded $2.00 to $3.00 higher. Like last week, it's unlikely any cash cattle trade will develop until Wednesday at the absolute earliest. But seeing boxed beef prices higher Monday morning does keep bull-spreaders hopeful the market's fundamentals will remain supportive this week. Do note that on Friday of this week the monthly Cattle on Feed report will be released. New showlists appear to be higher in all major feeding states.

With the help of continued fundamental support and active trade Monday morning in the live cattle complex, feeder cattle contracts were confidently higher as the market has more than enough support to justify higher trade. Starting Tuesday, June 17, Superior Livestock Auction will be hosting their first online sale for the season, the Corn Belt Classic, in Sioux City, Nebraska. The sale is cataloged to offer 104,011 head and it will be a great opportunity to see what feeder cattle prices are expected to be later this fall.

The lean hog complex got along famously for a Monday, as the market is trading at new contract highs, yet again, as traders continue to be pleased with the consumer support they're receiving. Monday morning the big $3.00 gain in the picnic is helping push the carcass price higher more than anything.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/16141859/web-closing-markets-1.mp3">HERE</a> for audio

By: NATHAN STUEDLEGRAINS:July corn closed down 9 3/4 cents and December corn was down 8 cents. July soybeans closed unchanged, and November soybeans were up 5 3/4 cents. July KC wheat closed down 4 3/4 cents, July Chicago wheat was down 7 1/4 cents, July Minneapolis wheat was down 11 1/2 cents.Mondays have generally not been friendly to grain futures over the past several weeks and the start of this week was no exception to this recent trend, especially for corn futures as July prices suffered double-digit losses, erasing modest gains made late last week. The soybean market also struggled Monday following Friday's 27-1/2-cent eruption, despite soybean oil gapping higher on Sunday's open to the highest price of 2025 thus far, extending Friday's gains following the bullish EPA biofuel mandate announcement. Wheat futures too were softer on Monday, as the current friendly forecast for U.S. crops through June is undoubtedly at the top of traders' list of reasons to remain active sellers. In outside markets, crude oil futures posted a sharp reversal Monday after it was reported that Iran was seeking to restart negotiations with Israel and bring an end to the violence which has escalated through the weekend. The pressure in energy markets is likely spilling into the corn market to begin the week, although it's done little to slow the burst in soybean oil futures.LIVESTOCK:After feeling immensely pressured from a technical standpoint last Friday, the live cattle complex is beginning to regain some ground early this week as most of the nearby contracts are traded $2.00 to $3.00 higher. Like last week, it's unlikely any cash cattle trade will develop until Wednesday at the absolute earliest. But seeing boxed beef prices higher Monday morning does keep bull-spreaders hopeful the market's fundamentals will remain supportive this week. Do note that on Friday of this week the monthly Cattle on Feed report will be released. New showlists appear to be higher in all major feeding states.With the help of continued fundamental support and active trade Monday morning in the live cattle complex, feeder cattle contracts were confidently higher as the market has more than enough support to justify higher trade. Starting Tuesday, June 17, Superior Livestock Auction will be hosting their first online sale for the season, the Corn Belt Classic, in Sioux City, Nebraska. The sale is cataloged to offer 104,011 head and it will be a great opportunity to see what feeder cattle prices are expected to be later this fall.The lean hog complex got along famously for a Monday, as the market is trading at new contract highs, yet again, as traders continue to be pleased with the consumer support they're receiving. Monday morning the big $3.00 gain in the picnic is helping push the carcass price higher more than anything.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/16141859/web-closing-markets-1.mp3">HERE</a> for audio

Colin Woodall, CEO of the National Cattlemen’s Beef Association, says the screwworm, a parasitic pest, is likely to cross the southern border of the United States later this summer. It’s no longer a question of whether we see a return of New World screwworms in the U.S., it’s a matter of when, Woodall said, probably sometime later this summer. 

The screwworm females lay eggs near open wounds, any kind of wound in cattle, and the eggs hatch into larvae,  that burrow into the wound and feed on living tissue. He said the only cure is to sterilize the male screwworm flies, which they do in a factory in Mexico. When the female screwworm lays her eggs once, she dies, but the male screwworm lives on. Agriculture Secretary Brooke Rollins told the House Ag Committee last week that she will make a major announcement soon concerning the next preventative steps.

Colin Woodall, CEO of the National Cattlemen’s Beef Association, says the screwworm, a parasitic pest, is likely to cross the southern border of the United States later this summer. It’s no longer a question of whether we see a return of New World screwworms in the U.S., it’s a matter of when, Woodall said, probably sometime later this summer. The screwworm females lay eggs near open wounds, any kind of wound in cattle, and the eggs hatch into larvae, that burrow into the wound and feed on living tissue. He said the only cure is to sterilize the male screwworm flies, which they do in a factory in Mexico. When the female screwworm lays her eggs once, she dies, but the male screwworm lives on. Agriculture Secretary Brooke Rollins told the House Ag Committee last week that she will make a major announcement soon concerning the next preventative steps.-NAFB

Screwworm likely to be in U.S. later this Summer

The Renewable Fuels Association welcomed the release of proposed renewable volume obligations (RVOs) for 2026 and 2027, calling the Environmental Protection Agency’s draft rule a “very positive signal” for America’s ethanol industry and farmers. EPA has proposed renewable volume obligations for 2026 of 24 billion gallons, including 15 billion of conventional renewable fuel, 9 billion advanced, 5-point-6 billion biomass diesel and 1-point-3 billion cellulosic…with slightly more advanced biofuel in 2027. 

By prioritizing domestically-produced renewable fuels over imports, RFA said the EPA proposal makes good on President Trump’s commitment to put America first when it comes to energy and agriculture. “Today’s proposal is an important step toward achieving President Trump’s vision of lower gas prices, a stronger agriculture industry, and American energy dominance,” the RFA said in a release. “The volumes proposed today provide crucial growth opportunities for U.S. ethanol producers and farmers, while boosting the supply of lower-cost, American-made energy.” 

The Renewable Fuels Association welcomed the release of proposed renewable volume obligations (RVOs) for 2026 and 2027, calling the Environmental Protection Agency’s draft rule a “very positive signal” for America’s ethanol industry and farmers. EPA has proposed renewable volume obligations for 2026 of 24 billion gallons, including 15 billion of conventional renewable fuel, 9 billion advanced, 5-point-6 billion biomass diesel and 1-point-3 billion cellulosic…with slightly more advanced biofuel in 2027. By prioritizing domestically-produced renewable fuels over imports, RFA said the EPA proposal makes good on President Trump’s commitment to put America first when it comes to energy and agriculture. “Today’s proposal is an important step toward achieving President Trump’s vision of lower gas prices, a stronger agriculture industry, and American energy dominance,” the RFA said in a release. “The volumes proposed today provide crucial growth opportunities for U.S. ethanol producers and farmers, while boosting the supply of lower-cost, American-made energy.” -NAFB

RFA: proposed RVOs provide ‘crucial growth opportunities’ 

July corn closed up 6 cents and December corn was up 2 1/2 cents. July soybeans closed up 27 1/2 cents and November soybeans were up 27 1/2 cents. July KC wheat closed up 18 cents, July Chicago wheat was up 17 1/4 cents, July Minneapolis wheat was up 13 1/2 cents.

July corn closed up 2 cents and December corn was down 6 1/4 cents. July soybeans closed up 12 1/2 cents and November soybeans were up 17 3/4 cents. July KC wheat closed down 8 1/2 cents, July Chicago wheat was down 11 cents, July Minneapolis wheat was down 1 cent.

Despite it being Friday the 13th, good fortune came to ag markets to close the week as the EPA at long last rolled out their proposed renewable volume obligations (RVO) after months of speculation and rumors which had created quite the roller coaster out of the soybean oil market. The proposed blending and RIN requirements for 2026 and 2027 came in above the industry recommendations from earlier in 2025. On the news, soybean oil futures launched to the daily limit, with soybean futures swiftly pulled along for the ride. Meanwhile, wheat futures posted a strong price correction following a sluggish week for winter varieties. In outside markets, crude oil futures have officially recovered the losses stemming from the initial reciprocal tariff announcements on April 2, with the July NYMEX contract trading to the highest price of 2025 thus far before prices fell well off their daily highs later Friday following reports that Iran's oil infrastructure was not harmed in Israel's attack on Thursday. Stock indices were under pressure for the majority of Friday's trading session, while gold futures are pressing higher and back toward all-time highs amid the geopolitical unease.

Traders couldn't seem to hold it together anymore as the live cattle complex broke lower. Most of the nearby live cattle contracts traded $2.00 to $3.00 lower at best, as traders seemed to be growing more and more concerned that the futures complex is overbought and that it's time for a correction. From a sheerly fundamental standpoint, this move is frustrating as this past week boxed beef prices have traded robustly, and the fed cash cattle market has again traded steady to $5.00 higher which is no small feat given that these are historical all-time high price points we are talking about. Nevertheless, we have to remember that traders won't have to be concerned about the market's fundamentals and that logic isn't always the sounding board for all decisions made. And while some more clean-up trade could develop, it looks like the bulk of this week's trade is mostly done with in the country side. So far this week Southern live cattle traded at mostly $235, which is $4.00 to $5.00 higher than last week's weighted average. Northern dressed cattle have traded at mostly $380, which is steady with last week's weighted average.

The feeder cattle complex did not fair any better than the live cattle market as it's been closely watching the live cattle sector as it's been following in its shadow here lately. Yes, demand in the countryside is still incredibly strong, but the board doesn't seem to be concerned with fundamental matters currently.

The lean hog complex continued to rally in at least its nearby contracts while some of the deferred months were traded slightly lower. Helping keep traders encouraged more than anything is the continued support of pork demand as again today the carcass price was just shy of being $3.00 higher.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/13150744/web-closing-markets-1.mp3">HERE</a> for audio

By: NATHAN STUEDLEGRAINS:July corn closed up 6 cents and December corn was up 2 1/2 cents. July soybeans closed up 27 1/2 cents and November soybeans were up 27 1/2 cents. July KC wheat closed up 18 cents, July Chicago wheat was up 17 1/4 cents, July Minneapolis wheat was up 13 1/2 cents.FOR THE WEEK:July corn closed up 2 cents and December corn was down 6 1/4 cents. July soybeans closed up 12 1/2 cents and November soybeans were up 17 3/4 cents. July KC wheat closed down 8 1/2 cents, July Chicago wheat was down 11 cents, July Minneapolis wheat was down 1 cent.Despite it being Friday the 13th, good fortune came to ag markets to close the week as the EPA at long last rolled out their proposed renewable volume obligations (RVO) after months of speculation and rumors which had created quite the roller coaster out of the soybean oil market. The proposed blending and RIN requirements for 2026 and 2027 came in above the industry recommendations from earlier in 2025. On the news, soybean oil futures launched to the daily limit, with soybean futures swiftly pulled along for the ride. Meanwhile, wheat futures posted a strong price correction following a sluggish week for winter varieties. In outside markets, crude oil futures have officially recovered the losses stemming from the initial reciprocal tariff announcements on April 2, with the July NYMEX contract trading to the highest price of 2025 thus far before prices fell well off their daily highs later Friday following reports that Iran's oil infrastructure was not harmed in Israel's attack on Thursday. Stock indices were under pressure for the majority of Friday's trading session, while gold futures are pressing higher and back toward all-time highs amid the geopolitical unease.LIVESTOCK:Traders couldn't seem to hold it together anymore as the live cattle complex broke lower. Most of the nearby live cattle contracts traded $2.00 to $3.00 lower at best, as traders seemed to be growing more and more concerned that the futures complex is overbought and that it's time for a correction. From a sheerly fundamental standpoint, this move is frustrating as this past week boxed beef prices have traded robustly, and the fed cash cattle market has again traded steady to $5.00 higher which is no small feat given that these are historical all-time high price points we are talking about. Nevertheless, we have to remember that traders won't have to be concerned about the market's fundamentals and that logic isn't always the sounding board for all decisions made. And while some more clean-up trade could develop, it looks like the bulk of this week's trade is mostly done with in the country side. So far this week Southern live cattle traded at mostly $235, which is $4.00 to $5.00 higher than last week's weighted average. Northern dressed cattle have traded at mostly $380, which is steady with last week's weighted average.The feeder cattle complex did not fair any better than the live cattle market as it's been closely watching the live cattle sector as it's been following in its shadow here lately. Yes, demand in the countryside is still incredibly strong, but the board doesn't seem to be concerned with fundamental matters currently. The lean hog complex continued to rally in at least its nearby contracts while some of the deferred months were traded slightly lower. Helping keep traders encouraged more than anything is the continued support of pork demand as again today the carcass price was just shy of being $3.00 higher.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/13150744/web-closing-markets-1.mp3">HERE</a> for audio