December corn closed up 3 1/4 cents and March corn was up 2 1/4 cents. January soybeans closed up 6 1/2 cents and March soybeans were up 6 cents. December KC wheat closed up 1 3/4 cents, December Chicago wheat was unchanged, December Minneapolis wheat was up 1/4 cents.

Row crops moved modestly higher Wednesday in another choppy session as corn and soybean prices benefitted from late strength to move back toward recent highs with traders awaiting USDA guidance on Friday in what will be the first Crop Production and WASDE reports since Sept. 12. Meanwhile, outside markets were mixed with lower energy futures, led by a sharply lower crude market on renewed world supply concerns following the monthly OPEC+ report. Stock indices were mixed, with the Dow Jones completing a comeback over the last four sessions to set new record highs on Wednesday. The markets as a whole are expressing optimism that the government shutdown will soon end, with the House of Representatives set to vote this evening on the funding package approved earlier this week by the Senate.

Following Monday's sharp run-up, the live cattle complex is now back to trading in a more cautious manner as traders look around for support and reassurance. No cash cattle trade has developed yet, but asking prices are noted at $232 plus in the South, but asking prices in the North remain unestablished at this point. There's a chance that trade could hold steady this week if the board remains supportive, as holiday demand is right around the corner.

The feeder cattle complex also traded lower as the market looks for some fundamental support to reassure traders that Monday's big jump was justified. It's most likely that the reason why the deferred contracts are trading so much lower is because, in this volatile market, with time, looms risk.

The lean hog complex also traded lower as the market wants to see more consumer support. And until traders see more widespread fundamental support, they'll likely either let the contracts trade sideways or venture a tick lower as the contracts need reassurance.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/12141205/web-closing-markets-1.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed up 3 1/4 cents and March corn was up 2 1/4 cents. January soybeans closed up 6 1/2 cents and March soybeans were up 6 cents. December KC wheat closed up 1 3/4 cents, December Chicago wheat was unchanged, December Minneapolis wheat was up 1/4 cents.Row crops moved modestly higher Wednesday in another choppy session as corn and soybean prices benefitted from late strength to move back toward recent highs with traders awaiting USDA guidance on Friday in what will be the first Crop Production and WASDE reports since Sept. 12. Meanwhile, outside markets were mixed with lower energy futures, led by a sharply lower crude market on renewed world supply concerns following the monthly OPEC+ report. Stock indices were mixed, with the Dow Jones completing a comeback over the last four sessions to set new record highs on Wednesday. The markets as a whole are expressing optimism that the government shutdown will soon end, with the House of Representatives set to vote this evening on the funding package approved earlier this week by the Senate.LIVESTOCK:Following Monday's sharp run-up, the live cattle complex is now back to trading in a more cautious manner as traders look around for support and reassurance. No cash cattle trade has developed yet, but asking prices are noted at $232 plus in the South, but asking prices in the North remain unestablished at this point. There's a chance that trade could hold steady this week if the board remains supportive, as holiday demand is right around the corner.The feeder cattle complex also traded lower as the market looks for some fundamental support to reassure traders that Monday's big jump was justified. It's most likely that the reason why the deferred contracts are trading so much lower is because, in this volatile market, with time, looms risk.The lean hog complex also traded lower as the market wants to see more consumer support. And until traders see more widespread fundamental support, they'll likely either let the contracts trade sideways or venture a tick lower as the contracts need reassurance.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/12141205/web-closing-markets-1.mp3">Click HERE for audio</a>

Commodity markets daily recap

A new poll shows soybean processors likely crushed a record number of soybeans in September as new facilities ramp up operations. That poll took place as market watchers continued relying on private estimates during the government shutdown. According to a note to clients from CoBank, the crush totaled 205.4 million bushels in September. If that’s accurate, that would be a ten percent month-over-month increase, and the highest on record for the month. 

On a daily basis, the poll said crush likely rose 7.8 percent to 6.8 million bushels a day. USDA’s Fats and Oilseeds Report, which is usually released monthly, has been nonexistent for the past two months due to the record-long government shutdown. The National Oilseeds Processors Association said earlier this month that it estimated the September crush at 197.9 million bushels during the month, up almost 12 percent year over year and a record for the month. 

A new poll shows soybean processors likely crushed a record number of soybeans in September as new facilities ramp up operations. That poll took place as market watchers continued relying on private estimates during the government shutdown. According to a note to clients from CoBank, the crush totaled 205.4 million bushels in September. If that’s accurate, that would be a ten percent month-over-month increase, and the highest on record for the month. On a daily basis, the poll said crush likely rose 7.8 percent to 6.8 million bushels a day. USDA’s Fats and Oilseeds Report, which is usually released monthly, has been nonexistent for the past two months due to the record-long government shutdown. The National Oilseeds Processors Association said earlier this month that it estimated the September crush at 197.9 million bushels during the month, up almost 12 percent year over year and a record for the month. -NAFB

September soybean crush likely sets record

Republican Senators are asking Doug Burgum, the Secretary of the Interior, to follow through on months of evaluation and finally revoke a public lands rule from the Biden era. Critics say the rule restricts uses on millions of acres that the Bureau of Land Management oversees. Cynthia Lummis of Wyoming, who chairs the Senate Western Caucus, joined 11 other GOP senators in issuing “strong support” in a letter for rescinding the public lands rule that elevated conservation as an official use of BLM lands. 

In September, the Department proposed revoking the rule that was put in place during 2024, and the 60-day comment period recently concluded. One report said the proposal to revoke the rule followed five months of review. “Our constituents live with and rely on the use of Federal lands every day,” the senators wrote. “These working lands are not abstract reserves that need to be locked away.”

Republican Senators are asking Doug Burgum, the Secretary of the Interior, to follow through on months of evaluation and finally revoke a public lands rule from the Biden era. Critics say the rule restricts uses on millions of acres that the Bureau of Land Management oversees. Cynthia Lummis of Wyoming, who chairs the Senate Western Caucus, joined 11 other GOP senators in issuing “strong support” in a letter for rescinding the public lands rule that elevated conservation as an official use of BLM lands. In September, the Department proposed revoking the rule that was put in place during 2024, and the 60-day comment period recently concluded. One report said the proposal to revoke the rule followed five months of review. “Our constituents live with and rely on the use of Federal lands every day,” the senators wrote. “These working lands are not abstract reserves that need to be locked away.”-NAFB

Senators want public lands rule revoked

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

In honor of Veterans Day, U.S. banks as well as the bond market was closed on Tuesday. Canadian markets were also closed for Remembrance Day. Naturally, the resulting trade in grain futures was a low volume and stable session. It is likely we will see activity pick up toward the end of the week as traders begin to position around the first WASDE report since early September, which is due out on Friday at 11 a.m. CST. Outside markets were mostly positive influence on ag markets for Tuesday, with energy futures moving higher and the diesel market impressive at its highest price since late June. The U.S. dollar continues to retreat from last week's highs while stocks were mostly positive Tuesday, with the Dow Jones Industrial Average riding a 3-day bullish wave spurred on by optimism that the government will soon reopen following the Senate's successful vote on the funding package which will now go back to the House for approval.

Live cattle futures traded mixed for the bulk of Tuesday's session, which is a general disappointment following the sharp limit gains Monday, strong triple digit support in feeder cattle futures, and active gains in morning boxed beef values. But the good news in nearby live cattle futures is that prices have bounced back from triple-digit losses seen early in the trading day and ended close to near steady. Which would put prices still sharply higher for the week. Cash cattle is starting with another slow start to the day with some early asking prices starting out around $232-plus in the South, but they are still not established in the North. Significant trade volume will likely be delayed until Wednesday or later. Beef cutouts are expected to be mixed with light to moderate box movement.

Feeder cattle futures continued the Monday rally with active triple-digit gains seen in all contract months for the bulk of the session, only to give most of that back before the closing bell. With prices closing at limit gains Monday, the ability to utilize expanded trade limits creates optimism but also uncertainty within the market. Currently prices are far from reaching the expanded trade limits, which would allow markets to revert back to normal limits Wednesday if markets close near the current levels. Traders are trying to rebound from recent losses, but it is uncertain just how much additional short-term fundamental support remains within the feeder cattle complex.

Lean hog futures remain generally quiet on Veterans Day with narrow trade ranges seen through the complex. At midday, the spot month December contracts remained the only contract trading with a negative value, but the losses were minimal as traders adjusted to the early week rally seen across the complex. Narrow gains seen in spring months focusing on the hope of additional pork demand kindling through the export market. But for now, very few traders are willing to break away from Monday's active gains.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/11142119">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed up 2 1/4 cents and March corn was up 2 1/2 cents. January soybeans closed down 2 3/4 cents and March soybeans were down 1 1/4 cents. December KC wheat closed down 3 1/4 cents, December Chicago wheat was up 1/4 cents, December Minneapolis wheat was up 5 1/4 cents.In honor of Veterans Day, U.S. banks as well as the bond market was closed on Tuesday. Canadian markets were also closed for Remembrance Day. Naturally, the resulting trade in grain futures was a low volume and stable session. It is likely we will see activity pick up toward the end of the week as traders begin to position around the first WASDE report since early September, which is due out on Friday at 11 a.m. CST. Outside markets were mostly positive influence on ag markets for Tuesday, with energy futures moving higher and the diesel market impressive at its highest price since late June. The U.S. dollar continues to retreat from last week's highs while stocks were mostly positive Tuesday, with the Dow Jones Industrial Average riding a 3-day bullish wave spurred on by optimism that the government will soon reopen following the Senate's successful vote on the funding package which will now go back to the House for approval.LIVESTOCK:Live cattle futures traded mixed for the bulk of Tuesday's session, which is a general disappointment following the sharp limit gains Monday, strong triple digit support in feeder cattle futures, and active gains in morning boxed beef values. But the good news in nearby live cattle futures is that prices have bounced back from triple-digit losses seen early in the trading day and ended close to near steady. Which would put prices still sharply higher for the week. Cash cattle is starting with another slow start to the day with some early asking prices starting out around $232-plus in the South, but they are still not established in the North. Significant trade volume will likely be delayed until Wednesday or later. Beef cutouts are expected to be mixed with light to moderate box movement.Feeder cattle futures continued the Monday rally with active triple-digit gains seen in all contract months for the bulk of the session, only to give most of that back before the closing bell. With prices closing at limit gains Monday, the ability to utilize expanded trade limits creates optimism but also uncertainty within the market. Currently prices are far from reaching the expanded trade limits, which would allow markets to revert back to normal limits Wednesday if markets close near the current levels. Traders are trying to rebound from recent losses, but it is uncertain just how much additional short-term fundamental support remains within the feeder cattle complex. Lean hog futures remain generally quiet on Veterans Day with narrow trade ranges seen through the complex. At midday, the spot month December contracts remained the only contract trading with a negative value, but the losses were minimal as traders adjusted to the early week rally seen across the complex. Narrow gains seen in spring months focusing on the hope of additional pork demand kindling through the export market. But for now, very few traders are willing to break away from Monday's active gains.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/11142119">Click HERE for audio</a>

The National Oilseed Processors Association and the American Soybean Association expressed appreciation to the Environmental Protection Agency for continuing to address the backlog of small refinery exemptions it inherited. The groups thanked the agency for returning retired RINs for SRE petitions prior to 2023 and continue to urge the EPA to ensure all active RINs are reallocated into renewable volume obligations moving forward.

 “Another 500+ million RINs of lost demand is the last thing our soybean farmers and processors need right now,” said NOPA President and CEO Devin Mogler and ASA CEO Stephen Censky. “The time has come to finalize the RVOs with full reallocation of these eroded gallons, before the end of the calendar year, to provide market certainty.” NOPA and ASA strongly support 100 percent reallocation of exempted renewable fuel volumes as the EPA continues to finalize 2026-2027 RVOs and the supplemental rule on the treatment of SREs. 

The National Oilseed Processors Association and the American Soybean Association expressed appreciation to the Environmental Protection Agency for continuing to address the backlog of small refinery exemptions it inherited. The groups thanked the agency for returning retired RINs for SRE petitions prior to 2023 and continue to urge the EPA to ensure all active RINs are reallocated into renewable volume obligations moving forward. “Another 500+ million RINs of lost demand is the last thing our soybean farmers and processors need right now,” said NOPA President and CEO Devin Mogler and ASA CEO Stephen Censky. “The time has come to finalize the RVOs with full reallocation of these eroded gallons, before the end of the calendar year, to provide market certainty.” NOPA and ASA strongly support 100 percent reallocation of exempted renewable fuel volumes as the EPA continues to finalize 2026-2027 RVOs and the supplemental rule on the treatment of SREs. -NAFB

Soybean groups react to EPA's SRE decisions

The National Sorghum Producers said the first shipment of U.S. sorghum is now on its way to China, which marks a long-awaited first step after months of stalled trade talks. The renewed flow of grain from American ports reflects significant progress following the recent U.S.-China trade announcement, which suspended retaliatory tariffs and reopened key channels for American farm commodities. 

NSP is continuing to advocate for a minimum purchase agreement of five million metric tons, which is the historical average for U.S. sorghum exports to China, as a baseline for future trade stability. “We’re encouraged by this progress and look forward to seeing it translate into significant commercial sales in the days ahead,” said Amy France, chair of the National Sorghum Producers and a sorghum grower from Scott City, Kansas. “True success will come when we see shipments moving and grain flowing again from U.S. farms to our customers in China.” 

The National Sorghum Producers said the first shipment of U.S. sorghum is now on its way to China, which marks a long-awaited first step after months of stalled trade talks. The renewed flow of grain from American ports reflects significant progress following the recent U.S.-China trade announcement, which suspended retaliatory tariffs and reopened key channels for American farm commodities. NSP is continuing to advocate for a minimum purchase agreement of five million metric tons, which is the historical average for U.S. sorghum exports to China, as a baseline for future trade stability. “We’re encouraged by this progress and look forward to seeing it translate into significant commercial sales in the days ahead,” said Amy France, chair of the National Sorghum Producers and a sorghum grower from Scott City, Kansas. “True success will come when we see shipments moving and grain flowing again from U.S. farms to our customers in China.” -NAFB

First U.S. sorghum shipment heading to China

December corn closed up 2 1/2 cents and March corn was up 2 1/2 cents. January soybeans closed up 13 cents and March soybeans were up 13 1/2 cents. December KC wheat closed up 7 3/4 cents, December Chicago wheat was up 8 cents, December MIAX Minneapolis wheat was up 6 1/4 cents.

Row-crop markets moved higher in a quiet, low volume session Monday as traders look to square positions ahead of the first USDA Crop Production and WASDE report in two months, due out on Friday at 11 a.m. CST. In outside markets on Monday, the headline news was a successful vote to pass the funding bill on Sunday evening, which should put the U.S. government on a path to reopening this week.&nbsp;

Cattle markets have rallied higher through the morning with active gains seen in both live cattle and feeder cattle futures Monday following the weekend break. The increased volatility over the past couple of weeks seems to have added fuel to the fire, but extreme volatility of this nature seems to create more market shifts than solve any long-term market issues. Live cattle futures continue to surge higher following additional buyer support quickly flooding the market.&nbsp;Feeder cattle futures are leading the market higher Monday, with indications that additional support may continue to add buyer support as the week continues. Feeder cattle futures are locked $9.25 per cwt higher, and a close at these levels could lead to increased volatility Tuesday.

Lean hog futures are generally higher Monday morning, with nearby contracts posting triple-digit support based partially on support in pork values. But the wide swing higher in cattle trade is also spilling over to the hog complex during morning trade activity. Limited fundamental shifts are seen in the lean hog market at this point, with prices still searching for a sense of market support following firm pressure over the last few weeks.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/10/20194004/30001.mp3">Click HERE for Audio</a>

Grains:December corn closed up 2 1/2 cents and March corn was up 2 1/2 cents. January soybeans closed up 13 cents and March soybeans were up 13 1/2 cents. December KC wheat closed up 7 3/4 cents, December Chicago wheat was up 8 cents, December MIAX Minneapolis wheat was up 6 1/4 cents.Row-crop markets moved higher in a quiet, low volume session Monday as traders look to square positions ahead of the first USDA Crop Production and WASDE report in two months, due out on Friday at 11 a.m. CST. In outside markets on Monday, the headline news was a successful vote to pass the funding bill on Sunday evening, which should put the U.S. government on a path to reopening this week.&nbsp;Livestock:Cattle markets have rallied higher through the morning with active gains seen in both live cattle and feeder cattle futures Monday following the weekend break. The increased volatility over the past couple of weeks seems to have added fuel to the fire, but extreme volatility of this nature seems to create more market shifts than solve any long-term market issues. Live cattle futures continue to surge higher following additional buyer support quickly flooding the market.&nbsp;Feeder cattle futures are leading the market higher Monday, with indications that additional support may continue to add buyer support as the week continues. Feeder cattle futures are locked $9.25 per cwt higher, and a close at these levels could lead to increased volatility Tuesday.Lean hog futures are generally higher Monday morning, with nearby contracts posting triple-digit support based partially on support in pork values. But the wide swing higher in cattle trade is also spilling over to the hog complex during morning trade activity. Limited fundamental shifts are seen in the lean hog market at this point, with prices still searching for a sense of market support following firm pressure over the last few weeks.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/10/20194004/30001.mp3">Click HERE for Audio</a>

The United States Geological Survey has added both phosphate and potash to the federal list of minerals considered critical to national security and economic stability. The decision—published Thursday by the U.S. Department of the Interior—raises the total number of designated critical minerals to 60. 

Phosphate had been omitted from earlier drafts despite pleas from farm and fertilizer industry groups that it is vital for crop production and vulnerable to international supply disruptions. 

Potash, which the U.S. relies on Canada for about 97 % of its supply, had been on the 2018 list but removed in subsequent updates. 

Supporters say the change addresses feedstock shortages, volatile fertilizer markets and supply-chain risks for U.S. agriculture. Under the designation, projects to mine, process or recycle these minerals may be eligible for federal tax credits, streamlined permitting and priority-consideration for grants or loans.

The United States Geological Survey has added both phosphate and potash to the federal list of minerals considered critical to national security and economic stability. The decision—published Thursday by the U.S. Department of the Interior—raises the total number of designated critical minerals to 60. Phosphate had been omitted from earlier drafts despite pleas from farm and fertilizer industry groups that it is vital for crop production and vulnerable to international supply disruptions. Potash, which the U.S. relies on Canada for about 97 % of its supply, had been on the 2018 list but removed in subsequent updates. Supporters say the change addresses feedstock shortages, volatile fertilizer markets and supply-chain risks for U.S. agriculture. Under the designation, projects to mine, process or recycle these minerals may be eligible for federal tax credits, streamlined permitting and priority-consideration for grants or loans.-NAFB

Phosphate, Potash Added to Critical Minerals List

A federal judge on Thursday ordered the U.S. Department of Agriculture to immediately release full Supplemental Nutrition Assistance Program (SNAP) benefits for November, criticizing the agency for delaying payments that left millions without food aid. 

U.S. District Judge John McConnell Jr. ruled that USDA must use Section 32 nutrition funds to supplement the SNAP contingency account to cover the full amount needed this month. He rejected the government’s claim that doing so would endanger funding for school meals, calling that argument “incredible” and “contrary to the evidence.” McConnell said Section 32 isn’t limited to child nutrition programs and noted that about $19 billion would remain after transferring roughly $4 billion to SNAP — enough to fund school meals through spring. USDA had warned that only partial benefits would be available amid budget delays. 

The agency filed an appeal to the 1st U.S. Circuit Court of Appeals shortly after the ruling.

A federal judge on Thursday ordered the U.S. Department of Agriculture to immediately release full Supplemental Nutrition Assistance Program (SNAP) benefits for November, criticizing the agency for delaying payments that left millions without food aid. U.S. District Judge John McConnell Jr. ruled that USDA must use Section 32 nutrition funds to supplement the SNAP contingency account to cover the full amount needed this month. He rejected the government’s claim that doing so would endanger funding for school meals, calling that argument “incredible” and “contrary to the evidence.” McConnell said Section 32 isn’t limited to child nutrition programs and noted that about $19 billion would remain after transferring roughly $4 billion to SNAP — enough to fund school meals through spring. USDA had warned that only partial benefits would be available amid budget delays. The agency filed an appeal to the 1st U.S. Circuit Court of Appeals shortly after the ruling.-NAFB

Judge Orders Release of SNAP Benefits

Chinese buyers have begun some modest purchases of U.S. wheat and sorghum as China’s cabinet on Wednesday announced it will suspend a 24% retaliatory tariff on U.S. goods and roll back duties of up to 15% on some American agriculture shipments starting Nov. 10, while retaining a 10% base levy. 

The move, unveiled after high-level talks between the United States and China, signals a thaw in agricultural trade tensions. But for key U.S. exports such as soybeans, the benefit remains muted: Beijing will keep a 13% duty on U.S. soybeans, making them less competitive than Brazilian supplies. 

Reuters reports U.S. soybean futures responded positively, reaching their highest level since June 2024 on hopes of renewed Chinese demand. Traders caution, however, that significant recovery in U.S. shipments hinges on China lifting the remaining premium.

Chinese buyers have begun some modest purchases of U.S. wheat and sorghum as China’s cabinet on Wednesday announced it will suspend a 24% retaliatory tariff on U.S. goods and roll back duties of up to 15% on some American agriculture shipments starting Nov. 10, while retaining a 10% base levy. The move, unveiled after high-level talks between the United States and China, signals a thaw in agricultural trade tensions. But for key U.S. exports such as soybeans, the benefit remains muted: Beijing will keep a 13% duty on U.S. soybeans, making them less competitive than Brazilian supplies. Reuters reports U.S. soybean futures responded positively, reaching their highest level since June 2024 on hopes of renewed Chinese demand. Traders caution, however, that significant recovery in U.S. shipments hinges on China lifting the remaining premium.-NAFB

China Resumes Some U.S. Ag Purchases

December corn closed down 1 1/2 cents and March corn was down 1 cent. January soybeans closed up 9 1/2 cents and March soybeans were up 8 1/4 cents. December KC wheat closed down 3 cents, December Chicago wheat was down 7 3/4 cents, December Minneapolis wheat was up 1 cent.

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

Row-crop futures caught themselves for the most part on Friday following Thursday's drastic risk-off session. The soybean complex was notably optimistic heading into the weekend with higher soybean, meal, and oil futures following heavy selling on Thursday. Meanwhile, corn futures held mostly steady while wheat futures moved lower again under technical pressure as well as follow-through disappointment in only light volumes being reportedly purchased by China over the past week. Energy prices were mixed Friday with higher crude futures but diesel prices reversing after hitting the highest price since midsummer. Meanwhile, the technical unease remains in the stock market, with the Dow Jones Industrial Average dropping again Friday for the fourth time this week after low consumer sentiment was reported by the University of Michigan on Friday and investor fears of a tech and AI-driven reversal mount.

After another downward waning week, where the live cattle market traded lower and lacked enough support in either realm (technical or fundamental), the live cattle contracts were finally trading a bit higher as traders have seemed to deem that the market has traded lower enough for the week. No new cash cattle trade has developed throughout the day, and at this point, it's looking like the bulk of the week's trade could essentially be done with. So far this week, Northern dressed cattle have traded mostly at $355 to $362, with most at $360, which is $2.00 higher than last week's weighted average. Southern live cattle traded at mostly $232, which is $4.00 lower than the previous week's weighted average.

Although still cautious, the feeder cattle complex traded slightly higher into Friday's closing bell, seeming to follow in the same direction as the live cattle market. Sales are still feeling a heightened level of anxiousness in the countryside, as a lower trend has been noted for the week in most classes.

Yes, pork cutout values may have been higher this morning -- up over $2.00 higher -- but it's a little too late to have much effect on the lean hog market this week, as traders haven't seen true support and stability from consumers to feel safe in trading the contracts higher. It's likely that this lower trend will continue into the early portions of next week.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/07134322/web-closing-markets.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed down 1 1/2 cents and March corn was down 1 cent. January soybeans closed up 9 1/2 cents and March soybeans were up 8 1/4 cents. December KC wheat closed down 3 cents, December Chicago wheat was down 7 3/4 cents, December Minneapolis wheat was up 1 cent.For the Week:December corn closed down 4 1/4 cents and March corn was down 2 cents. January soybeans closed up 1 3/4 cents and March soybeans were up 2 cents. December KC wheat closed down 5 1/4 cents, December Chicago wheat was down 6 1/4 cents and December Minneapolis wheat was up 5 cents.Row-crop futures caught themselves for the most part on Friday following Thursday's drastic risk-off session. The soybean complex was notably optimistic heading into the weekend with higher soybean, meal, and oil futures following heavy selling on Thursday. Meanwhile, corn futures held mostly steady while wheat futures moved lower again under technical pressure as well as follow-through disappointment in only light volumes being reportedly purchased by China over the past week. Energy prices were mixed Friday with higher crude futures but diesel prices reversing after hitting the highest price since midsummer. Meanwhile, the technical unease remains in the stock market, with the Dow Jones Industrial Average dropping again Friday for the fourth time this week after low consumer sentiment was reported by the University of Michigan on Friday and investor fears of a tech and AI-driven reversal mount.LIVESTOCK:After another downward waning week, where the live cattle market traded lower and lacked enough support in either realm (technical or fundamental), the live cattle contracts were finally trading a bit higher as traders have seemed to deem that the market has traded lower enough for the week. No new cash cattle trade has developed throughout the day, and at this point, it's looking like the bulk of the week's trade could essentially be done with. So far this week, Northern dressed cattle have traded mostly at $355 to $362, with most at $360, which is $2.00 higher than last week's weighted average. Southern live cattle traded at mostly $232, which is $4.00 lower than the previous week's weighted average.Although still cautious, the feeder cattle complex traded slightly higher into Friday's closing bell, seeming to follow in the same direction as the live cattle market. Sales are still feeling a heightened level of anxiousness in the countryside, as a lower trend has been noted for the week in most classes.Yes, pork cutout values may have been higher this morning -- up over $2.00 higher -- but it's a little too late to have much effect on the lean hog market this week, as traders haven't seen true support and stability from consumers to feel safe in trading the contracts higher. It's likely that this lower trend will continue into the early portions of next week.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/07134322/web-closing-markets.mp3">Click HERE for audio</a>

The Fertilizer Institute celebrated the inclusion of phosphate and potash on the just-released Final List of Critical Minerals. Originally compiled in 2018 and then revised every three years, the list is published by the United States Geological Survey and includes mineral commodities critical to the U.S. economy and national security.

The Fertilizer Institute celebrated the inclusion of phosphate and potash on the just-released Final List of Critical Minerals. Originally compiled in 2018 and then revised every three years, the list is published by the United States Geological Survey and includes mineral commodities critical to the U.S. economy and national security.

Phosphate and potash are now critical minerals

A recent USDA memo sent to state agencies on Wednesday said Supplemental Nutrition Assistance Program participants will get 65 percent of their typical monthly benefits, and not the 50 percent as first stated. This is due to a record-long government shutdown. The change only affects benefits scheduled to be distributed this month and isn’t permanent. Full benefits are expected to resume once the government shutdown ends. 

Reports said USDA is issuing partial benefits this month to comply with a court order requiring USDA to tap into a SNAP contingency fund. “USDA did a deeper analysis and determined that maximum allotments only need to be reduced by 35 percent, rather than 50 percent, to deplete the SNAP emergency fund,” said Patrick Penn of USDA. The Center on Budget and Policy Priorities said USDA’s initial plan would have provided only about $3 billion in benefits and been a cut of about 61 percent.

A recent USDA memo sent to state agencies on Wednesday said Supplemental Nutrition Assistance Program participants will get 65 percent of their typical monthly benefits, and not the 50 percent as first stated. This is due to a record-long government shutdown. The change only affects benefits scheduled to be distributed this month and isn’t permanent. Full benefits are expected to resume once the government shutdown ends. Reports said USDA is issuing partial benefits this month to comply with a court order requiring USDA to tap into a SNAP contingency fund. “USDA did a deeper analysis and determined that maximum allotments only need to be reduced by 35 percent, rather than 50 percent, to deplete the SNAP emergency fund,” said Patrick Penn of USDA. The Center on Budget and Policy Priorities said USDA’s initial plan would have provided only about $3 billion in benefits and been a cut of about 61 percent.-NAFB

USDA revises November SNAP distribution plan

December corn closed down 6 1/2 cents and March corn was down 6 1/2 cents. January soybeans closed down 26 3/4 cents and March soybeans were down 24 1/2 cents. December KC wheat closed down 17 3/4 cents, December Chicago wheat was down 19 1/4 cents, December Minneapolis wheat was up 3/4 cents.

Both financial and agricultural markets faced widespread selling pressure on Thursday with several moving parts to point to as a source of general nervousness across the trade. First, row-crop futures had become very overbought in the short term from a technical perspective with momentum based indicators likely piling into sales as prices turned lower throughout Thursday morning. Second, futures traders tend to want answers now rather than later and with the government shutdown it is very difficult to gauge if China has been buying U.S. soybeans and to what degree and the rapid growing expense of U.S. soybeans on an FOB port basis may have at last caught up with the futures market on Thursday. In other news, Wednesday's hearing by the Supreme Court regarding the legality of the Trump administration's sweeping tariffs has added a layer of volatility to the market, although a decision is still pending in regard to that.

The live cattle complex traded mixed into Thursday's noon hour, and then went to the downside by the closing bell. As traders would like to trade the contracts higher and successfully did so in the deferred months, but the nearby contracts remained under light pressure as there was still some uncertainty milling throughout the marketplace, and ended up getting the better of the market. No new cash cattle trade has developed today, but packers will need to secure more inventory before the week's over. So far this week Northern dressed cattle have traded at mostly $360, which is $2.00 higher than the previous week's weighted average, and Southern live cattle have traded at mostly $232, which is $4.00 lower than last week's weighted average.

The live cattle complex was able to shake the doggishness of the marketplace for a short time, but the feeder cattle complex wasn't as confident as all of its contracts are trading lower into Thursday's closing bell. Unfortunately, feeder cattle sales could likely soften a tick in the countryside as buyers react to the board.

Again today, the lean hog complex&nbsp;was adding another downward leg to its chart as the market lacks support. Yes, cash demand was strong this week, but without consumer demand improving, traders aren't willing to show the complex much interest or support.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/06143006/web-closing-markets.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed down 6 1/2 cents and March corn was down 6 1/2 cents. January soybeans closed down 26 3/4 cents and March soybeans were down 24 1/2 cents. December KC wheat closed down 17 3/4 cents, December Chicago wheat was down 19 1/4 cents, December Minneapolis wheat was up 3/4 cents.Both financial and agricultural markets faced widespread selling pressure on Thursday with several moving parts to point to as a source of general nervousness across the trade. First, row-crop futures had become very overbought in the short term from a technical perspective with momentum based indicators likely piling into sales as prices turned lower throughout Thursday morning. Second, futures traders tend to want answers now rather than later and with the government shutdown it is very difficult to gauge if China has been buying U.S. soybeans and to what degree and the rapid growing expense of U.S. soybeans on an FOB port basis may have at last caught up with the futures market on Thursday. In other news, Wednesday's hearing by the Supreme Court regarding the legality of the Trump administration's sweeping tariffs has added a layer of volatility to the market, although a decision is still pending in regard to that.LIVESTOCK:The live cattle complex traded mixed into Thursday's noon hour, and then went to the downside by the closing bell. As traders would like to trade the contracts higher and successfully did so in the deferred months, but the nearby contracts remained under light pressure as there was still some uncertainty milling throughout the marketplace, and ended up getting the better of the market. No new cash cattle trade has developed today, but packers will need to secure more inventory before the week's over. So far this week Northern dressed cattle have traded at mostly $360, which is $2.00 higher than the previous week's weighted average, and Southern live cattle have traded at mostly $232, which is $4.00 lower than last week's weighted average.The live cattle complex was able to shake the doggishness of the marketplace for a short time, but the feeder cattle complex wasn't as confident as all of its contracts are trading lower into Thursday's closing bell. Unfortunately, feeder cattle sales could likely soften a tick in the countryside as buyers react to the board.Again today, the lean hog complex&nbsp;was adding another downward leg to its chart as the market lacks support. Yes, cash demand was strong this week, but without consumer demand improving, traders aren't willing to show the complex much interest or support.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/06143006/web-closing-markets.mp3">Click HERE for audio</a>

Commodity market daily recap

Ag Secretary Brooke Rollins said the U.S. isn’t ready to open its border once again to cattle imports from Mexico. Despite that, Rollins said Mexico’s efforts to contain the flesh-eating New World Screwworm are progressing well. The border has been largely closed to imports of Mexican livestock since May. Rollins recently traveled to Mexico City to meet with officials, including President Claudia Sheinbaum, to tell them that the White House is focused on reopening the border. 

“We’re still not in a spot where I’m comfortable opening up the ports, but I think with every day that goes by, we’re getting a little closer,” Rollins said. She wants to know for sure that both countries have overturned every stone, that every nuance is understood, and they’ve deployed every tool in each country’s toolkits. Rollins didn’t give a specific timeline for reopening the southern U.S. border to Mexican cattle imports.

Ag Secretary Brooke Rollins said the U.S. isn’t ready to open its border once again to cattle imports from Mexico. Despite that, Rollins said Mexico’s efforts to contain the flesh-eating New World Screwworm are progressing well. The border has been largely closed to imports of Mexican livestock since May. Rollins recently traveled to Mexico City to meet with officials, including President Claudia Sheinbaum, to tell them that the White House is focused on reopening the border. “We’re still not in a spot where I’m comfortable opening up the ports, but I think with every day that goes by, we’re getting a little closer,” Rollins said. She wants to know for sure that both countries have overturned every stone, that every nuance is understood, and they’ve deployed every tool in each country’s toolkits. Rollins didn’t give a specific timeline for reopening the southern U.S. border to Mexican cattle imports.-NAFB

No plan yet to open U.S. to Mexican cattle imports 

After leaders between the two countries met last week, China will suspend retaliatory tariffs on U.S. imports, including duties on some farm goods. While Beijing confirmed that this week, U.S. soybeans still face a 13 percent tariff. Reports said China’s tariff commission of the State Council is eliminating duties of up to 15 percent imposed on some U.S. agricultural goods on November 10. Tariffs of ten percent introduced in response to President Trump’s “Liberation Day” duties will stay in place. 

Traders say that despite the tariff cut, importers looking at U.S. soybeans still face a tariff of 13 percent, which makes U.S. shipments more expensive for commercial buyers compared to Brazil soybean shipments. “We don’t expect any demand from China to return to the U.S. market with this change,” one trader at an international company. “Brazil is cheaper than the U.S., and even non-Chinese buyers are taking Brazilian cargoes.” 

After leaders between the two countries met last week, China will suspend retaliatory tariffs on U.S. imports, including duties on some farm goods. While Beijing confirmed that this week, U.S. soybeans still face a 13 percent tariff. Reports said China’s tariff commission of the State Council is eliminating duties of up to 15 percent imposed on some U.S. agricultural goods on November 10. Tariffs of ten percent introduced in response to President Trump’s “Liberation Day” duties will stay in place. Traders say that despite the tariff cut, importers looking at U.S. soybeans still face a tariff of 13 percent, which makes U.S. shipments more expensive for commercial buyers compared to Brazil soybean shipments. “We don’t expect any demand from China to return to the U.S. market with this change,” one trader at an international company. “Brazil is cheaper than the U.S., and even non-Chinese buyers are taking Brazilian cargoes.” -NAFB

China buys more Brazilian soybeans

December corn closed up 3 3/4 cents and March corn was up 4 3/4 cents. January soybeans closed up 12 3/4 cents and March soybeans were up 14 1/4 cents. December KC wheat closed up 3 1/2 cents, December Chicago wheat was up 4 1/2 cents, December Minneapolis wheat was down 1 cent.

Crop futures recovered from Tuesday's profit-taking session to trade moderately higher, fueled by confirmation out of Beijing that tariffs will in fact be greatly reduced. Though reports that U.S. soybeans will remain subject to a 13% duty caused a bit of a stir in analyst circles, the market largely ignored this caveat for Wednesday's session, discussed in further detail below. In outside markets, softer energy markets were a bit of a headwind for grain and oilseed futures, while the U.S. Dollar Index has shown signs of a potential top near 3-month highs after five consecutive days higher. Equity markets were firm, snapping a 2-day skid after ADP reported strong payroll totals in a Wednesday morning report.

The live cattle complex continues to dive frantically lower, as yet another level of confidence has eroded from the market. Even though US Ag Secretary Brooke Rollins has indicated that the border isn't going to reopen anytime soon, the live cattle contracts are trading limit lower as there seems to still be some concern around the matter. Some light trade has also developed in the countryside as Northern dressed deals are being marked at $360, which is $2.00 higher than last week's weighted average, but Southern live cattle are trading at $232, which is $4.00 lower than last week's weighted average. But upon seeing the board drift sharply lower, bids have been knocked lower as packers are now just offering $357 to $358 for dressed cattle and $225 for live.

And following in the same manner, the feeder cattle contracts were also trading limit lower into Wednesday's noon hour. Unfortunately, this bearish onset has again pushed the market well below its 100-day moving average, and will likely affect feeder cattle sales in the countryside.

Without enough fundamental support helping the lean hog complex, it comes as little surprise that the market is again trading and finishing no better than mixed. Yes, midday pork cutout values may have been a tick higher this morning, but traders need more reassurance than that.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/05140220/web-closing-markets.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed up 3 3/4 cents and March corn was up 4 3/4 cents. January soybeans closed up 12 3/4 cents and March soybeans were up 14 1/4 cents. December KC wheat closed up 3 1/2 cents, December Chicago wheat was up 4 1/2 cents, December Minneapolis wheat was down 1 cent.Crop futures recovered from Tuesday's profit-taking session to trade moderately higher, fueled by confirmation out of Beijing that tariffs will in fact be greatly reduced. Though reports that U.S. soybeans will remain subject to a 13% duty caused a bit of a stir in analyst circles, the market largely ignored this caveat for Wednesday's session, discussed in further detail below. In outside markets, softer energy markets were a bit of a headwind for grain and oilseed futures, while the U.S. Dollar Index has shown signs of a potential top near 3-month highs after five consecutive days higher. Equity markets were firm, snapping a 2-day skid after ADP reported strong payroll totals in a Wednesday morning report.LIVESTOCK:The live cattle complex continues to dive frantically lower, as yet another level of confidence has eroded from the market. Even though US Ag Secretary Brooke Rollins has indicated that the border isn't going to reopen anytime soon, the live cattle contracts are trading limit lower as there seems to still be some concern around the matter. Some light trade has also developed in the countryside as Northern dressed deals are being marked at $360, which is $2.00 higher than last week's weighted average, but Southern live cattle are trading at $232, which is $4.00 lower than last week's weighted average. But upon seeing the board drift sharply lower, bids have been knocked lower as packers are now just offering $357 to $358 for dressed cattle and $225 for live.And following in the same manner, the feeder cattle contracts were also trading limit lower into Wednesday's noon hour. Unfortunately, this bearish onset has again pushed the market well below its 100-day moving average, and will likely affect feeder cattle sales in the countryside.Without enough fundamental support helping the lean hog complex, it comes as little surprise that the market is again trading and finishing no better than mixed. Yes, midday pork cutout values may have been a tick higher this morning, but traders need more reassurance than that.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/05140220/web-closing-markets.mp3">Click HERE for audio</a>

Three people familiar with the issue say the Trump administration still intends to roll out an initial payment of up to $12 billion for farmers struggling because of the president’s tariff policies. North Dakota Senator John Hoeven said that a program similar to the $28 billion farmer bailout that Trump released during his first term is “all teed up and good to go.” Hoeven did add that it’s being held up by the ongoing government shutdown. 

There is already a great deal of pressure on lawmakers and the White House, who’ve been trying for months to pull together some financial help for farmers while opening up additional trade markets. Farmers are stuck trying to plan for 2026 while facing tariff uncertainty, high production costs for fertilizer and machinery, rising inflation pressure, and other economic challenges. The USDA recently moved $13 billion into an account designed to provide emergency relief for farmers.

Three people familiar with the issue say the Trump administration still intends to roll out an initial payment of up to $12 billion for farmers struggling because of the president’s tariff policies. North Dakota Senator John Hoeven said that a program similar to the $28 billion farmer bailout that Trump released during his first term is “all teed up and good to go.” Hoeven did add that it’s being held up by the ongoing government shutdown. There is already a great deal of pressure on lawmakers and the White House, who’ve been trying for months to pull together some financial help for farmers while opening up additional trade markets. Farmers are stuck trying to plan for 2026 while facing tariff uncertainty, high production costs for fertilizer and machinery, rising inflation pressure, and other economic challenges. The USDA recently moved $13 billion into an account designed to provide emergency relief for farmers.-NAFB

White House still planning billions in farmer trade aid

October saw a modest rise in U.S. farmer sentiment as the Purdue University/CME Group Ag Economy Barometer Index of 129 was three points higher than September’s reading. The slight rise in the barometer was fueled primarily by an increase in the Index of Current Conditions to 130, which was eight points above September’s level. Meanwhile, the Index of Future Expectations rose a single point to 129. Farmers’ appraisal of current conditions on their farms continues to be fueled by record-high profitability in the beef sector. 

At the same time, poor profit margins across all major crop enterprises lead crop producers to provide a more pessimistic view of the current situation on U.S. farms. The Farm Financial Performance Index fell 10 points from September to 78. Despite weakening financial expectations, the Farm Capital Investment Index rose nine points during the month to 62, thanks to the more optimistic outlook from livestock producers. 

October saw a modest rise in U.S. farmer sentiment as the Purdue University/CME Group Ag Economy Barometer Index of 129 was three points higher than September’s reading. The slight rise in the barometer was fueled primarily by an increase in the Index of Current Conditions to 130, which was eight points above September’s level. Meanwhile, the Index of Future Expectations rose a single point to 129. Farmers’ appraisal of current conditions on their farms continues to be fueled by record-high profitability in the beef sector. At the same time, poor profit margins across all major crop enterprises lead crop producers to provide a more pessimistic view of the current situation on U.S. farms. The Farm Financial Performance Index fell 10 points from September to 78. Despite weakening financial expectations, the Farm Capital Investment Index rose nine points during the month to 62, thanks to the more optimistic outlook from livestock producers. -NAFB

A modest rise in farmer sentiment

December corn closed down 2 3/4 cents and March corn was down 2 cents. January soybeans closed down 12 3/4 cents and March soybeans were down 12 1/2 cents. December KC wheat closed up 4 3/4 cents, December Chicago wheat was up 6 3/4 cents, December Minneapolis wheat was down 1 1/4 cents.

It was an all-around risk-off session for row crops Tuesday with the exception of wheat futures, which continued to ride Monday's wave of trade optimism. Soybean futures led the way lower in the first significant corrective price action in what has been an almost vertical move higher between soybeans and soybean meal since the middle of October. It is likely traders and possibly producers looked to reward the rally following Monday's surge higher. Traders may also be feeling some nervousness ahead of the next USDA update in the middle of the month, which may still find large U.S. crops with harvest coming to an end. Outside markets were also mostly negative influence on ag markets Tuesday, with the U.S. Dollar Index firmer for a fifth straight session and directly below 3-month highs. Energy markets were mixed but stalled against topside resistance, while equities were lower, continuing the recent pullback from last week's record levels.

The live cattle complex was back to trading lower, despite Agriculture Secretary Brooke Rollins saying the U.S. is not ready for the border to reopen just yet; she's also mentioned in other interviews that President Trump is "very focused" on reopening the border. Although the industry knew that at some point the border was going to be reopened, the cat and mouse game of trying to pinpoint when that is going to happen has a negative impact on the market, as one can see in today's trade action. Unfortunately, this headline has once again pulled the spot December live cattle contract back below the market's 100-day moving average. Still no developments have surfaced in the fed cash cattle market, and no bids or asking prices have surfaced quite yet.

The feeder cattle complex took the morning's rumors with the biggest hit as the market has successfully seen prices never reached before, largely because of limited supplies and excellent demand. Cattle producers and traders alike both know that allowing for Mexican cattle imports won't completely end the market's rally and historical prices, but the degree to which it will affect prices is unknown, and that's what scares the market.

The lean hog complex was again sinking lower, as traders are sickened to see demand simply not performing. If the market trades much lower, it commits to trading below the support place at $80.00 in the December contract. The next level of technical support can be found at around $70.00.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/04141200/web-closing-markets.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed down 2 3/4 cents and March corn was down 2 cents. January soybeans closed down 12 3/4 cents and March soybeans were down 12 1/2 cents. December KC wheat closed up 4 3/4 cents, December Chicago wheat was up 6 3/4 cents, December Minneapolis wheat was down 1 1/4 cents.It was an all-around risk-off session for row crops Tuesday with the exception of wheat futures, which continued to ride Monday's wave of trade optimism. Soybean futures led the way lower in the first significant corrective price action in what has been an almost vertical move higher between soybeans and soybean meal since the middle of October. It is likely traders and possibly producers looked to reward the rally following Monday's surge higher. Traders may also be feeling some nervousness ahead of the next USDA update in the middle of the month, which may still find large U.S. crops with harvest coming to an end. Outside markets were also mostly negative influence on ag markets Tuesday, with the U.S. Dollar Index firmer for a fifth straight session and directly below 3-month highs. Energy markets were mixed but stalled against topside resistance, while equities were lower, continuing the recent pullback from last week's record levels.LIVESTOCK:The live cattle complex was back to trading lower, despite Agriculture Secretary Brooke Rollins saying the U.S. is not ready for the border to reopen just yet; she's also mentioned in other interviews that President Trump is "very focused" on reopening the border. Although the industry knew that at some point the border was going to be reopened, the cat and mouse game of trying to pinpoint when that is going to happen has a negative impact on the market, as one can see in today's trade action. Unfortunately, this headline has once again pulled the spot December live cattle contract back below the market's 100-day moving average. Still no developments have surfaced in the fed cash cattle market, and no bids or asking prices have surfaced quite yet.The feeder cattle complex took the morning's rumors with the biggest hit as the market has successfully seen prices never reached before, largely because of limited supplies and excellent demand. Cattle producers and traders alike both know that allowing for Mexican cattle imports won't completely end the market's rally and historical prices, but the degree to which it will affect prices is unknown, and that's what scares the market. The lean hog complex was again sinking lower, as traders are sickened to see demand simply not performing. If the market trades much lower, it commits to trading below the support place at $80.00 in the December contract. The next level of technical support can be found at around $70.00.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/04141200/web-closing-markets.mp3">Click HERE for audio</a>

The National Corn Growers Association called on the Environmental Protection Agency to reallocate 100 percent of its waivers for small refineries through a supplemental rule-making process. “A strong, transparent, and balanced Renewable Fuel Standard remains a cornerstone of America’s agricultural and energy success,” said NCGA CEO Neil Caskey. The statement was included in stakeholder comments submitted to EPA at the agency’s request. 

Under the RFS, the EPA sets the renewable volume obligations each year, specifying the amount of renewable fuel that refiners and importers of petroleum products must blend into the nation’s fuel supply. The EPA has the authority to issue Small Refinery Exemptions to refiners that can demonstrate “disproportionate economic harm” from compliance. NCGA has long argued that a dependable Renewable Fuel Standard is critical to unlocking America’s domestic energy potential, promoting ethanol growth, and driving corn demand. For years, the NCGA has also discouraged the overuse of RFS exemptions. 

The National Corn Growers Association called on the Environmental Protection Agency to reallocate 100 percent of its waivers for small refineries through a supplemental rule-making process. “A strong, transparent, and balanced Renewable Fuel Standard remains a cornerstone of America’s agricultural and energy success,” said NCGA CEO Neil Caskey. The statement was included in stakeholder comments submitted to EPA at the agency’s request. Under the RFS, the EPA sets the renewable volume obligations each year, specifying the amount of renewable fuel that refiners and importers of petroleum products must blend into the nation’s fuel supply. The EPA has the authority to issue Small Refinery Exemptions to refiners that can demonstrate “disproportionate economic harm” from compliance. NCGA has long argued that a dependable Renewable Fuel Standard is critical to unlocking America’s domestic energy potential, promoting ethanol growth, and driving corn demand. For years, the NCGA has also discouraged the overuse of RFS exemptions. -NAFB

NCGA calls for a Full SRE reallocation

The USDA’s National Agricultural Statistics Service will release several key agriculture reports in November, including a monthly crop supply and demand report that wasn’t issued last month because of the government shutdown. According to a post on its website, NASS will release the crop production and world ag supply and demand estimates on November 14.  The report had been scheduled for November 10 and will provide the government’s first estimate of U.S. corn and soybean production since September, when most of the Midwestern harvest hadn’t begun. 

Multiple social media posts by U.S. farmers have said that the USDA’s yield forecast was much too high. The USDA’s monthly cattle on feed report will be released as scheduled on November 21, after the October report didn’t take place. Allan Featherstone of Kansas State University said that the markets rely on those reports to figure out what’s really taking place.

The USDA’s National Agricultural Statistics Service will release several key agriculture reports in November, including a monthly crop supply and demand report that wasn’t issued last month because of the government shutdown. According to a post on its website, NASS will release the crop production and world ag supply and demand estimates on November 14. The report had been scheduled for November 10 and will provide the government’s first estimate of U.S. corn and soybean production since September, when most of the Midwestern harvest hadn’t begun. Multiple social media posts by U.S. farmers have said that the USDA’s yield forecast was much too high. The USDA’s monthly cattle on feed report will be released as scheduled on November 21, after the October report didn’t take place. Allan Featherstone of Kansas State University said that the markets rely on those reports to figure out what’s really taking place.-NAFB

NASS reports returning this month

The next student leaders of National FFA were elected to help guide this premier youth leadership organization during the coming year. The new team was announced on Saturday during the final session of the 98th annual National FFA Convention &amp; Expo in Indianapolis, Indiana. Members from Delaware, Michigan, Nebraska, Oklahoma, Oregon, and Tennessee were elected by the National FFA Delegates and will lead the organization over the next year. 

Trey Myers of Oklahoma was elected national president, and Lily Nyland of Michigan was elected national secretary. The members were selected from 37 candidates vying for the honor. Candidates participated in an extensive interview process with the National FFA Officer Nominating Committee before the selection. The new officers will interact with business and industry leaders, FFA members, instructors, and many other people to help guide the future of FFA. A complete list of the new officers is available at <a href="https://www.ffa.org/">ffa.org.</a>

The next student leaders of National FFA were elected to help guide this premier youth leadership organization during the coming year. The new team was announced on Saturday during the final session of the 98th annual National FFA Convention &amp; Expo in Indianapolis, Indiana. Members from Delaware, Michigan, Nebraska, Oklahoma, Oregon, and Tennessee were elected by the National FFA Delegates and will lead the organization over the next year. Trey Myers of Oklahoma was elected national president, and Lily Nyland of Michigan was elected national secretary. The members were selected from 37 candidates vying for the honor. Candidates participated in an extensive interview process with the National FFA Officer Nominating Committee before the selection. The new officers will interact with business and industry leaders, FFA members, instructors, and many other people to help guide the future of FFA. A complete list of the new officers is available at <a href="https://www.ffa.org/">ffa.org.</a>-NAFB

National FFA elects new officer team

December corn closed up 2 3/4 cents and March corn was up 2 3/4 cents. January soybeans closed up 19 cents and March soybeans were up 16 1/2 cents. December KC wheat closed up 7 1/4 cents, December Chicago wheat was up 9 1/2 cents, December Minneapolis wheat was up 5 1/2 cents.

Corn and wheat markets were slow to start Monday but eventually found some strength to bounce off daily lows, even with technical pressure limiting daily gains. Meanwhile, soybean futures moved double-digits higher yet again to start the new week and month, aided Monday by a reversal in soybean oil futures after four straight sessions lower to close October. Outside markets were mostly quiet with energy markets higher following the weekend announcement from OPEC+ that production increases are expected to slow into 2026. The U.S. dollar firmed for a fourth consecutive day and is nearing key resistance.

The live cattle complex was back to trading higher early this week following Friday's slightly weaker close. More than anything, traders are reappraising the marketplace, hoping that more fundamental support will arise and that traders will be able to push prices above and beyond the market's 100-day moving average, which is a threshold traders aren't confident that the market can successfully move past right now even though prices are trading higher. New showlists appear to be mixed, higher in Nebraska/Colorado and Kansas, but lower in Texas. Last week, Southern live cattle traded at $235 to $235.50, which is $2.50 to $4.00 lower than the previous week's weighted average. Northern dressed cattle traded at mostly $358 to $360, which is $9.00 to $11.00 lower than the previous week's weighted average.

The feeder cattle complex led the cattle market's surge this morning as prices were trading mostly $5.00 higher into Monday's close. Following the slew of events that transpired over the last two to three weeks, which negatively impacted the market -- feeder cattle sales in the countryside have been noticeably lower, with prices often trading $20.00 to $50.00 lower compared to two or three weeks ago. Hopefully if the board begins to trade higher, feeder cattle sales will find more buyer support too.

Without anything substantial developing yet in the lean hog market's fundamentals, it's not surprising to see the contracts again trading lower. Before traders will likely support the contracts and help prices turn higher, they're going to need to see consumer demand improve.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/03140615/web-closing-markets.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed up 2 3/4 cents and March corn was up 2 3/4 cents. January soybeans closed up 19 cents and March soybeans were up 16 1/2 cents. December KC wheat closed up 7 1/4 cents, December Chicago wheat was up 9 1/2 cents, December Minneapolis wheat was up 5 1/2 cents.Corn and wheat markets were slow to start Monday but eventually found some strength to bounce off daily lows, even with technical pressure limiting daily gains. Meanwhile, soybean futures moved double-digits higher yet again to start the new week and month, aided Monday by a reversal in soybean oil futures after four straight sessions lower to close October. Outside markets were mostly quiet with energy markets higher following the weekend announcement from OPEC+ that production increases are expected to slow into 2026. The U.S. dollar firmed for a fourth consecutive day and is nearing key resistance.LIVESTOCK:The live cattle complex was back to trading higher early this week following Friday's slightly weaker close. More than anything, traders are reappraising the marketplace, hoping that more fundamental support will arise and that traders will be able to push prices above and beyond the market's 100-day moving average, which is a threshold traders aren't confident that the market can successfully move past right now even though prices are trading higher. New showlists appear to be mixed, higher in Nebraska/Colorado and Kansas, but lower in Texas. Last week, Southern live cattle traded at $235 to $235.50, which is $2.50 to $4.00 lower than the previous week's weighted average. Northern dressed cattle traded at mostly $358 to $360, which is $9.00 to $11.00 lower than the previous week's weighted average.The feeder cattle complex led the cattle market's surge this morning as prices were trading mostly $5.00 higher into Monday's close. Following the slew of events that transpired over the last two to three weeks, which negatively impacted the market -- feeder cattle sales in the countryside have been noticeably lower, with prices often trading $20.00 to $50.00 lower compared to two or three weeks ago. Hopefully if the board begins to trade higher, feeder cattle sales will find more buyer support too.Without anything substantial developing yet in the lean hog market's fundamentals, it's not surprising to see the contracts again trading lower. Before traders will likely support the contracts and help prices turn higher, they're going to need to see consumer demand improve.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/03140615/web-closing-markets.mp3">Click HERE for audio</a>

The American Farm Bureau Federation  and the American Soybean Association both welcomed news of China’s renewed commitment to import U.S. agricultural products. AFBF President Zippy Duvall said the organization was encouraged by China’s plans to buy more soybeans and sorghum, noting that trade disputes have already burdened farmers facing high costs and low prices. 

ASA President Daryl Cates called the announcement a positive step for soybean growers who have endured years of global uncertainty. He emphasized that China remains one of the most vital export markets for U.S. soybeans, but long-term progress depends on predictable and transparent trade policies. Both organizations stressed that while the agreement signals improvement, consistent purchases and reliable market access are essential for restoring confidence and stability in U.S.–China agricultural trade.

The American Farm Bureau Federation and the American Soybean Association both welcomed news of China’s renewed commitment to import U.S. agricultural products. AFBF President Zippy Duvall said the organization was encouraged by China’s plans to buy more soybeans and sorghum, noting that trade disputes have already burdened farmers facing high costs and low prices. ASA President Daryl Cates called the announcement a positive step for soybean growers who have endured years of global uncertainty. He emphasized that China remains one of the most vital export markets for U.S. soybeans, but long-term progress depends on predictable and transparent trade policies. Both organizations stressed that while the agreement signals improvement, consistent purchases and reliable market access are essential for restoring confidence and stability in U.S.–China agricultural trade.-NAFB