The 2025 annual survey of cash rental rates for Iowa farmland shows that rates decreased, on average, by 2.9 percent in 2025 to $271 per acre. It’s the first decline in cash rents since 2019, after a peak of $279 per acre during the previous two years of the survey. Crop reporting districts saw different results in cash rents, ranging from a drop of 6.9 percent in South Central Iowa to an increase of 2.8 percent in Southeast Iowa.

There was considerable variability across the counties in year-to-year changes, as is typical of survey data. A total of 68 of Iowa’s 99 counties reported decreases in average rents for corn and soybean acres. High-quality land experienced a decrease of 3.4 percent, from $328 an acre last year to $317 in 2025. Medium-quality land dropped 2.5 percent to $271 in 2025, while low-quality land experienced a three percent decrease to $225 per acre.

The 2025 annual survey of cash rental rates for Iowa farmland shows that rates decreased, on average, by 2.9 percent in 2025 to $271 per acre. It’s the first decline in cash rents since 2019, after a peak of $279 per acre during the previous two years of the survey. Crop reporting districts saw different results in cash rents, ranging from a drop of 6.9 percent in South Central Iowa to an increase of 2.8 percent in Southeast Iowa.There was considerable variability across the counties in year-to-year changes, as is typical of survey data. A total of 68 of Iowa’s 99 counties reported decreases in average rents for corn and soybean acres. High-quality land experienced a decrease of 3.4 percent, from $328 an acre last year to $317 in 2025. Medium-quality land dropped 2.5 percent to $271 in 2025, while low-quality land experienced a three percent decrease to $225 per acre.-NAFB

Iowa cash rents drop in 2025

The U.S. has churned out record levels of ethanol since late 2024, largely due to a rise in exports and steady domestic demand. But Reuters said output has dropped from record levels during the last two weeks, which coincides with the buildup of the summer driving season. The U.S. does have large stockpiles of ethanol that can offset some of the lower production levels in the short term. 

Exports and domestic travel trends will have to be watched in the coming weeks and months when fuel demand typically hits its highest point of the year. During the last four weeks ending on May 23, America’s ethanol production averaged about 1.026 million barrels per day. That’s the best for the period in the last six years but behind the levels of six and seven years ago. U.S. gasoline demand hasn’t been as impressive, with rates similar to year-ago levels.

The U.S. has churned out record levels of ethanol since late 2024, largely due to a rise in exports and steady domestic demand. But Reuters said output has dropped from record levels during the last two weeks, which coincides with the buildup of the summer driving season. The U.S. does have large stockpiles of ethanol that can offset some of the lower production levels in the short term. Exports and domestic travel trends will have to be watched in the coming weeks and months when fuel demand typically hits its highest point of the year. During the last four weeks ending on May 23, America’s ethanol production averaged about 1.026 million barrels per day. That’s the best for the period in the last six years but behind the levels of six and seven years ago. U.S. gasoline demand hasn’t been as impressive, with rates similar to year-ago levels.-NAFB

Record ethanol production slows ahead of Summer driving

The Des Moines region is now home to the first above-ground B99 fueling pump, an action that was celebrated Thursday morning by leaders in the biofuels, trucking, and soybean industries. 

Iowa Secretary of Agriculture Mike Naig said the new pump, which allows certain semi-trucks to fill up with a 99% biodiesel blended fuel, shows a completion of the ag supply chain, from the field to the biofuel refineries and now into a truck. 

"Every time I see this, or think of an infrastructure investment, I just know that that’s more demand pulling through, and what that ultimately means is more demand for the things that we grow, "Naig said. "It adds value every single step throughout the chain. "

The pump is located at a Pilot fuel station in Urbandale, near the intersection of Douglas Avenue and Interstate 35, and for now will be used primarily by PepsiCo trucks which are equipped to utilize the fuel.

The Des Moines region is now home to the first above-ground B99 fueling pump, an action that was celebrated Thursday morning by leaders in the biofuels, trucking, and soybean industries. Iowa Secretary of Agriculture Mike Naig said the new pump, which allows certain semi-trucks to fill up with a 99% biodiesel blended fuel, shows a completion of the ag supply chain, from the field to the biofuel refineries and now into a truck. "Every time I see this, or think of an infrastructure investment, I just know that that’s more demand pulling through, and what that ultimately means is more demand for the things that we grow, "Naig said. "It adds value every single step throughout the chain. "The pump is located at a Pilot fuel station in Urbandale, near the intersection of Douglas Avenue and Interstate 35, and for now will be used primarily by PepsiCo trucks which are equipped to utilize the fuel.-NAFB

Iowa opens first of its kind biodiesel pump in Urbandale

A federal court ruled Wednesday that an emergency law does not provide President Trump with unilateral authority to impose tariffs on nearly every country. 

The interruption was short-lived after a federal appeals court granted the Trump administration’s request to temporarily pause a lower-court ruling. A federal appeals court has now granted the Trump administration’s request to temporarily pause the Wednesday lower-court ruling that declared an emergency law does not provide President Trump with unilateral authority to impose tariffs on nearly every country — a decision that would have blocked reciprocal tariff announcements dating back to February. 

The original ruling was issued by a three-judge panel at the U.S. Court of International Trade. The judges said the sweeping tariffs and other global levies imposed under the International Emergency Economic Power Act were unlawful, which invalidates President Trump’s April 2 reciprocal tariff order. 

That order included 30% tariffs on Chinese imports, 25% tariffs on select goods from Mexico and Canada, as well as a blanket 10% tariff on most imported goods.

A federal court ruled Wednesday that an emergency law does not provide President Trump with unilateral authority to impose tariffs on nearly every country. The interruption was short-lived after a federal appeals court granted the Trump administration’s request to temporarily pause a lower-court ruling. A federal appeals court has now granted the Trump administration’s request to temporarily pause the Wednesday lower-court ruling that declared an emergency law does not provide President Trump with unilateral authority to impose tariffs on nearly every country — a decision that would have blocked reciprocal tariff announcements dating back to February. The original ruling was issued by a three-judge panel at the U.S. Court of International Trade. The judges said the sweeping tariffs and other global levies imposed under the International Emergency Economic Power Act were unlawful, which invalidates President Trump’s April 2 reciprocal tariff order. That order included 30% tariffs on Chinese imports, 25% tariffs on select goods from Mexico and Canada, as well as a blanket 10% tariff on most imported goods.-NAFB

Trump’s aggressive trade agenda is back on

Secretary of Agriculture Brooke Rollins announced the release of congressionally-mandated Emergency Livestock Relief Program (ELRP) payments to cover grazing losses due to eligible drought or wildfire events in 2023 and/or 2024. 

The USDA’s Farm Service Agency (FSA) is leveraging existing Livestock Forage Disaster Program (LFP) data to streamline payment calculations and expedite relief. Emergency relief payments are automatically issued for producers who have an approved LFP application on file for 2023 and/or 2024, and they do not have to contact USDA to receive payments. 

The Department of Agriculture is stepping up to support livestock producers by expediting disaster payments when drought and wildfires strike. On May 7, it launched its 2023/2024 Supplemental Disaster Assistance public landing page where the status of USDA disaster assistance and block grant rollout timeline can be tracked. 

The page is updated regularly and accessible through fsa.usda.gov.

Secretary of Agriculture Brooke Rollins announced the release of congressionally-mandated Emergency Livestock Relief Program (ELRP) payments to cover grazing losses due to eligible drought or wildfire events in 2023 and/or 2024. The USDA’s Farm Service Agency (FSA) is leveraging existing Livestock Forage Disaster Program (LFP) data to streamline payment calculations and expedite relief. Emergency relief payments are automatically issued for producers who have an approved LFP application on file for 2023 and/or 2024, and they do not have to contact USDA to receive payments. The Department of Agriculture is stepping up to support livestock producers by expediting disaster payments when drought and wildfires strike. On May 7, it launched its 2023/2024 Supplemental Disaster Assistance public landing page where the status of USDA disaster assistance and block grant rollout timeline can be tracked. The page is updated regularly and accessible through fsa.usda.gov.-NAFB

USDA to provide $1 Billion to livestock producers impacted by drought or wildfire

President Trump's Department of Government Efficiency (DOGE) has silently updated the lease terminations listed on its Wall of Receipts, and USDA offices have been majorly impacted. 

In March, the Wall of Receipts listed nearly 750 government office lease terminations, planned as part of the DOGE agenda to “maximize governmental efficiency and productivity.” Now, the number of listed offices is less than 500, and a large chunk of the offices no longer listed are those of USDA agencies. 

One of the USDA offices no longer listed is the Hendersonville Farm Service Agency (FSA) office in North Carolina. Two sources familiar with the office confirmed a change in the office’s lease status last week, one saying the lease had been renewed. This all comes in the midst of Elon Musk’s reported departure from the Trump administration. 

Comparing the current DOGE list, more than 70 USDA agency offices have been quietly removed from the Wall of Receipts. Over half are FSA and Natural Resources Conservation Service (NRCS) offices, which often work the most closely with farmers.

President Trump's Department of Government Efficiency (DOGE) has silently updated the lease terminations listed on its Wall of Receipts, and USDA offices have been majorly impacted. In March, the Wall of Receipts listed nearly 750 government office lease terminations, planned as part of the DOGE agenda to “maximize governmental efficiency and productivity.” Now, the number of listed offices is less than 500, and a large chunk of the offices no longer listed are those of USDA agencies. One of the USDA offices no longer listed is the Hendersonville Farm Service Agency (FSA) office in North Carolina. Two sources familiar with the office confirmed a change in the office’s lease status last week, one saying the lease had been renewed. This all comes in the midst of Elon Musk’s reported departure from the Trump administration. Comparing the current DOGE list, more than 70 USDA agency offices have been quietly removed from the Wall of Receipts. Over half are FSA and Natural Resources Conservation Service (NRCS) offices, which often work the most closely with farmers.-NAFB

USDA offices disappear from DOGE’s lease termination list

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July corn closed down 5 3/4 cents and December corn was down 2 3/4 cents. July soybeans closed down 8 1/4 cents and November soybeans were down 9 3/4 cents. July KC wheat closed up 6 1/2 cents, July Chicago wheat was up 5 cents, July MIAX Minneapolis wheat was up 1 3/4 cents.

The U.S. Dollar Index is down 0.52 at 98.81. The Dow Jones Industrial Average is down 6.0 points at 42,288.0. August gold is up $82.10 at $3,397.50, July silver is up $1.71 at $34.74 and July copper is up $0.1720. July crude oil is up $1.78 at $62.57, July ultra-low sulfur diesel is up $0.0427, July RBOB gasoline is up $0.0391 and July natural gas is up $0.249.

July corn futures closed down 5 3/4 cents on Monday to $4.38 1/4. New crop December futures were down 2 3/4 cents to $4.35 3/4. The corn market saw Monday's early upward momentum fade as the session wore on, eventually slipping lower for the session likely as the result of the weight of the sinking soybean complex counteracting the positive pull from the wheat market, especially as wheat prices faded well off their daily highs by afternoon.

In Monday's grain inspections numbers, the USDA reported 62 million bushels (mb) of corn inspected for import for the week ending May 29. This brings total Federal inspections for the year to 1.913 billion bushels (bb), up 29% from this time in 2024. In other old crop demand news, Monday afternoon will also see the release of the latest Grain Crushings report from the USDA which will update corn used for ethanol in April. Through March, corn used for ethanol was running 0.57% ahead of the 2023-24 corn marketing year. Rough estimation from weekly Energy Information Administration data on ethanol production would point to approximately 434 mb of corn crush in April. The market will also be tuned in for the latest Crop Progress report Monday afternoon at 3 p.m. CDT. A recent drier stretch in the northern grain belt has likely been conducive to wrapping up planting, but any acres yet to go in as of Sunday will face a return of wet conditions across most of the eastern half of the U.S. including most major corn growing regions.

In corn technicals for Monday, $4.42 1/2 remains a key level on July futures to watch as it is the lowest close for the board for 2025 thus far. For Monday, the contract came within half a cent of the level but found support. Beyond $4.42 1/2, $4.36 1/2 stands as the lowest price for July futures overall, which was a price which attracted buyers. Upside resistance is seen immediately at the 20-day moving average of $4.50 3/4, which prices failed to hold above on an attempt early Monday.

The DTN National Corn Index finished Friday at $4.20. Monday's futures close and implied corn basis of 24 cents under the July board would indicate the Index on Monday afternoon to be near $4.14.

July soybeans traded 8 1/4 cents lower on Monday, closing at $10.33 1/2. New crop November futures were down 9 3/4 cents to $10.17. The renewed trade tensions between the U.S. and China are the clear catalyst for the selling pressure in soybean futures to close last week and again on Monday. Both sides have accused the other of trade violations in recent days. To add to the pressure on soybean prices, ongoing concerns regarding political support for the biofuel industry and the slow progress of the budget bill through the Senate currently.

Export inspections for soybeans for the week ending May 29 totaled 9.9 mb, bringing the total to 1.639 bb or 11% ahead of inspections at the same point in 2024. The USDA is penciling a 9% increase in year over year soybean exports so inspections currently are holding just above the pace needed to hit this goal. In other soybean demand news, Monday afternoon the USDA will release the latest Fats and Oils report with soybean crush data from April. Crush can be expected to come in near 202 mb for April based on the NOPA crush released in the mid-May which was 190.23 mb, as NOPA members typically account for 94-95% of national crush. Oil stocks will also be of interest in light of the recent selloff in soybean oil futures amid shaky biofuel usage through the first quarter of 2025.

In soybean technicals, November soybeans broke below the 50-day moving average at $10.26 3/4 after closing directly even with the mark on Friday. This sets up a move back towards $10.00 to $10.10 as a likely target for bearish traders. The early May low close of $10.18 1/4 is an area of immediate support for prices which held for Monday.

The DTN National Soybean Index finished Friday at $9.92. Monday's futures close and implied soybean basis of 50 cents under the July board would indicate the Index on Monday afternoon to be near $9.84.

July Kansas City wheat closed up 6 1/2 cents on Monday to $5.39 3/4. Chicago soft red winter wheat prices were also higher, while MIAX Minneapolis spring wheat futures also traded slightly higher as well. Last week's late wheat rally was primarily driven by spring wheat futures following the very low initial crop rating released by USDA last Tuesday. However, for Monday, bullishness shifted into winter wheat varieties in reaction to the weekend bombing campaign by Ukraine against Russia.

Wheat export inspections for the week ending May 29 totaled 20.3 mb and brought the running total for inspections for the 2024-25 crop year to 802 mb. The 2024-25 marketing year ended over the weekend, so there will likely be some adjustments to be made for the last few days not captured by Monday's data as well as Thursday's upcoming Export Sales report which will report for the same period. All totaled, given the Census Bureau was running approximately 3.4% ahead of the USDA's shipment estimate through March, a final export figure of nearly 800 mb seems accurate, although again some last minute fine tuning could be expected.

The market will also look forward to the crop update from the USDA Monday afternoon, especially following last week's low score for spring wheat conditions, particularly in North Dakota. Meanwhile, the winter wheat crop has also declined in condition slightly over the past two reports. The last week featured more rainfall across hard red growing regions and significantly reduced drought in central to western Kansas, while poorly rated Nebraska wheat areas also received 1-3 inches. Meanwhile, in world wheat news, Black Sea wheat growing regions are forecasted to remain hot and dry over the next two weeks, while dryness remains an issue across north-central China.

In wheat technicals, July Kansas City futures fell well off their daily highs Monday after failing on an attempt to challenge the 50-day moving average at $5.51, the highest intraday price for July KC wheat in over a month. However, sellers rejected the move for Monday. The low $5.40s is the immediate resistance to prices which stalled rally attempts twice in May. Support is seen first at $5.28 1/4, the 20-day moving average.

The DTN National HRW Index finished Friday at $4.68, while the DTN National HRS Index was $6.03. Monday's futures close and the implied basis of 65 cents under the July for HRW, and 22 cents under the July for HRS, would indicate the Indices for Monday afternoon to be near $4.75 and $6.04, respectively.

By SAMMY HAJEERClick <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/02155853/30001.wav">HERE</a> to listenGENERAL COMMENTS:July corn closed down 5 3/4 cents and December corn was down 2 3/4 cents. July soybeans closed down 8 1/4 cents and November soybeans were down 9 3/4 cents. July KC wheat closed up 6 1/2 cents, July Chicago wheat was up 5 cents, July MIAX Minneapolis wheat was up 1 3/4 cents.The U.S. Dollar Index is down 0.52 at 98.81. The Dow Jones Industrial Average is down 6.0 points at 42,288.0. August gold is up $82.10 at $3,397.50, July silver is up $1.71 at $34.74 and July copper is up $0.1720. July crude oil is up $1.78 at $62.57, July ultra-low sulfur diesel is up $0.0427, July RBOB gasoline is up $0.0391 and July natural gas is up $0.249.CORN:July corn futures closed down 5 3/4 cents on Monday to $4.38 1/4. New crop December futures were down 2 3/4 cents to $4.35 3/4. The corn market saw Monday's early upward momentum fade as the session wore on, eventually slipping lower for the session likely as the result of the weight of the sinking soybean complex counteracting the positive pull from the wheat market, especially as wheat prices faded well off their daily highs by afternoon.In Monday's grain inspections numbers, the USDA reported 62 million bushels (mb) of corn inspected for import for the week ending May 29. This brings total Federal inspections for the year to 1.913 billion bushels (bb), up 29% from this time in 2024. In other old crop demand news, Monday afternoon will also see the release of the latest Grain Crushings report from the USDA which will update corn used for ethanol in April. Through March, corn used for ethanol was running 0.57% ahead of the 2023-24 corn marketing year. Rough estimation from weekly Energy Information Administration data on ethanol production would point to approximately 434 mb of corn crush in April. The market will also be tuned in for the latest Crop Progress report Monday afternoon at 3 p.m. CDT. A recent drier stretch in the northern grain belt has likely been conducive to wrapping up planting, but any acres yet to go in as of Sunday will face a return of wet conditions across most of the eastern half of the U.S. including most major corn growing regions.In corn technicals for Monday, $4.42 1/2 remains a key level on July futures to watch as it is the lowest close for the board for 2025 thus far. For Monday, the contract came within half a cent of the level but found support. Beyond $4.42 1/2, $4.36 1/2 stands as the lowest price for July futures overall, which was a price which attracted buyers. Upside resistance is seen immediately at the 20-day moving average of $4.50 3/4, which prices failed to hold above on an attempt early Monday.The DTN National Corn Index finished Friday at $4.20. Monday's futures close and implied corn basis of 24 cents under the July board would indicate the Index on Monday afternoon to be near $4.14.SOYBEANS:July soybeans traded 8 1/4 cents lower on Monday, closing at $10.33 1/2. New crop November futures were down 9 3/4 cents to $10.17. The renewed trade tensions between the U.S. and China are the clear catalyst for the selling pressure in soybean futures to close last week and again on Monday. Both sides have accused the other of trade violations in recent days. To add to the pressure on soybean prices, ongoing concerns regarding political support for the biofuel industry and the slow progress of the budget bill through the Senate currently.Export inspections for soybeans for the week ending May 29 totaled 9.9 mb, bringing the total to 1.639 bb or 11% ahead of inspections at the same point in 2024. The USDA is penciling a 9% increase in year over year soybean exports so inspections currently are holding just above the pace needed to hit this goal. In other soybean demand news, Monday afternoon the USDA will release the latest Fats and Oils report with soybean crush data from April. Crush can be expected to come in near 202 mb for April based on the NOPA crush released in the mid-May which was 190.23 mb, as NOPA members typically account for 94-95% of national crush. Oil stocks will also be of interest in light of the recent selloff in soybean oil futures amid shaky biofuel usage through the first quarter of 2025.In soybean technicals, November soybeans broke below the 50-day moving average at $10.26 3/4 after closing directly even with the mark on Friday. This sets up a move back towards $10.00 to $10.10 as a likely target for bearish traders. The early May low close of $10.18 1/4 is an area of immediate support for prices which held for Monday.The DTN National Soybean Index finished Friday at $9.92. Monday's futures close and implied soybean basis of 50 cents under the July board would indicate the Index on Monday afternoon to be near $9.84.WHEAT:July Kansas City wheat closed up 6 1/2 cents on Monday to $5.39 3/4. Chicago soft red winter wheat prices were also higher, while MIAX Minneapolis spring wheat futures also traded slightly higher as well. Last week's late wheat rally was primarily driven by spring wheat futures following the very low initial crop rating released by USDA last Tuesday. However, for Monday, bullishness shifted into winter wheat varieties in reaction to the weekend bombing campaign by Ukraine against Russia.Wheat export inspections for the week ending May 29 totaled 20.3 mb and brought the running total for inspections for the 2024-25 crop year to 802 mb. The 2024-25 marketing year ended over the weekend, so there will likely be some adjustments to be made for the last few days not captured by Monday's data as well as Thursday's upcoming Export Sales report which will report for the same period. All totaled, given the Census Bureau was running approximately 3.4% ahead of the USDA's shipment estimate through March, a final export figure of nearly 800 mb seems accurate, although again some last minute fine tuning could be expected.The market will also look forward to the crop update from the USDA Monday afternoon, especially following last week's low score for spring wheat conditions, particularly in North Dakota. Meanwhile, the winter wheat crop has also declined in condition slightly over the past two reports. The last week featured more rainfall across hard red growing regions and significantly reduced drought in central to western Kansas, while poorly rated Nebraska wheat areas also received 1-3 inches. Meanwhile, in world wheat news, Black Sea wheat growing regions are forecasted to remain hot and dry over the next two weeks, while dryness remains an issue across north-central China.In wheat technicals, July Kansas City futures fell well off their daily highs Monday after failing on an attempt to challenge the 50-day moving average at $5.51, the highest intraday price for July KC wheat in over a month. However, sellers rejected the move for Monday. The low $5.40s is the immediate resistance to prices which stalled rally attempts twice in May. Support is seen first at $5.28 1/4, the 20-day moving average.The DTN National HRW Index finished Friday at $4.68, while the DTN National HRS Index was $6.03. Monday's futures close and the implied basis of 65 cents under the July for HRW, and 22 cents under the July for HRS, would indicate the Indices for Monday afternoon to be near $4.75 and $6.04, respectively.

Commodity markets daily recap

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July corn closed down 8 1/2 cents and December corn was down 3 cents. July soybeans closed down 14 cents and November soybeans were down 13 1/4 cents. July KC wheat closed up 3/4 cents, July Chicago wheat was up 1 3/4 cents, July MIAX Minneapolis wheat was up 7 cents.

The U.S. Dollar Index is up 0.42 at 99.94. The Dow Jones Industrial Average is down 114.0 points at 42,296.0. June gold is up $0.20 at $3,300.60, July silver is down $0.14 at $33.18 and July copper is down $0.0590. July crude oil is up $0.86 at $61.75, July ultra-low sulfur diesel is up $0.0136, July RBOB gasoline is up $0.0076 and July natural gas is down $0.171.

July corn futures traded 8 1/2 cents lower Wednesday, finishing at $4.51. New-crop December futures were down 3 cents to $4.43 1/2. The corn market struggled to find any footing on Wednesday as recent buyers who entered the market last week are seemingly exiting positions for a quick profit, driven by mostly steady planting pace for corn, and a strong first crop condition reading in Tuesday's Crop Progress report from USDA.

In Tuesday's report, USDA pegged U.S. corn plantings at 87% complete versus the five-year average of 85%. Planting pace did slow slightly, with the lead over the five-year pace narrowing over the past week. Notably, Illinois, Indiana, and Kentucky remain behind normal pace due to heavy rainfall throughout the past few weeks. These states still have time ahead of the start of the late planting window on June 5 but depending on how these next few weeks go weather-wise, the door remains open in my view to potentially see a shift back toward soybean acreage in late states. The market may have been in agreement with this opinion Wednesday, as new-crop November soybeans dropped 13 1/2 cents relative to December corn's 3-cent drop. For corn conditions, USDA found in their first reading Tuesday that 68% of the U.S. corn crop is in good-to-excellent condition. This was perhaps a touch lower than many were expecting but, overall, not enough to spark much in the way of a bullish rally.

Looking at the December corn chart, Wednesday was a disappointing technical day for prices, as prices again failed at the 50-day moving average ($4.49 1/2) and the 20-day moving average at $4.44 1/2 also failed to hold in the afternoon. $4.40 is the next immediate support point, otherwise the 2025 low of $4.34 1/2 remains in play.

The DTN National Corn Index finished Tuesday at $4.35. Wednesday's futures close and implied corn basis of 25 cents under the July board would indicate the index on Wednesday afternoon to be near $4.25.

July soybean futures fell 14 cents Wednesday to $10.48 1/2. Meanwhile, new-crop November soybeans were down 13 1/4 cents to $10.37 1/2. The soybean complex as a whole was lower Wednesday, led by soybean oil which dropped 0.64 cents per pound but did find support near 48.58, trendline support which has caught prices on two breaks through the latter half of May. General nervousness regarding the budget bill as it works its way through the U.S. Senate seemed to be the primary source of weakness to soybean oil prices for Wednesday.

In Tuesday's Crop Progress report, USDA said U.S. soybean planting was 76% complete as of May 25, still 8 points ahead of the five-year average. Ohio, Kentucky, and Mississippi stand out as states currently behind average pace. The seven-day forecast continues to show widespread precipitation across the U.S. Grain Belt, with parts of Illinois, Indiana, and Ohio in particular slated to receive 1 to 2+ additional inches of rain.

Looking at the November soybean futures chart for Wednesday, prices closed below the 20-day moving average ($10.38 1/4) for the first time since May 8. Support is stacked just above $10.30 in the form of the 100- and 200-day moving averages, while the 50-day moving average waits just below at $10.25 3/4.

The DTN National Soybean Index finished Tuesday at $10.12. Wednesday's futures close and implied soybean basis of 50 cents under the July board would indicate the index on Wednesday afternoon to be near $9.98.

July Kansas City wheat closed up 3/4 cents to $5.25 1/4 on Wednesday. Chicago wheat futures were also marginally higher while MIAX Minneapolis spring wheat futures led the charge higher, closing up 8 1/2 cents on July futures following a poor initial condition reading from USDA on Tuesday.

U.S. spring wheat condition was reported on Tuesday to be 45% good to excellent across the six major growing states. Top-producing North Dakota in particular posted the third lowest initial crop rating since the series began in 1986. 2021 stands out as one of the years which began with an even lower good-to-excellent rating than the 34% reported for North Dakota's crop in Tuesday's release. Heavy rainfall and cooler-than-average temperatures can be attributed to the slow start for spring wheat conditions. MIAX Minneapolis futures as a result extended their gains above KC and Chicago varieties on Wednesday, trading 6 cents higher on the September contract in what has turned into a choppy back-and-forth action for spring wheat prices over the past handful of sessions.

For the U.S. winter wheat crop, conditions again dropped week-over-week from 52% good to excellent to 50% in Tuesday's report. Nebraska led the way with a sharp 9-point drop in good-to-excellent ratings and a subsequent 12-point increase in poor-to-very-poor conditions as 53% of the states' wheat crop is now rated poor to very poor. It will be interesting to see if recent rainfall as well as chances over the next week will reverse fortunes there. Meanwhile, Kansas and Oklahoma are also slated to receive more rainfall over the next week. This may be welcome in parts of Kansas, but I would think the potential for too much moisture in Oklahoma may be possible after what has been an extremely wet last couple of months for the central and eastern parts of the state specifically. Finally, in international news, winter wheat prices may have been partially pressured by the International Grains Council increasing their estimate for Russian production to 81.7 million metric tons (mmt), joining USDA as well as SovEcon in estimating the crop higher than what was originally thought would be the case in early 2025.

Looking at the September MIAX Minneapolis wheat chart, prices stalled in their rally Wednesday at the 50-day moving average near $6.18 1/4, which has kept prices in check over the past five sessions. September Minneapolis futures have not sustained a move above the 50-day moving average since early in the year, and prices have subsequently failed at this level three times in the past three months.

The DTN National HRW Index finished Tuesday at $4.58, while the DTN National HRS Index was $5.73. Wednesday's futures close and the implied basis of 66 cents under the July for HRW, and 23 cents under the July for HRS, would indicate the indices for Wednesday afternoon to be near $4.59 and $5.82, respectively.

By MATT PIKESt. Joseph PostClick <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/28142157/30001-closing-markets.mp3">HERE</a> to listenGENERAL COMMENTS:July corn closed down 8 1/2 cents and December corn was down 3 cents. July soybeans closed down 14 cents and November soybeans were down 13 1/4 cents. July KC wheat closed up 3/4 cents, July Chicago wheat was up 1 3/4 cents, July MIAX Minneapolis wheat was up 7 cents.The U.S. Dollar Index is up 0.42 at 99.94. The Dow Jones Industrial Average is down 114.0 points at 42,296.0. June gold is up $0.20 at $3,300.60, July silver is down $0.14 at $33.18 and July copper is down $0.0590. July crude oil is up $0.86 at $61.75, July ultra-low sulfur diesel is up $0.0136, July RBOB gasoline is up $0.0076 and July natural gas is down $0.171.CORN:July corn futures traded 8 1/2 cents lower Wednesday, finishing at $4.51. New-crop December futures were down 3 cents to $4.43 1/2. The corn market struggled to find any footing on Wednesday as recent buyers who entered the market last week are seemingly exiting positions for a quick profit, driven by mostly steady planting pace for corn, and a strong first crop condition reading in Tuesday's Crop Progress report from USDA.In Tuesday's report, USDA pegged U.S. corn plantings at 87% complete versus the five-year average of 85%. Planting pace did slow slightly, with the lead over the five-year pace narrowing over the past week. Notably, Illinois, Indiana, and Kentucky remain behind normal pace due to heavy rainfall throughout the past few weeks. These states still have time ahead of the start of the late planting window on June 5 but depending on how these next few weeks go weather-wise, the door remains open in my view to potentially see a shift back toward soybean acreage in late states. The market may have been in agreement with this opinion Wednesday, as new-crop November soybeans dropped 13 1/2 cents relative to December corn's 3-cent drop. For corn conditions, USDA found in their first reading Tuesday that 68% of the U.S. corn crop is in good-to-excellent condition. This was perhaps a touch lower than many were expecting but, overall, not enough to spark much in the way of a bullish rally.Looking at the December corn chart, Wednesday was a disappointing technical day for prices, as prices again failed at the 50-day moving average ($4.49 1/2) and the 20-day moving average at $4.44 1/2 also failed to hold in the afternoon. $4.40 is the next immediate support point, otherwise the 2025 low of $4.34 1/2 remains in play.The DTN National Corn Index finished Tuesday at $4.35. Wednesday's futures close and implied corn basis of 25 cents under the July board would indicate the index on Wednesday afternoon to be near $4.25.SOYBEANS:July soybean futures fell 14 cents Wednesday to $10.48 1/2. Meanwhile, new-crop November soybeans were down 13 1/4 cents to $10.37 1/2. The soybean complex as a whole was lower Wednesday, led by soybean oil which dropped 0.64 cents per pound but did find support near 48.58, trendline support which has caught prices on two breaks through the latter half of May. General nervousness regarding the budget bill as it works its way through the U.S. Senate seemed to be the primary source of weakness to soybean oil prices for Wednesday.In Tuesday's Crop Progress report, USDA said U.S. soybean planting was 76% complete as of May 25, still 8 points ahead of the five-year average. Ohio, Kentucky, and Mississippi stand out as states currently behind average pace. The seven-day forecast continues to show widespread precipitation across the U.S. Grain Belt, with parts of Illinois, Indiana, and Ohio in particular slated to receive 1 to 2+ additional inches of rain.Looking at the November soybean futures chart for Wednesday, prices closed below the 20-day moving average ($10.38 1/4) for the first time since May 8. Support is stacked just above $10.30 in the form of the 100- and 200-day moving averages, while the 50-day moving average waits just below at $10.25 3/4.The DTN National Soybean Index finished Tuesday at $10.12. Wednesday's futures close and implied soybean basis of 50 cents under the July board would indicate the index on Wednesday afternoon to be near $9.98.WHEAT:July Kansas City wheat closed up 3/4 cents to $5.25 1/4 on Wednesday. Chicago wheat futures were also marginally higher while MIAX Minneapolis spring wheat futures led the charge higher, closing up 8 1/2 cents on July futures following a poor initial condition reading from USDA on Tuesday.U.S. spring wheat condition was reported on Tuesday to be 45% good to excellent across the six major growing states. Top-producing North Dakota in particular posted the third lowest initial crop rating since the series began in 1986. 2021 stands out as one of the years which began with an even lower good-to-excellent rating than the 34% reported for North Dakota's crop in Tuesday's release. Heavy rainfall and cooler-than-average temperatures can be attributed to the slow start for spring wheat conditions. MIAX Minneapolis futures as a result extended their gains above KC and Chicago varieties on Wednesday, trading 6 cents higher on the September contract in what has turned into a choppy back-and-forth action for spring wheat prices over the past handful of sessions.For the U.S. winter wheat crop, conditions again dropped week-over-week from 52% good to excellent to 50% in Tuesday's report. Nebraska led the way with a sharp 9-point drop in good-to-excellent ratings and a subsequent 12-point increase in poor-to-very-poor conditions as 53% of the states' wheat crop is now rated poor to very poor. It will be interesting to see if recent rainfall as well as chances over the next week will reverse fortunes there. Meanwhile, Kansas and Oklahoma are also slated to receive more rainfall over the next week. This may be welcome in parts of Kansas, but I would think the potential for too much moisture in Oklahoma may be possible after what has been an extremely wet last couple of months for the central and eastern parts of the state specifically. Finally, in international news, winter wheat prices may have been partially pressured by the International Grains Council increasing their estimate for Russian production to 81.7 million metric tons (mmt), joining USDA as well as SovEcon in estimating the crop higher than what was originally thought would be the case in early 2025.Looking at the September MIAX Minneapolis wheat chart, prices stalled in their rally Wednesday at the 50-day moving average near $6.18 1/4, which has kept prices in check over the past five sessions. September Minneapolis futures have not sustained a move above the 50-day moving average since early in the year, and prices have subsequently failed at this level three times in the past three months.The DTN National HRW Index finished Tuesday at $4.58, while the DTN National HRS Index was $5.73. Wednesday's futures close and the implied basis of 66 cents under the July for HRW, and 23 cents under the July for HRS, would indicate the indices for Wednesday afternoon to be near $4.59 and $5.82, respectively.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/28111447/kfeq-com-news.mp3">HERE</a> to listen

<a href="https://stjosephpost.com/posts/2e655dc6-854a-4a17-b3b1-df8dd919c51b">Fewer U.S. cattle on feed</a>

<a href="https://stjosephpost.com/posts/492dd8d0-6985-45fc-a11c-e189f96db7fb">USDA food purchases to help the needy</a>

Grassley Sees Few Senate Tax Changes to House-Passed Trump Tax, Spending Bill

<a href="https://stjosephpost.com/posts/431948c6-0012-4bdb-be86-1708e00519bf">White House Gives EU a Trade Reprieve</a>

<a href="https://stjosephpost.com/posts/0c8a5ebd-f25e-4bfd-a810-17610394315a">Outbreaks of bird flu in mammals doubled in 2024</a>

By MATT PIKE and NATHAN&nbsp; STUEDLESt. Joseph PostClick <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/28111447/kfeq-com-news.mp3">HERE</a> to listen<a href="https://stjosephpost.com/posts/2e655dc6-854a-4a17-b3b1-df8dd919c51b">Fewer U.S. cattle on feed</a><a href="https://stjosephpost.com/posts/492dd8d0-6985-45fc-a11c-e189f96db7fb">USDA food purchases to help the needy</a>Grassley Sees Few Senate Tax Changes to House-Passed Trump Tax, Spending Bill<a href="https://stjosephpost.com/posts/431948c6-0012-4bdb-be86-1708e00519bf">White House Gives EU a Trade Reprieve</a><a href="https://stjosephpost.com/posts/0c8a5ebd-f25e-4bfd-a810-17610394315a">Outbreaks of bird flu in mammals doubled in 2024</a>

Ag News for May 28th, 2025

Outbreaks of bird flu in mammals doubled in 2024 with other diseases spreading and putting more humans at risk, says a new report on animal health. 

The first assessment published by the World Organization for Animal Health revealed animal diseases were migrating into unaffected areas. Half (47%) of these have animal-to-human potential. In 2023, there were 459 outbreaks of bird flu recorded in mammals, but that number climbed to 1,022 across 55 countries a year later. 

The expanding animal trade and a five percent reduction in livestock vaccinations between 2020 and 2022 contributed to the rise. The spread, prevalence and impact of infectious animal diseases is changing, bringing new challenges for agriculture and food security, human health and development, and natural ecosystems. 

More than 630 million birds have been culled across two decades during bird flu outbreaks. While the risk to humans remains low, more mammalian species that become infected - such as cattle, cats and dogs - the greater the risk of transmission to humans.

Outbreaks of bird flu in mammals doubled in 2024 with other diseases spreading and putting more humans at risk, says a new report on animal health. The first assessment published by the World Organization for Animal Health revealed animal diseases were migrating into unaffected areas. Half (47%) of these have animal-to-human potential. In 2023, there were 459 outbreaks of bird flu recorded in mammals, but that number climbed to 1,022 across 55 countries a year later. The expanding animal trade and a five percent reduction in livestock vaccinations between 2020 and 2022 contributed to the rise. The spread, prevalence and impact of infectious animal diseases is changing, bringing new challenges for agriculture and food security, human health and development, and natural ecosystems. More than 630 million birds have been culled across two decades during bird flu outbreaks. While the risk to humans remains low, more mammalian species that become infected - such as cattle, cats and dogs - the greater the risk of transmission to humans.-NAFB

Outbreaks of bird flu in mammals doubled in 2024

The European Union won a pause from President Donald Trump’s threatened 50 percent tariffs. 

 However, Reuters said it’s not certain yet how the EU will push for a beneficial trade deal while Washington pushes for steeper EU concessions. After a conference call with the EU Commission President, Trump restored the July 9 deadline to allow talks between the U.S. and the 27-member nations to produce a trade agreement. 

The EU Commission oversees the trade policy for the bloc and said the call from Trump added new motivation to the negotiations that the two presidents agreed to put on a fast track. There wasn’t a lot of indication of what, if any, progress was made during the phone call toward clearing a path toward a negotiated solution. 

The EU wants a deal beneficial to both sides that could include moving to zero tariffs on industrial goods and the EU buying more U.S. soybeans.

The European Union won a pause from President Donald Trump’s threatened 50 percent tariffs. However, Reuters said it’s not certain yet how the EU will push for a beneficial trade deal while Washington pushes for steeper EU concessions. After a conference call with the EU Commission President, Trump restored the July 9 deadline to allow talks between the U.S. and the 27-member nations to produce a trade agreement. The EU Commission oversees the trade policy for the bloc and said the call from Trump added new motivation to the negotiations that the two presidents agreed to put on a fast track. There wasn’t a lot of indication of what, if any, progress was made during the phone call toward clearing a path toward a negotiated solution. The EU wants a deal beneficial to both sides that could include moving to zero tariffs on industrial goods and the EU buying more U.S. soybeans.-NAFB

White House gives EU a trade reprieve

The USDA will purchase up to $67 million in fresh seafood, fruits, and vegetables from domestic producers to distribute to food banks and nutrition assistance programs across the country. 

These purchases are being made through Section 32 of the Agriculture Act of 1935 and will assist producers and communities in need. Fiscal year to date, USDA has provided more than $600 million in purchases, all of which benefit the charitable feeding network.

 “These purchases deliver healthy and nutritious American commodities to individuals and families in need,” said Ag Secretary Brooke Rollins. “USDA is proud to support those in need by providing access to the safest and highest quality fresh fruits, vegetables, and seafood in the world.” 

USDA’s Agricultural Marketing Service will purchase $20 million in Atlantic Groundfish, $14 million in canned pears, $3 million in sweet cherries, $14 million worth of Great Northern Beans, and $16 million in Pacific Pink Shrimp.

The USDA will purchase up to $67 million in fresh seafood, fruits, and vegetables from domestic producers to distribute to food banks and nutrition assistance programs across the country. These purchases are being made through Section 32 of the Agriculture Act of 1935 and will assist producers and communities in need. Fiscal year to date, USDA has provided more than $600 million in purchases, all of which benefit the charitable feeding network. “These purchases deliver healthy and nutritious American commodities to individuals and families in need,” said Ag Secretary Brooke Rollins. “USDA is proud to support those in need by providing access to the safest and highest quality fresh fruits, vegetables, and seafood in the world.” USDA’s Agricultural Marketing Service will purchase $20 million in Atlantic Groundfish, $14 million in canned pears, $3 million in sweet cherries, $14 million worth of Great Northern Beans, and $16 million in Pacific Pink Shrimp.-NAFB

USDA food purchases to help the needy

The USDA’s Cattle on Feed Report showed on-feed numbers, placements, and marketings were all down two-to-three percent this month. 

U.S. cattle and calves on feed for the slaughter market for feedlots with a capacity of 1,000 or more head totaled 11.4 million head on May 1, 2025. April placements in feedlots totaled 1.61 million head, three percent below 2024. 

Net placements were 1.56 million head. April’s fed cattle marketings totaled 1.83 million head, three percent below 2024. Other disappearances totaled 50,000 head during April, 11 percent below 2024. 

USDA also released its Cold Storage Report on Friday, which showed total red meat supplies in freezers were up five percent from the previous month but down six percent from last year. 

Total pounds of beef in freezers were down two percent from the previous month and down two percent from last year. Frozen pork supplies were up 11 percent from the prior month.

The USDA’s Cattle on Feed Report showed on-feed numbers, placements, and marketings were all down two-to-three percent this month. U.S. cattle and calves on feed for the slaughter market for feedlots with a capacity of 1,000 or more head totaled 11.4 million head on May 1, 2025. April placements in feedlots totaled 1.61 million head, three percent below 2024. Net placements were 1.56 million head. April’s fed cattle marketings totaled 1.83 million head, three percent below 2024. Other disappearances totaled 50,000 head during April, 11 percent below 2024. USDA also released its Cold Storage Report on Friday, which showed total red meat supplies in freezers were up five percent from the previous month but down six percent from last year. Total pounds of beef in freezers were down two percent from the previous month and down two percent from last year. Frozen pork supplies were up 11 percent from the prior month.-NAFB

Fewer U.S. cattle on feed

July corn closed unchanged and December corn was down 4 1/4 cents. July soybeans closed up 2 1/4 cents and November soybeans were up 1/4 cents. July KC wheat closed down 14 1/4 cents, July Chicago wheat was down 14 cents, July Minneapolis wheat was down 10 1/4 cents.

Grain markets traded mixed to begin a shortened trading week. Corn futures chopped on both sides of even as a sharply lower wheat market weighed psychologically on corn traders following another week of decent rainfall across the Southern Plains which stretched into Nebraska, offering relief to areas which have been among the worst in drought conditions as of last week. Soybean futures were able to post marginal gains after President Trump announced a delay on a 50% tariff against the European Union until July 9 to allow time for trade talks to take place. Outside markets were mixed, with stock indices higher on the delayed tariff news. This also led to a firmer U.S. dollar which may have weighed negatively on wheat futures as well for Tuesday's session.

Most believed that Friday's encouraging Cattle on Feed report would help propel the market into at least steady, if not higher, trade early this week, but traders have a different feel of the market as the live cattle contracts traded well over $1.00 lower into today's noon hour. Some of the market's concern could be stemming from the fact that this week's slaughter is expected to be dramatically lower than recent weeks as packers continue to try to find ways to build up supply around them and avoid driving the cash cattle market any higher.

It's was a grim morning for the feeder cattle complex as most of the contracts traded $2.00 to $3.00 lower into Tuesday's noon hour. At first, the market opened higher but then did a key reversal as traders quickly jerked all their support for the complex out.

It's was encouraging day for the lean hog complex as the market finally found some technical support and is pleased to see the noticeable jump in pork cutout values. The market is a couple of dollars away from its resistance threshold, so the complex will likely be able to sustain this rally.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/27143338/web-closing-markets.mp3">HERE</a> for audio

By: NATHAN STUEDLESt. Joseph PostGRAINS:July corn closed unchanged and December corn was down 4 1/4 cents. July soybeans closed up 2 1/4 cents and November soybeans were up 1/4 cents. July KC wheat closed down 14 1/4 cents, July Chicago wheat was down 14 cents, July Minneapolis wheat was down 10 1/4 cents.Grain markets traded mixed to begin a shortened trading week. Corn futures chopped on both sides of even as a sharply lower wheat market weighed psychologically on corn traders following another week of decent rainfall across the Southern Plains which stretched into Nebraska, offering relief to areas which have been among the worst in drought conditions as of last week. Soybean futures were able to post marginal gains after President Trump announced a delay on a 50% tariff against the European Union until July 9 to allow time for trade talks to take place. Outside markets were mixed, with stock indices higher on the delayed tariff news. This also led to a firmer U.S. dollar which may have weighed negatively on wheat futures as well for Tuesday's session.LIVESTOCK:Most believed that Friday's encouraging Cattle on Feed report would help propel the market into at least steady, if not higher, trade early this week, but traders have a different feel of the market as the live cattle contracts traded well over $1.00 lower into today's noon hour. Some of the market's concern could be stemming from the fact that this week's slaughter is expected to be dramatically lower than recent weeks as packers continue to try to find ways to build up supply around them and avoid driving the cash cattle market any higher.It's was a grim morning for the feeder cattle complex as most of the contracts traded $2.00 to $3.00 lower into Tuesday's noon hour. At first, the market opened higher but then did a key reversal as traders quickly jerked all their support for the complex out. It's was encouraging day for the lean hog complex as the market finally found some technical support and is pleased to see the noticeable jump in pork cutout values. The market is a couple of dollars away from its resistance threshold, so the complex will likely be able to sustain this rally.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/27143338/web-closing-markets.mp3">HERE</a> for audio

According to a report from the Ag Department, red meat output in April fell 1% from the same month in 2024. Production in the U.S. totaled 4.6 billion pounds last month, down from 4.65 billion a year earlier, the agency said in their monthly report. Beef output was reported at 2.24 billion pounds, up 3% year over year, as cattle slaughter dropped 6% to 2.57 million head. The average live weight was up 36 pounds.

Pork production, meanwhile, rose 1% from the previous year to 2.34 billion pounds in April, USDA said. Hog slaughter also rose 1%, reaching 10.8 million head, and average weight was just slightly higher at 291 pounds. Veal output plunged 39% while lamb and mutton production jumped 13%. Commercial red meat output from Jan. 1 through the end of April totaled 18.1 billion pounds, down 1% from the same timeframe last year. 

According to a report from the Ag Department, red meat output in April fell 1% from the same month in 2024. Production in the U.S. totaled 4.6 billion pounds last month, down from 4.65 billion a year earlier, the agency said in their monthly report. Beef output was reported at 2.24 billion pounds, up 3% year over year, as cattle slaughter dropped 6% to 2.57 million head. The average live weight was up 36 pounds.Pork production, meanwhile, rose 1% from the previous year to 2.34 billion pounds in April, USDA said. Hog slaughter also rose 1%, reaching 10.8 million head, and average weight was just slightly higher at 291 pounds. Veal output plunged 39% while lamb and mutton production jumped 13%. Commercial red meat output from Jan. 1 through the end of April totaled 18.1 billion pounds, down 1% from the same timeframe last year. -NAFB

Red meat production falls 1% year over year 

Iowa ethanol advocates and farmers are urging Gov. Kim Reynolds to veto a bill restricting carbon sequestration pipelines. The advocates said in a press conference Thursday the bill is “extremely problematic” to biofuels, farming, energy and Iowa economies. The bill, which passed the Iowa Senate May 12 and is awaiting a signature from Reynolds, would change definitions of a common carrier and increase insurance requirements for pipelines transporting liquid carbon dioxide. 

It would also set requirements for the Iowa Utilities Commission and expand who can intervene on dockets with the commission. Advocates and lawmakers in favor of the bill oppose the use of eminent domain by the Summit Carbon Solutions pipeline, which would transport captured carbon dioxide from ethanol facilities in Iowa, and neighboring states, to underground storage in North Dakota. 

Iowa ethanol advocates and farmers are urging Gov. Kim Reynolds to veto a bill restricting carbon sequestration pipelines. The advocates said in a press conference Thursday the bill is “extremely problematic” to biofuels, farming, energy and Iowa economies. The bill, which passed the Iowa Senate May 12 and is awaiting a signature from Reynolds, would change definitions of a common carrier and increase insurance requirements for pipelines transporting liquid carbon dioxide. It would also set requirements for the Iowa Utilities Commission and expand who can intervene on dockets with the commission. Advocates and lawmakers in favor of the bill oppose the use of eminent domain by the Summit Carbon Solutions pipeline, which would transport captured carbon dioxide from ethanol facilities in Iowa, and neighboring states, to underground storage in North Dakota. -NAFB

Ethanol industry urges Reynolds to veto eminent domain bill

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

July corn closed up 16 cents and December corn was up 15 1/4 cents. July soybeans closed up 10 1/4 cents and November soybeans were up 15 cents. July KC wheat closed up 22 1/4 cents, July Chicago wheat was up 17 1/2 cents and July MIAX Minneapolis wheat was up 33 1/4 cents.

Row-crop prices were softer overall Friday as the strong price rallies across corn, soybeans, and wheat ran out of steam heading into the long weekend, although Friday's session also featured a drop in volume behind the trade. Traders will want to watch for Friday afternoon's Commitments of Traders data, which will offer insight into short-covering over the last week and a half rally in prices. In outside markets, stocks were again on edge Friday following President Trump making new tariff threats against the European Union as well as Apple, Inc. President Trump noted in social media posts that negotiations thus far with the E.U. were "going nowhere" and followed up by floating the idea of a 50% tariff beginning June 1. The U.S. dollar sank on the news, dropping for the fourth time out of five sessions this week. Crude oil markets were lower to begin Friday on the refreshed trade concerns but have since recovered in choppy trade which has been the feature of the oil market over the past week.

The live cattle complex traded indecisively, higher one minute, lower the next as traders are juggling the mixed signals from the marketplace. Traders are keenly aware of the hesitancy this morning of the equity markets, amid furthered concerns about tariffs, and also adding some perplexities to the market is the fact that still no Southern live cattle have traded. There was some trade in the North on Wednesday afternoon at $354 to $370, but mostly at $360 which is $2.00 higher than last week's record-breaking weighted average. But since then, there's been virtually no trade to speak of. That being said, more trade will need to develop at some point today if traders are going to keep themselves from being short bought in the weeks ahead.

The feeder cattle complex traded higher as traders are anxiously awaiting to see what this afternoon's Cattle on Feed report unveils. It's fully anticipated that the report will be bullish as feed totals and placements are both expected to be lighter than a year ago.

The lean hog complex traded fully lower as not only is the market battling its own resistance pressure, but it's also concerned about continued tariff dilemmas. And while it is always helpful for the market to see pork cutout values higher, traders seemed dull to the fundamental support.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/23142704/web-closing-markets.mp3">HERE</a> for audio

By: NATHAN STUEDLESt. Joseph PostGRAINS:July corn closed down 3 1/2 cents and December corn was down 2 1/2 cents. July soybeans closed down 7 1/4 cents and November soybeans were down 4 3/4 cents. July KC wheat closed down 1 1/4 cents, July Chicago wheat was down 2 cents, July MIAX Minneapolis wheat was up 6 1/4 cents.For the week:July corn closed up 16 cents and December corn was up 15 1/4 cents. July soybeans closed up 10 1/4 cents and November soybeans were up 15 cents. July KC wheat closed up 22 1/4 cents, July Chicago wheat was up 17 1/2 cents and July MIAX Minneapolis wheat was up 33 1/4 cents.Row-crop prices were softer overall Friday as the strong price rallies across corn, soybeans, and wheat ran out of steam heading into the long weekend, although Friday's session also featured a drop in volume behind the trade. Traders will want to watch for Friday afternoon's Commitments of Traders data, which will offer insight into short-covering over the last week and a half rally in prices. In outside markets, stocks were again on edge Friday following President Trump making new tariff threats against the European Union as well as Apple, Inc. President Trump noted in social media posts that negotiations thus far with the E.U. were "going nowhere" and followed up by floating the idea of a 50% tariff beginning June 1. The U.S. dollar sank on the news, dropping for the fourth time out of five sessions this week. Crude oil markets were lower to begin Friday on the refreshed trade concerns but have since recovered in choppy trade which has been the feature of the oil market over the past week.LIVESTOCK:The live cattle complex traded indecisively, higher one minute, lower the next as traders are juggling the mixed signals from the marketplace. Traders are keenly aware of the hesitancy this morning of the equity markets, amid furthered concerns about tariffs, and also adding some perplexities to the market is the fact that still no Southern live cattle have traded. There was some trade in the North on Wednesday afternoon at $354 to $370, but mostly at $360 which is $2.00 higher than last week's record-breaking weighted average. But since then, there's been virtually no trade to speak of. That being said, more trade will need to develop at some point today if traders are going to keep themselves from being short bought in the weeks ahead. The feeder cattle complex traded higher as traders are anxiously awaiting to see what this afternoon's Cattle on Feed report unveils. It's fully anticipated that the report will be bullish as feed totals and placements are both expected to be lighter than a year ago. The lean hog complex traded fully lower as not only is the market battling its own resistance pressure, but it's also concerned about continued tariff dilemmas. And while it is always helpful for the market to see pork cutout values higher, traders seemed dull to the fundamental support.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/23142704/web-closing-markets.mp3">HERE</a> for audio

The recent Consumer Price Index data for April shows a welcome moderation in overall inflation, cooling to its slowest annual rate since early 2021. Despite that, many families continue to feel the pinch at the grocery store and dining out. In April, consumer prices rose 0.2 percent from the previous month, slowing the annual inflation rate from 2.4 to 2.3 percent. The data from the Bureau of Labor Statistics was surprising as many expected ongoing trade disputes and tariffs to push prices higher. 

The recent Consumer Price Index data for April shows a welcome moderation in overall inflation, cooling to its slowest annual rate since early 2021. Despite that, many families continue to feel the pinch at the grocery store and dining out. In April, consumer prices rose 0.2 percent from the previous month, slowing the annual inflation rate from 2.4 to 2.3 percent. The data from the Bureau of Labor Statistics was surprising as many expected ongoing trade disputes and tariffs to push prices higher.

Food inflation rate cools in April

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

Row crop markets were mixed Thursday with old crop corn and soybean futures able to extend their weekly price rallies, while new crop corn futures slipped following an impressive three-day rally. Wheat prices were lower across the board after hitting technical resistance by mid-week as traders paused short covering efforts likely to reassess current conditions. Outside markets were mixed to slightly negative influence on ag markets for Thursday, a stronger U.S. dollar and generally weaker energy markets. In other news, the U.S. House of Representatives just narrowly passed President Trump's "Big, Beautiful Bill," which will now move onto the Senate.

The live cattle complex is trading with more vigor today as traders are pleased to see the note of the strong sales in the North yesterday afternoon. It was assumed that fed cash cattle prices would trade steady at best this week as packers were able to build up some supply last week and because next week's schedule will be limited because of the long holiday weekend. Wednesday afternoon a light movement of dressed sales ranged anywhere from $358 to $370, but mostly at $360 which is $2.00 higher than last week's weighted average. The bullish surprise has helped reignite some bullishness throughout the futures complex as traders were merely trading the complex steady before seeing the trade develop. Still no sizeable sales have developed in the Southern plains.

With the added support of strong sales in the fed cash cattle market, and upon seeing the live cattle contracts trading higher, the feeder cattle complex followed suit as its contracts traded significantly higher as well. So long as the support remains ample from the live cattle/fed cash cattle market, the feeder cattle complex should be able to maintain its higher trend.

Surprisingly, the lean hog complex isn't delighted with the fact that the morning's export report was favorable and that midday pork cutout values are higher as well. Instead, the nearby lean hog contracts traded slightly lower while the deferred months were traded mildly higher. At this point, it's proving that the market's resistance at $100 is simply too much pressure for traders to stomach.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/22145122/web-closing-markets.mp3">HERE</a> for audio

By: NATHAN STUEDLESt. Joseph PostGRAINS:July corn closed up 2 cents and December corn was down 2 1/4 cents. July soybeans closed up 4 3/4 cents and November soybeans were up 3 cents. July KC wheat closed down 1/2 cents, July Chicago wheat was down 4 3/4 cents, July MIAX Minneapolis wheat was down 4 cents. Row crop markets were mixed Thursday with old crop corn and soybean futures able to extend their weekly price rallies, while new crop corn futures slipped following an impressive three-day rally. Wheat prices were lower across the board after hitting technical resistance by mid-week as traders paused short covering efforts likely to reassess current conditions. Outside markets were mixed to slightly negative influence on ag markets for Thursday, a stronger U.S. dollar and generally weaker energy markets. In other news, the U.S. House of Representatives just narrowly passed President Trump's "Big, Beautiful Bill," which will now move onto the Senate.LIVESTOCK:The live cattle complex is trading with more vigor today as traders are pleased to see the note of the strong sales in the North yesterday afternoon. It was assumed that fed cash cattle prices would trade steady at best this week as packers were able to build up some supply last week and because next week's schedule will be limited because of the long holiday weekend. Wednesday afternoon a light movement of dressed sales ranged anywhere from $358 to $370, but mostly at $360 which is $2.00 higher than last week's weighted average. The bullish surprise has helped reignite some bullishness throughout the futures complex as traders were merely trading the complex steady before seeing the trade develop. Still no sizeable sales have developed in the Southern plains. With the added support of strong sales in the fed cash cattle market, and upon seeing the live cattle contracts trading higher, the feeder cattle complex followed suit as its contracts traded significantly higher as well. So long as the support remains ample from the live cattle/fed cash cattle market, the feeder cattle complex should be able to maintain its higher trend.Surprisingly, the lean hog complex isn't delighted with the fact that the morning's export report was favorable and that midday pork cutout values are higher as well. Instead, the nearby lean hog contracts traded slightly lower while the deferred months were traded mildly higher. At this point, it's proving that the market's resistance at $100 is simply too much pressure for traders to stomach.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/22145122/web-closing-markets.mp3">HERE</a> for audio

The National Corn Growers Association kicked off its 61st annual Yield Contest. For six decades, the event has celebrated the ingenuity, resilience, and drive of American corn growers who continuously push the limits of what’s possible. “What began as a modest competition has evolved into a cornerstone of the industry,” said NCGA President and Illinois corn grower Kenneth Hartman, Jr. “Each year, we honor not only the achievements of past participants but also the forward-looking spirit that defines today’s growers.” 

The 2025 contest is now open for entries through August 13, offering growers across the country a chance to compete, learn, and showcase their success. New this year, Class J: Nitrogen Management is now open to all growers following two successful years as a limited pilot class. As the competition enters its seventh decade, it’s a platform for discovery and a celebration of the progress that powers American agriculture. 

The National Corn Growers Association kicked off its 61st annual Yield Contest. For six decades, the event has celebrated the ingenuity, resilience, and drive of American corn growers who continuously push the limits of what’s possible. “What began as a modest competition has evolved into a cornerstone of the industry,” said NCGA President and Illinois corn grower Kenneth Hartman, Jr. “Each year, we honor not only the achievements of past participants but also the forward-looking spirit that defines today’s growers.” The 2025 contest is now open for entries through August 13, offering growers across the country a chance to compete, learn, and showcase their success. New this year, Class J: Nitrogen Management is now open to all growers following two successful years as a limited pilot class. As the competition enters its seventh decade, it’s a platform for discovery and a celebration of the progress that powers American agriculture. -NAFB

NCGA launches annual yield contest

Bayer is continuing its push to resolve lawsuits linking Roundup, its popular weedkiller, to cancer. People familiar with the matter told the Wall Street Journal that the company is also exploring a bankruptcy filing for its Monsanto agriculture business in case the settlement plan fails. Bayer is drawing up plans to try and resolve some of its mass lawsuits over Roundup through proceedings in a Missouri state court, where a majority are still pending. 

Given its past difficulties in ending the Roundup litigation in civil courts, the German drug and agriculture conglomerate is preparing, as another option, a bankruptcy filing covering the weedkiller’s U.S. manufacturer, Monsanto. One possible option, the Texas Two Step, has yielded mixed results after court rulings curbed the use of Chapter 11 to protect solvent companies from litigation. Bayer is exploring the option of placing Monsanto’s U.S. business directly into Chapter 11.

Bayer is continuing its push to resolve lawsuits linking Roundup, its popular weedkiller, to cancer. People familiar with the matter told the Wall Street Journal that the company is also exploring a bankruptcy filing for its Monsanto agriculture business in case the settlement plan fails. Bayer is drawing up plans to try and resolve some of its mass lawsuits over Roundup through proceedings in a Missouri state court, where a majority are still pending. Given its past difficulties in ending the Roundup litigation in civil courts, the German drug and agriculture conglomerate is preparing, as another option, a bankruptcy filing covering the weedkiller’s U.S. manufacturer, Monsanto. One possible option, the Texas Two Step, has yielded mixed results after court rulings curbed the use of Chapter 11 to protect solvent companies from litigation. Bayer is exploring the option of placing Monsanto’s U.S. business directly into Chapter 11.-NAFB

Bayer considering bankruptcy for its Monsanto unit

July corn closed up 6 1/2 cents and December corn was up 7 cents. July soybeans closed up 9 3/4 cents and November soybeans were up 11 1/4 cents. July KC wheat closed up 4 1/4 cents, July Chicago wheat was up 3 1/4 cents, July MIAX Minneapolis wheat was up 6 1/2 cents.

U.S. markets again posted solid gains across the major row crops on Wednesday, with soybeans catching a bid and surging to a double-digit gain. Wheat markets continue to attract buying attention as heavy-selling speculators thus far through the spring may be viewing their positions as of last week as overexposed given the worrisome weather across several key wheat growing regions in the world. Corn was again able to borrow strength from the wheat market as well as some emerging concerns of potential late-season planting delays primarily in the Eastern Corn Belt. Outside markets for Wednesday were mixed, with the U.S. Dollar Index continuing to sink following Moody's credit downgrade on Monday, while energy markets have faded off early strength which was due to reports that Israel was preparing a strike against Iran's nuclear infrastructure.

The live cattle complex traded mildly higher as traders showed light interest toward the market, but don't have enough technical buy-in to do much. It is supportive that boxed beef prices were higher, but as mentioned, it's unlikely that traders are going to do much with that positive fundamental development ahead of the long three-day weekend. Still no cash cattle trade has developed, and bids and asking prices remain elusive. It is assumed that prices will trade steady at best this week as packers have been able to buy some supply in recent weeks.

Although the live cattle complex was lending support, the feeder cattle contracts mostly traded lower into Wednesday's closing bell, as traders don't feel comfortable advancing the contracts at this point. Prices in the countryside have dipped slightly this week as some buyers have fulfilled their needs already for grass orders, and others are still leery of being overstocked with drought lingering.

The lean hog complex seemed to gain a second wind as the contracts are trading mostly higher into Wednesday's noon hour. Pork cutout values were up slightly, at midday it was not enough to be the sole reason why traders pushed the contracts higher at noon today. The spot June contract is battling the market's resistance at $100, and the complex finished in the red by the closing bell.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/21144036/web-closing-markets.mp3">HERE</a> for audio

By: NATHAN STUEDLESt. Joseph PostGRAINS:July corn closed up 6 1/2 cents and December corn was up 7 cents. July soybeans closed up 9 3/4 cents and November soybeans were up 11 1/4 cents. July KC wheat closed up 4 1/4 cents, July Chicago wheat was up 3 1/4 cents, July MIAX Minneapolis wheat was up 6 1/2 cents.U.S. markets again posted solid gains across the major row crops on Wednesday, with soybeans catching a bid and surging to a double-digit gain. Wheat markets continue to attract buying attention as heavy-selling speculators thus far through the spring may be viewing their positions as of last week as overexposed given the worrisome weather across several key wheat growing regions in the world. Corn was again able to borrow strength from the wheat market as well as some emerging concerns of potential late-season planting delays primarily in the Eastern Corn Belt. Outside markets for Wednesday were mixed, with the U.S. Dollar Index continuing to sink following Moody's credit downgrade on Monday, while energy markets have faded off early strength which was due to reports that Israel was preparing a strike against Iran's nuclear infrastructure.LIVESTOCK:The live cattle complex traded mildly higher as traders showed light interest toward the market, but don't have enough technical buy-in to do much. It is supportive that boxed beef prices were higher, but as mentioned, it's unlikely that traders are going to do much with that positive fundamental development ahead of the long three-day weekend. Still no cash cattle trade has developed, and bids and asking prices remain elusive. It is assumed that prices will trade steady at best this week as packers have been able to buy some supply in recent weeks.Although the live cattle complex was lending support, the feeder cattle contracts mostly traded lower into Wednesday's closing bell, as traders don't feel comfortable advancing the contracts at this point. Prices in the countryside have dipped slightly this week as some buyers have fulfilled their needs already for grass orders, and others are still leery of being overstocked with drought lingering. The lean hog complex seemed to gain a second wind as the contracts are trading mostly higher into Wednesday's noon hour. Pork cutout values were up slightly, at midday it was not enough to be the sole reason why traders pushed the contracts higher at noon today. The spot June contract is battling the market's resistance at $100, and the complex finished in the red by the closing bell.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/05/21144036/web-closing-markets.mp3">HERE</a> for audio

The U.S. Government Accountability Office released a study that raises questions about the accuracy of broadband availability data in the FCC’s National Broadband Map. The study says the Commission hasn’t documented or assessed the sufficiency of its processes for ensuring the map is as accurate as possible. That, in turn, could jeopardize agencies’ ability to make the most efficient and effective funding decisions. The GAO also recommends that the Commission, the National Telecommunications and Information Administration, and the Departments of Agriculture and the Treasury better coordinate on broadband policy and funding. 

This report comes three years after the GAO told federal agencies how to coordinate over 100 federal broadband programs administered by 15 agencies. The Government Accountability Office also noted that most of the work from the 2022 assessment remains undone. 

The U.S. Government Accountability Office released a study that raises questions about the accuracy of broadband availability data in the FCC’s National Broadband Map. The study says the Commission hasn’t documented or assessed the sufficiency of its processes for ensuring the map is as accurate as possible. That, in turn, could jeopardize agencies’ ability to make the most efficient and effective funding decisions. The GAO also recommends that the Commission, the National Telecommunications and Information Administration, and the Departments of Agriculture and the Treasury better coordinate on broadband policy and funding. This report comes three years after the GAO told federal agencies how to coordinate over 100 federal broadband programs administered by 15 agencies. The Government Accountability Office also noted that most of the work from the 2022 assessment remains undone. -NAFB

Broadband data may not be accurate

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

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

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

Rollins announces new small family farms policy 

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

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

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

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

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

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

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