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

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

Markets took on a more reserved tone Friday ahead of the weekend, with futures trading both sides of even but gaining some semblance of footing following a turn lower across the middle part of the past week. For the most part, it was a retracement-themed week as prices finished on Friday very close to last week's close, with traders for now removing Monday's premium primarily from the soybean market. The support points which propped up prices for Friday will be interesting to monitor when trade resumes on Sunday evening and into next week's holiday-shortened week. Outside markets for Friday were mixed, with equities recovering near October lows. Meanwhile, energy markets headed lower again with January crude oil futures posting the lowest close in a month behind the idea that the proposed peace plan between Russia and Ukraine would ultimately result in a lifting of existing sanctions against the Russian oil industry.

After trading sharply lower as traders at first reacted poorly to the news that broke late Thursday afternoon that President Trump has lifted the tariff on Brazilian beef, as odd as it may sound, the live cattle complex got back to trading higher before closing softly lower into Friday's close. Besides the slightly higher boxed beef prices this morning, it's tough to pinpoint exactly what's giving traders enough support to look beyond Thursday's trade development. Nevertheless, for the sake of cattle producers, higher trade is higher trade, and that's always a win. No new cash cattle trade has developed. Do remember that later this afternoon the monthly Cattle on Feed report will be released. So far this week, Northern dressed deals have been marked at mostly $345, $6 lower than the prior week's weighted average basis Nebraska, while Southern live deals have been done at $222 to $224, $4 to $6 lower than the previous week's weighted averages.

The feeder cattle complex was taking more of a cautious approach to Friday's trade, as some of its deferred contracts traded higher, but the nearby contracts were still lower and the entire complex finished down. The feeder cattle complex remains on edge as everyone in the industry knows that eventually the border is going to reopen, which will ripple a negative effect throughout the futures complex, and the monthly Cattle on Feed report is set to be released.

The lean hog complex traded fully lower into Friday's closing bell, as the market, once again, comes up empty-handed in terms of enough fundamental support. And while yes, pork cutout values may have been higher this morning, traders need to see more than one day's worth of higher trade to keep the contracts trading higher.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/21135332/web-closing-markets-2.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed down 1 cent and March corn was down 1/4 cent. January soybeans closed up 2 1/2 cents and March soybeans were up 2 1/4 cents. December KC wheat closed up 4 3/4 cents, December Chicago wheat was unchanged, December Minneapolis wheat was down 7 3/4 cents.For the Week:December corn closed down 4 3/4 cents and March corn was down 6 1/2 cents. January soybeans closed up 1/2 cents and March soybeans were down 1 3/4 cents. December KC wheat closed down 4 1/4 cents, December Chicago wheat was down 1/4 cents and December Minneapolis wheat was up 1/4 cents.Markets took on a more reserved tone Friday ahead of the weekend, with futures trading both sides of even but gaining some semblance of footing following a turn lower across the middle part of the past week. For the most part, it was a retracement-themed week as prices finished on Friday very close to last week's close, with traders for now removing Monday's premium primarily from the soybean market. The support points which propped up prices for Friday will be interesting to monitor when trade resumes on Sunday evening and into next week's holiday-shortened week. Outside markets for Friday were mixed, with equities recovering near October lows. Meanwhile, energy markets headed lower again with January crude oil futures posting the lowest close in a month behind the idea that the proposed peace plan between Russia and Ukraine would ultimately result in a lifting of existing sanctions against the Russian oil industry.LIVESTOCK:After trading sharply lower as traders at first reacted poorly to the news that broke late Thursday afternoon that President Trump has lifted the tariff on Brazilian beef, as odd as it may sound, the live cattle complex got back to trading higher before closing softly lower into Friday's close. Besides the slightly higher boxed beef prices this morning, it's tough to pinpoint exactly what's giving traders enough support to look beyond Thursday's trade development. Nevertheless, for the sake of cattle producers, higher trade is higher trade, and that's always a win. No new cash cattle trade has developed. Do remember that later this afternoon the monthly Cattle on Feed report will be released. So far this week, Northern dressed deals have been marked at mostly $345, $6 lower than the prior week's weighted average basis Nebraska, while Southern live deals have been done at $222 to $224, $4 to $6 lower than the previous week's weighted averages.The feeder cattle complex was taking more of a cautious approach to Friday's trade, as some of its deferred contracts traded higher, but the nearby contracts were still lower and the entire complex finished down. The feeder cattle complex remains on edge as everyone in the industry knows that eventually the border is going to reopen, which will ripple a negative effect throughout the futures complex, and the monthly Cattle on Feed report is set to be released. The lean hog complex traded fully lower into Friday's closing bell, as the market, once again, comes up empty-handed in terms of enough fundamental support. And while yes, pork cutout values may have been higher this morning, traders need to see more than one day's worth of higher trade to keep the contracts trading higher.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/21135332/web-closing-markets-2.mp3">Click HERE for audio</a>

Commodity markets daily recap

The New Democrat Coalition, made up of about 115 House Democrats, on Thursday unveiled a sweeping Rural Revitalization Agenda aimed at boosting healthcare access, strengthening the farm economy and expanding broadband in underserved communities. The coalition said the plan is designed to spur long-term economic growth in rural areas. The effort is led by Reps. Kim Schrier of Washington, Jim Costa of California, April McClain Delaney of Maryland and Josh Riley of New York. 

The agenda focuses on stabilizing rural hospitals, improving access to medical services and addressing persistent hunger. It also calls for new investment in small and specialty crop producers, reforms to trade and Farm Bill programs, and measures to ensure farmers can compete in global markets. Another major pillar targets the digital divide by expanding reliable, affordable broadband and modernizing federal connectivity programs. Coalition leaders said they intend to work across the aisle on a bipartisan Farm Bill while pushing for greater parity and support in existing rural programs.

The New Democrat Coalition, made up of about 115 House Democrats, on Thursday unveiled a sweeping Rural Revitalization Agenda aimed at boosting healthcare access, strengthening the farm economy and expanding broadband in underserved communities. The coalition said the plan is designed to spur long-term economic growth in rural areas. The effort is led by Reps. Kim Schrier of Washington, Jim Costa of California, April McClain Delaney of Maryland and Josh Riley of New York. The agenda focuses on stabilizing rural hospitals, improving access to medical services and addressing persistent hunger. It also calls for new investment in small and specialty crop producers, reforms to trade and Farm Bill programs, and measures to ensure farmers can compete in global markets. Another major pillar targets the digital divide by expanding reliable, affordable broadband and modernizing federal connectivity programs. Coalition leaders said they intend to work across the aisle on a bipartisan Farm Bill while pushing for greater parity and support in existing rural programs.-NAFB

‘New Democrat Coalition’ releases rural revitalization agenda

USDA reports that the 2025 U.S. harvest is nearing completion, with 91 % of the country’s corn crop and 95 % of soybeans harvested as of Nov. 16 in the top 18 producing states. Corn harvesting lags the five-year average of 94 % and trails last year’s progress when 98 % was already completed. Soybean harvests are just one point behind the five-year pace of 96 % and three points behind 2024’s 98 % finish. 

Farmers in key states like Iowa report essentially wrapping up operations, with only about 3 % of corn and 1 % of soybeans left to harvest.  Weather disruptions earlier in the season, including rain and frost, help explain the slower pace in some regions. With harvest nearly done, focus is turning to winter wheat planting and preparation for the next crop year.

USDA reports that the 2025 U.S. harvest is nearing completion, with 91 % of the country’s corn crop and 95 % of soybeans harvested as of Nov. 16 in the top 18 producing states. Corn harvesting lags the five-year average of 94 % and trails last year’s progress when 98 % was already completed. Soybean harvests are just one point behind the five-year pace of 96 % and three points behind 2024’s 98 % finish. Farmers in key states like Iowa report essentially wrapping up operations, with only about 3 % of corn and 1 % of soybeans left to harvest. Weather disruptions earlier in the season, including rain and frost, help explain the slower pace in some regions. With harvest nearly done, focus is turning to winter wheat planting and preparation for the next crop year.-NAFB

Harvest wrapping up across U.S.

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

It was a return to low volume, slow news trade on Tuesday across row-crop futures with prices chopping on either side of unchanged but falling from early highs, which were the highs for the rally thus far for the soybean market. It is likely traders saw the need to lock in some profits following confirmation of rumored soybean purchases by China on Monday. In outside markets, diesel prices continue to push higher, positively influencing soybean oil futures, which have surged higher through the first half of the week. In financial markets, equities are under heavy pressure to start the week, led by AI bubble fears. Meanwhile, the potential for money flow out of equities and into commodities as a hedge against inflation may be a story of growing importance to watch through the end of 2025 and into 2026.

The live cattle complex traded mixed, erring on the side of caution as traders would like to see the contracts trade fully higher but need sure-fire fundamental support this week to successfully do so. No developments have surfaced in the fed cash cattle market, and trade will likely be delayed until later in the week, as that's usually what happens whenever a Cattle on Feed report is released. No bids or asking prices are currently on the table.

Likewise, the feeder cattle complex also traded in a mixed manner as the market isn't confident that there will be enough support in the market to trade fully higher. Until something wildly bullish develops, the feeder cattle complex will likely continue to trade in a sideways manner as it's going to take some substantial support to push the contracts back over the market's 100-day moving average.

The lean hog complex traded fully lower and currently pressuring the market's support plane as traders aren't seeing enough support arise in the marketplace to send the contracts higher.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/18140529/web-closing-markets-2.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed up 2 cents and March corn was up 1 1/2 cents. January soybeans closed down 3 3/4 cents and March soybeans were down 3 cents. December KC wheat closed down 2 1/2 cents, December Chicago wheat was up 2 1/4 cents, December Minneapolis wheat was up 9 cents.It was a return to low volume, slow news trade on Tuesday across row-crop futures with prices chopping on either side of unchanged but falling from early highs, which were the highs for the rally thus far for the soybean market. It is likely traders saw the need to lock in some profits following confirmation of rumored soybean purchases by China on Monday. In outside markets, diesel prices continue to push higher, positively influencing soybean oil futures, which have surged higher through the first half of the week. In financial markets, equities are under heavy pressure to start the week, led by AI bubble fears. Meanwhile, the potential for money flow out of equities and into commodities as a hedge against inflation may be a story of growing importance to watch through the end of 2025 and into 2026.LIVESTOCK:The live cattle complex traded mixed, erring on the side of caution as traders would like to see the contracts trade fully higher but need sure-fire fundamental support this week to successfully do so. No developments have surfaced in the fed cash cattle market, and trade will likely be delayed until later in the week, as that's usually what happens whenever a Cattle on Feed report is released. No bids or asking prices are currently on the table.Likewise, the feeder cattle complex also traded in a mixed manner as the market isn't confident that there will be enough support in the market to trade fully higher. Until something wildly bullish develops, the feeder cattle complex will likely continue to trade in a sideways manner as it's going to take some substantial support to push the contracts back over the market's 100-day moving average.The lean hog complex traded fully lower and currently pressuring the market's support plane as traders aren't seeing enough support arise in the marketplace to send the contracts higher. <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/18140529/web-closing-markets-2.mp3">Click HERE for audio</a>

The USDA’s Farm Service Agency has extended the sign-up deadline for the Emergency Livestock Relief Program to Nov. 21, 2025, after many ranchers were unable to apply during county office closures tied to the federal shutdown. The program provides payments to producers facing added feed costs or grazing losses from 2023–24 floods and wildfires. FSA Administrator Bill Beam said offices are now open five days a week under Agriculture Secretary Brooke Rollins’ directive to restore full access to core services. 

To simplify enrollment, FSA pre-qualified counties where disasters were already verified, allowing eligible producers to apply without submitting additional documentation. Covered livestock include beef and dairy cattle, sheep, llamas and other grazing animals. Payments are based on supplemental feed costs, offering up to 60% of one month’s feed cost for wildfire losses or three months for flood impacts. Annual payments are capped at $125,000, with limited exceptions up to $250,000.

The USDA’s Farm Service Agency has extended the sign-up deadline for the Emergency Livestock Relief Program to Nov. 21, 2025, after many ranchers were unable to apply during county office closures tied to the federal shutdown. The program provides payments to producers facing added feed costs or grazing losses from 2023–24 floods and wildfires. FSA Administrator Bill Beam said offices are now open five days a week under Agriculture Secretary Brooke Rollins’ directive to restore full access to core services. To simplify enrollment, FSA pre-qualified counties where disasters were already verified, allowing eligible producers to apply without submitting additional documentation. Covered livestock include beef and dairy cattle, sheep, llamas and other grazing animals. Payments are based on supplemental feed costs, offering up to 60% of one month’s feed cost for wildfire losses or three months for flood impacts. Annual payments are capped at $125,000, with limited exceptions up to $250,000.-NAFB

USDA extends livestock relief deadline 

The Environmental Protection Agency and the U.S. Army Corps of Engineers on Monday released a new proposed definition of “waters of the United States,” marking the latest shift in federal water policy after the Supreme Court’s narrowing decision in Sackett v. EPA. The proposal would limit Clean Water Act jurisdiction to traditional navigable waters and wetlands that share a continuous surface connection with them. 

Tributaries would qualify only if they directly connect to those waters or flow through other jurisdictional features. The rule also maintains long-standing exclusions, including prior-converted cropland, waste treatment systems and a newly clarified exemption for groundwater. Federal officials said the updated definition aims to align the rule with the Supreme Court’s guidance while providing clarity to landowners. A 45-day public comment period will begin once the proposal is published in the Federal Register.

The Environmental Protection Agency and the U.S. Army Corps of Engineers on Monday released a new proposed definition of “waters of the United States,” marking the latest shift in federal water policy after the Supreme Court’s narrowing decision in Sackett v. EPA. The proposal would limit Clean Water Act jurisdiction to traditional navigable waters and wetlands that share a continuous surface connection with them. Tributaries would qualify only if they directly connect to those waters or flow through other jurisdictional features. The rule also maintains long-standing exclusions, including prior-converted cropland, waste treatment systems and a newly clarified exemption for groundwater. Federal officials said the updated definition aims to align the rule with the Supreme Court’s guidance while providing clarity to landowners. A 45-day public comment period will begin once the proposal is published in the Federal Register.-NAFB

EPA, Army Corps unveil new proposed WOTUS rule

December corn closed up 4 1/2 cents and March corn was up 4 cents. January soybeans closed up 32 3/4 cents and March soybeans were up 27 1/4 cents. December KC wheat closed up 13 1/2 cents, December Chicago wheat was up 17 cents, December Minneapolis wheat was up 9 cents.

It was a remarkable turnaround session across row-crop futures on Monday following a bearish close to last week's trade which saw sharply lower corn, soy, and wheat prices on Friday following data from USDA which I would characterize as mixed overall, although the released listing of all reportable sales (100,000 metric tons or higher) of U.S. grains and oilseeds through the government shutdown was among the more bearish set of figures unveiled during Friday's busy session. President Trump said over the weekend he had held talks with China on Friday and reiterated they will be considerably increasing their purchases of U.S. ag products, most notably soybeans, which went a long way in easing traders' minds and likely sparked algorithmic buying to begin the new week, with reports by late morning that China had indeed bought some U.S. soybeans to start the week. Outside markets were mostly positive as well for Monday, with slightly higher equities, as well as firm energy markets with crude oil futures attempting a third straight session higher.

The live cattle complex traded higher into Monday's close as traders note the announcement that came on Friday that tariffs on food was going to be reduced. The current tariff on Brazilian beef remains at 40%, so it's still unknown how this will affect the greater marketplace as the U.S. still needs lean beef, but a 40% tariff is still a relatively strong barrier. New showlists appear to be mixed, higher in Texas, but lower in Kansas and Nebraska/Colorado.

Throughout last week's trade, Southern live cattle were marked at $226 to mostly $228, which is $3.00 lower than the previous week's weighted average. Northern dressed cattle traded anywhere from $346 to $355, but mostly at $351, which is $8.00 lower than the previous week's weighted average. And to only make matters worse, packers were able to get some cattle committed for delivery for the weeks of Dec. 1 and Dec. 8 as they slowly, but surely are buying up supplies to ensure that they're not short bought in the weeks ahead and potentially run the risk of letting feedlot managers gain the upper hand in the market again. Last week's negotiated cash cattle trade totaled 55,342 head. Of that, 83% (45,792 head) were committed to the market's nearby delivery, while the remaining 17% (9,550 head) were committed to the market's deferred delivery option.

The feeder cattle complex was also trading higher into Monday's closing bell, as the feeder cattle market has been closely following the direction of the live cattle contracts. As long as the live cattle complex remains strong through the day's end, it's likely that the feeder cattle complex will too.

The lean hog complex is trading mixed as the futures market wants to trade higher but needs reassurance from consumers that they're going to show up at the meat counter with more demand before they'll do so confidently. It's likely a slightly higher close for the day is in sight as the greater livestock complex is being met with ample trader support.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/17140859/web-closing-markets-2.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed up 4 1/2 cents and March corn was up 4 cents. January soybeans closed up 32 3/4 cents and March soybeans were up 27 1/4 cents. December KC wheat closed up 13 1/2 cents, December Chicago wheat was up 17 cents, December Minneapolis wheat was up 9 cents.It was a remarkable turnaround session across row-crop futures on Monday following a bearish close to last week's trade which saw sharply lower corn, soy, and wheat prices on Friday following data from USDA which I would characterize as mixed overall, although the released listing of all reportable sales (100,000 metric tons or higher) of U.S. grains and oilseeds through the government shutdown was among the more bearish set of figures unveiled during Friday's busy session. President Trump said over the weekend he had held talks with China on Friday and reiterated they will be considerably increasing their purchases of U.S. ag products, most notably soybeans, which went a long way in easing traders' minds and likely sparked algorithmic buying to begin the new week, with reports by late morning that China had indeed bought some U.S. soybeans to start the week. Outside markets were mostly positive as well for Monday, with slightly higher equities, as well as firm energy markets with crude oil futures attempting a third straight session higher.LIVESTOCK:The live cattle complex traded higher into Monday's close as traders note the announcement that came on Friday that tariffs on food was going to be reduced. The current tariff on Brazilian beef remains at 40%, so it's still unknown how this will affect the greater marketplace as the U.S. still needs lean beef, but a 40% tariff is still a relatively strong barrier. New showlists appear to be mixed, higher in Texas, but lower in Kansas and Nebraska/Colorado.Throughout last week's trade, Southern live cattle were marked at $226 to mostly $228, which is $3.00 lower than the previous week's weighted average. Northern dressed cattle traded anywhere from $346 to $355, but mostly at $351, which is $8.00 lower than the previous week's weighted average. And to only make matters worse, packers were able to get some cattle committed for delivery for the weeks of Dec. 1 and Dec. 8 as they slowly, but surely are buying up supplies to ensure that they're not short bought in the weeks ahead and potentially run the risk of letting feedlot managers gain the upper hand in the market again. Last week's negotiated cash cattle trade totaled 55,342 head. Of that, 83% (45,792 head) were committed to the market's nearby delivery, while the remaining 17% (9,550 head) were committed to the market's deferred delivery option.The feeder cattle complex was also trading higher into Monday's closing bell, as the feeder cattle market has been closely following the direction of the live cattle contracts. As long as the live cattle complex remains strong through the day's end, it's likely that the feeder cattle complex will too.The lean hog complex is trading mixed as the futures market wants to trade higher but needs reassurance from consumers that they're going to show up at the meat counter with more demand before they'll do so confidently. It's likely a slightly higher close for the day is in sight as the greater livestock complex is being met with ample trader support.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/17140859/web-closing-markets-2.mp3">Click HERE for audio</a>

In the first set of government estimates since September, Friday’s much-anticipated World Agricultural Supply and Demand Estimate, or WASDE, Report offered mixed outlooks for major U.S. crops, trimming projected corn and soybean yields while leaving wheat production unchanged. USDA lowered the national corn yield to 186 bushels per acre, slightly reducing 2025-26 production to 16.75 billion bushels. Exports were raised to 3.08 billion bushels, lifting ending stocks to 2.15 billion. The average farm price rose to $4 a bushel. 

Soybean yield was cut to 53 bushels per acre, pulling production down to 4.25 billion bushels. USDA reduced export estimates to 1.64 billion bushels and projected ending stocks at 290 million. The farmgate price increased to $10.50 per bushel. Wheat production held steady at 1.99 billion bushels, but USDA raised ending stocks to 901 million. The average price slipped to $5 a bushel. Globally, USDA boosted wheat and corn beginning stocks while trimming soybean supplies, and raised production estimates for Argentina, Australia and Russia. 

In the first set of government estimates since September, Friday’s much-anticipated World Agricultural Supply and Demand Estimate, or WASDE, Report offered mixed outlooks for major U.S. crops, trimming projected corn and soybean yields while leaving wheat production unchanged. USDA lowered the national corn yield to 186 bushels per acre, slightly reducing 2025-26 production to 16.75 billion bushels. Exports were raised to 3.08 billion bushels, lifting ending stocks to 2.15 billion. The average farm price rose to $4 a bushel. Soybean yield was cut to 53 bushels per acre, pulling production down to 4.25 billion bushels. USDA reduced export estimates to 1.64 billion bushels and projected ending stocks at 290 million. The farmgate price increased to $10.50 per bushel. Wheat production held steady at 1.99 billion bushels, but USDA raised ending stocks to 901 million. The average price slipped to $5 a bushel. Globally, USDA boosted wheat and corn beginning stocks while trimming soybean supplies, and raised production estimates for Argentina, Australia and Russia. -NAFB

Friday’s WASDE lowers corn, soybean yields

December corn closed down 11 1/4 cents and March corn was down 11 1/2 cents. January soybeans closed down 22 1/2 cents and March soybeans were down 20 3/4 cents. December KC wheat closed down 10 1/2 cents, December Chicago wheat was down 8 1/2 cents, December Minneapolis wheat was down 5 cents.

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

Row-crop futures moved sharply lower Friday following the release of new USDA data including Crop Production and WASDE reports, along with a listing of all reportable flash sales which went unreported due to the government shutdown through October and early November. I would characterize Friday's reports as mixed overall, with some undeniably bearish estimates but plenty of silver linings to be found if looked for and discussed in further detail below. Outside markets to close the week were choppy with crude oil turning higher following Ukrainian attacks on Russian ports and the seizure of a tanker in the Strait of Hormuz by Iran, where over a third of world crude shipments are routed. Stock indices were mixed with tech-focused buying pushing the NASDAQ and S&amp;P500 higher while the Dow Jones Industrial Average slipped.

The live cattle contracts traded slightly higher into Friday's closing bell, despite the fact that the day's fundamentals are lacking a bit with no new cash cattle trade having developed, and what has developed has been lower than last week's weighted average, and boxed beef prices are lower again. So far this week, Southern live cattle have traded at mostly $228, which is $3.00 lower than last week's weighted average. Northern dressed cattle have traded for mostly $351, which is $8.00 lower than last week's weighted average. And while it's looking like the bulk of this week's trade is done with, some more clean up trade isn't out of the question.

Friday's WASDE report shared less than supportive news for the cattle and beef markets of 2025 and 2026. Beef production for 2025 fell by 70 million pounds from the last report in September, as fed cattle slaughter speeds have declined. The same similar trend is also noted for 2026 beef production as now the year is expected to yield 25,490 million pounds, which is down 100 million pounds from September's report. The biggest expected reason for the decline in slaughter speeds for 2026 is because fed cattle processing is expected to remain light, and with cattle spending more time on feed, marketings will be slower for at least the first half of the year. Quarterly steer prices were also disappointing as steers in the fourth quarter of 2025 are expected to average $234 (down $10.00), steers in the first quarter of 2026 are expected to average $242 (down $5.00) and steers in the second quarter are expected to average $248 (down $3.00). Beef imports for 2025 remained unchanged, but exports for the year fell by 10 million pounds.

Although, the feeder cattle complex was trading fully lower earlier this morning, it rebounded and ended trading higher alongside the live cattle contracts. As long as the live cattle contracts continue to trade higher, the feeder cattle market will likely follow in its shadow.

The lean hog complex also found a little technical support, which could be trader moral given that the cattle contracts were trading higher too, or it could partly be because consumer demand is showing more interest today as the midday pork cutout is up $4.68. It's unlikely that any more cash hog trade is going to develop throughout the day.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/14143023/web-closing-markets-2.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed down 11 1/4 cents and March corn was down 11 1/2 cents. January soybeans closed down 22 1/2 cents and March soybeans were down 20 3/4 cents. December KC wheat closed down 10 1/2 cents, December Chicago wheat was down 8 1/2 cents, December Minneapolis wheat was down 5 cents.For the Week:December corn closed up 3 cents and March corn was up 2 cents. January soybeans closed up 7 1/2 cents and March soybeans were up 10 1/4 cents. December KC wheat closed down 4 cents, December Chicago wheat was down 1/2 cents and December Minneapolis wheat was up 6 3/4 cents.Row-crop futures moved sharply lower Friday following the release of new USDA data including Crop Production and WASDE reports, along with a listing of all reportable flash sales which went unreported due to the government shutdown through October and early November. I would characterize Friday's reports as mixed overall, with some undeniably bearish estimates but plenty of silver linings to be found if looked for and discussed in further detail below. Outside markets to close the week were choppy with crude oil turning higher following Ukrainian attacks on Russian ports and the seizure of a tanker in the Strait of Hormuz by Iran, where over a third of world crude shipments are routed. Stock indices were mixed with tech-focused buying pushing the NASDAQ and S&amp;P500 higher while the Dow Jones Industrial Average slipped.LIVESTOCK:The live cattle contracts traded slightly higher into Friday's closing bell, despite the fact that the day's fundamentals are lacking a bit with no new cash cattle trade having developed, and what has developed has been lower than last week's weighted average, and boxed beef prices are lower again. So far this week, Southern live cattle have traded at mostly $228, which is $3.00 lower than last week's weighted average. Northern dressed cattle have traded for mostly $351, which is $8.00 lower than last week's weighted average. And while it's looking like the bulk of this week's trade is done with, some more clean up trade isn't out of the question. Friday's WASDE report shared less than supportive news for the cattle and beef markets of 2025 and 2026. Beef production for 2025 fell by 70 million pounds from the last report in September, as fed cattle slaughter speeds have declined. The same similar trend is also noted for 2026 beef production as now the year is expected to yield 25,490 million pounds, which is down 100 million pounds from September's report. The biggest expected reason for the decline in slaughter speeds for 2026 is because fed cattle processing is expected to remain light, and with cattle spending more time on feed, marketings will be slower for at least the first half of the year. Quarterly steer prices were also disappointing as steers in the fourth quarter of 2025 are expected to average $234 (down $10.00), steers in the first quarter of 2026 are expected to average $242 (down $5.00) and steers in the second quarter are expected to average $248 (down $3.00). Beef imports for 2025 remained unchanged, but exports for the year fell by 10 million pounds.Although, the feeder cattle complex was trading fully lower earlier this morning, it rebounded and ended trading higher alongside the live cattle contracts. As long as the live cattle contracts continue to trade higher, the feeder cattle market will likely follow in its shadow.The lean hog complex also found a little technical support, which could be trader moral given that the cattle contracts were trading higher too, or it could partly be because consumer demand is showing more interest today as the midday pork cutout is up $4.68. It's unlikely that any more cash hog trade is going to develop throughout the day.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/14143023/web-closing-markets-2.mp3">Click HERE for audio</a>

Ag Secretary Brooke Rollins led the largest USDA agribusiness trade mission in the history of the U.S. to Mexico City last week. During the trip to Mexico, 41 U.S. businesses, 33 cooperators and agriculture advocacy groups, six state departments of agriculture, and 150 participants conducted more than 500 business-to-business meetings over three days. This was a critical opportunity for American businesses to further trade ties, and for the USDA to continue its aggressive response to the New World Screwworm in Mexico. 

“Whether it’s securing the Southern Border from illegal immigration, combating the New World Screwworm, or expanding market access for American agricultural products, we are working every day to put American interests first,” Rollins said. Mexico was the top market for U.S. agricultural exports in 2024, with shipments valued at $30.2 billion. Products like meat and meat products, dairy, processed foods, fruits, and beverages constituted almost 50 percent of that. 

Ag Secretary Brooke Rollins led the largest USDA agribusiness trade mission in the history of the U.S. to Mexico City last week. During the trip to Mexico, 41 U.S. businesses, 33 cooperators and agriculture advocacy groups, six state departments of agriculture, and 150 participants conducted more than 500 business-to-business meetings over three days. This was a critical opportunity for American businesses to further trade ties, and for the USDA to continue its aggressive response to the New World Screwworm in Mexico. “Whether it’s securing the Southern Border from illegal immigration, combating the New World Screwworm, or expanding market access for American agricultural products, we are working every day to put American interests first,” Rollins said. Mexico was the top market for U.S. agricultural exports in 2024, with shipments valued at $30.2 billion. Products like meat and meat products, dairy, processed foods, fruits, and beverages constituted almost 50 percent of that. -NAFB

Rollins leads trade trip to Mexico City

Late Wednesday, the government shutdown ended as President Donald Trump signed into law a measure that brought the standoff to a close. Trump signed a bill that fully funds the USDA and FDA for fiscal year 2026. It also ends a legal battle over partial or full Supplemental Nutrition Assistance Program benefits for November. The measure also extended farm bill programs that expired on September 30. While two Republicans voted against the bill, six Democrats stepped across party lines to vote in favor of it. 

Reports say that farmers can expect full services to return to their local Farm Service Agency offices, including processing loan applications for farm ownership or home loans that have been frozen since the start of the government shutdown. The Natural Resources Conservation Service is also expected to reopen for business. A report from Politico said that millions of low-income Americans should receive their full food benefits this week. 

Late Wednesday, the government shutdown ended as President Donald Trump signed into law a measure that brought the standoff to a close. Trump signed a bill that fully funds the USDA and FDA for fiscal year 2026. It also ends a legal battle over partial or full Supplemental Nutrition Assistance Program benefits for November. The measure also extended farm bill programs that expired on September 30. While two Republicans voted against the bill, six Democrats stepped across party lines to vote in favor of it. Reports say that farmers can expect full services to return to their local Farm Service Agency offices, including processing loan applications for farm ownership or home loans that have been frozen since the start of the government shutdown. The Natural Resources Conservation Service is also expected to reopen for business. A report from Politico said that millions of low-income Americans should receive their full food benefits this week. -NAFB

Shutdown ends as Farm Bill programs extended

December corn closed up 6 1/4 cents and March corn was up 6 1/4 cents. January soybeans closed up 13 1/4 cents and March soybeans were up 12 3/4 cents. December KC wheat closed up 1/4 cents, December Chicago wheat was down 1/4 cents, December Minneapolis wheat was unchanged.

Thursday was a day of general strength across row-crop futures with the soybean complex once again leading the way higher, specifically with another burst of bullishness in the soybean meal market as prices set new calendar year highs. With the government shutdown officially ended following President Trump's signing of the funding bill, and operations set to ramp up again, Thursday's strength may be a display of optimism that the release of missing data will support the recent bullish swing in crop prices. Grain and oilseed markets will receive a big piece of the puzzle on Friday morning when USDA releases their November supply and demand estimates after six weeks of relatively few updates from the agency.

With some light trade in the South developing at $282 (which is $3.00 lower than last week's weighted average), combined with seeing boxed beef prices trading lower too -- it comes as no real surprise that the live cattle contracts were trading lower into Thursday's closing bell. And some extremely light sales have been reported in Nebraska at $351, but not enough cattle have traded to say that any sort of a trend has been established this week. Without fundamental support rising to comfort traders, it's likely that a downward trend will remain with the market at least today, and potentially into Friday's session as well.

With the fundamentals in the live cattle complex not helping boost bullish sediment, the feeder cattle contracts were once again left to trade lower. And until the live cattle complex finds some support, it's likely that the feeder cattle market will continue to trade lower in its shadow.

With there not being much interest in the cash market and pork cutout values are lower too, the lean hog complex also traded lower into Thursday's closing bell. And until there's an improvement in the market's fundamentals, mainly from consumers in the form of stronger pork cutout values, it's unlikely that the market will find much upward potential.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/13140255">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed up 6 1/4 cents and March corn was up 6 1/4 cents. January soybeans closed up 13 1/4 cents and March soybeans were up 12 3/4 cents. December KC wheat closed up 1/4 cents, December Chicago wheat was down 1/4 cents, December Minneapolis wheat was unchanged.Thursday was a day of general strength across row-crop futures with the soybean complex once again leading the way higher, specifically with another burst of bullishness in the soybean meal market as prices set new calendar year highs. With the government shutdown officially ended following President Trump's signing of the funding bill, and operations set to ramp up again, Thursday's strength may be a display of optimism that the release of missing data will support the recent bullish swing in crop prices. Grain and oilseed markets will receive a big piece of the puzzle on Friday morning when USDA releases their November supply and demand estimates after six weeks of relatively few updates from the agency.LIVESTOCK:With some light trade in the South developing at $282 (which is $3.00 lower than last week's weighted average), combined with seeing boxed beef prices trading lower too -- it comes as no real surprise that the live cattle contracts were trading lower into Thursday's closing bell. And some extremely light sales have been reported in Nebraska at $351, but not enough cattle have traded to say that any sort of a trend has been established this week. Without fundamental support rising to comfort traders, it's likely that a downward trend will remain with the market at least today, and potentially into Friday's session as well.With the fundamentals in the live cattle complex not helping boost bullish sediment, the feeder cattle contracts were once again left to trade lower. And until the live cattle complex finds some support, it's likely that the feeder cattle market will continue to trade lower in its shadow.With there not being much interest in the cash market and pork cutout values are lower too, the lean hog complex also traded lower into Thursday's closing bell. And until there's an improvement in the market's fundamentals, mainly from consumers in the form of stronger pork cutout values, it's unlikely that the market will find much upward potential.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/13140255">Click HERE for audio</a>

Farmers and their families can learn to recognize stress, manage their well-being, and access resources by attending an upcoming Penn State Extension webinar promoting resilience and mental health in agriculture. “Mending the Stress Fence” will take place from 7–8 pm Eastern time on December 8 and from 9-10 am on December 16. The webinar specifically addresses the unique challenges of farm life by focusing on stress management, balanced well-being, and reducing the stigma around seeking mental health support. 

Organizers pointed out that agriculture is among the most stressful and hazardous industries in the country. Workshop participants will learn the signs and symptoms of stress, how to self-identify stress, how to balance the dimensions of wellness, how to ask open-ended questions that demonstrate care, the warning signs of suicide, and where to find resources to support someone in need. The event is offered at no cost to participants, but pre-registration is required.

Farmers and their families can learn to recognize stress, manage their well-being, and access resources by attending an upcoming Penn State Extension webinar promoting resilience and mental health in agriculture. “Mending the Stress Fence” will take place from 7–8 pm Eastern time on December 8 and from 9-10 am on December 16. The webinar specifically addresses the unique challenges of farm life by focusing on stress management, balanced well-being, and reducing the stigma around seeking mental health support. Organizers pointed out that agriculture is among the most stressful and hazardous industries in the country. Workshop participants will learn the signs and symptoms of stress, how to self-identify stress, how to balance the dimensions of wellness, how to ask open-ended questions that demonstrate care, the warning signs of suicide, and where to find resources to support someone in need. The event is offered at no cost to participants, but pre-registration is required.-NAFB

Mending the “Stress Fence” in farm country

Chinese purchases of soybeans from the U.S. appear to have stalled only two weeks after the U.S. touted a wide-ranging trade truce between the two countries. Bloomberg said it appeared to show a thawing in relations between the world’s biggest economies. Chinese imports of American cargoes seem to have faltered after a flurry of orders in October. That’s according to traders who asked not to be identified while discussing confidential information with sources. 

“The traders said they were not aware of any new shipments,” and, “The pause is causing significant uncertainty over whether the biggest consumer of American soybeans will be back in the market at a level the White House claimed to expect.” An agricultural broker with StoneX in Singapore said many experts view China’s commitment to purchase 12 million tons of U.S. soybeans this year to be more of a diplomatic gesture than a firm agreement. 

Chinese purchases of soybeans from the U.S. appear to have stalled only two weeks after the U.S. touted a wide-ranging trade truce between the two countries. Bloomberg said it appeared to show a thawing in relations between the world’s biggest economies. Chinese imports of American cargoes seem to have faltered after a flurry of orders in October. That’s according to traders who asked not to be identified while discussing confidential information with sources. “The traders said they were not aware of any new shipments,” and, “The pause is causing significant uncertainty over whether the biggest consumer of American soybeans will be back in the market at a level the White House claimed to expect.” An agricultural broker with StoneX in Singapore said many experts view China’s commitment to purchase 12 million tons of U.S. soybeans this year to be more of a diplomatic gesture than a firm agreement. -NAFB

Chinese purchases of U.S. soybeans have stalled

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>

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 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