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

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

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

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

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

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

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

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

Commodity markets daily recap

Iowa Governor Kim Reynolds vetoed an anti-pipeline bill, which the Iowa Corn Growers say will preserve Iowa’s right to pursue carbon capture and sequestration technology. “The Governor’s decision is a win for Iowa’s corn farmers, ethanol industry, and economy,’ the ICGA said in a statement. “Iowa is the world’s leader in corn and ethanol production, and now there’s an opportunity to increase demand for ultra-low carbon fuels, a market that Iowa deserves the ability to pursue.” 

The Corn Growers also said participation in CCS projects will allow Iowa to capitalize on exciting new ethanol market opportunities like Sustainable Aviation Fuels. “Because of decreased profit margins, Iowa’s corn growers need expanded market growth and access to continue raising corn profitably, allowing them to continue to grow Iowa’s agricultural industry and economy,” the Corn Growers added. “We appreciate the Governor’s decision to continue championing Iowa agriculture and creating new pathways for farmer success.” 

Iowa Governor Kim Reynolds vetoed an anti-pipeline bill, which the Iowa Corn Growers say will preserve Iowa’s right to pursue carbon capture and sequestration technology. “The Governor’s decision is a win for Iowa’s corn farmers, ethanol industry, and economy,’ the ICGA said in a statement. “Iowa is the world’s leader in corn and ethanol production, and now there’s an opportunity to increase demand for ultra-low carbon fuels, a market that Iowa deserves the ability to pursue.” The Corn Growers also said participation in CCS projects will allow Iowa to capitalize on exciting new ethanol market opportunities like Sustainable Aviation Fuels. “Because of decreased profit margins, Iowa’s corn growers need expanded market growth and access to continue raising corn profitably, allowing them to continue to grow Iowa’s agricultural industry and economy,” the Corn Growers added. “We appreciate the Governor’s decision to continue championing Iowa agriculture and creating new pathways for farmer success.” -NAFB

Iowa corn growers applaud Governor Reynolds’ veto

The latest World Ag Supply and Demand Estimates report for June says the 2025-2026 U.S. corn outlook didn’t change much from last month. The numbers did show lower beginning and ending stocks, while corn area and yield forecasts were unchanged. USDA will release its survey-based Acreage Report on June 30. The season-average farm price received by producers is unchanged at $4.20 per bushel. 

U.S. soybean supply, use, and price projections are unchanged this month. The U.S. season-average soybean price is forecast at $10.25 a bushel. The U.S. wheat outlook this month is for slightly larger supplies, unchanged domestic use, higher exports, and lower ending stocks. All wheat production is projected at 1.92 million bushels, up 115,000 from last month. The all-wheat yield forecast is virtually unchanged at 51.6 bushels an acre. The projected season average farm price is 10 cents higher at $5.40 on the reduced ending stocks. 

The latest World Ag Supply and Demand Estimates report for June says the 2025-2026 U.S. corn outlook didn’t change much from last month. The numbers did show lower beginning and ending stocks, while corn area and yield forecasts were unchanged. USDA will release its survey-based Acreage Report on June 30. The season-average farm price received by producers is unchanged at $4.20 per bushel. U.S. soybean supply, use, and price projections are unchanged this month. The U.S. season-average soybean price is forecast at $10.25 a bushel. The U.S. wheat outlook this month is for slightly larger supplies, unchanged domestic use, higher exports, and lower ending stocks. All wheat production is projected at 1.92 million bushels, up 115,000 from last month. The all-wheat yield forecast is virtually unchanged at 51.6 bushels an acre. The projected season average farm price is 10 cents higher at $5.40 on the reduced ending stocks. -NAFB

Not much change to corn and soybeans in the June WASDE 

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

The June World Agricultural Supply and Demand Estimates (WASDE) report from USDA came in mostly as expected Thursday, with very few overall changes to the corn and soybean balance sheets both in the U.S. and the world. Wheat garnered most of the attention from USDA, reaffirming forecasts for very strong winter wheat production in the U.S. and the world. In outside markets for Thursday, equity markets were cautiously higher amid this week's positive trade news regarding China but perhaps a little anxious regarding the upcoming July 8 deadline for the 90-day tariff pause as well, with many deals still on the table according to the White House. Energy markets pushed higher with NYMEX crude oil futures recovering more of the April 3 losses amid tensions between Israel and Iran and Wednesday's stock decline reported by the Energy Information Administration.

Although boxed beef prices are again higher, the live cattle complex continued to hold its breath -- trying to wait patiently for more trade to develop in this week's fed cash cattle market. There's been a light movement of cattle traded in the South at $235, which is $5.00 higher than last week's weighted average, but there's not been any trade noted in the North yet. Asking prices for cattle left to trade in the South are firm at $236 plus and are still not known for the North. Thursday's WASDE report shared supportive news for both the cattle and beef markets of 2025. Beef production for 2025 was decreased by 65 million pounds as fed steer and heifer processing was lower than anticipated in the second quarter of 2025, and production throughout the rest of the year is expected to be light.

The feeder cattle complex also traded cautiously through Thursday's session, as traders want to see technical support from the live cattle complex before they'll likely again push the contract prices higher. Demand is still incredible in the countryside, so the board's lower push is solely a technical decision.

Packers may have bought enough hogs for the week that cash prices are slightly lower. However, lean hog complex traders aren't concerned with that business as they're simply impressed that pork cutout values are still higher, which is what really matters in their minds. The only major cut printing lower this morning was the picnic, which is just down $0.80, but otherwise every single other major cut was higher. Thursday's WASDE report shared mixed news for pork and hog markets of 2025. Pork production for 2025 was unchanged from last month's report at 27,996 million pounds. Quarterly price projections were supportive as each quarter was increased from last month's anticipation.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/12151129/web-closing-markets-1.mp3">HERE</a> for audio

By: NATHAN STUEDLEGRAINS:July corn closed up 1 1/2 cents and December corn was up 3/4 cents. July soybeans closed down 8 1/4 cents and November soybeans were down 2 cents. July KC wheat closed down 3 1/2 cents, July Chicago wheat was down 7 3/4 cents, July Minneapolis wheat was up 4 cents.The June World Agricultural Supply and Demand Estimates (WASDE) report from USDA came in mostly as expected Thursday, with very few overall changes to the corn and soybean balance sheets both in the U.S. and the world. Wheat garnered most of the attention from USDA, reaffirming forecasts for very strong winter wheat production in the U.S. and the world. In outside markets for Thursday, equity markets were cautiously higher amid this week's positive trade news regarding China but perhaps a little anxious regarding the upcoming July 8 deadline for the 90-day tariff pause as well, with many deals still on the table according to the White House. Energy markets pushed higher with NYMEX crude oil futures recovering more of the April 3 losses amid tensions between Israel and Iran and Wednesday's stock decline reported by the Energy Information Administration.LIVESTOCK:Although boxed beef prices are again higher, the live cattle complex continued to hold its breath -- trying to wait patiently for more trade to develop in this week's fed cash cattle market. There's been a light movement of cattle traded in the South at $235, which is $5.00 higher than last week's weighted average, but there's not been any trade noted in the North yet. Asking prices for cattle left to trade in the South are firm at $236 plus and are still not known for the North. Thursday's WASDE report shared supportive news for both the cattle and beef markets of 2025. Beef production for 2025 was decreased by 65 million pounds as fed steer and heifer processing was lower than anticipated in the second quarter of 2025, and production throughout the rest of the year is expected to be light.The feeder cattle complex also traded cautiously through Thursday's session, as traders want to see technical support from the live cattle complex before they'll likely again push the contract prices higher. Demand is still incredible in the countryside, so the board's lower push is solely a technical decision.Packers may have bought enough hogs for the week that cash prices are slightly lower. However, lean hog complex traders aren't concerned with that business as they're simply impressed that pork cutout values are still higher, which is what really matters in their minds. The only major cut printing lower this morning was the picnic, which is just down $0.80, but otherwise every single other major cut was higher. Thursday's WASDE report shared mixed news for pork and hog markets of 2025. Pork production for 2025 was unchanged from last month's report at 27,996 million pounds. Quarterly price projections were supportive as each quarter was increased from last month's anticipation. Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/12151129/web-closing-markets-1.mp3">HERE</a> for audio

According to recent data from the Association of Equipment Manufacturers, U.S. sales of combines and tractors dropped in all categories during May. Total agricultural tractor sales were down 12 percent and combine sales were 21 percent lower compared to May 2024. “This continued slump of U.S. tractor and combine sales reflects broader challenges in the ag economy,” says Curt Blades, senior vice president of AEM. 

“High interest rates, global trade uncertainty, and increased input prices are causing farmers to delay major equipment purchases.” The biggest drop came in four-wheel-drive tractor sales, which fell 39 percent from May 2024 to May 2025. Self-propelled combine sales sank 21 percent over the same period. Canadian combine sales rose 16 percent in May compared to May 2024, while sales of four-wheel-drive tractors jumped 35 percent year-to-date. “We’re very encouraged by the strong performance in the Canadian market and remain hopeful,” Blades added. 

According to recent data from the Association of Equipment Manufacturers, U.S. sales of combines and tractors dropped in all categories during May. Total agricultural tractor sales were down 12 percent and combine sales were 21 percent lower compared to May 2024. “This continued slump of U.S. tractor and combine sales reflects broader challenges in the ag economy,” says Curt Blades, senior vice president of AEM. “High interest rates, global trade uncertainty, and increased input prices are causing farmers to delay major equipment purchases.” The biggest drop came in four-wheel-drive tractor sales, which fell 39 percent from May 2024 to May 2025. Self-propelled combine sales sank 21 percent over the same period. Canadian combine sales rose 16 percent in May compared to May 2024, while sales of four-wheel-drive tractors jumped 35 percent year-to-date. “We’re very encouraged by the strong performance in the Canadian market and remain hopeful,” Blades added. -NAFB

U.S. tractor and combine sales continue dropping in May

A court ruling determined that agricultural equipment manufacturer John Deere must face a lawsuit by the Federal Trade Commission, which accuses the company of forcing farmers to use its authorized dealer network. A judge ruled that drove up farmers’ costs for repairs and parts. A U.S. District Court Judge in Rockford, Illinois, rejected Deere’s effort, for now, to end the lawsuit, which was filed at the end of President Joe Biden’s administration in January. 

 “The suit alleges John Deere is violating federal antitrust law by controlling too tightly where and how farmers can get their equipment repaired, allowing the company to charge artificially higher prices,” the report says “The FTC was joined in its lawsuit by Michigan, Wisconsin, and three other states.” Right-to-repair advocates say the digitization of agriculture equipment, with its various computers, has made self-repair almost impossible, forcing farmers to depend on the manufacturer.

A court ruling determined that agricultural equipment manufacturer John Deere must face a lawsuit by the Federal Trade Commission, which accuses the company of forcing farmers to use its authorized dealer network. A judge ruled that drove up farmers’ costs for repairs and parts. A U.S. District Court Judge in Rockford, Illinois, rejected Deere’s effort, for now, to end the lawsuit, which was filed at the end of President Joe Biden’s administration in January. “The suit alleges John Deere is violating federal antitrust law by controlling too tightly where and how farmers can get their equipment repaired, allowing the company to charge artificially higher prices,” the report says “The FTC was joined in its lawsuit by Michigan, Wisconsin, and three other states.” Right-to-repair advocates say the digitization of agriculture equipment, with its various computers, has made self-repair almost impossible, forcing farmers to depend on the manufacturer.-NAFB

Deere must face 'Right-to-Repair' lawsuit

July corn closed up 5 1/4 cents and December corn was up 2 cents. July soybeans closed up 1 3/4 cents and November soybeans were up 1/2 cents. July KC wheat closed down 10 1/4 cents, July Chicago wheat was down 7 1/2 cents, July Minneapolis wheat was down 9 1/4 cents.

Wheat futures broke another leg lower, erasing eight sessions worth of price gains over the past two as improved conditions in the U.S. and forecasted rain for dry world wheat growing regions have traders re-evaluating their recent buying spree. Meanwhile, corn and soybean futures found support Tuesday, with the former again trading among calendar year lows and enticing buyers. In outside markets, equities continue to hover among their highest levels in three months, as traders await further insight into the progress made in London trade talks between the U.S. and China, which are now in their second day.

The live cattle complex traded on a mixed basis as traders seem to be uncomfortable advancing the contracts any higher without seeing renewed fundamental support this week. Although one could point to the market's higher boxed beef prices as support, given the historical price point in which the market is trading at, traders need more support to justify trading the contracts any higher. Bids and asking prices are still elusive at this point and trade isn't expected to develop until later in the week.

The feeder cattle complex traded higher despite the fact that the live cattle contracts traded mildly lower for the bulk of Tuesday's session. For the most part, the feeder cattle complex has followed in the live cattle market's shadow step by step over the last couple weeks, but today, the market seemed to possess enough support to trade higher while the live cattle contract paused its own rally.

The lean hog complex traded skeptically as traders want to continue to support the market and push prices higher, but traders need to see furthered consistent, fundamental support before they'll fully dive in and do so. But with the belly's price improvement, the morning's carcass price was able to sprint higher.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/10144350/web-closing-markets-1.mp3">HERE</a> for audio

By: NATHAN STUEDLEGRAINS:July corn closed up 5 1/4 cents and December corn was up 2 cents. July soybeans closed up 1 3/4 cents and November soybeans were up 1/2 cents. July KC wheat closed down 10 1/4 cents, July Chicago wheat was down 7 1/2 cents, July Minneapolis wheat was down 9 1/4 cents.Wheat futures broke another leg lower, erasing eight sessions worth of price gains over the past two as improved conditions in the U.S. and forecasted rain for dry world wheat growing regions have traders re-evaluating their recent buying spree. Meanwhile, corn and soybean futures found support Tuesday, with the former again trading among calendar year lows and enticing buyers. In outside markets, equities continue to hover among their highest levels in three months, as traders await further insight into the progress made in London trade talks between the U.S. and China, which are now in their second day.LIVESTOCK:The live cattle complex traded on a mixed basis as traders seem to be uncomfortable advancing the contracts any higher without seeing renewed fundamental support this week. Although one could point to the market's higher boxed beef prices as support, given the historical price point in which the market is trading at, traders need more support to justify trading the contracts any higher. Bids and asking prices are still elusive at this point and trade isn't expected to develop until later in the week.The feeder cattle complex traded higher despite the fact that the live cattle contracts traded mildly lower for the bulk of Tuesday's session. For the most part, the feeder cattle complex has followed in the live cattle market's shadow step by step over the last couple weeks, but today, the market seemed to possess enough support to trade higher while the live cattle contract paused its own rally.The lean hog complex traded skeptically as traders want to continue to support the market and push prices higher, but traders need to see furthered consistent, fundamental support before they'll fully dive in and do so. But with the belly's price improvement, the morning's carcass price was able to sprint higher.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/10144350/web-closing-markets-1.mp3">HERE</a> for audio

The American Farm Bureau Federation, in partnership with Farm Credit, has extended the deadline for entrepreneurs to apply online for the 2026 Farm Bureau Ag Innovation Challenge to June 15th. Now in year number 12, this national business competition showcases U.S. startup companies developing innovative solutions to challenges faced by America’s farmers, ranchers, and rural communities. 

The overall winner of the competition will receive $100,000 in startup funds, the runner-up will be awarded $25,000, and two additional business owners who advance to the final four round will receive $10,000. “This competition supports incredible entrepreneurs who are making sure agriculture is ready to meet the challenges of tomorrow,” said AFBF President Zippy Duvall. “If you have a vision for how your business can drive agriculture forward, apply today.” After the application period closes on June 15, ten semi-finalist teams will be selected and announced on August 4th.&nbsp;

The American Farm Bureau Federation, in partnership with Farm Credit, has extended the deadline for entrepreneurs to apply online for the 2026 Farm Bureau Ag Innovation Challenge to June 15th. Now in year number 12, this national business competition showcases U.S. startup companies developing innovative solutions to challenges faced by America’s farmers, ranchers, and rural communities. The overall winner of the competition will receive $100,000 in startup funds, the runner-up will be awarded $25,000, and two additional business owners who advance to the final four round will receive $10,000. “This competition supports incredible entrepreneurs who are making sure agriculture is ready to meet the challenges of tomorrow,” said AFBF President Zippy Duvall. “If you have a vision for how your business can drive agriculture forward, apply today.” After the application period closes on June 15, ten semi-finalist teams will be selected and announced on August 4th.&nbsp;-NAFB

Ag innovation challenge deadline extended

After spring planting is finished, agricultural producers should make an appointment with their local Farm Service Agency county office to complete crop acreage reports before the applicable deadline. July 15 is a major deadline for most crops, but acreage reporting deadlines vary by county and crop. “To ensure receipt of important safety net, disaster assistance, conservation, and crop insurance program benefits, producers should file an accurate crop acreage report for all crops and land uses, including failed acreage and prevented planting acreage before the deadline,” said FSA Administrator Bill Beam. 

“Once planting is complete, call your local FSA Office to make an appointment to report your acres and take care of other FSA-related business at the same time.” To file a crop acreage report, producers need to provide a number of facts, including crop type or variety and the number of crop acres.&nbsp;

After spring planting is finished, agricultural producers should make an appointment with their local Farm Service Agency county office to complete crop acreage reports before the applicable deadline. July 15 is a major deadline for most crops, but acreage reporting deadlines vary by county and crop. “To ensure receipt of important safety net, disaster assistance, conservation, and crop insurance program benefits, producers should file an accurate crop acreage report for all crops and land uses, including failed acreage and prevented planting acreage before the deadline,” said FSA Administrator Bill Beam. “Once planting is complete, call your local FSA Office to make an appointment to report your acres and take care of other FSA-related business at the same time.” To file a crop acreage report, producers need to provide a number of facts, including crop type or variety and the number of crop acres.&nbsp;-NAFB

Reminder to file crop acreage reports

July corn closed down 9 cents and December corn was down 11 1/4 cents. July soybeans closed down 1 1/4 cents and November soybeans were down 6 1/4 cents. July KC wheat closed down 11 3/4 cents, July Chicago wheat was down 12 3/4 cents, July Minneapolis wheat was down 12 3/4 cents.

Corn and wheat markets turned sharply lower to begin the new week, as weather forecasts remain mostly friendly to crops in the immediate outlook. Soybean futures were also lower, with increased losses in deferred contract months as traders await the next round of crop conditions from USDA this afternoon, which are expected to show steady to improved ratings across the major U.S. crops. In outside markets on Monday, equities were on edge as the market awaits details on the trade summit between the U.S. and China in London, which is expected to be a two-day event. Energy markets were mostly positive to start the week as NYMEX crude oil futures attempt to solidify their late-week breakout but will likely face technical pressure from here.

Following last week's rally, the live cattle complex was able to maintain a mostly higher position through Monday's session and finished in the green. With ample fundamental support encouraging the complex to trade higher, traders have been more than willing and receptive to the market's strong fundamentals which has pushed the contracts beyond resistance thresholds. At some point, packers will get enough supply bought up to dampen the fed cash cattle market's fire-like rally, but until then, it's anyone's guess at this point where the market's top could be. New showlists appear to be mixed, higher in Texas, somewhat higher in Nebraska/Colorado, but lower in Kansas. Last week Southern live cattle traded at mostly $230 to $232, which is $8.00 to $10.00 higher than the previous week's weighted average, and Northern dressed cattle traded at mostly $380 which is $13.00 higher than the previous week's weighted average.

The feeder cattle contracts traded higher, as the market is closely following the live cattle market's direction. And given the wild support in which the market's fundamentals (fed cash cattle trade, boxed beef prices, feeder cattle buyer demand) have recently seen, there's more than enough encouragement in the market to justify trader support. But the question that seems to be on everyone's mind and that frankly won't be answered until time plays the clock out is: where the top at?

The lean hog complex is trading mostly higher into Monday's closing bell as traders are hopeful that consumer demand will continue to help fuel the market's rally into this week. Pork cutout values were down slightly this morning, but that's mainly because of a $4.46 drop in the ham. Otherwise, the cuts were trading mostly higher.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/09190127/web-closing-markets-1.mp3">HERE</a> for audio

By: NATHAN STUEDLEGRAINS:July corn closed down 9 cents and December corn was down 11 1/4 cents. July soybeans closed down 1 1/4 cents and November soybeans were down 6 1/4 cents. July KC wheat closed down 11 3/4 cents, July Chicago wheat was down 12 3/4 cents, July Minneapolis wheat was down 12 3/4 cents.Corn and wheat markets turned sharply lower to begin the new week, as weather forecasts remain mostly friendly to crops in the immediate outlook. Soybean futures were also lower, with increased losses in deferred contract months as traders await the next round of crop conditions from USDA this afternoon, which are expected to show steady to improved ratings across the major U.S. crops. In outside markets on Monday, equities were on edge as the market awaits details on the trade summit between the U.S. and China in London, which is expected to be a two-day event. Energy markets were mostly positive to start the week as NYMEX crude oil futures attempt to solidify their late-week breakout but will likely face technical pressure from here.LIVESTOCK:Following last week's rally, the live cattle complex was able to maintain a mostly higher position through Monday's session and finished in the green. With ample fundamental support encouraging the complex to trade higher, traders have been more than willing and receptive to the market's strong fundamentals which has pushed the contracts beyond resistance thresholds. At some point, packers will get enough supply bought up to dampen the fed cash cattle market's fire-like rally, but until then, it's anyone's guess at this point where the market's top could be. New showlists appear to be mixed, higher in Texas, somewhat higher in Nebraska/Colorado, but lower in Kansas. Last week Southern live cattle traded at mostly $230 to $232, which is $8.00 to $10.00 higher than the previous week's weighted average, and Northern dressed cattle traded at mostly $380 which is $13.00 higher than the previous week's weighted average.The feeder cattle contracts traded higher, as the market is closely following the live cattle market's direction. And given the wild support in which the market's fundamentals (fed cash cattle trade, boxed beef prices, feeder cattle buyer demand) have recently seen, there's more than enough encouragement in the market to justify trader support. But the question that seems to be on everyone's mind and that frankly won't be answered until time plays the clock out is: where the top at? The lean hog complex is trading mostly higher into Monday's closing bell as traders are hopeful that consumer demand will continue to help fuel the market's rally into this week. Pork cutout values were down slightly this morning, but that's mainly because of a $4.46 drop in the ham. Otherwise, the cuts were trading mostly higher.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/09190127/web-closing-markets-1.mp3">HERE</a> for audio

Iowa Governor Kim Reynolds has just two weeks to either sign or veto a controversial bill that would impact carbon dioxide pipelines in Iowa. On a Friday press call, landowners urged Reynolds to uphold Iowa and GOP values around property rights by signing the bill into law. House File 639 advanced from the Senate May 13, following four years of effort from a group of landowners and House lawmakers. 

The bill would do a number of things including require carbon sequestration projects to prove they are a common carrier, in order to use eminent domain. The legislation, and landowner support, comes largely in response to a proposed carbon sequestration pipeline project, the Summit Carbon Solutions pipeline, that would connect to nearly 60 ethanol plants and pipe the sequestered carbon dioxide through Iowa and surrounding states to underground storage in North Dakota. Those opposed to the project say a private company should not be given the right to condemn agricultural land.

Iowa Governor Kim Reynolds has just two weeks to either sign or veto a controversial bill that would impact carbon dioxide pipelines in Iowa. On a Friday press call, landowners urged Reynolds to uphold Iowa and GOP values around property rights by signing the bill into law. House File 639 advanced from the Senate May 13, following four years of effort from a group of landowners and House lawmakers. The bill would do a number of things including require carbon sequestration projects to prove they are a common carrier, in order to use eminent domain. The legislation, and landowner support, comes largely in response to a proposed carbon sequestration pipeline project, the Summit Carbon Solutions pipeline, that would connect to nearly 60 ethanol plants and pipe the sequestered carbon dioxide through Iowa and surrounding states to underground storage in North Dakota. Those opposed to the project say a private company should not be given the right to condemn agricultural land.

Iowans urge Gov. Reynolds to pass bill limiting eminent domain for CO2 pipelines

Bayer executives have been warning in recent weeks that after losing billions of dollars to Roundup case settlements and jury awards, they may be ready to give up the fight and get out of the glyphosate business. Bayer CEO, Bill Anderson, told investors in a recent conference call, in the U.S., there is no broad protection for producers of pesticides, so manufacturers can comply with the federal regulatory labeling requirements and still get sued for failing to warn. 

Anderson said that is one factor among others as the company questions whether or not it should continue production of glyphosate, the active ingredient in Roundup and its other branded weedkillers. Glyphosate, introduced by Monsanto in the 1970s, is the world’s most widely used herbicidal chemical. The company has already removed glyphosate from consumer herbicide products sold in the US. Now, the ongoing litigation threatens Bayer’s ability to continue to supply glyphosate-based products to farmers and other professional users.

Bayer executives have been warning in recent weeks that after losing billions of dollars to Roundup case settlements and jury awards, they may be ready to give up the fight and get out of the glyphosate business. Bayer CEO, Bill Anderson, told investors in a recent conference call, in the U.S., there is no broad protection for producers of pesticides, so manufacturers can comply with the federal regulatory labeling requirements and still get sued for failing to warn. Anderson said that is one factor among others as the company questions whether or not it should continue production of glyphosate, the active ingredient in Roundup and its other branded weedkillers. Glyphosate, introduced by Monsanto in the 1970s, is the world’s most widely used herbicidal chemical. The company has already removed glyphosate from consumer herbicide products sold in the US. Now, the ongoing litigation threatens Bayer’s ability to continue to supply glyphosate-based products to farmers and other professional users.-NAFB

Bayer seeks escape from costly Roundup litigation

July corn closed up 3 cents and December corn was up 1 cent. July soybeans closed up 5 1/2 cents and November soybeans were up 3 3/4 cents. July KC wheat closed up 6 3/4 cents, July Chicago wheat was up 9 1/4 cents, July Minneapolis wheat was up 10 cents.

July corn closed down 1 1/2 cents and December corn was up 10 3/4 cents. July soybeans closed up 15 1/2 cents and November soybeans were up 10 1/4 cents. July KC wheat closed up 16 cents, July Chicago wheat was up 20 3/4 cents and July Minneapolis wheat was up 9 3/4 cents.

Row-crop futures were mostly higher Friday, closing out what was overall a solid week for prices. Corn and soybean markets recovered through this week from bearish trade throughout most of last week, while wheat markets were able to slightly extend last week's rally. Looking ahead to next week, the market will turn its focus to the June edition of the World Agricultural Supply and Demand Estimates (WASDE) report on Thursday for insight into market fundamentals heading into the 2025 growing season. In outside markets for Friday, equities were higher after May employment data pointed to another steady month for the U.S. labor market, as the economy added more jobs through the month than expected and unemployment held at 4.2%. The report also gave a boost to the U.S. dollar heading into the weekend. Energy markets for Friday were mostly higher as well, NYMEX crude oil broke above resistance to close at the highest price since April 3 which was, of course, in the midst of the fallout from the April 2 tariff announcements. This strength helped support ethanol prices which had been grinding lower over the past several sessions, and as a result also injected strength into corn futures as well.

Live cattle futures continued to hold firm market support with nearby June through December contracts able to post follow-through gains late in the week. The ability to hold prices at or above contract highs is likely to help solidify additional buyer support early next week. Cash cattle markets have seen light trade reported in parts of Nebraska this morning at $242 live, $2 higher than Thursday's business and $7 above last week's weekly average. Asking prices for cattle left on showlists are around $233-plus in the South, and $383-plus in the North. So far this week, live trade in Kansas and Texas has had a range of $225 to $232, $3 to $10 higher than last week's weighted averages. Dressed deals in Nebraska and Iowa have been done at mostly $380, $13 higher than the prior week's weighted average basis in Nebraska.

Feeder cattle futures remained strong, although Friday trade did see the feeder cattle complex as the one market which has been unable to continue higher through the morning, but did manage to enter the closing bell fully higher. Very little has changed in the overall direction of the market, allowing traders a chance to square positions at the end of the week.

Lean hog futures became the bright spot of livestock trade Friday morning with moderate to strong gains developing in nearby contracts. Continued outside market support and the potential for follow-through demand support over the coming weeks and months could help bring additional buyer interest into both nearby and deferred futures contracts.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/06141445/web-closing-markets.mp3">HERE</a> for audio

By: NATHAN STUEDLEGRAINS:July corn closed up 3 cents and December corn was up 1 cent. July soybeans closed up 5 1/2 cents and November soybeans were up 3 3/4 cents. July KC wheat closed up 6 3/4 cents, July Chicago wheat was up 9 1/4 cents, July Minneapolis wheat was up 10 cents.FOR THE WEEK:July corn closed down 1 1/2 cents and December corn was up 10 3/4 cents. July soybeans closed up 15 1/2 cents and November soybeans were up 10 1/4 cents. July KC wheat closed up 16 cents, July Chicago wheat was up 20 3/4 cents and July Minneapolis wheat was up 9 3/4 cents.Row-crop futures were mostly higher Friday, closing out what was overall a solid week for prices. Corn and soybean markets recovered through this week from bearish trade throughout most of last week, while wheat markets were able to slightly extend last week's rally. Looking ahead to next week, the market will turn its focus to the June edition of the World Agricultural Supply and Demand Estimates (WASDE) report on Thursday for insight into market fundamentals heading into the 2025 growing season. In outside markets for Friday, equities were higher after May employment data pointed to another steady month for the U.S. labor market, as the economy added more jobs through the month than expected and unemployment held at 4.2%. The report also gave a boost to the U.S. dollar heading into the weekend. Energy markets for Friday were mostly higher as well, NYMEX crude oil broke above resistance to close at the highest price since April 3 which was, of course, in the midst of the fallout from the April 2 tariff announcements. This strength helped support ethanol prices which had been grinding lower over the past several sessions, and as a result also injected strength into corn futures as well.LIVESTOCK:Live cattle futures continued to hold firm market support with nearby June through December contracts able to post follow-through gains late in the week. The ability to hold prices at or above contract highs is likely to help solidify additional buyer support early next week. Cash cattle markets have seen light trade reported in parts of Nebraska this morning at $242 live, $2 higher than Thursday's business and $7 above last week's weekly average. Asking prices for cattle left on showlists are around $233-plus in the South, and $383-plus in the North. So far this week, live trade in Kansas and Texas has had a range of $225 to $232, $3 to $10 higher than last week's weighted averages. Dressed deals in Nebraska and Iowa have been done at mostly $380, $13 higher than the prior week's weighted average basis in Nebraska. Feeder cattle futures remained strong, although Friday trade did see the feeder cattle complex as the one market which has been unable to continue higher through the morning, but did manage to enter the closing bell fully higher. Very little has changed in the overall direction of the market, allowing traders a chance to square positions at the end of the week. Lean hog futures became the bright spot of livestock trade Friday morning with moderate to strong gains developing in nearby contracts. Continued outside market support and the potential for follow-through demand support over the coming weeks and months could help bring additional buyer interest into both nearby and deferred futures contracts.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/06141445/web-closing-markets.mp3">HERE</a> for audio

The House of Representatives advanced the “One Big Beautiful Bill” to the Senate. It’s a significant step toward restoring some longer-term certainty for farmers and ranchers after a series of short-term extensions of the 2018 Farm Bill. The bill comes amid continued challenges like volatile markets, high production costs, and weather disasters. 

The bill combines several provisions across commodity programs and tax policy into one comprehensive package supported by ag groups like the American Farm Bureau. The Congressional Budget Office said the House-passed version would increase agriculture-facing program spending by nearly $57 billion over the next decade. Of the total increase, $52 billion is tied to enhancements in the farm safety net, such as higher reference prices under P L C, adjusted formulas for ARC program, and expanded crop insurance support. The remaining $4 billion includes investments in trade promotion, rural school funding, livestock biosecurity research, and energy programs. 

The House of Representatives advanced the “One Big Beautiful Bill” to the Senate. It’s a significant step toward restoring some longer-term certainty for farmers and ranchers after a series of short-term extensions of the 2018 Farm Bill. The bill comes amid continued challenges like volatile markets, high production costs, and weather disasters. The bill combines several provisions across commodity programs and tax policy into one comprehensive package supported by ag groups like the American Farm Bureau. The Congressional Budget Office said the House-passed version would increase agriculture-facing program spending by nearly $57 billion over the next decade. Of the total increase, $52 billion is tied to enhancements in the farm safety net, such as higher reference prices under P L C, adjusted formulas for ARC program, and expanded crop insurance support. The remaining $4 billion includes investments in trade promotion, rural school funding, livestock biosecurity research, and energy programs. -NAFB

The impact of “One Big, Beautiful Bill” on U.S. ag

The Energy Information Administration says U.S. ethanol output jumped to the highest level in over two months, and inventories improved in the week ending on May 30. EIA data says production rose an average of 1.105 million barrels during the week, up from 1.056 million barrels the previous week and the highest production since March 14. 

Midwestern output increased to an average of 1.05 million barrels per day, up more than 100,000 barrels over the prior week. Gulf Coast production increased by 1,000 barrels a day from the previous week. West Coast output improved to 9,000 barrels a day, up from 8,000 the week before. The East Coast and Rocky Mountain regions were unchanged compared to the prior week at 12,000 and 11,000 barrels per day, respectively. Ethanol inventories during the same week rose to 24.4 million barrels, up from 24.2 million barrels, up from 24.2 million barrels a week earlier.

The Energy Information Administration says U.S. ethanol output jumped to the highest level in over two months, and inventories improved in the week ending on May 30. EIA data says production rose an average of 1.105 million barrels during the week, up from 1.056 million barrels the previous week and the highest production since March 14. Midwestern output increased to an average of 1.05 million barrels per day, up more than 100,000 barrels over the prior week. Gulf Coast production increased by 1,000 barrels a day from the previous week. West Coast output improved to 9,000 barrels a day, up from 8,000 the week before. The East Coast and Rocky Mountain regions were unchanged compared to the prior week at 12,000 and 11,000 barrels per day, respectively. Ethanol inventories during the same week rose to 24.4 million barrels, up from 24.2 million barrels, up from 24.2 million barrels a week earlier.-NAFB

Ethanol output hits highest level in two months

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

Markets were mostly higher Thursday with old-crop corn futures again showing a high level of uncertainty on where market value should be, while new-crop prices extended their rally to three days, widening the premium over old-crop in the process. Soybean futures were also higher after President Trump spoke with China's President Xi early Thursday with President Trump calling the discussion "positive." Wheat markets lagged behind corn and soybeans Thursday after hitting technical resistance on their respective charts. In macro news, the U.S. trade deficit for April of $61.6 billion was the largest monthly cut on record as U.S. imports dropped drastically as the Trump administration's tariffs set in. Financial markets traded higher amid the day's news, while energy markets were mixed. Notably ethanol prices have drifted lower over the past two weeks, trading now to their lowest price since mid-May and prior to that since early March.

It was assumed traders would continue to support the live cattle complex so long as fundamental support was sufficient -- and obviously traders deemed the $3.00 to $8.00 jump in Southern live cattle prices Wednesday afternoon as enough support to justify another impeccable rally throughout the futures complex. What's so significant about this rally is currently the spot August contract has blown past the market's previous resistance threshold and it's looking like the contract could carve out a new contract high.

Upon seeing the live cattle contracts launch higher, the feeder cattle complex couldn't stand the idea of being left out and so traders quickly followed suit and sent the feeder cattle contracts rallying as well. Demand continues to be impeccable in the feeder cattle complex as the market remains short of supply and buyers want to have pens of cattle to market later this fall when prices are still projected to be record-breaking strong.

The lean hog complex is trading mixed as with the market's fundamental support this morning showing pork cutout values slightly higher but cash prices are lower. Until traders see full support from the market's fundamentals, they'll likely remain hesitant to trade the futures contracts any higher.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/05144144/web-closing-markets.mp3">HERE</a> for audio

By: NATHAN STUEDLEGRAINS:July corn closed up 3/4 cents and December corn was up 4 1/2 cents. July soybeans closed up 6 3/4 cents and November soybeans were up 8 1/4 cents. July KC wheat closed up 2 cents, July Chicago wheat was up 2 1/4 cents, July Minneapolis wheat was up 1 3/4 cents.Markets were mostly higher Thursday with old-crop corn futures again showing a high level of uncertainty on where market value should be, while new-crop prices extended their rally to three days, widening the premium over old-crop in the process. Soybean futures were also higher after President Trump spoke with China's President Xi early Thursday with President Trump calling the discussion "positive." Wheat markets lagged behind corn and soybeans Thursday after hitting technical resistance on their respective charts. In macro news, the U.S. trade deficit for April of $61.6 billion was the largest monthly cut on record as U.S. imports dropped drastically as the Trump administration's tariffs set in. Financial markets traded higher amid the day's news, while energy markets were mixed. Notably ethanol prices have drifted lower over the past two weeks, trading now to their lowest price since mid-May and prior to that since early March.LIVESTOCK:It was assumed traders would continue to support the live cattle complex so long as fundamental support was sufficient -- and obviously traders deemed the $3.00 to $8.00 jump in Southern live cattle prices Wednesday afternoon as enough support to justify another impeccable rally throughout the futures complex. What's so significant about this rally is currently the spot August contract has blown past the market's previous resistance threshold and it's looking like the contract could carve out a new contract high. Upon seeing the live cattle contracts launch higher, the feeder cattle complex couldn't stand the idea of being left out and so traders quickly followed suit and sent the feeder cattle contracts rallying as well. Demand continues to be impeccable in the feeder cattle complex as the market remains short of supply and buyers want to have pens of cattle to market later this fall when prices are still projected to be record-breaking strong.The lean hog complex is trading mixed as with the market's fundamental support this morning showing pork cutout values slightly higher but cash prices are lower. Until traders see full support from the market's fundamentals, they'll likely remain hesitant to trade the futures contracts any higher.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/05144144/web-closing-markets.mp3">HERE</a> for audio

Farmer sentiment in May climbed to its highest level since May 2021. The Purdue University/CME Group Ag Economy Barometer index reached 158, ten points above April. Farmers were more optimistic about current conditions and future expectations. The Current Conditions Index climbed five points to 146, and the Future Expectations Index jumped 12 points to 164. 

Farmer sentiment in May climbed to its highest level since May 2021. The Purdue University/CME Group Ag Economy Barometer index reached 158, ten points above April. Farmers were more optimistic about current conditions and future expectations. The Current Conditions Index climbed five points to 146, and the Future Expectations Index jumped 12 points to 164.

Farmer sentiment reaches 4-year high in May

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

Corn, soybeans, and wheat markets closed higher Wednesday amid technical support as well as trade optimism as the U.S. enters a busy second half of the week with trade talks taking place Wednesday with European Union representatives in Paris and President Trump reportedly scheduled to speak on the phone with China's President Xi on Friday. Macro markets were more on edge for Wednesday, with the U.S. Dollar Index continuing to drift lower and back amongst its lowest level since late April amid tariff concerns, a move which has likely offered some support to Ag futures especially wheat prices. Equity markets for Wednesday were mostly steady, while energy markets were mixed with NYMEX crude oil futures correcting lower after hitting chart resistance near $64 per barrel, a level that has kept prices in check on multiple tests since mid-April as OPEC+ production concerns linger over the market.

The live cattle complex traded higher into Wednesday's closing bell as the market is hopeful that fundamental support will arise later this week, but currently, no cash cattle trade has developed and boxed beef prices are mixed. More than anything, traders are merely keeping the contracts steady in their current sideways trading range until they have a better idea of what the cash market is going to do this week. Asking prices are noted in the South at $226, but otherwise the market is still silent otherwise.

The feeder cattle complex was again following in the live cattle market's direction as all are hopeful that traders will later in the week find the fundamental support that they're hopeful to see, but at this point, it's still too early in the week to know. Demand in the countryside has been strong again this week other than feeders weighing 600 to 700 pounds as grass buyers have largely fulfilled their needs already for the week.

With the help of strong cash prices and a slight improvement in consumer demand, the lean hog complex once again traded higher on Wednesday's session. The biggest help this morning in regard to pork demand was the $3.80 increase in the belly.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/04144945/web-closing-markets.mp3">HERE</a> for audio

By: NATHAN STUEDLEGRAINS:July corn closed up 1/4 cents and December corn was up 5 1/4 cents. July soybeans closed up 4 1/4 cents and November soybeans were up 3 1/2 cents. July KC wheat closed up 3 3/4 cents, July Chicago wheat was up 7 1/4 cents, July Minneapolis wheat was up 5 1/2 cents.Corn, soybeans, and wheat markets closed higher Wednesday amid technical support as well as trade optimism as the U.S. enters a busy second half of the week with trade talks taking place Wednesday with European Union representatives in Paris and President Trump reportedly scheduled to speak on the phone with China's President Xi on Friday. Macro markets were more on edge for Wednesday, with the U.S. Dollar Index continuing to drift lower and back amongst its lowest level since late April amid tariff concerns, a move which has likely offered some support to Ag futures especially wheat prices. Equity markets for Wednesday were mostly steady, while energy markets were mixed with NYMEX crude oil futures correcting lower after hitting chart resistance near $64 per barrel, a level that has kept prices in check on multiple tests since mid-April as OPEC+ production concerns linger over the market.LIVESTOCK:The live cattle complex traded higher into Wednesday's closing bell as the market is hopeful that fundamental support will arise later this week, but currently, no cash cattle trade has developed and boxed beef prices are mixed. More than anything, traders are merely keeping the contracts steady in their current sideways trading range until they have a better idea of what the cash market is going to do this week. Asking prices are noted in the South at $226, but otherwise the market is still silent otherwise. The feeder cattle complex was again following in the live cattle market's direction as all are hopeful that traders will later in the week find the fundamental support that they're hopeful to see, but at this point, it's still too early in the week to know. Demand in the countryside has been strong again this week other than feeders weighing 600 to 700 pounds as grass buyers have largely fulfilled their needs already for the week.With the help of strong cash prices and a slight improvement in consumer demand, the lean hog complex once again traded higher on Wednesday's session. The biggest help this morning in regard to pork demand was the $3.80 increase in the belly.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/04144945/web-closing-markets.mp3">HERE</a> for audio

Thousands of FFA members from across the U.S. will be in Washington, D.C., June 3-July 11. The Washington Leadership Conference offers five week-long blocks that students can choose from. The premier leadership experience for more than 1,600 high school students exposes them to the rich history of the nation’s capital. WLC, which has been taking place for more than 50 years, inspires FFA members to become changemakers in their communities. 

A key aspect of the conference is for the students to learn how to advocate for agriculture and agricultural education, and this is accomplished through congressional visits and meeting in person with their state representatives and senators. Each day of the conference focuses on a different principle taught in the context of the nation’s capital, including exploration, encouragement, advocacy, and service. At the end of the week, attendees leave with a Living to Serve plan they can implement in their communities.

Thousands of FFA members from across the U.S. will be in Washington, D.C., June 3-July 11. The Washington Leadership Conference offers five week-long blocks that students can choose from. The premier leadership experience for more than 1,600 high school students exposes them to the rich history of the nation’s capital. WLC, which has been taking place for more than 50 years, inspires FFA members to become changemakers in their communities. A key aspect of the conference is for the students to learn how to advocate for agriculture and agricultural education, and this is accomplished through congressional visits and meeting in person with their state representatives and senators. Each day of the conference focuses on a different principle taught in the context of the nation’s capital, including exploration, encouragement, advocacy, and service. At the end of the week, attendees leave with a Living to Serve plan they can implement in their communities.-NAFB

FFA members attend Washington Leadership Conference

Purdue University researchers have developed an innovative, paper-based diagnostic test for rapidly detecting avian influenza. The novel test addresses the urgent need for an efficient and cost-effective surveillance tool to combat the global threat posed by avian influenza viruses. The test is suitable for use in field settings, including areas with limited access to advanced laboratory facilities. A key advantage of the test is its potential use across a variety of species. 

It works by using an oral or nasal swab and then transferring the sample to paper-based devices. The test should work across different livestock species like poultry and dairy animals, wildlife like birds and rodents, and even humans. The role of avian flu is contributing to the higher cost of eggs due to the falling levels of supplies in the country. Other factors add to the costs, including rigorous and expensive protection measures for enhanced sanitation on farms. 

Purdue University researchers have developed an innovative, paper-based diagnostic test for rapidly detecting avian influenza. The novel test addresses the urgent need for an efficient and cost-effective surveillance tool to combat the global threat posed by avian influenza viruses. The test is suitable for use in field settings, including areas with limited access to advanced laboratory facilities. A key advantage of the test is its potential use across a variety of species. It works by using an oral or nasal swab and then transferring the sample to paper-based devices. The test should work across different livestock species like poultry and dairy animals, wildlife like birds and rodents, and even humans. The role of avian flu is contributing to the higher cost of eggs due to the falling levels of supplies in the country. Other factors add to the costs, including rigorous and expensive protection measures for enhanced sanitation on farms. -NAFB

Purdue researchers develop a new avian influenza test

DETROIT&nbsp;– Yunqing Jian, 33, and Zunyong Liu, 34, citizens of the People’s Republic of China, were charged in a criminal complaint with conspiracy, smuggling goods into the United States, false statements, and visa fraud, announced United States Attorney Jerome F. Gorgon, Jr.

Gorgon was joined in the announcement by Special Agent in Charge Cheyvoryea Gibson, Federal Bureau of Investigation, Detroit Division and Marty C. Raybon, Director of Field Operations, U.S. Customs and Border Protection.

The FBI arrested Jian in connection with allegations related to Jian’s and Liu’s smuggling into America a fungus called Fusarium graminearum, which scientific literature classifies as a potential agroterrorism weapon. This noxious fungus causes “head blight,” a disease of wheat, barley, maize, and rice, and is responsible for billions of dollars in economic losses worldwide each year. Fusarium graminearum’s toxins cause vomiting, liver damage, and reproductive defects in humans and livestock.

According to the complaint, Jian received Chinese government funding for her work on this pathogen in China. The complaint also alleges that Jian’s electronics contain information describing her membership in and loyalty to the Chinese Communist Party. It is further alleged that Jian’s boyfriend, Liu, works at a Chinese university where he conducts research on the same pathogen and that he first lied but then admitted to smuggling Fusarium graminearum into America—through the Detroit Metropolitan Airport—so that he could conduct research on it at the laboratory at the University of Michigan where his girlfriend, Jian, worked.

United States Attorney Gorgon stated: “The alleged actions of these Chinese nationals—including a loyal member of the Chinese Communist Party—are of the gravest national security concerns. These two aliens have been charged with smuggling a fungus that has been described as a ‘potential agroterrorism weapon’ into the heartland of America, where they apparently intended to use a University of Michigan laboratory to further their scheme.”

“The federal charges announced today against Yunqing Jian and Zunyong Liu, both residents of the People’s Republic of China, signify a crucial advancement in our efforts to safeguard our communities and uphold national security,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI Detroit Field Office. “These individuals exploited their access to laboratory facilities at a local university to engage in the smuggling of biological pathogens, an act that posed an imminent threat to public safety. Thanks to the exceptional investigative efforts of the FBI Detroit Counterintelligence Task Force, in close cooperation with U.S. Customs and Border Protection’s Office of Field Operations these dangerous activities have been effectively halted. The FBI remains resolutely committed to collaborating with our law enforcement partners to protect the residents of Michigan and defend the United States against such grave threats.”

U.S. Custom and Border Protection, Director of Field Operations Marty C. Raybon stated, “Today’s criminal charges levied upon Yunqing Jian and Zunyong Liu are indicative of CBP’s critical role in protecting the American people from biological threats that could devastate our agricultural economy and cause harm to humans; especially when it involves a researcher from a major university attempting to clandestinely bring potentially harmful biological materials into the United States. This was a complex investigation involving CBP offices from across the country, alongside our federal partners. I’m grateful for their tireless efforts, ensuring our borders remain secure from all types of threats while safeguarding America’s national security interests.”

Jian will be appearing this afternoon in federal court in Detroit for her initial appearance on the complaint.

A complaint is only a charge and is not evidence of guilt. Trial cannot be held on felony charges in a complaint. When the investigation is completed, a determination will be made whether to seek a felony indictment.

The FBI and CBP are investigating this case.

<figure>
 <img src="https://media.eaglewebservices.com/public/2025/6/1749002066377.png" alt="Photo United State's District Court" />
 <figcaption>Photo United State's District Court</figcaption>
 </figure>DETROIT&nbsp;– Yunqing Jian, 33, and Zunyong Liu, 34, citizens of the People’s Republic of China, were charged in a criminal complaint with conspiracy, smuggling goods into the United States, false statements, and visa fraud, announced United States Attorney Jerome F. Gorgon, Jr.<div><blockquote class="twitter-tweet">New... I can confirm that the FBI arrested a Chinese national within the United States who allegedly smuggled a dangerous biological pathogen into the country. The individual, Yunqing Jian, is alleged to have smuggled a dangerous fungus called &quot;Fusarium graminearum,&quot; which is an…&mdash; FBI Director Kash Patel (@FBIDirectorKash) <a href="https://twitter.com/FBIDirectorKash/status/1930044884284523001?ref_src=twsrc%5Etfw">June 3, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>Gorgon was joined in the announcement by Special Agent in Charge Cheyvoryea Gibson, Federal Bureau of Investigation, Detroit Division and Marty C. Raybon, Director of Field Operations, U.S. Customs and Border Protection.The FBI arrested Jian in connection with allegations related to Jian’s and Liu’s smuggling into America a fungus called Fusarium graminearum, which scientific literature classifies as a potential agroterrorism weapon. This noxious fungus causes “head blight,” a disease of wheat, barley, maize, and rice, and is responsible for billions of dollars in economic losses worldwide each year. Fusarium graminearum’s toxins cause vomiting, liver damage, and reproductive defects in humans and livestock.According to the complaint, Jian received Chinese government funding for her work on this pathogen in China. The complaint also alleges that Jian’s electronics contain information describing her membership in and loyalty to the Chinese Communist Party. It is further alleged that Jian’s boyfriend, Liu, works at a Chinese university where he conducts research on the same pathogen and that he first lied but then admitted to smuggling Fusarium graminearum into America—through the Detroit Metropolitan Airport—so that he could conduct research on it at the laboratory at the University of Michigan where his girlfriend, Jian, worked.United States Attorney Gorgon stated: “The alleged actions of these Chinese nationals—including a loyal member of the Chinese Communist Party—are of the gravest national security concerns. These two aliens have been charged with smuggling a fungus that has been described as a ‘potential agroterrorism weapon’ into the heartland of America, where they apparently intended to use a University of Michigan laboratory to further their scheme.”“The federal charges announced today against Yunqing Jian and Zunyong Liu, both residents of the People’s Republic of China, signify a crucial advancement in our efforts to safeguard our communities and uphold national security,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI Detroit Field Office. “These individuals exploited their access to laboratory facilities at a local university to engage in the smuggling of biological pathogens, an act that posed an imminent threat to public safety. Thanks to the exceptional investigative efforts of the FBI Detroit Counterintelligence Task Force, in close cooperation with U.S. Customs and Border Protection’s Office of Field Operations these dangerous activities have been effectively halted. The FBI remains resolutely committed to collaborating with our law enforcement partners to protect the residents of Michigan and defend the United States against such grave threats.”U.S. Custom and Border Protection, Director of Field Operations Marty C. Raybon stated, “Today’s criminal charges levied upon Yunqing Jian and Zunyong Liu are indicative of CBP’s critical role in protecting the American people from biological threats that could devastate our agricultural economy and cause harm to humans; especially when it involves a researcher from a major university attempting to clandestinely bring potentially harmful biological materials into the United States. This was a complex investigation involving CBP offices from across the country, alongside our federal partners. I’m grateful for their tireless efforts, ensuring our borders remain secure from all types of threats while safeguarding America’s national security interests.”Jian will be appearing this afternoon in federal court in Detroit for her initial appearance on the complaint.A complaint is only a charge and is not evidence of guilt. Trial cannot be held on felony charges in a complaint. When the investigation is completed, a determination will be made whether to seek a felony indictment.The FBI and CBP are investigating this case.

Chinese couple charged with smuggling biological pathogen into the U.S.

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

Corn and soybean markets found technical support Tuesday after sinking back to multi-week lows amid ongoing rainfall across the U.S. grain belt and few perceived "big" issues with spring planted crops thus far. Wheat prices corrected following a string of sessions higher as the Black Sea spark from Ukraine's weekend drone bombing campaign has faded, and improved overall crop conditions through the past week also pressured prices for Tuesday. Outside markets were mixed with the U.S. dollar rebounding from the weekend's trade anxiety, while energy markets were again mostly higher. NYMEX crude oil futures are working toward their highest close in three weeks currently.

Following last week's dynamic trade, the live cattle complex is continued to rally early today as traders believe that the momentum that fueled last week's market will sustain into this week's marketplace. That optimistic view faded after the noon hour and the complex ended red across the board. Asking prices are noted in Texas at $226 but otherwise, the fed cash cattle market hasn't had any other asking prices or bids develop.

The feeder cattle complex was again pleased to be trading higher as the market is grateful to see the added support of the live cattle contract's higher trend. However, the momentum come to a close and finished the day lower across the board. The market's resistance threshold is around $305 in the spot August contract, so the market has some upward room to trade after this pressure from a technical sense.

The lean hog complex was mixed bag as futures contracts are trading on both sides of steady. There hasn't been enough trade in the cash market for prices to even be reported, and pork cutout values were a tick lower. Pork cutout values are trending mostly lower as the only cut that was printing higher at the noon hour was the rib, which is up just $0.70.

Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/03140727/web-closing-markets.mp3">HERE</a> for audio

By: NATHAN STUEDLEGRAINS:July corn closed up 1/4 cents and December corn was up 2 3/4 cents. July soybeans closed up 7 1/4 cents and November soybeans were up 4 1/2 cents. July KC wheat closed down 3 cents, July Chicago wheat was down 3 cents, July Minneapolis wheat was down 9 1/4 cents.Corn and soybean markets found technical support Tuesday after sinking back to multi-week lows amid ongoing rainfall across the U.S. grain belt and few perceived "big" issues with spring planted crops thus far. Wheat prices corrected following a string of sessions higher as the Black Sea spark from Ukraine's weekend drone bombing campaign has faded, and improved overall crop conditions through the past week also pressured prices for Tuesday. Outside markets were mixed with the U.S. dollar rebounding from the weekend's trade anxiety, while energy markets were again mostly higher. NYMEX crude oil futures are working toward their highest close in three weeks currently.LIVESTOCK:Following last week's dynamic trade, the live cattle complex is continued to rally early today as traders believe that the momentum that fueled last week's market will sustain into this week's marketplace. That optimistic view faded after the noon hour and the complex ended red across the board. Asking prices are noted in Texas at $226 but otherwise, the fed cash cattle market hasn't had any other asking prices or bids develop.The feeder cattle complex was again pleased to be trading higher as the market is grateful to see the added support of the live cattle contract's higher trend. However, the momentum come to a close and finished the day lower across the board. The market's resistance threshold is around $305 in the spot August contract, so the market has some upward room to trade after this pressure from a technical sense.The lean hog complex was mixed bag as futures contracts are trading on both sides of steady. There hasn't been enough trade in the cash market for prices to even be reported, and pork cutout values were a tick lower. Pork cutout values are trending mostly lower as the only cut that was printing higher at the noon hour was the rib, which is up just $0.70.Click <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/06/03140727/web-closing-markets.mp3">HERE</a> for audio

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