America’s soybean harvest began in September with no orders from China, the world’s largest soybean buyer. USDA says that farmers will harvest some, 4.3 billion bushels, with no indication of when shipments to China will resume. In a typical year, Reports show that China buys more than half of all U.S. soybean exports. Meanwhile, Brazil set an export record for shipments to China from January through August. 

In 2024, the U.S. shipped almost 985 million bushels to China, accounting for 51 percent of the nation’s total soybean exports. This year, U.S. soybean exports to China from January through August totaled 218 million bushels, 29 percent of the total exports during that time. In June, July, and August, shipments to China were effectively at zero. While U.S. farmers wait for an agreement, the overall Chinese duty rate on U.S. soybean imports is 34 percent in 2025. 

America’s soybean harvest began in September with no orders from China, the world’s largest soybean buyer. USDA says that farmers will harvest some, 4.3 billion bushels, with no indication of when shipments to China will resume. In a typical year, Reports show that China buys more than half of all U.S. soybean exports. Meanwhile, Brazil set an export record for shipments to China from January through August. In 2024, the U.S. shipped almost 985 million bushels to China, accounting for 51 percent of the nation’s total soybean exports. This year, U.S. soybean exports to China from January through August totaled 218 million bushels, 29 percent of the total exports during that time. In June, July, and August, shipments to China were effectively at zero. While U.S. farmers wait for an agreement, the overall Chinese duty rate on U.S. soybean imports is 34 percent in 2025. -NAFB

U.S. soybean harvest starts with no Chinese purchases

December corn closed down 2 cents and March corn was down 2 cents. November soybeans closed down 3 cents and January soybeans were down 3 1/4 cents. December KC wheat closed down 4 3/4 cents, December Chicago wheat was down 1 cents, December Minneapolis wheat was down 0 cents.

U.S. row crop futures chopped on both sides of unchanged at midweek, ultimately settling for marginal losses while finishing both above daily lows but also off the daily highs as well. Traders have shifted into a holding pattern, likely awaiting more demand and production news as the bulk of U.S. harvest fast approaches. Outside markets were mixed with equities lower for the second straight session, meanwhile energy markets posted a second straight firmer session with crude oil futures rising back to the upper end of the monthly price range. The U.S. dollar strengthened on Wednesday to its highest point in about two weeks, continuing to rebound from 3 1/2-year lows hit last week.

After two consecutive days of mostly stronger trading, the live cattle complex traded lower into Wednesday's closing bell, as traders were reluctant to advance the complex any higher without seeing immediate fundamental support, as many of the contracts are up against resistance pressure. Not to mention, it also hindered the market's confidence to see the equity markets trading lower through the day as well. Asking prices are now being reported in the South at $244 to $245-plus, but are still not established in the North. Trade could develop later today, but it's most likely that trade will develop sometime later this week.

The feeder cattle complex also traded lower into Wednesday's closing bell, as traders seem to be hitting the pause button on the market's advancement for the time being. Thankfully, feeder cattle sales have been trending mostly higher again this week after last week's slight dip.

The lean hog complex also traded lower as the market hasn't been able to sustain Tuesday's breakout move. It's not helping matters either this morning that both cash prices and pork cutout values are lower, and given that packers were aggressive early in the week for buying the cash market, it's likely that the cash prices will be softer throughout the rest of the week. Keep in mind that tomorrow, the Quarterly Hogs and Pigs report will be released from the USDA.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/09/24141848/web-closing-markets.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed down 2 cents and March corn was down 2 cents. November soybeans closed down 3 cents and January soybeans were down 3 1/4 cents. December KC wheat closed down 4 3/4 cents, December Chicago wheat was down 1 cents, December Minneapolis wheat was down 0 cents.U.S. row crop futures chopped on both sides of unchanged at midweek, ultimately settling for marginal losses while finishing both above daily lows but also off the daily highs as well. Traders have shifted into a holding pattern, likely awaiting more demand and production news as the bulk of U.S. harvest fast approaches. Outside markets were mixed with equities lower for the second straight session, meanwhile energy markets posted a second straight firmer session with crude oil futures rising back to the upper end of the monthly price range. The U.S. dollar strengthened on Wednesday to its highest point in about two weeks, continuing to rebound from 3 1/2-year lows hit last week.LIVESTOCK:After two consecutive days of mostly stronger trading, the live cattle complex traded lower into Wednesday's closing bell, as traders were reluctant to advance the complex any higher without seeing immediate fundamental support, as many of the contracts are up against resistance pressure. Not to mention, it also hindered the market's confidence to see the equity markets trading lower through the day as well. Asking prices are now being reported in the South at $244 to $245-plus, but are still not established in the North. Trade could develop later today, but it's most likely that trade will develop sometime later this week.The feeder cattle complex also traded lower into Wednesday's closing bell, as traders seem to be hitting the pause button on the market's advancement for the time being. Thankfully, feeder cattle sales have been trending mostly higher again this week after last week's slight dip. The lean hog complex also traded lower as the market hasn't been able to sustain Tuesday's breakout move. It's not helping matters either this morning that both cash prices and pork cutout values are lower, and given that packers were aggressive early in the week for buying the cash market, it's likely that the cash prices will be softer throughout the rest of the week. Keep in mind that tomorrow, the Quarterly Hogs and Pigs report will be released from the USDA.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/09/24141848/web-closing-markets.mp3">Click HERE for audio</a>

Commodity markets daily recap

A new study from Iowa State University sheds surprising light on the evolving landscape of agricultural conservation in the state. It found that many farmers who adopted two key conservation practices, including cover crops and no-till, didn’t continue using those practices over time. The research explored farmers’ self-reports of whether they adopted, continued, or abandoned the conservation practices between 2015 and 2019. 

Most conservation adoption research operates under the assumption that once a practice has begun, it will remain in use. The farmer survey shows that almost 20 percent of farmers who used cover crops in one year had stopped using them by the following year. For cover crops, 192 farmers moved to an adopter status during the study period. However, 142 shifted out of the adoption category, leaving a net gain of 50 continued participants. That’s an overall adoption increase of 1.9 percent. The no-till adoption gain was only 26 individuals.

A new study from Iowa State University sheds surprising light on the evolving landscape of agricultural conservation in the state. It found that many farmers who adopted two key conservation practices, including cover crops and no-till, didn’t continue using those practices over time. The research explored farmers’ self-reports of whether they adopted, continued, or abandoned the conservation practices between 2015 and 2019. Most conservation adoption research operates under the assumption that once a practice has begun, it will remain in use. The farmer survey shows that almost 20 percent of farmers who used cover crops in one year had stopped using them by the following year. For cover crops, 192 farmers moved to an adopter status during the study period. However, 142 shifted out of the adoption category, leaving a net gain of 50 continued participants. That’s an overall adoption increase of 1.9 percent. The no-till adoption gain was only 26 individuals.-NAFB

Study finds many farmers drop conservation practices

Analysts predict the U.S. Midwest’s food exports will play a big part in any deal between the U.S. and China. Political and business leaders from around the Midwest recently met with senior Chinese trade negotiator Li Chengang to discuss commercial ties between the two countries. Those ties featured in talks on Monday, but very few details were released. China is the world’s biggest buyer of soybeans. 

However, the country hasn’t bought any soybeans from the U.S., most of which come from the Midwest. Reports say analysts expect President Donald Trump to want China to commit to buying more agricultural goods, among other items, to end the current tariff war. David Purdue, the U.S. Ambassador to China, recently told reporters that he thought negotiations over China buying more Boeing aircraft had entered their last days or weeks. Soybean futures recently hit five-year lows after no progress was reported on agricultural commodities. 

Analysts predict the U.S. Midwest’s food exports will play a big part in any deal between the U.S. and China. Political and business leaders from around the Midwest recently met with senior Chinese trade negotiator Li Chengang to discuss commercial ties between the two countries. Those ties featured in talks on Monday, but very few details were released. China is the world’s biggest buyer of soybeans. However, the country hasn’t bought any soybeans from the U.S., most of which come from the Midwest. Reports say analysts expect President Donald Trump to want China to commit to buying more agricultural goods, among other items, to end the current tariff war. David Purdue, the U.S. Ambassador to China, recently told reporters that he thought negotiations over China buying more Boeing aircraft had entered their last days or weeks. Soybean futures recently hit five-year lows after no progress was reported on agricultural commodities. -NAFB

Chinese trade negotiator meets U.S. Midwest delegation

Citing near-record production costs in a low-price environment, the National Corn Growers Association launched a task force to identify solutions to bring costs more in line with today’s commodity prices. Corn growers are in their third consecutive year of net negative returns, with 2026 projected to be the fourth. “Corn growers have sounded the alarm that on-farm economics don’t work,” said Kenneth Hartman, Jr., NCGA President. “It’s time to look at all pieces of the farm profitability picture.” 

The organization said low prices contribute to one side of the equation, but we must also look at the extremely high prices growers are paying for essential inputs on the other side. Recent analysis from NCGA economists shows that input prices remain at near-record highs despite the precipitous drop in per bushel corn prices in the last three years. Production costs have dropped three percent since 2022, while corn prices dropped over 50 percent. 

Citing near-record production costs in a low-price environment, the National Corn Growers Association launched a task force to identify solutions to bring costs more in line with today’s commodity prices. Corn growers are in their third consecutive year of net negative returns, with 2026 projected to be the fourth. “Corn growers have sounded the alarm that on-farm economics don’t work,” said Kenneth Hartman, Jr., NCGA President. “It’s time to look at all pieces of the farm profitability picture.” The organization said low prices contribute to one side of the equation, but we must also look at the extremely high prices growers are paying for essential inputs on the other side. Recent analysis from NCGA economists shows that input prices remain at near-record highs despite the precipitous drop in per bushel corn prices in the last three years. Production costs have dropped three percent since 2022, while corn prices dropped over 50 percent. -NAFB

Corn growers launch input cost task force

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

Row-crop futures were mostly higher Tuesday following ugly price action Monday, particularly in the soybean complex as renewed bearish concerns on U.S. export share has gripped the market over the past several sessions. Corn, soybean, and wheat markets in the meanwhile have fallen back to chart support, which helped to slow the price plunge at least for Tuesday. In outside markets, equities were mixed in quiet trade while crude oil futures led the energy sector higher following a 4-day skid, again finding price support near $62 per barrel.

The live cattle complex traded mixed into Tuesday's closing bell, seeming as though the nearby contracts were hesitant to advance, as the market questions whether or not it has enough support to surpass current resistance levels. Meanwhile, the deferred contracts traded fully higher, with once again the furthest deferred months seeing the greatest gains. No developments have surfaced in the fed cash cattle market, as it's most likely that trade will be delayed until later in the week.

The live cattle contracts may have been feeling some resistance pressure, but the feeder cattle contracts were trading higher -- full steam ahead. It was interesting to note as well that the morale in the countryside was stronger, as prices were mostly higher across all weight classes. More than anything, it seemed as though the support of the futures complex reassured buyers to continue on with their bidding.

It was a breakout kind of morning for the lean hog contracts as traders have pushed the contracts well beyond their previous resistance thresholds. If the market is to maintain this elevated position, it will be imperative that demand holds strong and lends traders some additional fundamental support. Please also note that on Thursday, the Quarterly Hogs and Pigs report will be released from the USDA.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/09/23135852/web-closing-markets.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed up 4 1/2 cents and March corn was up 4 1/4 cents. November soybeans closed up 1 cents and January soybeans were up 1 1/4 cents. December KC wheat closed up 9 1/4 cents, December Chicago wheat was up 9 3/4 cents, December Minneapolis wheat was up 3 3/4 cents.Row-crop futures were mostly higher Tuesday following ugly price action Monday, particularly in the soybean complex as renewed bearish concerns on U.S. export share has gripped the market over the past several sessions. Corn, soybean, and wheat markets in the meanwhile have fallen back to chart support, which helped to slow the price plunge at least for Tuesday. In outside markets, equities were mixed in quiet trade while crude oil futures led the energy sector higher following a 4-day skid, again finding price support near $62 per barrel.LIVESTOCK:The live cattle complex traded mixed into Tuesday's closing bell, seeming as though the nearby contracts were hesitant to advance, as the market questions whether or not it has enough support to surpass current resistance levels. Meanwhile, the deferred contracts traded fully higher, with once again the furthest deferred months seeing the greatest gains. No developments have surfaced in the fed cash cattle market, as it's most likely that trade will be delayed until later in the week.The live cattle contracts may have been feeling some resistance pressure, but the feeder cattle contracts were trading higher -- full steam ahead. It was interesting to note as well that the morale in the countryside was stronger, as prices were mostly higher across all weight classes. More than anything, it seemed as though the support of the futures complex reassured buyers to continue on with their bidding.It was a breakout kind of morning for the lean hog contracts as traders have pushed the contracts well beyond their previous resistance thresholds. If the market is to maintain this elevated position, it will be imperative that demand holds strong and lends traders some additional fundamental support. Please also note that on Thursday, the Quarterly Hogs and Pigs report will be released from the USDA.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/09/23135852/web-closing-markets.mp3">Click HERE for audio</a>

Cattle and calves on feed for the slaughter market in the United States for feedlots with a capacity of 1,000 or more head totaled 11.1 million head on September 1, 2025. That level was near pre-report trade predictions and one percent below September 1, 2024. Most reports said that the September number shows historically tight U.S. supplies, but may also show farmers are starting to retain some heifers in the American cattle herd. 

State-by-state reports also show some higher numbers, including Texas at 91 percent compared to last year, Oklahoma at 95 percent, while Kansas is at 103 percent, and Iowa and Nebraska were at 105 percent compared to last year. Placements in feedlots during August totaled 1.78 million head, 10 percent below last year. Net placements were 1.7 million head. Fed cattle marketings in August reached 1.57 million head, 14 percent below last year and the lowest for August since 1996. 

By: NATHAN STUEDLECattle and calves on feed for the slaughter market in the United States for feedlots with a capacity of 1,000 or more head totaled 11.1 million head on September 1, 2025. That level was near pre-report trade predictions and one percent below September 1, 2024. Most reports said that the September number shows historically tight U.S. supplies, but may also show farmers are starting to retain some heifers in the American cattle herd. State-by-state reports also show some higher numbers, including Texas at 91 percent compared to last year, Oklahoma at 95 percent, while Kansas is at 103 percent, and Iowa and Nebraska were at 105 percent compared to last year. Placements in feedlots during August totaled 1.78 million head, 10 percent below last year. Net placements were 1.7 million head. Fed cattle marketings in August reached 1.57 million head, 14 percent below last year and the lowest for August since 1996.

U.S. cattle on feed down one percent

Mexico’s National Health Service confirmed a new case of New World screwworm less than 70 miles from the border between Mexico and the U.S. USDA says this is the farthest north the screwworm has advanced in Mexico during the current outbreak, and it is the most threatening to the American livestock industry. The location of the outbreak is on a major highway between Monterrey, Mexico, and Laredo, Texas. 

Colin Woodall, the CEO of the National Cattlemen’s Beef Association, says the news is deeply concerning. “The speed that the screwworm has moved through Mexico is a reminder that this pest poses a critical and urgent threat to America’s cattle producers,” he said. “We appreciate the USDA’s investment in resources to protect American agriculture and the FDA’s work to authorize emergency treatments for screwworm, and look forward to additional product approvals.” He also said it’s time to expedite the construction of a new sterile fly facility. 

Mexico’s National Health Service confirmed a new case of New World screwworm less than 70 miles from the border between Mexico and the U.S. USDA says this is the farthest north the screwworm has advanced in Mexico during the current outbreak, and it is the most threatening to the American livestock industry. The location of the outbreak is on a major highway between Monterrey, Mexico, and Laredo, Texas. Colin Woodall, the CEO of the National Cattlemen’s Beef Association, says the news is deeply concerning. “The speed that the screwworm has moved through Mexico is a reminder that this pest poses a critical and urgent threat to America’s cattle producers,” he said. “We appreciate the USDA’s investment in resources to protect American agriculture and the FDA’s work to authorize emergency treatments for screwworm, and look forward to additional product approvals.” He also said it’s time to expedite the construction of a new sterile fly facility. -NAFB

Screwworm moves closer to U.S. border

An overwhelming majority of corn growers from across the United States say that the nation’s farm economy is possibly already in a crisis or on the brink of one, according to a new survey released by the National Corn Growers Association (NCGA). “Farmers are in a lot of economic pain right now” said Illinois farmer and NCGA President Kenneth Hartman Jr. We need members of Congress to act fast to remove barriers to markets. 

Passing legislation for the year-round, nationwide sale of higher blends of ethanol would be an important first step in addressing this problem.” In the survey of 1,034 farmers conducted by Farm Journal from Aug. 28 to Sept. 10, nearly half (46%) indicated that they believe the United States is on the brink of a farm crisis. A total of 80% of those surveyed indicated they believe the farm economy maybe or ‘is’ on the brink of a farm crisis. 

An overwhelming majority of corn growers from across the United States say that the nation’s farm economy is possibly already in a crisis or on the brink of one, according to a new survey released by the National Corn Growers Association (NCGA). “Farmers are in a lot of economic pain right now” said Illinois farmer and NCGA President Kenneth Hartman Jr. We need members of Congress to act fast to remove barriers to markets. Passing legislation for the year-round, nationwide sale of higher blends of ethanol would be an important first step in addressing this problem.” In the survey of 1,034 farmers conducted by Farm Journal from Aug. 28 to Sept. 10, nearly half (46%) indicated that they believe the United States is on the brink of a farm crisis. A total of 80% of those surveyed indicated they believe the farm economy maybe or ‘is’ on the brink of a farm crisis. -NAFB

Farmers report grim economic outlook

On Thursday, the U.S. Senate confirmed three nominees for critical positions at the U.S. Department of Agriculture (USDA). These nominees were included as part of a package of 48 subcabinet level nominees, all of whom received bipartisan support when they were considered by their respective committees. USA Rice reports, the final confirmation vote on the package of nominees was 51 to 47. 

The three USDA nominees include Richard Fordyce from northern Missouri, to serve as the Under Secretary for Farm Production and Conservation; Dudley Hoskins to serve as the Under Secretary for Marketing and Regulatory Programs; and Scott Hutchins to serve as the Under Secretary of Agriculture for Research, Education, and Economics.  “We are excited that Richard, Dudley, and Scott are finally getting approved by the full Senate so they can head these key farmer-facing mission areas at the USDA,” said Peter Bachmann, USA Rice President and CEO.

On Thursday, the U.S. Senate confirmed three nominees for critical positions at the U.S. Department of Agriculture (USDA). These nominees were included as part of a package of 48 subcabinet level nominees, all of whom received bipartisan support when they were considered by their respective committees. USA Rice reports, the final confirmation vote on the package of nominees was 51 to 47. The three USDA nominees include Richard Fordyce from northern Missouri, to serve as the Under Secretary for Farm Production and Conservation; Dudley Hoskins to serve as the Under Secretary for Marketing and Regulatory Programs; and Scott Hutchins to serve as the Under Secretary of Agriculture for Research, Education, and Economics. “We are excited that Richard, Dudley, and Scott are finally getting approved by the full Senate so they can head these key farmer-facing mission areas at the USDA,” said Peter Bachmann, USA Rice President and CEO.-NAFB

Senate confirms three key USDA nominees

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

December corn closed down 6 cents and March corn was down 6 cents. November soybeans closed down 20 3/4 cents and January soybeans were down 20 1/2 cents. December KC wheat closed down 7 1/2 cents, December Chicago wheat was down 1 cents and December Minneapolis wheat was down 4 1/4 cents.

It was a two-sided session across U.S. row-crop futures to close the week. Trade began with a general sense of optimism as the awaited phone call between President Trump and China's President Xi began right around 8 a.m. EDT Friday morning. Soybean futures raced to a 10-cent gain at one point before crashing by late morning to double-digit losses at one point after soybeans didn't appear to be near the top of the list of issues discussed between the two leaders. That being said, the talks did appear to be cause for some optimism as it is reported that Presidents Trump and Xi will meet in person in South Korea later this fall, and that President Trump would travel to China early in 2026, both positive signs in the trade relationship. For outside markets, the news of an approved deal on TikTok as well as the aforementioned other positives, sent equities higher to close the week, with a firmer U.S. dollar as well. Lastly, energy markets pressured ag futures to close the week, dropping for a third straight session as the Russian sanction bullish move has run its course for the time being amid ample world oil supplies.

The live cattle complex traded fully higher into Friday's closing bell as the marketplace has again found some favor from traders. Bids were on the table this morning in the fed cash cattle sector as more cattle needed to trade before the week's end. Asking prices were firm at $242 plus in the South and at $372 plus in the North. So far this week, a light trade took place in the North at $370, which is $6.00 lower than last week's weighted average. And yes, a regional packer did pay as much as $376, which is steady with last week's weighted average, but that was only on a few head. Some light trade did take place in the South at $240, which is steady to last week's weighted average as well. Do note that this afternoon, the monthly Cattle on Feed report will be shared, and the placement data will again be the wild card as pre-report estimates were all over the place.

And once again, the feeder cattle complex fell right in line with what the live cattle contracts are doing as traders push both markets higher. It is worth noting, however, that the market is again seeing the biggest day-over-day gains in the furthest deferred months as those contracts were trading as much as $4.00 higher.

The lean hog complex traded mostly higher into Friday's closing bell as traders are comfortable letting the complex chop sideways/slightly higher. It is helpful that midday pork cutout values were stronger, but it's unlikely and traders didn't do anything wild in the futures complex ahead of the weekend.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/09/19143240/web-closing-markets.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed up 1/4 cents and March corn was down 1/4 cents. November soybeans closed down 12 cents and January soybeans were down 11 3/4 cents. December KC wheat closed down 2 3/4 cents, December Chicago wheat was down 1 3/4 cents, December Minneapolis wheat was down 4 1/4 cents.For the week:December corn closed down 6 cents and March corn was down 6 cents. November soybeans closed down 20 3/4 cents and January soybeans were down 20 1/2 cents. December KC wheat closed down 7 1/2 cents, December Chicago wheat was down 1 cents and December Minneapolis wheat was down 4 1/4 cents.It was a two-sided session across U.S. row-crop futures to close the week. Trade began with a general sense of optimism as the awaited phone call between President Trump and China's President Xi began right around 8 a.m. EDT Friday morning. Soybean futures raced to a 10-cent gain at one point before crashing by late morning to double-digit losses at one point after soybeans didn't appear to be near the top of the list of issues discussed between the two leaders. That being said, the talks did appear to be cause for some optimism as it is reported that Presidents Trump and Xi will meet in person in South Korea later this fall, and that President Trump would travel to China early in 2026, both positive signs in the trade relationship. For outside markets, the news of an approved deal on TikTok as well as the aforementioned other positives, sent equities higher to close the week, with a firmer U.S. dollar as well. Lastly, energy markets pressured ag futures to close the week, dropping for a third straight session as the Russian sanction bullish move has run its course for the time being amid ample world oil supplies.LIVE CATTLE:The live cattle complex traded fully higher into Friday's closing bell as the marketplace has again found some favor from traders. Bids were on the table this morning in the fed cash cattle sector as more cattle needed to trade before the week's end. Asking prices were firm at $242 plus in the South and at $372 plus in the North. So far this week, a light trade took place in the North at $370, which is $6.00 lower than last week's weighted average. And yes, a regional packer did pay as much as $376, which is steady with last week's weighted average, but that was only on a few head. Some light trade did take place in the South at $240, which is steady to last week's weighted average as well. Do note that this afternoon, the monthly Cattle on Feed report will be shared, and the placement data will again be the wild card as pre-report estimates were all over the place.And once again, the feeder cattle complex fell right in line with what the live cattle contracts are doing as traders push both markets higher. It is worth noting, however, that the market is again seeing the biggest day-over-day gains in the furthest deferred months as those contracts were trading as much as $4.00 higher. The lean hog complex traded mostly higher into Friday's closing bell as traders are comfortable letting the complex chop sideways/slightly higher. It is helpful that midday pork cutout values were stronger, but it's unlikely and traders didn't do anything wild in the futures complex ahead of the weekend. <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/09/19143240/web-closing-markets.mp3">Click HERE for audio</a>

Already, farm bankruptcies as of July exceed those over the full year of 2024. Many forces have buffeted American agriculture. U.S. News and World Report says low commodity prices, a persistent issue for years, now come with higher costs for inputs like fertilizer and equipment. Climate change has led to deeper, longer droughts and more flooding. Trade wars aren’t helping. Tariffs on other countries’ exports to the U.S. make those products more expensive to import. 

Retaliations from some countries are hitting farmers directly. China, once the main customer for U.S. soybeans, has been boycotting them. Moreover, Beijing’s retaliatory tariffs make U.S. soybeans 20% pricier than their South American competitors, according to the American Soybean Association. “U.S. soybean farmers are standing at a trade and financial precipice,” said ASA President Caleb Ragland, a soybean farmer from Kentucky. “Prices continue to drop, and at the same time farmers are paying significantly more for inputs and equipment.”

Already, farm bankruptcies as of July exceed those over the full year of 2024. Many forces have buffeted American agriculture. U.S. News and World Report says low commodity prices, a persistent issue for years, now come with higher costs for inputs like fertilizer and equipment. Climate change has led to deeper, longer droughts and more flooding. Trade wars aren’t helping. Tariffs on other countries’ exports to the U.S. make those products more expensive to import. Retaliations from some countries are hitting farmers directly. China, once the main customer for U.S. soybeans, has been boycotting them. Moreover, Beijing’s retaliatory tariffs make U.S. soybeans 20% pricier than their South American competitors, according to the American Soybean Association. “U.S. soybean farmers are standing at a trade and financial precipice,” said ASA President Caleb Ragland, a soybean farmer from Kentucky. “Prices continue to drop, and at the same time farmers are paying significantly more for inputs and equipment.”-NAFB

‘Trying to stick around’: U.S. farmers fight for survival

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

U.S. ag futures were lower for the most part Thursday as traders remain hesitant to overcommit to long positions ahead of the ramping up of U.S. harvest with large U.S. supply forecasts lingering in the back of traders' minds. Outside markets Thursday were mostly negative influence on agricultural interests with a firmer U.S. dollar and weaker energy markets. Equity markets continued to press higher into new records for both the S&amp;P and Dow, following the expected quarter point rate cut from the Federal Reserve on Wednesday.

The back-and-forth nature of the live cattle market trade continues. Wednesday afternoon the market closed lower, but throughout Thursday's trade the market was slightly stronger. It is interesting to note gains in the nearby contracts are moderate, but the furthest deferred contracts are all trading more than $1.50 higher. A single bid of $239 live is currently being offered in Kansas, but otherwise the cash market is silent for the meantime. Asking prices are firm in the South at $240-plus, but are still not established in the North. Packer interest should improve at any moment now.

And almost like clockwork, upon seeing the live cattle contracts trading stronger, the feeder cattle contracts also traded higher into Thursday's closing bell. It's likely that so long as the live cattle contracts continue to trade higher and close higher, the feeder cattle complex will be able to maintain its stronger position as well.

The lean hog complex&nbsp;traded modestly higher into Thursday's close, as traders continue to chop the contracts sideways but are pleased to see both cash prices and midday pork values slightly higher. Traders still seem unwilling to really push the market outside of its current trading range, but the slight uptick in fundamental support is helpful nonetheless.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/09/18142748/web-closing-markets.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed down 3 cents and March corn was down 3 cents. November soybeans closed down 6 1/4 cents and January soybeans were down 6 1/2 cents. December KC wheat closed down 6 1/4 cents, December Chicago wheat was down 4 cents, December Minneapolis wheat was down 2 1/4 cents.U.S. ag futures were lower for the most part Thursday as traders remain hesitant to overcommit to long positions ahead of the ramping up of U.S. harvest with large U.S. supply forecasts lingering in the back of traders' minds. Outside markets Thursday were mostly negative influence on agricultural interests with a firmer U.S. dollar and weaker energy markets. Equity markets continued to press higher into new records for both the S&amp;P and Dow, following the expected quarter point rate cut from the Federal Reserve on Wednesday.LIVE CATTLE:The back-and-forth nature of the live cattle market trade continues. Wednesday afternoon the market closed lower, but throughout Thursday's trade the market was slightly stronger. It is interesting to note gains in the nearby contracts are moderate, but the furthest deferred contracts are all trading more than $1.50 higher. A single bid of $239 live is currently being offered in Kansas, but otherwise the cash market is silent for the meantime. Asking prices are firm in the South at $240-plus, but are still not established in the North. Packer interest should improve at any moment now. And almost like clockwork, upon seeing the live cattle contracts trading stronger, the feeder cattle contracts also traded higher into Thursday's closing bell. It's likely that so long as the live cattle contracts continue to trade higher and close higher, the feeder cattle complex will be able to maintain its stronger position as well.The lean hog complex&nbsp;traded modestly higher into Thursday's close, as traders continue to chop the contracts sideways but are pleased to see both cash prices and midday pork values slightly higher. Traders still seem unwilling to really push the market outside of its current trading range, but the slight uptick in fundamental support is helpful nonetheless. <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/09/18142748/web-closing-markets.mp3">Click HERE for audio</a>

Bovine bird flu is now a thing in Nebraska, according to the Nebraska Department of Agriculture (NDA). Reports show that the NDA and USDA in recent days identified a case of highly pathogenic avian influenza in a dairy cattle herd in central Nebraska. The Animal Plant Health Inspection Service, working with the National Veterinary Services Laboratories confirmed a similar strain of the virus to what infected a herd in California. 

Cattle are at little risk of death with proper care, and the herd has been quarantined, officials said. Nebraska State Veterinarian Dr. Roger Dudley asked the state’s cattle producers to monitor their biosecurity protocols and contact a vet if they notice any symptoms. The state warned farmers to watch for decreases in hunger and milk production, along with clear nasal discharge, dehydration, fever, and lethargic behavior.

Bovine bird flu is now a thing in Nebraska, according to the Nebraska Department of Agriculture (NDA). Reports show that the NDA and USDA in recent days identified a case of highly pathogenic avian influenza in a dairy cattle herd in central Nebraska. The Animal Plant Health Inspection Service, working with the National Veterinary Services Laboratories confirmed a similar strain of the virus to what infected a herd in California. Cattle are at little risk of death with proper care, and the herd has been quarantined, officials said. Nebraska State Veterinarian Dr. Roger Dudley asked the state’s cattle producers to monitor their biosecurity protocols and contact a vet if they notice any symptoms. The state warned farmers to watch for decreases in hunger and milk production, along with clear nasal discharge, dehydration, fever, and lethargic behavior.-NAFB

Bird flu seen in central Nebraska dairy cattle

Senators, Chuck Grassley, Tammy Baldwin, and Joni Ernst are reintroducing bipartisan legislation, Fertilizer Research Act would require the US Department of Agriculture (USDA) to conduct a study on competition and trends in the fertilizer market and their subsequent impacts on price. Grassley is a lifelong family farmer and a member of the Senate Agriculture Committee. “Fertilizer is an essential tool our farmers rely on to maintain healthy soil and improve crop yields,” Ernst said. “I’m working hard to drive down fertilizer costs and make life more affordable for both farmers and consumers. 

By gaining a better understanding of the fertilizer industry, this research will provide the foundational knowledge needed to give farmers much needed clarity and certainty as harvest approaches.” The Fertilizer Research Act is endorsed by the National Corn Growers Association, the American Soybean Association, the American Farm Bureau Federation, the National Farmers Union, and many other organizations that support farmers and agriculture.

Senators, Chuck Grassley, Tammy Baldwin, and Joni Ernst are reintroducing bipartisan legislation, Fertilizer Research Act would require the US Department of Agriculture (USDA) to conduct a study on competition and trends in the fertilizer market and their subsequent impacts on price. Grassley is a lifelong family farmer and a member of the Senate Agriculture Committee. “Fertilizer is an essential tool our farmers rely on to maintain healthy soil and improve crop yields,” Ernst said. “I’m working hard to drive down fertilizer costs and make life more affordable for both farmers and consumers. By gaining a better understanding of the fertilizer industry, this research will provide the foundational knowledge needed to give farmers much needed clarity and certainty as harvest approaches.” The Fertilizer Research Act is endorsed by the National Corn Growers Association, the American Soybean Association, the American Farm Bureau Federation, the National Farmers Union, and many other organizations that support farmers and agriculture.-NAFB

Grassley, Baldwin, Ernst reintroduce Fertilizer Research Act

December corn closed down 2 3/4 cents per bushel at $4.26 3/4 and March corn was down 2 1/2 cents at $4.44 1/2. November soybeans closed down 6 cents at $10.43 3/4 and January soybeans were down 6 1/4 cents at $10.63 0/1. December KC wheat closed down 7 1/4 cents at $5.16 1/4, December Chicago wheat was down 5 3/4 cents at $5.28 1/4 and December Minneapolis wheat was down 2 1/2 cents at $5.74.

December corn slipped lower Wednesday after running into some strong selling above. Pressure came from the advancing harvest in some areas while heavy rain fell in parts of the Plains and western Midwest. Bean oil futures fell hard after the EPA put out a vague proposal to reallocate SREs late Tuesday and the uncertainty sent bean oil reeling. Soybeans were pressured by oil as well and wheat and corn fell to sizable losses on Wednesday. Wheat markets fell in unison Wednesday, pressured by heavy rain in the Plains and slowing demand. Pressure also came from the fact that Stats Canada raised wheat production by 700,000 metric tons (mt) to 36.6 mmt. That compares to USDA's 36-mmt estimate.

With no substantial support arising from anywhere, it comes as no surprise that the live cattle contracts were again trading lower -- but upon seeing the spot December contract growing closer and closer to the market's 40-day moving average, anxiousness has again become the underlying tone of the live cattle complex. The spot December contract is jumping a mere $0.20 above the market's 40-day moving average, which will be the threshold to watch and monitor through the balance of the week. Still no developments have surfaced in this week's fed cash cattle market, but asking prices are now noted at $242 in the South and remain unestablished in the North.

The feeder cattle complex also took the day hard as most of its contracts were trading $4.00 to $5.00 lower into Wednesday's closing bell. Although prices in the countryside remain at a historical high, we are seeing the typical pullback in prices in the countryside as more unweaned and unvaccinated calves are trading.

Without enough support developing in the market's fundamentals, the lean hog contracts were left with no other option but to trade slightly lower. Midday pork cutout values were up slightly, mainly because of the $1.88 gain in the loin and the $1.69 gain in the rib.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/09/17151902/web-closing-markets.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed down 2 3/4 cents per bushel at $4.26 3/4 and March corn was down 2 1/2 cents at $4.44 1/2. November soybeans closed down 6 cents at $10.43 3/4 and January soybeans were down 6 1/4 cents at $10.63 0/1. December KC wheat closed down 7 1/4 cents at $5.16 1/4, December Chicago wheat was down 5 3/4 cents at $5.28 1/4 and December Minneapolis wheat was down 2 1/2 cents at $5.74.December corn slipped lower Wednesday after running into some strong selling above. Pressure came from the advancing harvest in some areas while heavy rain fell in parts of the Plains and western Midwest. Bean oil futures fell hard after the EPA put out a vague proposal to reallocate SREs late Tuesday and the uncertainty sent bean oil reeling. Soybeans were pressured by oil as well and wheat and corn fell to sizable losses on Wednesday. Wheat markets fell in unison Wednesday, pressured by heavy rain in the Plains and slowing demand. Pressure also came from the fact that Stats Canada raised wheat production by 700,000 metric tons (mt) to 36.6 mmt. That compares to USDA's 36-mmt estimate.LIVESTOCK:With no substantial support arising from anywhere, it comes as no surprise that the live cattle contracts were again trading lower -- but upon seeing the spot December contract growing closer and closer to the market's 40-day moving average, anxiousness has again become the underlying tone of the live cattle complex. The spot December contract is jumping a mere $0.20 above the market's 40-day moving average, which will be the threshold to watch and monitor through the balance of the week. Still no developments have surfaced in this week's fed cash cattle market, but asking prices are now noted at $242 in the South and remain unestablished in the North.The feeder cattle complex also took the day hard as most of its contracts were trading $4.00 to $5.00 lower into Wednesday's closing bell. Although prices in the countryside remain at a historical high, we are seeing the typical pullback in prices in the countryside as more unweaned and unvaccinated calves are trading.Without enough support developing in the market's fundamentals, the lean hog contracts were left with no other option but to trade slightly lower. Midday pork cutout values were up slightly, mainly because of the $1.88 gain in the loin and the $1.69 gain in the rib.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/09/17151902/web-closing-markets.mp3">Click HERE for audio</a>

Reports show that the U.S. beef cow inventory has reached its lowest point since 1962, marking what appears to be the bottom of the current cattle cycle. Tight supply is driving the strong pricing environment beef producers are enjoying today. “For cow-calf producers right now, things are as good as they’ve probably ever been,” says Troy Rowan, University of Tennessee assistant ag professor. 

Agreeing with Rowan, South Dakota cattleman Ken Odde adds that while profits are currently strong, inflation quickly erodes some of the economic gains. “The beef industry is not currently in herd expansion mode, with producers hesitant to retain heifers due to high costs and economic uncertainties,” says Dave Weaber, Terrain senior animal protein analyst. While the USDA reports showed the smallest U.S. herd in history and continuing tightening numbers on feed, analysts predict producers have not yet experienced the highest cattle prices.

Reports show that the U.S. beef cow inventory has reached its lowest point since 1962, marking what appears to be the bottom of the current cattle cycle. Tight supply is driving the strong pricing environment beef producers are enjoying today. “For cow-calf producers right now, things are as good as they’ve probably ever been,” says Troy Rowan, University of Tennessee assistant ag professor. Agreeing with Rowan, South Dakota cattleman Ken Odde adds that while profits are currently strong, inflation quickly erodes some of the economic gains. “The beef industry is not currently in herd expansion mode, with producers hesitant to retain heifers due to high costs and economic uncertainties,” says Dave Weaber, Terrain senior animal protein analyst. While the USDA reports showed the smallest U.S. herd in history and continuing tightening numbers on feed, analysts predict producers have not yet experienced the highest cattle prices.-NAFB

Are we seeing signs of cattle herd rebuilding?

The Trump administration is evaluating whether to grant aid to American farmers this fall, Agriculture Secretary Brooke Rollins said Monday. “We are working with our colleagues in Congress and closely monitoring markets daily to evaluate the amount of additional assistance that might be needed this fall,” Rollins said at a meeting of the National Association of State Departments of Agriculture in Rogers, Arkansas. 

Senate Chair John Boozman said that he “is engaging with his colleagues and the administration about the dire circumstances in rural America and the need to provide farmers resources to continue farming.” Boozman announced earlier this month that “everything is on the table” regarding assistance to farmers. Rollins’s comments come as Chinese buyers have yet to purchase soybeans from U.S. farmers, despite increased production yields relative to last year. China is utilizing soybeans as a bargaining chip in its ongoing trade negotiations with the Trump administration. 

The Trump administration is evaluating whether to grant aid to American farmers this fall, Agriculture Secretary Brooke Rollins said Monday. “We are working with our colleagues in Congress and closely monitoring markets daily to evaluate the amount of additional assistance that might be needed this fall,” Rollins said at a meeting of the National Association of State Departments of Agriculture in Rogers, Arkansas. Senate Chair John Boozman said that he “is engaging with his colleagues and the administration about the dire circumstances in rural America and the need to provide farmers resources to continue farming.” Boozman announced earlier this month that “everything is on the table” regarding assistance to farmers. Rollins’s comments come as Chinese buyers have yet to purchase soybeans from U.S. farmers, despite increased production yields relative to last year. China is utilizing soybeans as a bargaining chip in its ongoing trade negotiations with the Trump administration. -NAFB

Trump administration considering economic aid for farmers

December corn closed down 6 3/4 cents and March corn was down 6 1/4 cents. November soybeans closed down 3 1/2 cents and January soybeans were down 3 1/2 cents. December KC wheat closed down 3/4 cents, December Chicago wheat was up 1 1/2 cents, December Minneapolis wheat was down 0 cents.

U.S. crop prices fell to begin the new week, led by corn which was met with fresh selling following an impressive double-digit surge Friday, which put December futures at a two and a half month high. Soybean and wheat futures were lower as well but in much quieter fashion as traders look past Friday's WASDE report and ahead to U.S. harvest reports which will begin to flow in over the next several weeks. Outside markets for Monday were mostly a positive influence on agricultural markets with a softer U.S. dollar, and firmer energy markets. Monday news was headlined by reports that the U.S. and China had reached a tentative agreement over the weekend regarding TikTok, with President Trump announcing he and President Xi of China are planning to speak on Friday, which the soybean market in particular will surely be watching closely.

It was a breath of fresh air to see the live cattle complex trade higher Monday, as last Friday the market closed just slightly below the 40-day moving average in the spot October contract, which caused some anguish heading into the weekend. Whenever the market closes below a major threshold like that, there's a strong chance traders could deem that a technical reason as to why the contracts should continue to trade lower. But, thankfully, that hasn't been the case as the live cattle contracts are traded mostly $4.00 higher into Monday's closing bell. New showlists appear to be mixed, higher in Kansas, but lower in Texas and Nebraska/Colorado. Last week Northern dressed cattle traded at mostly $375 to $378, which is $5.00 to $8.00 lower than the previous week's weighted average, and Southern live cattle traded at mostly $238 to $240, which is $2.00 to $4.00 lower than the previous week's weighted average.

The feeder cattle complex also rallied aggressively through Monday's session as the contracts saw an overabundance of support from traders. The uptick in the board could help feeder cattle prices in the countryside too, even though the fall run is fully underway.

The lean hog complex seems to be appraising the marketplace early this week to see if there's going to be enough support to allow the contracts to trade higher. Pork cutout values are up slightly, but given their mixed nature last week, it will be important that traders see stable support this week.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/09/15142000/web-closing-markets.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed down 6 3/4 cents and March corn was down 6 1/4 cents. November soybeans closed down 3 1/2 cents and January soybeans were down 3 1/2 cents. December KC wheat closed down 3/4 cents, December Chicago wheat was up 1 1/2 cents, December Minneapolis wheat was down 0 cents.U.S. crop prices fell to begin the new week, led by corn which was met with fresh selling following an impressive double-digit surge Friday, which put December futures at a two and a half month high. Soybean and wheat futures were lower as well but in much quieter fashion as traders look past Friday's WASDE report and ahead to U.S. harvest reports which will begin to flow in over the next several weeks. Outside markets for Monday were mostly a positive influence on agricultural markets with a softer U.S. dollar, and firmer energy markets. Monday news was headlined by reports that the U.S. and China had reached a tentative agreement over the weekend regarding TikTok, with President Trump announcing he and President Xi of China are planning to speak on Friday, which the soybean market in particular will surely be watching closely.LIVESTOCK:It was a breath of fresh air to see the live cattle complex trade higher Monday, as last Friday the market closed just slightly below the 40-day moving average in the spot October contract, which caused some anguish heading into the weekend. Whenever the market closes below a major threshold like that, there's a strong chance traders could deem that a technical reason as to why the contracts should continue to trade lower. But, thankfully, that hasn't been the case as the live cattle contracts are traded mostly $4.00 higher into Monday's closing bell. New showlists appear to be mixed, higher in Kansas, but lower in Texas and Nebraska/Colorado. Last week Northern dressed cattle traded at mostly $375 to $378, which is $5.00 to $8.00 lower than the previous week's weighted average, and Southern live cattle traded at mostly $238 to $240, which is $2.00 to $4.00 lower than the previous week's weighted average. The feeder cattle complex also rallied aggressively through Monday's session as the contracts saw an overabundance of support from traders. The uptick in the board could help feeder cattle prices in the countryside too, even though the fall run is fully underway.The lean hog complex seems to be appraising the marketplace early this week to see if there's going to be enough support to allow the contracts to trade higher. Pork cutout values are up slightly, but given their mixed nature last week, it will be important that traders see stable support this week.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/09/15142000/web-closing-markets.mp3">Click HERE for audio</a>

Fertilizer prices aren’t at historic highs, but relative to last year’s prices and the current prices for crop commodities, they are elevated. According to data from USDA and analysis by University of Illinois Farmdoc, fertilizer prices in are 6% to 20% higher than early fall 2024. High yields lead to high nutrient removal rates, but next year, nutrient replacement and feeding a new crop will come at a higher cost. 

Pro Farmer reports the price trends weigh heavier on farmers who are starting next year’s crop with what could be a lower nutrient baseline. Karl Wyant, Nutrien’s director of agronomy says, “We have two realities here. We have the reality of economics, and we have the reality that crops have a core need for nutrients.” Wyant says therein lies the balance for farmers — keep soils productive while considering the cost to do so. His best advice — root your decision in data.

Fertilizer prices aren’t at historic highs, but relative to last year’s prices and the current prices for crop commodities, they are elevated. According to data from USDA and analysis by University of Illinois Farmdoc, fertilizer prices in are 6% to 20% higher than early fall 2024. High yields lead to high nutrient removal rates, but next year, nutrient replacement and feeding a new crop will come at a higher cost. Pro Farmer reports the price trends weigh heavier on farmers who are starting next year’s crop with what could be a lower nutrient baseline. Karl Wyant, Nutrien’s director of agronomy says, “We have two realities here. We have the reality of economics, and we have the reality that crops have a core need for nutrients.” Wyant says therein lies the balance for farmers — keep soils productive while considering the cost to do so. His best advice — root your decision in data.-NAFB

Fertilizer decisions for 2026 crop will be a balancing act

Net farm income in the United States is projected to reach $177 billion in 2025, a sharp increase from $128 billion in 2024. This is according to the latest update of the annual U.S. farm income and consumer food price report by the Food and Agricultural Policy Research Institute (FAPRI) at the University of Missouri’s College of Agriculture, Food and Natural Resources.

Record cattle prices and large one-time government payments have boosted 2025 income but declines in crop prices and projected reductions in future government support raise concerns about the outlook for 2026. The report incorporates data available in August, including the USDA crop production estimates and economic forecasts from S&amp;P Global. It also accounts for modifications in key farm programs and tax credits related to biofuel production that were included in the One Big Beautiful Bill Act signed into law in July.

By: NATHAN STUEDLENet farm income in the United States is projected to reach $177 billion in 2025, a sharp increase from $128 billion in 2024. This is according to the latest update of the annual U.S. farm income and consumer food price report by the Food and Agricultural Policy Research Institute (FAPRI) at the University of Missouri’s College of Agriculture, Food and Natural Resources.Record cattle prices and large one-time government payments have boosted 2025 income but declines in crop prices and projected reductions in future government support raise concerns about the outlook for 2026. The report incorporates data available in August, including the USDA crop production estimates and economic forecasts from S&amp;P Global. It also accounts for modifications in key farm programs and tax credits related to biofuel production that were included in the One Big Beautiful Bill Act signed into law in July.

Mizzou economists: 2025 farm income boosted by high cattle prices and one-time payments

December corn closed up 10 1/4 cents and March corn was up 10 cents. November soybeans closed up 12 3/4 cents and January soybeans were up 12 3/4 cents. December KC wheat closed up 4 3/4 cents, December Chicago wheat was up 2 cents, December Minneapolis wheat was up 1/4 cents.

December corn closed up 12 cents and March corn was up 10 3/4 cents. November soybeans closed up 19 1/4 cents and January soybeans were up 19 3/4 cents. December KC wheat closed up 5 1/4 cents, December Chicago wheat was up 2 cents and December Minneapolis wheat was up 5 3/4 cents.

The feature of Friday's session was the release of USDA's September WASDE and Crop Production reports, offering their estimates of how fall crops in the U.S. will turn out as well as a look into world grain supplies and usage. For the most part, I would classify the report as neutral, as in a way it didn't offer traders a whole lot that wasn't already expected or known. As is the case with many crop reports, there were bearish and bullish aspects that could be found within the fine details of Friday's numbers, some of which are discussed in more detail below. As for outside markets, it was mostly a quiet session with little news, but a weak consumer confidence reading from the University of Michigan weighed on investors' minds. Meanwhile, energy markets were higher into the weekend, but well off their daily highs with a mixed tone overall.

The live cattle contracts were back to trading lower as the market did not to see the support it needs to continue to drive prices higher. But with cash prices trending lower this week, and boxed beef prices seasonally softening as well, it's not bewildering to see the markets weaker again. It will be interesting to see if traders are able to keep the spot October contract above the market's 40-day moving average. If the market happens to close below that price point, more downward pressure could come.

Friday's WASDE report shared mixed news for the cattle and beef markets for 2025. Beef production for 2025 is expected to decline by 100 million pounds as both fed and non-fed slaughter speeds are expected to continue to decline through the year's end. The projected quarterly steer prices were bullish for the market as steers in the third quarter of 2025 are expected to average $240 ($2.00 higher from last month), steers in the fourth quarter of 2025 are expected to average $244 (up $4.00), steers in the first quarter of 2026 are expected to average $246 (up $5.00 from last month) and steers in the second quarter of 2026 are expected to average $248 (up $5.00 from last month). Beef imports for 2025 increased by 90 million pounds as the demand for lean processing beef is still high, but beef exports for 2025 decreased by 40 million pounds amid thin supplies and historically high prices.

The feeder cattle complex was again trading lower as the market struggles to find stable support in the futures complex. Not helping matters either is the fact that fed cash cattle prices are trading lower and boxed beef prices are softer, which has put a lower waning attitude across all of the marketplace.

The lean hog complex struggled to find upward momentum, as the market ran past resistance on Thursday but didn't finding enough support in the market's sphere today to push any higher. One may point to the uptick in pork cutout values on today's midday report as a reason why the hog contracts should be higher, but traders seem to find the technical resistance as more of a limiting factor.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/09/12145521/web-closing-markets.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed up 10 1/4 cents and March corn was up 10 cents. November soybeans closed up 12 3/4 cents and January soybeans were up 12 3/4 cents. December KC wheat closed up 4 3/4 cents, December Chicago wheat was up 2 cents, December Minneapolis wheat was up 1/4 cents.For the week:December corn closed up 12 cents and March corn was up 10 3/4 cents. November soybeans closed up 19 1/4 cents and January soybeans were up 19 3/4 cents. December KC wheat closed up 5 1/4 cents, December Chicago wheat was up 2 cents and December Minneapolis wheat was up 5 3/4 cents.The feature of Friday's session was the release of USDA's September WASDE and Crop Production reports, offering their estimates of how fall crops in the U.S. will turn out as well as a look into world grain supplies and usage. For the most part, I would classify the report as neutral, as in a way it didn't offer traders a whole lot that wasn't already expected or known. As is the case with many crop reports, there were bearish and bullish aspects that could be found within the fine details of Friday's numbers, some of which are discussed in more detail below. As for outside markets, it was mostly a quiet session with little news, but a weak consumer confidence reading from the University of Michigan weighed on investors' minds. Meanwhile, energy markets were higher into the weekend, but well off their daily highs with a mixed tone overall.LIVESTOCK:The live cattle contracts were back to trading lower as the market did not to see the support it needs to continue to drive prices higher. But with cash prices trending lower this week, and boxed beef prices seasonally softening as well, it's not bewildering to see the markets weaker again. It will be interesting to see if traders are able to keep the spot October contract above the market's 40-day moving average. If the market happens to close below that price point, more downward pressure could come.Friday's WASDE report shared mixed news for the cattle and beef markets for 2025. Beef production for 2025 is expected to decline by 100 million pounds as both fed and non-fed slaughter speeds are expected to continue to decline through the year's end. The projected quarterly steer prices were bullish for the market as steers in the third quarter of 2025 are expected to average $240 ($2.00 higher from last month), steers in the fourth quarter of 2025 are expected to average $244 (up $4.00), steers in the first quarter of 2026 are expected to average $246 (up $5.00 from last month) and steers in the second quarter of 2026 are expected to average $248 (up $5.00 from last month). Beef imports for 2025 increased by 90 million pounds as the demand for lean processing beef is still high, but beef exports for 2025 decreased by 40 million pounds amid thin supplies and historically high prices.The feeder cattle complex was again trading lower as the market struggles to find stable support in the futures complex. Not helping matters either is the fact that fed cash cattle prices are trading lower and boxed beef prices are softer, which has put a lower waning attitude across all of the marketplace.The lean hog complex struggled to find upward momentum, as the market ran past resistance on Thursday but didn't finding enough support in the market's sphere today to push any higher. One may point to the uptick in pork cutout values on today's midday report as a reason why the hog contracts should be higher, but traders seem to find the technical resistance as more of a limiting factor.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/09/12145521/web-closing-markets.mp3">Click HERE for audio</a>

The Bureau of Land Management has begun the process of rolling back the Biden Administration’s rule allowing conservation leases on its land. The agency on Wednesday released a proposal to rescind the 2024 Public Lands Rule, which aimed to put conservation uses of land on equal footing with grazing, energy production, mining, and recreation. 

The Bureau of Land Management has begun the process of rolling back the Biden Administration’s rule allowing conservation leases on its land. The agency on Wednesday released a proposal to rescind the 2024 Public Lands Rule, which aimed to put conservation uses of land on equal footing with grazing, energy production, mining, and recreation.

Bureau of Land Management plans to scrap conservation leasing rule

Farm Equipment manufacturers say they are struggling under the high tariffs set by President Trump. Case IH’s Kurt Coffey, who serves as the company's vice president of its North America division, says the executive team he is on meets daily to unpack global trade developments. Case IH is in a good position overall, he says, with 80% to 90% of its machines produced in one of four U.S. production facilities, and 95% of its machinery base material, steel, is sourced domestically. 

We’ve continued to focus on how we make sure our customers have what they need as they’re going to harvest. German-based manufacturer Claas is a different story. Eighty percent of its row crop machinery portfolio is built in Europe and shipped to dealer lots in the U.S. Eric Raby, senior vice president of Claas, says, “We’ve absorbed a lot, as well. We’re not passing all of it to the customer.”

Farm Equipment manufacturers say they are struggling under the high tariffs set by President Trump. Case IH’s Kurt Coffey, who serves as the company's vice president of its North America division, says the executive team he is on meets daily to unpack global trade developments. Case IH is in a good position overall, he says, with 80% to 90% of its machines produced in one of four U.S. production facilities, and 95% of its machinery base material, steel, is sourced domestically. We’ve continued to focus on how we make sure our customers have what they need as they’re going to harvest. German-based manufacturer Claas is a different story. Eighty percent of its row crop machinery portfolio is built in Europe and shipped to dealer lots in the U.S. Eric Raby, senior vice president of Claas, says, “We’ve absorbed a lot, as well. We’re not passing all of it to the customer.”-NAFB

What farm equipment manufacturers are saying about 50% steel and aluminum tariffs

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

Grain markets traded higher on Thursday as traders continue to keep corn and soybean prices within their weekly ranges ahead of USDA's September WASDE report due out Friday at 11 a.m. CDT. The soybean market in particular led the charge higher on Thursday, erasing the results of the previous two lower sessions. Outside markets on Thursday were mixed with softer energy markets, but equities surging to new records. Consumer Price Index data for August painted a picture of much more concerning inflation as compared to the PPI released on Wednesday. Meanwhile, jobless claims were a four-year high on Thursday, which could potentially set up a dichotomy when the Federal Reserve meets next week to decide on interest rates. I'd also like to point out in Wednesday's comment, I mistakenly pointed to the PPI data as the Fed's "preferred inflation gauge," which is actually the Personal Consumption data due out later this month, not the PPI data as I had mistakenly alluded to.

Again today, the live cattle complex stepped forward and traded higher as traders seem to agree that the market has seen enough downward pressure for the time being. Thankfully, again today we see that trades moved the contracts away from the market's 40-day moving average, which thankfully is happening because a close below that threshold would likely signal more downward pressure. Although there are again bids beginning to renew in the countryside, no new trade has developed. So far this week Northern dressed cattle have traded from $375 to $378, which is $5.00 to $8.00 lower than last week's weighted average. Asking prices for cattle left to trade remain firm at $243 in the South and $378 plus in the North.

Thankfully, the feeder cattle complex has now also found support as all of its contracts traded well over $1.00 higher. It's the market's nearby contracts that traded above $2.00 higher, while most of the deferred contracts are just trading $1.00 to $1.70 higher into Thursday's closing bell, but luckily, the gloomy pressure that rested above the market on Tuesday and Wednesday has seemed to fade away.

It's been noteworthy day for the lean hog complex as the market has found enough support to gingerly break above its resistance at $97.00 in the spot October contract. But surprisingly, this seems to be a move being made by traders alone, as the market isn't lending much fundamental support, the day's export report wasn't that fruitful and midday pork cutout values were lower.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/09/11144407/web-closing-markets.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed up 2 3/4 cents and March corn was up 2 3/4 cents. November soybeans closed up 8 1/4 cents and January soybeans were up 7 3/4 cents. December KC wheat closed up 3 cents, December Chicago wheat was up 6 1/2 cents, December Minneapolis wheat was up 2 cents.Grain markets traded higher on Thursday as traders continue to keep corn and soybean prices within their weekly ranges ahead of USDA's September WASDE report due out Friday at 11 a.m. CDT. The soybean market in particular led the charge higher on Thursday, erasing the results of the previous two lower sessions. Outside markets on Thursday were mixed with softer energy markets, but equities surging to new records. Consumer Price Index data for August painted a picture of much more concerning inflation as compared to the PPI released on Wednesday. Meanwhile, jobless claims were a four-year high on Thursday, which could potentially set up a dichotomy when the Federal Reserve meets next week to decide on interest rates. I'd also like to point out in Wednesday's comment, I mistakenly pointed to the PPI data as the Fed's "preferred inflation gauge," which is actually the Personal Consumption data due out later this month, not the PPI data as I had mistakenly alluded to.LIVESTOCK:Again today, the live cattle complex stepped forward and traded higher as traders seem to agree that the market has seen enough downward pressure for the time being. Thankfully, again today we see that trades moved the contracts away from the market's 40-day moving average, which thankfully is happening because a close below that threshold would likely signal more downward pressure. Although there are again bids beginning to renew in the countryside, no new trade has developed. So far this week Northern dressed cattle have traded from $375 to $378, which is $5.00 to $8.00 lower than last week's weighted average. Asking prices for cattle left to trade remain firm at $243 in the South and $378 plus in the North.Thankfully, the feeder cattle complex has now also found support as all of its contracts traded well over $1.00 higher. It's the market's nearby contracts that traded above $2.00 higher, while most of the deferred contracts are just trading $1.00 to $1.70 higher into Thursday's closing bell, but luckily, the gloomy pressure that rested above the market on Tuesday and Wednesday has seemed to fade away. It's been noteworthy day for the lean hog complex as the market has found enough support to gingerly break above its resistance at $97.00 in the spot October contract. But surprisingly, this seems to be a move being made by traders alone, as the market isn't lending much fundamental support, the day's export report wasn't that fruitful and midday pork cutout values were lower.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/09/11144407/web-closing-markets.mp3">Click HERE for audio</a>