December corn closed up 1 1/4 cents and March corn was up 1/4 cents. January soybeans closed up 7 1/2 cents and March soybeans were up 8 cents. December KC wheat closed up 11 1/2 cents, December Chicago wheat was up 9 3/4 cents, December Minneapolis wheat was up 2 1/2 cents.

December corn closed up 8 1/4 cents and March corn was up 7 cents. January soybeans closed up 55 cents and March soybeans were up 50 1/4 cents. December KC wheat closed up 23 cents, December Chicago wheat was up 21 1/2 cents and December Minneapolis wheat was down 4 cents.

Corn, soy, and wheat markets bounced around Friday, trading on both sides of even in what was for the most part a chance for traders to catch their breath following a volatile week leading up to Wednesday evening's meeting between President Trump and President Xi of China. It wasn't surprising on a holiday Friday to see volume way down and a somewhat aimless trade as a result; but eventually prices did catch and hold some steam into the close for a strong finish to the week. It was none other than the soybean meal market that led the turn higher with conviction, offering some late-session strength to the soybean complex, despite earlier lower soy oil futures as traders continue to push the long meal, short oil spread to the lowest spread per pound since mid-June. Meanwhile, outside markets were fairly quiet as well, with the U.S. dollar notably reaching 3-month highs, which may serve as a headwind to export sensitive ag futures if the currency can break above resistance near 100 on the index.

The live cattle complex was traded lower into Friday's closing bell as the market has exhausted the mild support it found midweek. With no positive notes developing from the fed cash cattle market, or sharply higher boxed beef prices, traders are remaining cautious players in the cattle complex as there's been so much volatility over the last two weeks. No more trade has developed in the fed cash cattle market, but traders will need to secure more supply this afternoon to avoid being short bought heading into next week. Northern dressed cattle have traded at mostly $358 to $360, which is $9.00 to $11.00 lower than the previous week's weighted average, and although only a handful of cattle have traded in the South, Southern live cattle have been marked at mostly $235, which is $3.00 to $4.00 lower than the previous week's weighted average.

Following right in line with the live cattle market's trend Friday morning, feeder cattle contracts traded mostly lower into the close. Although feeder cattle aren't trading as sharply lower in the countryside as they were late last week and even earlier this week, the market continues to see cattle trading cheaper as a tremendous amount of confidence has been stripped from the marketplace. Although buyers know that supplies are thin, they were keenly reminded the last two weeks that regardless of whatever the market's fundamentals are volatility will always be a big player in the cattle complex.

After having trailed lower throughout most of the week, the lean hog complex has finally stumbled into some mild technical support as the contracts traded mixed into Friday's close. Yes, pork cutout values were up a tick Friday morning, which traders could be mindful of; but more than anything ahead of today's close traders seemed to be acknowledging the sharp decline the market has made this week and are letting the contracts find a little support ahead of the week's end.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/10/31140031/web-closing-markets-2.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed up 1 1/4 cents and March corn was up 1/4 cents. January soybeans closed up 7 1/2 cents and March soybeans were up 8 cents. December KC wheat closed up 11 1/2 cents, December Chicago wheat was up 9 3/4 cents, December Minneapolis wheat was up 2 1/2 cents.For the Week:December corn closed up 8 1/4 cents and March corn was up 7 cents. January soybeans closed up 55 cents and March soybeans were up 50 1/4 cents. December KC wheat closed up 23 cents, December Chicago wheat was up 21 1/2 cents and December Minneapolis wheat was down 4 cents.Corn, soy, and wheat markets bounced around Friday, trading on both sides of even in what was for the most part a chance for traders to catch their breath following a volatile week leading up to Wednesday evening's meeting between President Trump and President Xi of China. It wasn't surprising on a holiday Friday to see volume way down and a somewhat aimless trade as a result; but eventually prices did catch and hold some steam into the close for a strong finish to the week. It was none other than the soybean meal market that led the turn higher with conviction, offering some late-session strength to the soybean complex, despite earlier lower soy oil futures as traders continue to push the long meal, short oil spread to the lowest spread per pound since mid-June. Meanwhile, outside markets were fairly quiet as well, with the U.S. dollar notably reaching 3-month highs, which may serve as a headwind to export sensitive ag futures if the currency can break above resistance near 100 on the index.LIVESTOCK:The live cattle complex was traded lower into Friday's closing bell as the market has exhausted the mild support it found midweek. With no positive notes developing from the fed cash cattle market, or sharply higher boxed beef prices, traders are remaining cautious players in the cattle complex as there's been so much volatility over the last two weeks. No more trade has developed in the fed cash cattle market, but traders will need to secure more supply this afternoon to avoid being short bought heading into next week. Northern dressed cattle have traded at mostly $358 to $360, which is $9.00 to $11.00 lower than the previous week's weighted average, and although only a handful of cattle have traded in the South, Southern live cattle have been marked at mostly $235, which is $3.00 to $4.00 lower than the previous week's weighted average.Following right in line with the live cattle market's trend Friday morning, feeder cattle contracts traded mostly lower into the close. Although feeder cattle aren't trading as sharply lower in the countryside as they were late last week and even earlier this week, the market continues to see cattle trading cheaper as a tremendous amount of confidence has been stripped from the marketplace. Although buyers know that supplies are thin, they were keenly reminded the last two weeks that regardless of whatever the market's fundamentals are volatility will always be a big player in the cattle complex. After having trailed lower throughout most of the week, the lean hog complex has finally stumbled into some mild technical support as the contracts traded mixed into Friday's close. Yes, pork cutout values were up a tick Friday morning, which traders could be mindful of; but more than anything ahead of today's close traders seemed to be acknowledging the sharp decline the market has made this week and are letting the contracts find a little support ahead of the week's end.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/10/31140031/web-closing-markets-2.mp3">Click HERE for audio</a>

Commodity markets daily recap

For the eighth time this year, the overall Rural Mainstreet Index sank below a growth-neutral score of 50.0. That’s according to the monthly survey of bank CEOs in rural areas of a ten-state region dependent on agriculture. The October reading was 34.6, its lowest level since May 2020, down from 38.5 in September. “Weak agriculture commodity prices for grain producers continue to dampen economic activity in the region,” said Creighton University’s Ernie Goss. 

While tariffs are producing higher economic volatility, 72 percent of bank CEOs gauge President Trump’s approach to China as “about right.” In other areas, farmland prices sank below growth-neutral for the 17th time in 18 months. Farm loan delinquency rates rose from a very low 1.1 percent in June 2025 to 1.6 percent this month. The farm equipment sales index increased to a weak 18.8 from 15.2 in September, the 26th-straight month below growth neutral.&nbsp;

For the eighth time this year, the overall Rural Mainstreet Index sank below a growth-neutral score of 50.0. That’s according to the monthly survey of bank CEOs in rural areas of a ten-state region dependent on agriculture. The October reading was 34.6, its lowest level since May 2020, down from 38.5 in September. “Weak agriculture commodity prices for grain producers continue to dampen economic activity in the region,” said Creighton University’s Ernie Goss. While tariffs are producing higher economic volatility, 72 percent of bank CEOs gauge President Trump’s approach to China as “about right.” In other areas, farmland prices sank below growth-neutral for the 17th time in 18 months. Farm loan delinquency rates rose from a very low 1.1 percent in June 2025 to 1.6 percent this month. The farm equipment sales index increased to a weak 18.8 from 15.2 in September, the 26th-straight month below growth neutral.&nbsp;-NAFB

Rural Mainstreet Index reaches five-year low

Treasury Secretary Scott Bessent announced that China has agreed to buy 12 million metric tons of soybeans this year. Bloomberg said that’s brought some relief to American farmers pushing for resumption of trade with China, the world’s biggest soybean importer. Bessent told Fox Business that China will also buy a minimum of 25 million tons annually for the following three years. 

President Donald Trump said China will start buying immediately and will be purchasing “tremendous” amounts of soybeans, but he didn’t provide additional details on the size of purchases. “The 12 million tons wasn’t surprising as China has little need for additional soybeans because of ample shipments from South America,” said Brian Grete of Commstock. “In the longer term, buying 25 million tons a year would basically be getting back to normal.” Chinese commercial purchases would require Beijing to roll back the tariffs imposed on U.S. soybeans earlier this year.

Treasury Secretary Scott Bessent announced that China has agreed to buy 12 million metric tons of soybeans this year. Bloomberg said that’s brought some relief to American farmers pushing for resumption of trade with China, the world’s biggest soybean importer. Bessent told Fox Business that China will also buy a minimum of 25 million tons annually for the following three years. President Donald Trump said China will start buying immediately and will be purchasing “tremendous” amounts of soybeans, but he didn’t provide additional details on the size of purchases. “The 12 million tons wasn’t surprising as China has little need for additional soybeans because of ample shipments from South America,” said Brian Grete of Commstock. “In the longer term, buying 25 million tons a year would basically be getting back to normal.” Chinese commercial purchases would require Beijing to roll back the tariffs imposed on U.S. soybeans earlier this year.-NAFB

China commits to future soybean buys

December corn closed down 3 3/4 cents and March corn was down 3 cents. January soybeans closed up 13 1/4 cents and March soybeans were up 10 1/2 cents. December KC wheat closed down 9 3/4 cents, December Chicago wheat was down 8 cents, December Minneapolis wheat was down 10 cents.

Well for those expecting volatility in the hours immediately following the long-anticipated meeting between President Trump and President Xi in South Korea late Wednesday, the overnight trade in the soybean market certainly fit that bill. January futures traded down as much as 24 cents as details were slow to emerge before the early morning hours when Treasury Secretary Scott Bessent laid out the plans for soybean exports to China, discussed in detail below. For Thursday, grain markets may have been feeling a bit left out from the spotlight, falling from technical resistance on a lack of upward momentum. Outside markets for Thursday responded mostly positively to the details that have thus far emerged from the Trump/Xi meeting, with the Dow Jones Industrial Average reversing from Wednesday's late-session losses. The U.S. dollar also extended its rally back toward three month highs, which may have played a role in a sharp correction in wheat markets.

The live cattle complex did trade higher for a portion of the session as traders simply remained pleased to have a quiet, uneventful day in the marketplace, but managed to only finished on a mixed basis. After plummeting lower the last week and a half, it's refreshing for the market to have a slightly bullish, no-headline, non-earth-shattering type of day -- just quiet and subtle trading. Bids are on the table in both Nebraska and Kansas, but following the trade earlier this week, no more business has developed. Asking prices are noted in the South at $238 to $240. Earlier this week Northern dressed cattle sold for $360, which is $9.00 lower than the previous week's weighted average.

The feeder cattle complex also traded higher for some of the session, as the market remains relieved to have heard on Wednesday that the U.S/Mexico border isn't likely going to reopen any time soon to Mexican cattle imports. This was the silver lining after a week and a half of downward trading that the market desperately needed to hear to help push prices back higher. Thankfully, the market is now trading above its 100-day moving average in the spot November contract, which is a slow start to some hopeful recovery.

The lean hog complex once again traded lower as no significant fundamental improvements have surfaced. Until consumer support rounds the corner and shows more demand, the market will likely continue to trade in this sideways doggish manner.

<a href="https://www.680kfeq.com/2025/10/30/closing-markets-thursday-october-30-2025/">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed down 3 3/4 cents and March corn was down 3 cents. January soybeans closed up 13 1/4 cents and March soybeans were up 10 1/2 cents. December KC wheat closed down 9 3/4 cents, December Chicago wheat was down 8 cents, December Minneapolis wheat was down 10 cents.Well for those expecting volatility in the hours immediately following the long-anticipated meeting between President Trump and President Xi in South Korea late Wednesday, the overnight trade in the soybean market certainly fit that bill. January futures traded down as much as 24 cents as details were slow to emerge before the early morning hours when Treasury Secretary Scott Bessent laid out the plans for soybean exports to China, discussed in detail below. For Thursday, grain markets may have been feeling a bit left out from the spotlight, falling from technical resistance on a lack of upward momentum. Outside markets for Thursday responded mostly positively to the details that have thus far emerged from the Trump/Xi meeting, with the Dow Jones Industrial Average reversing from Wednesday's late-session losses. The U.S. dollar also extended its rally back toward three month highs, which may have played a role in a sharp correction in wheat markets.LIVESTOCK:The live cattle complex did trade higher for a portion of the session as traders simply remained pleased to have a quiet, uneventful day in the marketplace, but managed to only finished on a mixed basis. After plummeting lower the last week and a half, it's refreshing for the market to have a slightly bullish, no-headline, non-earth-shattering type of day -- just quiet and subtle trading. Bids are on the table in both Nebraska and Kansas, but following the trade earlier this week, no more business has developed. Asking prices are noted in the South at $238 to $240. Earlier this week Northern dressed cattle sold for $360, which is $9.00 lower than the previous week's weighted average.The feeder cattle complex also traded higher for some of the session, as the market remains relieved to have heard on Wednesday that the U.S/Mexico border isn't likely going to reopen any time soon to Mexican cattle imports. This was the silver lining after a week and a half of downward trading that the market desperately needed to hear to help push prices back higher. Thankfully, the market is now trading above its 100-day moving average in the spot November contract, which is a slow start to some hopeful recovery.The lean hog complex once again traded lower as no significant fundamental improvements have surfaced. Until consumer support rounds the corner and shows more demand, the market will likely continue to trade in this sideways doggish manner.<a href="https://www.680kfeq.com/2025/10/30/closing-markets-thursday-october-30-2025/">Click HERE for audio</a>

China’s state-owned agri-food company, called COFCO or China National Cereals, Oils, and Foodstuffs, bought three cargoes of U.S. soybeans this week. Sources say that the country’s first U.S. soybean buy of the season happened shortly before a summit of leaders Donald Trump and Xi&nbsp; Jinping. The deal calls for a December-January shipment of about 180,000 metric tons of soybeans, the first purchase in months. However, traders say they don’t expect a significant resumption in demand for U.S. soybeans after several big purchases of South American soybeans. 

Reports show grain traders have been optimistic that China and the U.S. would eventually reach a deal this week, which pushed soybean prices higher in Chicago. However, they are still cautious about how much China will actually purchase during this season. With weak Chinese soymeal prices, some still question the profitability of soy imports for Chinese crushers, even if tariffs revert to pre-war levels.

China’s state-owned agri-food company, called COFCO or China National Cereals, Oils, and Foodstuffs, bought three cargoes of U.S. soybeans this week. Sources say that the country’s first U.S. soybean buy of the season happened shortly before a summit of leaders Donald Trump and Xi&nbsp; Jinping. The deal calls for a December-January shipment of about 180,000 metric tons of soybeans, the first purchase in months. However, traders say they don’t expect a significant resumption in demand for U.S. soybeans after several big purchases of South American soybeans. Reports show grain traders have been optimistic that China and the U.S. would eventually reach a deal this week, which pushed soybean prices higher in Chicago. However, they are still cautious about how much China will actually purchase during this season. With weak Chinese soymeal prices, some still question the profitability of soy imports for Chinese crushers, even if tariffs revert to pre-war levels.-NAFB

China buys the first U.S. soybeans of the season

The National Pork Producers Council has held ongoing discussions with the Trump administration ahead of the Dietary Guidelines for Americans release. The NPPC has formally expressed concerns regarding the Food and Drug Administration’s forthcoming definition of “ultra-processed foods,” which could be damaging for consumers of pork products. The Council made several recommendations to the FDA, including to not classify food as ultra-processed simply because it doesn’t fit into one of the categories in the problematic NOVA classification system. 

Such a sorting focuses on the food processing rather than the nutritional benefits. They’d also like the agency to not classify foods as ultra-processed that contain ingredients to enhance food safety, shelf stability, and nutrient availability. “As there is no consensus on what constitutes an ‘ultra-processed food,’ the FDA should elevate the importance of nutritional composition, while also protecting the processing and ingredients promoting food safety and nutrient availability,” the NPPC said. 

The National Pork Producers Council has held ongoing discussions with the Trump administration ahead of the Dietary Guidelines for Americans release. The NPPC has formally expressed concerns regarding the Food and Drug Administration’s forthcoming definition of “ultra-processed foods,” which could be damaging for consumers of pork products. The Council made several recommendations to the FDA, including to not classify food as ultra-processed simply because it doesn’t fit into one of the categories in the problematic NOVA classification system. Such a sorting focuses on the food processing rather than the nutritional benefits. They’d also like the agency to not classify foods as ultra-processed that contain ingredients to enhance food safety, shelf stability, and nutrient availability. “As there is no consensus on what constitutes an ‘ultra-processed food,’ the FDA should elevate the importance of nutritional composition, while also protecting the processing and ingredients promoting food safety and nutrient availability,” the NPPC said. -NAFB

NPPC proposes strategy to define “ultra-processed foods”

By:<a href="https://nebraskaexaminer.com/author/cami-koons/">Cami Koons</a>

U.S. soybean farmers and lawmakers said the Chinese purchase of several shiploads of U.S. soybeans indicated a positive step in trade negotiations between the two counties.&nbsp;

<a href="https://www.reuters.com/world/asia-pacific/china-buys-three-us-soybean-cargoes-ahead-trump-xi-meeting-sources-say-2025-10-29/" target="_blank">Reuters</a>&nbsp;reported Wednesday that COFCO, a Chinese state-owned food processing company, purchased about 180,000 metric tons of soybeans from the U.S.&nbsp;

The reported purchase, which Reuters attributed to “two trade sources” is the first purchase China has made since harvest season began on the latest U.S. soybean crop.

The country has also bought soybeans from&nbsp;<a href="https://www.reuters.com/world/china/china-expands-argentina-soybean-buying-20-cargoes-traders-say-2025-09-24/" target="_blank">Argentina</a>&nbsp;and continues to purchase from&nbsp;<a href="https://apnews.com/article/brazil-soybeans-china-exports-40a785024e483ea9cd555fb3c7323e14" target="_blank">Brazil</a>, leaving soybean farmers and farm industry groups&nbsp;<a href="https://iowacapitaldispatch.com/2025/10/02/iowa-soybean-president-urges-trade-deal-with-china-calls-trump-policies-a-bitter-pill-for-farmers/" target="_blank">concerned</a>&nbsp;they have lost a key international market.&nbsp;

The purchase comes toward the end of harvest season for many farmers, and also a day before President Donald Trump is slated to work out a trade deal with Chinese leader Xi Jinping. The trade deal is&nbsp;<a href="https://www.cbsnews.com/news/trump-china-trade-deal-asia-tour-continues-japan-sanae-takaichi/" target="_blank">expected</a>&nbsp;to include agreements on soybeans and other agricultural exports.&nbsp;

U.S. Secretary of Agriculture Brooke Rollins posted on&nbsp;<a href="https://x.com/SecRollins/status/1983511209333690631" target="_blank">social media</a>&nbsp;Wednesday about the purchase and said it showed “strong dealmaking” on the part of the president and “a positive step forward for our farmers.”&nbsp;

“This purchase, coming directly ahead of the Trump-Xi talks, shows that America means business and that we will restore balance, give U.S. producers the opportunities they’ve earned, and send a message that when America leads in agriculture, the world listens,” Rollins wrote.&nbsp;

Rollins also&nbsp;<a href="https://www.foxbusiness.com/shows/kudlow#" target="_blank">mentioned</a>&nbsp;the purchase while speaking on a Fox Business segment Wednesday.

The estimated 180,000-metric-ton purchase is a small percentage of the nearly 27 million metric tons of soybeans the U.S. exported to China in 2024, according to U.S. Department of Agriculture&nbsp;<a href="https://www.fas.usda.gov/regions/china" target="_blank">data</a>.&nbsp;

U.S. Sen. Chuck Grassley has also&nbsp;<a href="https://iowacapitaldispatch.com/briefs/grassley-hopes-for-a-solution-for-farmers-following-loss-of-chinese-market/" target="_blank">called for</a>&nbsp;a trade deal with China that will benefit farmers. Grassley said in a statement Wednesday he hopes for a “successful” meeting between Trump and Xi.

“China thinks it can move the needle at the last minute, but these small purchases are not nearly enough to address the serious threats facing the ag economy,” Grassley said. “While this may be a positive sign, it’s critical that the Chinese market more fully reopens to American soybean growers soon.”

Congressional delegates from Iowa and Wisconsin urged, in a letter this week, the president to&nbsp;<a href="https://iowacapitaldispatch.com/2025/10/27/iowa-delegates-urge-administration-to-prioritize-trade-deal-for-soybean-farmers/" target="_blank">prioritize a soybean deal</a>&nbsp;in his talks with the Chinese leader.&nbsp;

U.S. Rep. Zach Nunn, R-Iowa, who led the letter, said Wednesday the purchase from China was a “an important first step and a clear signal of momentum” for Trump’s negotiations.&nbsp;

“I’ve led the charge for our farmers and rural communities: end China’s trade war, restore market access, and expand ag exports,” Nunn said in a statement. “President Trump has proven time and again he has the tools to deliver. I look forward to reviewing the deal.”

U.S. Sen. Roger Marshall, a Republican from Kansas, wrote on social media that the purchase was a “<a href="https://x.com/rogermarshallmd/status/1983530082800148666?s=12" target="_blank">big win</a>” for farmers.&nbsp;

Nebraska Republican U.S. Sen. Deb Fischer also&nbsp;<a href="https://x.com/senatorfischer/status/1983545407389966844?s=46&amp;t=59TO4z1VG6CVW59Gr61ouQ" target="_blank">posted</a>&nbsp;on social media and said the deal showed “agricultural trade could ease tensions between Washington and Beijing, while also leveling the playing field and directly assisting hardworking American ag producers.”

The American Soybean Association did not respond to a request for comment Wednesday.&nbsp;

<a href="https://x.com/ohiosoybean/status/1983549232272306640?s=12" target="_blank">Ohio Soybean Association</a>&nbsp;President Rusty Goebel said on the social media platform X that farmers were “encouraged” by the “positive trade news” and said the association looks forward to additional deals and purchases.&nbsp;

A representative from the Iowa Soybean Association declined to comment and said news of the purchase had not been “adequately substantiated.”&nbsp;

COFCO, the Chinese company that reportedly purchased the soybeans, did not respond to a request for comment or confirmation.

This story was originally produced by&nbsp;<a href="https://iowacapitaldispatch.com/2025/10/29/reports-china-buys-several-shiploads-of-u-s-soybeans-ahead-of-trump-trade-meeting/" target="_blank">Iowa Capital Dispatch</a>, which is part of States Newsroom, a nonprofit news network which includes Nebraska Examiner, and is supported by grants and a coalition of donors as a 501c(3) public charity.

<figure>
 <img src="https://media.eaglewebservices.com/public/2025/10/1761787157829.png" alt="China reportedly purchased several shiploads of U.S. soybeans ahead of a meeting between the countries’ leaders. (Photo courtesy of USDA)" />
 <figcaption>China reportedly purchased several shiploads of U.S. soybeans ahead of a meeting between the countries’ leaders. (Photo courtesy of USDA)</figcaption>
 </figure>By:<a href="https://nebraskaexaminer.com/author/cami-koons/">Cami Koons</a>U.S. soybean farmers and lawmakers said the Chinese purchase of several shiploads of U.S. soybeans indicated a positive step in trade negotiations between the two counties.&nbsp;<div><blockquote class="twitter-tweet">A big win for our farmers and a sign that fair trade is possible when you have leaders like President <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a> and <a href="https://twitter.com/SecRollins?ref_src=twsrc%5Etfw">@SecRollins</a> fighting for America’s farmers 🇺🇸 <a href="https://t.co/7My9NIFA0j">https://t.co/7My9NIFA0j</a>&mdash; Dr. Roger Marshall (@RogerMarshallMD) <a href="https://twitter.com/RogerMarshallMD/status/1983530082800148666?ref_src=twsrc%5Etfw">October 29, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div><a href="https://www.reuters.com/world/asia-pacific/china-buys-three-us-soybean-cargoes-ahead-trump-xi-meeting-sources-say-2025-10-29/" target="_blank">Reuters</a>&nbsp;reported Wednesday that COFCO, a Chinese state-owned food processing company, purchased about 180,000 metric tons of soybeans from the U.S.&nbsp;The reported purchase, which Reuters attributed to “two trade sources” is the first purchase China has made since harvest season began on the latest U.S. soybean crop.The country has also bought soybeans from&nbsp;<a href="https://www.reuters.com/world/china/china-expands-argentina-soybean-buying-20-cargoes-traders-say-2025-09-24/" target="_blank">Argentina</a>&nbsp;and continues to purchase from&nbsp;<a href="https://apnews.com/article/brazil-soybeans-china-exports-40a785024e483ea9cd555fb3c7323e14" target="_blank">Brazil</a>, leaving soybean farmers and farm industry groups&nbsp;<a href="https://iowacapitaldispatch.com/2025/10/02/iowa-soybean-president-urges-trade-deal-with-china-calls-trump-policies-a-bitter-pill-for-farmers/" target="_blank">concerned</a>&nbsp;they have lost a key international market.&nbsp;The purchase comes toward the end of harvest season for many farmers, and also a day before President Donald Trump is slated to work out a trade deal with Chinese leader Xi Jinping. The trade deal is&nbsp;<a href="https://www.cbsnews.com/news/trump-china-trade-deal-asia-tour-continues-japan-sanae-takaichi/" target="_blank">expected</a>&nbsp;to include agreements on soybeans and other agricultural exports.&nbsp;U.S. Secretary of Agriculture Brooke Rollins posted on&nbsp;<a href="https://x.com/SecRollins/status/1983511209333690631" target="_blank">social media</a>&nbsp;Wednesday about the purchase and said it showed “strong dealmaking” on the part of the president and “a positive step forward for our farmers.”&nbsp;“This purchase, coming directly ahead of the Trump-Xi talks, shows that America means business and that we will restore balance, give U.S. producers the opportunities they’ve earned, and send a message that when America leads in agriculture, the world listens,” Rollins wrote.&nbsp;Rollins also&nbsp;<a href="https://www.foxbusiness.com/shows/kudlow#" target="_blank">mentioned</a>&nbsp;the purchase while speaking on a Fox Business segment Wednesday.The estimated 180,000-metric-ton purchase is a small percentage of the nearly 27 million metric tons of soybeans the U.S. exported to China in 2024, according to U.S. Department of Agriculture&nbsp;<a href="https://www.fas.usda.gov/regions/china" target="_blank">data</a>.&nbsp;U.S. Sen. Chuck Grassley has also&nbsp;<a href="https://iowacapitaldispatch.com/briefs/grassley-hopes-for-a-solution-for-farmers-following-loss-of-chinese-market/" target="_blank">called for</a>&nbsp;a trade deal with China that will benefit farmers. Grassley said in a statement Wednesday he hopes for a “successful” meeting between Trump and Xi.“China thinks it can move the needle at the last minute, but these small purchases are not nearly enough to address the serious threats facing the ag economy,” Grassley said. “While this may be a positive sign, it’s critical that the Chinese market more fully reopens to American soybean growers soon.”Congressional delegates from Iowa and Wisconsin urged, in a letter this week, the president to&nbsp;<a href="https://iowacapitaldispatch.com/2025/10/27/iowa-delegates-urge-administration-to-prioritize-trade-deal-for-soybean-farmers/" target="_blank">prioritize a soybean deal</a>&nbsp;in his talks with the Chinese leader.&nbsp;U.S. Rep. Zach Nunn, R-Iowa, who led the letter, said Wednesday the purchase from China was a “an important first step and a clear signal of momentum” for Trump’s negotiations.&nbsp;“I’ve led the charge for our farmers and rural communities: end China’s trade war, restore market access, and expand ag exports,” Nunn said in a statement. “President Trump has proven time and again he has the tools to deliver. I look forward to reviewing the deal.”U.S. Sen. Roger Marshall, a Republican from Kansas, wrote on social media that the purchase was a “<a href="https://x.com/rogermarshallmd/status/1983530082800148666?s=12" target="_blank">big win</a>” for farmers.&nbsp;Nebraska Republican U.S. Sen. Deb Fischer also&nbsp;<a href="https://x.com/senatorfischer/status/1983545407389966844?s=46&amp;t=59TO4z1VG6CVW59Gr61ouQ" target="_blank">posted</a>&nbsp;on social media and said the deal showed “agricultural trade could ease tensions between Washington and Beijing, while also leveling the playing field and directly assisting hardworking American ag producers.”The American Soybean Association did not respond to a request for comment Wednesday.&nbsp;<a href="https://x.com/ohiosoybean/status/1983549232272306640?s=12" target="_blank">Ohio Soybean Association</a>&nbsp;President Rusty Goebel said on the social media platform X that farmers were “encouraged” by the “positive trade news” and said the association looks forward to additional deals and purchases.&nbsp;A representative from the Iowa Soybean Association declined to comment and said news of the purchase had not been “adequately substantiated.”&nbsp;COFCO, the Chinese company that reportedly purchased the soybeans, did not respond to a request for comment or confirmation.This story was originally produced by&nbsp;<a href="https://iowacapitaldispatch.com/2025/10/29/reports-china-buys-several-shiploads-of-u-s-soybeans-ahead-of-trump-trade-meeting/" target="_blank">Iowa Capital Dispatch</a>, which is part of States Newsroom, a nonprofit news network which includes Nebraska Examiner, and is supported by grants and a coalition of donors as a 501c(3) public charity.

Reports: China buys several shiploads of U.S. soybeans ahead of Trump trade meeting

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

Row-crop markets held near even for most of the session on Wednesday but still among the highest prices observed in months as traders remain optimistic on commodity demand but at this point are willing to wait for the long anticipated meeting on Thursday between President Trump and President Xi of China before deciding their next round of trades. In outside markets, the Federal Reserve voted Wednesday to cut interest rates by a quarter point in what was an expected move, with further cuts expected in December and again in January. Equity markets extended gains into what have become daily records over the past week on the interest rate news as well as the wide sense of trade optimism across markets.

The live cattle complex&nbsp;was finally trading higher as the market has received confirmation that, although Agriculture Secretary Brooke Rollins spoke with officials in Mexico last Friday, there is no date currently on the table to reopen the border, as New World screwworm remains a concern. This was the bullish news that the market needed to hear to trade higher following last week's catastrophic decline. This positive news helped the spot December live cattle contract turn higher, and thankfully, now the contract is trading back above the market's 100-day moving average. No new trade has developed in the fed cash cattle market, following the light business that developed Monday afternoon. So far this week, there's been some cattle traded in the North at $360, which is $9.00 lower than the previous week's weighted average. There is a chance that if the board continues to trade higher than the fed cash cattle market may see prices better than what was traded on Monday. Asking prices range anywhere from $234 to $240 in the South and are still not established in the North.

The feeder cattle complex saw the headline it needed to see to begin to put fear behind it and again trade higher. Upon receiving confirmation that the US intends to keep its border closed and does not have a date pinned down for when it intends to see the border reopened to allow Mexican cattle to be imported into the U.S., the feeder cattle complex can now again breathe easy.

Pork cutout values may be a tick higher, but the lean hog complex couldn't seem to muster up enough support to really move the contracts higher. The cash market will likely continue to trade lower as packers were extremely aggressive in Tuesday's market and won't likely need many more hogs ahead of the week's end.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/10/29141310/web-closing-markets-1.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed up 2 cents and March corn was up 3/4 cents. January soybeans closed down 3/4 cents and March soybeans were down 1 1/2 cents. December KC wheat closed up 2 3/4 cents, December Chicago wheat was up 3 1/4 cents, December Minneapolis wheat was down 1 1/4 cents.Row-crop markets held near even for most of the session on Wednesday but still among the highest prices observed in months as traders remain optimistic on commodity demand but at this point are willing to wait for the long anticipated meeting on Thursday between President Trump and President Xi of China before deciding their next round of trades. In outside markets, the Federal Reserve voted Wednesday to cut interest rates by a quarter point in what was an expected move, with further cuts expected in December and again in January. Equity markets extended gains into what have become daily records over the past week on the interest rate news as well as the wide sense of trade optimism across markets.LIVESTOCK:The live cattle complex&nbsp;was finally trading higher as the market has received confirmation that, although Agriculture Secretary Brooke Rollins spoke with officials in Mexico last Friday, there is no date currently on the table to reopen the border, as New World screwworm remains a concern. This was the bullish news that the market needed to hear to trade higher following last week's catastrophic decline. This positive news helped the spot December live cattle contract turn higher, and thankfully, now the contract is trading back above the market's 100-day moving average. No new trade has developed in the fed cash cattle market, following the light business that developed Monday afternoon. So far this week, there's been some cattle traded in the North at $360, which is $9.00 lower than the previous week's weighted average. There is a chance that if the board continues to trade higher than the fed cash cattle market may see prices better than what was traded on Monday. Asking prices range anywhere from $234 to $240 in the South and are still not established in the North.The feeder cattle complex saw the headline it needed to see to begin to put fear behind it and again trade higher. Upon receiving confirmation that the US intends to keep its border closed and does not have a date pinned down for when it intends to see the border reopened to allow Mexican cattle to be imported into the U.S., the feeder cattle complex can now again breathe easy. Pork cutout values may be a tick higher, but the lean hog complex couldn't seem to muster up enough support to really move the contracts higher. The cash market will likely continue to trade lower as packers were extremely aggressive in Tuesday's market and won't likely need many more hogs ahead of the week's end.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/10/29141310/web-closing-markets-1.mp3">Click HERE for audio</a>

South Dakota Senator Mike Rounds met recently with President Donald Trump and Secretary of Agriculture Brooke Rollins to discuss the president’s plan to import some beef from Argentina. Rounds said they agreed the U.S. needs an America First game plan that prioritizes American farmers and ranchers. Following the meeting, Rounds said he was encouraged by the president’s desire to do right by the American producer. Opening the market to even more foreign beef, which American consumers cannot differentiate because of current labeling rules, would only exacerbate the problem and hurt domestic producers. 

Implementing Mandatory Country-of-Origin Labeling would empower consumers to choose, but instead it “continues to sit on the shelf gathering dust.” Rounds said the Packers and Stockyards Act continues to be ignored, as four companies – two of which are Brazilian-owned – monopolize the beef processing market. He said that the issue cannot be resolved by displacing American beef with foreign beef. 

South Dakota Senator Mike Rounds met recently with President Donald Trump and Secretary of Agriculture Brooke Rollins to discuss the president’s plan to import some beef from Argentina. Rounds said they agreed the U.S. needs an America First game plan that prioritizes American farmers and ranchers. Following the meeting, Rounds said he was encouraged by the president’s desire to do right by the American producer. Opening the market to even more foreign beef, which American consumers cannot differentiate because of current labeling rules, would only exacerbate the problem and hurt domestic producers. Implementing Mandatory Country-of-Origin Labeling would empower consumers to choose, but instead it “continues to sit on the shelf gathering dust.” Rounds said the Packers and Stockyards Act continues to be ignored, as four companies – two of which are Brazilian-owned – monopolize the beef processing market. He said that the issue cannot be resolved by displacing American beef with foreign beef. -NAFB

Packers and Stockyards Act being ignored

As farmers continue navigating a period of tight margins and volatile markets, The Fertilizer Institute is urging policymakers to focus on practical solutions. TFI president and CEO Corey Rosenbusch said the solutions need to strengthen U.S. agriculture, expand markets for producers, and ensure farmers have access to fertilizer exactly when and where it’s needed. “America’s farmers are the most productive in the world, and we’re proud to stand with them through the challenging market conditions we are experiencing as global factors continue driving fertilizer costs,” Rosenbusch said. 

TFI listed a number of steps to accomplish its goals, including advancing a national policy to expand domestic fertilizer production, appointing a full-time USDA Fertilizer Economist to monitor market dynamics, and streamlining federal permitting and regulatory reviews to accelerate construction and modernization of fertilizer plants, mines, and infrastructure. “The input industries like fertilizer and seed all rely on strong, stable farm demand,” Rosenbusch added. 

As farmers continue navigating a period of tight margins and volatile markets, The Fertilizer Institute is urging policymakers to focus on practical solutions. TFI president and CEO Corey Rosenbusch said the solutions need to strengthen U.S. agriculture, expand markets for producers, and ensure farmers have access to fertilizer exactly when and where it’s needed. “America’s farmers are the most productive in the world, and we’re proud to stand with them through the challenging market conditions we are experiencing as global factors continue driving fertilizer costs,” Rosenbusch said. TFI listed a number of steps to accomplish its goals, including advancing a national policy to expand domestic fertilizer production, appointing a full-time USDA Fertilizer Economist to monitor market dynamics, and streamlining federal permitting and regulatory reviews to accelerate construction and modernization of fertilizer plants, mines, and infrastructure. “The input industries like fertilizer and seed all rely on strong, stable farm demand,” Rosenbusch added. -NAFB

Fertilizer Institute Wants Policy to Strengthen Input Supplies

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

President Trump finalized a deal with Japan during his visit to the country on Monday afternoon, adding fuel to the already surging row crop markets. Japan is already a significant buyer of U.S. ag products and the agreement keeps market participants optimistic that the relationship will continue to grow in terms of volumes traded. Meanwhile, energy prices have worked lower thus far this week, retesting support following last week's Russia sanction driven jump. Equity markets are higher primarily on trade optimism, as investors will turn their attention to the Federal Reserve on Wednesday for their interest rate decision, which is widely expected to be another quarter point cut.

The live cattle complex found just a smidgen of stability in Tuesday's market, as traders let the contracts trade mildly higher for portions of the session. Meanwhile, the turmoil that's shaken the cattle complex to its core is still rattling the fed cash cattle market as bids are on the table early this morning, and packers were able to get some cattle bought Monday afternoon. Asking prices are noted at $240 plus in the South but are still not established in the North. A light trade was reported by Mandatory in the North yesterday, with dressed deals showing a rather wide range of $355 to $360.

The live cattle complex may have traded higher for portions of the session, but the feeder cattle market was still trading sharply lower as the market is unsettled and uneasy without knowing what happened between Agriculture Secretary Brooke Rollins and Mexican officials in their meeting last Friday. Unfortunately, until some answers are provided or some clarity develops, it's unlikely that the market is going to trade anything but lower.

The lean hog complex continued to trade lower as the market is still disappointed in the lack of support it's seeing from consumers. And until traders see more support develop, a steady/somewhat lower trend is most likely.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/10/28142302/web-closing-markets-1.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed up 3 1/4 cents and March corn was up 1 3/4 cents. November soybeans closed up 11 cents and January soybeans were up 10 1/4 cents. December KC wheat closed up 5 3/4 cents, December Chicago wheat was up 3 cents, December Minneapolis wheat was up 1 1/2 cents.President Trump finalized a deal with Japan during his visit to the country on Monday afternoon, adding fuel to the already surging row crop markets. Japan is already a significant buyer of U.S. ag products and the agreement keeps market participants optimistic that the relationship will continue to grow in terms of volumes traded. Meanwhile, energy prices have worked lower thus far this week, retesting support following last week's Russia sanction driven jump. Equity markets are higher primarily on trade optimism, as investors will turn their attention to the Federal Reserve on Wednesday for their interest rate decision, which is widely expected to be another quarter point cut.LIVESTOCK:The live cattle complex found just a smidgen of stability in Tuesday's market, as traders let the contracts trade mildly higher for portions of the session. Meanwhile, the turmoil that's shaken the cattle complex to its core is still rattling the fed cash cattle market as bids are on the table early this morning, and packers were able to get some cattle bought Monday afternoon. Asking prices are noted at $240 plus in the South but are still not established in the North. A light trade was reported by Mandatory in the North yesterday, with dressed deals showing a rather wide range of $355 to $360.The live cattle complex may have traded higher for portions of the session, but the feeder cattle market was still trading sharply lower as the market is unsettled and uneasy without knowing what happened between Agriculture Secretary Brooke Rollins and Mexican officials in their meeting last Friday. Unfortunately, until some answers are provided or some clarity develops, it's unlikely that the market is going to trade anything but lower.The lean hog complex continued to trade lower as the market is still disappointed in the lack of support it's seeing from consumers. And until traders see more support develop, a steady/somewhat lower trend is most likely.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/10/28142302/web-closing-markets-1.mp3">Click HERE for audio</a>

Rabobank says food inflation continues to outpace overall inflation, and restaurants feel the pressure of nine straight quarters of declining traffic, but some chains are bucking the trend and growing in visits and spending. U.S. retail beef prices continue rising, with the USDA’s all-fresh beef price reaching a record $9.18 per pound in August. U.S. cattle slaughter from January through September is down 1.5 million head, a seven percent drop compared to the same period last year. 

Pork prices are still well ahead of year-ago levels and the five-year average, with cutout values of $109 per hundredweight averaging 15 percent above last year. Chicken production also continues to outpace year-ago levels, and chicken prices have also come down sharply in recent weeks. August milk production increased 3.2 percent versus last year, and at 9.52 million cows, the herd is the largest it’s been since the mid-1990s. July dairy exports were up seven percent year-over-year.

Rabobank says food inflation continues to outpace overall inflation, and restaurants feel the pressure of nine straight quarters of declining traffic, but some chains are bucking the trend and growing in visits and spending. U.S. retail beef prices continue rising, with the USDA’s all-fresh beef price reaching a record $9.18 per pound in August. U.S. cattle slaughter from January through September is down 1.5 million head, a seven percent drop compared to the same period last year. Pork prices are still well ahead of year-ago levels and the five-year average, with cutout values of $109 per hundredweight averaging 15 percent above last year. Chicken production also continues to outpace year-ago levels, and chicken prices have also come down sharply in recent weeks. August milk production increased 3.2 percent versus last year, and at 9.52 million cows, the herd is the largest it’s been since the mid-1990s. July dairy exports were up seven percent year-over-year.-NAFB

Rabobank: Food inflation outpacing overall inflation

President Donald Trump and his administration have signed trade deals with Malaysia and Cambodia,  with the Malaysian portion having an enormous economic potential for America’s pork producers. “We’re grateful to the president for increasing market access for U.S. pork to Malaysia, a country that’s been importing pork despite limited plants being eligible for export,” said NPPC President Duane Stateler. “More than 25 percent of U.S. pork production gets exported, so producers count on exports to help keep their farms afloat, especially in times of uncertainty.” 

The deal with Malaysia will open access to all U.S. facilities included in the Food Safety and Inspection Service Meat, Poultry, and Egg Inspection Directory. Pork exports to Malaysia hit record levels of over $24.5 million in 2024, a significant amount given that only eight U.S. plants are currently eligible for export. Exports to Malaysia have increased by over 1,700 percent in the last five years. 

President Donald Trump and his administration have signed trade deals with Malaysia and Cambodia, with the Malaysian portion having an enormous economic potential for America’s pork producers. “We’re grateful to the president for increasing market access for U.S. pork to Malaysia, a country that’s been importing pork despite limited plants being eligible for export,” said NPPC President Duane Stateler. “More than 25 percent of U.S. pork production gets exported, so producers count on exports to help keep their farms afloat, especially in times of uncertainty.” The deal with Malaysia will open access to all U.S. facilities included in the Food Safety and Inspection Service Meat, Poultry, and Egg Inspection Directory. Pork exports to Malaysia hit record levels of over $24.5 million in 2024, a significant amount given that only eight U.S. plants are currently eligible for export. Exports to Malaysia have increased by over 1,700 percent in the last five years. -NAFB

U.S. pork industry gets good news 

U.S. President Donald Trump announced an immediate end to trade negotiations with Canada late Thursday night. The Guardian said it’s a result of Trump’s opposition to a TV ad from Canada that quoted former president Ronald Reagan. The provincial government of Ontario paid for the ad, which uses excerpts from a 1987 speech where the former president said, “Trade barriers hurt every American worker.” 

Trump posted on social media that Canada had “fraudulently” used an advertisement which he called “fake,” and accused Canada of trying to interfere with U.S. court decisions on the tariffs. Secretary of State Marco Rubio confirmed that all trade negotiations have been suspended indefinitely. Trump also claimed that the ad was intended to influence the upcoming U.S. Supreme Court hearings on the legality of his global tariffs. Those hearings begin on November 5. The ad also quoted Reagan as saying, “The way to prosperity is working together.” 

U.S. President Donald Trump announced an immediate end to trade negotiations with Canada late Thursday night. The Guardian said it’s a result of Trump’s opposition to a TV ad from Canada that quoted former president Ronald Reagan. The provincial government of Ontario paid for the ad, which uses excerpts from a 1987 speech where the former president said, “Trade barriers hurt every American worker.” Trump posted on social media that Canada had “fraudulently” used an advertisement which he called “fake,” and accused Canada of trying to interfere with U.S. court decisions on the tariffs. Secretary of State Marco Rubio confirmed that all trade negotiations have been suspended indefinitely. Trump also claimed that the ad was intended to influence the upcoming U.S. Supreme Court hearings on the legality of his global tariffs. Those hearings begin on November 5. The ad also quoted Reagan as saying, “The way to prosperity is working together.” -NAFB

Trump terminates trade talks with Canada

In a misguided effort to lower beef prices in U.S. grocery stores, President Trump plans to increase the volume of beef imports from Argentina. The National Cattlemen’s Beef Association said efforts to manipulate markets only risk damaging the livelihoods of American producers while doing little to impact what consumers pay at the grocery store. “The U.S. already faces a deep trade imbalance with Argentina, and it will only be made worse by the President’s plan,” said NCBA CEO Colin Woodall.

 “During the past five years, Argentina has shipped more than $800 million worth of beef to the U.S., while purchasing only $7 million worth of U.S. beef.” As if that’s not enough, Argentina as a nation has a long history of foot-and-mouth disease outbreaks, and Woodall said USDA hasn’t completed the necessary steps to ensure Argentina can guarantee the safety of products being shipped here, further endangering America’s cattle herd. 

In a misguided effort to lower beef prices in U.S. grocery stores, President Trump plans to increase the volume of beef imports from Argentina. The National Cattlemen’s Beef Association said efforts to manipulate markets only risk damaging the livelihoods of American producers while doing little to impact what consumers pay at the grocery store. “The U.S. already faces a deep trade imbalance with Argentina, and it will only be made worse by the President’s plan,” said NCBA CEO Colin Woodall. “During the past five years, Argentina has shipped more than $800 million worth of beef to the U.S., while purchasing only $7 million worth of U.S. beef.” As if that’s not enough, Argentina as a nation has a long history of foot-and-mouth disease outbreaks, and Woodall said USDA hasn’t completed the necessary steps to ensure Argentina can guarantee the safety of products being shipped here, further endangering America’s cattle herd. -NAFB

U.S. already faces trade imbalance with Argentina

December corn closed up 5 cents and March corn was up 5 1/2 cents. November soybeans closed up 10 cents and January soybeans were up 12 cents. December KC wheat closed up 11 1/2 cents, December Chicago wheat was up 9 1/4 cents, December Minneapolis wheat was up 10 1/4 cents.

Corn, soybean, and wheat markets all enjoyed higher sessions for Thursday, with the wheat market taking a rare position as the daily leader, as sub-$5.00 prices for nearby Kansas City futures may finally be incentivizing some short covering amongst traders. Meanwhile, U.S. and Chinese officials are set to meet in Malaysia this weekend to hopefully set the stage for the long-anticipated meeting between Presidents Trump and Xi at the end of the month. Outside markets for Thursday were very supportive of Ag futures, especially from an energies standpoint, with crude oil futures launching higher on fresh U.S. sanctions against Russia's biggest oil producers.

Now that the live cattle industry has had time to see and absorb Agriculture Secretary Brooke Rollins plan to revitalize the U.S. beef herd, the market was back to trading higher as traders and industry experts saw no real issue with the proposal. There are some bids beginning to hit the market as packers have offered $238 live in Nebraska and $370 dressed in Nebraska. But at this time, no major sales have been reported. Asking prices are still not established in the North but are now listed in the South at $243 plus. Packer interest could improve later this afternoon, but it's most likely that trade is delayed until Friday as feedlot managers are going to try to see prices trade higher again this week.

The feeder cattle complex is still trading sorely lower, as it remains uneasy with the cattle complex being a hot ticket item this week for the President. The spot November contract is nearing the market's 40-day moving average, which would be a bad threshold to cross for the market as it could signal more downward pressure.

With pork cutout values lower again today, it comes as no real surprise that the lean hog complex is trading lower yet again. Unfortunately, it's most likely that the market will continue to trade sideways/somewhat lower throughout the remainder of the week as support is expected to significantly change ahead of the week's end.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/10/23135446/web-closing-markets-1.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed up 5 cents and March corn was up 5 1/2 cents. November soybeans closed up 10 cents and January soybeans were up 12 cents. December KC wheat closed up 11 1/2 cents, December Chicago wheat was up 9 1/4 cents, December Minneapolis wheat was up 10 1/4 cents.Corn, soybean, and wheat markets all enjoyed higher sessions for Thursday, with the wheat market taking a rare position as the daily leader, as sub-$5.00 prices for nearby Kansas City futures may finally be incentivizing some short covering amongst traders. Meanwhile, U.S. and Chinese officials are set to meet in Malaysia this weekend to hopefully set the stage for the long-anticipated meeting between Presidents Trump and Xi at the end of the month. Outside markets for Thursday were very supportive of Ag futures, especially from an energies standpoint, with crude oil futures launching higher on fresh U.S. sanctions against Russia's biggest oil producers.LIVESTOCK:Now that the live cattle industry has had time to see and absorb Agriculture Secretary Brooke Rollins plan to revitalize the U.S. beef herd, the market was back to trading higher as traders and industry experts saw no real issue with the proposal. There are some bids beginning to hit the market as packers have offered $238 live in Nebraska and $370 dressed in Nebraska. But at this time, no major sales have been reported. Asking prices are still not established in the North but are now listed in the South at $243 plus. Packer interest could improve later this afternoon, but it's most likely that trade is delayed until Friday as feedlot managers are going to try to see prices trade higher again this week.The feeder cattle complex is still trading sorely lower, as it remains uneasy with the cattle complex being a hot ticket item this week for the President. The spot November contract is nearing the market's 40-day moving average, which would be a bad threshold to cross for the market as it could signal more downward pressure.With pork cutout values lower again today, it comes as no real surprise that the lean hog complex is trading lower yet again. Unfortunately, it's most likely that the market will continue to trade sideways/somewhat lower throughout the remainder of the week as support is expected to significantly change ahead of the week's end.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/10/23135446/web-closing-markets-1.mp3">Click HERE for audio</a>

For the past year, the drumbeat across cattle country has been lower herd numbers, market fluctuations and rising input costs. Total beef supply tightened by 3% and beef retail prices climbed to an average of $8 per pound. Yet consumer demand for beef surged to a 40-year high. Despite the challenges, Certified Angus Beef (CAB) sales reached 1.235 billion pounds globally, marking it one of the brand’s strongest years in history. 

“The brand’s success this year is the direct result of the hard work and innovation across our entire beef community,” says John Stika, CAB president. “It’s their intentional efforts to win with Certified Angus Beef year in and year out that have allowed this brand to thrive over 47 years.” This year marks the brand’s third-best year, with a record-setting month in November and the brand’s all-time best sales month in March. April and May followed with strength heading into grilling season, landing in the brand’s top 10 for monthly sales.

For the past year, the drumbeat across cattle country has been lower herd numbers, market fluctuations and rising input costs. Total beef supply tightened by 3% and beef retail prices climbed to an average of $8 per pound. Yet consumer demand for beef surged to a 40-year high. Despite the challenges, Certified Angus Beef (CAB) sales reached 1.235 billion pounds globally, marking it one of the brand’s strongest years in history. “The brand’s success this year is the direct result of the hard work and innovation across our entire beef community,” says John Stika, CAB president. “It’s their intentional efforts to win with Certified Angus Beef year in and year out that have allowed this brand to thrive over 47 years.” This year marks the brand’s third-best year, with a record-setting month in November and the brand’s all-time best sales month in March. April and May followed with strength heading into grilling season, landing in the brand’s top 10 for monthly sales.-NAFB

Despite challenges, beef demand at 40-Year high

The American Petroleum Institute (API) on Tuesday urged congressional leadership to adopt a more balanced and up-to-date approach to E15 legislation, warning the current proposal no longer reflects today's fuel market realities. In a letter to Senate Majority Leader John Thune, Senate Minority Leader Charles Schumer, Speaker of the House Mike Johnson and House Minority Leader Hakeem Jeffries, API President and CEO Mike Sommers said sweeping changes to federal biofuel policy, state volatility mandates, and market conditions have upended the fuels landscape, prompting API to oppose the Nationwide Consumer and Fuel Retailer Choice Act of 2025 in its current form. 

The letter details how recent changes to federal tax rules, EPA decisions, and state-level policy reversals have imposed new costs on refiners and disrupted the fuels marketplace. Sommers urged lawmakers to pursue a holistic and balanced approach to E15 that supports consumer choice while maintaining reliable, affordable fuel supply. 

The American Petroleum Institute (API) on Tuesday urged congressional leadership to adopt a more balanced and up-to-date approach to E15 legislation, warning the current proposal no longer reflects today's fuel market realities. In a letter to Senate Majority Leader John Thune, Senate Minority Leader Charles Schumer, Speaker of the House Mike Johnson and House Minority Leader Hakeem Jeffries, API President and CEO Mike Sommers said sweeping changes to federal biofuel policy, state volatility mandates, and market conditions have upended the fuels landscape, prompting API to oppose the Nationwide Consumer and Fuel Retailer Choice Act of 2025 in its current form. The letter details how recent changes to federal tax rules, EPA decisions, and state-level policy reversals have imposed new costs on refiners and disrupted the fuels marketplace. Sommers urged lawmakers to pursue a holistic and balanced approach to E15 that supports consumer choice while maintaining reliable, affordable fuel supply. -NAFB

API calls for balanced E15 policy amid shifting market realities

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

Row crop futures were mostly higher on Wednesday in a very quiet session for the most part, with prices recovering from a brief pause in the bounce seen on Tuesday. A combination of easing harvest pressure and strong demand ideas is keeping markets well supported, although significant technical challenges await just above current prices. Outside markets leaned mostly positive, with a softer U.S. Dollar and firmer energy markets.

It was a dismal day for the live cattle complex as the market saw little fundamental support arise in the marketplace this week to help assure traders that they should confidently push the contracts back higher. Not to mention, the market seems to be sitting on its hands waiting for Agriculture Secretary Brooke Rollins to share more details about what the Trump administration plans to do to restore and revitalize the beef cow herd in America. Her announcement is expected to come sometime later this week. There's been nothing to develop yet in the fed cash cattle market, although it is assumed that again this week, prices will trade steady if not a little higher. Yes, packers were able to secure a sizeable volume just last week, but the fact remains that the market is only going to see supplies tighten through the remainder of 2025 and into 2026.

The live cattle complex may have traded lower, but the feeder cattle market has completely rocked back on its heels, seeming to grit its teeth until there's more clarity on what US Ag Secretary Brooke Rollins has to say. The feeder cattle complex has seen all-time, record-breaking prices within the last year as limited supplies have forced feedlots to bid more aggressively for calves and feeders. More than anything, the feeder cattle complex seems unhinged as the market is concerned that the plan could negatively affect these historic prices.

The lean hog complex continued to trade mixed as the nearby contracts need to see more immediate fundamental support before traders will confidently advance any of those contracts, but the deferred months traded higher, as traders believe that support should increase when supplies tighten in the coming months. Yes, pork cutout values were up this morning, but traders need to see more than one day's worth of higher trade before they'll feel supported.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/10/22135439/web-closing-markets.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed up 3 1/4 cents and March corn was up 2 cents. November soybeans closed up 4 cents and January soybeans were up 1 1/2 cents. December KC wheat closed up 3 1/2 cents, December Chicago wheat was up 3 1/2 cents, December Minneapolis wheat was up 3 cents.Row crop futures were mostly higher on Wednesday in a very quiet session for the most part, with prices recovering from a brief pause in the bounce seen on Tuesday. A combination of easing harvest pressure and strong demand ideas is keeping markets well supported, although significant technical challenges await just above current prices. Outside markets leaned mostly positive, with a softer U.S. Dollar and firmer energy markets.LIVESTOCK:It was a dismal day for the live cattle complex as the market saw little fundamental support arise in the marketplace this week to help assure traders that they should confidently push the contracts back higher. Not to mention, the market seems to be sitting on its hands waiting for Agriculture Secretary Brooke Rollins to share more details about what the Trump administration plans to do to restore and revitalize the beef cow herd in America. Her announcement is expected to come sometime later this week. There's been nothing to develop yet in the fed cash cattle market, although it is assumed that again this week, prices will trade steady if not a little higher. Yes, packers were able to secure a sizeable volume just last week, but the fact remains that the market is only going to see supplies tighten through the remainder of 2025 and into 2026.The live cattle complex may have traded lower, but the feeder cattle market has completely rocked back on its heels, seeming to grit its teeth until there's more clarity on what US Ag Secretary Brooke Rollins has to say. The feeder cattle complex has seen all-time, record-breaking prices within the last year as limited supplies have forced feedlots to bid more aggressively for calves and feeders. More than anything, the feeder cattle complex seems unhinged as the market is concerned that the plan could negatively affect these historic prices.The lean hog complex continued to trade mixed as the nearby contracts need to see more immediate fundamental support before traders will confidently advance any of those contracts, but the deferred months traded higher, as traders believe that support should increase when supplies tighten in the coming months. Yes, pork cutout values were up this morning, but traders need to see more than one day's worth of higher trade before they'll feel supported.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/10/22135439/web-closing-markets.mp3">Click HERE for audio</a>

Groups like the National Cattlemen’s Beef Association have expressed significant concerns about President Donald Trump’s plan to buy beef from Argentina to lower the price of beef for U.S. consumers. “Argentina has a history of Foot and Mouth Disease,” said NCBA CEO Colin Woodall. “Consumer demand remains strong because of the work producers have done to improve the quality and safety of U.S. beef.” Rob Larew, president of the National Farmers Union, said lowering beef prices for consumers starts with restoring fairness in the marketplace. 

“Plus, the White House bailed out Argentina with $40 billion in taxpayer-backed aid, and Argentina responded by striking new deals to sell soybeans to China.” American Farm Bureau President Zippy Duvall said adverse weather and low cattle prices drove herd numbers to levels not seen in decades. “Weaker cattle prices are the last thing needed in farm country as farmers consider investing to rebuild their herds,” Duvall said.  

Groups like the National Cattlemen’s Beef Association have expressed significant concerns about President Donald Trump’s plan to buy beef from Argentina to lower the price of beef for U.S. consumers. “Argentina has a history of Foot and Mouth Disease,” said NCBA CEO Colin Woodall. “Consumer demand remains strong because of the work producers have done to improve the quality and safety of U.S. beef.” Rob Larew, president of the National Farmers Union, said lowering beef prices for consumers starts with restoring fairness in the marketplace. “Plus, the White House bailed out Argentina with $40 billion in taxpayer-backed aid, and Argentina responded by striking new deals to sell soybeans to China.” American Farm Bureau President Zippy Duvall said adverse weather and low cattle prices drove herd numbers to levels not seen in decades. “Weaker cattle prices are the last thing needed in farm country as farmers consider investing to rebuild their herds,” Duvall said. -NAFB

Groups react to beef imports from Argentina

The National Corn Growers Association is pointing to California as an example of what could be achieved around the country after the state enacted a law extending access to E15 fuels. It’s estimated that if consumers had been able to access E15 in California during 2025, it would have created a demand for close to 250 million additional bushels of corn, which would represent 12 percent of the expected excess corn supply this year. 

“The sheer buying power of the millions of people on the road in California promises to increase demand for corn in ethanol, which is good news for the nation’s corn growers,” said NCGA President Joe Bower. “Now we want to see Congress act to extend access to year-round E15 to every state in the country.” He added that “Farmers see what’s possible with California’s new law, and it’s time for Congress to follow suit.”

The National Corn Growers Association is pointing to California as an example of what could be achieved around the country after the state enacted a law extending access to E15 fuels. It’s estimated that if consumers had been able to access E15 in California during 2025, it would have created a demand for close to 250 million additional bushels of corn, which would represent 12 percent of the expected excess corn supply this year. “The sheer buying power of the millions of people on the road in California promises to increase demand for corn in ethanol, which is good news for the nation’s corn growers,” said NCGA President Joe Bower. “Now we want to see Congress act to extend access to year-round E15 to every state in the country.” He added that “Farmers see what’s possible with California’s new law, and it’s time for Congress to follow suit.”-NAFB

California E15 mandate good for the U.S.

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

Ag futures took a breather following a strong four day run up in prices as traders are content at this point to pause and reevaluate positions ahead of the end of U.S. harvest and the upcoming trade meeting between President Trump and President Xi of China. Technical resistance in the row crop markets likely also played a role in incentivizing some selling on Tuesday. For outside markets, the most notable storyline for Tuesday was the sudden and volatile reversal in gold futures, reported by the Wall Street Journal to be among the largest single day loss in over a decade, just one session removed from setting yet another record high as profit-taking seemed to morph into compounding fear induced selling as the session wore on. This was a source of widespread pressure on commodities for Tuesday, and agricultural markets were no exception.

Although the live cattle complex originally started the day off weaker, the market changed its direction and again traded higher into the day's closing bell. The market continues to recover some of the position lost last Friday as traders believe that the market's fundamentals will continue to support the market's bullish underpinning. Still no developments have occurred in the fed cash cattle market, and trade will likely be delayed until the second half of the week.

The feeder cattle complex also traded higher into Tuesday's close, but the market isn't doing so wildly. The feeder cattle contracts were trading around $1.00 higher throughout most of the contracts, through most of the session, seeming to keep right in line with the live cattle market's pace, but not storming $3.00 to $5.00 higher like the contracts did just a couple of weeks ago. More than anything, traders seem to respect and acknowledge the strong fundamental position, but at the same time, they see and are keenly aware of the technical risk that lingers.

The lean hog complex was trading higher as well into Tuesday's close, as the market is potentially finding somewhat of a bottom in the futures complex. After trailing mostly lower since late September, the lean hog complex could be establishing a support plane.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/10/21140541/web-closing-markets.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed down 3 1/2 cents and March corn was down 3 1/4 cents. November soybeans closed down 1 cent and January soybeans were down 1 1/2 cents. December KC wheat closed down 5 cents, December Chicago wheat was down 4 1/2 cents, December Minneapolis wheat was down 3 3/4 cents.Ag futures took a breather following a strong four day run up in prices as traders are content at this point to pause and reevaluate positions ahead of the end of U.S. harvest and the upcoming trade meeting between President Trump and President Xi of China. Technical resistance in the row crop markets likely also played a role in incentivizing some selling on Tuesday. For outside markets, the most notable storyline for Tuesday was the sudden and volatile reversal in gold futures, reported by the Wall Street Journal to be among the largest single day loss in over a decade, just one session removed from setting yet another record high as profit-taking seemed to morph into compounding fear induced selling as the session wore on. This was a source of widespread pressure on commodities for Tuesday, and agricultural markets were no exception.LIVESTOCK:Although the live cattle complex originally started the day off weaker, the market changed its direction and again traded higher into the day's closing bell. The market continues to recover some of the position lost last Friday as traders believe that the market's fundamentals will continue to support the market's bullish underpinning. Still no developments have occurred in the fed cash cattle market, and trade will likely be delayed until the second half of the week.The feeder cattle complex also traded higher into Tuesday's close, but the market isn't doing so wildly. The feeder cattle contracts were trading around $1.00 higher throughout most of the contracts, through most of the session, seeming to keep right in line with the live cattle market's pace, but not storming $3.00 to $5.00 higher like the contracts did just a couple of weeks ago. More than anything, traders seem to respect and acknowledge the strong fundamental position, but at the same time, they see and are keenly aware of the technical risk that lingers. The lean hog complex was trading higher as well into Tuesday's close, as the market is potentially finding somewhat of a bottom in the futures complex. After trailing mostly lower since late September, the lean hog complex could be establishing a support plane. <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/10/21140541/web-closing-markets.mp3">Click HERE for audio</a>

The government shutdown and resulting absence of USDA data has left a big void in the volatile grain and oilseed markets. In order to fill the gap, Farm Journal conducted a survey to get an update on yields and harvest progress as well as other topics on the minds of producers. The biggest takeaway is that U.S. corn yields are estimated to be lower compared with USDA’s September estimates in six of the seven Pro Farmer Crop Tour states. 

Due to disease pressure and dry weather, the 2025 national yield could be lower than the 2024 average of 179.3 bushels. As of mid-October, yields are steady to lower for 74 percent of the respondents from the Crop Tour states. That’s a long way from the higher production for each state’s estimate in USDA’s September Crop Production Report. The biggest decline appears to be in Illinois, down seven percent from September. 

The government shutdown and resulting absence of USDA data has left a big void in the volatile grain and oilseed markets. In order to fill the gap, Farm Journal conducted a survey to get an update on yields and harvest progress as well as other topics on the minds of producers. The biggest takeaway is that U.S. corn yields are estimated to be lower compared with USDA’s September estimates in six of the seven Pro Farmer Crop Tour states. Due to disease pressure and dry weather, the 2025 national yield could be lower than the 2024 average of 179.3 bushels. As of mid-October, yields are steady to lower for 74 percent of the respondents from the Crop Tour states. That’s a long way from the higher production for each state’s estimate in USDA’s September Crop Production Report. The biggest decline appears to be in Illinois, down seven percent from September. -NAFB

Farm Journal survey says corn yields are decreasing

A new report from Mizhuo investment bank said potash and phosphate fell last week, while nitrogen was mostly unchanged. The price of potash in New Orleans fell about 1.5 percent to $328 per ton, while Midwest costs declined 0.7 percent to $373 a ton. The report said phosphate prices dropped slightly to $851 a ton. “Phosphate affordability is at its lowest level since 2008, and continues to raise concerns about demand referral and destruction,” the report said. 

Nitrogen prices were mostly unchanged last week at about $376 a ton in New Orleans and $435 per ton in the Midwest. “Supply disruptions and delays in capacities coming online have led to higher ammonia prices, with the benchmark Tampa price recently settled up $40 in October following a $53-per-metric-ton increase in September." Despite some volatility and recent declines, overall fertilizer prices are still considered high compared to long-term averages.

A new report from Mizhuo investment bank said potash and phosphate fell last week, while nitrogen was mostly unchanged. The price of potash in New Orleans fell about 1.5 percent to $328 per ton, while Midwest costs declined 0.7 percent to $373 a ton. The report said phosphate prices dropped slightly to $851 a ton. “Phosphate affordability is at its lowest level since 2008, and continues to raise concerns about demand referral and destruction,” the report said. Nitrogen prices were mostly unchanged last week at about $376 a ton in New Orleans and $435 per ton in the Midwest. “Supply disruptions and delays in capacities coming online have led to higher ammonia prices, with the benchmark Tampa price recently settled up $40 in October following a $53-per-metric-ton increase in September." Despite some volatility and recent declines, overall fertilizer prices are still considered high compared to long-term averages.-NAFB

Weekly phosphate, potash prices fall

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

December corn closed up 9 1/2 cents and March corn was up 7 1/2 cents. November soybeans closed up 12 3/4 cents and January soybeans were up 13 1/2 cents. December KC wheat closed up 8 1/2 cents, December Chicago wheat was up 5 1/4 cents and December Minneapolis wheat was down 3 1/4 cents.

Corn, soy, and wheat markets continued their weekly recovery efforts, gaining back losses from last week's trade-war-induced selloff. President Trump said early Friday he still plans to meet with China's President Xi in South Korea at the end of the month, ahead of a Nov. 1 target date to potentially raise tariffs against China in response to recent restrictions imposed on rare-earth exports by China. This is providing some optimism to traders that, as was the case through the summer, an extension of the previous "trade truce" will be achieved, although how soybeans and other key ag exports will fare in any such agreement remains in the balance. Stock indices were higher following the president's comments, while higher gasoline and diesel prices for Friday also supported corn and soy futures.

It was a tumultuous session for the live cattle complex, as the market opened in a panicked manner, as on Thursday afternoon, President Trump shared that the administration is going to do something about beef prices being too high. Although no specific details have been shared just yet, there's a belief that some sort of deal could have been done with Argentina, as President Trump just met with their President, Javier Milei, at the White House. This comes at such an un-opportunistic time as the fed cash cattle market is trading anywhere from $5.00 to $9.00 higher, which should have a bolstering effect on the market, but this looming news has clouded that positive fundamental achievement. This news development has been gut-wrenching for the market as the cattle complex was just in the middle of adding another record-breaking high to the complex's already impressive rally, but this development has completely shaken the complex.

It comes as no real surprise that the news from President Trump about a potential fix on beef prices being too high sent the feeder cattle complex limit lower in all of its contracts except the soon-to-expire October 2025 contract. This news development has been gut-wrenching for the market as the cattle complex was just in the middle of adding another record-breaking high to the complex's already impressive rally, but this development has completely shaken the complex.

The lean hog complex traded mostly higher, although a couple of the nearby contracts traded slightly lower. The market's positive turn could be partly because of the uptick in pork cutout prices, but it could also be that traders believe the market has traded lower enough for the time being.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/10/17141317/web-closing-markets.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed up 3/4 of a cent and March corn was up 1 cent. November soybeans closed up 8 3/4 cents and January soybeans were up 8 1/4 cents. December KC wheat closed up 2 3/4 cents, December Chicago wheat was up 1 1/4 cents, December Minneapolis wheat was down 1 cent.For the Week:December corn closed up 9 1/2 cents and March corn was up 7 1/2 cents. November soybeans closed up 12 3/4 cents and January soybeans were up 13 1/2 cents. December KC wheat closed up 8 1/2 cents, December Chicago wheat was up 5 1/4 cents and December Minneapolis wheat was down 3 1/4 cents.Corn, soy, and wheat markets continued their weekly recovery efforts, gaining back losses from last week's trade-war-induced selloff. President Trump said early Friday he still plans to meet with China's President Xi in South Korea at the end of the month, ahead of a Nov. 1 target date to potentially raise tariffs against China in response to recent restrictions imposed on rare-earth exports by China. This is providing some optimism to traders that, as was the case through the summer, an extension of the previous "trade truce" will be achieved, although how soybeans and other key ag exports will fare in any such agreement remains in the balance. Stock indices were higher following the president's comments, while higher gasoline and diesel prices for Friday also supported corn and soy futures.LIVESTOCK:It was a tumultuous session for the live cattle complex, as the market opened in a panicked manner, as on Thursday afternoon, President Trump shared that the administration is going to do something about beef prices being too high. Although no specific details have been shared just yet, there's a belief that some sort of deal could have been done with Argentina, as President Trump just met with their President, Javier Milei, at the White House. This comes at such an un-opportunistic time as the fed cash cattle market is trading anywhere from $5.00 to $9.00 higher, which should have a bolstering effect on the market, but this looming news has clouded that positive fundamental achievement. This news development has been gut-wrenching for the market as the cattle complex was just in the middle of adding another record-breaking high to the complex's already impressive rally, but this development has completely shaken the complex.It comes as no real surprise that the news from President Trump about a potential fix on beef prices being too high sent the feeder cattle complex limit lower in all of its contracts except the soon-to-expire October 2025 contract. This news development has been gut-wrenching for the market as the cattle complex was just in the middle of adding another record-breaking high to the complex's already impressive rally, but this development has completely shaken the complex. The lean hog complex traded mostly higher, although a couple of the nearby contracts traded slightly lower. The market's positive turn could be partly because of the uptick in pork cutout prices, but it could also be that traders believe the market has traded lower enough for the time being. <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/10/17141317/web-closing-markets.mp3">Click HERE for audio</a>