Corn futures were higher Friday. Soybean futures were also higher; wheat futures were mixed at best on the session. The U.S. stock market was firmer, with the S&amp;P higher. The U.S. Dollar Index was slightly lower. The interest rate products were flat. Energy trade was firmer with crude oil and natural gas both trading higher. Precious metals were firmer with gold up 37.00.

The live cattle complex was still sporting a fruitful rally into Friday's close, as traders seem to be again believing in the market's bullish long-term fundamentals despite plenty of volatility over the last month. There was some light cash cattle trade reported in the South at $220, which is roughly $5.00 higher than the business that developed earlier in the week, but still $2.00 to $4.00 lower than last week's weighted average. No new dressed cattle trade has developed at this point. Earlier in the week, Northern dressed cattle were trading at mostly $330, which is $13.00 lower than last week's weighted average. Boxed beef prices are lower: choice down $1.39 ($366.89) and select down $5.13 ($350.38) with a movement of 60 loads (46.58 loads of choice, 2.89 loads of select, 5.35 loads of trim and 4.79 loads of ground beef).

The feeder cattle contracts saw the biggest day of gains as some of the contracts were up their daily trading limit, up $9.25. Helping spur this positive momentum was the interview shared with Agriculture Secretary Brooke Rollins, where she discussed several important issues, such as the border. The main points she stated about the border's reopening (when it does happen) are that not all of the ports will reopen at once, and that it will be a slow and methodical process, and the market will not see a million imported cattle show up overnight, which was a major relief to hear.

The lean hog complex traded along both sides of steady as the market looks for continued reassurance following Wednesday's dramatic rally. There's been very little interest this week in the cash hog market, but pork cutout values are again up slightly.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/28124311/web-closing-markets-2.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:Corn futures were higher Friday. Soybean futures were also higher; wheat futures were mixed at best on the session. The U.S. stock market was firmer, with the S&amp;P higher. The U.S. Dollar Index was slightly lower. The interest rate products were flat. Energy trade was firmer with crude oil and natural gas both trading higher. Precious metals were firmer with gold up 37.00.LIVESTOCK:The live cattle complex was still sporting a fruitful rally into Friday's close, as traders seem to be again believing in the market's bullish long-term fundamentals despite plenty of volatility over the last month. There was some light cash cattle trade reported in the South at $220, which is roughly $5.00 higher than the business that developed earlier in the week, but still $2.00 to $4.00 lower than last week's weighted average. No new dressed cattle trade has developed at this point. Earlier in the week, Northern dressed cattle were trading at mostly $330, which is $13.00 lower than last week's weighted average. Boxed beef prices are lower: choice down $1.39 ($366.89) and select down $5.13 ($350.38) with a movement of 60 loads (46.58 loads of choice, 2.89 loads of select, 5.35 loads of trim and 4.79 loads of ground beef).The feeder cattle contracts saw the biggest day of gains as some of the contracts were up their daily trading limit, up $9.25. Helping spur this positive momentum was the interview shared with Agriculture Secretary Brooke Rollins, where she discussed several important issues, such as the border. The main points she stated about the border's reopening (when it does happen) are that not all of the ports will reopen at once, and that it will be a slow and methodical process, and the market will not see a million imported cattle show up overnight, which was a major relief to hear.The lean hog complex traded along both sides of steady as the market looks for continued reassurance following Wednesday's dramatic rally. There's been very little interest this week in the cash hog market, but pork cutout values are again up slightly.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/28124311/web-closing-markets-2.mp3">Click HERE for audio</a>

Commodity markets daily recap

As the holidays are here, bird flu is once again infecting commercial and backyard poultry flocks. Civil Eats reports that the flu has infected and killed more than 8.9 million turkeys, chickens, and ducks in the U.S. since September. The report said consumers are unlikely to feel a price squeeze during the holidays. For example, a 50-state survey from the American Farm Bureau found retail prices for frozen turkeys were down by 16 percent compared to last year. That’s even though wholesale prices are up 40 percent, with retailers often selling turkeys as loss-leaders. 

The USDA’s Animal and Plant Health Inspection Service reports that 93 flocks have been tested and confirmed with HPAI infection. That includes 43 commercial flocks, 50 backyard flocks, and has affected 1.67 million birds across all the infected premises. Reuters reported that the risk of infection in the public remains low.

As the holidays are here, bird flu is once again infecting commercial and backyard poultry flocks. Civil Eats reports that the flu has infected and killed more than 8.9 million turkeys, chickens, and ducks in the U.S. since September. The report said consumers are unlikely to feel a price squeeze during the holidays. For example, a 50-state survey from the American Farm Bureau found retail prices for frozen turkeys were down by 16 percent compared to last year. That’s even though wholesale prices are up 40 percent, with retailers often selling turkeys as loss-leaders. The USDA’s Animal and Plant Health Inspection Service reports that 93 flocks have been tested and confirmed with HPAI infection. That includes 43 commercial flocks, 50 backyard flocks, and has affected 1.67 million birds across all the infected premises. Reuters reported that the risk of infection in the public remains low.-NAFB

More bird flu ahead of the holiday season

Ag Secretary Brooke Rollins said her agency intends to purchase up to $30 million in fresh fruit from American farmers and producers to distribute to food banks and nutrition assistance programs across the country. These purchases are being made through Section 32 of the Agriculture Act of 1935 and will assist producers and communities in need. “Certain commodities are experiencing a surplus, and USDA is ensuring these crops do not go to waste and instead go to Americans in need across the country,” Rollins said. “These fresh fruits will reach those in need, boosting healthier options for Americans at food banks across the country, all while benefiting American farmers facing unfair actions from foreign competitors.”

 The USDA’s Agricultural Marketing Service will purchase $15 million in fresh oranges, $10 million in grapefruit, and $5 million worth of mandarins. The AMS purchases a variety of domestically-produced agricultural products on an ongoing basis.&nbsp;

Ag Secretary Brooke Rollins said her agency intends to purchase up to $30 million in fresh fruit from American farmers and producers to distribute to food banks and nutrition assistance programs across the country. These purchases are being made through Section 32 of the Agriculture Act of 1935 and will assist producers and communities in need. “Certain commodities are experiencing a surplus, and USDA is ensuring these crops do not go to waste and instead go to Americans in need across the country,” Rollins said. “These fresh fruits will reach those in need, boosting healthier options for Americans at food banks across the country, all while benefiting American farmers facing unfair actions from foreign competitors.” The USDA’s Agricultural Marketing Service will purchase $15 million in fresh oranges, $10 million in grapefruit, and $5 million worth of mandarins. The AMS purchases a variety of domestically-produced agricultural products on an ongoing basis.&nbsp;-NAFB

USDA announces $30 million food purchase

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

Row-crop futures posted respectable gains in a breakout session from what had been a narrow range for prices through the holiday week. Seasonality is certainly on the side of the bulls for now as traders also are anticipating U.S. production estimates will fall again from November figures when USDA revisits the supply side of the balance sheet in January. Meanwhile, strong demand ideas are working to keep a floor under prices as well. Outside markets for Wednesday saw firmer equities as indices are heading toward a retracement of last week's AI bubble fear induced selloff. Energy prices were mixed with crude oil futures higher but among 2025 lows, and diesel prices continuing to fall sharply from last week's highs.

Wednesday's rally in the live cattle complex could be in part due to the interview that Lonesome Lands shared with Agriculture Secretary Brooke Rollins. A couple of major points were discussed in the interview: Rollins stated that when the U.S.-Mexico border reopens, not all ports will reopen at once and that "you will not see 1 million head of cattle show up overnight, it's going to be a slow and gradual process." Rollins also stated the port in Arizona is likely to reopen first as it's furthest away from any detected New World screwworm. Rollins also stated there's not an ag industry that she's more bullish about than cattle. No new cash cattle trade has been reported, but bids are on the table in Kansas at $215. On Tuesday, some trade developed in the North at $330, which is $15.00 lower than last week's weighted average. Although there have not been many cattle traded in the South, a handful of deals were marked at $215, which is $7.00 to $9.00 lower than last week's weighted average. Boxed beef prices are mixed: choice down $1.45 ($368.64) and select up $2.55 ($358.48) with a movement of 115 loads (76.90 loads of choice, 10.97 loads of select, 12.76 loads of trim and 14.74 loads of ground beef).

The feeder cattle complex also traded notably higher (mostly $7.00 to $8.00 higher) as the market is pleased to hear positive news from Ag Secretary Brooke Rollins. So long as the live cattle contracts continue to trade higher through Wednesday's close, it's likely feeder cattle contracts will as well.

The lean hog complex also traded higher as the market is pleased to note a slight bump in pork demand and is likely receiving a little extra spill-over support from the cattle complex. Packers have made it bluntly clear that they don't need many hogs this week.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/26140616/web-closing-markets-2.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:March corn closed up 7 cents and May corn was up 6 1/4 cents. January soybeans closed up 6 3/4 cents and March soybeans were up 6 cents. March KC wheat closed up 1 3/4 cents, March Chicago wheat was up 1 1/4 cents, March Minneapolis wheat was down 2 1/4 cents.Row-crop futures posted respectable gains in a breakout session from what had been a narrow range for prices through the holiday week. Seasonality is certainly on the side of the bulls for now as traders also are anticipating U.S. production estimates will fall again from November figures when USDA revisits the supply side of the balance sheet in January. Meanwhile, strong demand ideas are working to keep a floor under prices as well. Outside markets for Wednesday saw firmer equities as indices are heading toward a retracement of last week's AI bubble fear induced selloff. Energy prices were mixed with crude oil futures higher but among 2025 lows, and diesel prices continuing to fall sharply from last week's highs.LIVESTOCK:Wednesday's rally in the live cattle complex could be in part due to the interview that Lonesome Lands shared with Agriculture Secretary Brooke Rollins. A couple of major points were discussed in the interview: Rollins stated that when the U.S.-Mexico border reopens, not all ports will reopen at once and that "you will not see 1 million head of cattle show up overnight, it's going to be a slow and gradual process." Rollins also stated the port in Arizona is likely to reopen first as it's furthest away from any detected New World screwworm. Rollins also stated there's not an ag industry that she's more bullish about than cattle. No new cash cattle trade has been reported, but bids are on the table in Kansas at $215. On Tuesday, some trade developed in the North at $330, which is $15.00 lower than last week's weighted average. Although there have not been many cattle traded in the South, a handful of deals were marked at $215, which is $7.00 to $9.00 lower than last week's weighted average. Boxed beef prices are mixed: choice down $1.45 ($368.64) and select up $2.55 ($358.48) with a movement of 115 loads (76.90 loads of choice, 10.97 loads of select, 12.76 loads of trim and 14.74 loads of ground beef).The feeder cattle complex also traded notably higher (mostly $7.00 to $8.00 higher) as the market is pleased to hear positive news from Ag Secretary Brooke Rollins. So long as the live cattle contracts continue to trade higher through Wednesday's close, it's likely feeder cattle contracts will as well.The lean hog complex also traded higher as the market is pleased to note a slight bump in pork demand and is likely receiving a little extra spill-over support from the cattle complex. Packers have made it bluntly clear that they don't need many hogs this week.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/26140616/web-closing-markets-2.mp3">Click HERE for audio</a>

Data from the USDA said that inspections of soybeans and corn for offshore delivery declined week to week, while wheat assessments increased during the week ending on November 20. Soybean inspections were reported at almost 800,000 metric tons, down from the 1.21 million tons inspected during the previous week. That’s also well below the 2.12 million tons assessed during the same week last year. 

Examinations of corn for overseas delivery dropped to 1.63 million metric tons, down from 2.97 million tons the previous week, but up from 1.01 million tons at the same point during the prior year. Wheat inspections rose to 474,530 metric tons, up from 246,533 tons the previous week and the 366,000 tons a year earlier. Since the marketing year began, the government has inspected 17.5 million metric tons of corn, and soybean assessments are at 10.9 million metric tons. Marketing-year wheat inspections reached 10.7 million tons.

Data from the USDA said that inspections of soybeans and corn for offshore delivery declined week to week, while wheat assessments increased during the week ending on November 20. Soybean inspections were reported at almost 800,000 metric tons, down from the 1.21 million tons inspected during the previous week. That’s also well below the 2.12 million tons assessed during the same week last year. Examinations of corn for overseas delivery dropped to 1.63 million metric tons, down from 2.97 million tons the previous week, but up from 1.01 million tons at the same point during the prior year. Wheat inspections rose to 474,530 metric tons, up from 246,533 tons the previous week and the 366,000 tons a year earlier. Since the marketing year began, the government has inspected 17.5 million metric tons of corn, and soybean assessments are at 10.9 million metric tons. Marketing-year wheat inspections reached 10.7 million tons.-NAFB

Weekly exports of soybeans and corn decline

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 and energy. The region’s overall reading was 34.6 in October, the lowest level since May 2020. That’s down from 38.5 in September. “Weak agriculture commodity prices for grain producers continue to dampen economic activity in the ten-state region,” said Ernie Goss of Creighton University. “While tariffs are producing higher economic volatility, 72 percent of bank CEOs say President Trump’s approach toward Chinese trade is ‘about right.’” 

For the 17th time in the past 18 months, farmland prices slumped below growth-neutral. The region’s farmland price index dropped to 37.0 from 45.8 in September. Farm loan delinquency rates rose from a very low 1.1 percent in June of this year to 1.6 percent this month. 

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 and energy. The region’s overall reading was 34.6 in October, the lowest level since May 2020. That’s down from 38.5 in September. “Weak agriculture commodity prices for grain producers continue to dampen economic activity in the ten-state region,” said Ernie Goss of Creighton University. “While tariffs are producing higher economic volatility, 72 percent of bank CEOs say President Trump’s approach toward Chinese trade is ‘about right.’” For the 17th time in the past 18 months, farmland prices slumped below growth-neutral. The region’s farmland price index dropped to 37.0 from 45.8 in September. Farm loan delinquency rates rose from a very low 1.1 percent in June of this year to 1.6 percent this month. -NAFB

Rural Mainstreet Index stays below growth neutral

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

As expected for Thanksgiving week, grain and oilseed markets have been very quiet and more or less directionless thus far, struggling to gain breakout momentum in either direction with many traders likely on the sidelines and taking an extended holiday break from the action. The trade, albeit thin, does exhibit the characteristic of at least a short-term bottom in accordance to technical guidelines. Outside markets for Tuesday were mixed with higher equities, but weaker energy markets with crude oil futures working their way back toward 2025 lows.

It was technically a mixed session, but mostly lower morning for the live cattle complex. Although most of the deferred contracts were traded higher, spot and nearby contracts are trading slightly lower. There's even been some trade already in the fed cash cattle market. There was light movement of dressed trade this morning in Nebraska, where cattle are trading anywhere from $325 to $330, but mostly at $330, which is a $15.00 decline from last week's weighted average. Still no trade has developed yet in the South, and asking prices are still not known in that region. Delivery dates for the cattle that have traded have been set for mostly the week of Dec. 1 and Dec. 8. Boxed beef prices are higher: choice up $1.56 ($372.05) and select up $3.46 ($358.97) with a movement of 74 loads (55.78 loads of choice, 8.21 loads of select, 4.08 loads of trim and 5.76 loads of ground beef).

The feeder cattle complex traded higher following Monday's sharp decline. Traders seem to be recovering some position that was lost on Monday, but it's more a technical reaction than a decision being made because more confidence has truly been established in the marketplace.

The lean hog contracts continued to trade slightly higher as the market crosses its fingers that the uncertainty in the cattle sector could be gained opportunity for the hog complex. The market still hasn't gained a strong fundamental foothold, as pork cutout values are lower.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/25142053/web-closing-markets-2.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed down 1/4 cent and March corn was up 1 1/2 cents. January soybeans closed up 1 1/2 cents and March soybeans were up 2 3/4 cents. March KC wheat closed up 5 3/4 cents, March Chicago wheat was up 4 1/2 cents, March Minneapolis wheat was up 4 3/4 cents.As expected for Thanksgiving week, grain and oilseed markets have been very quiet and more or less directionless thus far, struggling to gain breakout momentum in either direction with many traders likely on the sidelines and taking an extended holiday break from the action. The trade, albeit thin, does exhibit the characteristic of at least a short-term bottom in accordance to technical guidelines. Outside markets for Tuesday were mixed with higher equities, but weaker energy markets with crude oil futures working their way back toward 2025 lows.LIVESTOCK:It was technically a mixed session, but mostly lower morning for the live cattle complex. Although most of the deferred contracts were traded higher, spot and nearby contracts are trading slightly lower. There's even been some trade already in the fed cash cattle market. There was light movement of dressed trade this morning in Nebraska, where cattle are trading anywhere from $325 to $330, but mostly at $330, which is a $15.00 decline from last week's weighted average. Still no trade has developed yet in the South, and asking prices are still not known in that region. Delivery dates for the cattle that have traded have been set for mostly the week of Dec. 1 and Dec. 8. Boxed beef prices are higher: choice up $1.56 ($372.05) and select up $3.46 ($358.97) with a movement of 74 loads (55.78 loads of choice, 8.21 loads of select, 4.08 loads of trim and 5.76 loads of ground beef).The feeder cattle complex traded higher following Monday's sharp decline. Traders seem to be recovering some position that was lost on Monday, but it's more a technical reaction than a decision being made because more confidence has truly been established in the marketplace.The lean hog contracts continued to trade slightly higher as the market crosses its fingers that the uncertainty in the cattle sector could be gained opportunity for the hog complex. The market still hasn't gained a strong fundamental foothold, as pork cutout values are lower.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/25142053/web-closing-markets-2.mp3">Click HERE for audio</a>

Last week, the American Carbon Alliance submitted a formal letter of support for the bipartisan SPEED Act — legislation designed to bring long-overdue clarity, accountability, and timeliness to federal environmental reviews. The bill establishes firm review deadlines, streamlines agency coordination, and prevents the kind of regulatory delay that regularly stalls energy, carbon-capture, biofuels, and rural-infrastructure projects. 

For ethanol producers, rural communities, and carbon capture developers, predictable permitting isn’t a luxury — it’s essential. Investments stall when timelines slip, and rural economies lose opportunities when critical infrastructure gets caught in bureaucratic gridlock. The SPEED Act is a major step toward ensuring the U.S. can actually build the projects needed for lower emissions, stronger energy security, and new economic growth across the Midwest. As of Friday morning, the SPEED Act passed committee markup with a bipartisan vote. 

Last week, the American Carbon Alliance submitted a formal letter of support for the bipartisan SPEED Act — legislation designed to bring long-overdue clarity, accountability, and timeliness to federal environmental reviews. The bill establishes firm review deadlines, streamlines agency coordination, and prevents the kind of regulatory delay that regularly stalls energy, carbon-capture, biofuels, and rural-infrastructure projects. For ethanol producers, rural communities, and carbon capture developers, predictable permitting isn’t a luxury — it’s essential. Investments stall when timelines slip, and rural economies lose opportunities when critical infrastructure gets caught in bureaucratic gridlock. The SPEED Act is a major step toward ensuring the U.S. can actually build the projects needed for lower emissions, stronger energy security, and new economic growth across the Midwest. As of Friday morning, the SPEED Act passed committee markup with a bipartisan vote. -NAFB

ACA supports the SPEED Act to deliver real permitting reform

A new report released this week reveals that severe agricultural labor shortages are accelerating the financial strain facing America’s family farms and contributing to rising prices for traditional Thanksgiving foods. According to the findings, farms across the country are struggling to secure the skilled, reliable workforce needed to harvest crops, care for livestock, and maintain year-round operations. 

As labor shortages worsen, growers are facing higher production costs, reduced yields, and in some cases, the difficult decision to scale back or abandon crops altogether. The result of these significant disruptions: domestic food production instability and higher prices for U.S. consumers. The report calls for urgent policy action to modernize the agricultural workforce system and protect the long-term viability of U.S. food producers. Without meaningful reform, consumers will face continued price increases and local farming communities will bear deepening economic consequences.

By: NATHAN STUEDLEA new report released this week reveals that severe agricultural labor shortages are accelerating the financial strain facing America’s family farms and contributing to rising prices for traditional Thanksgiving foods. According to the findings, farms across the country are struggling to secure the skilled, reliable workforce needed to harvest crops, care for livestock, and maintain year-round operations. As labor shortages worsen, growers are facing higher production costs, reduced yields, and in some cases, the difficult decision to scale back or abandon crops altogether. The result of these significant disruptions: domestic food production instability and higher prices for U.S. consumers. The report calls for urgent policy action to modernize the agricultural workforce system and protect the long-term viability of U.S. food producers. Without meaningful reform, consumers will face continued price increases and local farming communities will bear deepening economic consequences.

Higher holiday food prices and crisis for American family farms

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

Grains and oilseed markets began what should be a fairly low volume week around a holiday break on Thursday and a shortened session for Friday as well. Prices hovered on both sides of even for Monday, with contracts managing to recover from daily lows by the close but with a lack of bullish momentum capping upside potential as well. Outside markets were mixed influence on agriculture markets for Monday, with a firmer U.S. dollar which continues to challenge long-term resistance among the highest level since May. Stock indices were higher, while energy markets were mixed. Crude oil futures moved higher but diesel prices continue to crash back to earth after trading among 2025 highs last week as talks of a peace plan for the Russian-Ukraine war have gained momentum over the past week.

It's was a painstaking day for the live cattle complex -- there's no other way to put it. Following Tyson Food's announcement on Friday that they're closing their plant in Lexington, Nebraska, and going to reduce their throughput in Amarillo, Texas, to only a single shift per day -- the market has taken the news poorly. Having sufficient shackle space is a big concern for grassroot producers and the thought of losing availability is rather concerning. Last week, Northern dressed cattle were marked at mostly $345, $6 lower than the prior week's weighted average basis Nebraska. Southern live deals were marked at $222 to $224, $4 to $6 lower than the previous week's weighted average.

The feeder cattle complex dropped $9.25 (its daily trading limit) right from the day's get-go as traders fully believed that the only direction that the market could go on Monday was lower. It's unlikely that the market finds any significant support ahead of the day's close.

But adversely, the lean hog complex was trading higher into Monday's closing bell, as the market sees the chaos in the cattle sector as potentially room for increased demand in the hog sector. Pork cutout values are up slightly this morning too, but more than anything, traders seem to be finding some technical footing in the market.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/24135900/web-closing-markets-2.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:December corn closed down 1 3/4 cents and March corn was down 3/4 cents. January soybeans closed down 1 3/4 cents and March soybeans were down 2 1/4 cents. March KC wheat closed down 3 3/4 cents, March Chicago wheat was down 5 cents, March Minneapolis wheat was up 3/4 cents.Grains and oilseed markets began what should be a fairly low volume week around a holiday break on Thursday and a shortened session for Friday as well. Prices hovered on both sides of even for Monday, with contracts managing to recover from daily lows by the close but with a lack of bullish momentum capping upside potential as well. Outside markets were mixed influence on agriculture markets for Monday, with a firmer U.S. dollar which continues to challenge long-term resistance among the highest level since May. Stock indices were higher, while energy markets were mixed. Crude oil futures moved higher but diesel prices continue to crash back to earth after trading among 2025 highs last week as talks of a peace plan for the Russian-Ukraine war have gained momentum over the past week.LIVESTOCK:It's was a painstaking day for the live cattle complex -- there's no other way to put it. Following Tyson Food's announcement on Friday that they're closing their plant in Lexington, Nebraska, and going to reduce their throughput in Amarillo, Texas, to only a single shift per day -- the market has taken the news poorly. Having sufficient shackle space is a big concern for grassroot producers and the thought of losing availability is rather concerning. Last week, Northern dressed cattle were marked at mostly $345, $6 lower than the prior week's weighted average basis Nebraska. Southern live deals were marked at $222 to $224, $4 to $6 lower than the previous week's weighted average.The feeder cattle complex dropped $9.25 (its daily trading limit) right from the day's get-go as traders fully believed that the only direction that the market could go on Monday was lower. It's unlikely that the market finds any significant support ahead of the day's close.But adversely, the lean hog complex was trading higher into Monday's closing bell, as the market sees the chaos in the cattle sector as potentially room for increased demand in the hog sector. Pork cutout values are up slightly this morning too, but more than anything, traders seem to be finding some technical footing in the market.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2025/11/24135900/web-closing-markets-2.mp3">Click HERE for audio</a>

U.S. ethanol exports climbed sharply in August, driven by record sales to Canada and the European Union, federal trade data show. Shipments reached 188.8 million gallons, a 15% increase from July and 24% higher than a year earlier. Canada remained the top buyer at 74.4 million gallons, while another 47.6 million gallons moved through the Netherlands for use across the EU. RFD-TV reports that together, those markets accounted for nearly two-thirds of all U.S. ethanol exports. The U.S. imported no foreign ethanol during the month. 

Other key markets shifted as well. Colombia boosted purchases by 43% to 14.1 million gallons, India rebounded after several slow months, and Mexico increased buying as the United Kingdom, Peru and the Philippines pulled back. Year-to-date exports reached 1.42 billion gallons, 16% ahead of 2024. Exports of distillers dried grains, or DDGs, with solubles also strengthened, rising 10% to 1.17 million metric tons, though cumulative shipments remain slightly below last year. 

U.S. ethanol exports climbed sharply in August, driven by record sales to Canada and the European Union, federal trade data show. Shipments reached 188.8 million gallons, a 15% increase from July and 24% higher than a year earlier. Canada remained the top buyer at 74.4 million gallons, while another 47.6 million gallons moved through the Netherlands for use across the EU. RFD-TV reports that together, those markets accounted for nearly two-thirds of all U.S. ethanol exports. The U.S. imported no foreign ethanol during the month. Other key markets shifted as well. Colombia boosted purchases by 43% to 14.1 million gallons, India rebounded after several slow months, and Mexico increased buying as the United Kingdom, Peru and the Philippines pulled back. Year-to-date exports reached 1.42 billion gallons, 16% ahead of 2024. Exports of distillers dried grains, or DDGs, with solubles also strengthened, rising 10% to 1.17 million metric tons, though cumulative shipments remain slightly below last year. -NAFB

Record ethanol exports are expanding on strong demand

The Senate unanimously passed the Whole Milk for Healthy Kids Act, clearing a major hurdle toward restoring whole and 2% milk options in school meal programs. The bill now heads to the House, where similar legislation passed overwhelmingly in 2023, before it can be sent to the president’s desk. The measure would allow schools to serve whole and reduced-fat milk alongside the current offerings of low-fat, fat-free and flavored varieties. 

Supporters say the change reflects updated nutrition research showing milk of all fat levels has neutral or positive health effects. Whole and 2% milk remain the most commonly consumed varieties at home. “Restoring schools’ option to offer whole and reduced-fat milk will mean more schoolkids get the essential nutrients they need,” said Gregg Doud, president and CEO of the National Milk Producers Federation. The bipartisan bill is sponsored by Sens. Roger Marshall, Peter Welch, Dave McCormick and John Fetterman.

The Senate unanimously passed the Whole Milk for Healthy Kids Act, clearing a major hurdle toward restoring whole and 2% milk options in school meal programs. The bill now heads to the House, where similar legislation passed overwhelmingly in 2023, before it can be sent to the president’s desk. The measure would allow schools to serve whole and reduced-fat milk alongside the current offerings of low-fat, fat-free and flavored varieties. Supporters say the change reflects updated nutrition research showing milk of all fat levels has neutral or positive health effects. Whole and 2% milk remain the most commonly consumed varieties at home. “Restoring schools’ option to offer whole and reduced-fat milk will mean more schoolkids get the essential nutrients they need,” said Gregg Doud, president and CEO of the National Milk Producers Federation. The bipartisan bill is sponsored by Sens. Roger Marshall, Peter Welch, Dave McCormick and John Fetterman.-NAFB

Senate passes whole milk for healthy kids act

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

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

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

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

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

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

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

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

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

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

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

‘New Democrat Coalition’ releases rural revitalization agenda

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

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

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

Harvest wrapping up across U.S.

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

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

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

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

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

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

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

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

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

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

USDA extends livestock relief deadline 

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

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

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

EPA, Army Corps unveil new proposed WOTUS rule

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

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

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

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

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

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

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

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

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

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

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

Friday’s WASDE lowers corn, soybean yields

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

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

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

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

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

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

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

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

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

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

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

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

Rollins leads trade trip to Mexico City

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

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

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

Shutdown ends as Farm Bill programs extended

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

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

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

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

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

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

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

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

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

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