The first Ag Economists’ Monthly Monitor of 2026 shows the U.S. ag economy entered the year in a clear crop-sector recession. However, the survey also finds a deeper crisis of confidence. Economists say the downturn is cyclical and manageable through optimization, but farmers are experiencing it as a structural stress test on their operations and livelihoods. The first survey points to a continuing split in the ag economy, which is strength in livestock, particularly beef cattle, versus persistent financial stress across most of the row-crop sector. 

The Monthly Monitor asks respondents to compare the ag economy right now with the same time a year ago, and most retailers, producers, and economists report being somewhat worse off. “Across nearly all responses, margin pressure emerged as a dominant concern,” said Tyne Morgan of AgWeb. “While several producers talk about diversifying as a key, others responded with cutting costs to the bone, especially around capital spending.” 

The first Ag Economists’ Monthly Monitor of 2026 shows the U.S. ag economy entered the year in a clear crop-sector recession. However, the survey also finds a deeper crisis of confidence. Economists say the downturn is cyclical and manageable through optimization, but farmers are experiencing it as a structural stress test on their operations and livelihoods. The first survey points to a continuing split in the ag economy, which is strength in livestock, particularly beef cattle, versus persistent financial stress across most of the row-crop sector. The Monthly Monitor asks respondents to compare the ag economy right now with the same time a year ago, and most retailers, producers, and economists report being somewhat worse off. “Across nearly all responses, margin pressure emerged as a dominant concern,” said Tyne Morgan of AgWeb. “While several producers talk about diversifying as a key, others responded with cutting costs to the bone, especially around capital spending.” -NAFB

Survey shows producers “fighting for survival”

According to data from Joe Janzen, an economist for the University of Illinois, The buildout of grain storage capacity in the U.S. has stopped.  He wrote that U.S. grain storage capacity grew in parallel with production from 2000 to 2019 at about 350 million bushels per year. However, that growth has stagnated since 2020 across all regions and facility types. Janzen said this stagnation, combined with continued production growth, has led to a record-high-capacity utilization rate, particularly in on-farm storage. 

The 2025 crop brought these tensions to a head, with December 1 on-farm utilization reaching 80 percent. What’s less clear is why investment in grain storage capacity dropped. It’s also difficult to determine if current U.S. storage capacity is sufficient for efficient operation along the grain supply chains. Janzen said, “The entire grain industry will need to consider these questions as it addresses the shifting geography of global grain production.” 

According to data from Joe Janzen, an economist for the University of Illinois, The buildout of grain storage capacity in the U.S. has stopped. He wrote that U.S. grain storage capacity grew in parallel with production from 2000 to 2019 at about 350 million bushels per year. However, that growth has stagnated since 2020 across all regions and facility types. Janzen said this stagnation, combined with continued production growth, has led to a record-high-capacity utilization rate, particularly in on-farm storage. The 2025 crop brought these tensions to a head, with December 1 on-farm utilization reaching 80 percent. What’s less clear is why investment in grain storage capacity dropped. It’s also difficult to determine if current U.S. storage capacity is sufficient for efficient operation along the grain supply chains. Janzen said, “The entire grain industry will need to consider these questions as it addresses the shifting geography of global grain production.” -NAFB

U.S. grain storage capacity growth has stopped

March corn closed up 3 3/4 cents and May corn was up 5 1/4 cents. March soybeans closed up 13 1/4 cents and May soybeans were up 12 3/4 cents. March KC wheat closed up 15 1/2 cents, March Chicago wheat was up 15 1/4 cents, March Minneapolis wheat was up 7 1/4 cents.

It was a mostly positive session across the board for row-crop futures Thursday, with soybean futures again leading the way higher on continued trade optimism ahead of President Trump's upcoming visit to China in April. Meanwhile, wheat futures have caught a midweek burst, rallying from trendline support and aided by a strong past few weeks for export sales. This positively influenced corn futures as well for Thursday, with strong export sales in their own right. Outside markets were very volatile on Thursday, with no clear macro news to explain the sharp turn lower in stocks by late morning. Treasuries were firm again following Wednesday's better than expected jobs data for January. The U.S. dollar was firm, but energy markets turned lower on U.S. inventory build-ups in crude and finished motor gasoline last week, and at least a temporary soothing of supply risk as negotiations between the U.S. and Iran are planned to continue.

Following Wednesday's sizeable rally, the live cattle complex was back to trading slightly lower as the market tries to patiently wait to see what's going to develop in the fed cash cattle market this week. With boxed beef prices declining -- as they seasonally do during this time -- traders need to see additional fundamental support, which will likely come from the cash market when trade develops at some point this week. But in the lightning fast world we live in, waiting until the very bitter end of the week to see what's going to develop fundamentally for the market is a painful waiting lesson traders aren't necessarily fond of. Boxed beef prices are lower: choice down $0.39 ($365.53) and select down $0.59 ($361.99) with a movement of 46 loads (24.40 loads of choice, 3.08 loads of select, 7.95 loads of trim and 10.72 loads of ground beef).

And as one would logically assume in this market, with the live cattle contracts trading lower, the feeder cattle contracts followed suit. Demand has been mostly strong this week in the countryside for both feeder cattle and calves -- and especially for cattle that will make yearlings this upcoming summer.

The lean hog complex continues to tumble lower as the market anticipates a wall of supply that's likely going to hit the market at any point in time now. The latest Quarterly Hogs and Pigs report showed market-ready supplies were larger than originally assumed, and the market is bracing itself for that supply to hit.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/02/12200936/web-closing-markets-1.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:March corn closed up 3 3/4 cents and May corn was up 5 1/4 cents. March soybeans closed up 13 1/4 cents and May soybeans were up 12 3/4 cents. March KC wheat closed up 15 1/2 cents, March Chicago wheat was up 15 1/4 cents, March Minneapolis wheat was up 7 1/4 cents.It was a mostly positive session across the board for row-crop futures Thursday, with soybean futures again leading the way higher on continued trade optimism ahead of President Trump's upcoming visit to China in April. Meanwhile, wheat futures have caught a midweek burst, rallying from trendline support and aided by a strong past few weeks for export sales. This positively influenced corn futures as well for Thursday, with strong export sales in their own right. Outside markets were very volatile on Thursday, with no clear macro news to explain the sharp turn lower in stocks by late morning. Treasuries were firm again following Wednesday's better than expected jobs data for January. The U.S. dollar was firm, but energy markets turned lower on U.S. inventory build-ups in crude and finished motor gasoline last week, and at least a temporary soothing of supply risk as negotiations between the U.S. and Iran are planned to continue.LIVESTOCK:Following Wednesday's sizeable rally, the live cattle complex was back to trading slightly lower as the market tries to patiently wait to see what's going to develop in the fed cash cattle market this week. With boxed beef prices declining -- as they seasonally do during this time -- traders need to see additional fundamental support, which will likely come from the cash market when trade develops at some point this week. But in the lightning fast world we live in, waiting until the very bitter end of the week to see what's going to develop fundamentally for the market is a painful waiting lesson traders aren't necessarily fond of. Boxed beef prices are lower: choice down $0.39 ($365.53) and select down $0.59 ($361.99) with a movement of 46 loads (24.40 loads of choice, 3.08 loads of select, 7.95 loads of trim and 10.72 loads of ground beef).And as one would logically assume in this market, with the live cattle contracts trading lower, the feeder cattle contracts followed suit. Demand has been mostly strong this week in the countryside for both feeder cattle and calves -- and especially for cattle that will make yearlings this upcoming summer.The lean hog complex continues to tumble lower as the market anticipates a wall of supply that's likely going to hit the market at any point in time now. The latest Quarterly Hogs and Pigs report showed market-ready supplies were larger than originally assumed, and the market is bracing itself for that supply to hit. <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/02/12200936/web-closing-markets-1.mp3">Click HERE for audio</a>

Commodity markets daily recap

The USDA is facing some doubts about the reliability of its data from farmers, grain traders, and economists. Reports say the doubts are coming about because of the agency’s significant staff losses and the sharp upward revision in how many acres of corn U.S. farmers harvested in 2025. “Thousands of employees left the agency last year as a part of the administration’s push to shrink the federal government, and industry stakeholders are worried that the shrinking staff limited the agency’s ability to produce timely and accurate data.”  

USDA’s final January estimates of how many acres corn farmers planted and harvested in 2025 represented unprecedented increases from June’s initial estimates. Already-low grain prices dropped over five percent at a time when growers were already struggling to make enough money to stay in business. The unexpected revisions prompted the National Agricultural Statistics Service to launch an internal review of its processes for making acreage estimates.

The USDA is facing some doubts about the reliability of its data from farmers, grain traders, and economists. Reports say the doubts are coming about because of the agency’s significant staff losses and the sharp upward revision in how many acres of corn U.S. farmers harvested in 2025. “Thousands of employees left the agency last year as a part of the administration’s push to shrink the federal government, and industry stakeholders are worried that the shrinking staff limited the agency’s ability to produce timely and accurate data.” USDA’s final January estimates of how many acres corn farmers planted and harvested in 2025 represented unprecedented increases from June’s initial estimates. Already-low grain prices dropped over five percent at a time when growers were already struggling to make enough money to stay in business. The unexpected revisions prompted the National Agricultural Statistics Service to launch an internal review of its processes for making acreage estimates.-NAFB

USDA data under increasing scrutiny

It’s well-known that the U.S. cattle herd continues to shrink. The January U.S. Cattle Inventory report showed the total inventory at 86.2 million head on January 1. That was down 300,000 head from last year. American Farm Bureau analysis showed the combination of fewer beef cows and a declining calf crop means the 2026 calf crop will likely continue to trend downward because there are fewer calves available for the breeding herd, even if more heifers are kept for breeding purposes. 

Tighter cattle supplies will contribute to higher prices and volatility for cattle and beef in 2026. Smaller cattle supplies paired with strong consumer demand for beef have driven up prices for both cattle and beef. With cattle supplies this tight, markets have become more responsive to news and events that could impact supply and demand. Beef cattle cash receipts have been one of the few bright spots in the U.S. agricultural economy. 

It’s well-known that the U.S. cattle herd continues to shrink. The January U.S. Cattle Inventory report showed the total inventory at 86.2 million head on January 1. That was down 300,000 head from last year. American Farm Bureau analysis showed the combination of fewer beef cows and a declining calf crop means the 2026 calf crop will likely continue to trend downward because there are fewer calves available for the breeding herd, even if more heifers are kept for breeding purposes. Tighter cattle supplies will contribute to higher prices and volatility for cattle and beef in 2026. Smaller cattle supplies paired with strong consumer demand for beef have driven up prices for both cattle and beef. With cattle supplies this tight, markets have become more responsive to news and events that could impact supply and demand. Beef cattle cash receipts have been one of the few bright spots in the U.S. agricultural economy. -NAFB

AFBF: Smaller cattle herd means market volatility

March corn closed down 1 1/4 cents and May corn was down 3/4 cent. March soybeans closed up 1 1/2 cents and May soybeans were up 2 cents. March KC wheat closed up 8 cents, March Chicago wheat was up 9 cents, March Minneapolis wheat was up 2 cents.

Row-crop trade was quiet at midweek with wheat futures leading the way higher after successfully holding above trendline support early in the week. Meanwhile, soybeans recovered from early losses to extend the rally while corn futures were sluggish despite larger-than-expected cuts to U.S. stocks in Tuesday's WASDE report, with a seven-year high forecast for reserves still weighing on price potential. Outside markets leaned mostly positive with firm energy markets amid lingering geopolitical risks as negotiations continue between the U.S. and Iran regarding the latter's nuclear program. In other news for Wednesday, January jobs data was much better than expected, with a cut to the unemployment rate and a surge in job creation. This in turn pressured Treasuries and raised yields as the slowing job market through the final few months of 2025 had been an argument for lowering interest rates.

It's almost as if the overarching theme in the live cattle complex as we headed into Wednesday's noon hour was, "Why are we waiting around? We know the market's direction is higher." So where does all this support come from this morning? Good question, because boxed beef prices were mostly lower, there's yet to be any trade in the fed cash cattle market, and the equity markets aren't doing anything that would justify trading notably higher. But if there's one thing we know and understand about the livestock complex, it's that it is an anticipatory market. If traders think the market is bound to trade substantially higher, one may ask, "Why not today?" and they followed through finishing fully higher. Still no trade has developed in the fed cash cattle market and both bids and asking prices remain elusive at this point. Boxed beef prices are mixed: choice down $0.41 ($367.14) and select up $1.19 ($364.09) with a movement of 53 loads (45.12 loads of choice, 3.38 loads of select, zero loads of trim and 4.62 loads of ground beef).

Upon seeing the live cattle contracts trading higher, it didn't take much convincing to get the feeder cattle futures to move higher also. Sales have been noticeably stronger this week in the countryside for both feeder cattle and calves as supplies remain incredibly thin.

Meanwhile the lean hog complex is the same story Wednesday that it's been over the last couple of days as the market continued to scale lower. And with pork cutout values down slightly, the market won't likely change its direction until that is corrected.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/02/11140419/web-closing-markets.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:March corn closed down 1 1/4 cents and May corn was down 3/4 cent. March soybeans closed up 1 1/2 cents and May soybeans were up 2 cents. March KC wheat closed up 8 cents, March Chicago wheat was up 9 cents, March Minneapolis wheat was up 2 cents.Row-crop trade was quiet at midweek with wheat futures leading the way higher after successfully holding above trendline support early in the week. Meanwhile, soybeans recovered from early losses to extend the rally while corn futures were sluggish despite larger-than-expected cuts to U.S. stocks in Tuesday's WASDE report, with a seven-year high forecast for reserves still weighing on price potential. Outside markets leaned mostly positive with firm energy markets amid lingering geopolitical risks as negotiations continue between the U.S. and Iran regarding the latter's nuclear program. In other news for Wednesday, January jobs data was much better than expected, with a cut to the unemployment rate and a surge in job creation. This in turn pressured Treasuries and raised yields as the slowing job market through the final few months of 2025 had been an argument for lowering interest rates.LIVESTOCK:It's almost as if the overarching theme in the live cattle complex as we headed into Wednesday's noon hour was, "Why are we waiting around? We know the market's direction is higher." So where does all this support come from this morning? Good question, because boxed beef prices were mostly lower, there's yet to be any trade in the fed cash cattle market, and the equity markets aren't doing anything that would justify trading notably higher. But if there's one thing we know and understand about the livestock complex, it's that it is an anticipatory market. If traders think the market is bound to trade substantially higher, one may ask, "Why not today?" and they followed through finishing fully higher. Still no trade has developed in the fed cash cattle market and both bids and asking prices remain elusive at this point. Boxed beef prices are mixed: choice down $0.41 ($367.14) and select up $1.19 ($364.09) with a movement of 53 loads (45.12 loads of choice, 3.38 loads of select, zero loads of trim and 4.62 loads of ground beef).Upon seeing the live cattle contracts trading higher, it didn't take much convincing to get the feeder cattle futures to move higher also. Sales have been noticeably stronger this week in the countryside for both feeder cattle and calves as supplies remain incredibly thin.Meanwhile the lean hog complex is the same story Wednesday that it's been over the last couple of days as the market continued to scale lower. And with pork cutout values down slightly, the market won't likely change its direction until that is corrected.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/02/11140419/web-closing-markets.mp3">Click HERE for audio</a>

A new American Farm Bureau Market Intel Report said Chapter 12 farm bankruptcies increased for the second year in a row, reaching 315 filings in 2025, a 46 percent increase from 2024. The Midwest and Southeast filed 121 and 105 Chapter 12 cases, respectively, far outpacing any other regions. Deep crop losses across commodities common in those two regions have compounded after years of declining receipts and rising expenses. 

Filing for Chapter 12 bankruptcy is a last resort for farmers who have incurred large debts to continue operating with increased flexibility for payments. Midwest states with double-digit filings include Iowa with 18, Nebraska 17, Missouri and Wisconsin each had 16 filings, Minnesota with 13, and Kansas had 11. The Federal Reserve Bank of Kansas City said farmers are taking out larger operating loans and taking longer to repay them. USDA estimates that total farm debt will rise 5.2 percent to a record $624.7 billion this year. 

A new American Farm Bureau Market Intel Report said Chapter 12 farm bankruptcies increased for the second year in a row, reaching 315 filings in 2025, a 46 percent increase from 2024. The Midwest and Southeast filed 121 and 105 Chapter 12 cases, respectively, far outpacing any other regions. Deep crop losses across commodities common in those two regions have compounded after years of declining receipts and rising expenses. Filing for Chapter 12 bankruptcy is a last resort for farmers who have incurred large debts to continue operating with increased flexibility for payments. Midwest states with double-digit filings include Iowa with 18, Nebraska 17, Missouri and Wisconsin each had 16 filings, Minnesota with 13, and Kansas had 11. The Federal Reserve Bank of Kansas City said farmers are taking out larger operating loans and taking longer to repay them. USDA estimates that total farm debt will rise 5.2 percent to a record $624.7 billion this year. -NAFB

Farm bankruptcies continued climbing in 2025

The USDA announced the enrollment periods for agricultural producers and landowners to submit offers for the Continuous and General Conservation Reserve Program. The Farm Service Agency is accepting offers for Continuous CRP starting this Thursday, February 12, through March 20, 2026. Enrollment for the General CRP will run from March 9, 2026, through April 17, 2026. FSA will announce the dates for the Grassland CRP signup in the near future. 

“We’re still very close to the 27-million-acre statutory cap, with 1.9 million acres available for all CRP enrollments this fiscal year, so enrollment is likely to be competitive,” said Richard Fordyce, USDA Undersecretary for Farm Programs and Conservation. “It’s not about the total number of enrolled acres, it’s about producers and landowners offering the acres that can best deliver real and lasting benefits to soil, water, and wildlife.” Producers and landowners interested in participating in CRP should contact their local FSA county office. 

The USDA announced the enrollment periods for agricultural producers and landowners to submit offers for the Continuous and General Conservation Reserve Program. The Farm Service Agency is accepting offers for Continuous CRP starting this Thursday, February 12, through March 20, 2026. Enrollment for the General CRP will run from March 9, 2026, through April 17, 2026. FSA will announce the dates for the Grassland CRP signup in the near future. “We’re still very close to the 27-million-acre statutory cap, with 1.9 million acres available for all CRP enrollments this fiscal year, so enrollment is likely to be competitive,” said Richard Fordyce, USDA Undersecretary for Farm Programs and Conservation. “It’s not about the total number of enrolled acres, it’s about producers and landowners offering the acres that can best deliver real and lasting benefits to soil, water, and wildlife.” Producers and landowners interested in participating in CRP should contact their local FSA county office. -NAFB

USDA announces enrollment periods for 2026 continuous and general CRP 

March corn closed unchanged and May corn was up a 1/4 cent. March soybeans closed up 11 3/4 cents and May soybeans were up 12 1/2 cents. March KC wheat closed up 1 3/4 cents, March Chicago wheat was down a 1/2 cent, March Minneapolis wheat was down 2 1/4 cents.

Soybean futures led the way higher on Tuesday, resuming rallying efforts after a brief pause on Monday. Meanwhile, corn and wheat markets were mixed as USDA made very few changes to U.S. and global balance sheets but did reiterate multi-year highs in grain reserves. Outside markets were mixed for Tuesday with softer energy markets, while the U.S. dollar recovered from the turn lower on Monday.

In trying to wait patiently for the week's fundamentals to shine through the marketplace, the live cattle complex was mixed for the bulk of the session before finishing lower, as traders simply aren't willing to advance the market at this point without first seeing fundamental reassurance develop. It's quite likely the market could enter a sideways trading range until it sees what the fed cash cattle market is going to accomplish this week. Traders don't want to pressure the market's resistance from a technical standpoint, but at the same time they believe in the market's long-term, bullish fundamental outlook, which is why a sideways trend is most likely to be the theme throughout the remainder of the week and until cash cattle begin to trade. Tuesday's WASDE report shared a fruitful outlook for the cattle and beef markets of 2026. Beef production for 2026 was increased by 185 million pounds as fed cattle slaughter is expected to increase, cow slaughter is expected to increase, and carcass weights are obviously higher. Boxed beef prices are mixed: choice up $2.24 ($370.00) and select down $0.82 ($364.53) with a movement of 74 loads (53.35 loads of choice, 4.31 loads of select, 4.17 loads of trim and 11.88 loads of ground beef).

Without a strong presence seen in the live cattle complex, the feeder cattle contracts were also trading mixed into Tuesday's noon hour, before fading and finishing lower. But what remains interesting about the feeder cattle market's behavior is the deferred contracts aren't concerned about what the live cattle contracts are doing and instead traded fully higher, seeming more focused on the market's long-term situation of short supplies for the bulk of today's session.

The lean hog complex was again trading lower as the market seems to be anticipating increased supplies that are soon to hit the market. The last quarterly Hogs and Pigs report unveiled more market-ready supplies than what the industry anticipated, and there were plenty of hogs noted in the heavy weight categories which will meet the consumer in the supply chain at any point in time now. But what also remains true is that while the futures complex may be scaling lower, pork demand over the last two weeks has been noticeably stronger, which one may logically assume is because some consumers are electing to purchase pork as opposed to beef as it's a cheaper protein option.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/02/10143131/web-closing-markets.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:March corn closed unchanged and May corn was up a 1/4 cent. March soybeans closed up 11 3/4 cents and May soybeans were up 12 1/2 cents. March KC wheat closed up 1 3/4 cents, March Chicago wheat was down a 1/2 cent, March Minneapolis wheat was down 2 1/4 cents.Soybean futures led the way higher on Tuesday, resuming rallying efforts after a brief pause on Monday. Meanwhile, corn and wheat markets were mixed as USDA made very few changes to U.S. and global balance sheets but did reiterate multi-year highs in grain reserves. Outside markets were mixed for Tuesday with softer energy markets, while the U.S. dollar recovered from the turn lower on Monday.LIVESTOCK:In trying to wait patiently for the week's fundamentals to shine through the marketplace, the live cattle complex was mixed for the bulk of the session before finishing lower, as traders simply aren't willing to advance the market at this point without first seeing fundamental reassurance develop. It's quite likely the market could enter a sideways trading range until it sees what the fed cash cattle market is going to accomplish this week. Traders don't want to pressure the market's resistance from a technical standpoint, but at the same time they believe in the market's long-term, bullish fundamental outlook, which is why a sideways trend is most likely to be the theme throughout the remainder of the week and until cash cattle begin to trade. Tuesday's WASDE report shared a fruitful outlook for the cattle and beef markets of 2026. Beef production for 2026 was increased by 185 million pounds as fed cattle slaughter is expected to increase, cow slaughter is expected to increase, and carcass weights are obviously higher. Boxed beef prices are mixed: choice up $2.24 ($370.00) and select down $0.82 ($364.53) with a movement of 74 loads (53.35 loads of choice, 4.31 loads of select, 4.17 loads of trim and 11.88 loads of ground beef).Without a strong presence seen in the live cattle complex, the feeder cattle contracts were also trading mixed into Tuesday's noon hour, before fading and finishing lower. But what remains interesting about the feeder cattle market's behavior is the deferred contracts aren't concerned about what the live cattle contracts are doing and instead traded fully higher, seeming more focused on the market's long-term situation of short supplies for the bulk of today's session. The lean hog complex was again trading lower as the market seems to be anticipating increased supplies that are soon to hit the market. The last quarterly Hogs and Pigs report unveiled more market-ready supplies than what the industry anticipated, and there were plenty of hogs noted in the heavy weight categories which will meet the consumer in the supply chain at any point in time now. But what also remains true is that while the futures complex may be scaling lower, pork demand over the last two weeks has been noticeably stronger, which one may logically assume is because some consumers are electing to purchase pork as opposed to beef as it's a cheaper protein option. <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/02/10143131/web-closing-markets.mp3">Click HERE for audio</a>

The Environmental Protection Agency announced a new federal registration for low-volatility Dicamba herbicides in 34 states. This registration will enable U.S. farmers to have access to this important weed control tool in Dicamba-tolerant soybeans and cotton. Bayer is launching the new registration as Stryax Dicamba herbicide, a restricted-use pesticide. “With a federal registration in hand, we’ll begin the process of seeking state approvals,” said Dr. Ty Witten, Bayer’s vice president of commercial stewardship. ”In the weeks ahead, we’ll launch applicator training opportunities and stewardship education to help ensure that growers and applicators have the best experience possible.” 

The registration will enable the use of approved low-volatility Dicamba herbicides in-crop up to seven days pre-harvest in XtendFlex cotton, and up through R1 in XtendFlex soybeans. Bayer said Stryax is intended to help manage glyphosate-resistant broadleaf weeds, as well as other tough-to-control weeds. 

The Environmental Protection Agency announced a new federal registration for low-volatility Dicamba herbicides in 34 states. This registration will enable U.S. farmers to have access to this important weed control tool in Dicamba-tolerant soybeans and cotton. Bayer is launching the new registration as Stryax Dicamba herbicide, a restricted-use pesticide. “With a federal registration in hand, we’ll begin the process of seeking state approvals,” said Dr. Ty Witten, Bayer’s vice president of commercial stewardship. ”In the weeks ahead, we’ll launch applicator training opportunities and stewardship education to help ensure that growers and applicators have the best experience possible.” The registration will enable the use of approved low-volatility Dicamba herbicides in-crop up to seven days pre-harvest in XtendFlex cotton, and up through R1 in XtendFlex soybeans. Bayer said Stryax is intended to help manage glyphosate-resistant broadleaf weeds, as well as other tough-to-control weeds. -NAFB

EPA announces new low-volatility Dicamba herbicides

The U.S. will temporarily expand the amount of beef it can import from Argentina, thanks to an executive order signed by President Trump last week. Reports said the move is intended to help lower the price of beef, but the National Cattlemen’s Beef Association said that isn’t accurate. The proclamation increases the in-quota tariff-rate quota for lean beef trimmings by 80,000 metric tons for the calendar year 2026. 

The additional imports will be entirely allocated to imports from Argentina and released into the U.S. market in segments four times through the year, beginning this week on February 13. “The White House said the action is intended to boost supply and make ground beef more affordable for American consumers,” the reports continued. “The proclamation from the White House said the administration is acting in response to historically high beef prices and a prolonged decrease in the U.S. cattle herd.”

The U.S. will temporarily expand the amount of beef it can import from Argentina, thanks to an executive order signed by President Trump last week. Reports said the move is intended to help lower the price of beef, but the National Cattlemen’s Beef Association said that isn’t accurate. The proclamation increases the in-quota tariff-rate quota for lean beef trimmings by 80,000 metric tons for the calendar year 2026. The additional imports will be entirely allocated to imports from Argentina and released into the U.S. market in segments four times through the year, beginning this week on February 13. “The White House said the action is intended to boost supply and make ground beef more affordable for American consumers,” the reports continued. “The proclamation from the White House said the administration is acting in response to historically high beef prices and a prolonged decrease in the U.S. cattle herd.”-NAFB

U.S. to quadruple beef imports from Argentina

March corn closed up 5 1/2 cents and May corn was up 6 cents. March soybeans closed up 20 cents and May soybeans were up 21 1/4 cents. March KC wheat closed up 8 1/4 cents, March Chicago wheat was up 8 1/2 cents, March Minneapolis wheat was up 5 1/2 cents.

The soybean market continued to set a bullish tone across row-crop futures Thursday, following President Trump's comments on Wednesday that China may look to extend their old-crop purchase goal for U.S. soybeans by an additional 8 million metric tons (mmt) above the previous 12 mmt. There are obviously a lot of question marks regarding how feasible this is but for now the market is reflecting added demand potential with a 45-50 cent move over the past two sessions. Corn and wheat markets were able to join soybeans with higher prices as well on Thursday, despite being a little more subdued in their rallying efforts. Outside markets on Thursday were mostly a negative influence on ag futures, with lower energy markets after Iran and U.S. officials did agree to move forward with planned negotiations in Oman on Friday. The U.S. dollar was firmer for the fifth time in the past seven sessions, and equity markets moved lower as trade has turned sideways over the past month.

Live cattle futures quickly backed away from part of early week gains Thursday. Losses of $4 to $5 per cwt were seen at midday, creating some concern that additional sharp losses may continue to develop over the coming days. The news focus seems to be pointed to the processing reduction seen in the JBS Greeley plant based on reported impending strikes at the plant. The likelihood that this will have a major impact on overall industry processing capacity beyond a few days is limited given the current structure of the market and current overall company and industry availability. This industry is not beyond rerouting trucks to other plants or companies in order to sustain needs and capacity levels. But watching daily slaughter rates through the month of February will help give an indicator of overall capacity levels. Firm pressure in outside markets and weaker beef values cannot be downplayed in the hesitancy for futures buyers to step into a market which very well could have run out of oxygen at current price levels. Cash cattle markets are still sluggish with a few bids on the table in parts of Iowa, and a major packer has offered to "call in" for $378 in eastern Nebraska. Packer inquiry should continue to improve as the day progresses, but significant trade volume will likely be delayed until later today and/or Friday. Boxed beef prices are lower: choice down $0.82 ($367.20) and select down $1.08 ($361.01) with a movement of 48.79 loads (38.54 loads of choice, 4.14 loads of select, zero loads of trim and 6.11 loads of ground beef).

Feeder cattle futures were leading the market lower Thursday. This market move seems like a general reversal to early week buyer support that flooded the market during trade Monday and Tuesday. The news cycle focus in the market seems to be centered on the developing strike at the JBS plant in Greeley, but this move is likely much more focused on the ability to sustain additional buyer support at current price levels. Nearby futures have rallied nearly $70 per cwt since the November low, creating a generally unchecked upward market surge within the entire cattle market. This lack of small to moderate corrections can make any market vulnerable, including the cattle market which is focusing on tight supplies. In comparison to the wild shifts seen last fall, these swings seem generally tame. But it does create significant uncertainty given how lightly traded the feeder cattle market remains with generally light volume.

Lean hog futures had been the quiet market through the entire livestock complex Thursday. Spot February futures were leading the market lower with light pressure, while very narrow losses are seen through the rest of the contracts. The continued upward move higher in nearby futures since hitting seasonal lows in November have continued to move prices well above the 40-day moving average. Recent volatility in cattle trade seems to have lost its short-term impact on hog traders at this moment as traders continue to look for continued strong demand support as 2026 develops. At current price levels and comparative price relationships to beef, the pork industry seems well insulated to potential economic pressure that may develop over the coming weeks and months.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/02/05140554/web-closing-markets.mp3">Click HERE for audio</a>

GRAINS:March corn closed up 5 1/2 cents and May corn was up 6 cents. March soybeans closed up 20 cents and May soybeans were up 21 1/4 cents. March KC wheat closed up 8 1/4 cents, March Chicago wheat was up 8 1/2 cents, March Minneapolis wheat was up 5 1/2 cents.The soybean market continued to set a bullish tone across row-crop futures Thursday, following President Trump's comments on Wednesday that China may look to extend their old-crop purchase goal for U.S. soybeans by an additional 8 million metric tons (mmt) above the previous 12 mmt. There are obviously a lot of question marks regarding how feasible this is but for now the market is reflecting added demand potential with a 45-50 cent move over the past two sessions. Corn and wheat markets were able to join soybeans with higher prices as well on Thursday, despite being a little more subdued in their rallying efforts. Outside markets on Thursday were mostly a negative influence on ag futures, with lower energy markets after Iran and U.S. officials did agree to move forward with planned negotiations in Oman on Friday. The U.S. dollar was firmer for the fifth time in the past seven sessions, and equity markets moved lower as trade has turned sideways over the past month.LIVESTOCK:Live cattle futures quickly backed away from part of early week gains Thursday. Losses of $4 to $5 per cwt were seen at midday, creating some concern that additional sharp losses may continue to develop over the coming days. The news focus seems to be pointed to the processing reduction seen in the JBS Greeley plant based on reported impending strikes at the plant. The likelihood that this will have a major impact on overall industry processing capacity beyond a few days is limited given the current structure of the market and current overall company and industry availability. This industry is not beyond rerouting trucks to other plants or companies in order to sustain needs and capacity levels. But watching daily slaughter rates through the month of February will help give an indicator of overall capacity levels. Firm pressure in outside markets and weaker beef values cannot be downplayed in the hesitancy for futures buyers to step into a market which very well could have run out of oxygen at current price levels. Cash cattle markets are still sluggish with a few bids on the table in parts of Iowa, and a major packer has offered to "call in" for $378 in eastern Nebraska. Packer inquiry should continue to improve as the day progresses, but significant trade volume will likely be delayed until later today and/or Friday. Boxed beef prices are lower: choice down $0.82 ($367.20) and select down $1.08 ($361.01) with a movement of 48.79 loads (38.54 loads of choice, 4.14 loads of select, zero loads of trim and 6.11 loads of ground beef).Feeder cattle futures were leading the market lower Thursday. This market move seems like a general reversal to early week buyer support that flooded the market during trade Monday and Tuesday. The news cycle focus in the market seems to be centered on the developing strike at the JBS plant in Greeley, but this move is likely much more focused on the ability to sustain additional buyer support at current price levels. Nearby futures have rallied nearly $70 per cwt since the November low, creating a generally unchecked upward market surge within the entire cattle market. This lack of small to moderate corrections can make any market vulnerable, including the cattle market which is focusing on tight supplies. In comparison to the wild shifts seen last fall, these swings seem generally tame. But it does create significant uncertainty given how lightly traded the feeder cattle market remains with generally light volume. Lean hog futures had been the quiet market through the entire livestock complex Thursday. Spot February futures were leading the market lower with light pressure, while very narrow losses are seen through the rest of the contracts. The continued upward move higher in nearby futures since hitting seasonal lows in November have continued to move prices well above the 40-day moving average. Recent volatility in cattle trade seems to have lost its short-term impact on hog traders at this moment as traders continue to look for continued strong demand support as 2026 develops. At current price levels and comparative price relationships to beef, the pork industry seems well insulated to potential economic pressure that may develop over the coming weeks and months. <a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/02/05140554/web-closing-markets.mp3">Click HERE for audio</a>

Groups representing fuel retailers across America expressed serious concerns with the Section 45Z Clean Fuel Production Credit. The associations say that 45Z is a giant step backward for American biofuel policy. NATSO, representing truck stops and travel plazas, SIGMA, America’s leading fuel marketers, and the National Association of Convenience Stores are urging Congress and the Administration to support simpler biofuel policies that would quickly reinvigorate biodiesel consumption and higher ethanol blends while enhancing the economy and energy market security.

 “The transition away from the Biodiesel Tax Credit to the 45Z production credit instituted a catastrophic decline in biofuels consumption that hurts the economy,” said NACS Deputy General Counsel Matt Durand. “Congress can fix it by bringing back the Biodiesel Tax Credit, which has a proven track record of delivering lower prices to consumers while benefiting farmers and biofuel producers.” 

Groups representing fuel retailers across America expressed serious concerns with the Section 45Z Clean Fuel Production Credit. The associations say that 45Z is a giant step backward for American biofuel policy. NATSO, representing truck stops and travel plazas, SIGMA, America’s leading fuel marketers, and the National Association of Convenience Stores are urging Congress and the Administration to support simpler biofuel policies that would quickly reinvigorate biodiesel consumption and higher ethanol blends while enhancing the economy and energy market security. “The transition away from the Biodiesel Tax Credit to the 45Z production credit instituted a catastrophic decline in biofuels consumption that hurts the economy,” said NACS Deputy General Counsel Matt Durand. “Congress can fix it by bringing back the Biodiesel Tax Credit, which has a proven track record of delivering lower prices to consumers while benefiting farmers and biofuel producers.” -NAFB

Fuel retailers express concerns about 45Z guidelines

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

It was a generally positive session for ag markets Tuesday with soybean futures recovering from three consecutive lower sessions and building off bullish momentum which showed glimpses through Monday's rally off daily lows. Wheat markets, on the other hand, remain sluggish with bullish traders thus far lacking the confidence to extend the recent bounce beyond two-month highs which were hit last week. Corn was caught between the soybean rally and heavy wheat prices. Meanwhile, a recovery in energy prices following Monday's risk-off session provided a base of support Tuesday. In early afternoon Tuesday, it was reported that the U.S. had shot down an Iranian drone in the Persian Gulf, a swift ratcheting of tensions which had seemed to be cooling to begin the week, with nuclear negotiations set for Friday in Turkey. It is unclear at this point if those talks will move forward as planned.

The live cattle complex continued to move higher as traders have gained another level of confidence following last Friday's bullish Cattle Inventory report. The market is pressuring its technical barriers as this is currently the highest price point traded at since last October. As long as fundamental support continues to remain robust, traders will likely remain supportive and push the contracts higher. But it's undeniable traders will need to see continued fundamental support. Following last week's strong trade in the fed cash cattle market, there's been no new business develop yet and it's most likely trade will be delayed until Thursday or Friday of this week. It is assumed prices will be higher again this week as supplies of market-ready cattle remain thin. Boxed beef prices are higher: choice up $2.66 ($370.87) and select up $2.85 ($367.76) with a movement of 56 loads (40.98 loads of choice, 3.08 loads of select, 4.94 loads of trim and 6.53 loads of ground beef).

With encouragement from last week's bullish Cattle Inventory report, the stronger trade in the fed cash cattle market last week, and the live cattle contracts trading higher, the feeder cattle complex traded higher thanks to these support factors. If the live cattle contracts happen to weaken, there's a strong chance the feeder cattle contracts will too.

The lean hog complex started moderately higher and went into the closing bell the same way the day started. Hog prices average $86.27 on the Daily Direct Morning Hog Report, with prices ranging from $80.00 to $88.00 on 2,461 head and a five-day rolling average of $85.12. Pork cutouts total 191.65 loads with 176.52 loads of pork cuts and 15.13 loads of trim. Pork cutout values: up $0.35, $96.05.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/02/03143532/web-closing-markets.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:March corn closed up 2 3/4 cents and May corn was up 2 1/4 cents. March soybeans closed up 5 1/2 cents and May soybeans were up 4 3/4 cents. March KC wheat closed down 1/2 cents, March Chicago wheat was up 1 cent, March Minneapolis wheat was down 3 1/4 cents.It was a generally positive session for ag markets Tuesday with soybean futures recovering from three consecutive lower sessions and building off bullish momentum which showed glimpses through Monday's rally off daily lows. Wheat markets, on the other hand, remain sluggish with bullish traders thus far lacking the confidence to extend the recent bounce beyond two-month highs which were hit last week. Corn was caught between the soybean rally and heavy wheat prices. Meanwhile, a recovery in energy prices following Monday's risk-off session provided a base of support Tuesday. In early afternoon Tuesday, it was reported that the U.S. had shot down an Iranian drone in the Persian Gulf, a swift ratcheting of tensions which had seemed to be cooling to begin the week, with nuclear negotiations set for Friday in Turkey. It is unclear at this point if those talks will move forward as planned.LIVESTOCK:The live cattle complex continued to move higher as traders have gained another level of confidence following last Friday's bullish Cattle Inventory report. The market is pressuring its technical barriers as this is currently the highest price point traded at since last October. As long as fundamental support continues to remain robust, traders will likely remain supportive and push the contracts higher. But it's undeniable traders will need to see continued fundamental support. Following last week's strong trade in the fed cash cattle market, there's been no new business develop yet and it's most likely trade will be delayed until Thursday or Friday of this week. It is assumed prices will be higher again this week as supplies of market-ready cattle remain thin. Boxed beef prices are higher: choice up $2.66 ($370.87) and select up $2.85 ($367.76) with a movement of 56 loads (40.98 loads of choice, 3.08 loads of select, 4.94 loads of trim and 6.53 loads of ground beef).With encouragement from last week's bullish Cattle Inventory report, the stronger trade in the fed cash cattle market last week, and the live cattle contracts trading higher, the feeder cattle complex traded higher thanks to these support factors. If the live cattle contracts happen to weaken, there's a strong chance the feeder cattle contracts will too.The lean hog complex started moderately higher and went into the closing bell the same way the day started. Hog prices average $86.27 on the Daily Direct Morning Hog Report, with prices ranging from $80.00 to $88.00 on 2,461 head and a five-day rolling average of $85.12. Pork cutouts total 191.65 loads with 176.52 loads of pork cuts and 15.13 loads of trim. Pork cutout values: up $0.35, $96.05.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/02/03143532/web-closing-markets.mp3">Click HERE for audio</a>

The Environmental Protection Agency is expected to reapprove Dicamba for over-the-top use on tolerant soybeans and cotton for the 2026 season. Reports say the decision is aimed at addressing weed control challenges and will likely include stricter regulations like buffering agents and a possible ban on applying Dicamba when the temperatures are high. In a draft statement from the EPA, the agency called the pending decision the most “protective” Dicamba registration in agency history. 

Producers were prohibited from using the herbicide last year because of a 2024 court decision vacating previous registrations. It would be the third time that the EPA approved the pesticide. On both previous occasions, federal courts blocked the approvals, citing the underestimation of the risks of chemical drift that could harm other farms.

The Environmental Protection Agency is expected to reapprove Dicamba for over-the-top use on tolerant soybeans and cotton for the 2026 season. Reports say the decision is aimed at addressing weed control challenges and will likely include stricter regulations like buffering agents and a possible ban on applying Dicamba when the temperatures are high. In a draft statement from the EPA, the agency called the pending decision the most “protective” Dicamba registration in agency history. Producers were prohibited from using the herbicide last year because of a 2024 court decision vacating previous registrations. It would be the third time that the EPA approved the pesticide. On both previous occasions, federal courts blocked the approvals, citing the underestimation of the risks of chemical drift that could harm other farms.-NAFB

EPA is expected to reapprove Dicamba

The cattle inventory was 86.2 million head on January 1, 2026, which continued a long-standing downward trend. Despite a year of strong prices, the USDA Cattle Inventory Report showed the overall U.S. cattle herd shrank by another 0.35 percent, and it’s now at the smallest level in 75 years. The beef cow herd total was 27.6 million head, down by one percent. The 2025 calf crop was 32.9 million head, the smallest total since 1941. 

Beef replacement heifers rose one percent to 4.71 million head. All cattle on feed totaled 13.8 million head, a three percent reduction from 2025. The number of milk cows in the U.S. increased to 9.57 million. Dr. Derrell Peel, a livestock market analyst for Oklahoma State University, said the market is likely still trying to find a bottom. “We’re probably stabilizing, but it’s a very slow process,” Peel said. “We’re likely not going to rebuild very fast.” 

The cattle inventory was 86.2 million head on January 1, 2026, which continued a long-standing downward trend. Despite a year of strong prices, the USDA Cattle Inventory Report showed the overall U.S. cattle herd shrank by another 0.35 percent, and it’s now at the smallest level in 75 years. The beef cow herd total was 27.6 million head, down by one percent. The 2025 calf crop was 32.9 million head, the smallest total since 1941. Beef replacement heifers rose one percent to 4.71 million head. All cattle on feed totaled 13.8 million head, a three percent reduction from 2025. The number of milk cows in the U.S. increased to 9.57 million. Dr. Derrell Peel, a livestock market analyst for Oklahoma State University, said the market is likely still trying to find a bottom. “We’re probably stabilizing, but it’s a very slow process,” Peel said. “We’re likely not going to rebuild very fast.” -NAFB

Cattle inventory hits a 75-year low

Missouri Director of Agriculture Chris Chinn announced this week that 17 Missouri youth groups have been selected as recipients of the 2026 Building Our American Communities grant program.

The awards provide $500 each to seven National FFA Organization chapters and 10 Missouri 4-H clubs to fund local community service initiatives. Projects range from physical upgrades to fairgrounds and parks to the improvement of community centers.

“Year after year we see terrific projects and community impact from FFA chapters and 4-H clubs across Missouri,” Director Chinn said. “This year is no different, and we are proud to support efforts that will make a difference in these communities for years to come.”

Established in the 1970s, the BOAC program is funded through the Missouri Agriculture Development Fund via an agreement with the USDA. All selected projects must be completed by Aug. 1, 2026.

<figure>
 <img src="https://media.eaglewebservices.com/public/2023/6/1685735875202.jpeg" alt="ffa logo" />
 <figcaption>ffa logo</figcaption>
 </figure>By RYAN SKAITHMissouri Director of Agriculture Chris Chinn announced this week that 17 Missouri youth groups have been selected as recipients of the 2026 Building Our American Communities grant program.The awards provide $500 each to seven National FFA Organization chapters and 10 Missouri 4-H clubs to fund local community service initiatives. Projects range from physical upgrades to fairgrounds and parks to the improvement of community centers.“Year after year we see terrific projects and community impact from FFA chapters and 4-H clubs across Missouri,” Director Chinn said. “This year is no different, and we are proud to support efforts that will make a difference in these communities for years to come.”The 2026 grant recipients are:FFA Chapters:<ul>
 <li>California FFA, Moniteau County</li><li>Otterville FFA, Cooper County</li><li>Memphis FFA, Scotland County</li><li>Elsberry FFA, Lincoln County</li><li>Willow Springs FFA, Howell County</li><li>West Plains FFA, Howell County</li><li>Dora FFA, Ozark County</li>
 </ul>4-H Clubs:<ul>
 <li>Show Me 4-H Club, Moniteau County</li><li>4 C’s 4-H Club, Cooper County</li><li>Liberty Leaders 4-H Club, Knox County</li><li>Shafter 4-H Club, Linn County</li><li>Foundation Creation 4-H Club, DeKalb County</li><li>Wranglers 4-H Club, DeKalb County</li><li>Drake 4-H Club, Gasconade County</li><li>Double S 4-H Club, Gasconade County</li><li>Patton 4-H Club, Bollinger County</li><li>Ripley County 4-H Club, Ripley County</li>
 </ul>Established in the 1970s, the BOAC program is funded through the Missouri Agriculture Development Fund via an agreement with the USDA. All selected projects must be completed by Aug. 1, 2026.

FFA and 4-H groups receive state grants

March corn closed down 2 1/2 cents and May corn was down 2 1/4 cents. March soybeans closed down 4 cents and May soybeans were down 4 1/2 cents. March KC wheat closed down 9 1/2 cents, March Chicago wheat was down 10 1/4 cents, March Minneapolis wheat was down 6 3/4 cents.

U.S. row-crop futures were lower to begin the new week and month with wheat prices leading the way on a combination of technical pressure as well as outside market pressure from a firm U.S. dollar and sharply lower energy prices as U.S. and Iranian officials are set to hold nuclear talks in Turkey this upcoming Friday in a path of de-escalation of tensions which had driven crude oil prices to their highest level in four months. Direct fundamental news for corn, soy, and wheat markets was limited on Monday, but a quick start to soybean harvesting and safrinha corn planting in Brazil over the latter half of January is likely at least part of the cause of bearishness in the markets to begin February.

Live cattle futures surged higher Monday following the bullish news from last week's cattle inventory report. The focus on overall reduction in all cattle numbers and 2025 calvings decreasing by 2% has continued to spark renewed buying support through early trade. Although contracts backed away from initial highs, the focus on strong early week gains is likely to keep buyers active through the rest of the early week trade. Cash cattle markets look to be a typically quiet Monday with both buyers and sellers busy taking inventory and preparing for the week ahead. Bids and asking prices have yet to be established, and if the trend of the last couple of weeks continues, significant trade volume will be delayed until much later in the week. Boxed beef prices are Higher: choice up $2.14 ($367.70) and select up $2.35 ($364.29) with a movement of 32.80 loads (20.27 loads of choice, 4.93 loads of select, 3.40 loads of trim and 4.20 loads of ground beef).

Feeder cattle futures were leading the market higher Monday, as renewed focus on tight supplies continues to be seen through the entire cattle complex. The announcement in Friday's cattle inventory report of a 2% drop in calves born during 2025 continues to not only leave current buyers actively looking for cattle to fill yards, but it indicates that the trend will not be changing any time soon. It will be interesting to see how active buyer support remains over the next couple of days and weeks following this bullish report. Although the report gives actual numbers to the market supply tightness, the fact is that the market has already factored in much of the tightness, and this will not change the overall expectations of the beef market over the upcoming months.

Lean hog futures moved actively higher Monday as well. Although the same dynamics seen in the cattle market are not seen in the hog complex, the spill-over bullish support from surging cattle markets and active outside market buying activity has helped to push nearby contracts to triple-digit gains during morning trade. Spot month February futures are holding 80 to 90 cent gains through most of the morning, but the rest of nearby contracts held strong triple-digit gains near $2 per cwt into the closing bell. Traders continue to not only gain spill-over support from any beef market support during the year, but continued gains in financial markets are helping to keep hog market traders actively buying in initial February trade.

<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/02/02142452/web-closing-markets.mp3">Click HERE for audio</a>

By: NATHAN STUEDLEGRAINS:March corn closed down 2 1/2 cents and May corn was down 2 1/4 cents. March soybeans closed down 4 cents and May soybeans were down 4 1/2 cents. March KC wheat closed down 9 1/2 cents, March Chicago wheat was down 10 1/4 cents, March Minneapolis wheat was down 6 3/4 cents.U.S. row-crop futures were lower to begin the new week and month with wheat prices leading the way on a combination of technical pressure as well as outside market pressure from a firm U.S. dollar and sharply lower energy prices as U.S. and Iranian officials are set to hold nuclear talks in Turkey this upcoming Friday in a path of de-escalation of tensions which had driven crude oil prices to their highest level in four months. Direct fundamental news for corn, soy, and wheat markets was limited on Monday, but a quick start to soybean harvesting and safrinha corn planting in Brazil over the latter half of January is likely at least part of the cause of bearishness in the markets to begin February.LIVESTOCK:Live cattle futures surged higher Monday following the bullish news from last week's cattle inventory report. The focus on overall reduction in all cattle numbers and 2025 calvings decreasing by 2% has continued to spark renewed buying support through early trade. Although contracts backed away from initial highs, the focus on strong early week gains is likely to keep buyers active through the rest of the early week trade. Cash cattle markets look to be a typically quiet Monday with both buyers and sellers busy taking inventory and preparing for the week ahead. Bids and asking prices have yet to be established, and if the trend of the last couple of weeks continues, significant trade volume will be delayed until much later in the week. Boxed beef prices are Higher: choice up $2.14 ($367.70) and select up $2.35 ($364.29) with a movement of 32.80 loads (20.27 loads of choice, 4.93 loads of select, 3.40 loads of trim and 4.20 loads of ground beef).Feeder cattle futures were leading the market higher Monday, as renewed focus on tight supplies continues to be seen through the entire cattle complex. The announcement in Friday's cattle inventory report of a 2% drop in calves born during 2025 continues to not only leave current buyers actively looking for cattle to fill yards, but it indicates that the trend will not be changing any time soon. It will be interesting to see how active buyer support remains over the next couple of days and weeks following this bullish report. Although the report gives actual numbers to the market supply tightness, the fact is that the market has already factored in much of the tightness, and this will not change the overall expectations of the beef market over the upcoming months. Lean hog futures moved actively higher Monday as well. Although the same dynamics seen in the cattle market are not seen in the hog complex, the spill-over bullish support from surging cattle markets and active outside market buying activity has helped to push nearby contracts to triple-digit gains during morning trade. Spot month February futures are holding 80 to 90 cent gains through most of the morning, but the rest of nearby contracts held strong triple-digit gains near $2 per cwt into the closing bell. Traders continue to not only gain spill-over support from any beef market support during the year, but continued gains in financial markets are helping to keep hog market traders actively buying in initial February trade.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/02/02142452/web-closing-markets.mp3">Click HERE for audio</a>

GT Thompson, the chair of the House Agriculture Committee, has tentatively set a farm bill markup for the week of February 23. That’s according to three sources familiar with Thompson’s plans. While the formal text of his farm bill has yet to be introduced, it will likely have the same priorities as the version that advanced out of committee in 2024 but never became law. “Committee staff is still waiting for the cost estimates from the Congressional Budget Office, which could delay the markup in February.” 

Two people who were granted anonymity to discuss private details said that House Ag Republicans want to get a floor vote on the farm bill before the Easter recess. The ‘Farm Bill 2.0,’ as Thompson refers to it, will address multiple industry priorities like rural development, research plans, and could be a vehicle for year-round E15. 

GT Thompson, the chair of the House Agriculture Committee, has tentatively set a farm bill markup for the week of February 23. That’s according to three sources familiar with Thompson’s plans. While the formal text of his farm bill has yet to be introduced, it will likely have the same priorities as the version that advanced out of committee in 2024 but never became law. “Committee staff is still waiting for the cost estimates from the Congressional Budget Office, which could delay the markup in February.” Two people who were granted anonymity to discuss private details said that House Ag Republicans want to get a floor vote on the farm bill before the Easter recess. The ‘Farm Bill 2.0,’ as Thompson refers to it, will address multiple industry priorities like rural development, research plans, and could be a vehicle for year-round E15. -NAFB

House ag chair wants 'Farm Bill 2.0' in February

The National Young Farmers Coalition expresses deep concern over the continued delay of the 2024 Tenure, Ownership, and Transition of Agricultural Land Survey, originally scheduled for release on October 31, 2025. The survey aims to provide important insights into the trends and patterns of ownership of agricultural land across the U.S. “Without the TOTAL Survey, we’re flying blind on one of the most urgent issues in agriculture, which is land access,” said Vanessa Garcia Polanco, the government relations director with the National Young Farmers Coalition. 

“This delay prevents policymakers, advocates, and farmers from understanding the scale of farmland loss, speculation, and consolidation, and from acting to keep farmers on the land.” Young Farmers calls on the administration to release the critical information they’re looking for, and they had planned to hold a congressional briefing upon the Survey’s release to discuss how the data should inform proactive federal policy. 

The National Young Farmers Coalition expresses deep concern over the continued delay of the 2024 Tenure, Ownership, and Transition of Agricultural Land Survey, originally scheduled for release on October 31, 2025. The survey aims to provide important insights into the trends and patterns of ownership of agricultural land across the U.S. “Without the TOTAL Survey, we’re flying blind on one of the most urgent issues in agriculture, which is land access,” said Vanessa Garcia Polanco, the government relations director with the National Young Farmers Coalition. “This delay prevents policymakers, advocates, and farmers from understanding the scale of farmland loss, speculation, and consolidation, and from acting to keep farmers on the land.” Young Farmers calls on the administration to release the critical information they’re looking for, and they had planned to hold a congressional briefing upon the Survey’s release to discuss how the data should inform proactive federal policy. -NAFB

Young Farmers concerned about land survey

March corn closed down 2 1/2 cents and May corn was down 3 1/4 cents. March soybeans closed down 8 cents and May soybeans were down 8 3/4 cents. March KC wheat closed down 2 1/4 cents, March Chicago wheat was down 3 1/2 cents, March Minneapolis wheat was down 3 1/4 cents.

Friday featured widespread selling pressure across ag and outside markets to close the week, with row crop futures posting moderate losses to close what was otherwise a mixed week for price action. Outside markets also saw profit taking with sharp moves lower for equity markets as well as a notable reversal in gold and silver. The U.S. dollar stabilized through the latter half of this week, with the recovery from four-year lows accelerated on Friday by money flow out of precious metals. Energy markets were also mixed on Friday after a firm week, adding another headwind to ag futures heading into the weekend.

The live cattle complex was truly a mixed bag heading into Friday's closing bell. Only the February live cattle contract traded higher, while the deferred contracts traded moderately lower as the market sits on pins and needles waiting for the industry's Cattle Inventory report to be released later this afternoon. It has been exciting to see some stronger trade develop in the fed cash cattle market, but unfortunately with traders knowing the big report is set to be released this afternoon, the strong developments in the cash market seem to be overlooked. Some light cash cattle trade developed in the South at $238 to $240, which is $3.00 to $5.00 higher than last week's weighted average. Some Northern dressed cattle trade developed at $375 to $378, which is $6.00 to $9.00 higher than last week's weighted average. Boxed beef prices were mixed: choice down $1.22 ($366.55) and select up $2.28 ($363.00) with a movement of 57 loads (38.15 loads of choice, 3.95 loads of select, 4.97 loads of trim and 9.61 loads of ground beef).

Between seeing the equity markets and live cattle contracts all fall lower, the feeder cattle contracts were following suit as most of the contracts traded $4.00 to $5.00 lower into Friday's close. There's a cloud of uncertainty that's seemed to overcome the entire marketplace, and currently seems to be ensuing the most havoc on the feeder cattle contracts.

While the cattle contracts sink back in anxiousness, the lean hog contracts at least traded higher in the market's deferred contracts, but the nearby contracts were following suit in a minor regression. It is helpful that midday pork cutout values were up over $2.00 higher -- showing strong continued consumer support.

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By: NATHAN STUEDLEGRAINS:March corn closed down 2 1/2 cents and May corn was down 3 1/4 cents. March soybeans closed down 8 cents and May soybeans were down 8 3/4 cents. March KC wheat closed down 2 1/4 cents, March Chicago wheat was down 3 1/2 cents, March Minneapolis wheat was down 3 1/4 cents.Friday featured widespread selling pressure across ag and outside markets to close the week, with row crop futures posting moderate losses to close what was otherwise a mixed week for price action. Outside markets also saw profit taking with sharp moves lower for equity markets as well as a notable reversal in gold and silver. The U.S. dollar stabilized through the latter half of this week, with the recovery from four-year lows accelerated on Friday by money flow out of precious metals. Energy markets were also mixed on Friday after a firm week, adding another headwind to ag futures heading into the weekend.LIVESTOCK:The live cattle complex was truly a mixed bag heading into Friday's closing bell. Only the February live cattle contract traded higher, while the deferred contracts traded moderately lower as the market sits on pins and needles waiting for the industry's Cattle Inventory report to be released later this afternoon. It has been exciting to see some stronger trade develop in the fed cash cattle market, but unfortunately with traders knowing the big report is set to be released this afternoon, the strong developments in the cash market seem to be overlooked. Some light cash cattle trade developed in the South at $238 to $240, which is $3.00 to $5.00 higher than last week's weighted average. Some Northern dressed cattle trade developed at $375 to $378, which is $6.00 to $9.00 higher than last week's weighted average. Boxed beef prices were mixed: choice down $1.22 ($366.55) and select up $2.28 ($363.00) with a movement of 57 loads (38.15 loads of choice, 3.95 loads of select, 4.97 loads of trim and 9.61 loads of ground beef).Between seeing the equity markets and live cattle contracts all fall lower, the feeder cattle contracts were following suit as most of the contracts traded $4.00 to $5.00 lower into Friday's close. There's a cloud of uncertainty that's seemed to overcome the entire marketplace, and currently seems to be ensuing the most havoc on the feeder cattle contracts.While the cattle contracts sink back in anxiousness, the lean hog contracts at least traded higher in the market's deferred contracts, but the nearby contracts were following suit in a minor regression. It is helpful that midday pork cutout values were up over $2.00 higher -- showing strong continued consumer support.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/01/30140902/web-closing-markets.mp3">Click HERE for audio</a>

Livestock and poultry producers across the Midwest are stepping up biosecurity measures as highly pathogenic avian influenza (HPAI) continues to circulate among wild birds and commercial flocks. The USDA confirmed additional detections in poultry operations this week, while state agriculture departments urged producers to limit farm traffic and monitor animals closely. According to the Centers for Disease Control and Prevention, the risk to the public remains low, though outbreaks continue to disrupt egg and poultry supplies. 

Reports say that egg prices remain volatile as producers depopulate affected flocks and rebuild inventories. Industry groups say supply recovery could take months, particularly for smaller producers with limited resources. Farm organizations warned that continued outbreaks could strain rural economies and add costs throughout the food chain. Federal and state officials said they are coordinating surveillance, indemnity payments and response efforts to limit further spread during peak migration season.

Livestock and poultry producers across the Midwest are stepping up biosecurity measures as highly pathogenic avian influenza (HPAI) continues to circulate among wild birds and commercial flocks. The USDA confirmed additional detections in poultry operations this week, while state agriculture departments urged producers to limit farm traffic and monitor animals closely. According to the Centers for Disease Control and Prevention, the risk to the public remains low, though outbreaks continue to disrupt egg and poultry supplies. Reports say that egg prices remain volatile as producers depopulate affected flocks and rebuild inventories. Industry groups say supply recovery could take months, particularly for smaller producers with limited resources. Farm organizations warned that continued outbreaks could strain rural economies and add costs throughout the food chain. Federal and state officials said they are coordinating surveillance, indemnity payments and response efforts to limit further spread during peak migration season.-NAFB

Midwest livestock producers monitor avian flu spread

Agricultural equipment manufacturers are taking a cautious outlook as lower crop prices and tight farm margins dampen new machinery demand. John Deere executives said recent earnings reflect softer equipment sales, particularly for large tractors and combines, citing reduced farmer purchasing power. USDA forecasts show net farm income declining from recent highs, largely due to weaker commodity prices. 

Dealers across the Midwest are carrying higher inventories as farmers delay upgrades. Analysts said elevated interest rates have also discouraged capital spending. Manufacturers are increasingly focusing on precision agriculture and aftermarket services as alternative revenue streams. Industry observers say equipment demand could rebound if commodity prices recover, but near-term uncertainty is prompting conservative outlooks across the sector.

Agricultural equipment manufacturers are taking a cautious outlook as lower crop prices and tight farm margins dampen new machinery demand. John Deere executives said recent earnings reflect softer equipment sales, particularly for large tractors and combines, citing reduced farmer purchasing power. USDA forecasts show net farm income declining from recent highs, largely due to weaker commodity prices. Dealers across the Midwest are carrying higher inventories as farmers delay upgrades. Analysts said elevated interest rates have also discouraged capital spending. Manufacturers are increasingly focusing on precision agriculture and aftermarket services as alternative revenue streams. Industry observers say equipment demand could rebound if commodity prices recover, but near-term uncertainty is prompting conservative outlooks across the sector.-NAFB

Ag equipment makers cautious as farm income pressures persist

March corn closed up 3/4 cents and May corn was up 1 cent. March soybeans closed down 2 3/4 cents and May soybeans were down 2 cents. March KC wheat closed up 4 3/4 cents, March Chicago wheat was up 5 1/2 cents, March Minneapolis wheat was up 7 1/2 cents.

Row crop futures again fell from their highest points early Thursday, with chart technicals influencing some selling amid a fundamental outlook for corn, soybeans, and wheat that continues to have plenty of bearish arguments to counter short-term bullish bursts. Outside markets on Thursday were again mostly supportive to ag futures, with a softer U.S. dollar for the sixth time in the past eight sessions. Meanwhile, crude oil and other energy markets were firm on heightened tensions between the U.S. and Iran.

Seeming to merely hold its breath waiting for some fed-cash cattle trade to develop, the live cattle contracts traded modestly lower, unwilling to advance any higher and pressure the market's resistance without first seeing what's going to develop fundamentally in the fed cash cattle market. A single bid is currently on the table in Nebraska at $232, but still no cattle have traded and asking prices aren't firmly established yet this week either. It's most likely that trade will be delayed until Friday.

Boxed beef prices are lower: choice down $0.21 ($369.53) and select down $3.19 ($360.38) with a movement of 67 loads (44.55 loads of choice, 4.73 loads of select, 8.87 loads of trim and 8.70 loads of ground beef).

The feeder cattle complex was a mixed bag in morning trade, as the nearby contracts were scaling higher while the market's deferred contracts were trailing slightly lower and ended the day like their live counterparts, modestly lower. The spot March feeder cattle contract is trading at the highest level it's been at since the market's sharp sell-off in late October.

With the help of a strong export sales report this morning, the lean hog complex got back to trading higher following Wednesday's lower close. It is also helpful from a technical standpoint, the market is no longer up against resistance thresholds, and from a fundamental standpoint that morning pork cutout values were a tick higher as well.

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By: NATHAN STUEDLEGRAIN:March corn closed up 3/4 cents and May corn was up 1 cent. March soybeans closed down 2 3/4 cents and May soybeans were down 2 cents. March KC wheat closed up 4 3/4 cents, March Chicago wheat was up 5 1/2 cents, March Minneapolis wheat was up 7 1/2 cents.Row crop futures again fell from their highest points early Thursday, with chart technicals influencing some selling amid a fundamental outlook for corn, soybeans, and wheat that continues to have plenty of bearish arguments to counter short-term bullish bursts. Outside markets on Thursday were again mostly supportive to ag futures, with a softer U.S. dollar for the sixth time in the past eight sessions. Meanwhile, crude oil and other energy markets were firm on heightened tensions between the U.S. and Iran.LIVESTOCK:Seeming to merely hold its breath waiting for some fed-cash cattle trade to develop, the live cattle contracts traded modestly lower, unwilling to advance any higher and pressure the market's resistance without first seeing what's going to develop fundamentally in the fed cash cattle market. A single bid is currently on the table in Nebraska at $232, but still no cattle have traded and asking prices aren't firmly established yet this week either. It's most likely that trade will be delayed until Friday.Boxed beef prices are lower: choice down $0.21 ($369.53) and select down $3.19 ($360.38) with a movement of 67 loads (44.55 loads of choice, 4.73 loads of select, 8.87 loads of trim and 8.70 loads of ground beef).The feeder cattle complex was a mixed bag in morning trade, as the nearby contracts were scaling higher while the market's deferred contracts were trailing slightly lower and ended the day like their live counterparts, modestly lower. The spot March feeder cattle contract is trading at the highest level it's been at since the market's sharp sell-off in late October.With the help of a strong export sales report this morning, the lean hog complex got back to trading higher following Wednesday's lower close. It is also helpful from a technical standpoint, the market is no longer up against resistance thresholds, and from a fundamental standpoint that morning pork cutout values were a tick higher as well.<a href="https://dehayf5mhw1h7.cloudfront.net/wp-content/uploads/sites/356/2026/01/29141654/web-closing-markets.mp3">Click HERE for audio</a>

The Renewable Fuels Association applauded President Trump for strongly reaffirming his support for America’s ethanol industry. During a stop in Des Moines, Iowa, he called on Congress to send a bill approving year-round E15 to his desk “very quickly.” Trump said he would sign the bill into law without delay. RFA President and CEO Geoff Cooper said Trump understands the quickest and surest way to boost the farm economy is “to open a vast new market opportunity for grain-based ethanol.” 

The Iowa Corn Growers Association also applauded the president, saying they appreciate him for shining a light on E15. “He recognizes the weight this legislation holds to us as corn growers,” said ICGA President Steve Kuiper. “A recent study by Iowa Corn and the Iowa Renewable Fuels Association shared the positive effects year-round E15 would have on corn growers.” U.S. corn growers have pushed for year-round access for over ten years.

The Renewable Fuels Association applauded President Trump for strongly reaffirming his support for America’s ethanol industry. During a stop in Des Moines, Iowa, he called on Congress to send a bill approving year-round E15 to his desk “very quickly.” Trump said he would sign the bill into law without delay. RFA President and CEO Geoff Cooper said Trump understands the quickest and surest way to boost the farm economy is “to open a vast new market opportunity for grain-based ethanol.” The Iowa Corn Growers Association also applauded the president, saying they appreciate him for shining a light on E15. “He recognizes the weight this legislation holds to us as corn growers,” said ICGA President Steve Kuiper. “A recent study by Iowa Corn and the Iowa Renewable Fuels Association shared the positive effects year-round E15 would have on corn growers.” U.S. corn growers have pushed for year-round access for over ten years.-NAFB