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- Naomi Blohm, TotalFarmMarketing.com
- Orr Beef Research Center Field Day Sep 10
- Ed Usset, University of Minnesota
- Don Day, DayWeather.com
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- Orr Beef Research Center Field Day Sep 10
- Ed Usset, University of Minnesota
- Don Day, DayWeather.com
Creators and Guests
What is Closing Market Report?
Celebrating 40 Years | 10,000 Episodes
Established 1985
The Closing Market Report airs weekdays at 2:06pm central on WILL AM580, Urbana. University of Illinois Extension Farm Broadcaster Todd Gleason hosts the program. Each day he asks commodity analysts about the trade in Chicago, delves deep into the global growing regions weather, and talks with ag economists, entomologists, agronomists, and others involved in agriculture at the farm and industry level.
website: willag.org
twitter: @commodityweek
From the land to Grant University in Urbana Champaign, Illinois, this is the closing market reported as the September 2025. I'm extension's Todd Gleason. Coming up, we'll talk about the commodity markets with Naomi Blum at totalfarmmarketing.com out of West Bend, Wisconsin. Travis Mateer, extension beef cattle specialist and educator, will join us to discuss next Wednesday's Orbeef Research Center field day. We'll turn our attention to bases bases in the Northwestern Part of the Corn Belt with Ed Asit, agricultural economist at the University of Minnesota, and we'll take up the weather forecast too with Dawn Day at day weather in Cheyenne, Wyoming, all on this Tuesday edition of the closing market report from Illinois Public Media.
Todd Gleason:It is public radio for the farming world.
announce:Todd Gleason services are made available to WILL by University of Illinois Extension.
Todd Gleason:September corn for the day saddled at $4.00 3. That was up 5¢. December at four twenty three two and three quarters of a cent higher. And the March at four forty and three quarters, 3 higher. September soybeans today, $10.25 and 3 quarters, 11¢ lower.
Todd Gleason:November, 10 41, down 13 and a half. And January futures, $10.59 and a half, 13¢ lower. Bean meal futures at $2.75 50, down $8.10. The bean oil at $51.97, 50¢ higher. Wheat futures into September, a nickel higher at $5.13.
Todd Gleason:December five twenty eight and a quarter down six, and the hard red winter wheat in the December at $5.11 at a quarter, eight and a half lower. I think I told you September was a down or rather up 5¢. It was down 5¢ in the soft red winter wheat. Live cattle futures at $2.39 52 and a half, 12 and a half cents lower. Feeders at $3.63 70, 77 and a half cents lower, and lean hogs at $95.55, and they were down 52 and a half cents for the day.
Todd Gleason:Crude oil at $65.59 a barrel, a dollar 58 higher. Diesel fuel or heating oil, up a dime, and that's a $2.37 and 3 tenths. Gasoline at $2.04 and 2 tenths of a cent, 7 and 3 tenths of a cent per gallon higher on the day. Some of the outside markets, including the S and P five hundred down around 74 points at 6,399. The Dow Jones Industrial Average at 40,183 points down 419 points at this hour.
Todd Gleason:Stay with us each and every day here on WILL AM five eighty, wilag.org, and this radio station for updates of information from the agricultural marketplace all day long. You can check it out starting on our home station at willag.org with the opening market report and then midday update during the noon hour. So check that out. Again, find the address and all that information at willag.0rg. Naomi Bloom from Total Farm Marketing dot com out of West Bend, Wisconsin is now here.
Todd Gleason:I hope you had a great Labor Day weekend. I know I did, Naomi.
Naomi Blohm:Yes. Things good. My son, Oscar, made the football team at UW Platteville. So I'm a happy and proud mama.
Todd Gleason:Good for him and great for you. That's fantastic.
Naomi Blohm:Thank you.
Todd Gleason:Alright. So well Yeah. Since he made the team, can is he is he the d line?
Naomi Blohm:Yes. He's on the d line. So super excited to see, you know, how it all ends up. Platform should have a good team this year, and can't wait to get to those games.
Todd Gleason:Yeah. So I said d line for for a reason because I was thinking about what was happening in corn and soybeans, and they've been playing defense for a while. So so so I was trying to make that transition. And and I did like the way corn finished today after being down several cents following soybeans lower in the overnight trade. It popped up at some point in the day.
Todd Gleason:What happened there?
Naomi Blohm:Yeah. So last night, market just started to trade lower corn, beans, and wheat. Just didn't get a lot of fresh news over the weekend. So corn went back and tested some of the moving averages between, like, the five day moving average and also the fifty day moving average. So that ended up holding as support, and because it helped, just saw a little bit of buying creep back throughout the day.
Naomi Blohm:Weekly export inspections came in within the expected amount, but I think the market is just aware of the rust situation out in the fields. And it continues to kind of slowly spread, and so there's just more of this concern that it's not gonna be this record crap that the USDA is saying, and we'll have no idea where it is until the combines roll, but just that uncertainty is it getting the fund traders to move to the sidelines? So, for example, when the Commitment of Traders report was released Friday afternoon, which was current as of end of business of Tuesday last week, the funds had bought back nearly 34,000 contracts of their short position. So they're still short 110,000 contracts of corn officially, but they are exiting that short position. And on Friday alone last week, they had exited another 18,000 contracts.
Naomi Blohm:So they're actually now probably short still 90,000 contracts or so, but they are moving to the sidelines. So we don't know if there's a truly bullish story yet on the supply side situation or not because of the rust, but it's enough to make traders think twice and exit the short positions.
Todd Gleason:Yeah. So the marketplace is really now awaiting some confirmation of what size this crop is. Rust playing a role in corn. Soybeans dropped because why?
Naomi Blohm:Well, there, there was still just a legitimate lack of fresh news. We were at resistance levels on charts all last week, and it held. But because there was not anything fresh or new for news over the weekend and no signs of China buying anything yet, markets saw a little bit of profit taking. So that's what that felt like to me. We're probably going to see that soybean market trade in a little bit more of a sideways lackluster pattern, and we're we're self supported, well supported by a smaller crop year because of the smaller planted acres.
Naomi Blohm:But without big new export demand, the market's gonna struggle to rally in the short term. Soybeans range bound, where we have the November contract having good support at $10.25 but resistance at $10.6 so a larger range. But without any fresh export news, it's gonna be hard for the bean market to rally, but at the same time, of course, well supported because of our smaller US supply here with the lower planted acres. And a lot of question of where the yield will end up, and, of course, that we won't know for about another month till the combines get rolling.
Todd Gleason:I know you watch livestock closely. What can you tell me about the beef cattle market today?
Naomi Blohm:Yeah. So we had some two sided trade action there. At one time, we had the marketplace kinda, work into new highs, and then we backed off. What's interesting is that in the fund category, the funds exited 2,500 contracts of feeder cattle last week of their long position, but on the live cattle side, they just continued to add a small amount of length there. So we were looking at cash markets last week, still kind of trading firm.
Naomi Blohm:Last week, we had trade in the North about steady to $2 higher, and with the South, some steady trade. Box beef values closed a little higher as well. Choice up a buck and Select up four last week. So the market, well supported still fundamentally. We keep looking to see if there's a sign of the top, but as long as demand is staying strong, that cattle market continues to just show resilience and and supporting these high values.
Todd Gleason:Hey. Thank you much. I appreciate it.
Naomi Blohm:Thank you.
Todd Gleason:Naomi Blohm is with total farm marketing dot com from West Bend, Wisconsin. You may hear her again, her comments that is. On our website, look for the closing market report at wilag.org at willag.0rg. While you're there, scroll down and you'll find articles that have been written by the agricultural economist, the crop scientist, and the animal scientist right here on the Urbana Champaign campus of the U of I in the College of Agricultural, Consumer, and Environmental Sciences. One of those articles deals with the Beef Research Center in Western Illinois.
Todd Gleason:We'll hear from Travis Mateer in just a moment, but details are there on the website, also in our calendar of events. Check it all out at willag.org. That's willag.0rg. Up next, we will talk with Travis Mateer. Next week on Wednesday evening starting at 05:00 at the Orbeef Research Center near Perry, Illinois.
Todd Gleason:It actually has a Bayless address. The beef producers around the state will gather along with extension specialists, and we're now joined by Travis Mateer to talk about what they'll find out. Hey. Thanks for taking some time with me today. This is something I think you look forward to each and every year.
Todd Gleason:Can you tell me about it?
Travis Meteer:Yeah. It's a neat gathering. One, we just love the Oris Center for all the reasons of, you know, being able to share the research that goes on there, the partnership that we have with John Wood Community College. And if you know beef cattle production in the state of Illinois, West Central Illinois is really a heart of a lot of our beef cattle production. So it's a great facility, a great, partnership, and then it's a great area of the state to talk about beef cattle.
Todd Gleason:There will be a couple of folks traveling from the Urbana Champaign campus, to, Western Illinois on the tenth next week. Who are they, and what will they be telling producers about?
Travis Meteer:Something we look forward to every year is kind of our research update. This is a great opportunity for producers to come out and firsthand get experience talking back and forth with our researchers and finding out what the newest and latest is at the university. We'll have doctor Dan Shike on hand. He'll discuss some of the heifer development research that's been going on and the impacts of how heifer development, really really how it it kind of, influences cow longevity. And then our feedlot specialist, doctor Josh McCann's gonna be there.
Travis Meteer:They've been doing some really neat research on the feedlot side, looking at tracking, structural structural correctness with video images and using some artificial intelligence overlaid. We know from practical experience that cattle that are not structurally correct have less, days in the feedlot. And today in the economic environment that we're in, we're taking these beef cattle carcasses and and beef cattle live weights to a really unprecedented record level. And so his discussion, I think, is very useful for our cattle feeders as well. We're actually also gonna have doctor Brittany Goodrich from the PharmDoc team there.
Travis Meteer:She's gonna tell us a little bit more about these market dynamics and give a cattle outlook. I think the most popular topic really all year has been what are these cattle markets gonna do. So we're gonna have a conversation around that too.
Todd Gleason:Should be interesting if people want to come. Do they need to RSVP?
Travis Meteer:Yes. We'd like them to. They can either give me a call or probably the easiest thing to do is just send me an email. My email is online or it's wmatier2@illinois.edu. Just reach out to us and let us know you're coming.
Todd Gleason:I'll put this in the calendar of events at wilag.org, willag.0rg, on the tenth next next Wednesday with the contact information for Travis, and you'll be able to get hold of him and RSVP for the 05:00 event at the Orbe Beef Research Center. That's near Bayless and Perry in Western Illinois. Thank you, Travis, for taking some time with me today.
Travis Meteer:Yeah. My pleasure, Todd.
Todd Gleason:That is Travis Mateer. He is a beef cattle educator with University of Illinois Extension. Again, if you'd like to attend the Orr Beef Research Center event next Wednesday, the tenth, You can do so. Please do RSVP. You'll find all the information in our website at wllag.org on that date.
Todd Gleason:You're going not to the Biefer Search Center but the John Wood Community College. They're both located across the field from one another. Let's check-in now with Ed Asset. He's an agricultural economist with University of Minnesota Extension. Hello, Ed.
Todd Gleason:Thank you for being with us. You know, it was more than a month ago or just about a month ago when when we talked. USDA had not released its estimate yet for the size of the national crop or by state for that matter, and you were wondering out loud whether Minnesota might be able to break the 200 bushel to the acre mark. USDA puts you at two zero two. The folks at Pro Farmer came through the southern part of the state, and they said, yep, two zero two point eight six or nearly two zero three.
Todd Gleason:And then, of course, there's an adjustment for the rest of your state going northward, and they're still close. I mean, a 197 bushel the acre thereabouts. So the question is, is your crop still that big?
Ed Usset:I think it is. I think the Minnesota crop looks very good. I I hear whispers of, disease problems here and there, but I don't hear about them in Minnesota. The crop looks great. The crop just looks great.
Ed Usset:And, but we we won't know. I'm not I'm not gonna bet any hard money on that 200 bushel per acre average, but I'm not gonna be surprised if we hit it.
Todd Gleason:Okay. So nationally, pro farmer, and this is the one that has people thinking about what USDA will do in September, Adjusted their national numbers so that they show a 100 and not quite a 183 bushel the acre. Mhmm. USDA at $1.88.8. There's really about six bushels difference between the two from August 1 on USDA and to about the twentieth or thereabouts of four.
Todd Gleason:The pro farmer tour has the national crop decreased that much in size.
Ed Usset:I'd boy. I'm I'm very, interested in this September report because I believe this will be USDA's first, where they've gone out and and, estimated, you know, gone into the field.
Todd Gleason:It will be the first time they get objective yields. That is true.
Ed Usset:Yeah. Objective yields. That's I couldn't think of the words there. Objective yields. So it'll be very, very interesting, to see that because that's a pretty wide gap between USDA's August estimate and where Pro Farmer came in.
Ed Usset:And that five or six it's really six bushels per acre. That's a big difference in the bottom line, whoever ends up right there.
Todd Gleason:You know, so the thing we have been talking about on the radio for some time now really is bases, and it has a lot to do with the size of the corn crop and trying to store it. But more importantly, a great deal to do with the lack of exports to China particularly because they're still zero if things haven't changed.
Ed Usset:Yeah. Yes.
Todd Gleason:And that just backs up into storage. And I would think bases where you are and then going to the West has just got to be falling apart.
Ed Usset:I'm looking at elevators, bidding in Southwestern Minnesota 90 under the knob for soybeans, which is just a terrible price. We'd have a terrible basis. We'd have to go back to the, trade war of two thousand eighteen when, you know, the whole thing fell apart. This kills me even worse, though. Crush plants.
Ed Usset:Minnesota's got a handful of large crush pan plants. Couple in Mankato, South Central Minnesota, a large one in Fairmont close to the Iowa border, a large one in Brewster, Minnesota, a little bit further west, but again, close to the Iowa border. These are huge plants. They're bitten 65 to 70 under for beans. I mean, that's that to me to me, in the early September on the cusp of the new crop coming in, they ought to be option price or or five under or 10 over or something like that.
Ed Usset:65 under tells me they're not having troubles getting, soybeans.
Todd Gleason:They just don't have to compete, and they expect they're not going to have to compete with the, PNW or the port in the Northwest.
Ed Usset:Yeah. The basis levels on soybeans and corn and on wheat for that matter are just as very poor, very poor.
Todd Gleason:What do you think of the market in the last week, discounting today because the Chinese went back home after without really saying anything. And I don't think the Trump administration, at least to the point you and I are talking, have said anything about any kind of an agreement, or headway being made with this delegation in The United States.
Ed Usset:Well, it's showing in today's price action, down 15 in soybeans. I mean, it it market tells you all you need to know about how those negotiations went. Not well.
Todd Gleason:What I was hoping to ask about was the increase in prices, particularly for corn last week, and whether you think that there could possibly be a pre harvest bottom in that market?
Ed Usset:Well, it's not uncommon to have a bottom in the corn market before harvest. We had it in August year. It wouldn't be unusual, but I think this is going to be end up being a realizing market. And what I mean by that is, we we seem to have had a bottom. That's good.
Ed Usset:But if, we start harvesting this corn crop and see something that is actually closer to the USDA August numbers of one eighty eight point eight bushels per acre, we could dip back down and and have a late low. But if we find something more like the, pro farmer numbers, we may have already set our loft.
Todd Gleason:If that's the case, do we tick up, and how much upside potential might there be?
Ed Usset:Boy, for for a post harvest strategy, before I think about on price grain in the bin, take a good hard look at the size of the Gary's. And you have to seriously think about, in the case of corn and wheat in particular, even soybeans to a degree, look about look at selling a large carry in all three of those markets. I don't mind, somebody says, you know, I'm gonna take a chance. I'm gonna gamble on, twenty, thirty, maybe even half my crop being unpriced in storage. I can I can live with that?
Ed Usset:If you're gambling on all of it, you're you're ignoring a great opportunity to sell the carry. There's no guarantee we're gonna have you know, when we talk about setting a bottom, Todd, that doesn't mean we start going straight up. It just means we quit going lower, which is a nice thing to do, but that doesn't mean we we start heading straight up. We could languish at low prices for a long time.
Todd Gleason:And by that, you probably are saying the simplest way is to sell bushels you're gonna store on the farm, for delivery in and out month. Yep. And just go ahead and make those sales. Yep. What about what about those bushels that have to go across the scale?
Ed Usset:Oh, well, we're gonna see some, DP opportunities out there, and, they will be, tempting. They may work. I tend to think of delayed pricing, contracts as something akin to the Hail Mary pass in football. Occasionally, it makes for a great story. Doesn't always work.
Ed Usset:No.
Todd Gleason:On that note, I will let you go, and we'll talk with you again next month.
Ed Usset:That's that's a downer of a note to end on.
Todd Gleason:It is. Yeah. If you got a better one, we we can continue.
Ed Usset:I come up if I come up with one, I'll call you back right away.
Todd Gleason:Okay. Thank you much. That's Ed Hassett. He's an agricultural economist at the University of Minnesota. You're listening to the closing market report from Illinois Public Media on this Tuesday afternoon.
Todd Gleason:I'm University of Illinois Extension's Todd Gleason. Our theme music is written, performed, and produced by my brother, Tim Gleason, Logan County, Illinois farmer. We're in our fortieth year of this particular program. We've had more than 10,000 episodes, 30,000 interviews. Thank you for listening to willag.0rg.
Todd Gleason:Now up next, we have an update of the weather forecast from Don Day at Day Weather in Cheyenne, Wyoming.
Don Day:For the second week in a row, temperatures will be well below average East Of The Rockies across the Northern Plains, the Corn Belt, all the way through the Great Lakes, and even parts of the Northeastern United States as there will be another significant trough coming out of Canada funneling cool air into the nation's midsection. So September starts off cooler than average. The only real heat in the Far Pacific Northwest in the Far South. Now the cool weather won't bring much in the way of any significant rain. Yes.
Don Day:Rain will fall, but rainfall amounts will generally be at or a little bit below average for September as these Canadian cold fronts this time of year don't tend to bring a lot of moisture with them. Now no significant threat that these fronts will produce an early frost or freeze in the northern areas, although it will be cold enough that parts of Northern Ontario may get a little bit of snow this week, but temperatures certainly for another seven days will be well below average for a lot of The US.
Todd Gleason:Thank you, Don. Don Day is with Bay Weather in Cheyenne, Wyoming. If you'd like to hear Don or any of the other interviews that you heard this afternoon, look us at willag.org. Willag.0rg.