NEWS

*A western Iowa hog farmer was sentenced to 13 years in federal prison last week on several counts, including crop insurance fraud and theft of government funds after he was indicted by a federal grand jury in 2025. Danbury, Iowa, farmer Tanner James Seuntjens, 33, pleaded guilty on Sept. 19, 2025, to one count each of theft of government funds, aggravated identity theft, crop insurance fraud and stalking. Seuntjens was sentenced to 156 months in prison, ordered to pay $1.7 million in restitution to the USDA and to serve a five-year term of supervised release after the prison term.

Between June 2020 and June 2021, Seuntjens defrauded USDA out of more than $1.5 million in Coronavirus Food Assistance Program grant funds, according to a news release from the U.S. Attorney for the Northern District of Iowa. From March 2021 through April 2022, Seuntjens defrauded a South Dakota bank, according to the U.S. attorney. He borrowed funds from the bank as early as 2014 and pledged his accounts receivable as collateral, which included payments from the sales of grain and livestock. When Seuntjens sold grain and livestock at a cooperative and an auction, the bank required the cooperative and auction to issue two-party checks to Seuntjens and the bank.

“Seuntjens forged an authorized representative of the bank’s signature on two-party checks at least 20 times and he deprived the bank of more than $400,000 of its collateral,” the U.S. attorney said in a news release. In addition, the U.S. attorney said Seuntjens committed crop insurance fraud in 2022 and 2023.

*Union workers at one of the country’s largest beef processing plants have ratified a new two-year contract. The strike at the JBS plant in Greeley, Colorado, lasted three weeks, ending nearly a week ago when both sides agreed to return to the table. The tentative contract includes an increase in wages and protection from higher health care costs. This was the first strike at a U.S. meatpacking plant since the 1985 strike at the Hormel pork plant in Austin, Minnesota.

CORN

ANALYSIS

Corn closed the week $.09 1/4 lower. Last week, private exporters reported sales of 12.4 million bushels (mb) of corn to Mexico and 4.7 mb of corn to an unknown destination.

In the weekly export inspections report, U.S. corn export inspections, for the week ended April 9, of 70.2 million bushels, slipping from the previous week’s 80.8 mb but remaining very strong as shipments over the last four weeks averaged a rather impressive 73 mb/week vs. last year’s 66 mb/week average during the same period, while cumulative corn export inspections of 1.978 billion bushels are up 34% from last year’s 1.477 billion vs the USDA’s 3.3 billion bushel 2025-26 U.S. corn export projection reflecting an expected 16% increase in exports from last year. In order to reach the USDA’s export target, corn inspections will need to average roughly 58.2 mb/week through the end of August, nearly identical to last year’s 58.2 mb/week average from this point forward.

In the weekly crop progress and conditions report, the USDA reported U.S. corn crop is 5% planted vs. 3% last week and 4% average.

In the weekly EIA report, U.S. ethanol production for the week ending April 10 averaged 1.120 million barrels. This is a new high daily production for this week of the year. The previous high was 1.024 million barrels per day in 2023. This was up 0.4% from last week and up 10.7% from last year. Ethanol stocks were 26.699 million barrels. This was up 2.5% from last week and down 0.4% from last year. The amount of corn used for the week is estimated at 111.54 million bushels. Cumulative corn use for the crop year has reached 3.461 billion bushels. Corn use needs to average 104.69 million bushels per week to meet the USDA’s marketing year forecast of 5.600 billion bushels.

STRATEGY & OUTLOOK

New crop corn has rallied to attract planted acres this spring with higher input costs. Passing off risk during this rally is a sound risk management decision.

SOYBEANS

ANALYSIS

Soybeans closed the week $.02 1/2 higher. Last week, private exporters did not report any export sales.

In the weekly export inspections report, U.S. soybean export inspections last week were 29.9 mb and little-changed from the previous week’s 29.6 mb, while soybean inspections over the last four weeks averaged 31.5 mb/week vs. last year’s 27.8 mb/week average during the same period. Through the first 32 weeks of the 2025-26 marketing year, cumulative soybean inspections of 1.158 billion bushels are down 25% from last year’s 1.549 billion vs. the USDA’s just-lowered 1.540 billion bushel export projection reflecting an expected 18% decline in exports from last year. In order to reach the USDA’s new export target, soybean inspections will need to average roughly 16.9 mb/week through the end of August vs. last year’s 14.0 mb/week average from this point forward.

National soybeans are 6% planted vs. 2% on average and a year ago. This was a new record pace for soybean seedings.

The March NOPA crush report came in at a new record for the month of March at 226.161 mb, slightly below the average estimate of 230.0 mb, but well above last month’s 208.8 mb and last year’s 194.6 mb. Soybean oil stocks came in at 2.039 bp vs. estimates of 2.173 bp and last month’s 2.080 bp, and well above last year’s 1.498 bp.

STRATEGY & OUTLOOK

The new crop soybeans are rallying in attempt to compete for acres due to the massive buying promised by the Chinese trade agreement. Producers should look to pass off some risk on this rally.

WHEAT

ANALYSIS

For the week, Chicago wheat closed $.29 1/2 lower and Kansas City wheat closed $.26 lower. Last week, private exporters did not announce any export sales.

In the weekly export inspections report, U.S. wheat export inspections last week were 11.8 mb, down slightly from the previous week’s 12.6 mb and were the lowest in 13 weeks, now with only seven full weeks remaining in the 2025-26 U.S. wheat marketing year. Wheat exports over the last four weeks averaged 13.9 mb/week vs. last year’s 17.8 mb/week average during the same period but have generally been running in line with the USDA’s 900 million bushel export projection which would require wheat inspections to average roughly 14.2 mb/week through the end of May to reach vs. last year’s 18.5 mb/week average from this point forward. Cumulative wheat export inspections of 773 million bushels are up nearly 15% from last year’s 674 million, while the USDA’s annual export projection reflects ideas exports will be up 9% from 2024-25.

The USDA reported spring wheat is 6% planted vs 2% last week and 7% average. Oats are 36% planted vs 28% last week and 36% average with 24% headed vs. 23% last week and 26% average. Winter wheat ratings fell to 34% good/excellent, down 1%, with 34% fair and 32% p/vp. Last year’s crop was rated 47% g/e. HRW areas showed further declines with Nebraska — 5%, Kansas — 6%, Oklahoma — 2%, Texas — 2% while Colorado improved +4% and South Dakota +1%.

STRATEGY & OUTLOOK

Producers should use this rally as a hedging opportunity against new crop wheat as the world remains awash in wheat supplies.

LIVE & FEEDER CATTLE

ANALYSIS

Last week, live cattle closed $2.87 higher while feeder cattle closed $1.60 higher.

Last week, Fed cattle cash trade occurred at moderate volume in the North at $248 to $249 live and $388 to $389 dressed. The South traded moderate to active volume at $248 live. This is largely steady with the previous week’s cash trade in both regions.

The monthly Cattle on Feed report was largely in line with expectations, with on-feed numbers at 99.5% and March placements near estimates, signaling no surprise shifts in supply. The key figure is slightly higher-than-expected marketings at 94.5%, indicating steady packer demand and good throughput. Overall, the report reinforces a stable but tight supply environment, with no evidence of herd expansion and enough marketings to keep cattle moving, supporting the broader constructive outlook for cattle prices.

Boxed beef sold for export last week, the total load count declined 235 loads from the prior week. At 681 loads last week, the sales were 209 loads below the same week in 2025 for a 26% decline. Year-to-date total was only 258 loads below last year at 12,090 for 2% decline.

At the Joplin, Missouri auction on April 13, feeder steers under 600 pounds were $15 to $35 lower while weights over 600 pounds were steady to $12 higher. Feeder heifers were steady to $5 higher. Supply was heavy with moderate demand as 9,109 head traded vs. 7,808 head last week and 8,398 head last year.

At the Oklahoma City auction on April 13, feeder steers and heifers were steady to $5 higher with feeder heifers $10 to $15 higher. Steer calves were mostly steady while heifer calves were steady to $25 higher. Receipts totaled 4,859 head vs. 2,733 head last week and 3,693 head a year ago.

The latest USDA steer carcass weights were lower than last week by 2 pounds at 981 pounds, which is 32 pounds above year-ago levels.

Net beef sales were 12,100 mts for 2026 with shipments of 13,400 mts.

STRATEGY & OUTLOOK

As values approach the previous highs during the second quarter, laying off some risk seems prudent with supplies likely to increase in the last half of 2026.

LEAN HOGS

ANALYSIS

Lean hogs closed the week $.90 lower.

Iowa/southern Minnesota weekly hog weights for the week ending April 11 has weights at 291.4 pounds vs. 291.1 pounds and 291.0 pounds last year vs. 291.6 pounds last week and 292.0 pounds last year.

Net pork sales were 37,300 mts for 2026 with shipments of 35,300 mts.

STRATEGY & OUTLOOK

Cash trade normally bottoms around mid-April and rallies into the summer amidst improved demand.