Daily Market Highlights

Negotiated cash fed cattle trade was light on moderate demand in the Southern Plains and Nebraska through Friday afternoon, according to the Agricultural Marketing Service. Trade in the western Corn Belt was limited on light demand.

For the week, FOB live prices were $4 higher in the Southern Plains at 200-201/cwt., $3 higher in Nebraska at $203 and steady to $5 higher in the western Corn Belt at $200-$203. Dressed delivered prices were $5 higher at $320.

Choice boxed beef cutout value was $2.06 higher Friday afternoon at $332.84/cwt. Select was $5.79 higher at $314.14.

Week to week on Friday, Choice was $7.60 higher and Select was $17.42 higher.

Estimated beef production so far this year illustrates the slower year-over-year production pace, down 161.7 million pounds (-17.6%) compared to the same time last year. Year-to-date estimated total cattle slaughter of 870,000 head was 217,000 head fewer (-20%).

Cattle futures continued higher Friday, buoyed by higher cash fed cattle prices and stronger wholesale beef values.

Feeder Cattle futures closed an average of $1.26 higher (75¢ higher at the back to $3.12 higher at the front). Week to week, they were an average of $6.07 higher ($5.22 to $7.52 higher). 

Live Cattle futures closed an average of 86¢ higher Friday (27¢ to $1.37 higher). Week to week, they were an average of $3.39 higher ($2.37 higher at the back to $4.27 higher in spot Feb).

Turning to the grain complex, Corn and Soybean futures bounced higher with help from cuts to yield and. Ending stocks in the monthly World Agricultural Supply and Demand Estimates.

Corn futures closed 14¢ to 15¢ higher in old-crop contracts and then mostly 1¢ to 3¢ higher. Week to week, they were an average of 20’6¢ higher through old-crop contracts.

Soybean futures closed 16¢ to 26¢ higher through Jan ’26 and then 8¢ to 13¢ higher.

Kansas City Wheat futures closed mostly 2¢ to 5¢ higher.

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Major U.S. financial indices closed lower Friday, pressured by bullish employment numbers, which cast a pall over potential interest rate cuts.

Total non-farm payroll employment increased by 256,000 in December, according to the U.S. Bureau of Labor Statistics, more than expected. The unemployment rate was little changed at 4.1%.

Average hourly earnings for all employees on private nonfarm payrolls rose by 10¢ (0.3%) in December. Over the past 12 months, average hourly earnings have increased by 3.9%.

The Dow Jones Industrial Average closed 696 points lower. The S&P 500 closed 91 points lower. The NASDAQ was down 317 points.

Crude oil futures surged on chatter about potential U.S. sanctions aimed at Russian oil carriers.

West Texas Intermediate Crude Oil futures on the CME closed $1.66 to $2.65 higher through the front six contracts.

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USDA’s Economic Research Service (ERS) increased expected five-area direct average fed steer prices in the January World Agricultural Supply and Demand Estimates. Compared to the previous month, forecast prices increased $6 in the first quarter to $194/cwt., $5 in the second quarter to $194, $4 in the third quarter to $196, and by $5 for an annual average price of $196. Increased optimism stemmed from recent prices and continued strong beef demand.

Projected beef production this year of 25.8 billion pounds would be 1.2 billion pounds less (-4.4%) than last year’s estimated production.

Cattle futures took a step higher Thursday, helped along by the prospects of higher cash fed cattle prices and stronger wholesale beef values.

Before settlement, Feeder Cattle futures were an average of $3.26 higher. Live Cattle futures were an average of $1.96 higher.

Negotiated cash fed cattle trade ranged from limited on light demand in the western Corn Belt to a standstill through Thursday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

However, there were reports of $200 live cash prices in the Southern Plains and more up North.

Last week, FOB live prices were $196-$197/cwt. in the Southern Plains and $200 in Nebraska and the western Corn. Dressed delivered prices were $315.

Choice boxed beef cutout value was $2.17 higher Thursday afternoon at $330.78/cwt. Select was $1.46 higher at $308.35.

Grain and Soybean futures were mixed Thursday between South American weather and positioning ahead of the monthly World Agricultural Supply and Demand Estimates and Grain Stocks report due out Friday.

Before settlement, Corn futures were 1¢ to 2¢ higher. Kansas City Wheat futures were 2¢ lower. Soybean futures were mostly 1¢ to 3¢ higher.

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Stock markets were closed Thursday, in observance of the National Day of Mourning for former president, Jimmy Carter.

Through late afternoon, West Texas Intermediate Crude Oil futures on the CME were 70¢ to 97¢ higher through the front six contracts.

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U.S. beef exports made strong gains in November, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).

November beef exports increased 10% year-over-year to 109,288 metric tons (mt), while value climbed 11% to $872.7 million. Export value per head of fed slaughter equated to $428.70 in November, up 13% from a year ago and the highest since June.

For January through November, beef exports increased 5% in value ($9.56 billion) from the same period in 2023, despite a 1% decline in volume (1.18 million mt).

“Despite continued economic headwinds in Asia, November demand for U.S. beef strengthened in South Korea, China and Taiwan, and exports were fairly steady to Japan,” says Dan Halstrom, USMEF president and CEO. “The strong performance in Mexico and outstanding demand for variety meat in Egypt were also critical for bolstering carcass value.”

November beef exports also increased substantially year-over-year to the Caribbean, ASEAN and Central America.

Pork exports totaled 272,141 mt in November, up 5% from a year ago, while export value increased 6% to just under $783 million.

Cattle futures closed lower Wednesday on likely profit taking and the absence of weekly cash fed cattle direction.

Toward the close, Feeder Cattle futures were an average of $2.38 lower. Live Cattle futures were an average of $1.67 lower.

 Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $196-$197/cwt. in the Southern Plains and $200 in Nebraska and the western Corn. Dressed delivered prices were $315.

Choice boxed beef cutout value was $2.82 higher Wednesday afternoon at $328.61/cwt. Select was $1.46 higher at $306.89.

Grain and Soybean futures were lower Wednesday with pressure from the higher U.S. dollar and perhaps some positioning ahead of the monthly World Agricultural Supply and Demand Estimates and Grain Stocks report due out this Friday.

Toward the close and through Sep ’25 contracts, Corn futures were 2¢ to 4¢ lower. Kansas City Wheat futures were 5¢ to 6¢ lower. Soybean futures were mostly 1¢ to 3¢ lower.

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Major U.S. financial indices closed mixed Wednesday. Negative news included release of the FOMC minutes from their December meeting, which cast a shadow on future interest rate cuts.

“… With regard to the outlook for inflation, participants expected that inflation would continue to move toward 2%, although they noted that recent higher-than-expected readings on inflation, and the effects of potential changes in trade and immigration policy, suggested that the process could take longer than previously anticipated …” according to the minutes. “… In discussing the outlook for monetary policy, participants indicated that the Committee was at or near the point at which it would be appropriate to slow the pace of policy easing …”

The Dow Jones Industrial Average closed 106 points higher. The S&P 500 closed 9 points higher. The NASDAQ was down 10 points.

Through late afternoon, West Texas Intermediate Crude Oil futures on the CME were 75¢ to 92¢ lower through the front six contracts.

Strong fundamentals and increasing open interest helped lift Cattle futures Tuesday.

Toward the close, Feeder Cattle futures were an average of $1.95 higher. Live Cattle futures were an average of 74¢ higher.

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $196-$197/cwt. in the Southern Plains and $200 in Nebraska and the western Corn. Dressed delivered prices were $315.

Choice boxed beef cutout value was $1.31 lower Tuesday afternoon at $325.79/cwt. Select was $2.10 higher at $305.43.

Grain and Soybean futures closed mixed Tuesday with traders keeping in mind the monthly World Agricultural Supply and Demand Estimates and Grain Stocks report due out this Friday.

Toward the close and through Sep ’25 contracts, Corn futures were mainly unchanged. Kansas City Wheat futures were 2¢ to 3¢ higher. Soybean futures were mostly fractionally lower to 2¢ lower.

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Major U.S. financial indices closed lower Tuesday, pressured by rising Treasury yields, strengthened in part by stronger than expected growth in the service sector that many viewed as a drag to potential interest rate cuts this year.

The Dow Jones Industrial Average closed 178 points lower. The S&P 500 closed 66 points lower. The NASDAQ was down 375 points.

Through late afternoon, West Texas Intermediate Crude Oil futures on the CME were 49¢ to 75¢ higher through the front six contracts.

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Agricultural producer sentiment drifted lower month to month in December, declining 9 points to an overall reading of 136, according to the Purdue University/CME Group Ag Economy Barometer.

Producers’ perception of current conditions drove the decline with the Index of Current Conditions dropping 9 points to 136, which was still 24 points above the low in September. The Index of Future Expectations fell 8 points to 153, remaining 59 points above its September low.

“While sentiment dipped this month, it’s clear that much of the postelection optimism about future conditions is still holding strong,” says James Mintert, the barometer’s principal investigator and director of Purdue University’s Center for Commercial Agriculture. “Producers’ optimism about the future seems to stem largely from their expectations for a more favorable policy environment over the next five years.”

International agricultural trade remains an ongoing concern for U.S. producers. In December, 43% of survey respondents chose trade policy as the most important policy for their operation in the upcoming five years.

Moreover, the November and December barometer surveys asked producers about the likelihood of a trade war that could negatively affect U.S. agricultural exports. In December, 48% of producers said they believe a trade war that harms agricultural exports is either likely (32%) or very likely (16%), an increase from 42% in November. Conversely, only 21% of respondents in December viewed a trade war as either unlikely (17%) or very unlikely (4%), down from 26% in November.

This month’s survey was conducted from Dec. 2-6, 2024.

Cattle futures closed higher Monday on bullish fundamentals, following the previous session’s profit taking.

Toward the close, Feeder Cattle futures were an average of $1.82 higher. Live Cattle futures were an average of $1.48 higher.

Negotiated cash fed cattle trade ranged from inactive on very light demand to a standstill through Monday afternoon, according to the Agricultural Marketing Service. 

Last week, FOB live prices were $4 higher in the Southern Plains at $197/cwt., $3-$4 higher in Nebraska at $200 and $3-$5 higher in the western Corn Belt at $200. Dressed delivered prices were $8 higher at $315.

Last week’s five-area direct weighted average FOB live steer price was $4.12 higher at $198.93. The weighted averaged dressed delivered steer price was $7.91 higher at $314.96.

Choice boxed beef cutout value was $1.86 higher Monday afternoon at $327.10/cwt. Select was $6.61 higher at $303.33.

Grain and Soybean futures closed higher Monday, buoyed by South American weather expectations.

Toward the close and through Sep ’25 contracts, Corn futures were 4¢ to 6¢ higher. Kansas City Wheat futures were 13¢ to 14¢ higher. Soybean futures were 1¢ to 8¢ higher.

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Major U.S. financial indices closed mixed Monday, with tech stocks providing the most support.

The Dow Jones Industrial Average closed 25 points lower. The S&P 500 closed 32 points higher. The NASDAQ was up 243 points.

Through late afternoon, West Texas Intermediate Crude Oil futures on the CME were 20¢ to 49¢ lower through the front six contracts.

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Whether or not heifer retention begins this year, Derrell Peel, extension livestock marketing specialist at Oklahoma State University says cattle prices should remain elevated for two to four more years.

Peel offers a couple of potential scenarios in his weekly market comments.

If heifer retention begins this year, Peel explains tighter feeder cattle supplies will push cattle prices and cow-calf returns higher. Retained heifer calves would lead to increased heifer inventories in 2026 and potential beef cow herd growth in 2027.

Conversely, if heifer retention fails to begin in 2025, Peel explains, “The cow herd will continue to dwindle, and cattle supplies will continue to slowly contract with higher cattle prices and a smaller industry until herd rebuilding begins.”

As it is, Peel notes the beef cow herd likely contracted last year, while limited supplies of replacement heifers suggest further contraction or stabilization at best in 2025.

“Historically, herd expansions require a year or two to gain momentum before herd inventories begin to increase. That process has not begun,” Peel says.

Negotiated cash fed cattle trade was active to moderate on very good demand in the North through Friday afternoon, according to the Agricultural Marketing Service. Trade in the Southern Plains was light on good demand.

For the week, FOB live prices were $4-$5 higher in the Southern Plains at mainly $197/cwt., $3-$4 higher in Nebraska at $200 and $3-$5 higher in the western Corn Belt at $200. Dressed delivered prices were $8 higher at $315.

Choice boxed beef cutout value was $1.76 higher Friday afternoon at $325.24/cwt. Select was $2.49 higher at $296.72.

Based on the last full week of December, estimated total cattle slaughter in 2024 was about 1.2 million head less (-3.7%) year over year, while estimated beef production was 169.1 million pounds less (-0.6%).

Cattle futures closed lower Friday with likely profit taking.

Feeder Cattle futures closed an average of $2.32 lower.  Live Cattle futures closed an average of $1.02 lower, except for 45¢ higher in spot Feb.

Week to week on Friday, Feeder Cattle futures closed an average of $2.32 higher (32¢ to $3.62 higher) except for 70¢ lower in the back contract. Live Cattle futures closed an average of $2.57 higher through the front three contracts and then an average of 37¢ higher.

Grain and Soybean futures closed lower Friday.

Corn futures closed 7¢ to 9¢ lower through old-crop contracts and then mostly 5¢ lower with some likely producer selling.  

Kansas City Wheat futures closed 12¢ to 13¢ lower through Jly ’26, pressured by poor exports and positive domestic production conditions. Net U.S. weekly export sales for the week ending Dec. 26 were down 77% from the previous week — a marketing year lower — and 68% less than the prior four-week period.

Soybean futures closed mostly 16¢ to 21¢ lower, also pressured by anemic export sales — down 51% from the prior week and down 67% from the previous four-week average.

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Major U.S. financial indices closed higher Friday, led by tech stocks.

The Dow Jones Industrial Average closed 339 points higher. The S&P 500 closed 73 points higher. The NASDAQ was up 340 points.

West Texas Intermediate Crude Oil futures on the CME closed 55¢ to 83¢ higher through the front six contracts.

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Hay prices near the end of 2024 were the cheapest in about four years, according to the Livestock Marketing Information Center (LMIC), in the latest Livestock Monitor.

Since the beginning of the 2023-24 crop year, LMIC analysts explain national alfalfa hay prices declined $123 per ton from $288 in April 2023 to $165 in November last year. LMIC forecasts the 2024-25 alfalfa hay price to range from $170-$180 per ton.

Similarly, other hay prices declined by $89 per ton from $248 in Oct. 2022 to $159 in November last year. LMIC forecasts the 2024-25 other hay price at around $150 per ton.

“The January Crop Production report from USDA NASS will detail the December 1 hay stocks at the state level. This will be a key piece of information providing further insights into the available hay supplies moving into 2025, which could influence hay prices,” say LMIC analysts. “Drought will be another factor influencing hay prices and production. The most recent estimate from USDA World Agricultural Outlook Board (WAOB) states, ‘… approximately 46% of alfalfa hay acreage is within an area experiencing drought.’”

Cattle futures rose Thursday, led by cash.

Toward the close, Feeder Cattle futures were an average of $2.41 higher. Live Cattle futures were an average of $1.35 higher, except for $1.22 lower in newly minted away Jun. 

Negotiated cash fed cattle trade was light to moderate on good demand in Kansas through Thursday afternoon, according to the Agricultural Marketing Service. FOB live prices were $3-$4 higher at $196/cwt.

Elsewhere, trade was limited on good demand with too few transactions to trend.

FOB live prices last week were $192-$193/cwt. in the Texas Panhandle, $196-$197 in Nebraska and $195-$197 in the western Corn Belt. Dressed delivered prices were $307.

Choice boxed beef cutout value was 24¢ lower Thursday afternoon at $323.48/cwt. Select was 29¢ lower at $294.23.

Grain and Soybean futures were mixed on Thursday.

Toward the close and through Sep ’25 contracts, Soybean futures were 1¢ to 3¢ higher. Corn futures were 1¢ to 3¢ higher. Kansas City Wheat futures were 6¢ to 8¢ lower.

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Major U.S. financial indices continued lower Thursday.

The Dow Jones Industrial Average closed 151 points lower. The S&P 500 closed 13 points lower. The NASDAQ was down 30 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were 92¢ to $1.41 higher through the front six contracts.

Cattle futures gained Tuesday, helped along by expectations of steady to higher cash fed cattle prices this week.

Feeder Cattle futures were an average of $1.78 higher. Live Cattle futures were an average of 72¢ higher, except for 22¢ lower in expiring Dec. 

Negotiated cash fed cattle trade was mostly inactive on very light demand in all major cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.

FOB live prices last week were $192-$193/cwt. in the Southern Plains, $196-$197 in Nebraska and $195-$197 in the western Corn Belt. Dressed delivered prices were $307.

Choice boxed beef cutout value was $1.15 lower Tuesday afternoon at $324.22/cwt. Select was 24¢ lower at $294.52.

Grain and Soybean futures closed higher Tuesday with traders apparently adding South American weather risk premium as they squared year-end positions.

Soybean futures closed 14¢ to 19¢ higher. Corn futures were mostly 4¢ higher. Kansas City Wheat futures were mostly 2¢ higher.

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Major U.S. financial indices edged lower Tuesday.

The Dow Jones Industrial Average closed 29 points lower. The S&P 500 closed 25 points lower. The NASDAQ was down 175 points.

West Texas Intermediate Crude Oil futures on the CME closed 66¢ to 73¢ higher through the front six contracts.

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Although nominal feeder cattle prices reached record highs in 2024, Josh Maples, Extension livestock economist at Mississippi State University, notes that producer revenues, when adjusted for inflation, remained below those of previous record high prices in 2014-15. In other words, he says prices remain below levels required to spark herd expansion.

“Year-to-date beef cow slaughter is down by 18%, but the implied cull rate — calculated as slaughter divided by inventories — remains at 10.2% for 2024, well above the level that would indicate herd expansion,” Maples explains in the latest issue of Cattle Market Notes Weekly. “Heifer slaughter data also shows no signs of herd expansion. Year-to-date heifer slaughter is down 1.1%, with no evidence of heifer retention occurring at a rate sufficient to signal herd rebuilding … It could very well be that feeder cattle prices have not yet peaked, and the market is beginning 2025 with more optimism.”

USDA’s Cattle report Jan. 31 will offer insight on the rate of beef cow herd liquidation last year.

Negotiated cash fed cattle trade was mostly inactive on very light demand in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.

FOB live prices last week were $1-$2 higher at $192-$193/cwt. in the Southern Plains, $196-$197 in Nebraska and $195-$197 in the western Corn Belt. Dressed delivered prices were $2 higher at $307.

Choice boxed beef cutout value was $2.99 higher Monday afternoon at $325.37/cwt., supported by slower packer production. Select was $3.63 higher at $294.76.

Cattle futures mostly edged higher Monday.

Toward the close, Feeder Cattle futures were an average of 37¢ higher, except for an average of 28¢ lower in the back two contracts. Live Cattle futures were an average of 25¢ higher, except for an average of 28¢ lower in two contracts. 

Grain and Soybean futures were mixed on Monday.

Toward the close and through Sep ’25 contracts, Soybean futures were 2¢ to 4¢ higher. Corn futures were 1¢ lower. Kansas City Wheat futures were 1¢ higher.

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Major U.S. financial indices closed lower again Monday, pressured in part by likely year-end profit taking.

The Dow Jones Industrial Average closed 418 points lower. The S&P 500 closed 63 points lower. The NASDAQ was down 235 points.

Toward the close, West Texas Intermediate Crude Oil futures on the CME were 47¢ to 51¢ higher through the front six contracts

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Even though cattle and beef prices achieved record-high levels in 2024, cattle markets represented a similar chapter in the story that began in 2022, says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University.

Despite a sixth consecutive year of declining U.S. calf crops, Peel points out feedlots held average monthly inventories fractionally higher compared to the year before by continued feeding of more heifers and by feeding cattle for longer.

Peel notes heifers still represented 39.7% of feedlot inventories as of Oct. 1, near the upper end of historical levels and well above levels that would indicate heifer retention.

“Although final data for the year are still coming, it appears that total beef production in 2024 was down just 0.6% year over year. This is significantly less than earlier expectations of a 4+% year-over-year decrease,” Peel explains in his weekly market comments. “In fact, fed beef production was up 2.2% due to larger than expected steer and heifer slaughter and a sharp increase in carcass weights in 2024.”

Average steer carcass weights increased 22 pounds year over year and average heifer carcass weights averaged 18 pounds more, according to Peel. Even so, he says Choice boxed beef prices averaged 2.8% more year over.

On the other hand, Peel explains non-fed beef production was 13.2% less year over, driven by sharp reductions in cow slaughter. 

“Beef cow slaughter was down 19.0% year over year and dairy cow slaughter was down 12.2% from the previous year,” Peel says. “Reduced supplies of processing beef led to record wholesale trimmings prices, increased demand for imported beef, strong lean demand for end meats, and record cull cow prices.”

Bottom line, Peel says USDA’s Jan. 1 Cattle report (scheduled for release Jan. 31) will likely confirm that cattle inventories continued to decline in 2024. 

“Much of 2024 was occupied with producers looking for indications of heifer retention that would lead to eventual herd rebuilding. With no indications of heifer retention at the end of 2024, the new year starts with the same question,” Peel says. 

Cattle futures extended gains Friday, supported by another day of stronger wholesale beef values and higher cash fed cattle prices.

Feeder Cattle futures were an average of 97¢ higher. Live Cattle futures were an average of 69¢ higher. Week to week on Friday, Feeder Cattle futures closed an average of $4.23 higher. Live Cattle futures closed an average of $2.96 higher ($2.12 to $3.97 higher).

Negotiated cash fed cattle trade ranged from light to moderate on moderate demand in the Southern Plains to light on light demand in the North through Friday afternoon, according to the Agricultural Marketing Service.

FOB live prices were $1-$2 higher in the Southern Plains at $192-$193/cwt.

There were some early live FOB trades in the western Corn Belt at $196 and a few dressed delivered trades in Nebraska at $307, but too few to trend.

The previous week, FOB live prices were $195-$195.50 in Nebraska and $195-$196 in the western Corn Belt. Dressed delivered prices were $305.

Choice boxed beef cutout value was $1.99 higher Friday afternoon at $322.38/cwt. Select was $2.36 higher at $291.13. Week to week on Friday, Choice was $6.53 higher and Select was $5.22 higher.

Estimated total cattle slaughter last week of 434,000 head was 67,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 31 million head was 1.2 million head less (-3.7%) than the same time a year earlier. Year-to-date estimated beef production of 26.4 billion pounds was 169.1 million pounds less (-0.6%).

Grain and Soybean futures were mixed Friday.

Corn futures closed mixed, from fractionally higher to 1¢ higher in old-crop contracts and then fractionally lower to 1¢ lower. They were an average of 6’3¢ higher through the front six contracts week to week, supported by demand. Net weekly U.S. export sales of corn were 46% more than the previous week and 39% more than the prior four-week average.

Kansas City Wheat futures were 3¢ higher helped along by stronger recent demand. Net weekly U.S. export sales were 34% more than the previous week and 64% more than the prior four-week average.

Soybean futures closed mostly 4¢ to 8¢ lower, giving back some of the previous session’s South American weather premium and pressured by a reminder of lagging demand. Weekly net U.S. export sales were 31% less than the previous week — a marketing year low — and 47% less than the prior four-week average.

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Major U.S. financial indices closed lower Friday, led by tech stocks and pressured by rising treasury yields.

The Dow Jones Industrial Average closed 333 points lower. The S&P 500 closed 66 points lower. The NASDAQ was down 298 points.

West Texas Intermediate Crude Oil futures on the CME closed 74¢ to 98¢ higher through the front six contracts.

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Looking to the new year, CoBank’s Knowledge Exchange provides a comprehensive outlook describing how the high level of policy uncertainty facing rural industries adds to their already long list of headwinds and challenges.

“The environment we enter in 2025 hasn’t fully defined itself yet, but many of the policies proposed by the incoming administration would likely have a negative impact on U.S. agriculture,” says Rob Fox, director of CoBank’s Knowledge Exchange. “Open access to export markets and labor availability are critically important for agricultural producers and processors. Depending on how policy plays out, those two areas could be big challenges in 2025 and beyond.”