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Closing Market Report

Today's wrap-up on the agricultural markets: news, analysis, and weather

CMR | Memorial Day

In this special Memorial Day edition of the Closing Market Report, host Todd Gleason guides listeners through an auditory journey honoring fallen service members and highlighting historical preservation. The broadcast opens by tracing the origins of Memorial Day, originally known as Decoration Day, and emphasizing the National Moment of Remembrance. It then shifts to Ypres, Belgium, to explore the moving nightly "Last Post" ceremony at the Menin Gate, which has commemorated World War I casualties since 1929. Finally, the program returns to the United States to showcase the J.H. Hawes Grain Elevator and Museum in Atlanta, Illinois, detailing the community-led restoration of this 1904 agricultural landmark and its significance to early 20th-century farming.

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May 22 | Closing Market Report

The May 22, 2026, agricultural market report details significant macroeconomic pressures and favorable summer weather projections. Analyst Mike Zuzolo assesses that commodity markets must ration demand for wheat and crude oil due to the ongoing closure of the Strait of Hormuz, which is eliminating 10 million barrels of oil per day and may permanently raise energy and agricultural production costs. Zuzolo critically notes that rising bond yields point toward impending inflation and Federal Reserve rate hikes. Conversely, meteorologist Eric Snodgrass provides a largely optimistic weather outlook, forecasting a warm, drier June that historically benefits corn and soybean yields. Snodgrass concludes that current elevated ocean temperatures in the Pacific and Atlantic significantly diminish the risk of severe, long-duration summer drought or heatwaves in the U.S. Midwest.

- Ag Markets with Mike Zuzolo, GlobalCommResearch.com
- Ag Weather with Eric Snodgrass, NutrienAgSolutions.com


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May 21 | Closing Market Report

- Ag Markets with Matt Bennett, AgMarket.net
- farmdoc 2026 Crop Budget Updates
- Ag Weather with Mike Tannura, Tstorm.net

On this May 21, 2026, edition of the Closing Market Report, host Todd Gleason reviews a mixed trading day as markets respond to ongoing planting progress and US-China trade developments. Matt Bennett of AgMarket.net reports that while planting in Illinois is largely complete, the market is closely watching for future demand signals, specifically whether China will fulfill commitments to purchase US corn and new-crop soybeans. 

Meanwhile, Nick Paulson of the University of Illinois farmdoc team explains that while updated 2026 crop budgets show slight improvements due to higher commodity prices, they still reflect challenging long-term returns, with cost pressures from diesel fuel being partially offset by strong market pricing. 

Looking at weather, Mike Tannura of Tstorm Weather forecasts a transition to warmer temperatures following a cool, wet spring. While the US Corn Belt faces planting delays due to persistent moisture, Tannura expresses more significant concern regarding drought conditions in the US Northern Plains spring wheat region, even as he notes stable crop conditions across the Black Sea and South America. 

The program concludes with a look ahead to this week's Commodity Week, featuring analysis from Collin Waters, Dave Chatterton, and Kurt Kimmel.

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May 20 | Closing Market Report

The May 20, 2026, Closing Market Report covered agricultural commodities, local infrastructure legislation, global energy supply chain disruptions, and international weather impacts. 

Market analysts noted that commodity prices initially rallied on potential Chinese agricultural purchases following a diplomatic meeting, but recently declined due to falling crude oil prices and profit-taking. In local news, the Logan County, Illinois Board bypassed a proposed 90-day freeze and instead approved a 12-month moratorium on a new data center project. On the energy front, the ongoing 80-day closure of the Strait of Hormuz has severely disrupted global supplies of crude oil, gasoline, and engine lubricants, with analysts warning that a full recovery to pre-war inventory levels could extend into late 2027. 

Finally, meteorologists highlighted ongoing drought and freeze stress on U.S. winter wheat, alongside unseasonably wet conditions in Brazil and the Canadian Prairies, though warmer, more favorable planting weather is expected soon for the U.S. Corn Belt.

- Ag Markets with Greg Johnson, TotalGrainMarketing.com
- Logan County IL Board Imposes 12 Month Data Center Moratorium
- Strait of Hormuz Closure May Trigger Years-Long Recovery
- Ag Weather with Drew Lerner, WorldWeather.cc

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May 19 | Closing Market Report

This May 19, 2026, Closing Market Report covers a range of agricultural, economic, and weather updates. In the commodity markets, speculation regarding potential US-China trade deals caused a brief market rally, though prices quickly pulled back due to a lack of specific purchasing details. 

Significant agricultural industry news includes John Deere's preliminary $19.9 million settlement in a "right to repair" class-action lawsuit, as well as growing concerns from scientists over a USDA proposal to relocate vital soybean and maize seed banks out of Illinois. On the legislative front, Illinois lawmakers are considering a ban on the use of eminent domain for CO2 pipelines, while federal efforts face headwinds regarding nationwide year-round E15 fuel access and a newly proposed annual road-funding tax for electric vehicle owners. 

Meanwhile, agricultural energy markets remain volatile and captive to Middle East tensions, prompting advisors to recommend cautious, hand-to-mouth fuel purchasing strategies for farmers. 

Finally, the weather outlook highlights beneficial, albeit sometimes severe, recent rainfall across the Corn Belt and late-season snow in the West, with an active weather pattern expected to resume in the coming week.

- Ag Markets with Naomi Blohm, TotalFarmMarketing.com
- Right to Repair, Seedbanks, CO2 Pipelines, Year-Round E15, EV Tax
- Ag Energies with Dave Chatterton, SFarmMarketing.com
- Ag Weather with Don Day, DayWeather.com

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May 18 | Closing Market Report

The May 18, 2026, Closing Market Report highlighted a strong rebound in commodity futures, fueled by optimism over a potential $17 billion increase in Chinese agricultural purchases facilitated by the Trump administration's proposed US-China Board of Trade. 

Discussing global competitiveness, agricultural economist Joana Colussi noted that while Brazil produces corn at a lower total cost—largely through its second-crop (safrinha) system—the United States remains competitive by achieving double the average yields despite higher overhead and land expenses. 

Finally, meteorologist Mark Russo reported that favorable weather continues to support rapid planting progress in the US Corn Belt and the safrinha crop in Brazil, though severe long-term dryness continues to plague the US hard red winter wheat regions.

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Chapters
- Ag Markets with Curt Kimmel, AgMarket.net
- Comparing Corn Production Costs in the United States and Brazil
- US-China Ag Deliverables: Board of Trade, Soybean Sales, $17bln
- Ag Weather with Mark Russo, EverStream.ai

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May 15 | Closing Market Report

- Ag Markets with Mike Zuzolo
- farmdoc Projects October ARC/PLC Payments
- USTR Posts the Board of Trade will facilitate trade with China
- Trump Supports Chinese Farm Ownership and University Students
- Ag Weather with Eric Snodgrass

The May 15, 2026, Closing Market Report details recent developments in agricultural commodities, U.S.-China trade relations, and weather patterns. 

Market analyst Mike Zuzolo characterizes the recent commodity sell-off as a fund correction rather than a definitive market top, highlighting severe heat impacts on the Kansas wheat crop and noting that the recent Trump-Xi meetings resulted in renewed U.S. beef export licenses to China. 

On trade policy, the U.S. Trade Representative is developing a "Board of Trade" to manage bilateral commerce in non-sensitive goods, while President Trump publicly supported Chinese nationals purchasing U.S. farmland and attending American universities to support those respective domestic markets. 

Domestically, University of Illinois economists projected upcoming average ARC and PLC payments at $58 per acre for corn, $29 for soybeans, and $47 for wheat. 

Finally, meteorologist Eric Snodgrass reported on severe dust storms in the Northern Plains and expanding drought in Nebraska, warning that forecasting the upcoming summer weather remains highly uncertain despite a rapidly developing El Niño.

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May 14 | Closing Market Report

- Ag Markets with Matt Bennett
- E15, SREs, the Farm Bill, the Senate, and Biofuels
- Sen. Tillis Riffs on Ag Policy & China
- Ag Weather with Mike Tannura

The May 14th Closing Market Report details declining agricultural commodity prices, legislative developments, and global crop weather. Grain markets closed significantly lower following the President's visit to China, which yielded no new trade agreement on soybean, a situation compounded by varying weather conditions affecting domestic crops. 

In Washington, the US House narrowly passed a bill permitting year-round E15 fuel sales, which now faces an uncertain future in the Senate alongside ongoing 2026 Farm Bill negotiations. Additionally, Senator Thom Tillis outlined national security concerns regarding Chinese investments in US farmland and meat processing facilities. 

Weather analysis indicates severe drought is threatening northern US spring wheat and varying precipitation is impacting the Corn Belt, while Europe receives beneficial rains and Brazil's second corn crop faces early dry season challenges.

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May 13 | Closing Market Report

- Ag Markets with Greg Johnson
- Ragged Corn but a Good Start for IL Crops
- Ag Weather with Drew Lerner

In the May 13, 2026 edition of the Closing Market Report, host Todd Gleason discusses agricultural markets, planting progress, and weather conditions with three industry experts. 

Greg Johnson of TGM highlights a recent market rally driven by USDA significantly lowering yield and acreage estimates for hard red winter wheat, and he advises farmers to consider catching up on soybean crop sales while prices remain high. '

Next, University of Illinois agronomist Giovani Preza Fontes reports that Illinois corn and soybean planting is ahead of schedule, noting that the crops are off to a solid start despite some uneven emergence caused by fluctuating April temperatures. 

Finally, meteorologist Drew Lerner forecasts welcome warming across the Midwest corn belt, though he warns that impending heat and low humidity will further stress the already struggling hard red winter wheat crops in the High Plains.

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May 12 | Closing Market Report

- Ag Markets with Naomi Blohm
- WILLAg News | Senate Farm Bill, Beef Imports, Trump v Xi
- E15 Supports Hold Press Conference on the Capitol Steps
- Ag Weather with Don Day

The May 12, 2026, Closing Market Report details a confluence of critical agricultural market data, legislative stalemates, and international trade developments. 

Market analyst Naomi Blohm noted that while the latest USDA WASDE report offered a surprising bump in soybean export and crush demand, markets remain hesitant ahead of a highly anticipated Beijing summit between Presidents Donald Trump and Xi Jinping, where U.S. Senators are already heavily lobbying for increased agricultural exports. 

Domestically, agricultural policy faces significant friction; Senator Charles Grassley indicated the Senate farm bill is likely stalled over SNAP reform disputes, and the Trump administration's move to increase beef import flexibility has divided the domestic cattle industry. Conversely, bipartisan momentum is building in the House for permanent, year-round E15 fuel legislation, championed by Representative Nikki Budzinski as a crucial stabilizer for rural economies. 

Meteorologically, the U.S. Corn Belt is expected to transition from an unseasonably cool pattern to warmer, stormier conditions, while Brazil’s safrinha corn region trends unfavorably dry.

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