The June 23, 2026, edition of the Closing Market Report focuses on dairy production, trade policy, agronomic profitability, energy markets, and regional weather outlooks. Host Todd Gleason opens the program with Naomi Blohm of Total Farm Marketing to analyze the dairy sector and international trade. Blohm notes that the latest milk production report indicates a bearish trend, with May production rising 2.3% year-over-year, driving Class III milk prices below $16 despite robust domestic demand. The discussion transitions to the upcoming mandatory USMCA evaluation on July 1, highlighting market uncertainty regarding the United States' position, contrasted against efforts by Canada and Mexico to strengthen bilateral maritime trade routes.

On crop production and management, the program highlights a multi-year data review presented by University of Illinois Extension agricultural economist Gary Schnitkey. The 11-year study reveals that increasing nitrogen application rates above the Maximum Return To Nitrogen (MRTN) baseline or adding extra tillage passes occasionally boosts yields but consistently fails to improve overall net profitability due to elevated input costs. Additionally, Extension weed scientist Aaron Hager previews the university's upcoming annual Weed Science Field Day, detailing its self-guided tour format designed for farmers and commercial applicators.

In the agricultural energy segment, Kansas State University Extension economist Dan O'Brien reports stable domestic ethanol production, operating at approximately 89.3% of plant capacity across 201 active facilities. Plant profit margins remain steady between 11 and 15 cents per gallon, with eastern corn belt ethanol plants currently paying the highest cash corn prices in the nation. Turning to regional crop conditions, O'Brien characterizes the 2026 Kansas wheat harvest as exceptionally poor, citing near-record-low harvested-to-planted acreage ratios caused by severe storm and derecho damage.

00:42 Ag Markets with Naomi Blohm, Total Farm Marketing
07:42 High N-Rates and More Tillage Do Not Pay
10:54 USMCA Review Begins July 1 with an Uncertain Future
14:44 Ag Energies with Dan O'Brien, Kansas State Extension
19:58 Ag Weather with Don Day, Day Weather