In this special year-end episode of The Grain Feed, the Ever.Ag team wraps up 2025 with a look at where grain, feed, and dairy markets stand heading into the holidays—and what to watch as we turn the calendar to 2026.

Jim Matthews is joined by Jake Kingsley and Katie Burgess to break down a recovery in corn, continued pressure in soybeans and meal, and emerging feed-buying opportunities amid weather disruptions and South American crop uncertainty. On the dairy side, Katie walks through recent milk market volatility, the outlook for supply growth, and why exports and seasonal demand—from holiday baking to fast-food promotions—will be critical in the months ahead.

The team also discusses upcoming January data risks, including USDA reports, South American weather, acreage expectations, and managed money positioning—before signing off on the final Grain Feed episode in its current form, with a preview of what’s coming next from Ever.Ag Media.

Thank you for listening, and happy holidays from The Grain Feed.

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Disclaimer: TRADING FUTURES AND OPTIONS ON FUTURES INVOLVES SIGNIFICANT RISK OF LOSS AND MAY NOT BE SUITABLE FOR EVERYONE. THEREFORE, CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THE INFORMATION AND COMMENTS CONTAINED HEREIN ARE PROVIDED BY EVER.AG AS GENERAL COMMENTARY OF MARKET CONDITIONS. THIS INFORMATION SHOULD NOT BE INTERPRETED AS TRADING ADVICE OR RECOMMENDATION WITHOUT FURTHER DISCUSSION WITH YOUR EVER.AG ADVISOR. THIS IS A MATTER OF SOLICITATION.

EVER.AG INSURANCE SERVICES IS A LICENSED INSURANCE AGENCY AND AN AFFILIATE OF EVER.AG. INFORMATION CONTAINED HEREIN IN THIS WEBSITE IS COMPILED FOR THE CONVENIENCE OF THE USER. INFORMATION IS OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE AND IS FURNISHED WITHOUT RESPONSIBILITY FOR ACCURACY OR CONTENT. MARKET DATA IS SUBJECT TO CHANGE AT ANY TIME. Ever.Ag is a licensed insurance agency in the following states: AZ, CA, CO, CT, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MO, MT, NE, NV, NH, NM, NY, NC, ND, OK, OH, OR, PA, RI, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY.

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The following music was used for this media project:

Music: Funky Intro 29 by TaigaSoundProd

Free download: https://filmmusic.io/song/9520-funky-intro-29

License (CC BY 4.0): https://filmmusic.io/standard-license

Artist website: https://linktr.ee/taigasoundprod

© Ever.Ag 2025

The final Global Dairy Trade auction of 2025 closed with another broad-based pullback, as the GDT index fell roughly 4.5%—marking the ninth consecutive lower auction. While mozzarella stood out with a nearly 7% gain and cheddar finished unchanged, losses in whole milk powder, skim milk powder, butter, and AMF weighed heavily on the overall result.

In this episode, Cody Koster and John Spainhower break down why today’s auction was “lower, but not as bad as expected” in some categories, how futures stacked up against reality, and what surprised markets most—particularly the downside move in skim milk powder. They also dig into regional buying behavior, including China’s return to more typical volumes and the noticeable pullback from Southeast Asia and the Middle East.

The conversation wraps with a big-picture look at the global dairy landscape, where expanding milk production across the U.S., EU, New Zealand, and South America continues to pressure prices—despite growing global cheese demand. With supply firmly in the driver’s seat, the team discusses what it may take to rebalance markets as we head into 2026.

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Disclaimer: TRADING FUTURES AND OPTIONS ON FUTURES INVOLVES SIGNIFICANT RISK OF LOSS AND MAY NOT BE SUITABLE FOR EVERYONE. THEREFORE, CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THE INFORMATION AND COMMENTS CONTAINED HEREIN ARE PROVIDED BY EVER.AG AS GENERAL COMMENTARY OF MARKET CONDITIONS. THIS INFORMATION SHOULD NOT BE INTERPRETED AS TRADING ADVICE OR RECOMMENDATION WITHOUT FURTHER DISCUSSION WITH YOUR EVER.AG ADVISOR. THIS IS A MATTER OF SOLICITATION.

EVER.AG INSURANCE SERVICES IS A LICENSED INSURANCE AGENCY AND AN AFFILIATE OF EVER.AG. INFORMATION CONTAINED HEREIN IN THIS WEBSITE IS COMPILED FOR THE CONVENIENCE OF THE USER. INFORMATION IS OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE AND IS FURNISHED WITHOUT RESPONSIBILITY FOR ACCURACY OR CONTENT. MARKET DATA IS SUBJECT TO CHANGE AT ANY TIME. Ever.Ag is a licensed insurance agency in the following states: AZ, CA, CO, CT, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MO, MT, NE, NV, NH, NM, NY, NC, ND, OK, OH, OR, PA, RI, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY.

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The following music was used for this media project:

Music: Funky Intro 29 by TaigaSoundProd

Free download: https://filmmusic.io/song/9520-funky-intro-29

License (CC BY 4.0): https://filmmusic.io/standard-license

Artist website: https://linktr.ee/taigasoundprod

© Ever.Ag 2025, confidential and proprietary.

In the final Parlor to Plate episode of the year—and of this series—host Kathleen Wolfley is joined by a powerhouse panel from Ever.Ag Financial Services to break down the latest global and domestic dairy market signals. The team digs into another lower Global Dairy Trade auction, highlighting continued pressure on whole milk powder, softer global pricing tied to ample supply, and a standout move higher in mozzarella.

The conversation then turns to U.S. milk production, where panelists discuss why lower prices haven’t yet triggered meaningful culling, how Class III and Class IV dynamics are shaping producer behavior, and what it may take for supply to finally respond. On the feed side, the group unpacks a well-supplied corn balance sheet, muted feed-cost risk heading into 2026, and what kind of catalyst it would take to meaningfully move grain markets.

With insights on risk management, margins, and the road ahead, this episode offers a timely close to the year—and a preview of what’s to come in Ever.Ag’s evolving podcast lineup in 2026.

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🎧 Join the Ever.Ag Insights team for data-driven perspective and expert commentary connecting dairy markets from parlor to plate.

TRADING FUTURES AND OPTIONS ON FUTURES INVOLVES SIGNIFICANT RISK OF LOSS AND MAY NOT BE SUITABLE FOR EVERYONE. THEREFORE, CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THE INFORMATION AND COMMENTS CONTAINED HEREIN ARE PROVIDED BY EVER.AG AS GENERAL COMMENTARY OF MARKET CONDITIONS. THIS INFORMATION SHOULD NOT BE INTERPRETED AS TRADING ADVICE OR RECOMMENDATION WITHOUT FURTHER DISCUSSION WITH YOUR EVER.AG ADVISOR. THIS IS A MATTER OF SOLICITATION.

EVER.AG INSURANCE SERVICES IS A LICENSED INSURANCE AGENCY AND AN AFFILIATE OF EVER.AG. INFORMATION CONTAINED HEREIN IS COMPILED FOR THE CONVENIENCE OF THE USER. INFORMATION IS OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE AND IS FURNISHED WITHOUT RESPONSIBILITY FOR ACCURACY OR CONTENT. MARKET DATA IS SUBJECT TO CHANGE AT ANY TIME. Ever.Ag is a licensed insurance agency in the following states: AZ, CA, CO, CT, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MO, MT, NE, NV, NH, NM, NY, NC, ND, OK, OH, OR, PA, RI, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY.

Music Attribution

Music: Funky Intro 29 by TaigaSoundProd

Free download: https://filmmusic.io/song/9520-funky-intro-29

License (CC BY 4.0): https://filmmusic.io/standard-license

Artist website: https://linktr.ee/taigasoundprod

© Ever.Ag 2025 — confidential and proprietary