War Premium Off, Cattle Still Stubborn — Friggin’ Farm & Ranch Report (4/14/26)

About this episode

In this episode, Matt discusses the current state of the cattle market, diesel and wheat prices, and the impact of recent geopolitical events on agriculture.

Crude finally gave a little back, but diesel didn't, wheat got drunk again, and the cattle market still refuses to blink. In today's Friggin' Farm & Ranch Report, we walk through day two after the Hormuz shock: WTI backing off into the low 90s, diesel still north of $5.60, wheat ripping 8% in a day, and live cattle camped out in record country. We hit the board first -- April and June live, heavy feeder trade with the CME index closing the gap, hogs stuck in the mud, corn and beans acting tired, and HRW wheat riding a rented war-and-drought rally. Then it's the sale barn pulse: Atkinson Livestock, OKC West, Clovis, Torrington, Billings, and Utah all putting real-money tags on calves, replacer females, and bulls in a 75-year-low cow herd. On the horse side, the A Man About A Horse cull index ticks higher for the first time in a long while, broke ranch geldings hold, registered ranch-broke horses trend up, and projects get cheaper -- same message as the cattle ring: finished product gets the check, "someday" gets punished. We close with crude, diesel, the E15 waiver, fertilizer carrying the Hormuz premium, and a war reel from the Strait of Hormuz to the Red Sea and Black Sea. Then…

Topics covered

• cattle market
• diesel prices
• wheat prices
• livestock trading
• agriculture

Keywords

• Hormuz shock
• CME index
• live cattle
• corn
• beans
• fertilizer

Mentioned in this episode

Products: E15, diesel, wheat, live cattle, heavy feeder trade

Books & works: Friggin’ Farm & Ranch Report, Friggin' Farm & Ranch Report, On This Day, The Grapes of Wrath

Places: Utah, Hormuz, the Strait of Hormuz, Red Sea, Black Sea

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