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Oct 08 | Closing Market Report

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The October 8, 2026, edition of the Closing Market Report covers late-season harvest conditions and an exploration of global food systems. Host Todd Gleason first speaks with Matt Bennett of AgMarket.net, who notes that favorable dry-down weather has accelerated the harvest, with soybeans generally outperforming corn yields ahead of the upcoming USDA Crop Production report. The broadcast then shifts to an interview with Michelle Michael and Brandon Whitworth, co-directors of the documentary *World Without Cows*. The filmmakers discuss their travel to 22 countries to document the complex cultural, economic, and environmental roles cattle play worldwide, emphasizing the need for nuanced, non-polarizing conversations about agricultural sustainability and the diverse goals of global producers.

01:42 Ag Markets with Matt Bennett, AgMarket.net
06:46 Alltech's World without Cows Film
Transcript
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The October 8, 2026, edition of the Closing Market Report covers late-season harvest conditions and an exploration of global food systems. Host Todd Gleason first speaks with Matt Bennett of AgMarket.net, who notes that favorable dry-down weather has accelerated the harvest, with soybeans generally outperforming corn yields ahead of the upcoming USDA Crop Production report. The broadcast then shifts to an interview with Michelle Michael and Brandon Whitworth, co-directors of the documentary *World Without Cows*. The filmmakers discuss their travel to 22 countries to document the complex cultural, economic, and environmental roles cattle play worldwide, emphasizing the need for nuanced, non-polarizing conversations about agricultural sustainability and the diverse goals of global producers.

01:42 Ag Markets with Matt Bennett, AgMarket.net
06:46 Alltech's World without Cows Film

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Todd Gleason: From the Land Grant university in Urbana-Champaign, Illinois, this is the Closing Market Report. It is the eighth day of October 2026. I’m Illinois Extension’s Todd Gleason. Coming up, we’ll talk about the commodity markets with Matt Bennett from AgMarket.net. We’ll preview tomorrow’s USDA Crop Production and WASDE reports with him. Mike Zunura is out of the office, so there is no update on the commodity markets. However, we will hear an extended interview I did earlier in the week with two filmmakers who have just debuted a brand new documentary called World Without Cows. I think you’ll be interested in it, even if you don’t get a chance to see it this fall. It is airing all across the Midwest. In the coming weeks, we’ll talk with Michelle Michael and Brandon Whitworth on this Thursday edition of the Closing Market Report from Illinois Public Media. It is public radio for the farming world online and on-demand at willag.org.

announce: Todd Gleason’s services are made available to WILL by University of Illinois Extension. December corn settled $5.00 and a quarter cent today, down a penny and three-quarters. March at $5.15 and a quarter, one and three-quarters lower. May at $5.22 and a quarter, down two cents. November beans a dime lower, $12.87 and a half the settlement price. January $13.03, down ten and a quarter, and March at $13.14, down a dime. Bean meal futures $5.20 lower. Bean oil 20 cents higher for the afternoon. Wheat futures for December, three and a quarter lower at $6.83 and a quarter for the soft red. The hard red for December at $7.36 and a quarter. It finished down two and a quarter cents.

01:42 Ag Markets with Matt Bennett, AgMarket.net
Todd Gleason: Matt Bennett from AgMarket.net now joins us to take a look at the marketplace. Matt, are you still in the combine today?

Matt Bennett: We are getting close to being done. We will probably be wrapping up sometime on Saturday, as long as we don’t have any breakdowns. It was one of those situations over the last couple of weeks where you couldn’t get to everything quick enough. We were picking some 117-day corn to finish here, and it’s testing 14%. That was planted in May, so this fall in this part of the world has just been ideal for dry down. It almost dried stuff down too quickly.

Todd Gleason: It was fantastic. I drove all the way to Marion yesterday, and things are moving very quickly across that part of the state. Crops remain average to better than average?

Matt Bennett: What we found is that our best ground, even with pattern tile systems, had a hard time keeping up in June. The best corn was some of the best corn we’d ever picked, and then in the same field, we had areas that were heavily impacted by water and nitrogen loss. To be honest, our best yields relative to normal were on our lighter ground this year. Anything that was able to shed some water performed really well. Overall, we’re pretty happy, especially considering where we are right now price-wise. We definitely don’t have many complaints here.

Todd Gleason: What are you hearing from other producers across the Midwest?

Matt Bennett: I’m hearing from a lot of folks, especially in Illinois, saying their corn crop is just not what they thought it was. For beans, it seems like people are thrilled to death for the most part. There is no question that, relatively speaking, soybeans have fared a little bit better and been able to weather the storm without getting hurt too badly by excessive moisture. Looking at some of the first trials—and many of these trials are well under a year ago—the excessive moisture is something we talked about for two months, and it definitely had an impact. I tend to think Illinois’s yield is too high as far as USDA goes right now. I am hearing some pretty good yields out of Iowa, so we’ll see what the USDA says on Friday. Bottom line, I tend to think bean yield goes up and corn yield goes down.

Todd Gleason: The Crop Production Report is due out at 11:00 a.m. Does AgMarket have a set of numbers?

Matt Bennett: We do. As far as corn goes, we are going down 0.6 bushels to 177.8. As far as beans go, we are status quo. We have a strong lean that they will raise it. We just didn’t know if they’d have enough data to raise it here in October, but I personally believe a half-bushel to a bushel higher is probably where we are going to end up, whether we get that tomorrow or not.

Todd Gleason: How will USDA deal with the extra bushels that came through at the end of the quarterly grain stocks season, the 175 million bushels?

Matt Bennett: They are simply going to tack that on, just like they took it away in June. It is an interesting turn of events from one stocks report to the next. They will tack that on to a degree. It may not be bushel for bushel, but no doubt it’s going to loosen things up just a little bit, which will be interesting. Especially if you take a bushel or a bushel and a half away, we might be right back where we started. There will definitely be some horse trading going on in that report, but you have to assume that the carry-in is going to be a little bit bigger than what folks planned on a month ago.

Todd Gleason: Is there anything that producers should be watching for in particular through that report or otherwise in the marketplace?

Matt Bennett: Just keep in mind that the average trade guess expects this yield to move lower. If the corn yield happens to move higher, there is no doubt you will see some pressure on this market in short order. Keep that in the back of your mind. If the yield gets pulled down a bit more, it probably emboldens a lot of people’s thoughts that corn is going to be a really good property moving forward. I kind of feel that way still. You just want to look at the carryout numbers when it comes right down to it. That’s where the rubber hits the road.

Todd Gleason: Thank you very much, I appreciate it.

Matt Bennett: Absolutely, thank you.

Todd Gleason: You stay safe. That, of course, is Matt Bennett. He is with AgMarket.net.

06:46 Alltech’s World without Cows Film
Todd Gleason: Something a little different now. There is a new documentary film playing across the Midwest this fall. It’s called World Without Cows. I caught up with co-directors Michelle Michael and Brandon Whitworth to talk about why and where the film takes us.

Michelle Michael: I can start there. This idea was really five years in the making. Brandon and I come from the world of journalism, with a combined couple of decades of experience in that field. For the last decade, we’ve been traveling and telling unique agricultural stories around the globe about farmers and ranchers doing unique things in the name of sustainability. We have traveled a lot—to 22 countries and five continents, visiting literally hundreds of farms. We would see amazing things happening in our food systems and meet the people close to the land. Leaving every location, we felt hopeful and exhilarated. But soon after, we would be met with a very different narrative, quite the opposite of what we experienced firsthand. We started questioning if we had missed something, which set us on this journey. At the same time, our executive producer, Mark Lyons, had a similar experience. It was a match made in heaven, and we were really excited about where it landed and the story we were able to tell.

Todd Gleason: Let’s get the backstory out of the way first. It takes a lot of money to travel to 22 countries. Where did the funding come from?

Michelle Michael: Executive producer Mark Lyons is the funding source. Mark is the president and CEO of an agricultural company called Alltech, based in central Kentucky. We are full-time employees of that company, and that’s how we’ve been telling these agricultural stories for the past decade, with the last five years focused on World Without Cows. When we discussed this with Mark, he saw the opportunity to tell a bigger story. Initially, I was very nervous about creating a story that might only live in an echo chamber. Michelle and I had serious conversations and proposed to Mark that we needed to approach this from our journalistic lens. We needed to go where the story took us, talk to the right people, and go on a true journey of discovery. To Mark’s credit, his only stipulation was to follow the science, and we had the budget to do it. Having control of the story was critical for us, and we weren’t willing to take the project on without it.

Todd Gleason: I work with agricultural economists every day. Over the years, there is a rule of thumb: the poorer the country, the more labor it requires for agricultural goods; the richer, the fewer people it takes. Along the sustainability continuum, what did that mean?

Michelle Michael: It’s important to understand that the story we set out to tell is a very global one because of the context of cows. We saw cows in the drought-stricken lands of Kenya, where the cow is literally the livelihood of the people, all the way to the cattle-crowded streets of India, where cows mean something entirely different. There is no black-and-white way forward. You can’t take the system that Brazil has and put it in Kansas, for example.

Brandon Whitworth: When people ask me about sustainability and what the biggest takeaway was, I think it speaks to your point. When it comes to sustainability and efficiencies, no matter how large or small the system might be across the world, it has been my experience that farmers and ranchers share the same goal. They are trying to grow nutritious food to feed their community while using the least amount of resources. Whether you’re a large operation in Kansas or a very small dairy in Kenya—like Francis, a farmer we met who sustains his entire family and employs community members with just a few dairy cows—the goals are the same.

Todd Gleason: You mentioned the takeaways. What else was universal across the planet?

Michelle Michael: When it comes to our food systems, there is no central way to feed people. But the one thing that surprised me the most was that I expected some people might be hesitant to have us on their farms. Time and again, everyone told us yes; they wanted to talk to us. Farmers and ranchers feel like they have something to hide from the public because people are so far removed from where their food comes from now. I was completely shocked during a screening when a viewer told us, “I wish you guys could go onto these farms and see how your food is made.” We looked at him and said, “That is exactly what farmers and ranchers around the world want.” They want people to visit and see how their food is produced. We hope this film starts a much larger conversation, bringing people to the table to discuss these food systems. We have to get this right in the 2020s, as it is already late 2026.

Todd Gleason: What did you learn about those who raise cattle and how they view them in their overall system?

Michelle Michael: I can talk about one experience in particular. We were on a ranch in Florida, in the heart of the Everglades, called Buck Island Ranch. They do amazing research there and were essentially able to measure methane over time. They found that the ranch became a sink for carbon rather than a source. When managed correctly, cows are integral and crucial to our planet.

Brandon Whitworth: Often, people look at cows and only think of meat or milk. But as you dig deeper, you learn about their cultural implications and economic value. Working your way down to the literal soil, you understand the benefits they bring to grazing systems and rebuilding soil health. Looking back at situations like the Dust Bowl, you realize the detriment of removing cattle from lands that have had grazing animals across them for eons.

Michelle Michael: At the same time, when you’re talking about feeding the population, beef and dairy are a significant source of protein.

Todd Gleason: Is there a middle ground that either of you found that seems to be a production system that works better than most?

Michelle Michael: What we found firsthand is that, in the end, it’s not black and white. There is so much nuance in this conversation. Our food systems are vast and different worldwide. A dairy farm in Minnesota looks completely different from one in Kenya. You simply can’t plant one system into another; it just won’t work. While some research happening at places like Buck Island Ranch hopes to apply to similar climates in the future, trying to replicate one system globally won’t succeed.

Brandon Whitworth: Ultimately, we sometimes look for a silver bullet approach. We want a simple answer on what food systems to participate in. Then you travel to these places, see the complexities of each country, climate, and culture, and realize this is much more complicated than we give it credit for. At the end of the day, people across the globe share the same goals: taking care of the land, passing it on to the next generation, building soil fertility, and feeding their communities. However, conversations around these goals often become polarizing. I hope this documentary helps people on all sides feel seen and encourages reasonable conversations about our complex food systems and the challenges of taking care of our planet.

Michelle Michael: We are already seeing that happen. We attended a small film festival in San Pedro, California, and screened our film in a block of eco-documentaries. We were the only non-vegans in the room. During the Q&A, a woman stood up and said, “I’m vegan and I’ll stay vegan; this documentary won’t change that. But the way you started conversations around this topic is so different than anything I’ve seen. It’s really important.” That was a very powerful moment for us.

Todd Gleason: Brandon, Michelle, thank you so much for joining me. If folks would like to view this, is there a website they can visit to find out more about World Without Cows?

Brandon Whitworth: You said it right there. If you go to worldwithoutcows.com, we have a website updated nearly every day with the latest screenings and materials to help continue this conversation.

Todd Gleason: That’s Brandon Whitworth. He is the co-director of World Without Cows. We’ve been talking with him along with Michelle Michael, also a co-director of the film, about where, how, and why they developed it. You can find dates to view it across the Midwest on their website again at worldwithoutcows.com. It debuts this weekend in Chicago at the AMC Theater near Navy Pier. You’ve been listening to the Closing Market Report on this Thursday afternoon. You can hear the entire program anytime you’d like at willag.org. No Commodity Week recording this afternoon because it will be postponed until after tomorrow’s USDA WASDE and Crop Production reports are released at 11:00 a.m. Central Time. Check our website, willag.org, for those numbers once they are updated. And, of course, Commodity Week will air tomorrow afternoon during this slot, and you can hear it on demand in your favorite podcast applications. I’m University of Illinois Extension’s Todd Gleason.