GRAIN CALLS
Corn: Steady to 2 cents higher.
Soybeans: 2 to 4 cents higher.
Wheat: Winter wheat 5 to 7 cents higher; HRS steady to 2 cents lower.
GENERAL COMMENTS: Winter wheat saw relative strength overnight which helped pull new-crop corn futures higher. Soybeans saw action on either side of unchanged but favored the upside into the break. Soyoil futures saw consolidation following the recent two limit higher closes. Outside markets are mixed this morning as price action in crude oil futures remains somewhat volatile. Crude oil is currently up about a buck while the U.S. dollar index is around 225 points higher.
USDA reported daily sales of 120,000 MT of soybean cake and meal for delivery to unknown destinations during the 2025-26 marketing year.
President Donald Trump said he wanted a “a real end, not a ceasefire, an end” to the conflict between Israel and Iran and indicated he may send senior U.S. officials to meet with the Islamic Republic as the Israel/Iran air war raged for a fifth straight day. Trump predicted Israel would not ease its attacks on Iran. Washington has said Trump was still aiming for a nuclear deal with Iran, even as the military confrontation unfolds. World leaders meeting at the Group of Seven summit called for a de-escalation of the worst-ever conflict between the regional foes, saying Iran was a source of instability and must never have a nuclear weapon while affirming Israel’s right to defend itself. Trump, who left the summit early due to the Middle East situation, said his departure had “nothing to do with” working on a deal between Israel and Iran.
Trump signed an executive order to give British carmakers an annual quota of 100,000 cars that can be sent to the U.S. at a 10% tariff rate. The order also eliminates tariffs on the UK aerospace industry, including parts and planes. The deal expands U.S. market access for agricultural products, including beef and ethanol, while maintaining UK food standards. The UK will remove its 20% retaliatory tariff on U.S. beef and set quotas for tariff-free imports of U.S. beef and ethanol. The issue of steel and aluminum remains unresolved for now. The U.S. intends to impose a quota on steel and aluminum imports from the UK that would be exempt from 25% tariffs, but it is conditioned upon Britain’s demonstrating security on steel supply chains and production facilities, according to an executive order released by the White House. The quota level will be set by Commerce Secretary Howard Lutnick, the White House said.
USDA rated the corn crop as 72% “good” to “excellent” and 5% “poor” to “very poor,” the soybean crop as 66% “good” to “excellent,” and 7% “poor” to “very poor” and the spring wheat crop as 57% “good” to “excellent” and 9% “poor” to “very poor.” On the weighted Pro Farmer Crop Condition Index (CCI; 0 to 500-point scale, with 500 representing perfect), the corn crop inched up 0.6 point to 378.9, the soybean crop slipped 1.5 points to 363.9 and the spring wheat crop improved 4.3 points to 360.3. All three crops continue to be rated below year-ago, especially spring wheat despite a stronger rating in top producer North Dakota. Click here for details.
CORN: July corn futures consolidated near yesterday’s lows overnight. Bulls are looking to topple resistance at $4.39 on strength, which is reinforced by resistance at $4.43 1/4. Key support stands at $4.33 1/2, which is backed by the June 10 for-the-move low of $4.29 1/4.
SOYBEANS: July soybean futures traded on either side of unchanged overnight. Bulls maintained support at $10.63 3/4, the 200-day moving average, on a push lower, a level that remains key support. Resistance stands at $10.75 then yesterday’s high of $10.79 1/4.
WHEAT: July SRW futures bounced overnight. Initial resistance stands at the 40-day moving average at$5.40 1/2, which capped most of the upside overnight. Additional strength looks to overcome yesterday’s high of $5.46 3/4. Support comes in at $5.38 then $5.26 1/2 on a reversal lower.
LIVESTOCK CALLS
CATTLE: Higher.
HOGS: Higher.
CATTLE: Live cattle and feeders are expected to open higher in a continuation of yesterday’s strength. Cash cattle averaged a record $238.68 last week, up $2.06 from the previous week. This marked the ninth consecutive week of gains in the cash market and the eighth straight record. Futures across the curve continue to trade at steep discounts to the cash market, which will limit selling pressure. Wholesale beef continues to charge higher as packers work to improve highly negative margins. Choice cutout surged $4.23 to $382.11 Monday while Select climbed $3.97 to $367.47.
HOGS: Lean hog futures are expected to open higher in a continuation of recent strength. Overbought conditions could limit gains after the open, but that has not slowed bulls down much over the past week. The CME lean hog index is up another 89 cents to $103.70 as of June 13, continuing the seasonal climb. Meanwhile, pork cutout continues to show robust strength, rising $1.42 to $119.48 on Monday, the highest mark since mid-August 2022. Gains in bellies and butts led cutout higher yesterday.