Note: Markets and government offices will be closed Friday for the Juneteenth federal holiday. As a result, there will be no Pro Farmer updates.
GRAIN CALLS
Corn: 1 to 3 cents lower.
Soybeans: 6 to 8 cents lower.
Wheat: Winter wheat steady to 2 cents lower; HRS 1 to 3 cents higher.
GENERAL COMMENTS: Corn, soybeans and wheat each favored the downside in overnight trade but did see an increase in buying interest going into the break. This morning’s daily export sales are likely to help continue that bullish momentum. Front-month crude oil futures continue to slid while the U.S. dollar index is up nearly 600 points this morning.
USDA reported daily sales of 132,000 MT of soybeans for delivery to China, 285,775 MT of corn for delivery to Mexico and 120,000 MT of soybeans for delivery to unknown destinations — each during the 2026-27 marketing year.
President Trump and Iran’s Masoud Pezeshkian signed an initial deal to end the Middle East war. As part of the 14-point memo, further talks to reach a final agreement will take place over the next 60 days, during which the Strait of Hormuz reopens. Ships are already starting to sail through the Strait. Also included in the deal is a $300 billion plan for Iran’s “reconstruction” but key questions around its nuclear program remain. An official signing ceremony, with U.S. and Iranian representatives, had been scheduled to take place in Switzerland on Friday but now it’s not clear if this will still happen. Trump signed the so-called memorandum of understanding at the Palace of Versailles near Paris on Wednesday evening, at the end of a Group of Seven summit. He was flanked by world and business leaders, including French President Emmanuel Macron. “Oil down,” Trump immediately said.
“Traders piled into betting on interest-rate hikes as soon as next month after Kevin Warsh used his debut press conference as Federal Reserve chairman to make clear the central bank won’t tolerate high inflation,” said a Bloomberg report. U.S. Treasury yields rose after the FOMC meeting and Warsh’s press conference Wednesday afternoon. “The hawkish message was driven home by the projections of individual Fed members, half of whom expect to raise rates by the end of the year. Before Wednesday’s FOMC conclusion, Wall Street had largely assumed the Fed was done cutting U.S. interest rates amid the U.S.- Iran war’s oil shock that sent consumer prices surging by the most in three years. “But investors also wondered whether Warsh would give in to President Trump, who elevated him to the central bank post after repeatedly lashing out at his predecessor, Jerome Powell, for not slashing borrowing costs enough. Both questions appeared to be settled — at least for now — after Warsh spoke Wednesday,” said the Bloomberg report.
Export sales for the week ended June 11:
Corn: Net sales of 1.157 MMT for 2025-26, up 16% from the previous week but down 8% from the four-week average. Spain and Mexico led sales. Sales were withing expectations of 700,000 MT to 1.4 MMT.
Soybeans: Net sales of 424,900 MT for 2025-26, up noticeably from the previous week and 49% from the four-week average. Egypt and Mexico led sales. Sales topped expectations ranging from 100,000 to 300,000 MT.
Wheat: Net sales of 400,800 MT for 2026-27. Japan and Mexico led sales. Sales were within expectations ranging from 300,000 to 700,000 MT.
CORN: July corn futures struggled to overcome the 10-day moving average at $4.20 3/4 Wednesday, which remains stiff resistance. Support comes in at $4.15 then $4.11 3/4 on a continued slide.
SOYBEANS: July soybean futures reversed lower overnight. Bulls are looking to hold support at $11.13 1/2 on persistent selling. Resistance stands at $11.25 then the 10-day moving average at $11.29 1/4 on a bounce.
WHEAT: July SRW wheat saw profit-taking overnight. Bulls are looking to overcome resistance at the overnight high of $6.18 1/4 on a push higher. Support comes in at $6.04 1/2 then the psychological $6.00 mark on continued selling.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Choppy/higher.
CATTLE: Cattle futures are expected to open with a mostly firmer tone in a continuation of recent strength. Stiff technical resistance stems from the April and May highs which has stalled recent strength. A lack of signals from the cash market has weighed on futures as well, as cash trade has been slow to develop so far this week, which is normal during Cattle on Feed report weeks. A Reuters poll of analysts shows expectations for cattle on feed totaling 102.5% of last year, while placements are expected to be 94.5% of year-ago. Meanwhile, marketings are expected to slide to 89.4% of year-ago. Choice beef slid $5.08 to $394.50 Wednesday, giving up a big chunk of recent gains.
HOGS: Hog futures are expected to open with a mostly firmer tone amid corrective buying. Bulls are looking to hold yesterday’s lows on another push lower. The CME lean hog index is up 49 cents to $92.43, ending a string of the recent losses. Pork cutout slid 80 cents to $94.77 Wednesday, led by losses in butts, though movement was firm at 321.0 loads.