News
Wheat continues to lead weakness following last week’s peak, while corn and soybeans followed to the downside.
Corn, soybeans and wheat mostly favored the downside during the overnight session.
June Rural Mainstreet Index moves above growth neutral.
Underlying data continues to paint a bullish supply picture for cattle market.
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Just days after Immigration and Customs Enforcement (ICE) briefly paused most “enforcement investigations/operations on agriculture… restaurants and operating hotels,” the administration reversed course.
Corn and soybeans favored the upside overnight, which wheat saw profit-taking following Wednesday’s big push higher.
Soybean sales rose noticeably during the week ended June 12, surpassing pre-report estimates. Corn sales rose 14% from the previous week.
Extreme heat will stress crops in the driest areas, though no extending blocking pattern is expected.
Cash corn, soybean and wheat prices are well under year-ago levels.