News
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.
The Seasonal Drought Outlook shows the greatest area of risk for dryness is Nebraska, along with portions of southern South Dakota and far northern Kansas through September.
Soybean basis dropped sharply over the past week.
Wheat futures surged higher today, helping pull new-crop corn higher.
USDA is launching an $8.5 million sterile fly dispersal facility in southern Texas and unveiling a sweeping five-part plan to boost surveillance, response and eradication efforts at the border and beyond.
SCOTUS asked to rule on legality of Trump’s ‘Liberation Day’ tariffs.
Wheat saw relative strength, soybeans consolidated near recent highs and corn saw moderate weakness overnight.
The broader marketplace is monitoring escalating tensions in the Middle East and awaits Fed commentary and other macroeconomic developments.
Updates on trade deals, negotiations with UK, Canada and Japan.
Winter wheat saw relative strength overnight which helped pull new-crop corn futures higher.
Corn, soybeans and spring pivoted around unchanged overnight, while the winter wheat markets mildly favored the upside.
Soybean crop ratings took a small step backwards over the past week.
Corn inspections totaled 1.67 MMT during the week ended June 12, down slightly from the previous week but landed just short of the upper end of the pre-report range.
A lot of market-moving factors for markets to digest entering a typically volatile period.