Pro Farmer
Generally favorable weather is drawing more attention from grain traders than U.S. involvement in the Israel/Iran conflict.
Corn, soybeans and wheat are under pressure to start the week. Livestock futures are mildly higher this morning...
Soybeans saw strength to start the overnight session but have since faded lower.
Short-term trend remains bearish for corn.
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.
A lot of court activity on biofuels, tariffs and EV mandates to close out the week.
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Cattle futures are posting solid gains amid steep discounts to cash.
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.