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Cattle and hogs both saw consolidation following recent contract highs.

USDA kept its winter wheat crop estimate unchanged and made only modest balance sheet changes aside from cotton.

Minimal changes were made to wheat production. However, old- and new-crop corn and cotton ending stocks were trimmed from May.

June 12, 2025

Announcements on RFS levels and 45Z clean fuel credit imminent, possibly on Friday.

Corn, soybeans and wheat each favored the downside early in the overnight session but saw an increase in buying interest this morning.

Weekly soybean and wheat sales during the week ended June 5 each fell short of pre-report expectations, while corn declined 16% from the previous week.

USDA’s June Crop Production and WASDE Reports are expected to show just modest changes from last month.

Improved wheat demand along with a slow start to harvest supports basis.

June 11, 2025