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Price action was relatively quiet overnight as traders await USDA’s crop reports later this morning.

Cash cattle prices surge to all-time high.

The Drought Monitor showed 55% of the U.S. was covered by abnormal dryness/drought, up five percentage points from the previous week. USDA estimated drought covered 45% of corn production areas and 39% of soybeans.

After the Bell | June 8, 2023

Corn and soybeans are expected to open lower, while wheat is likely to favor the upside.

USDA reported old-crop soybean sales of 207,200 MT for week ended June 1, a 68% increase from the previous week. New-crop sales of 264,600 MT were also reported.

Corn faced mild followthrough selling overnight, while soybeans traded on both sides of unchanged and wheat firmed after earlier pressure.

Former RMA administrator urges more funding for the agency

Cash cattle and boxed beef prices surged again.