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USDA expected to raise ending stocks, Russian ammonia pipeline blast complicates Black Sea grain deal and France’s wheat crop continues to deteriorate...

Quiet trade is expected in the grain and soy markets this morning as traders await USDA’s June crop reports.

Groups supporting biodiesel and renewable diesel continue to press EPA

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.