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June 20, 2025

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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.