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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.

The pace and timing of anticipated rate cuts will be determined by inflation readings, tariffs policy and geopolitics.