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Favorable rain across the U.S. and a wetter outlook for South America boost corn and soybean prospects, while dryness in Queensland pressures Australian wheat crops. Domestically, a welcome cooling trend will soon ease intense heat and humidity over primary growing regions

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A lackluster (and delayed) export sales report from this USDA this morning. Old crop soybean sales were a marketing year low and new crop sales weren't much better. Wheat technically fell below the lowest expectations and total corn sales were up narrowly vs the week prior

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Selected grain contracts at settlement...

Momentum sustained for at least another day in the aftermath of yesterday's USDA reports that awoke these oversold markets...

Dec CORN: up 6¼ cents to $4.42¼
Nov SOYBEANS: up 5½ cents to $11.49¼
Sep WHEAT: up 10¾ cents to $6.00

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Cattle traded well into both sides of even today as these markets try to find new footing...

August live cattle fell 60 cents to $241.82½ while August feeder cattle dipped another 45 cents to $364.15

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Ethanol production rebounded above expectations to 328 million gallons vs 320 million gallons the prior week. Despite utilizing 110 mb of corn, the current MY annualized pace of 5.532 billion bushels still tracks slightly below the USDA’s total forecast of 5.575 billion bushels

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Wheat Sentiment: Mildly Bullish

Domestic crop acreage has cratered to historic lows. And despite the seasonal headwind of an advancing physical harvest, poor crop condition ratings and a multitude of issues abroad are adding additional fuel to this latest bout of short covering

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Soybeans Sentiment: Neutral

Acreage totals matched expectations and signal comfortable forward supplies. But lingering headwinds from a strengthening dollar and the potential to add significant late acres are preventing short sellers from completely vacating their positions

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Corn Sentiment Rating: Mildly Bullish

Massive baseline supply potential limits immediate upside, aggressive domestic consumption numbers are establishing a firmer floor heading into the holiday weekend. The market is more vulnerable to weather than it was going into yesterday

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Selected grain contracts at settlement...

Today's USDA reports weren't particularly bullish in terms of expected acres, but use and supply numbers sparked a turnaround...

Dec CORN: up 6 cents to $4.36
Nov SOYBEANS: up 4¾ cents to $11.43¾
Sep WHEAT: up 9½ cents to $5.89¼

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An increasingly rare two day winning streak for hogs...

August hogs added 92.5 cents to finish up the day at $98.20

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Corn and wheat stocks come in below market expectations with soybeans 15 million bushels above. Overall we have greater supply across the board vs 1 year ago but the market is reacting favorably. Dec corn up 4, Nov beans up 5, Sep wheat up 7

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The market having an initial positive response to today's acreage and ending stocks update. Corn acres came in just above expectations while soybeans acres were right where anticipated and wheat acres were lower than expected

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Incoming rain brings timely relief to U.S. crops as does a reviving monsoon season in India. Meanwhile severe flooding halts Canadian prairie progress as China prepares for dual cyclones set to disrupt corn and soybean planting in central and eastern regions

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3.7 million bushels of HRS wheat to Nigeria...

Private exporters reported sales of 100,000 metric tons of hard red spring wheat for delivery to Nigeria during the 2026/2027 marketing year

https://t.co/JPhKlBGvdX

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Big jump in spring wheat conditions, with a 5% improvement to 59% good to excellent over the past week. The gains exceeded expectations of just a 2% rise. 32% of the crop is headed vs 35% LY and the 5 year avg of 34%

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As with corn, soybeans slipped 1% to 65% G/E in the past week. Again the small drop was expected though declines in Illinois (-3) and Indiana (-7) are a little bit more concerning. Louisiana posted the largest improvement. 19% of the crop is blooming vs 16% LY and the 15% 5Y avg

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U.S. corn ratings slipped 1% to 67% good to excellent for the week ending 6/28. The dip was anticipated as not all areas have received enough rain to offset the summer heat. Indiana and Texas were hardest hit while Nebraska showed the biggest climb. 9% of the crop is silking

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Selected grain contracts at settlement...

A rapid downgrade in heat dome severity and some bigger bets placed on bearish USDA data tomorrow took down grains today...

Dec CORN: down 11½ cents to $4.30
Nov SOYBEANS: down 17¼ cents to $11.39
Sep WHEAT: down 10 cents to $5.79¾

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The cattle markets again rejected overhead resistance as wholesale beef values slump...

August live cattle fell $2.25 to $243.57½ while August feeder cattle dropped $2.37½ to finish at $367.47½

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Corn inspections rose above expectations to over 70 million bushels in the week ending 6/25. Soybean inspections were also up over 50% versus the week prior and near the upper end of expectations. Wheat inspections fell off narrowly and toward the bottom of the anticipated range