CORN
- Jul up 2 @ 6.57 & Dec down 5 @ 5.61
- Weaker prices due to rains in the northern Plains and central Corn Belt
- However, the western Midwest and northern Plains still remain abnormally dry
- Corn prices in China and Brazil have also fallen recently
- Biden administration considering easing blending mandates for renewable fuels
- DTN National Corn Index closed at $6.61
SOYBEANS
- Jul up 15 @ 14.11 & Nov unchanged @ 13.13
- Funds exited net long positions last week
- More rain likely for the central and eastern Midwest
- Expectations for a drop in good to excellent ratings today
- Rumors that China bought 6-10 cargos of new crop US soybeans
- DTN National Soybean Index closed at $13.63
WHEAT
- Jul wheat up 9 @ 6.72-1/4, Jul KC up 2 @ 6.09, Jul MNPLS up 11 @ 7.73
- Harvest being interrupted by rains in Oklahoma, Kansas, and Nebraska
- Minneapolis futures holding up better than KC and Chicago wheat
- Expectations for a decline in spring wheat conditions in today’s Crop Progress report
- US wheat remains overpriced compared to the EU and Black Sea
CATTLE
- Aug LC down 0.625 @ 120.925 & Aug FC down 0.75 @ 154.275
- Last week volatility came from cash and demand
- Boxed beef showed weakness but had little influence on cash last week
- Lower boxed beef may indicate slowed demand or beef is backing up in the market
- Cutouts weaker on Friday, down 2.97 on choice to $323.28 and down 3.63 on select to $283.61
- Cattle slaughter projected at 119K
HOGS
- Jul hogs down 1.85 @ 106.85 & Jul pork cutout down 2.20 @ 116.20
- Front of Hog market concerned about possible slow down of slaughter line on July 1st due to court ruling
- Last week saw long liquidation and lower prices
- Packers pulled back earlier in the week due to weakness of futures
- Hog slaughter projected at 480K