CORN HIGHLIGHTS:

• Corn futures ended Tuesday’s session mixed, with traders largely shrugging off a sharp decline in crude oil prices amid an otherwise quiet day of news. July corn fell 1-¼ cents to 4.14-¼, while September corn gained ½ cent to finish at 4.23-¼.
• Reports indicate that the U.S. and Iran are expected to sign an interim peace agreement in Switzerland on Friday. News that the Strait of Hormuz could reopen following the agreement has pressured crude oil prices to their lowest levels since April.
• U.S. crop conditions improved 1% this week, with 68% rated good to excellent compared to 72% at this time last year. The overall weather outlook remains favorable over the next two weeks, with limited heat stress and ample moisture expected across much of the major growing regions.
• Corn conditions were mixed this week, with Iowa falling to 79% good to excellent from 84%, while Indiana and Ohio improved to 62% and 64%, respectively. USDA reported 94% of the crop has emerged, compared to 86% last week and the 93% five-year average.
• S&P Global raised its U.S. corn acreage estimate to 96.0 million acres, up from its March estimate of 95.2 million acres and above USDA’s March projection of 95.3 million acres. The increase was based on the results of a monthly survey of farmers and agribusinesses.
• Brazil’s safrinha corn harvest continues to advance and is now 8.4% complete in the center-south region, with progress expected to accelerate as harvest activity expands across key growing areas.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day higher, breaking sharply to the upside on the open with a 25 cent swing. July soybeans gained 10-3/4 cents to $11.30, and they entered the pause session this morning with a loss of 10 cents. November soybeans gained 11-3/4 cents to $11.46-1/2, July soybean meal gained $2.80 to $304.80, and July soybean oil lost 1.45 cents to 72.92 cents as it followed crude oil lower.
• The sharp rebound in prices this morning was a result of rumors that China’s Sinograin has been asking about purchasing US soybeans for the October through March time frame. Brazilian soybeans look expensive compared to last year, but they are still near or cheaper than US offers out of the Gulf.
• Yesterday’s Crop Progress report saw soybean ratings improve as expected. Good to excellent ratings increased by 1 point to 66% which compares to 66% at this time a year ago. 95% of the crop is now planted, which compares to 93% at this time a year ago. 88% of the crop is now emerged.
• NOPA soybean crush for the month of May saw crush fall to 208.79 million bushels which was below most estimates and was down from the 211.86 mb in April. This was up 8.3% from crush of May 2025, however. If crude oil prices continue to fall, it could cause a decline in soybean oil demand.

WHEAT HIGHLIGHTS:

• Wheat futures closed mixed after starting the session with solid gains. Early strength was tied to rumors that China was seeking U.S. soybean export offers, which helped lift the broader grain complex. However, with no confirmation of additional Chinese demand, soybean prices faded from their highs and corn and wheat followed suit.
• In the July contracts, Chicago wheat gained 6-1/4 cents to close at $5.96, Kansas City wheat fell 6-1/4 cents to $6.33-3/4, and Minneapolis spring wheat lost 3-3/4 cents to $6.12-1/4.
• Chicago wheat may have rallied relative to the other classes today due to concerns over conditions. Heavy rains in the southern Midwest could affect crop quality, and excess moisture could also lead to disease issues.
• Yesterday afternoon, the USDA indicated that as of June 14, winter wheat conditions improved 2% to 27% good to excellent. However, overall ratings remain near 20 year lows. Additionally, 95% of the crop is headed, compared with 92% last year and 91% on average. Harvest at 25% complete is running well above the 9% pace a year ago and the five-year average of 13%.
• The USDA also said that spring wheat conditions improved 3% from last week to 55% good to excellent. Furthermore, 95% of the crop has emerged, compared with 88% a year ago and 89% on average. An estimated 6% of that crop is headed, versus 4% last year and 5% average.
• According to Argus, Romania’s wheat harvest may total nearly 13.9 mmt – this would be a record for data going back to 2008. It is noted that this assumes moderate weather over the next 3-4 weeks before harvest. The harvested area is expected to be a record 2.35 million hectares, with yields also anticipated to be a record 5.9 mt per hectare.
• CONAB has stated that through June 5, an estimated 45.3% of Brazil’s wheat area has been planted. They also recently indicated that Brazil’s wheat production is expected to total 6.3 mmt, down 1.4% from the May estimate, and down 20% from the 2025 crop. This is due to expectations for smaller planted area and a decrease in yields.

DAIRY HIGHLIGHTS:

• Class III futures were lower on the day as pressure in the dairy market continues. July futures were down 8 cents to $16.35.
• Spot cheese was down 0.25 cents to close at $1.4450/lb while whey was unchanged at $0.6875/lb.
• Class IV futures continue to struggle as the powder market falls. July futures fell 65 cents to $17.99.
• Spot butter moved 2.50 cents lower to $1.60/lb. Powder remains under selling pressure, losing 7.50 cents to close at $1.67/lb.
• Today’s Global Dairy Trade auction fell 2.8% from the previous auction to 1,179 points.

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Author

Brandon Doherty