Your Pro Farmer newsletter (June 15, 2024) is now available

There was a muted price response to USDA’s June 12 Supply & Demand and Crop Production Reports, as the data contained no major surprises. That keeps near-term focus on weather and crop developments, both in the U.S. and around the world, heading through the critical summer timeframe. Given that funds are short the grain markets, any significant weather/crop concern would likely trigger a strong wave of buying. But barring such an occurrence, sustained price strength may be hard to come by. El Niño has ended and La Niña is on the horizon, though the timeframe has been pushed back and the onset may not come until late summer. On the monetary policy front, the Fed kept interest rates unchanged, as broadly expected, though updated economic projections now indicate just one rate cut will come this year. We cover all of these things and much more in this week’s newsletter, which you can download here.