GRAIN CALLS
Corn: 2 to 4 cents higher.
Soybeans: 4 to 6 cents higher.
Wheat: SRW 1 to 3 cents lower; HRW steady to 2 cents higher; HRS 1 cent lower to 1 cent higher.
GENERAL COMMENTS: Corn and soybeans saw corrective gains overnight while wheat futures continued to fall under pressure. Each saw an increase in buying interest into the break. Outside markets are quiet this morning as both front-month crude oil futures and the U.S. dollar index are trading near unchanged.
Grain and livestock markets will observe normal trading hours today. All markets and government offices are closed on Wednesday for the Juneteenth holiday. Grain markets will resume trading with the overnight session at 7:00 p.m. CT on Wednesday. Livestock markets will reopen at 8:30 a.m. CT on Thursday, June 20.
USDA rated 72% of the corn crop as “good” to “excellent” and 5% “poor” to “very poor.” The soybean crop was rated 70% “good” to “excellent” and 5% “poor” to “very poor.” On the weighted Pro Farmer Crop Condition Index (CCI; 0 to 500-point scale, with 500 representing perfect), the corn crop dropped 4.5 points to 381.0, while the soybean crop fell 3.3 points to 370.0. The biggest declines for both crops were in Illinois. Both corn and soybeans remained rated well above year-ago at this time. USDA rated 76% of the spring wheat crop as “good” to “excellent” and 4% “poor” to “very poor.” On the CCI, spring wheat improved 6.9 points to 382.3, sharply above last year at this time. Click here for details.
A bipartisan group of 18 senators is urging EPA to set higher biodiesel and advanced biofuel mandates for 2026 under the Renewable Fuel Standard (RFS). Despite record-high levels for 2023-2025, new evidence suggests the need for significantly higher volumes to match increased production capacity. The senators, led by Amy Klobuchar (D-Minn.) and Chuck Grassley (R-Iowa), cited Energy Information Administration (EIA) data indicating current levels are “significantly below production trends.” They highlighted a 66% drop in Renewable Identification Number (RIN) values since last year’s levels were set, leading to facility closures, job losses and disrupted local economies. The lawmakers warned this negative signal threatens investments in renewable fuel production, including sustainable aviation fuel (SAF). EPA is expected to finalize the 2026 RFS levels later this year.
Rain fell from east-central Nebraska to the northern portions of the Corn Belt on Tuesday, adding to the excessive moisture seen in portions of Minnesota, notes World Weather Inc. East-central Kansas to the eastern Corn Belt will see infrequent rain and warm to hot temperatures in the coming ten days to two weeks, while much of the western Midwest will see regular rain through the rest of this week, says the forecaster.
CORN: July corn futures posted corrective gains overnight. Resistance stands at the 10-day moving average, currently at $4.49 1/2, which is backed by $4.52. A resurgence of selling pressure finds support at $4.44, yesterday’s low of $4.43 1/4, then the June 5 close at $4.39 1/4.
SOYBEANS: July soybean futures saw corrective buying overnight. Bulls are seeking to overcome initial resistance at $11.71 before tackling stiff resistance at $11.75. Support stems from $11.56 1/4 then the psychological $11.50 mark.
WHEAT: July SRW futures saw continued selling pressure overnight. Bulls are seeking to overcome initial resistance at $5.93 1/2, which is backed by the psychological $6.00 mark. Further selling finds support at $5.81 3/4 then $5.73 1/2.
LIVESTOCK CALLS
CATTLE: Higher.
HOGS: Choppy/lower.
CATTLE: Live cattle futures and feeders are expected to open higher on continued cash fundamental strength. Last week’s cash cattle average surged to a record $192.55, up $3.63 from the previous week and surpassing the prior record by $2.46. Packers purchased a strong 96,000 head of cattle, including 22,000 head “with time.” USDA will release their monthly Cattle on Feed Report Friday afternoon. Hefty cash purchases paired with Friday’s report are likely to push cash trade late into the week, though feedlots likely won’t be in a hurry to move cattle at lower prices. Choice cutout firmed 58 cents to $320.47 Monday while Select rose $1.01 to $304.82.
HOGS: Lean hog futures are expected to open with a mostly weaker tone on eroding cash fundamentals. August futures posted strong corrective gains the past two sessions though fell short of downward trendline resistance. That, paired with a weakening cash market is likely to weigh on futures. The CME lean hog index is down 71 cents to $90.73 as of June 14, the biggest daily decline since April 9. Wholesale pork prices dipped $2.41 to $98.94 Monday, led lower by a $11.83 drop in bellies. Movement slowed to 282.46 loads, indicating retailer demand could be easing as purchases for Fourth of July features could be finished.