NEWS

The Trump administration is asking Congress for more than $11 billion in additional agricultural assistance as part of a broader emergency supplemental spending package tied to military operations involving Iran. The proposal includes roughly $10 billion in direct economic assistance for crop producers and another $1.1 billion in disaster relief for farmers impacted by severe weather. The funding would be part of an estimated $80 billion national security package.

CORN

ANALYSIS

Corn closed the week $.00 3/4 lower. Last week, private exporters did not report any export sales.

In the weekly export inspections report, U.S. corn export inspections, for the week ended June 25, were 70.3 million bushels (mb), up from the previous week’s 57.8 mb and the second highest of the last eight weeks. Over the last four weeks, corn inspections averaged 68.1 mb/week vs. last year’s 62.1 mb/week average during the same period and continue running above the roughly 56.8 mb/week average we estimate is needed over the final nine weeks of the 2025-26 U.S. corn marketing year in order to reach the USDA’s 3.325 billion bushel export projection. Corn inspections from this point forward last year averaged 52.5 mb/week. Cumulative export inspections of 3.333 billion bushels are up 25% from last year’s 2.660 billion vs. the USDA currently estimating exports this year to be up 16% from 2024-25.

In the weekly crop progress and conditions report, corn conditions fell 1% to 67% good/excellent vs. 68% expected, 68% g/e last week, and 73% g/e last year.

Corn stocks in all positions on June 1 totaled 5.29 billion bushels, up 14 percent from June 1, 2025. Of the total stocks, 2.96 billion bushels are stored on farms, up 16 percent from a year earlier. Off-farm stocks, at 2.34 billion bushels, are up 12 percent from a year ago. The March-May 2026 quarter indicated disappearance is 3.74 billion bushels, compared with 3.50 billion bushels during the same period last year. Corn acreage came in at 95.343 million vs. estimates of 94.992 million, nearly identical to the March intentions of 95.338 million and the fourth largest on record.

In the weekly EIA report, ethanol average daily production for the week ending June 26 averaged 1.117 million barrels. This is a new high daily production for this week of the year. The previous high was 1.081 million barrels per day in 2019. This was up 2.5% from last week and up 3.8% from last year. Ethanol stocks were 24.690 million barrels. This was a new high stocks level for this week of the year. The previous high was 24.117 million barrels in 2025. This was up 0.4% from last week and up 2.4% from last year. The amount of corn used for the week is estimated at 111.25 million bushels. Cumulative corn use for the crop year has reached 4.644 billion bushels. Corn use needs to average 98.76 million bushels per week to meet the USDA’s marketing year forecast of 5.575 bb.

STRATEGY & OUTLOOK

The $4.41 – $4.45 area is key support for the December corn market. Producers should roll put options down or remove them at this level as the market has removed all weather premium from values this summer.

SOYBEANS

ANALYSIS

Soybeans closed the week $.08 1/4 lower. Last week, private exporters announced sales of 5.0 mb of soybeans to an unknown destination.

In the weekly export inspections report, U.S. soybean export inspections last week of 15.4 mb were up from the previous week’s 10 mb while averaging 15 mb/week over the last four weeks vs. last year’s 11.2 mb/week average during the same period. With cumulative export inspections of 1.371 billion bushels down 19% from last year’s 1.686 billion, with nine weeks remaining in 2025-26, vs. USDA’s 1.510 billion bushel export projection, reflecting an estimated 20% decline for the year; soybean inspections will need to average roughly 11.4 mb/week through the end of August to reach the USDA’s current export target vs. last year’s 15.9 mb/week average from this point forward.

In the weekly crop progress report, soybean conditions lost 1% to 65% g/e vs 66% expected, 66% g/e last week and 66% g/e last year.

Soybeans stored in all positions on June 1, 2026, totaled 1.06 billion bushels, up 5 percent from June 1, 2025. On-farm stocks totaled 367 million bushels, down 11 percent from a year ago. Off-farm stocks, at 694 million bushels, are up 16 percent from a year ago. Indicated disappearance for the March-May 2026 quarter totaled 1.06 billion bushels, up 18 percent from the same period a year earlier. Soybean acres were estimated at 85.365 million vs. estimates of 85.369 and above the March intentions of 84.7 million.

STRATEGY & OUTLOOK

The new crop soybeans are pulling back into key technical support. Producers should roll put options down or remove them at this level as the market has removed a lot of weather premium from values this summer.

WHEAT

ANALYSIS

For the week, Chicago wheat closed $.08 1/4 higher and Kansas City wheat closed $.18 1/4 higher. Last week, private exporters announced a sale of 4.0 mb of HRS to Nigeria.

In the weekly export inspections report, U.S. wheat export inspections, in the fourth week of the 2026-27 marketing year, of 13.2 mb, and were down slightly from the previous week’s 14.6 mb while having averaged 13.2 mb/week over the last four weeks vs. last year’s 13.3 mb/week average during the same period. As such, cumulative export inspections of 49 million bushels are essentially unchanged from last year in the early goings of the new marketing year. In order to reach the USDA’s 775 million bushel export projection, which reflects an expected 15% decline from last year, wheat inspections will need to average roughly 14.5 million bushels/week through the end of next May vs. last year’s 17.1 mb/week average from this point forward.

In the weekly crop progress and conditions report, winter wheat conditions were 26% good/excellent vs 26% expected, 26% g/e last week and 48% g/e last year. Winter wheat harvest advanced to 48% complete vs. 54% expected, 40% last week, 34% last year and 39% average. Spring wheat conditions rose to 59% good/excellent vs 55% expected, 54% g/e last week and 53% g/e last year.

Statistics Canada estimated Canadian all wheat planted acreage at 25.330 million acres, below the average trade estimate of 26.283 million acres, down solidly from their previous estimate in early March of 26.738 million acres and comparing to last year’s 26.925 million acres. Of that, spring wheat acreage was estimated at 18.067 million acres vs. the average trade estimate of 18.810 million vs. 18.809 million in March and 18.809 million last year, with durum area estimated at 5.860 million acres vs. the average estimate of 5.971 million, 6.378 million in March and 6.532 million acres last year.

Old crop all wheat stored in all positions on June 1, 2026, totaled 920 million bushels, up 8 percent from a year ago. On-farm stocks are estimated at 177 million bushels, down 4 percent from last year. Off-farm stocks, at 743 million bushels, are up 11 percent from a year ago. The March-May 2026 quarter indicated disappearance is 383 million bushels, up slightly from the same period a year earlier. All wheat acres came in below estimates of 43.858 m at 42.74 m and less than the March intentions of 43.775 million.

STRATEGY & OUTLOOK

As KC wheat futures near key technical support, producers should consider removing hedges/put options.

LIVE & FEEDER CATTLE

ANALYSIS

Last week, live cattle closed $7.05 lower while feeder cattle closed $8.90 lower.

Last week, moderate fed cattle cash trade occurred in the North at $255 to $256 live and $403 dressed which is $4 to $5 softer live and $5 lower dressed compared to the prior week. Moderate to active trade volumes in the South at $255 live which is $3 softer than the prior week.

The Joplin, Missouri auction on June 29 saw 9,786 head vs. 7,445 last week and 5,686 last year. Compared to last Monday feeder steers under 800 pounds sold steady to 8.00 lower. Heavier weights sold steady to 5.00 higher. Feeder heifers sold from 7.00 lower to 5.00 higher. Supply was heavy with good demand. Today’s auction included a yearling special. The largest lot of the day was 616 steers weighing 941 pounds, which sold for 362.00/cwt.

The Oklahoma City auction on June 29 saw total receipts at 3,581 head, down slightly from 4,021 head last week and 4,764 head during the same week last year. Feeder steers and heifers remained mostly steady in a light early comparison. Calves showed strong upward momentum despite downward pressure in the cattle futures complex. Steer calves traded $10 to $20 higher, while heifer calves were $5 to $15 higher due to good demand.

Boxed beef sold for export last week declined 246 loads from the prior week. At 613 loads last week, the decline from the same week last year was 8% and the decline from the prior week this year was 29%. The year-to-date load count declined 648 loads from the last year. At 18,677 loads, year-to-date export sales were 3.4% below last year.

The latest USDA steer carcass weights were lower than last week by 1 pound at 968 pounds, which is 37 pounds above year-ago levels.

Net beef sales of 126,100 mts for 2026 were a marketing year high with shipments of 129,000 mts, also a marketing year high.

STRATEGY & OUTLOOK

The spring highs are likely in for this year; however secondary test of the highs was seen as the tight supplies should be bullish for the market.

LEAN HOGS

ANALYSIS

Lean hogs closed the week $1.97 higher.

Iowa/southern Minnesota weekly hog weights for the week ending June 27 were 286.9 pounds vs. 286.1 pounds last week and 284.1 pounds last year.

Net pork sales were 37,6 mts for 2026 with shipments of 31,800 mts.

STRATEGY & OUTLOOK

Commercial buying has turned bullish, suggesting a summer rally is forth coming.