Market Highlights
Grain markets started the day higher but faded as crude oil continued its sharp decline.
European heat stress is becoming a major concern for wheat and corn production.
French wheat and corn prices continue to rally sharply.
U.S. grain markets struggled to gain traction despite overseas crop problems.
Feeder cattle surged higher again as cash markets remain strong.
🌾 European Crop Stress Takes Center Stage
The biggest story remains Europe.
France & Germany Facing Extreme Heat
Temperatures have surged across key growing regions:
Paris reached approximately 107°F
Some areas of France reportedly hit 112°F
Germany and Poland are also experiencing stressful conditions
Crop Impacts
Wheat
French wheat has moved beyond flowering and into heading.
Heat stress is expected to trim yield potential.
French milling wheat has now recovered more than half of its spring losses.
Corn
European corn is pollinating during the heat wave.
Corn prices have rallied the equivalent of roughly 60 cents per bushel in the last two weeks.
Many analysts believe Europe may need additional corn imports later this year if crop losses continue.
