🌽 Weather Overrides Geopolitics
Even with crude oil surging:
Grain markets stayed under pressure today
Why?
Traders focused almost entirely on:
Excellent growing weather
Improving moisture conditions
Favorable forecasts across much of the U.S.
📌 Main takeaway:
Weather is currently outweighing geopolitical concerns
🌾 Spring Wheat Takes the Biggest Hit
Minneapolis wheat led losses after:
Weekend rains hit parts of the Northern Plains
Additional rain forecasts moved into the outlook
Minneapolis July wheat:
Down 10¾¢ → 6.53
September Minneapolis:
Down 11¾¢ → 6.76¾
December Minneapolis:
Down 11¼¢ → 6.96
📌 Spring wheat now the weakest wheat market on improving moisture expectations
🌾 Kansas & Chicago Wheat Stabilizing
Kansas and Chicago wheat:
Already sold off heavily into month-end
Now trying to stabilize somewhat
Chicago July wheat:
Down 1½¢ → 6.09¼
Kansas July wheat:
Down 3¢ → 6.46¾
📌 Harvest pressure still hanging over the wheat complex overall
🌽 Corn Slides Lower
Corn markets also weaker under strong crop weather forecasts
July corn:
Down 6¢ → 4.40¾
December corn:
Down 5¼¢ → 4.69¾
📉 Market focused on:
Fast planting
Favorable conditions
Expectations for strong production potential
🌱 Soybeans Lower Despite Strong Bean Oil
Soybean oil remained firm:
Up 110 points
But soybean meal weakness pressured beans overall
July soybeans:
Down 7¾¢ → 11.79
November soybeans:
Down 3¢ → 11.87
Soybean meal:
Down $3.60/ton
📌 July beans now trading:
At an 8¢ discount to November beans
🇨🇦 Canola Market Higher
Canadian canola:
Up 15 Canadian dollars
Trading near 776
🐄 Cattle Markets Recover
Cattle futures rebounded after softer early trade
Boxed beef stronger:
Choice beef +2.63
Select beef +66¢
June cattle:
Up 67¢ → 248.97
August cattle:
Up $1.37 → 240.42
Feeder cattle:
August feeders up $3.25
November feeders up $3.42
📌 Despite today’s rally:
Feeder index still sharply lower
Down over $6 on the day
🐖 Hogs Mixed
June hogs:
Reversed lower
Down 67¢ → 95.17
July hogs:
Holding slight gains → 100.00
October hogs:
Down 1.02
🪙 Gold, Silver & Bitcoin Under Pressure
Gold:
Down $80
Near 4,513
Silver:
Down 53¢
Bitcoin:
Down over $2,000
Around 71,680
📉 Risk assets and metals weaker despite higher oil
🛢️ Crude Oil Jumps Again
Crude oil sharply higher:
July crude up $4.47 → 91.81
August crude up $4.00 → 89.30
Gasoline:
Up 5½¢/gallon
Diesel:
Up 16¢/gallon
📌 Energy markets still reacting to ongoing Middle East tensions
💡 Big Picture Takeaways
Grain markets are trading weather first right now
Improving moisture forecasts heavily pressuring spring wheat
Corn and soybeans struggling to hold support despite stronger crude oil
Cattle markets attempting to stabilize after recent heavy selling
Energy markets remain highly volatile from geopolitical headlines
Thanks for listening and have a profitable day 📈
