Wheat Leads While Corn, Beans, and Livestock Struggle

• 🌾 Wheat Market (Strong & Leading)

  • Kansas City wheat was up over 20 cents earlier, still holding ~16 cent gains

  • Dry conditions in western Kansas & eastern Colorado continue to drive the rally

  • Rain keeps getting forecasted… but never shows up

  • July KC wheat: ~655 (+16.5)

  • Chicago wheat:

    • Being pulled higher but lacking strength

    • Up ~4 cents and well-off highs

  • KC vs Chicago spread sitting around 50 cents

  • Minneapolis wheat still holding a premium over KC

• 🌽 Corn

  • Tried to move higher but couldn’t hold gains

  • Now slightly lower on the day

  • Export sales strong at 1.4 MMT

    • Running ahead of USDA pace

    • Likely means lower carryout coming in future reports

  • July corn down ~3 cents