Corn futures ended the week on a sour note, down 5 cents in July, as favorable weather and widespread Midwest rains weighed on the market. Forecasts call for more soaking rains across key growing areas next week. Despite concerns over summer heat, short-term weather remains bearish for corn. Soybeans closed slightly lower, down 1¼ in July, finding some stability after Thursday’s sharp selloff. Bean oil steadied after a limit-down move on reports the RVO mandate could come in at 4.65 billion gallons—below expectations but still a sizable increase. The Kansas Wheat Quality Tour estimated yields at 53 bu/acre—well above USDA’s current projection and the second-highest tour estimate on record. French wheat conditions dipped slightly but remain strong year-over-year.
In livestock, cattle futures were mixed. Feeders and fats ended the week lower, though June live cattle managed a gain of $1.05 today. Cash trade was active, with prices mostly steady to higher. Texas and Kansas saw live sales at $220, up $2 from last week, while Nebraska reported $229 live and $358 dressed—up $1–$4. Hogs remain the bright spot with firm demand and stronger pork cutouts supporting multi-week highs.
David Ericson with Ag Optimus shares the days market wrap-up.
