Grains are firm but not sharply higher to start the week.

Grains are firmer this morning, but well off overnight highs, as evening and morning weather models are slowly pulling moisture into the week 2 forecast for the Central and Eastern corn belt.

Over the weekend, Russian media reported that the country’s Foreign Minister said there are no prospects of Russia extending the Black Sea grain deal, but they will continue talks with the UN. Russia’s Foreign Minister also claims that inspections under the pact have resumed. Ukraine grain exports through Danube River ports hit a record 3 MMT due to Black Sea exports slowing sharply in May.

Poland’s Ag Minister said he received an EU draft measure that would extend the ban on wheat, corn, rapeseed, and sunflower until September 15th.

Crude oil opened over $3.50 a barrel higher overnight and settled back to reflect gains of just under $2.00 as OPEC moved to extend their 1 Mil barrel per day cuts that started on May 1 through July to be extended into the end of the year.

The Midwest and Delta forecast for the next week have widely scattered pop-up shower expectations that can occur. Illinois and the E Midwest will be the driest through this week, but there is potential for afternoon showers in the W Midwest through Saturday. The Euro and GFS models start bringing rain into the Central and E Midwest in the June 17 window forward.

It was a sharply higher week for the record books in the cattle market last week, with June cattle gaining $9 and feeder cattle contracts up close to $8. It would not be surprising after such a historic week to see a bit of profit-taking being experienced sometime this week. Box beef values last week made good gains with choice and select gaining $6 for the week. The choice loin primal led the rally, gaining more than $13, adding $2.85 to the whole carcass value. Estimated slaughter margins did dip to a seven-week low of $143/head. The last time cattle prices reached all-time highs in 2014, estimated margins were negative -$111/head.