Wheat ends the night steady-firm, while corn and soybeans are soft after a three-day rally.

Corn, soybeans, and wheat trended lower overnight as the buying interest that fueled yesterday’s rebound faded. All three markets tested weekly resistance levels before retreating. One factor behind Thursday’s bounce was the forecast for a ridge setting up across the US, bringing warmer and drier conditions. While updated models still predict heat, they now show increased chances of precipitation, reducing the immediate threat of crop damage. Overall, where crops are planted, conditions appear favorable. However, pockets of planting delays remain, particularly in the Eastern Corn Belt. Monday’s progress report will provide insight into how much corn was planted before the final date and may also offer a better sense of whether farmers will opt for prevent plant payments over production.

Presidents Trump and Xi spoke yesterday, with trade among the topics discussed. Both sides agreed on the need to resume negotiations quickly. News remains limited as the week wraps up. Corn and wheat are hovering just above oversold levels, which could help cushion further losses today. Soybean oil is firming, lending support to the broader soy complex. The Goldman Roll begins today, although its influence on futures markets has diminished in recent years.

Overnight, Ukraine faced another round of Russian missile strikes targeting Kyiv, but key grain export facilities in Odessa were not affected. There had been speculation that Russia might strike those facilities in retaliation for Ukraine’s attack on the Kerch Bridge, a vital economic link between Crimea and mainland Russia.

In the Southern Plains, rain continues to delay wheat harvest activity across North Texas, Oklahoma, and southern Kansas. Precipitation is expected through June 16, with totals ranging from 1.5 to 3.00 inches. These conditions raise concerns about disease pressure that the combines will reveal during harvest. Meanwhile, the Black Sea region and southwestern Russia remain locked in a dry pattern for the next 10 days. Spring crops there are stressed, with temperatures forecast to reach the 90s through early next week.

Thursday’s livestock trade was explosive, with live and feeder cattle futures surging from the open through the close, pushing contracts to new highs. Cash cattle markets added to earlier weekly gains, with Southern trade up $8 from last week, reaching $230. Midwest sales printed at $240 or higher. Choice boxed beef values rose $0.69 to $366.85, while Select slipped $0.11 to $356.61.

The cattle rally has been aggressive, though such momentum rarely lasts long. The key question now is how much of a discount the June and August futures will maintain to the cash trade, especially with lingering concerns about potential packing plant disruptions. There are still more than three weeks until the June contract expires, and as of Thursday’s close, the discount to Texas cash was $7. Last year, the June 2024 contract rallied every day leading up to expiration. The delivery window opens Monday for the June 2025 contract, but obviously, no deliveries are expected.