HEAVY Rain in Illinois + Corn/Wheat RALLY!

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🌧️ Illinois Historic Rainfall — Severe thunderstorms dropped a record 3.6" in Springfield and 2.1" in Peoria Tuesday, the highest single-storm totals since 2002. Flooding concerns are mounting across the region, with some corn and soybean growers already discussing replant options.

🌾 Wheat Surges on Plains Drought — The May26 Chicago and Kansas City wheat contracts jumped 28 and 30 cents Tuesday to close at $6.49 and $6.97/bu, respectively, on intensifying drought stress across the U.S. Plains. Forecasted rainfall is expected to miss the hardest-hit western areas, where yield losses are likely already underway.

🌽 Corn Gains, Beans Slip — May26 corn gained roughly 5 cents to close near $4.65/bu — its highest since late March — supported by near-term Corn Belt rainfall, strong export demand, and a 3.7% surge in crude oil to near $100/barrel. Soybeans edged lower on technical selling and expectations of large South American supplies, while the Dec27 corn contract topped $5.00/bu for the first time.

🥩 Smithfield Margins Under Pressure — Rising diesel and packaging costs tied to the Middle East conflict are squeezing Smithfield's profitability, sending shares down roughly 8% Tuesday despite a Q1 earnings beat. The company plans to offset input cost headwinds through price increases and efficiency improvements, and also noted higher beef prices amid historically tight cattle supplies.

🌱 EU Rejects S. American Soy Shipments — Dutch authorities detected non-approved GMOs in four Argentine and two Brazilian soybean meal shipments, triggering withdrawals and potential disruption to the EU's largest soy suppliers. The situation could shift demand toward the U.S. and Ukraine as Europe enforces its strict GMO import regulations.