Corn Drops Again + Trump Said WHAT About Soybeans??

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🌽 Corn and soybean futures continued lower Friday, with December corn settling at $4.46/bu and November beans near $11.38/bu — both at multi-month lows. A stronger dollar, Wall Street weakness, favorable weather, and a lack of Chinese buying all weighed on prices.

🌧️ Weekend rains provided solid coverage across much of the Corn Belt, with more widespread precipitation expected over the next 7 days. Temperatures will stay above normal near-term before cooling in the extended period.

🇺🇸 President Trump visited Wisconsin Friday to address farmer concerns over rising input costs and limited market access. He expressed confidence that export conditions and overall farm economics will improve within the next three months.

📊 The CFTC's Commitment of Traders report showed large money managers were heavy sellers across the grain complex for the week ending June 2. Funds have shed 225k corn contracts since early May, while also selling 28k beans and 38k SRW wheat contracts.

💣 US-Iran tensions escalated further Sunday as Iran launched missiles at Israel, marking its first direct strike since the early April ceasefire. Peace talks remain stalled over disputes surrounding frozen assets and broader regional conflicts.

🛢️ Oil prices have stayed surprisingly contained despite the Strait of Hormuz closure now entering its fourth month, removing over 10 million barrels per day from global supply. Record US exports, weaker Chinese demand, and SPR releases have offset much of the shock — though the situation remains fragile.

🐛 A second New World screwworm case was confirmed in Texas Friday, just 5.6 miles from the initial detection near the US-Mexico border. Canada announced temporary import restrictions on livestock from affected regions, though cattle futures pushed higher on the week.