Did Corn Prices Just Bottom on a "Friendly" USDA Report? + Morocco Phosphate Duties Dropped

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🌽 Corn futures rallied Tuesday after USDA pegged June 1 stocks at 5.3 billion bushels, below every trade estimate, while 2026 planted acreage came in at 95.34 million acres. The Dec26 contract gained 6 cents to close at $4.36/bushel, while soybean stocks and acreage came in above expectations and wheat acreage fell well short of forecasts.

🌍 President Trump has temporarily suspended duties on Moroccan phosphate fertilizer for up to eight months to ease shortages tied to the US-Iran war. The DOJ continues investigating major fertilizer companies over antitrust concerns, even as the administration works to boost domestic production long-term.

🔥 A brutal heat dome is gripping the Corn Belt and Plains, with heat index values hitting 100–110°F across Iowa, Nebraska, Missouri, Illinois, and Kansas. Crop stress is worst in the western Corn Belt and Plains, while livestock producers watch for heat stress in fat cattle.

💵 The Brazilian Real posted its worst month of 2026 in June, falling about 2.7% on a stronger US dollar and rate expectations. Inflation worries, falling oil prices, and election uncertainty added pressure, though some analysts see room for a rebound.

🌾 USDA reported a flash sale of 100,000mt of hard red spring wheat to Nigeria for the 2026/2027 marketing year. Total wheat sales remain down 17% versus last year.

🥩 CME is launching new beef trim futures covering 50% and 90% lean beef trimmings starting July 20, pending approval. The contracts won't change cattle or beef supplies but aim to improve price risk management and transparency across the supply chain.