AgMaster Report – 07/01/2026

JULY CORN

July Corn has broken 70 cents since early May due to benign growing conditions since planting & a sharp reduction in energy prices as the Iran War fades away!  Yesterday, the mkt key-reversed higher as the end of the month & quarter approaches as well as the USDA Acreage & Stocks Report on June 30! Both domestic & export demand remain robust as the mkt appears to crater! China should soon enter the mkt – as well, the break has enhanced buyer interest!

 

JULY BEANS

July Beans have also dropped hard – over$1.30 – for the same reasons as July Corn but also appear to be basing out as another US/China Beijing Summit is targeted for July 10 & may initiate China’s 2026 buying program! With the sharp sell-off, US Beans have become more competitive on the global mkt – export sales yesterday were 1.36mmt! And record temps in Europe this week are shrinking their crops – plus the US will be enduring its own heat wave – starting this week! Finally, Argentine oilseed workers may strike – driving more demand to the US! Technically, the mkt has been “coiling” for the past month – readying for a demand-led rally this Summer!

 

JULY WHEAT

July Wht has not been immune to the CBOT sell-off – losing $1.00 since Mid-May! Harvest pressure & a stronger US Dollar have weighed on the mkt as well as spill-over weakness from corn & beans! Recent reports of crop issues globally have not been able to rally wht beyond its current congestion area! However, it may well coat-tail its sister mkts higher when their “demand rally” commences!

 

AUG CAT

Aug Cat continues to congest close to its contract highs – off the recent discovery of screw-worm inside the US – 20 cases have been confirmed so far! This outbreak has only emboldened the cattle bulls – already feasting on superb fundamentals including tight supplies & solid demand – albeit at record levels! The consumer clearly prefers his steaks & burgers over brats & pork chops – regardless of the price disparity!

 

AUG HOGS

Optimistic Hog Traders were hoping for some bullish news out of the 2 Hog Reports released last wk – the Qtly Pig Crop Report & the Monthly Cold Storage – but were disappointed when the slightly friendly first report was offset by the slightly unfriendly second! So the ENIGMA continues as to why there is such a wide disparity between beef & pork prices – especially these days when the consumer is even more cost-conscious due to spiking gas prices! But the Aug Contract continues to languish near its contract lows – as pork has a difficult time generating any substantial demand.

Questions? Ask Bill Moore today at 312-264-4337