Key Takeaways
- • Corn acreage at 95.343 million acres (up only 5,000 acres from March intentions), with September futures up 1¼ cents; December unchanged on the short week, though technical indicators show improved bottoming action and resistance at $4.41½.
- • Wheat complex drove market strength with SRW September up 10 cents, KC wheat up 19 cents, and Minneapolis spring wheat up 13½ cents; all wheat acres totaled 42.74 million (1.035 million below March), driven by 890,000-acre drop in winter wheat.
- • Grain stocks fell short of estimates: corn stocks at 5.295 billion bushels (120 mbu below forecast but up 14% year-over-year); wheat stocks at 920 million bushels (65 mbu above prior year); soybean stocks at 1.061 billion bushels (5.26% above year-ago).
- • Ethanol demand accelerating: production rose 27,000 barrels per day to 1.117 million bpd; May corn crushing for ethanol hit 471.78 mbu—the largest since 2015, up 9.7% from April and 6.16% year-over-year.
- • Livestock markets weakened: August live cattle futures down $6.60; cash trade down $3–$5 to $255/cwt; August feeder cattle down $9.22; wholesale boxed beef (Choice) down $3.96/cwt to $387.07; beef export sales hit 2026 calendar-year high at 126,062 MT.
Summary
Agricultural futures and cash markets posted mixed results in the week ending July 6, 2026, with modest upside in grains offset by weakness in livestock. The USDA's end-of-June reporting cycle, traditionally volatile due to incomplete data collection, delivered only moderate surprises centered in wheat and old-crop corn, according to Brugler Marketing & Management's weekly agricultural marketing report.
Corn markets ended modestly higher, with September futures up 1¼ cents while December futures were unchanged following the holiday-shortened trading week. NASS acreage data revealed 95.343 million corn acres planted this spring, representing only a 5,000-acre increase from March intentions, suggesting minimal planting shifts over the intervening three months. Grain stock inventories as of June 1 totaled 5.295 billion bushels—approximately 120 million bushels below trade estimates but 14% higher than the prior year, reflecting adequate but tightening supply conditions. Crop progress data showed only 9% of the U.S. corn crop silking by June 28, with condition ratings declining 1 percentage point to 67% good/excellent. Ethanol sector demand remained robust: production increased 27,000 barrels per day to 1.117 million bpd in the week of June 26, while NASS grain crushing data recorded 471.78 million bushels of corn used for ethanol in May—the largest monthly total since 2015, representing a 9.7% gain from April and 6.16% increase year-over-year. Export sales activity showed 732,070 metric tons of old-crop corn and 767,756 MT of new-crop corn sales in the week ending June 25.
The wheat complex emerged as the week's strongest performer. SRW September futures gained 10 cents, Kansas City wheat rallied 19 cents, and Minneapolis spring wheat rose 13½ cents. NASS reported total wheat acres at 42.74 million, down 1.035 million from March intentions, with the decline concentrated in winter wheat acreage (down 890,000 acres to 31.52 million). Spring wheat acreage came in just below trade expectations at 9.39 million acres. Quarterly grain stock data showed 920 million bushels of wheat on June 1, up 65 million bushels year-over-year. Crop progress revealed 48% of the winter wheat crop harvested by late June with condition ratings stable at 26% good/excellent, while spring wheat was 32% headed with condition ratings retreating 5 percentage points to 59% good/excellent.
Soybean futures traded bidirectionally, with August down marginally and November declining 8½ cents. August soybean meal gained $1.30, while August bean oil fell 305 points. NASS reported 85.36 million soybean acres, representing a 665,000-acre increase from March intentions. Double-crop soybean acreage expanded to 7% of plantings, up from 6% in 2025 and 4% in each of the three prior years, signaling intensified production in favorable regions. June 1 soybean stocks reached 1.061 billion bushels, 5.26% above year-ago levels. Crop development showed 19% of the U.S. soybean crop blooming and 4% setting pods by June 28, with condition ratings declining 1 percentage point to 65% good/excellent.
Livestock markets deteriorated across all major categories. August live cattle futures fell $6.60, with cash prices weakening $3–$5 to $255 per cwt. Feeder cattle futures declined $9.22, and the CME Feeder Cattle Index retreated $10.61 to $371.25. Wholesale boxed beef prices continued their downward trajectory, with Choice boxes losing $3.96/cwt to $387.07 and Select dropping $4.15 to $367.43. However, beef export sales reached a 2026 calendar-year high of 126,062 MT for the week ending June 25, with shipments at 128,967 MT. In the hog complex, July futures gained 92 cents while the CME Lean Hog Index fell 30 cents to $91.48. Pork cutout values bounced 69 cents to $96.06/cwt, with export sales hitting a 9-week high at 37,629 MT.
Cotton futures advanced, with December up 74 points. NASS reported all cotton acreage at 9.85 million acres, exceeding trade estimates of 9.6 million and the March report of 9.64 million. Crop development showed 37% of the crop squared with 9% setting bolls, though condition ratings fell 5 percentage points to 48% good/excellent. Export sales in the week of June 25 totaled 49,001 running bales for old crop and 44,117 RB for new crop, with shipments reaching 218,753 RB. The Adjusted World Price retreated 194 points to 61.94 cents per pound.
Corn markets ended modestly higher, with September futures up 1¼ cents while December futures were unchanged following the holiday-shortened trading week. NASS acreage data revealed 95.343 million corn acres planted this spring, representing only a 5,000-acre increase from March intentions, suggesting minimal planting shifts over the intervening three months. Grain stock inventories as of June 1 totaled 5.295 billion bushels—approximately 120 million bushels below trade estimates but 14% higher than the prior year, reflecting adequate but tightening supply conditions. Crop progress data showed only 9% of the U.S. corn crop silking by June 28, with condition ratings declining 1 percentage point to 67% good/excellent. Ethanol sector demand remained robust: production increased 27,000 barrels per day to 1.117 million bpd in the week of June 26, while NASS grain crushing data recorded 471.78 million bushels of corn used for ethanol in May—the largest monthly total since 2015, representing a 9.7% gain from April and 6.16% increase year-over-year. Export sales activity showed 732,070 metric tons of old-crop corn and 767,756 MT of new-crop corn sales in the week ending June 25.
The wheat complex emerged as the week's strongest performer. SRW September futures gained 10 cents, Kansas City wheat rallied 19 cents, and Minneapolis spring wheat rose 13½ cents. NASS reported total wheat acres at 42.74 million, down 1.035 million from March intentions, with the decline concentrated in winter wheat acreage (down 890,000 acres to 31.52 million). Spring wheat acreage came in just below trade expectations at 9.39 million acres. Quarterly grain stock data showed 920 million bushels of wheat on June 1, up 65 million bushels year-over-year. Crop progress revealed 48% of the winter wheat crop harvested by late June with condition ratings stable at 26% good/excellent, while spring wheat was 32% headed with condition ratings retreating 5 percentage points to 59% good/excellent.
Soybean futures traded bidirectionally, with August down marginally and November declining 8½ cents. August soybean meal gained $1.30, while August bean oil fell 305 points. NASS reported 85.36 million soybean acres, representing a 665,000-acre increase from March intentions. Double-crop soybean acreage expanded to 7% of plantings, up from 6% in 2025 and 4% in each of the three prior years, signaling intensified production in favorable regions. June 1 soybean stocks reached 1.061 billion bushels, 5.26% above year-ago levels. Crop development showed 19% of the U.S. soybean crop blooming and 4% setting pods by June 28, with condition ratings declining 1 percentage point to 65% good/excellent.
Livestock markets deteriorated across all major categories. August live cattle futures fell $6.60, with cash prices weakening $3–$5 to $255 per cwt. Feeder cattle futures declined $9.22, and the CME Feeder Cattle Index retreated $10.61 to $371.25. Wholesale boxed beef prices continued their downward trajectory, with Choice boxes losing $3.96/cwt to $387.07 and Select dropping $4.15 to $367.43. However, beef export sales reached a 2026 calendar-year high of 126,062 MT for the week ending June 25, with shipments at 128,967 MT. In the hog complex, July futures gained 92 cents while the CME Lean Hog Index fell 30 cents to $91.48. Pork cutout values bounced 69 cents to $96.06/cwt, with export sales hitting a 9-week high at 37,629 MT.
Cotton futures advanced, with December up 74 points. NASS reported all cotton acreage at 9.85 million acres, exceeding trade estimates of 9.6 million and the March report of 9.64 million. Crop development showed 37% of the crop squared with 9% setting bolls, though condition ratings fell 5 percentage points to 48% good/excellent. Export sales in the week of June 25 totaled 49,001 running bales for old crop and 44,117 RB for new crop, with shipments reaching 218,753 RB. The Adjusted World Price retreated 194 points to 61.94 cents per pound.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.