Mixed price action post-June USDA Crop Report with corn down 1-3c / beans higher by 2-4c

Crude oil is +$6.24/barrel this AM, surging as much as 13% as Israeli carried out strikes against Iran

U.S. dollar sits @ its lowest point since April 2022 amid U.S. tariffs and economic concerns

CN25/CU25spread is trading an 11-13c inverse vs. SN25/SQ25 spread trading a 1-3c inverse

CN25 and CZ25are poised to head into the weekend sub $4.50, with a 2-4c N/Z carry noted today

SN25 has sights set on a weekly finish above $10.50 while SX25 clings to support near$10.20-10.25

U.S. President Trump said he won't fire Fed Chair Jerome Powell, but continues to demand rate cuts

Trump Administration is expected to a release renewable fuel volume proposal today

Iowa Governor Reynolds vetoed a bill this week that was seen as a threat to CO2 pipeline projects

% of U.S. corn in drought is 18% vs. 21% LY / % of U.S. soybeans in drought are 13% vs. 16%

The June USDA Crop Report was essentially a non-event with minor changes noted in U.S. corn balance sheets while the U.S. soybean balance sheets were left unchanged. Futures prices have had a muted reaction post-report with summer row crops reverting back to their recent trends. Focus will quickly shift back to U.S. weather with the heart of the growing seasons dead ahead with a lack of yield threats on the table today. Expect choppy, range-bound trade to persist into month-end as traders await updates to global trade policies and the USDA Planted Acreage/Quarterly Stocks Report on June 30th.

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