Wheat and corn markets plunged after USDA projected that corn plantings would be much higher than the trade expected. Wheat is also seeing pressure as the harvest moves deeper into Kansas, with yields very high, similar to Oklahoma and Texas harvest reports. Farmers in the eastern Midwest are still trying to plant soybeans, despite the late date, providing some support to the soy complex.
The cattle markets were mixed with live cattle slightly lower as cash slipped. Feeders found support from cheaper feed grains and a bump in demand for heavier replacement cattle.
Energies slipped despite OPEC and participating nations agreeing to continue their limited crude oil production. A slowing global economy has traders worried about a prolonged drop in demand. The economic outlook in the US continues be strong, with the Dow pushing back up near it’s all-time high.
Metals were slightly lower as war rhetoric was tamped down over the last few weeks.