Traders Look Ahead to USDA’s WASDE Report on Thursday

EARLY MORNING GLOBEX NET CHANGES: July corn is up 3 1/2 cents per bushel, July soybeans are up 4 3/4 cents, July KC wheat is up 8 1/4 cents, July Chicago wheat is up 10 cents, and MIAX September Minneapolis wheat is up 0.0975 cents.

CME GLOBEX RECAP: On Tuesday, July corn rose 1 1/4 cents, July soybeans dropped 5 3/4 cents, and July KC wheat was up 3 1/4 cents. Soybean, soft red winter wheat, corn, and hard red winter wheat basis were stronger on Tuesday, while spring wheat basis was steady. Corn and wheat prices saw some relief from the recent selloff, with bullishness still hard to find. Soybean prices fell for an eighth straight session on Tuesday. On Wednesday, traders will position their portfolios ahead of Thursday’s USDA WASDE Report for June. The trade expects production estimates to remain higher, with ending-stock estimates slightly lower than in May. The outside markets on Wednesday will digest a U.S. strike on Iran in response to a downed helicopter. On Wednesday, the Bureau of Labor Statistics will release the May Consumer Price Index report at 7:30 a.m. CDT, giving traders and investors an updated look at inflation in the U.S. economy. Later on, at 9:30 a.m. CDT, the Energy Information Administration will release the weekly Petroleum Status report, including last week’s ethanol production.

OUTSIDE MARKETS: The previous close on Tuesday showed the Dow Jones Industrial Average up 86.10 at 50,872.11 and the S&P 500 down 19.08 at 7,386.65. The 10-Year Treasury yield ended at 4.528%. Early Wednesday, the June Dow Jones Futures are down 358 points. European markets are lower, with the spot futures of London’s FTSE 100 trading down 0.68%, the spot futures of Germany’s DAX trading down 0.76%, and the spot futures of France’s CAC 40 Index trading down 0.34%. Asian markets are lower, with Japan’s Nikkei 225 Index down 1.89% and China’s Shanghai Composite Index down 0.42%.

The June Euro is up 0.001 at 1.156, and the June U.S. Dollar Index is down 0.024 at 99.865. The September 30-Year T-Bond is down 2/32nds, while August gold is down $107.30 at $4,179.10, and July crude oil is down $0.06 at $88.14. On China’s Dalian Exchange, July corn was up 0.13% while July soybeans were up 0.21%, September soybean meal was down 0.03%, and August Malaysian Palm Oil was trading up 0.24%.

MORE COMMODITY-SPECIFIC COMMENTS

CORN:

Corn futures are up 3 1/2 cents early Wednesday, with the July contract at $4.23 1/2 per bushel. The national average basis for corn was 1 cent stronger at 33 cents under the July futures contract, while the DTN National Corn Index was up 2 cents at $3.86. The Environmental Protection Agency and the Department of Energy on Tuesday extended the summertime waiver for the sales of E15 blended gasoline through June 29. It was set to expire on June 9. USDA said U.S. exports of ethanol totaled 171.6 million gallons (mgal) in April, down from 217.8 mgal in March and the lowest monthly exports since September 2025. For the calendar year 2026, ethanol exports are still running 15% ahead of 2025. Canada was the top destination in April, accounting for over a third of all exports, followed by the Netherlands and South Korea. U.S. exports of distillers’ grains totaled 1,020,732 mt in April, down from 1,028,779 mt in March, but the largest April exports on record. Analysts see weekly ethanol production for the week ended June 5 between 1.10-1.12 million barrels per day, steady with a week ago. Stocks are seen ranging between 24.4-24.8 million barrels, within last week’s level.

SOYBEANS:

Soybean futures are up 4 3/4 cents on Wednesday, with the July at $11.19 per bushel. The national average basis for soybeans was 2 cents stronger at 55 cents under the July futures, while the DTN National Soybean Index was unchanged at $10.58. U.S. exports of biodiesel totaled 19,808.6 mt in April, down from 28,283.8 mt in March, and 8% lower than in April of 2025. Canada was the top destination in April, accounting for nearly 70% of exports, followed by Peru and Indonesia. For the calendar year 2026, biodiesel exports are running 18% below January through April of 2025. The Census Data for April showed soybean oil exports dropped to 18.9 mmt from 70.77 mmt in March. Also, through April 2026, this year’s soybean exports totaled 16.96 mmt (623.3 mb). China accounts for 55% of purchases, followed by Egypt at 17%, with Mexico and Indonesia as the other top buyers.

WHEAT:

Wheat futures are up 8 1/4 cents early Wednesday morning, with the July contract at $6.39 per bushel. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 58 cents under the July futures contract, while the DTN National Hard Red Winter Wheat Index was up 2 cents at $5.73. The national average basis for hard red spring (HRS) wheat was unchanged at 44 cents under the MIAX Minneapolis July futures contract, while the DTN National Hard Red Spring Wheat Index was down 2 at $5.74. The Kansas wheat harvest is underway. However, storms and frequent rains are delaying the majority of the state’s farmers. Some farmers who have harvested are reporting yields far lower than in 2025. For Thursday, analysts surveyed by Dow Jones are expecting winter wheat production in the Crop Production report to fall to 1.040 bb, down from 1.048 bb in May and the lowest U.S. winter wheat crop since 1965 if true.