Wheat was the star of the show at midweek with Kansas City futures surging over 40 cents Wednesday as traders rapidly move to inject risk back into prices following Russia's closure of the Kerch Strait and reports of increased attacks against Ukrainian export infrastructure as well. Meanwhile, weather across the globe still leans bullish to growing grain and oilseed crops in the Northern Hemisphere. The U.S. heat wave is expected to remain in place through the upcoming weekend, while the historic heat wave remains across Europe and is reported to be deteriorating corn conditions there. Outside markets were mixed on Wednesday, with the U.S. dollar lower and influenced by easing interest rates following Tuesday's cool CPI reading. Energy markets saw another day of slightly higher crude oil futures, while diesel futures took a breather after two very firm sessions to begin the week.

The lean hog contracts ended higher, successfully closing above the resistance threshold in the spot August contract. Meanwhile, the cattle contracts ended the day lower as support simply isn't surfacing.

DTN's weekly average spot price for domestic distillers dried grains is higher versus two weeks ago.

There was not much excitement generated in milk futures, with limited price fluctuation. It is as if the market is on hold for the time being. The best that can be said for milk futures is that they have not fallen back to the levels of nearly two weeks ago.

Ethanol RINs and ethanol cash prices were lower Wednesday. September corn closed up 9 cents per bushel at $4.47 1/2 and December closed up 9 cents at $4.69 1/2.

Most retail fertilizer prices are lower for the first full week of July 2026. Prices for six of the eight major fertilizers are lower compared to last month with four nutrients having significant price declines, which DTN designates as anything 5% or more.

New-crop December cotton failed to close above 82.00 cents.

November canola closed up C$19.00. September corn closed up 9 cents and December corn was up 9 cents. August soybeans closed up 9 1/2 cents and November soybeans were up 10 3/4 cents. September KC wheat closed up 42 cents, September Chicago wheat was up 32 1/2 cents, September MIAX Minneapolis wheat was up 25 1/4 cents.