Futures continued their plummet toward multi-month lows at midweek with traders showing next to zero concern for supplies with mostly good weather to begin the 2026 growing season in the U.S. Any risks to global ag trade are seen as a concern for another day with nearby supplies still at a historically comfortable level, though there are warning signs of lower production to come amid the ongoing trade block through the Strait of Hormuz. On that front, Tuesday was said to have featured the heaviest fighting in the region since April as there is still no sign of a lasting agreement between the U.S. and Iran. Crude oil futures have moved higher in all three sessions this week, a bullish influence which has gone unnoticed or uncared for within the ag sector. Another sizeable weekly drawdown to U.S. crude oil reserves was also reflected in firm Treasury yields on inflation concerns with equities likely to snap a recent record-setting win streak as ...

The cattle contracts ended the day lower as traders remain on edge amid looming concerns of New World screwworm. Some light cash cattle trade developed in the North at $405, which is steady with last week's weighted average. July corn is down 9 cents per bushel and July soybean meal is down $5.40. The Dow Jones Industrial Average is down 620.72 points and the NASDAQ is down 239.92 points.

DTN's weekly average spot price for domestic distillers dried grains is lower versus one week ago.

There was not much for traders to provide price direction. Spot prices were unchanged or lower. The May class prices were higher in all classes.

Ethanol production continues strong, creating additional price pressure, while gasoline and corn markets softened midweek.

Retail fertilizer prices continue to be mostly higher compared to last month. However, two fertilizers were lower than a month ago: Urea by 5%, with an average price of $823/ton, and UAN32 slightly lower with an average price of $585/ton.

After the literal ups and downs of the cotton market over the past two days, the ICE futures were able to stay above the 80-cent mark, and that has some psychological value.

ICE July canola was C$19.9 higher at C$798, July corn closed down 9 cents per bushel at $4.31 1/2 and September corn was down 7 3/4 cents at $4.40 1/4. July soybeans closed down 11 1/4 cents at $11.54 0/1 and August soybeans were down 10 3/4 cents at $11.58 1/4. July KC wheat closed down 10 3/4 cents at $6.24, July Chicago wheat was down 15 3/4 cents at $5.87 1/4 and MIAX July Minneapolis wheat was down 0.11 cents at $6.2625.