Good morning. Happy Friday. Grain markets are mixed in morning trade. Corn is up +1'0, Soybeans down -1 3/4, and SRW Wheat up +1/4 cent. Its been an overall lower week in the commodity markets with SRW wheat futures about a nickel lower and corn and beans each down around a dime from the start of the week. Despite some bullish fundamental news this week, they've struggled to hold a rally. The market seems more disinterested in policy headlines as we head into the summer. Soybean meal is up $1/ton while bean oil is off ~1c/lb. Energy markets are mixed with WTI Crude up 7c/bbl and natural gas down slightly. Metals are lower, and Stock index futures are off slightly this morning as well.

Today's Reports: CFTC Commitment of Traders; Personal Income, Chicago PMI

• The White House is reportedly consider a plan to clear small refinery biofuel waiver requests under the new Renewable Fuel Standard. This news pressured RIN prices yesterday and raised concerns among biofuel producers.

• On Thursday the federal appeals court has paused the suspension of the trump tariffs that the Manhattan trade court an overstep. President Trump has stated that his tariffs are here to stay and that he will leverage the other avenues he can go to impose these tariffs, one such lever being declaring a threat to national security.

• Minneapolis spring wheat posted fresh multi week highs as crop conditions continue to deteriorate. The July ’25 contract is up another 5 ½ c this morning at $6.21.  

• The 7-day forecast shows widespread rains across the Ag Belt with the highest amounts in Oklahoma, Southeast Kansas, and Missouri.

• Temperatures are projected to rise the next few days across the Midwest. 7-10 day period shows above normal temperatures in many key growing areas.

• The new 1-3 week forecast showed a milder pattern across the Ag belt with a return of precipitation likely. A ridge of high pressure is projected to build across the Western Plains into week 3 providing higher than normal temperatures for that area.