Corn Prices Sink While Fertilizer and Fuel Remain Elevated

Joe's Premium Subscription: www.standardgrain.comGrain Markets and Other Stuff Links —Apple PodcastsSpotifyTikTokYouTubeFutures and options trading involves risk of loss and is not suitable for everyone.Corn futures fell for a third straight session with the Dec26 contract settling near $4.67/bu—its lowest since late February—pressured by favorable Corn Belt weather and no Chinese buying since the mid-May summit. 🌽📉 Soybeans lost 11 cents to close near $11.78/bu and wheat followed lower, with Chicago July settling at $6.03 and KC July at $6.35. 🌾The White House is cutting tariffs on imported farm and construction equipment from 25% to 15%, effective June 8 through end of 2027, with a possible 10% rate for equipment using 85%+ US steel or aluminum. 🚜 Separately, the administration is proposing at least 10% tariffs on imports from 60 countries over forced labor concerns, largely replacing the current 10% global tariff expiring July 24th. 🌍US farmer sentiment slipped for the second straight month, with the Purdue/CME Ag Economy Barometer falling to 119 in May—well below last year's high of 158. 😟 A record 51% of producers cited high input costs as their top concern, and only 37% expect good times over the next five years. 💸China issued lodging warnings for its wheat crop as harvest begins, mobilizing thousands of combines to limit losses. 🇨🇳🌾 The main worry is reduced milling-quality wheat, which could nudge the world's top wheat producer toward increased imports. ⚠️CHS is closing or selling three grain elevators in southern Minnesota as farmers increasingly deliver directly to processors and river terminals. 🏗️ Expanded on-farm storage and more competitive pricing at larger facilities are accelerating the shift away from local elevators. 📦