07/01/2025 US-Mexico Border Reopens

On the Grains
Yesterday’s USDA report showed a minor change in acreage and no change in corn stocks numbers. If there was one point of interest in the stocks, it was that on-farm bushels were at 2.56 billion, down 16% as farmers sold early and often. Moving forward, usage in the fourth quarter will have to be at a blistering pace if we expect to reach the 1.35 billion carryout target. Given the cattle on feed numbers and the potential for wheat and milo feeding, this will be a tall order.