The July 1, 2026, edition of the Closing Market Report covers recent commodity market trends and global weather impacts. The episode opens with a daily market recap, noting gains in corn, soybeans, and wheat futures, alongside slight declines in livestock futures such as live cattle and lean hogs.

Greg Johnson of Total Grain Marketing analyzes the fallout from recent USDA reports, noting that despite bearish data on corn and soybean stocks and acreage, markets rallied due to traders taking profits on short positions. Looking ahead, Johnson emphasizes that upcoming rainfall in the Corn Belt is expected to benefit pollination, which will likely suppress weather-driven price rallies and keep producers reluctant to sell their grain at current low prices.

Meteorologist Drew Lerner of World Weather, Inc. details the North American weather outlook, forecasting cooler and wetter conditions for the U.S. Midwest in July. While this moisture is largely beneficial for the corn and soybean crops, excessive rainfall threatens production potential in parts of the lower Midwest and the Canadian prairies, though improved dry conditions in the U.S. High Plains are currently aiding the winter wheat harvest.

Lerner concludes with an update on severe heat and drought conditions affecting European agriculture, particularly in France. The region has received a fraction of its normal rainfall since March, and while mature winter crops like wheat and rapeseed were rushed to the finish line to avoid catastrophe, summer crops face significant yield losses if substantial precipitation does not arrive by late July.

02:34 Ag Markets with Greg Johnson, TGM
13:39 Ag Weather with Drew Lerner, World Weather, Inc

Click here to view the episode transcript.
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