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Jun 11 | Closing Market Report · Closing Market Report

• cmr260611 USDA REPORT DAY The June 11, 2026, Closing Market Report covers updates on agricultural commodity markets, upcoming extension events, agronomic research, and global weather patterns. Jim McCormick of AgMarket.net noted that the USDA's June WASDE report introduced largely bearish global supply revisions for corn, wheat, and soybeans, contributing to lower market closing prices across the board. In agronomic news, Travis Meteer previewed the June 17 Dudley Smith Farm field day, an event connecting beef and row crop producers with University of Illinois researchers to discuss nutrients, water quality, and fertility management. Additionally, agricultural economist Gary Schnitkey highlighted findings from 11 years of Precision Conservation Management data, showing that utilizing no-till or one-pass light tillage systems—alongside maintaining nitrogen rates near the Maximum Return to Nitrogen limit—consistently provides the highest profitability for farmers. Finally, Mike Tannura of T-storm Weather reported that recent intense storms have sufficiently moistened the U.S. Corn and spring wheat belts, while looking abroad, a severe heat wave is expected to negatively impact crops in France, Italy, and Spain next week. - Ag Markets with Jim McCormick, AgMarket.net - June 17 Dudley Smith Farm Field Day Preview - farmdoc Webinar Explores Tillage & Nitrogen Practices - Ag Weather with Mike Tannura, Tstorm.net Todd Gleason: From the Land Grant university in Urbana-Champaign, Illinois, this is the Closing Market Report. It is the 11th day of June 2026. It is USDA report day. I am Illinois Extension’s Todd Gleason. Coming up, we will talk about the commodity markets with Jim McCormick; he is with AgMarket.net. Matt Bennett is out of the office for the afternoon. We will turn our attention to the weather forecast along the way with Mike Tannura. He is at Tstorm Weather. We will hear about next week’s Dudley Smith Farm field day happening outside of Pana and Taylorville on Wednesday the 17th, with more details from Travis Meteer. Gary Schnitkey will join us as well. He, Laura Gentry from the Illinois Corn Growers Association, and I hosted a webinar this morning on the data coming out of the PCM project, focusing on nitrogen applications and the economics of different tillage passes. Look that up online at youtube.com/@farmdoc. First, stay with us for the Closing Market Report on this Thursday afternoon. announce: Todd Gleason’s services are made available to WILL by University of Illinois Extension. 01:20 Ag Markets with Jim McCormick, AgMarket.net Todd Gleason: Jim McCormick of AgMarket.net joins us to take a look at the marketplace. Jim, USDA released the June WASDE World Agricultural Supply and Demand Estimates earlier today. There were not many changes. Let’s start with wheat. The season’s average cash price dropped 50 cents from $6.50 to $6.00, and yield dropped by half a bushel. What do you make of that change? Jim McCormick: It is disappointing to see it drop. It shows the world supply is plentiful. The world supply was raised 1.7 million metric tons despite the cut in the U.S. because they raised the Russia crop. Wheat is a world market. The USDA is reflecting the plentiful global supply, which is why they dropped the price even though domestic supply is dropping. Todd Gleason: What did USDA do with the corn supply and demand table today? Jim McCormick: They made a slight revision in old crop corn. They increased exports by about 3 million and essentially raised exports by 25 million, which was needed. They offset it by lowering ethanol by 25 million, resulting in a net change. The domestic side was relatively muted. The market reacted to the global supply, which was raised 3.7 million metric tons to 281.2—a bearish revision. Surprisingly, they raised India’s production due to increased yields and acres. The Argentina and Brazilian crops also increased. This affected the corn market more than anything else. Todd Gleason: Walk me through the WASDE for the soybean complex. Jim McCormick: There were no adjustments for the new crop. On the old crop, they lowered exports by 20 million. They offset it with a phenomenal crush, raising the grind by 20 million and keeping the carryout unchanged. On the world front, ending stocks were raised slightly to 124.9. Argentina’s production was revised up 2 million metric tons to 50 million. It is slightly negative on the world supply for beans, causing pressure on the market today. Todd Gleason: Yesterday, the president mentioned he is inclined not to renew the USMCA. How did the trade take it? Jim McCormick: The trade took it in stride. Negotiations are ongoing. Mexico has complaints regarding the U.S. tariffing their car imports at a higher rate than imports from South Korea and Japan. These negotiations will be tough. The agricultural community needs to be concerned because Mexico buys a lot of corn. If trade agreements become problematic, Mexico will source corn elsewhere. We saw this with China during the first Trump administration; they accelerated purchases of South American products and continue to do so. Once you lose market share, it is hard to get back. Todd Gleason: Did the WASDE fundamentally change the marketplace for you today? Jim McCormick: It did not change the fundamental side. On the technical side, it is disappointing. December new crop corn settled at $4.39, closing below the August low. Soybeans are trying to hold technical support, but corn is oversold. Seeing July beans trade at $4.11 is disappointing. There is a gap on the chart around $4.04 and a quarter cent that may catch July corn. The stock market is up over 700 points, and crude oil is down $2 due to optimism regarding a peace deal in Iran. If that derails and crude oil rallies, it could provide support to the energy and grain markets. Todd Gleason: Thank you, Jim. Jim McCormick: Thank you for having me. Todd Gleason: That is Jim McCormick with AgMarket.net. December corn settled at $4.39 and a half, down seven and a quarter. November soybeans settled at $11.34, down four and a half cents. 07:36 June 17 Dudley Smith Farm Field Day Preview Todd Gleason: We are now joined by Travis Meteer. He is a beef cattle specialist for University of Illinois Extension and helps organize the Dudley Smith Farm field day near Pana and Taylorville. It is a unique function for beef producers and row crop farmers. You will discuss cover crops, and crop sciences researchers will present on June 17th. Travis Meteer: The Dudley Smith Farm is an option for our stakeholders to visit us in the central part of the state. We are bringing in Dr. Andrew Margenot, Dr. Ollevera, Dr. Preza Fontes, and Dr. Pittelkow to discuss their research. We are focusing on nutrients, water quality, water loss, nitrogen, phosphorus, and fertility. Fertilizer prices are a major focus right now. We will conduct a guided tour allowing attendees to see the research behind the scenes and speak directly with our researchers. For more information, check the calendar at willag.org on June 17th or search “Dudley Smith Farm Field Day, Illinois Extension.” Todd Gleason: Thank you, Travis. Travis Meteer: Thank you, Todd. 10:05 farmdoc Webinar Explores Tillage & Nitrogen Practices Todd Gleason: Earlier today, Gary Schnitkey, Laura Gentry, and I hosted a webinar. You can watch it on YouTube at youtube.com/@farmdoc. We analyzed 11 years of Precision Conservation Management (PCM) data related to inputs, particularly nitrogen, and the economic impact of different tillage systems. Gary, what are some of the key takeaways? Gary Schnitkey: With 11 years of consistent data, we find that no-till and one-pass light systems are almost always more profitable than extensive systems using more tillage. This is primarily due to the higher costs associated with tillage passes. Additionally, maintaining nitrogen rates close to the Maximum Return to Nitrogen (MRTN)—151 to 200 pounds per acre—is consistently the most profitable strategy. Farmers using one-pass light systems and no-till are also more likely to use lower nitrogen rates, increasing overall profitability. Todd Gleason: Spending more money does not guarantee higher returns. Gary Schnitkey: We consistently find that increasing nitrogen rates or performing a tillage pass occasionally increases yields, but it does not cover the cost of the pass or application. The emphasis must be on returns rather than yields, particularly in this high-cost, low-price environment. Todd Gleason: The nitrogen rate calculator accounts for total pounds of nitrogen applied across the entire growing season. Gary Schnitkey: Exactly. It includes nitrogen in DAP and MAP applied in the fall, anhydrous ammonia, and any nitrogen applied during spraying. Todd Gleason: What is the adoption rate for these practices within the PCM data? Gary Schnitkey: We are seeing growth in no-till and one-pass light systems, while heavy tillage systems are declining. Strip-till is increasing, particularly in corn. Strip-till typically produces higher yields than no-till, but profitability drops if farmers maximize other expensive inputs. Additionally, making a strip-till pass in the fall and freshening it in the spring is not profitable due to the added equipment costs. Todd Gleason: What constitutes a light tillage pass? Gary Schnitkey: Light tillage includes a disc or vertical tillage. Heavy combination tools—such as a disc upfront, field cultivator in back, rolling basket, and a drag—are not considered light tillage because they leave very little residue. Todd Gleason: Thank you, Gary. Gary Schnitkey: Thanks, Todd. Todd Gleason: Gary Schnitkey is an agricultural economist with the University of Illinois. You can view today’s webinar at youtube.com/@farmdoc. 17:47 Ag Weather with Mike Tannura, Tstorm.net Todd Gleason: We turn our attention to global growing regions with Mike Tannura, CEO and president at Tstorm Weather in Naperville, Illinois. Mike, how did you fare with the recent rainfall? Mike Tannura: It was an intense storm. It hit Naperville around 3:30 yesterday afternoon, knocking down trees and delivering about an inch of rain. The storm affected corn in Illinois, Iowa, and Missouri. Over the past 24 hours, southern Iowa through central and northern Illinois received one to three inches of rain, with some areas exceeding four inches. Northeast Missouri saw five to seven inches. The key takeaway is that these recent rains have moistened the Corn and spring wheat belts. Very little corn or spring wheat is currently dry, which is a major shift from 30 days ago. Todd Gleason: What does the forecast look like for the next 24 hours? Mike Tannura: We expect half an inch to an inch and a half across the southeast half of U.S. corn and soybeans as a weak cold front moves through. This weekend, a stronger cold front will bring another round of rain to the southeast half to two-thirds of the crop region. Temperatures will drop by 10 to 30 degrees, bringing highs into the 60s, 70s, and 80s. The cool spell will end around Tuesday or Wednesday of next week, turning warmer. The combination of warm weather, recent moisture, and a strong jet stream will likely lead to more thunderstorm clusters one to two weeks out. Todd Gleason: How are the wheat crops in Europe, Ukraine, and Russia faring? Mike Tannura: Russia and Ukraine have received beneficial rains recently. Western Europe has also had favorable conditions, but that is changing. An upper-level high will develop this weekend across France and expand across Western Europe next week. A major heat wave is expected for France, Italy, and Spain, negatively impacting corn and wheat conditions. However, the global impact will be localized, given the favorable moisture in the U.S., Eastern Europe, Russia, and Ukraine. Todd Gleason: Thanks for the update, Mike. Mike Tannura: Thank you, Todd. Todd Gleason: Mike Tannura is with Tstorm Weather at tstorm.net. This concludes the Thursday edition of the Closing Market Report from Illinois Public Media. Commodity Week will be posted online at willag.org by 6:00 PM tonight. I am Extension’s Todd Gleason.