After spending much of the year searching for a reason to stay, the bulls suddenly have several. Grain markets have strengthened, wheat is leading the charge, outside markets are becoming more supportive, and geopolitical and weather risks are once again demanding attention. Does that mean the broader trend has officially changed? Not necessarily. But compared to where the market stood only a few weeks ago, the bulls have considerably more ammunition.

Outside Markets: June PPI inflation fell to 5.5 percent, below expectations of 6.2 percent, while Core PPI slowed to 4.7 percent versus expectations of 5.2 percent. Month-over-month producer prices declined 0.3 percent, the largest drop since April 2025, while May inflation data was also revi...