Wheat crop outlooks were revised downward, particularly in Australia and Argentina, while Russia's production increased but not enough to offset declines. The U.S. plains are expected to receive light rainfall. Ethanol production dropped to 1.04 million barrels per day, the lowest since January 30, with inventories rising to 26.914 million barrels. President Trump extended the ceasefire with Iran, but the Strait of Hormuz remains closed. Livestock markets saw lighter trade, with no fed cattle sales and lower wholesale beef prices. Dry weather persists in the Midwest, with strong winds and low humidity.