A report on U.S. personal incomes and consumer spending for May is due out at 7:30 a.m. CDT, followed by the University of Michigan's consumer sentiment index for June at 9 a.m. Traders will be watching the latest weather forecasts and maps of actual rain amounts. USDA's cattle on feed report for June 1 is due out at 2 p.m. CDT.
Weather
Heavy rain fell across southern Iowa and northern Missouri on Thursday and that trend looks to continue to spread across the much of the Corn Belt and Plains on Friday. Moderate to heavy rain is expected for many areas, disrupting the wheat harvest but benefiting developing corn and soybeans where flooding does not occur. The Northern Plains will see some showers moving through but amounts will be much lighter, while Minnesota largely stays dry for another day.