TOP STORIES: 



  Wheat Drops as Heatwave Cools 


  Wheat for July delivery fell 1.6% to $5.15 1/4 a bushel on the Chicago Board of Trade Thursday amid forecasts for scattered rainfall in wheat-growing areas this weekend. Soybeans for July delivery were unchanged at $8.67 3/4 a bushel. Corn for July delivery rose 0.7% to $3.31 1/4 a bushel. 


  Managed money funds backed off covering short positions in wheat Friday, which let the July CBOT contract sink. Futures pushed higher yesterday as wheat reacted to expectations of dry weather in U.S. wheat-growing areas as well as Russia. But scattered rainfall will hit areas of the U.S., E.U. and the Black Sea this weekend, according to agricultural weather research firm DTN. The weakening of the U.S. dollar also helped boost wheat yesterday, but that reversed course Friday, ending an eight-session losing streak for the greenback. 


  Collier Creek Shares Jump on Utz Buyout Offer -- Market Talk 


  12:39 ET -- Collier Creek Holdings surges nearly 17%, to a new high, in heavy trading after saying it is buying snack maker Utz Quality Foods. The new company will be called Utz Brands, and will be a leading pure-play snack food platform in the US. Collier Creek's sponsor and directors will invest $35M alongside public investors via a private placement pursuant to the forward purchase agreements entered into with Collier Creek's initial public offering. Volume was 13 million shares at 12:30 p.m. ET, compared to the 65-day average volume of 280,000 shares. (chris.wack@wsj.com) 


  STORIES OF INTEREST: 


  WASDE Focus Expected to be on Demand -- Market Talk 


  10:49 ET - The USDA's June WASDE report is expected to give grains traders more visibility on what grain demand in the US will look like -- amid the fallout from the coronavirus pandemic this spring. Key areas of focus for traders will be how much corn will be consumed by the stifled US ethanol industry, as well as what the USDA forecasts for Chinese soybean export demand, says John Newton, chief economist with the American Farm Bureau Federation. Last month, the USDA raised its forecast for US corn consumption by the ethanol industry to 5.2 billion bushels, up from a forecast of 4.95 billion bushels the previous month. The USDA will release its monthly WASDE report June 11 at noon ET. (kirk.maltais@wsj.com; @kirkmaltais) 


  Blue Apron Down 3% 


  Blue Apron Holdings Inc. shares were recently down 3% to $10.67. 


  The stock surged as at-home food options became more important during the coronavirus pandemic. On March 13, the stock closed at $2.28. 


  On May 20, Blue Apron reiterated second-quarter guidance and said it "continues to see heightened demand" for its meal kits. 


  THE MARKETS: 


  Livestock Futures Finish the Week Lower -- Market Talk 


  15:24 ET - Livestock futures on the CME closed out trading this week down. For the day Friday, live cattle futures finished down 1.8% at 96.175 cents per pound, while lean hog futures finished 0.7% higher at 53.925 cents per pound. Pork cutouts have somewhat stabilized recently, although the USDA reported pork loin cutouts as down nearly $10 per hundredweight late yesterday. Even so, higher slaughters as meatpacking plants continue to get their operations back to full capacity is expected to keep pressure on meat prices. For the week, live cattle finished down 2.9%, while lean hog futures finished down 1.7%. (kirk.maltais@wsj.com, @kirkmaltais)