June 1, 2026
At this hour:
🌽Corn market is down 0-1c,
🌱soybeans are up 5-6c,
🍞wheat is up 4-6,
🛢️crude oil is up $3.55-$3.56,
💲US Dollar is up 14 points
-Crude oil up over 3% as tensions between U.S. and Iran heat up.
-Weather forecasts look to be pretty normal for early June across most of the U.S. Good rains with seasonal temps.
-Funds are still long little over 205,000 contracts of corn and long a little over 189,000 contracts of soybeans.
-Basis levels across the U.S. on corn and soybeans remain steady to higher.
-Spreads are steady here to start out the week.
🐂🐻 Look for a mixed trade today to start out the first week of June.
Support/Resistance:
July corn – Support on July corn is at $4.42 which is an old support line from early February. Resistance is at $4.56 1/2 which is the 200-day moving average.
December corn – Support comes in at $4.68 1/2 which is the 200-day moving average. Resistance comes in at $4.84 3/4 which is the 10-day moving average.
July soybeans – Support comes in at $11.66 which the 100-day moving average. Resistance is at $12.01 1/4 which is the 20-day moving average.
November soybeans – Support is at $11.69 3/4 which is the 50-day moving average. Resistance is at $12.14 which is our high from May 13th.
July Kansas City wheat – Support is at $6.47 1/2 which is the low from May 29th. Resistance comes in at $7.50 which is the high from May 13th.
Where do we go from Here:
Corn prices are starting out the week quiet. Caught between higher energy prices and favorable weather forecasts across the U.S. corn is currently trading down a fraction of a penny. The 1–2-week forecasts look to bring some favorable moisture to some of the driest parts of the U.S. along with keeping temperatures favorable. The recent pullback in futures price has shut off the farmer selling so basis levels are steady to firm across most of the U.S. The one exception is corn basis levels in the western corn belt remain weak as there is still a lot of corn to move. Funds reduced some of their long position last week but still remain long over 200,000 contracts. Rallies will be hard to sustain, unless the weather forecasts change.
Soybean prices are a bit firmer here to start out the week and month of June as energy prices are higher spilling over into the soybean oil market. The Funds are still net long close to 190,000 contracts. Basis levels remain firm for soybeans as the crush margins remain very strong. The farmer is basically sold out of soybeans and the 2026-27 crop is off to a great start. News out of China regarding them buying an additional $17 billion in U.S. ag products remains a big question, however that seems to be giving our prices a bit of a support mechanism here lately. The risk is if China were to start buying more ag products from the U.S., that will make domestic supplies tight. So, I look for July soybeans to remain stuck in the $11.70-$12.00 range.
Winter wheat harvest is slowly ramping up in the southern plains. Overall, yields are about as expected which are not very good. The bigger question I think will be in how many acres were abandoned? Wheat prices are trying to stabilize here after July Kansas City wheat saw over $1.00 drop in prices. Weather forecasts do look to bring some rain to the southern wheat plains and that could cause a few issues with harvest and that seems to be helping support prices to start out the week.
