June 2, 2026
At this hour:
🌽Corn market is down 1-2c,
🌱soybeans are down 3-4c,
🍞wheat is down 5-7,
🛢️crude oil is down $1.01-$1.01,
💲US Dollar is down 6 points
-USDA posted their first crops ratings of the year yesterday. Corn is rated 67% “good/excellent” while soybeans came in at 66% “good/excellent.”
-USDA Monthly crush report for April came in at 218.5 million bushels vs trade estimates of 214.7 million bushels.
-Planting progress, emergence and ratings are all off to a great start. Shows we did not have any issues this spring and early June weather looks great for crop development.
-Weekly export inspections for corn, soybeans and wheat were all within trade estimates. Demand remains strong for U.S. corn bushels.
-News out of the Middle East is mostly quiet overnight. The U.S. and Iran continue to work towards a peach deal.
🐂🐻 Look for a lower trade here for Tuesday Juen 2nd.
Support/Resistance:
July corn – Support on July corn is at $4.39 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 $4.81 3/4 which is the 10-day moving average.
July soybeans – Support comes in at $11.67 1/2 which the 100-day moving average. Resistance is at $11.98 1/4 which is the 20-day moving average.
November soybeans – Support is at $11.70 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 $6.21 1/2 which is the 100-day moving average. Resistance comes in at $6.62 1/4 which is the 50-day moving average.
Where do we go from Here:
The U.S. corn crop is planted, emerging well ahead of the 5-year average and the first rating of the year has the corn crop looking great. Now, we still have a lot of the growing season ahead of us, but we have cleared the first hurdle. We still have underlying support from China potentially buying $17 billion in U.S. ag products, high energy and fertilizer prices, tensions between the U.S. and Iran and a shrinking Global supply of corn. However, as of today, it looks like there is a high probability of the U.S. raising a trendline or better corn crop. So, without any major news event popping up, corn rallies will be hard to maintain, and we could see the corn market drift sideways to a little lower.
The USDA monthly crush report came in a well ahead of trade estimates, showing the strong crush demand continues to roll forward in the U.S. The soybean crop is off to a great start in the U.S., and the weather for the next 2 weeks looks very good for crop development in the U.S. The U.S. farmer is basically sold out of soybeans but with a slower than usual export program this year, the crushers seem to have enough soybean supply to get them to harvest. Without a major story like the weather turning bad or China stepping up to buy soybeans from the U.S., I look for soybeans to trade between $11.70 and $12.00 with a bias they may breakout to the downside in the near term.
July Kansas City wheat is struggling to find much support. After a $1.12 selloff, they still can’t seem to catch much of any support. Harvest is progressing but so far yield results have been mixed. The southern wheat plains have been getting some much-needed moisture the past week to help replenish their dry soils. Without any bullish news story, it looks like July Kansas City wheat could be headed back down to trade in a range between $6.10 and $6.50.
