June 3, 2026
At this hour:
🌽Corn market is down 0-1c,
🌱soybeans are up 4-5c,
🍞wheat is down 2-3,
🛢️crude oil is up $3.18-$3.19,
💲US Dollar is up 14 points
-Very quiet on the news front in the overnight session.
-July soybeans closed below the 100-day moving average for the first time since February but back above the 100-day moving average this morning.
-July corn futures are testing major support this morning in the $4.35 July futures area.
-U. S weather looks to be nearly ideal for crop development.
-The Funds seem to be on a mission to reduce their overall length in all ag commodities.
🐂🐻 Look for a mixed trade here for Wednesday.
Support/Resistance:
July corn – Support on July corn is at $4.33 1/2 which is the low from January 15th. Resistance is at $4.53 which is the 10-day moving average.
December corn – Support comes in at $4.60 which is an old support/resistance line. Resistance comes in at $4.78 1/4 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 $11.86 which is the 10-day moving average.
November soybeans – Support is at $11.70 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 $6.21 1/2 which is the 100-day moving average. Resistance comes in at $6.62 1/2 which is the 50-day moving average.
Where do we go from Here:
The corn market continues to struggle to find support here lately. Several attempts to find support have failed and now this morning we are down testing a big support area which is an uptrend line from last August’s low to the January 15th low and that support line comes in at $4.38 here today. So far, we are holding it but if we close below $4.38, then it looks like July corn might have another 10-cent downward movement in it. Fresh news is hard to come by, and grain prices seem to be divorcing themselves from the energy markets. The weather looks nearly ideal so for now, the path of least resistance seems to be lower.
July soybean prices saw some Fund liquidation yesterday posting a 15+ cent loss on the day. July futures closed below the 100-day moving average for the first time since February and are holding that support line here today. Energy prices are higher with crude oil up $3 per barrel and that is lending support to the soybean oil market. Other than that, the news is light and we continue to see money flow come out of commodities and into the stock market. If July soybeans can close above the 100-day moving average here today, then yesterday was just a test of that support area and I would look for July beans to continue to trade between $11.70 and $12.00. If we close below the 100-day moving average again today, then it looks like we could see July soybeans head down to the $11.30 area or lower.
July Kansas City wheat futures are working on their 10th lower trade in a row. After scoring a high at $7.50, July Kansas City wheat has lost close to $1.20 and still struggling to find support. The 100-day moving average comes in at $6.22 1/4 and maybe that is the level that finally supports July Kansas City wheat. The Funds want out of commodities it feels so the big question is will they press the short side once they blow out of their long positions?
