June 9, 2026
At this hour:
🌽Corn market is up 1-2c,
🌱soybeans are up 0-1c,
🍞wheat is up 1-2,
🛢️crude oil is down $1.88-$1.89,
💲US Dollar is down 23 points
-Crop condition scores come in a little less than expected. Corn was unchanged at 67% “good/excellent” while soybeans came in at 68% “good/excellent.”
-The U.S. weather looks pretty good. There are a few pockets of concern but that is typical. Storms will be rolling across the Dakotas into Minnesota today/tonight.
-USDA announced a couple flash sales of U.S. exports yesterday. We sold 264,000 metric tons of soybeans for new crop to unknown destinations and we sold 103,000 metric tons of corn to Japan for combination of old and new crop.
-The massive Fund liquidation seems to be on hold today. Estimates are the Funds are getting close to a neutral position in corn and still long 50,000-100,000 contracts of soybeans.
-Thursday is the USDA June Crop Production report at 11:00 am CT.
🐂🐻 Look for a mixed to higher trade today for Tuesday.
Support/Resistance:
July corn – Support on July corn is at $4.05 1/4 which is the gap on the continuation chart from September 12, 2025. Resistance is at $4.35 1/4 which is the 10-day moving average.
December corn – Support comes in at $4.40 3/4 which is the low from August 6th. Resistance comes in at $4.62 1/2 which is the 10-day moving average.
July soybeans – Support comes in at $10.80 which is an old support/resistance line. Resistance is at $11.37 1/4 which is the 200-day moving average.
November soybeans – Support is at $11.13 1/2 which is the 200-day moving average. Resistance is at $11.42 3/4 which is the 100-day moving average.
July Kansas City wheat – Support is at $6.25 1/4 which is the 100-day moving average. Resistance comes in at $6.39 which is the 10-day moving average.
Where do we go from Here:
Corn prices are a bit higher here to start off the day. Crop condition scores yesterday came in unchanged from last week with the corn crop rated 67% “good/excellent.” The trade was looking for an increase in ratings by 1-2%. Overall, the crop is still off to a great start. The Funds have been massive sellers and seem to be heading to the sidelines. Current estimates are the funds are still long corn but probably less than 20,000 contracts. We could see the Funds sit on the sidelines for a bit waiting to get through the June 30th Planted Acres report and see what the weather looks like through pollination. After the big selloff, if December corn got back into the $4.60 to $4.70 area, that might be a decent area to protect some new crop corn.
The soybean crop ratings this week lost 1% out of the “good/excellent” category and came in rated 65% “good/excellent.” The trade was looking for a 2-3% increase in ratings so this is a bit of a shock. However, we all know the soybean crop is basically made or lost in the month of August. The Funds still seem to be holding a decent sized long position that adds a little more risk to soybeans. Estimates are the Fund are still long 75,000-100,000 contracts where in the corn pit, the Funds are relatively neutral. We did see a flash sale of new crop soybeans to unknown destinations yesterday for the first time in a few weeks. However, we saw a 12-13% selloff in the corn market the past few weeks while soybeans have only seen a 6-7% selloff. I think we could see the soybean market consolidate here a bit, but the soybean complex feels a bit more vulnerable to the downside.
July Kansas City wheat had a nice rebound yesterday. With July futures closing above the previous 2 day’s highs, it feels like we have a near term low in place. The 10-day moving average comes in at $6.39, so I think rallies will be limited. In the big picture, the July Kansas City wheat chart still has a gap on the chart down between 6.09 3/4 to 6.11 3/4 that has not been filled yet and that could eventually be a target area to the downside.
