June 16, 2026
At this hour:
🌽Corn market is down 1-2c,
🌱soybeans are down 8-9c,
🍞wheat is down 7-8,
🛢️crude oil is down $1.66-$1.67,
💲US Dollar is down 1 point
-The U.S. stock market surged higher yesterday as the U.S. and Iran struck a peace deal.
-The U.S. Crop ratings out yesterday saw both corn and soybean ratings increase 1% in the “Good/Excellent” category.
-Interesting to point out in Iowa, corn ratings lost 5% on corn and 3% on soybeans in the “Good/Excellent” category.
-July and December corn yesterday we able to score fresh new lows but closed out the day higher.
-Overall, the weather looks really good for the U.S. over the next 2-weeks. If any issues, there might be too much rain is areas.
-Reminder, there will be no markets on Friday June 19th in observance of the Juneteenth holiday.
🐂🐻 Look for choppy to lower trade here 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 $4.18 1/2 which is the 10-day moving average.
December corn – Support comes in at $4.34 1/4 which is the contract low. Resistance comes in at $4.45 3/4 which is the 10-day moving average.
July soybeans – Support comes in at $11.11 which is an old support/resistance line. Resistance is at $11.37 1/2 which is the 200-day moving average.
November soybeans – Support is at $11.15 which is the 200-day moving average. Resistance is at $11.46 which is the 100-day moving average.
July Kansas City wheat – Support is at $6.14 3/4 which is the low from June 5th. Resistance comes in at $6.61 1/2 which is the 50-day moving average.
Where do we go from Here:
Corn prices and taking back what they gained yesterday. USDA crop condition scores saw a 1% increase in the “Good/Excellent” ratings, suggesting the crop in the U.S. is getting better. What I noticed is ratings for some key states like Iowa, Illinois and Nebraska saw their ratings decline. This will be something to keep a close eye on going forward. The crop is still off to a good start and highly rated but if conditions were to continue to decline, we could eventually see the USDA lower their yield for the corn crop. The Funds have a small net short position that they will likely maintain going into the June 30th Planted Acres and Quarterly Grain Stocks report. I look for July corn to consolidate here between $4.06 to $4.25.
On the soybeans, we saw weekly crop ratings get increased by 1% in the “Good/Excellent category this week. However, just like we saw in corn, key states like Iowa, Illinois and Nebraska all saw their ratings decline but 3-8% in the “Good/Excellent” category. The U.S. soybean crop is off to a good start and as each week goes by and the weather stays good, the Funds will start to unwind more of their net long position and probably go to a net short position. So, can July and November soybeans continue to hold up above the $11.00 level? I feel that the soy complex is carrying a bit more premium in their prices and if the weather stays good, we could see lower prices ahead.
After a posting a nice reversal higher yesterday, July Kansas City wheat is giving back all their gains. Wheat futures are basically following corn and soybeans. The Funds are holding a net short position in wheat now and will probably stay there until after the June 30th report to see if the USDA gives us any surprises. One surprise we could nee in the June 30th report is spring wheat acres could be a bit lower than what was estimated back on March 31. Overall, I look for July Kansas City wheat to trade between $6.10 and $6.35.
