June 26, 2026
At this hour:
🌽Corn market is down 1-2c,
🌱soybeans are down 8-9c,
🍞wheat is down 11-12,
🛢️crude oil is down $2.82-$2.83,
💲US Dollar is down 23 points
-Grain prices are taking back some of what they gained yesterday.
-Energy prices and the Stock market is also lower in a “risk” off day to close out the week.
-Iran struck a Singapore ship in the Strait of Hormuz yesterday but that tension seems to have calmed down.
-Weather in the U.S. will heat up the next 2-weeks and there are some questions about how much rain we will get over the next 2-weeks.
-Weekly export sales continue to run very strong and even old crop soybeans continues to have a stronger than expected export pace lately.
-USDA’s June 30th Planted Acres and Quarterly Grain Stocks report will be out next Tuesday.
🐂🐻 Look for a choppy/lower trade to finish out the week.
Support/Resistance:
July corn – Support on July corn is at $4.03 3/4 which is the low from June 25th. Resistance is at $4.20 1/2 which is the 20-day moving average.
December corn – Support comes in at $4.31 1/2 which is the low from June 25th. Resistance comes in at $4.48 1/4 which is the 20-day moving average.
July soybeans – Support comes in at $11.02 1/2 which is the low from June 15th. Resistance is at $11.30 3/4 which is the 20-day moving average.
November soybeans – Support is at $11.16 3/4 which is the 200-day moving average. Resistance is at $11.67 which is the 50-day moving average.
July Kansas City wheat – Support is at $6.14 which is the low from June 5th. Resistance comes in at $6.33 3/4 which is the 100-day moving average.
Where do we go from Here:
Corn prices had a nice rally yesterday. Fueled by a host of items, corn saw an 8-cent rally. The weather heating up in the U.S. along with very oversold conditions allowed corn to rally. Weekly export sales were good again for corn so the odds of the USDA increasing their estimates for corn exports seems to be increasing. December corn futures saw a key reversal higher, but traders are going to exercise that chart action with caution as we have the June 30th report coming at us early next week. Overall, I feel the U.S. corn crop is off to a great start the weather coming at us next week will improve our crop conditions.
On the soybeans, we saw futures rise by 20+ cents. There is talk of a potential worker strike down in Argentina and we had a good week of export sales including some strong new crop sales getting put on the books. China has been in buying a few soybeans from the U.S. this week, so traders are feeling good about the trade relationship between the U.S. and China. I am still surprised at how well November soybeans continue to hold up in here. November soybeans are only about 5-6% off their highs yet the World balance sheet shows we have plenty of soybeans. The weather the next couple weeks should push the soybean crop along nicely setting up a very important month of August. Traders will continue to position themselves ahead of the June 30th report, so I look for a choppy trade today.
July Kansas City wheat just can’t seem to find much support here recently. The stronger U.S. Dollar is making the U.S. even more uncompetitive and add on top of that harvest pressure in the U.S. Wheat harvest in the eastern part of the U.S. is getting rolling and early indications are the wheat crop is pretty good. Conditions on the spring wheat crop in the Upper Midwest also continue to improve. July Kansas City wheat looks to head down and test key support at $6.00.
