June 9, 2025
At this hour:
🌽Corn market is down 1-2c,
🌱soybeans are up 1-2c,
🍞wheat is down 1-2c,
🛢️crude oil is up 21-22c,
💲US Dollar is up 31-32 points.
-Very quiet overnight session of trading for all 3 grains to start out the week.
-Crop conditions this week should be steady to a slight improvement. Last week corn was rated 68% good/excellent and soybeans were 67% good/excellent. I would expect a 1-2% increase in both corn and soybeans.
-Funds continue to sell corn and soybeans but were net buyers of wheat this past week.
-Weather this week looks to be good. No major threats with a warmer and drier pattern ahead.
🐂🐻Look for a lower choppy trade to start off the week.
Support/Resistance:
July corn – Support on July corn is at $4.37 which is the low from December 5th. Resistance is at $4.50 1/2 which is an old support/resistance line.
December corn – Support comes in at $4.34 1/2 which is the low from May 19th. Resistance comes in at $4.48 1/4 which is 200-day moving average.
July soybeans – Support comes in at $10.47 1/4 which is the 200-day moving average. Resistance is at $10.82 which is the May 14th high.
November soybeans – Support is at $10.17 which is an old support/resistance line. Resistance is at $10. 1/ which is the 20-day moving-day average.
July Kansas City wheat – Initial support is at $5.23 which is the low from May 27th. Resistance comes in at $5. 1/2 which is the high from June 2nd.
Where do we go from Here:
The corn market is starting off this week pretty quiet. The weather forecast looks to be non-threatening and crop conditions should see a slight improvement. The Funds were net sellers of 53,000+ contracts last week putting their overall position short 154,000+ contracts. The bull spreads are back working again in the corn market. July corn futures continue to trade between $4.30-$4.50.
Soybean futures are back trading above all the major moving averages. Last week we saw our first crop condition score for soybeans at 67% rated good/excellent. Look for that number to stay steady to a slight increase. Funds were net sellers of soybeans last week and hold a very small, long position of about 8600+ long. Weather forecast look good for crop development. Look for soybeans to continue to trend sideways until we get closer to August.
The wheat market closed out last Friday strong, confirming a head and shoulders low is in place in the Kansas City July wheat futures. Harvest is starting to ramp up and that should keep a lid on prices here in the near term. From what I hear, the winter wheat crop in Kansas should be pretty good sized this year.
Upcoming USDA Reports:
June 9, 2025 – Weekly Crop Progress
June 12, 2025 – USDA Crop Production
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