June 5, 2026
At this hour:
🌽Corn market is down 2-3c,
🌱soybeans are down 0-1c,
🍞wheat is down 0-1,
🛢️crude oil is down $0.30-$0.31,
💲US Dollar is down 20 points
-China’s International Trade council pushed back on U.S. proposed 12.5% tariff on Chinese goods. This headline keep the U.S./China trade risk elevated.
-The U.S./Iran conflict remains a hot button. Progress is being made but no clear sign of a deal yet.
-30-day forecasts look for near normal moisture with above normal temps in the western part of the corn belt.
-Weekly export sales were within trade estimates on corn and soybeans.
-Fund liquidation out of commodities continues.
🐂🐻 Look for a choppy to lower trade to finish out the week.
Support/Resistance:
July corn – Support on July corn is at $4.17 1/4 which is the January 13th low on the continuation chart. Resistance is at $4.43 3/4 which is the 10-day moving average.
December corn – Support comes in at $4.45 1/4 which is the low from January 14th. Resistance comes in at $4.68 1/2 which is the 200-day moving average.
July soybeans – Support comes in at $11.20 1/2 which the low from June 4th. Resistance is at $11.37 which is the 200-day moving average.
November soybeans – Support is at $11.41 1/4 which is the 100-day moving average. Resistance is at $11.70 1/4 which is the 50-day moving average.
July Kansas City wheat – Support is at $6.09 3/4 which is an old gap from April 10th. Resistance comes in at $6.49 which is the 10-day moving average.
Where do we go from Here:
Friday is finally here. This week cannot get over fast enough. This week has been one of the most massive Fund liquidation weeks we have seen in several weeks. The crazy part is the Funds are likely still long corn and soybeans. Combination of the U.S. crop off to a great start and headlines out that keep the U.S/Iran conflict escalated along with trade with China at risk over tariffs, has the money flow exiting U.S. grains. What I look at is demand for U.S. grain still remains very strong. Yes, the U.S. is off to a great growing season, but we have all summer and pollination to get through yet. The market likes to overreact to both sides and this selloff is well overdone. Barring any major headlines, hopefully calmer heads will prevail over the weekend and next week we can start to consolidate and get back some of our losses this week.
Soybean prices are trying to find support here today. Much like the corn market, all of our support levels this week were not even tested. The market simply ignored them and was on a mission to head lower. Soybean oil has been doing a decent job of supporting the soybean market but even that is a tough task this week. A headline out yesterday that the U.S. proposed a 12.5% tariff on Chinese goods spooked the market and the selloff escalated. The reality is the proposed tariffs are potentially replacing some tariffs that are soon expiring so these are not new tariffs, but it shows you the sensitivity the market has towards the U.S./China trade. November soybeans are holding support at the 100-day moving average as we close out the week.
July Kansas City wheat seems to have found good support. For a second day, they are finding support in the $6.20 area. The Funds are likely flat or maybe short wheat now after this week but there just isn’t much fresh new news to trade on. Winter wheat harvest continues in the south, but reports have been quiet. I look for wheat to follow the corn and soybean markets.
