June 8, 2026
At this hour:
🌽Corn market is down 1-2c,
🌱soybeans are down 3-4c,
🍞wheat is up 3-5,
🛢️crude oil is up $3.82-$3.83,
💲US Dollar is up 1 point
-Tensions between the U.S. and Iran picked up over the weekend. Iran shot some more missiles and drones at the U.S. servicemen and locations in Israel however they were all shot down.
-The U.S. weather looks to be near ideal for the next 2 weeks for crop development.
-The COT report as of last Tuesday showed the Funds were still long about 115,082 contracts of corn and long 156,050 contracts of soybeans.
-Crude oil is up 4% to start out this week.
-USDA will release their June Crop Production report on Thursday June 11th.
🐂🐻 Look for a choppy to lower trade to start out the new week.
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 $4.38 1/2 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 $4.66 which is the 200-day moving average.
July soybeans – Support comes in at $10.80 which is an old support/resistance line. Resistance is at $11.37 which is the 200-day moving average.
November soybeans – Support is at $11.13 1/4 which is the 200-day moving average. Resistance is at $11.42 which is the 100-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 $6.43 1/2 which is the 10-day moving average.
Where do we go from Here:
Grain prices are choppy to start the week. This kind of action suggests to me that we are at an area where both the Bulls and the Bears are finding common ground and we could consolidate. The Funds as of last Tuesday were still holding a net long position of over 115,000 contracts but if we had a real time position on them, that number would be greatly reduced. The big question I have is as the Funds approach a neutral position, will they build a short position? The weather in the U.S, looks great for crop development and I would expect crop ratings this afternoon to show an improvement of 1-2% in the “Good/Excellent” category. I think we have a reached an area where the corn market will consolidate a bit after the big selloff the past 2-3 weeks.
Soybean prices are divorcing themselves a bit from the crude oil market. Soybean oil is a touch higher, following crude oil, however soybean futures have been choppy to lower this morning. The Funds were still holding a pretty sizeable net long position as of the close last Tuesday, but the selloff late last week should have that number greatly reduced. The U.S. weather looks to be nearly ideal for the next 2 weeks and I would expect soybean crop ratings to see a slight improvement in the “Good/Excellent” category this afternoon. The trend in the soybean market is still down but the steepness of how fast we were going down is slowing up a bit. I think July soybeans will find support and consolidate here a bit as we approach the $11.00 level.
Wheat prices have had the biggest selloff of the all the grains the past few weeks and this week they are starting out a bit higher. July Kansas City wheat dropped back into a consolidated trade area between $6.10 and $6.50. Winter wheat is rolling along without too many issues so without much fresh news to trade on, I would look for July Kansas City wheat to consolidate between $6.10 and $6.50.
