June 10, 2026
At this hour:
🌽Corn market is up 3-4c,
🌱soybeans are up 4-5c,
🍞wheat is up 7-9,
🛢️crude oil is down $0.07-$0.08,
💲US Dollar is down 4 points
-Severe storms swept across the Dakotas and Minnesota late yesterday and into the evening. Those storms will be going across Iowa and east today.
-U.S. Stock market rolled over yesterday and seemed to drag the grain prices with them.
-Tensions between the U.S. and Iran remain elevated as a U.S> helicopter was shot down in the Strait of Hormuz.
-USDA will release their June Crop Production report tomorrow at 11:00 am CT.
-The Funds seem to be pretty neutral on corn and still holding a sizeable, long position in the soy complex.
🐂🐻 Look for a mostly higher trade today for Wednesday.
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 $4.32 1/4 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 $4.59 1/2 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 1/4 which is the 200-day moving average.
November soybeans – Support is at $11.13 3/4 which is the 200-day moving average. Resistance is at $11.43 1/2 which is the 100-day moving average.
July Kansas City wheat – Support is at $6.25 1/4 which is the 100-day moving average. Resistance comes in at $6.61 1/2 which is the 50-day moving average.
Where do we go from Here:
Corn prices are going to try and hold their gains here today again. There is not much fresh new news to trade on but the massive fund selling seems to have subsided for now. The USDA will release their June Crop Production report tomorrow and we don’t look for too many surprises. We could see some minor changes in the demand side of things but in the June report, the USDA does not make many adjustments to the yield. The one area I will be watching is what the USDA will do with the South American corn crop. There are several analysts, including some very conservative analysts, all projecting Brazil and Argentina’s corn crop a lot higher than the latest USDA projection.
On the soybeans, the Funds are still holding a pretty sizeable, long position in soybeans and the products. This makes the soy complex a bit vulnerable for a bigger selloff. The Funds seem to be taking a break from their recent selling as traders get ready for the USDA Crop production report. Much like the corn, we don’t expect any surprises. Unlike the South America corn productions, the USDA should have a pretty good handle on the South American soybean production. The key will be is if the Funds decide to step in and continue their selling or have, they sold enough to get through the USDA reports over the next 2-3 weeks.
July Kansas City wheat continues to run into some resistance in the $6.40 area. We hit $6.43 3/4 yesterday and the market got rejected and only managed to close up 1 penny. They are back testing resistance at $6.40 again here today. A close above $6.40 would be friendly and could open up the door for July Kansas City wheat to test resistance at $6.60-$6.65 area. The Funds liquidated out of their long positions so I would expect July Kansas City wheat to consolidate here for a bit and if they breakout, I think it would be to the upside.
