June 11, 2025
At this hour:
🌽Corn market is up 1-2c,
🌱soybeans are up 1-2c,
🍞wheat is up 1-3c,
🛢️crude oil is up 93-94c,
💲US Dollar is down 7-8 points.
-Corn market is higher today, carrying over from yesterday’s hook reversal higher action where we made a new low but closed higher.
-The corn bull spreads are back working, helping to support the corn market.
-Weather is calling for some rains in the Dakotas, Minnesota and the top 1/3 of Iowa over the next few days while the rest of the corn belt dries out and warms up.
-USDA will release their June Crop Production report tomorrow. Overall, the trade is looking for a quiet report.
🐂🐻Look for a steady to higher trade today.
Support/Resistance:
July corn – Support on July corn is at $4.27 1/2 which is the low from October 17th. 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 1/2 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 $10.37 1/2 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 $5.50 1/2 which is the high from June 2nd.
Where do we go from Here:
July corn made a new low trade on this move yesterday before turning higher. The trade is getting ready for the USDA Crop Production report that will be released tomorrow at 11:00 am Central. We are starting to see Argentina be a cheaper source of corn in the export markets so we could see a little market share slip away from the U.S. later this summer. Weather across the U.S. does not look threatening. Unless we get a surprise from the USDA tomorrow, look for corn futures to grind sideways here.
July soybean futures continue to hold above the major moving averages. The daily trading ranges for July soybeans lately have been very small as well. Trade negotiations with China are happening this week and going well. If we get a trade deal with China, that will likely help support soybeans next year and going forward. For now, the U.S. crop is off to a decent start and until we get some weather or major announcement on a trade deal, soybeans look content to trend sideways.
Improving crop conditions and harvest slowly ramping up have a lid on Kansas City wheat futures here this week and pushing them lower. After 2 down days, July Kansas City wheat looks to rebound a little here today and close higher. Demand has slowed up a little for U.S. wheat with export inspections below trade estimates on Monday. So far, we have held support in the $5.23-$5.25 area against July Kansas City wheat.
Upcoming USDA Reports:
June 12, 2025 – USDA Crop Production
June 16, 2025 – Weekly Crop Progress
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