June 15, 2026
At this hour:
🌽Corn market is down 4-5c,
🌱soybeans are down 3-4c,
🍞wheat is down 9-10,
🛢️crude oil is down $4.72-$4.73,
💲US Dollar is down 20 points
-Talks that the U.S. and Iran have agreed to a Peace deal. Date is set for June 19th to sign the agreement.
-Crude oil down over 5% this morning.
-The Strait of Hormuz is expected to open immediately.
-the 1–2-week weather forecasts for the U.S. does not look real threatening.
-Funds continue to sell commodities. Funds are now net short corn and still holding about 90,000 contracts long as of last Tuesday.
-U.S. Stock prices are ripping higher on the news of a trade deal.
🐂🐻 Look for lower start to the week as grain prices are following energy prices.
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 $4.20 1/4 which is the 10-day moving average.
December corn – Support comes in at $4.37 1/2 which is the contract low. Resistance comes in at $4.47 3/4 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 1/2 which is the 200-day moving average.
November soybeans – Support is at $11.14 1/4 which is the 200-day moving average. Resistance is at $11.45 1/4 which is the 100-day moving average.
July Kansas City wheat – Support is at $6.27 3/4 which is the 100-day moving average. Resistance comes in at $6.61 1/4 which is the 50-day moving average.
Where do we go from Here:
Corn prices are starting out the week under a little pressure. Corn and grains for that matter, seem to be following energy prices as crude oil is down over 5% to start out the week. A Peace deal between the U.S. and Iran is said to be agreed upon with the official signing being June 19th. The Funds continue to sell corn and are starting to build a short position. The trade action in corn last week suggests to me the Funds are starting to build a net short position, but they are not diving into building a too big of a position this early. We have a lot of weather to get through yet. Yes, we have a good supply of corn but a slight hiccup on production could make those excess supplies get tight pretty fast. I would expect crop ratings to be a bit better this week, with the “good/excellent” category increasing by 1%.
The Funds were big sellers of soybeans last week, but they are still about 90,000 contracts long as of last Tuesday. July and November soybean futures continue to hold above the $11.00 level which is pretty impressive considering the selloff we had in the corn complex. I still feel soybeans have more risk to the downside but demand for U.S. soybeans in the 2026/27 marketing year should be solid. The U.S. crop is off to a good start, and I would expect ratings to hold pretty steady this week. I would expect the Funds to continue to sell off their net long position and then see what the weather forecasts for August look like before they start to establish too big of a net short position.
Wheat prices are following the money flow and that is to get short grains. July Kansas City wheat looks to be headed back down to the bottom end of their range. Winter wheat harvest rolls on, and yields are mixed so far. There are getting to be a few more yields coming in a touch better than expected, which is typical. I look for July Kansas City wheat to find support in the $6.10 range.
