June 17, 2026
At this hour:
🌽Corn market is up 1-2c,
🌱soybeans are up 6-7c,
🍞wheat is up 6-7,
🛢️crude oil is up $0.15-$0.16,
💲US Dollar is up 3 points
-Talks of China in asking for offers for new crop soybeans has the markets pushing a little higher.
-Crude oil continues to slide and is now trading around $76 per barrel.
-The Dow futures made a new all-time high yesterday.
-Weather continues to bring really good rains across most of the U.S. over the next 2-weeks.
-Corn and soybean prices seem to be stabilizing as traders start to prepare for the June 30th USDA report.
🐂🐻 Look for choppy to higher trade here 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 $4.17 which is the 10-day moving average.
December corn – Support comes in at $4.34 1/4 which is the contract low. Resistance comes in at $4.44 1/4 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 3/4 which is the 200-day moving average.
November soybeans – Support is at $11.15 1/4 which is the 200-day moving average. Resistance is at $11.68 which is the 50-day moving average.
July Kansas City wheat – Support is at $6.14 3/4 which is the low from June 5th. Resistance comes in at $6.62 which is the 50-day moving average.
Where do we go from Here:
Corn prices shrugged off early weakness yesterday and traded mostly higher on the day except for the July contract closing 1-2c. What looked like a lower day of trading quickly changed course as talk of China in asking for offers for new crop soybeans. Now, this isn’t new business, and we are expecting Chinas to step back into the U.S. market to buy soybeans, but I feel this just shows how overdone to the downside the market has gotten. The fundamentals remain the same and the U.S. weather looks really good for crop development, so the Funds have no reason to exit their newly established net short position. Could we see a small rally? Absolutely. Rallies in my eyes will be short lived and limited to the upside. I look for July corn to consolidate here between $4.05 and $4.25.
Talks of China in looking for offers for new crop soybeans sent some positive news through the soybean market and helped jumpstart that market higher yesterday. Now, China looking for offers for new crop soybeans is not anything new and the market should know that. However, if China is looking for offers now, this type of news helps support the market in thinking that we are “cheap” enough for them to possibly start booking some new crop soybeans. I have my doubts China will step in and buy too many cargoes, but it is definitely a step in the right direction. There could be a host of several reason’s China is looking for new crop offers on soybeans, but thoughts are they might buy a cargo here and there and they will wait until later this summer or early fall to make their big purchases. For now, the soybeans have found support and look to consolidate a bit as traders get ready for the June 30th USDA report.
July Kansas City wheat held support at the 100-day moving average yesterday. With not a lot of fresh news in the wheat complex, July Kansas City wheat looks content to consolidate between $6.10 and $6.45. This is the same consolidation are we saw July Kansas City futures trade in back from March to May. As corn and soybean prices go, the wheat prices are sure to follow.
