June 22, 2026
At this hour:
🌽Corn market is down 1-2c,
🌱soybeans are up 2-3c,
🍞wheat is down 5-6,
🛢️crude oil is down $0.51-$0.52,
💲US Dollar is up 1 point
-Grain prices start off the week mixed as traders start to position themselves ahead of the June 30th USDA report.
-U.S. and Iran have signed a 60-day ceasefire peace deal.
-Some big storms rolled across the U.S. causing some serious damage in places.
-The U.S. weather forecast looks to continue to be active for the next 10-15 days. Cooler temps persist in the Upper Midwest.
-CFTC will release their COT report today due to the holiday on Friday.
🐂🐻 Look for a choppy/mixed trade to start the week.
Support/Resistance:
July corn – Support on July corn is at $4.06 1/4 which is the low from June 15th. Resistance is at $4.29 3/4 which is the 20-day moving average.
December corn – Support comes in at $4.34 1/4 which is the low from June 15th. Resistance comes in at $4.56 3/4 which is the 20-day moving average.
July soybeans – Support comes in at $11.21 which is the 10-day moving average. Resistance is at $11.38 which is the 200-day moving average.
November soybeans – Support is at $11.16 which is the 200-day moving average. Resistance is at $11.67 1/2 which is the 50-day moving average.
July Kansas City wheat – Support is at $6.36 3/4 which is the 10-day moving average. Resistance comes in at $6.63 1/2 which is the 50-day moving average.
Where do we go from Here:
Corn prices are starting out the week a bit lower. Over the weekend some strong storms swept across the corn belt causing some serious damage in areas, but the general market still feels like we have an above average crop growing in the U.S. Traders are a little over 1 week out of the June 30th USDA Planted Acres report and Quarterly Grain Stocks report. This week should be filled with traders positioning themselves ahead of that report so I would expect a choppy trade this week. Crop condition scores could see a slight uptick in ratings this week and the extended forecast look to bring good rains to the corn belt the next 2 weeks. Could we start talking about too much rain? It is possible but it is really hard to rally the market a lot on too much rain as we are about 2 weeks from pollination getting rolling. I look for corn rallies to be limited this week.
Soybean prices are up a couple to start out the week. Getting some support from bean oil after crude oil was higher, the soybeans are holding their positive prices this morning. China was in the news last week looking for some offers for new crop soybeans so that news seems to have supported the market here in the near term. The thought is if China is looking for new crop soybean offers, then U.S. soybeans must be “cheap” enough. The issue is, South America is still cheaper than the U.S. right now so yes, I expect China to buy soybeans from the U.S., but it will be later this summer or into early this fall. I look for soybeans to be choppy this week as we get ready for the USDA on June 30th. Initially, many traders are thinking we could see a slight uptick in soybean acres this year. If we do see an uptick in soybean acres, then I feel soybeans have more risk to the downside that corn here in the short term.
After scoring a low down at $6.14 on the July Kansas City wheat contract, wheat futures have seemed to found a trading range between $6.14 and $6.60. Demand for wheat seems to be running about as the USDA has forecasted and the harvest rolls on. Overall, I would say the harvest is about as expected. The big question we will get answered next week is how many less spring wheat acres could we see this year? I look for wheat to continue to consolidate between $6.20 and $6.50.
