June 23, 2026
At this hour:
🌽Corn market is up 2-3c,
🌱soybeans are up 6-7c,
🍞wheat is up 0-1,
🛢️crude oil is down $0.16-$0.17,
💲US Dollar is up 16 points
-Crops conditions this week were left unchanged on corn and soybeans. The corn crop is rated 68% “good/excellent” with soybeans rated 66% “good/excellent.”
-Weekly crop ratings saw drops again in Iowa and Illinois on both corn and soybeans.
-Weekly export sales were a bit disappointing. Corn and wheat numbers came in at the low end of estimates while soybeans were below estimates.
-CFTC released their COT report. Funds are short about 46,000 contracts of corn and still long about 52,000 contracts of soybeans. Funds were net sellers on the week.
-The 1–2-week weather forecasts are looking pretty wet for most of the U.S. with temperatures starting to warm up next week.
🐂🐻 Look for a higher trade today.
Support/Resistance:
July corn – Support on July corn is at $4.06 1/4 which is the low from June 15th. Resistance is at $4.27 1/4 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 $4.54 1/2 which is the 20-day moving average.
July soybeans – Support comes in at $11.20 1/2 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 1/2 which is the 200-day moving average. Resistance is at $11.67 1/4 which is the 50-day moving average.
July Kansas City wheat – Support is at $6.32 3/4 which is the 100-day moving average. Resistance comes in at $6.64 which is the 50-day moving average.
Where do we go from Here:
The weekly crop progress report saw corn conditions stay unchanged. However, we did see Iowa and Illinois conditions slip a little. 2% of Iowa’s corn was lowered out of the “good/excellent” category while Illinois saw a 6% decline. This is the 2nd week in a row we saw Iowa decline. Overall, their crops are still rated pretty high but if that trend continues, the USDA will have to lower their national yield. The Funds have built a decent size net short position and are now estimated to be over 46,000 contracts short. Without any major change in the U.S. weather or China stepping in to buy, odds are likely the Funds will continue to add to their net short position. I look for rallies to be limited as the corn market should consolidate here this week and next week we will get the June 30th USDA report.
Soybean crop conditions were also left unchanged this week with 66% of the U.S soybean crop rated “good/excellent.” My takeaway note is we saw a 3% decline out of the “good/excellent” category in both Iowa and Illinois. Heavy and persistent rains across both of those 2 states have the crop conditions falling a bit. Weekly export inspections this week were a bit disappointing, coming in below trades estimates but we are at a time of the year we just don’t sell or ship too many soybeans out of the U.S. Traders are busy positioning themselves ahead of the June 30th report. We saw the Funds be net sellers last week and are still holding a net long position of 37,000 contracts long. July soybeans will probably consolidate between $11.10 and $11.40 this week.
The wheat market continues to be a follower of corn and soybeans. Weekly export inspections saw wheat come in at the low end of estimates and down from last week’s export inspection number. The Funds are short Chicago wheat but still holding a long position in Kansas City wheat and Minneapolis wheat. July Kansas City wheat is down testing support here this morning but without any fresh new news, I look for July Kansas City wheat to trade between $6.15 and $6.50.
