June 24, 2026
At this hour:
🌽Corn market is up 0-1c,
🌱soybeans are up 2-3c,
🍞wheat is up 2-3,
🛢️crude oil is down $1.08-$1.09,
💲US Dollar is up 23 points
-The AgMarket.net Team releases their Planted Acres estimates for the June 30th USDA Report. We are looking for 94.9 million corn acres, 85.3 million soybeans acres and 43.8 million all wheat acres.
-The AgMarket.net estimates reflect a slight reduction in corn acres of 400,000 acres and a slight increase in soybean acres by 600,000 acres.
-The U.S. Dollar is trading at fresh 13-month highs.
-The U.S. weather forecasts look to bring some warmer and somewhat drier maps to most of the U.S. next week.
-Rumors of China looking for some corn offers continue to surface. The PNW corn bids have firmed up a bit this week, but no sales confirmed.
-President Trump and Vice President Vance continue to mention that the $12 billion in frozen funds for Iran will be used to buy ag products from the U.S. Iran denies that claim.
🐂🐻 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 $4.24 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 $4.52 which is the 20-day moving average.
July soybeans – Support comes in at $11.02 1/2 which is the low from June 15th. Resistance is at $11.38 1/4 which is the 200-day moving average.
November soybeans – Support is at $11.16 3/4 which is the 200-day moving average. Resistance is at $11.67 which is the 50-day moving average.
July Kansas City wheat – Support is at $6.14 which is the low from June 5th. Resistance comes in at $6.33 1/4 which is the 100-day moving average.
Where do we go from Here:
The corn market yesterday fell victim to the wheat market being under a lot of pressure and closed down a couple cents. Traders continue to get themselves into position ahead of the USDA report next week. Estimates for the upcoming report are starting to come out and the AgMarket.net Team is looking for corn acres to come in a little less than the March intentions. High fertilizer prices would be the big reason for the slight reduction. The bigger numbers I will be watching in the report will be the Quarterly Grain Stocks numbers. Will the USDA finally make some adjustments to the feed & residual number? We typically get some surprises in this report. The market will trade the numbers next week for a few minutes and then shift its focus back to the U.S. weather and crop conditions.
On the soybeans, the AgMarket.net Team is looking for about a 600,000 acre increase from the March Planting Intentions report. High fertilizer prices this spring is the main culprit to why the increase in soybean acres. We continue to hear talks of China in the market looking for some new crop soybean bids and they have bought a few soybeans but not enough to really push the market higher. Traders will wait until we get into the month of July and get closer to see what the August weather before they get comfortable with the U.S. soybean crop. We have plenty of supply in the World on soybeans but with the U.S. ending stocks projected around 310 million bushels next year, a slight drop in yield could make soybeans tight in the U.S.
Wheat prices are trying to stabilize here this morning. Combination of higher crop condition scores along with the U.S Dollar at 13-month highs had the Funds in a sell mode yesterday. July Kansas City wheat is back testing support at a critical area that they need to hold or else see a bigger selloff. The AgMarket.net Team is looking for the All-Wheat acres to remain unchanged from the March Planting Intentions. I look for wheat prices to stabilize here today and eventually bounce back higher.