Corn
Price action: July corn futures fell 9 cents to $4.34 1/2, nearer the daily low and hit a nearly five-month low.
Fundamental analysis: The price downdraft in the corn futures market continues amid fresh short-selling from the speculative traders. Weak long liquidation from the big funds has also been featured lately. Corn-growing weather in the U.S. at present remains overall price-bearish. There are also ideas the late-June USDA planting intentions report will show U.S. corn planted acres not that much less than in the March report. A risk-off trading day in the general marketplace also keep the corn market bulls on the sidelines today, as did a higher U.S. dollar index at mid-week.
USDA reported daily sales of 136,000 MT to South Korea during 2026-27.
U.S. ethanol production rose 19,000 barrels per day (bpd) to 1.108 bpd during the week ended May 29. Ethanol stocks declined by 362,000 barrels to 24.61 million barrels.
World Weather Inc. today said regular rounds of showers and thunderstorms will occur during the next two weeks, with breaks between rounds of rain likely to allow for planting to be completed in much of the region. A close watch will be made on rain advertised from eastern Iowa into central and northern Illinois, Wisconsin, and Michigan as well as from eastern North Dakota into Minnesota where the topsoil has recently firmed up. Soil moisture in place in much of the Midwest and rain advertised during the next two weeks should favorably support crop development and maintain very high production potentials deep into the month if drier weather were to evolve in the second half of June.
Traders are awaiting Thursday morning’s weekly USDA export sales report. Weekly U.S. corn export sales for all marketing years are seen coming in at 800,000 to 1.9 million MT for all marketing years, according to a Dow Jones Newswires survey.
Technical analysis: Corn market bears have the firm overall near-term technical advantage amid a steep price downtrend in place on the daily bar chart. The next upside price objective for the bulls is to close July prices above solid chart resistance at $4.50. The next downside target for the bears is closing prices below chart support at the January low of $4.33 1/2. First resistance is seen at $4.40 and then at $4.45 3/4. First support is seen at today’s and January’s low of $4.33 1/2 and then at $4.30.
Soybeans
Price action: July soybeans fell 11 1/4 cents to $11.54, nearer the daily low and hit a more-than-three-month low. July soybean meal fell $5.40 to $320.80, near the daily low and hit a three-week low. July soybean oil rose 30 points to 78.71 cents, near mid-range.
Fundamental analysis: The soybean and meal futures markets today saw more technical selling pressure as July futures markets prices are trending lower on the daily bar chart. Weather in the Midwest leans price-bearish for beans. A risk-off trading day in the general marketplace and a higher U.S. dollar index at mid-week also supported the soy complex bears today.
World Weather Inc. today said portions of northern Illinois, southeastern Wisconsin, northwestern Indiana, southeastern Iowa and southwestern Michigan need moisture and may become too dry over time. Recent rain in southeastern South Dakota, Nebraska and neighboring states has brought some relief from dryness, though more rain is needed. Key Midwestern crop areas should see a moisture boost next week.
Bean traders are awaiting Thursday morning’s weekly USDA export sales report. Weekly U.S. soybean export sales for all marketing years are seen coming in at 200,000 to 600,000 MT for all marketing years, according to a Dow Jones Newswires survey
Technical analysis: The soybean bears have the overall near-term technical advantage as prices are trending down on the daily chart. The next near-term upside technical objective for the soybean bulls is closing July prices above solid resistance at $12.00. The next downside price objective for the bears is closing prices below solid technical support at $11.00. First resistance is seen at today’s high of $11.72 3/4 and then at Tuesday’s high of $11.82 3/4. First support is seen at $11.50 and then at $11.40.
Soybean meal bulls have the slight overall near-term technical advantage but are fading. Prices are still in an uptrend on the daily bar chart but now just barely. The next upside price objective for the meal bulls is to produce a close in July futures above solid technical resistance at last week’s high of $335.10. The next downside price objective for the bears is closing prices below solid technical support at $315.80. First resistance comes in at today’s high of $328.40 and then at this week’s high of $331.80. First support is seen at $320.00 and then at $315.80.
Bean oil bulls have the solid overall near-term technical advantage. A price uptrend is in place on the daily bar chart. The next upside price objective for the bean oil bulls is closing July prices above solid technical resistance at 80.00 cents. Bean oil bears’ next downside technical price objective is closing prices below solid technical support at 72.00 cents. First resistance is seen at 80.00 cents and then at 81.00 cents. First support is seen at 78.00 cents and then at 77.00 cents.
Wheat
Price action: July SRW lost 15 3/4 cents to $5.87 1/4, near the daily low and hit a six-week low. July HRW fell 10 3/4 cents to $6.24, near the daily low and hit a six-week low. September spring wheat fell 10 1/2 to $6.51.
Fundamental analysis: The bleeding continues in the winter wheat futures markets amid technical selling being featured. Lower corn and soybean futures prices today also aided the wheat bears. Recent wetter weather in U.S. HRW wheat country has somewhat benefited the crop. Also bearish for wheat was a risk-off day in the general marketplace today and a higher U.S. dollar index.
World weather today said that in U.S. HRW country, a favorable mix of rain and sunshine is expected in the next seven days to support summer crop development. The rain is likely too late for some of the unirrigated winter wheat in the southern Plains. However, rainfall will still be beneficial for the central Plains. Temperatures will be generally near to above average. In the Northern Plains, recent rainfall in Montana and the western Dakotas has been beneficial in alleviating dry conditions in the area and supporting recently planted crops. Rainfall in the eastern portions of the crop region will improve topsoil moisture while slowing fieldwork. Warmer-biased weather later this week may increase evaporation in much of the crop region.
Wheat traders are awaiting Thursday morning’s weekly USDA export sales report. Weekly U.S. wheat export sales for all marketing years are seen coming in at 100,000 to 600,000 MT for all marketing years, according to a Dow Jones Newswires survey.
Technical analysis: Winter wheat market bears the overall near-term technical advantage. Prices are trending lower on the daily bar charts. SRW bulls’ next upside price objective is closing July prices above solid chart resistance at $6.50. The bears’ next downside objective is closing prices below solid technical support at the April low of $5.77 3/4. First resistance is seen at $6.00 and then at $6.10 1/4. First support is seen at $5.80 and then at $5.77 3/4.
HRW bulls’ next upside price objective is closing July prices above solid chart resistance at $6.70. The bears’ next downside objective is closing prices below solid technical support at $6.00. First resistance is seen at today’s high of $6.38 and then at $6.48 1/2. First support is seen at $6.15 and then at $6.00.
Cotton
Price action: July cotton futures fell 31 points to 76.73 cents, nearer the daily low.
Fundamental analysis: Cotton futures saw modest technical selling today. Cotton bears were also encouraged by a continued sell off in the grain futures markets. A risk-off trading day in the general, marketplace today and a higher U.S. dollar index also kept the cotton market bulls on the sidelines.
World Weather Inc. today said western Texas and southwestern Oklahoma will see additional showers and thunderstorms into Saturday, with Sunday into June 16 dry most often. Daily showers into Saturday will result in nearly all areas receiving rain at one time or another with totals through the period varying from 0.50-1.85” and locally more with some bands of heavier rain and some pockets of lighter rain. Recent and additional rain into Saturday will leave much of the region with improvements in soil moisture and conditions for dryland germination, establishment, and development of cotton and planting should increase when drier weather returns Sunday into June 17. Many areas will need another round of timely rain in the second half of June. The Blacklands, south Texas, and the Coastal Bend will see regular rounds of rain during the next two weeks, slowing fieldwork while maintaining favorable soil moisture.
Cotton traders will closely examine Thursday morning’s weekly USDA export sales report.
Technical analysis: July cotton futures are still in a downtrend on the daily bar chart. The next upside price objective for the cotton bulls is to produce a close in July futures above technical resistance at 85.00 cents. The next downside price objective for the cotton bears is to close prices below solid technical support at 75.00 cents. First resistance is seen at this week’s high of 78.36 cents and then at 79.00 cents. First support is seen at last week’s low of 75.42 cents and then at 75.00 cents.