Corn
Price action: July corn futures fell 7 cents to $4.24 1/2, nearer the daily low and hit a contract low. July corn has closed lower for five straight sessions.
Fundamental analysis: The steep price downdraft in the corn futures market continues. Short-selling from the speculative traders and weak long liquidation from the big funds and small retail traders have been featured lately. Generally good 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 much less than seen in the March report.
USDA this morning reported daily sales of 115,000 MT of U.S. corn to Colombia during 2026-27. The agency also reported weekly U.S. corn sales of 883,300 MT for 2025-26 during the week ended May 28, down 13% from the previous week and down 32% from the four-week average. Net new-crop sales totaled 243,700 MT.
World Weather Inc. today said portions of northern Illinois, southeastern Wisconsin, northwestern Indiana, southeastern Iowa and southwestern Michigan need moisture and should get it this weekend and especially next week. 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. Planting in the United States is advancing well around periods of rainfall. A favorable mix of weather is expected to prevail in through next week supporting fieldwork of all kinds and crop development. Meantime, southern Safrinha corn areas of Brazil have been trending drier recently. Northern safrinha crop areas are dry and crops are filling, maturing and beginning to be harvested. Some rain next week and near mid-month may delay early-season harvesting in the north and may benefit late maturing crops in the south.
Technical analysis: Corn market bears have the solid overall near-term technical advantage amid a steep price downtrend in place on the daily bar chart. However, the market is now well oversold from a short-term technical perspective.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 $4.00. First resistance is seen at $4.30 and then at $4.35. First support is seen at today’s contract low of $4.22 and then at $4.17.
What to do: Get current with advised sales.
Hedgers: You should be 70% priced in the cash market on 2025-crop. Hedgers should have 10% forward sold and 40% protected with $4.80 strike December puts.
Cash-only marketers: You should be 70% priced in the cash market on 2025-crop. You should also have 30% of expected 2026-crop production sold for harvest delivery.
Soybeans
Price action: July soybeans fell 24 1/2 cents to $11.29 1/2, nearer the daily low and hit a four-month low. July soybean meal fell $7.10 to $313.70, nearer the daily low and hit a two-month low. July soybean oil lost 242 points to 76.29 cents, near the daily low.
Fundamental analysis: The soybean complex futures markets today saw weak long liquidation from the speculative traders, including the big fund players. Weather in the Midwest leans price-bearish for the soy complex. Lower crude oil prices today also weighed on the complex, especially bean oil.
USDA this morning reported weekly U.S. soybean export sales totaled 276,900 MT for the week ended May 28, down 8% from the previous week, but up 24% from the four-week average. Net sales totaled 243,000 MT for 2026-27.
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 and most eastern areas seeing dry weather and favorable conditions for fieldwork today and again Sunday into Tuesday. 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 potential deep into the month if drier weather were to evolve late this month. Gradual warming will occur early next week, and some west-central and southwestern areas will warm to the middle and a few upper 90s Wednesday and next Thursday before cooler air returns Friday of next week into the following weekend.
Technical analysis: The soybean bears have the overall near-term technical advantage as prices are trending down on the daily chart. However, the market is now short-term oversold and due for a corrective bounce. The next near-term upside technical objective for the soybean bulls is closing July prices above solid resistance at $11.80. The next downside price objective for the bears is to close prices below solid technical support at $11.00. First resistance is seen at $11.40 and then at $11.50. First support is seen at $11.20 and then at $11.10.
Soybean meal bears have gained the overall near-term technical advantage. Prices are now in an downtrend on the daily bar chart. The next upside price objective for the meal bulls is to produce a close in July futures above solid technical resistance at $328.00. The next downside price objective for the bears is to close prices below solid technical support at $300.00. First resistance comes in at $317.00 and then at $320.00. First support is seen at $310.00 and then at $305.00.
Bean oil bulls still 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 78.00 cents and then at today’s high of 78.74 cents. First support is seen at 75.00 cents and then at 74.00 cents.
What to do: Get current with advised sales.
Hedgers: Sell 20% of the 2025 crop to advance sales to 90%. Hedgers should be 10% forward sold with 40% protected with November put options.
Cash-only marketers: You should be 90% priced in the cash market on 2025-crop. You should also have 30% of expected 2026-crop production sold for harvest delivery.
Wheat
Price action: July SRW lost 5 1/2 cents to $5.81 3/4, nearer the daily low and hit a seven-week low. July HRW fell 3 3/4 cents to $6.20 1/4, near mid-range low and hit a six-week low. September spring wheat fell 3 3/4 to $6.47 1/4.
Fundamental analysis: The steep downslide continues in the winter wheat futures markets. Technical selling and weak long liquidation are featured, as well as some fresh speculator short-selling. Sharply lower corn and soybean futures prices today also helped to pressure wheat futures. Recent wetter weather in U.S. HRW wheat country has also benefited some of the winter wheat crop.
USDA this morning reported net weekly U.S. export sales reductions of 642,200 MT of wheat for 2025-26, while net sales of 838,500 MT were reported for 2026-27.
Chinese state buyers could raise wheat imports for millers later in the year as rain during the harvest has damaged some crops at the world’s top grower, with up to 7% of output seeing quality downgrades, according to Reuters.
Russian spring wheat planting continues to face delays as ongoing rains hinder growers, risking lower production. “Farmers had sowed wheat on about 7.1 million hectares as of May 26, 12% below last year, according to Agriculture Ministry estimates obtained from two local traders.
World weather today said some of the minor wheat areas in the southern United States from the Delta into the southern Plains may experience some harvest delays and quality declines because of expected rain. Portions of the southeastern states will also be a little wet. A favorable mix of weather is expected in the northern U.S. Plains and Canada’s Prairies over the next two weeks, supporting spring and summer crop development, although there will be some slowdown in fieldwork. Alberta, Canada has become a little too wet and may stay that way in some areas as additional scattered showers and thunderstorms evolve.
Technical analysis: Winter wheat market bears the overall near-term technical advantage and have momentum. However, prices are also short-term oversold. 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 $5.77 3/4 and then at $5.70.
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 Wednesday’s high of $6.38 and then at $6.48 1/2. First support is seen at $6.10 and then at $6.00.
What to Do: Get current with advised sales.
Hedgers: You are now 100% sold on the 2025 crop. You should have 30% sold for 2026.
Cash-only marketers: You are now 100% sold on the 2025 crop. You have 30% of expected 2026-crop production sold for harvest delivery next year.
Cotton
Price action: July cotton futures fell 184 points to 74.89 cents, nearer the daily low and hit a seven-week low.
Fundamental analysis: Cotton futures saw more technical selling today. Cotton bears were also encouraged by a continued steep selloff in the grain futures markets. Lower crude oil prices today were also negative for cotton futures.
World Weather Inc. today said west Texas rain potentials have been decreased notably today through the weekend. Completely dry weather is unlikely, but the deepest convection is being shifted to the east of the region which will cut out the potential for generalized significant rain. Nonetheless, scattered showers and thunderstorms are still expected into the weekend, and any rain will be better than none.
This morning’s weekly USDA export sales report showed U.S. cotton sales of 185,300 running bales (RB) for 2025/2026 were up 21 percent from the previous week and up 62 percent from the prior 4-week average. Increases primarily for Vietnam (109,900 RB), Pakistan (16,500 RB), Turkey (14,200 RB) and China (11,000 RB).Net sales of 77,100 RB for 2026/2027 were primarily for Mexico (24,000 RB), Indonesia (14,100 RB), Pakistan (12,300 RB) and Vietnam (10,600 RB). Exports of 268,800 RB were down 15 percent from the previous week and down 12 percent from the prior 4-week average. The destinations were primarily to Vietnam (79,100 RB), Turkey (48,200 RB), Pakistan (41,700 RB) and China (26,200 RB).
Technical analysis: July cotton futures are 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 72.50 cents. First resistance is seen at 76.00 cents and then at this week’s high of 78.36. First support is seen at 74.00 cents and then at 73.50 cents.
What to do: Get current with advised sales.
Hedgers: You are now 100% sold on old-crop. You are 60% sold for 2026-crop sales at this time.
Cash-only marketers: You are 100% sold on 2025-crop. You are 60% sold for 2026-crop sales at this time.