Note: Markets and government offices will be closed Friday for the Juneteenth federal holiday. As a result, there will be no Pro Farmer updates.
Corn
Price action: July corn fell 3 1/2 cents to $4.17 1/2, near mid-range and for the week up 4 3/4 cents.
5-day outlook: This holiday-shortened trading week ended with the bulls again frustrated that they cannot put together a winning streak. Very good growing conditions over most of the Corn Belt are squelching the bulls. Extended weather forecasts for the Corn Belt are reaching out into early July with no significant perils seen for the U.S. corn crop.
USDA this morning reported daily sales of 285,775 MT of U.S. corn to Mexico during 2026-27. The agency also reported weekly U.S. corn export sales totaled 1.157 MMT during the week ended June 11, up 16% from the previous week but down 8% from the four-week average. Net sales totaled 519,000 MT for 2026-27. Analysts expected old-crop sales to range from 700,000 MT to 1.4 MMT and new-crop sales between 400,000 MT and 1.2 MMT.
Traders will keep watching the weekly USDA crop progress reports on Monday afternoons.
30-day outlook: The most critical growing month of the season for U.S. corn lies just ahead. Weather in the Corn Belt still leans price-bearish. Most of the U.S. Midwest, Delta and southeastern states are going to get enough showers and thunderstorms over the next two weeks to maintain good crop development conditions. A part of the lower Delta may get too wet, while portions of the Southeastern States get needed rain. Some relief to dryness will occur over time in South Dakota, Nebraska, Minnesota and northwestern Iowa, although it will be a gradual process with follow-up rain needed. Safrinha corn areas of Brazil will receive additional waves of rain, slowing crop maturation and harvest progress. The moisture might be good for the more immature crops in the south.
The late-June USDA planted acreage updates are starting to draw trader attention and speculation on what the agency will report. There are growing notions U.S. planted corn acres won’t be reduced much. The key pollination window falls in late June to early July for most of the Midwest.
90-day outlook: Weekly U.S. corn export inspections cooled this week but remain above the five-year average, supported by the value-buying in corn. Domestic and export demand for corn is still robust. The closely followed annual Pro Farmer crop tour in late August will be a main late-growing-season market factor for corn.
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 9 1/4 cents to $11.22 3/4, nearer the daily low and for the week up 9 1/4 cents. July soybean meal lost $3.50 to $301.30, nearer the daily low, hit a 4.5-month low and for the week unchanged from last Friday’s close. July bean oil fell 185 points to 69.69 cents, nearer the daily low, hit a two-month low and for the week were down 459 points.
5-day outlook: The sell offs in soybean meal and bean oil markets today helped to sink soybeans, despite new export business to China. Weather in the Midwest still leans firmly price-bearish for the soy complex markets.
USDA reported daily sales of 132,000 MT of U.S. soybeans to China and 120,000 MT to unknown destinations during 2026-27. Meantime, the agency reported weekly U.S. soybean sales totaled 424,900 MT during the week ended June 11, up noticeably from the previous week and four-week average. Net sales for 2026-27 totaled 304,100 MT. Old-crop sales topped analysts’ pre-report estimates which ranged from 100,000 to 300,000 MT, while new-crop sales were within the range of expectations of 250,000 to 500,000 MT.
30-day outlook: World Weather Inc. today said soybean yield potential will remain very high through the next two weeks as the Midwest will see regular rain through the end of the month and mild temperatures through at least most of the next week, leaving much of the region with moist soils that will favorably support crop development into at least early July. Some flooding will likely result from bands of heavy rain into Monday in areas outside of the eastern Dakotas to Wisconsin, with less frequent rain expected Tuesday into July 2 important in allowing rivers and streams to recede before flooding becomes serious. A close watch will be made on the rainfall distribution in the west-central and northwestern Corn Belt, where many areas are still in need of rain to ensure crops have adequate soil moisture if drier weather were to evolve in early July.
The late-June USDA planted acreage updates will be a major focal point of the month for soy complex traders.
90-day outlook: August is arguably the most important growing month for most of the U.S. soybean crop. That means there is still plenty of time for a weather-market scare to pop up in soybeans. Focus will also be on the annual Pro Farmer crop tour that occurs in late August.
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 wheat fell 7 cents to $6.05 3/4, nearer the daily low and for the week up 21 1/4 cents. July HRW wheat lost 8 1/2 cents to $6.44, nearer the daily low and for the week up 9 1/2 cents. September spring wheat futures fell 1/2 cent to $6.47 3/4, nearer the daily low and for the week up 5 3/4 cents.
5-day outlook: The winter wheat futures markets ended a fairly good holiday-shortened trading week on a down note. This week the bulls started working on price uptrends on the daily bar charts, but have more heavy lifting ahead of them, amid sickly corn and soybean markets.
USDA this morning reported weekly U.S. wheat export sales totaled 400,800 MT for the 2026-27 marketing year during the week ended June 11. Net sales were within analysts’ range of estimates which ranged from 300,000 to 700,000 MT.
Meantime, a rise in Russian attacks on Ukrainian seaports and vessels could cut monthly grain shipments by as much as a third and have left terminal operators facing mounting losses they say they cannot cover alone, according to Reuters to cited officials and industry executives.
Monday afternoon’s weekly USDA crop progress reports and the U.S. winter wheat condition ratings will be closely scrutinized by wheat traders.
30-day outlook: World Weather Inc. today said that in U.S. HRW country, periodic showers and thunderstorms will impact the region during the next two weeks, somewhat benefiting wheat. The precipitation will be good for late-season wheat development. In the Northern Plains, periods of rain and sun, alongside generally cooler biased temperatures this coming week, will aid in maintaining soil conditions and supporting crop development across the crop region.
90-day outlook: Winter wheat harvest is in full swing and will move north in the coming weeks. Harvest in HRW country is well underway, with Texas at 75% complete and Kansas at 28%. Abandonment rates are likely to trend higher this year as harsh drought and freezes hit fields hard. Early reports provided to the Kansas Wheat Commission show protein quality near average in harvested fields.
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 85 points to 76.05 cents, near mid-range and for the week up 311 points.
5-day outlook: The cotton futures market today saw a corrective pullback from recent good gains. A stronger U.S. dollar index and lower crude oil prices today helped to weigh on cotton futures.
Today’s weekly USDA export sales report showed U.S. cotton sales of 177,100 running bales (RB) for 2025/2026 were down 15 percent from the previous week but up 5 percent from the prior 4-week average. Increases primarily for Pakistan (76,600 RB), India (39,600 RB) and Vietnam (21,000 RB). Net sales of 188,400 RB for 2026/2027 were primarily for Vietnam (65,600 RB), Pakistan (39,600 RB) and Indonesia (22,500 RB). Exports of 251,000 RB were down 16 percent from the previous week and 15 percent from the prior 4-week average. The destinations were primarily to Vietnam (66,300 RB), Pakistan (33,100 RB), Turkey (28,000 RB) and Bangladesh (24,500 RB).
30-day outlook: World Weather Inc. today said west Texas still needs significant moisture, especially in the dryland areas of the southwest, but only a limited amount of rain is expected for a while. Some moderate to heavy rain has impacted south Texas, the Texas Coastal Bend and portions of the Blacklands. Some of that heavier rain may also impact the lower Delta. Crops in the upper Delta will remain favorably wet if not a little too wet in a couple of pockets while the southeastern states wait on greater rainfall to ease dryness. Some of that needed rain will fall later this week. Meantime, favorable harvest weather should continue in Argentina, despite a few brief showers. Brazil’s Safrinha cotton is suspected of being in mostly good shape, although some rain would be welcome to induce the best yields in the most immature crops. Cotton harvesting is just beginning and it will continue for several weeks. Bahia’s harvest is more advanced than that of the center-west.
90-day outlook: The major U.S. stock indexes are not far below their recent record highs. Also, gasoline prices at the pump have dropped below $4.00 a gallon, on average. These are cotton-market-friendly elements that suggest U.S. consumer confidence will be upbeat in the coming months, meaning better demand for fall/winter apparel after Labor Day.
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.