Daily Commodity Market Analysis -- 06/08/2026

Contract	Close	Net Change
Corn July '26	418 3/4	+1 1/4
Corn Dec '26	446	unchanged
Beans July '26	1115 3/4	-5 3/4
Beans Nov '26	1135 1/2	-2
Wheat-Chi July '26	583 1/4	+3 1/4
Wheat-KC July '26	629 3/4	+9
Wheat-MN July '26	618	-1 1/2
Cotton Dec '26	77.61	+.13
Crude Oil July '26	91.04	+.50
US Dollar Index	99.9550	-.10
Dow Jones	50,786	-81

Outside markets listed may not represent the actual close based on the timing in which this letter was sent.

Daily Glance commodity market

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Well, our markets tried to reverse their slide today, and met with very limited success.

The night trade brought on still more weakness but prices staged a very modest recovery mid-session which brought July corn from down 5 to up 3 1/2, July beans from down 10 to up 4, and July Chicago wheat from down 5 to up 9, but the peak gains eroded into the close leaving corn and wheat just barely positive and beans actually returning to lower trade. 

Grain specific news was sparse, and markets continued to be directed by technical trade (more fund selling) and continued uncertainty regarding the war and any possible Chinese interest (or at least some kind of acknowledgement that they did in fact agree to anything with the US). 

The administration continues to insist that China did in fact agree to buy 25 MMT of soybeans over each of the next three years, PLUS another $17 billion worth of other US ag production, and President Trump even reaffirmed this over the weekend, stating that "better times are coming within the next three months"...but crickets from China. 

IF increased demand from China is in the cards, one would think the Chinese government would first have to announce the cancellation of their existing 10% tariffs on US corn and soybeans, but this has still not happened. 

As mentioned in Friday's letter, US sourced soybeans remain cheaper than from Brazil, a potential positive that could encourage China to finally rescind those tariffs. 

Outside markets were very volatile, with crude oil at one point showing a gain of almost $5 in reaction to aggressive Iran bombing of Israel, but mid-day Iran announced that they were halting such action for now which brought crude down to gains of less than a dollar, and prompted a recovery in stocks after Friday's brutal selloff. 

Key Points/Developments:

Technicals: The ongoing meltdown in July corn continued in early action with it making a new contract low again before its modest recovery. We still see 410-414 as the next major support levels (there is a gap on the weekly charts from 405-410 from last October).  Resistance is at 425 to start and then around 440 and 455.

July soybeans continue to take out recently cited support levels and have closed under the 200 day moving average for consecutive days. Below today's close support is near 1110 and then all the way down near 1080-1090. Resistance is likely at a 1135-1140 and then at a major Fibonacci level at 1162. 

Spreads: The July/November carry continues to weaken, closing today at a 19 3/4 cent carry, down 3 3/4 on the day.

The July/Dec corn spread actually tightened slightly today, by 1 1/4 cent, closing at a still extremely wide 27 1/4. 

Weather:  

TStorm upgraded both corn and soybeans yesterday to Favorable today, while Winter Wheat remains at Slightly Favorable.

Big rains today with very broad coverage, with more of the same expected throughout the week. 

Markets/Trading Implications

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The tough sledding continues as funds are still apparently exiting their long corn and soybeans. They are likely close to net even on corn and still net long something like 50-70k soybeans. We do not expect them to push their position in either commodity to an aggressive net short position considering how early it is in the growing season and the White House insistence that big Chinese demand is coming soon. 

We are now competitive in the world market for soybeans, and with the extremely wet forecast there is talk of possible head scab problems as harvest of SRW wheat is quickly approaching. A bottom in the wheat market would be seen as supportive to corn, and we are anticipating a recovery bounce in all three markets before moving into a more sideways trade as the crop develops and the wait for China continues. 

We're not advising any new sales here. If you're behind and feeling the pressure, give us a call before you do anything into a break like this.

Other Notes

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• The June Supply and Demand report is scheduled for release on Thursday, and only small changes are expected. 

• Today's weekly export inspections showed continued very strong corn exports, and soft soybeans and wheat inspections. 

  
  

Today's Crop Progress report indicated that corn is now 96% planted, soybeans 89%.

Corn conditions are 67% good/excellent, unchanged from last week. 

Soybean conditions are 65% good/excellent, down 1% from last week. 

Static Notes

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The Commitment of Traders report for trading through Tuesday, June 2 showed actively traded funds sold a net 90k corn contracts, taking net longs down to 115k. They sold 34k soybeans, bringing net longs down to 156k, and sold 39k Chicago wheat, pushing net shorts up to 58k. 

In the corresponding week of price activity, July corn lost 18 cents, July beans lost 21 cents, and Chicago wheat lost 33 cents. In the three days since this report, corn lost another 23 cents, soybeans lost another 44 cents, and Chicago wheat lost another 23 cents. This all suggests that funds are likely near flat in corn, which is pretty remarkable considering where they were just a handful of weeks ago.

Have a nice evening!

Clayton and Taylor

The following table is a "bird's eye" view of our recommended sales levels. Please note that these are meant to be very general guidelines and do not apply to all readers due to the critical differences and unique situations that may exist. Among other possible differences, those current with the following coverage levels might be perfectly comfortable with the expectation of buying some of these sales back at lower levels, whereas others might have no interest in doing so. commodity market

commodity market

Crop Year	2025/26	2026/27	2027/28
Corn	80%	40%	0%
Soybeans	85%	40%	0%
Wheat	100%	30%	0%

RISK DISCLAIMER:Trading in futures products entails significant risks of loss which must be understood prior to trading and may not be appropriate for all investors. Please contact your account representative for more information on these risks. Past performance of actual trades or strategies cited herein is not necessarily indicative of future performance.