Daily Commodity Market Analysis -- 06/09/2026

Contract	Close	Net Change
Corn July '26	419 1/4	+6
Corn Dec '26	445 1/4	-6
Beans July '26	1113 3/4	-2
Beans Nov '26	1132	-3 1/2
Wheat-Chi July '26	585 1/4	+2
Wheat-KC July '26	630 3/4	+1
Wheat-MN July '26	617 1/2	-2
Cotton Dec '26	75.45	-2.16
Crude Oil July '26	88.51	-2.79
US Dollar Index	99.950	Unch
Dow Jones	50,865	+9

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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Our markets finally showed a few signs of life today, though it was a grind to get there. Corn and wheat clawed their way from lower overnight trade into modest gains by the close, while beans put in another lower low before paring some of the damage and still finishing red.

Grain specific news was again thin. The trade stayed tied to the technical picture and the same two questions that have hung over it for weeks now, the war and whether China ever acknowledges the deal Washington keeps insisting on.

The bigger headline came out of the Strait of Hormuz. Iran shot down a US Army Apache helicopter overnight, with both crew members rescued safely a couple hours later by a Navy drone boat. President Trump confirmed it midday and said the US must respond, which briefly put a couple dollars back into crude. The market didn't seem to know what to make of it, and by the close crude was still down nearly three dollars and well off yesterday's high.

Outside markets stayed volatile across the board, with crude touching a six week low before the helicopter headline and equities seeing another leg lower from Friday's selloff before again firming.

Key Points/Developments:

Technicals: July corn avoided making a lower low for the first time since May 22nd today, a positive sign that the selling has at least slowed for the time being. We see the 410-415 area as nearby support while longer term support sits just below 400.  Resistance is at 425 to start and then around 440 and 455.

The selling in July soybeans has certainly slowed and thus there is major bullish divergence brewing, but we need a lasting move above 1121 for that to take shape. That remains resistance as of now, then 1135 and 1160. Support is just above 1100 and then down towards 1080.     

Spreads: The July/November carry firmed to 17 1/4 cents today, up from its recent low near 21.

The July/Dec corn spread continues to tighten, closing at a 25 cent carry today, its tightest level since May 28th. The nearby low is near 30.

Weather:  Winter wheat slipped to Neutral today, downgraded on the wet forecast and building head scab risk as SRW harvest nears. Corn and beans stay at Favorable.

Storms keep firing across the northern Plains and the southeast half to two-thirds of the central US through Sunday, then shift to the southern third early next week. Temps turn cooler through Friday and sharply cooler for about five days as a cold front comes through this weekend. Warmth builds back in around the 18th to 20th, but the pattern looks to keep firing storms, which should cap the heat and hold soil moisture in decent shape into late month.

Markets/Trading Implications

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We're seeing some progress on the charts. A few shorter term moving averages have crossed back over in a positive way in corn and wheat, and there's bullish divergence forming on the soybean charts. Early, but it's the first constructive read we've had in a while. We need more though, especially in soybeans, including a close back above $11.20.

The June report lands Thursday. As mentioned in today's voiceblast, this one has historically brought some volatility, and with average trade guesses pointing to a big nothing, our guess is fund managers would be more inclined to worry about a surprise than to press here. We'd be surprised to see them keep stepping on the gas, and we really don't see them looking to build a short position in corn.

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. 

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.