TFM Morning Update 06-05-2026

CORN

July corn futures remain under pressure this morning as the market continues to search for support. July corn is trading 3-3/4 cents lower at $4.20-3/4, while December futures are down 3-1/4 cents at $4.48-1/2.
July corn posted a new contract low, trading below the previous low established on August 12 of last year at $4.28-1/2.
Corn charts remain technically bearish as continued long liquidation weighs on the market and fresh bullish catalysts remain absent.

Soybean futures are mixed this morning, with old-crop contracts facing modest losses while new-crop futures are posting small gains. July soybeans are trading 2 cents lower at $11.27, while November futures are up 3/4 of a cent at $11.42-1/4.
Argentina’s soybean harvest is now nearly 92% complete, with the Buenos Aires Grain Exchange continuing to project total production at 50.1 mmt.
With large soybean crops already harvested in Argentina and Brazil, a strong U.S. crop would likely push global ending stocks higher. So far, weather conditions have been supportive of strong U.S. production prospects, particularly if final acreage shifts result in additional soybean plantings.

The wheat complex is mixed this morning. Looking at July contracts, Chicago wheat is 1-1/2 cents higher at $5.83-1/4, Kansas City wheat is 1-3/4 cents lower at $6.18-1/2, and Minneapolis spring wheat is 1 cent higher at $6.22.
Russia’s Agriculture Ministry reported that spring wheat planting had reached 7.1 million hectares as of May 26, which is 12% behind last year’s pace. Persistent rainfall has slowed fieldwork in several key growing regions.
If wet conditions continue, delays could ultimately result in reduced planted area and may also create risks to yield potential later in the growing season.

Matthew Lucas