TFM Morning Update 06-15-2026

CORN

Corn is trading lower this morning but has not taken out its low from Monday. July corn is down 2-1/2 cents to $4.16-1/2 while December is down 2-1/4 cents to $4.44-1/2.
U.S. and Iranian officials said they have agreed to a framework aimed at ending the conflict, lifting the U.S. blockade of Iranian ports, and reopening the Strait of Hormuz.
The preliminary agreement has weighed heavily on crude oil prices, as traders anticipate a restoration of global energy flows and reduced supply risks. Key issues surrounding Iran’s nuclear program remain unresolved and will be addressed in future negotiations.

Soybean futures continue to face pressure this morning as weakness in energy markets weighs on the complex. July soybeans are down 4-1/4 cents at $11.09-1/4, while November futures are trading 3-1/2 cents lower at $11.28-1/2.
Oil prices moved lower after U.S. President Donald Trump and Iranian officials indicated that a tentative agreement had been reached to halt hostilities and reopen the Strait of Hormuz. The prospect of renewed shipping through the critical energy corridor reduced concerns about supply disruptions and pressured crude oil prices lower.
With the June WASDE report now behind the market, traders are shifting their focus back to weather developments across the Corn Belt. Attention is also turning toward the highly anticipated USDA Acreage and Grain Stocks reports at the end of the month.

The wheat market continues to trade lower this morning as traders attempt to balance a reduced U.S. supply outlook against still-ample global wheat supplies. Looking at July contracts, Chicago wheat is down 9-1/4 cents at $5.75-1/4, Kansas City wheat is down 9-1/4 cents at $6.25-1/4, and Minneapolis spring wheat is 1-1/4 cents lower at $6.18-1/4.
Greater availability of key agricultural inputs has also added pressure to the wheat market. The tentative agreement between the U.S. and Iran has weighed on energy prices and improved expectations for the flow of fertilizer and fuel through the Strait of Hormuz, reducing concerns about input costs for global crop production.
USDA lowered its winter wheat production forecast by 2% in the June WASDE report, citing persistent drought conditions across portions of the Plains. The reduction pushed hard red winter wheat production to its lowest level since 1957, highlighting the impact adverse weather has had on the crop despite generally ample global wheat supplies.

Matthew Lucas