TFM Midday Update 06-08-2026

CORN

Corn futures are slightly higher to start the week as they recover from severely oversold levels. July corn is currently a penny higher at 418-1/2 while December futures are also a penny higher at 447.
After several weeks of aggressive selling, managed money is estimated to hold only a modest net-long position of roughly 30,000–40,000 corn contracts. That compares to a bullish position approaching 350,000 contracts long in early May, highlighting the scale of fund liquidation that has accompanied the recent decline in corn futures.
Weather models continue to call for widespread rainfall across much of the Corn Belt over the next week. The heaviest precipitation is expected from eastern Kansas through northern Illinois, including some of the region’s driest production areas. If realized, the forecast would further improve soil moisture profiles and reinforce expectations for favorable crop development heading into the heart of the growing season.

July soybeans are down 2 cents currently at 1119, while November futures are down less than a penny at 1136-3/4.
With the vast majority of the U.S. corn and soybean crop now planted, forecasted rainfall across the Midwest this week is viewed as largely beneficial for crop establishment and early-season growth. Longer-range forecasts are also calling for below-normal temperatures in portions of the Dakotas later in June. While the trend bears watching, it is not currently viewed as a significant threat to crop development.
Demand for soy products remains exceptionally strong. Soybean oil continues to benefit from robust domestic biofuel demand and historically strong crush margins, while old-crop soybean meal demand is being supported by record export commitments. The strength in both product markets continues to encourage aggressive crushing activity despite weakness in soybean futures.

Wheat futures are higher to start the week. July CBOT wheat is currently 7 higher at 587, July KCBOT wheat is 11-1/2 higher at 632-1/4 and July MIAX spring wheat is 6-1/2 higher at 626.
Since the May USDA WASDE report sharply reduced Hard Red Winter wheat production estimates, front-month Kansas City wheat futures have fallen more than $1.35 per bushel. The decline appears to reflect a classic “buy the rumor, sell the fact” reaction, with broader weakness in corn and soybean markets adding additional pressure to wheat prices.
Wheat’s recent selloff highlights the market’s focus on abundant near-term supplies and harvest pressure, while longer-term production risks in the Southern Hemisphere remain largely a story for later in the year.

Keegan Madigan