TFM Morning Update 06-02-2026

CORN

Corn futures remain under pressure this morning with the market extending recent losses. July corn is trading 2 cents lower at $4.42, while December futures are down 3 cents at $4.69-1/2.
USDA rated 67% of the U.S. corn crop in good-to-excellent condition as of Sunday, down from 69% at the same point last year.
Crop-friendly weather across the Midwest has continued to pressure grain markets despite USDA reporting Monday that corn and soybean crop conditions are running slightly below year-ago levels. Traders remain focused on favorable forecasts and the potential for strong crop development, which has outweighed concerns about the modest decline in crop ratings.

Soybean futures are trading slightly lower this morning, following modest weakness in energy markets and the broader grain complex. July soybeans are down 3-3/4 cents at $11.77, while November futures are 2-3/4 cents lower at $11.86.
The soybean crop was rated 66% good-to-excellent, compared to 67% a year ago. While both crops remain in relatively strong condition overall, ratings are running slightly below year-ago levels.
Friday’s CFTC Commitment of Traders report showed managed funds as net sellers of soybeans. As of May 26, funds had reduced their net long position by 18,252 contracts, leaving them net long 189,552 contracts.

Wheat futures are lower across the board this morning as the market continues to balance U.S. production concerns against ample global wheat supplies. Looking at July contracts, Chicago wheat is down 4-3/4 cents at $6.04, Kansas City wheat is 7-3/4 cents lower at $6.39-1/4, and Minneapolis spring wheat is down 2 cents at $6.50.
Russian wheat export prices remained firm last week, supported by a strong ruble and continued reluctance among farmers to market grain. However, analysts expect Russian wheat export shipments to slow during June as available supplies tighten and farmer selling remains limited.
The Ukrainian Grain Association estimates Ukraine’s 2026 wheat harvest at 22.8 mmt, up slightly from the 22.5 mmt crop produced in 2025. The group also projects 2026/27 wheat exports at 17.0 mmt, compared to 13.5 mmt during the previous marketing year.

Matthew Lucas