TFM Morning Update 06-08-2026

CORN

Corn is trading lower to start the day as funds continue to barrel down on grains, taking July corn to new contract lows. July corn is down 3-3/4 cents to $4.13-3/4 while December is down 3-1/2 cents to $4.42-1/2.
There was rainfall over the weekend throughout the Midwest and rains last week in other drought stricken areas. This has set up the Corn Belt with plenty of moisture early in the month and may improve crop ratings.
Friday’s CFTC report saw funds as sellers of corn as of June 2. They sold 90,422 contracts which reduced their net long position to 115,082 contracts. There is concern over what prices might look like if funds decide to take a net short position.

Soybean futures are sharply lower again with July now trading below all major moving averages. July soybeans are down 7-3/4 cents to $11.13-3/4 while November is down 6-1/4 cents to $11.31-1/2. July soybean meal is down $2.80 to $305.70 and July soybean oil is down 0.49 cents to 73.62 cents.
Over the weekend, there was renewed fighting between Israel and Iran which threatens the cease-fire. This caused crude oil to rise by 2.3%, but fund selling has kept soybean oil prices suppressed instead of following crude higher.
Friday’s CFTC report saw funds as sellers of soybeans. They sold 33,502 contracts of soybeans, leaving them long 156,050 contracts. They bought 15,015 contracts of soybean oil and bought 4,091 contracts of bean meal.

All three wheat classes are trading higher to start the day with July Chicago wheat up 1/2 cent to $5.80-1/2, KC up 6 cents to $6.26-3/4, and Minn up 3/4 cent to $6.20-1/4. Wheat has held up better than corn and soybeans due to extremely poor crop ratings.
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.
Friday’s CFTC report saw funds as sellers of Chicago wheat by 39,165 contracts which increased their net short position to 57,871 contracts. They sold 13,393 contracts of KC wheat leaving them with a net long position of 13,477 contracts.

Amanda Brill