Corn • Soybeans • Wheat | June 5, 2026

Grain markets started off in the month of June taking risk off as speculators are tapering off near record long positions. Steady planting progress and optimal weather through the corn belt have provided steady planting progress have been a constant headwind. Corn has pulled back toward the lower end of its recent range on new crop and is now sitting at contract lows for old crop. Soybeans are following the downward trend but thanks to recent rallies are sitting at median pricing levels, and wheat has backed off sharply from its mid-May rally highs now having lost over $1.00 in the last 3 weeks. Current futures remain sensitive to weather forecasts, export demand, energy prices, and any confirmed changes in Chinese buying interest.

Corn

Corn futures have been in a steady downtrend, with July corn making new lows for the move as favorable U.S. weather, fund selling, and softer export demand pressured prices. July corn has now traded to a new contract low, while December corn fell to a 4½-month low. USDA’s May WASDE still points to a large 2026/27 U.S. crop near 16.0 billion bushels, down from last year but still historically large, with ending stocks projected at 1.957 billion bushels.

Farmer takeaway: Corn is sitting at or near lows varying by contract, consider rewarding any rallies with incremental sales, especially on old-crop bushels.

Soybeans

Soybeans had been the relative strength leader due to strong soybean oil and biofuel demand, but the market broke hard this week with soybeans falling $0.60 across most contracts. USDA’s May outlook projected 2026/27 U.S. soybean production at 4.435 billion bushels and record crush at 2.750 billion bushels, supported by soybean oil demand as a biofuel feedstock.

Farmer takeaway: Soybeans are still holding better than corn and wheat on a relative basis, but the break below recent support argues for disciplined target offers if futures recover.

Wheat

Wheat has had the largest two-month pullback. USDA’s May WASDE projected U.S. all-wheat production at 1.561 billion bushels, down 424 million bushels from last year, with reduced winter wheat production supporting the earlier May rally. However, the market has since given back most of that rally as harvest pressure, improved Plains moisture, weak export demand, and broad grain selling weighed on prices.

Farmer takeaway: Wheat is only a few cents above its recent low. Watch harvest pressure, and quality concerns.

What We’re Watching Next

Weather: U.S. corn and soybean crops started in solid condition, with USDA reporting corn 93% planted and 67% good/excellent, while soybeans were 87% planted and 66% good/excellent as of May 31
Exports: Corn export sales were at the low end of expectations, soybean export interest remains uncertain, and wheat demand remains soft
Global competition: Brazil and Argentina remain major forces in corn and soybean trade, while global wheat production and exportable supply remain sensitive to weather in the U.S., EU, Black Sea, Argentina, and Australia.
Outside markets: Crude oil, soybean oil, fertilizer, freight, and currency moves continue to influence grain sentiment and local basis.

Marketing Thought

With futures near the bottom of the recent range, basis and discipline matter. Corn and wheat are trading very close to two-month lows, while soybeans have also weakened sharply after holding up better earlier in the spring. Keep target offers working, know breakevens, and consider using rallies to price bushels where you can.

Contact our merchandising team for current bids, basis levels, and contract alternatives.