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6-9 Opening Update: Grains Trading Lower to Start the Week

ByGrain Market Insider

All prices as of 6:30 am Central Time

Corn

JUL ’25 441.5 -1
DEC ’25 445.75 -3.5
DEC ’26 474 -2.25

Soybeans

JUL ’25 1058.5 1.25
NOV ’25 1037 0
NOV ’26 1059.5 -0.25

Chicago Wheat

JUL ’25 551 -3.75
SEP ’25 565.75 -3
JUL ’26 629 4

K.C. Wheat

JUL ’25 544.25 -5
SEP ’25 558.5 -4
JUL ’26 620 -0.75

Mpls Wheat

JUL ’25 632 -3.25
SEP ’25 642 -2
SEP ’26 681.75 0

S&P 500

SEP ’25 6066.75 6.25

Crude Oil

AUG ’25 63.81 0.18

Gold

AUG ’25 3338.4 -8.2

  • Corn is trading slightly lower this morning in relatively quiet trade following four consecutively higher closes. Weather forecasts are wet over the next week before they are expected to turn drier this summer.

  • This Thursday, the USDA will release its WASDE report, and early estimates see corn production slightly lower from last month but relatively unchanged. Ending stocks are expected to fall slightly to 1.789 bb.

  • Friday’s CFTC report saw funds sell a whopping 53,283 contracts of corn which left them with a net short position of 154,043 contracts.

  • Soybeans are mixed this morning with the July contract trading higher while deferred contracts are lower. Today would be a fifth consecutive higher close if momentum improves. Soybean meal is trading lower while soybean oil is higher.

  • Today, trade officials from the US and China are meeting in London to discuss the trade dispute. After last week’s call between Trump and Xi that was described as productive, things seem to be moving in a positive direction.

  • Friday’s CFTC report saw funds as sellers of soybeans by 28,096 contracts which left them with a long position of 8,601 contracts. They sold 21,998 contracts of oil and 2,932 contracts of meal.

  • All three wheat classes are trading lower this morning as funds continue to pile into their massive short position. Global weather and escalations between Ukraine and Russia remain bullish fundamentally.

  • Last week, Russia retaliated on Ukraine for the attack that wiped out a large portion of Russia’s air force. This retaliation is causing fears that crucial Black Sea grain exporting infrastructure will be damaged which would be friendly for prices.

  • Friday’s CFTC report saw funds as buyers of Chicago wheat by 654 contracts leaving them short 100,572 contracts. They bought back 1,333 contracts of KC wheat which left them short 78,028 contracts.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

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6-6 End of Day: Grains Finish Higher to End Week

ByGrain Market Insider

All Prices as of 2:00 pm Central Time

Grain Market Highlights

  • 🌽 Corn: Corn futures found close higher on short covering going into the weekend. Extended weather forecast turning drier helped drive prices.

  • 🌱 Soybeans: Soybeans rebounded from early losses, led by concerns over drought conditions heading further into June and July.

  • 🌾 Wheat: All three wheat classes finished higher today, finding support from increasing war tensions between Russia and Ukraine.

  • To see the updated U.S. weather outlook maps, scroll down to the other charts/weather section.

Note – For the best viewing experience, some Grain Market Insider content is best viewed with your phone held horizontally.

Corn

2024 Crop: 

  • Plan A: No active targets.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: Eight sales recommendations made to date, with an average price of 494.

    • Changes:

      • None.

      • Continuing to hold out for potential upside volatility during the growing season before issuing the next sales recommendations.

2025 Crop: 

  • Plan A:

    • Exit all 510 December calls @ 43-5/8 cents.

    • Exit half of the December 420 puts @ 43-3/4 cents.

    • Exit one-quarter of the December 420 puts if December closes at 411 or lower.

    • Roll-down 510 & 550 December calls if December drops to 399.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: Seven sales recommendations have been made to date, with an average price of 461.25.

    • Changes:

      • None.

      • Well positioned for growing season volatility, with a solid base of sales already in place. Both upside and downside targets remain active — ready to begin legging out of open options positions and to roll down call options as market conditions warrant.

2026 Crop: 

  • NEW ALERT – Sell a fourth portion of your 2026 corn. The December ‘26 contract has reached the upside target of 474.

  • Plan A: No active targets.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: Now four sales recommendations have been made to date, with an average price of 462.

    • Changes:

      • None.

To date, Grain Market Insider has issued the following corn recommendations:

  • The corn market finished the week with some buying strength, led by short covering and value buying in the July futures. December corn closed the week 10 ¾ cents higher and traded higher for 4 consecutive sessions. July corn was still 1 ½ cents lower on the week and posted its lowest weekly close since October.

  • Early season weather has been favorable for a good start to this year’s corn crop, but some longer-range models are showing a possibility of drier forecast for the west-central corn belt for the end of June into July. A possible weather concern has triggered some short covering of new crop corn this week.

  • USDA will release the June WASDE report on June 12. While changes will likely be minimal for new crop projections, analysts are anticipating a demand increase for old crop bushel, lowering the 2024-25 carryout projects. Solid ethanol and export demand this spring supports possible adjustments.

  • Brazil corn prices have been under heavy pressure as harvest picks up speed and the prospects of a large harvest build due to good growing conditions. Weakness in Brazil corn prices have pressured old crop US corn prices.

  • Despite fresh corn supplies from Argentina and Brazil in the export market, US corn prices are still competitive. Rumors were in the market that South Korea was a purchaser of corn this week out of the Pacific Northwest ports.

Corn Futures Eye Weather Risks After May Pullback
After bouncing off the key $4.50 level in April following a bullish WASDE and a break above the 50-day moving average, corn futures faced renewed pressure through May. Rapid planting progress and lingering demand concerns dragged prices back below $4.70. So far, the $4.45–$4.50 support zone — reinforced by the 200-day moving average — has held firm. With planting nearing completion, market focus is quickly shifting to summer weather. NOAA’s extended outlook for a warmer, drier Western Corn Belt could revive risk premium and set the stage for weather-driven rallies. Resistance emerges near $4.70, with stronger resistance around the April highs at $4.90.

Soybeans

2024 Crop:

  • Plan A: Next cash sale at 1107 vs July.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: Three sales recommendations made to date, with an average price of 1089.

    • Changes:

      • None.

      • No Changes (for Now): While there are no adjustments at the moment, Monday’s close below 1036 support could prompt a revision to Plan A in the near future. Stay alert for potential updates.

2025 Crop:

  • CONTINUED OPPORTUNITIES –

    • Buy January ‘26 1040 put options for approximately 49 cents in premium, plus fees and commission. This is a recommendation to purchase a second round of 1040 puts, following the first round advised on May 6.

    • Sell another portion of your 2025 soybean crop.

  • Plan A:

    • No active sales targets.

    • Exit one-third of 1100 call options at 1085 vs November.

    • Exit remaining two-thirds of 1100 November call options at 88 cents.

  • Plan B:

    • No active targets.

  • Details:

    • Sales Recs: Now two sales recommendations made to date, with an average price of 1040.25.

    • Changes:

      • None.

2026 Crop:

  • Plan A: No active targets.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: Zero sales recommendations made so far to date.

    • Changes:

      • None.

      • We’re now in the seasonal window where first sales targets for next year’s crop could post at any time. Stay tuned.

To date, Grain Market Insider has issued the following soybean recommendations:

  • Soybeans were higher to end the week and posted their fourth consecutive higher close as the longer-term forecasts turn hotter and drier. Positive trade talks between President Trump and China’s Xi this week were supportive to the soy complex as well. Soybean meal ended the day lower while soybean oil was higher.

  • The Buenos Aires Grain Exchange reported that soybean harvest in Argentina is now 88.7% complete, up 8% from the week prior.

  • Drought conditions are still persistent across the soybean belt but were seen shrinking by 1% to 16%. This compares to just 2% during the same period last year.

  • For the week, July soybeans gained 15-1/2 cents to 10.57-1/4 while November gained just 10-1/4 cents. July soybean meal was virtually unchanged losing just $0.60 at $295.70, and July soybean oil gained 0.61 cents closing at 47.50 cents.

Soybean Futures Remain Range-Bound into June
Soybean futures tumbled below the key $10.00 mark in early April on tariff-related headlines, triggering technical selling after breaking the March low. However, the decline was short-lived as buyers stepped in, lifting prices back above $10.00 and reclaiming key moving averages, including a clean break above the 200-day moving average — a level that now serves as solid support. With no fresh bullish catalyst and favorable weather weighing on sentiment, futures remain range-bound. The 200-day should continue to offer support, while resistance holds near the May high of $10.82.

Wheat

Market Notes: Wheat

  • Wheat futures found good buying strength across all three classes of wheat during Friday’s session. The July Chicago wheat contract posted its highest daily close since April 23 and finished the week 20 ¾ cents higher.

  • An increase in tensions between Russia and Ukraine triggered some short covering in the wheat market as traders have added some war premium back into the market.

  • Chinese wheat producing regions are experiencing some drought conditions as harvest approaches. The prospects of a below-average harvest have the wheat market watching for some possible increased export activity as China may need to maintain wheat supplies.

  • USDA announced that wheat export shipments for the 2024-25 marketing year reached 768.3 MB as of May 29. The total was well below the USDA target of 820 mb for the marketing, which closed on May 30. New crop wheat export sales are firm to start the new marketing year as early totals are the best in the past twelve years for this time frame.

  • Recent rainfall forecast in Hard red winter wheat growing areas has trended wetter than normal with precipitation. As harvest ramps up, wet conditions could impact the quality of the wheat harvest.

2024 Crop:

  • Plan A: No active targets.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: Four sales recommendations made to date, with an average price of 690.

    • Changes:

      • The 699.25 target has been cancelled.

      • Looking ahead, next week will likely be the final week that Grain Market Insider provides guidance on the 2024 crop before fully shifting focus to the 2025 and 2026 crops.

2025 Crop:

  • Plan A: No active targets.

  • Plan B:

    • Buy call options if July closes over 633.50 macro resistance.

  • Details:

    • Sales Recs: Five sales recommendations made to date, with an average price of 646.

    • Changes:

      • The 693.75 target has been cancelled.

2026 Crop:

  • Plan A:

    • Target 675 vs July ‘26 for the next sale.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: One sales recommendation made to date, at 624.

    • Changes:

      • None. Continue to target 675 to make a second sale.

To date, Grain Market Insider has issued the following Chicago Wheat recommendations:

Chicago Wheat Potentially Finds Support
After months of range-bound trade, Chicago wheat futures broke out in February, reaching October highs above $6.15 before quickly retreating back into their 2024 range. By mid-May, prices slipped below key support near $5.30 but have since stabilized around $5.20. The next major resistance is the 200-day moving average — a firm weekly close above it could signal a trend reversal and open the door to broader gains.

2024 Crop:

  • Plan A: No active targets.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: Three sales recommendations made to date, with an average price of 677.

    • Changes:

      • None.

      • Looking ahead, next week will likely be the final week that Grain Market Insider provides guidance on the 2024 crop before fully shifting focus to the 2025 and 2026 crops.

2025 Crop:

  • Plan A: No active targets.

  • Plan B:

    • Buy call options if July closes over 653 macro resistance.

  • Details:

    • Sales Recs: Four sales recommendations made to date, with an average price of 639.

    • Changes:

      • None.

2026 Crop:

  • Plan A: No active targets.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: Zero sales recommendations made so far to date.

    • Changes:

      • None.

      • The first sales targets could post this week — keep checking back for updates.

To date, Grain Market Insider has issued the following KC recommendations:

Kansas City Wheat Finds Support
With ample spring moisture across the Plains and sluggish demand, wheat futures have lacked bullish momentum, recently touching multi-year lows near $5.00 in early May—a level that has since held. A recovery above $5.40 would suggest a potential bottom is in place. On a rebound, the 200-day moving average marks initial resistance, with a stronger ceiling at the February highs near $6.40.

2024 Crop:

  • CONTINUED OPPORTUNITY – Sell another portion of your 2024 Minneapolis wheat crop. This marks the sixth sale for the 2024 crop and may well be the final sales recommendation for this marketing year, as Grain Market Insider shifts focus to the 2025 and 2026 crops moving forward. Use this rally as an opportunity to consider pricing any remaining unsold bushels.

  • Plan A: No active targets.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: Now six sales recommendations made to date, with an average price of 684.

    • Changes:

      • None.

      • Looking ahead, next week will likely be the final week that Grain Market Insider provides guidance on the 2024 crop before fully shifting focus to the 2025 and 2026 crops.

2025 Crop:

  • Plan A: No active targets.

  • Plan B:

    • Buy KC call options if July KC closes over 653 macro resistance.

  • Details:

    • Sales Recs: Five sales recommendations made to date, with an average price of 646.

    • Changes:

      • None.

2026 Crop:

  • Plan A: No active targets.

  • Plan B: No active targets.

  • Details:

    • Changes:

      • None.

      • First sales targets are expected to post after July 1.

To date, Grain Market Insider has issued the following Minneapolis wheat recommendations:

Spring Wheat Runs Higher on Poor Conditions
Spring wheat futures broke out of a prolonged sideways trend in late January, with momentum accelerating in mid-February after a decisive close above the 200-day moving average. Although late-month weakness briefly pulled prices below key support, futures traded mostly sideways through spring. A sharp rally was triggered in late May after crop condition ratings came in at their second lowest in 40 years, sparking short covering. Prices are now back above a confluence of moving averages and nearing the top of the recent range. Key support sits just above $6.00, with the next upside target near February’s highs around $6.60.

Other Charts / Weather

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6-6 Midday: Soybeans Edge Higher at Midday, Corn and Wheat Lower

ByGrain Market Insider

All prices as of 10:30 am Central Time

Corn
JUL ’25 441.75 2.25
DEC ’25 446.5 -1.75
DEC ’26 473 -2
Soybeans
JUL ’25 1056 4.25
NOV ’25 1034.75 1.5
NOV ’26 1055.5 -1
Chicago Wheat
JUL ’25 544.75 -0.75
SEP ’25 558.5 -1.25
JUL ’26 614.75 -2.25
K.C. Wheat
JUL ’25 538.75 -3.75
SEP ’25 552 -3.5
JUL ’26 609.75 -5
Mpls Wheat
JUL ’25 624.5 -0.75
SEP ’25 634.75 -1.25
SEP ’26 678 2
S&P 500
SEP ’25 6049 49.75
Crude Oil
AUG ’25 63.41 0.93
Gold
AUG ’25 3350.5 -24.6

  • Corn futures remain slightly weaker at midday following yesterday’s gains. Harvest pace in South America is also contributing to the slight weakness.

  • Brazil’s Ag Ministry reported that corn exports during the month of May only reached 39k mt, down from 413k mt a year ago.

  • SovEcon has increased their corn production estimate for Ukraine by 1.5 mmt to 28.3 mmt.

  • Soybeans are leaning higher at midday on support from a warmer and drier weather outlook over the next 8-14 days.

  • The Buenos Aires Grain Exchange estimates that soybean harvest in Argentina has reached 88.7%, up 8% from last week.

  • Brazil’s Ag Ministry reported that the country’s soybean exports for the month of May reached 14.1 mmt, up from 13.437 mmt during the same period last year.

  • All three wheat classes are trading lower at midday pressured by a slightly higher dollar and a weaker corn market.

  • According to the UN’s Food and Agriculture Organization, global wheat stocks for the 2025/26 season are seen at 310 mmt, down from 316.8 mmt last season.

  • BAGE pegged wheat seedings in Argentina at 23.6% complete, up from 10.5% last week.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

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6-6 Opening Update: Grains Trading Lower Following Yesterday’s Gains

ByGrain Market Insider

All prices as of 6:30 am Central Time

Corn

JUL ’25 436.5 -3
DEC ’25 446 -2.25
DEC ’26 473 -2

Soybeans

JUL ’25 1047.5 -4.25
NOV ’25 1029 -4.25
NOV ’26 1053 -3.5

Chicago Wheat

JUL ’25 543 -2.5
SEP ’25 557 -2.75
JUL ’26 615 -2

K.C. Wheat

JUL ’25 538.75 -3.75
SEP ’25 551.75 -3.75
JUL ’26 612.75 -2

Mpls Wheat

JUL ’25 623.75 -1.5
SEP ’25 634.75 -1.25
SEP ’26 678 2

S&P 500

SEP ’25 6021.25 22

Crude Oil

AUG ’25 62.44 -0.04

Gold

AUG ’25 3384.7 9.6

  • Corn is trading lower to start the day following yesterday’s gains in the deferred contracts. In counter seasonal fashion, the July contract has been losing value against new crop contracts.

  • The Buenos Aires Grain exchange has released a crop progress report showing that the corn harvest has advanced to 43.8% from 40.5% last week with rains slowing progress. Estimated production was unchanged at 49.0 mmt.

  • Yesterday’s export sales report came in below the average estimate for corn at 1,102k tons but was up from last week’s 948k tons. Primary destinations were to Mexico, Japan, and South Korea.

  • Soybeans are trading lower to start the day following three consecutive days of gains which brought prices back above the 100-day moving average. A close firmly above the 100-day would be technically bullish. Soybean meal is lower while bean oil is trading higher.

  • In Argentina, the yields for soybeans are now being forecast above previous estimates as wet soil slows harvest efforts. The crop is now 80.7% harvested compared to 80.7% last week, and production estimates are unchanged so far at 50.0 mmt.

  • Yesterday’s export sales were below the average trade guesses for soybeans at 198k tons which compared to 179k tons last week. Primary destinations were to Bangladesh, Norway, and Taiwan.

  • All three wheat classes are trading lower this morning after two consecutive days of gains but are now nearly 40 cents off last month’s low in the July contract. 

  • In China, the drought happening in the wheat belt is expected to cause a decrease in wheat production. Areas in the Henan providence have received as little as 30mm over the past three months and yield will likely be impacted.

  • Yesterday’s export sales were below the average trade estimates at 396k tons and compared to the previous week’s 583k tons. Top buyers were Nigeria, unknown destinations, and Mexico.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

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6-5 End of Day: Grains Edge Higher Following Positive Talks Between US and China

ByGrain Market Insider

All Prices as of 2:00 pm Central Time

Grain Market Highlights

  • 🌽 Corn: Corn futures finished mostly higher on the day thanks to strong export sales and flow over support from high ethanol output data yesterday.

  • 🌱 Soybeans: Soybeans got a boost on Thursday after confirmation of positive trade war talks between the U.S. and China.

  • 🌾 Wheat: Wheat futures closed higher across all three classes, supported by global production cuts and a slightly weaker dollar.

  • To see updated U.S. 7-day precipitation forecast as well as the Brazil and Argentina one-week forecast total precipitation courtesy of the National Weather Service, Climate Prediction Center and NOAA scroll down to the other Charts/Wheat section.

Note – For the best viewing experience, some Grain Market Insider content is best viewed with your phone held horizontally.

Corn

2024 Crop: 

  • Plan A: No active targets.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: Eight sales recommendations made to date, with an average price of 494.

    • Changes:

      • None.

      • Continuing to hold out for potential upside volatility during the growing season before issuing the next sales recommendations.

2025 Crop: 

  • Plan A:

    • Exit all 510 December calls @ 43-5/8 cents.

    • Exit half of the December 420 puts @ 43-3/4 cents.

    • Exit one-quarter of the December 420 puts if December closes at 411 or lower.

    • Roll-down 510 & 550 December calls if December drops to 399.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: Seven sales recommendations have been made to date, with an average price of 461.25.

    • Changes:

      • None.

      • Well positioned for growing season volatility, with a solid base of sales already in place. Both upside and downside targets remain active — ready to begin legging out of open options positions and to roll down call options as market conditions warrant.

2026 Crop: 

  • Plan A: Next cash sale at 474 vs December ‘26.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: Three sales recommendations have been made to date, with an average price of 460.

    • Changes:

      • None.

      • Be prepared for the next sales recommendation at any time as sales need to be systematically and incrementally progressed based on the calendar throughout the growing season.

To date, Grain Market Insider has issued the following corn recommendations:

  • Short covering and value buying helped lift the corn markets for the second consecutive session as new corn crop prices led the market higher. December corn futures are trading 9 ¾ cents higher going into Friday trade.

  • Despite the strong tone of demand in both export sales and ethanol usage, the corn market remained bear-spread with limited gains or extended selling pressure in the July contract. The strong planting pace, prospects of large Brazil corn crop, and crop-friendly weather forecast have seen end users comfortable with front end supplies, limited upside currently on old crop corn prices. July corn futures are 4 ½ cents lower on the week going into Friday trade.

  • USDA released corn export sales on Thursday morning. For the week ending May 29, the USDA reported new sales of 942,000 MT (37.1 mb) for 2024-25, and 160,000 MT (6.3 mb) for 2025-26. This was within analysts’ expectations. Mexico was the top buyer of U.S. corn last week. Total export sales commitments for 2024-25 marketing year now total 2.564 bb, up 27% from a year ago, and within 36 mb of the USDA target for the year.

  • Commodity markets were supported by comments by President Trump regarding his phone conversation with President Xi of China. The possibility of more dialogue eased some of the trade tensions fears that may have limited the corn market over recent sessions.

  • Weather forecast into the middle of June remains supportive for good crop growth, and a limiting gain in the corn market. Longer range models reflect a drier and warm pattern going into the end of the month, but long-range forecast lack reliability and can change daily.

Corn Futures Eye Weather Risks After May Pullback
After bouncing off the key $4.50 level in April following a bullish WASDE and a break above the 50-day moving average, corn futures faced renewed pressure through May. Rapid planting progress and lingering demand concerns dragged prices back below $4.70. So far, the $4.45–$4.50 support zone — reinforced by the 200-day moving average — has held firm. With planting nearing completion, market focus is quickly shifting to summer weather. NOAA’s extended outlook for a warmer, drier Western Corn Belt could revive risk premium and set the stage for weather-driven rallies. Resistance emerges near $4.70, with stronger resistance around the April highs at $4.90.

Soybeans

2024 Crop:

  • Plan A: Next cash sale at 1107 vs July.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: Three sales recommendations made to date, with an average price of 1089.

    • Changes:

      • None.

      • No Changes (for Now): While there are no adjustments at the moment, Monday’s close below 1036 support could prompt a revision to Plan A in the near future. Stay alert for potential updates.

2025 Crop:

  • NEW ACTION – Buy January ‘26 1040 put options for approximately 49 cents in premium, plus fees and commission. This is a recommendation to purchase a second round of 1040 puts, following the first round advised on May 6. Seasonally, May and June are key months to secure downside price protection. Adding this second layer provides additional coverage against lower prices while preserving upside potential and avoiding any further commitment of physical bushels.

  • CONTINUED OPPORTUNITY – Sell another portion of your 2025 soybean crop. The November contract closed below key 1018.50 support Monday, triggering Grain Market Insider’s Plan B strategy, which recommends selling a second portion of your 2025 soybean crop.  Bigger picture, the soybean market continues to trade within a broader range — roughly 1060 on the topside and 960 on the bottom. Monday’s break of support shifts the short-term trend within this sideways range to down, increasing the risk of a move back toward 960.

  • Plan A:

    • No active sales targets.

    • Exit one-third of 1100 call options at 1085 vs November.

    • Exit remaining two-thirds of 1100 November call options at 88 cents.

  • Plan B:

    • No active targets.

  • Details:

    • Sales Recs: Now two sales recommendations made to date, with an average price of 1040.25.

    • Changes:

      • None.

2026 Crop:

  • Plan A: No active targets.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: Zero sales recommendations made so far to date.

    • Changes:

      • None.

      • We’re now in the seasonal window where first sales targets for next year’s crop could post at any time. Stay tuned.

To date, Grain Market Insider has issued the following soybean recommendations:

  • Soybeans closed higher today following positive trade talks between President Trump and China’s Xi, which will hopefully lead to further negotiations. Today’s export sales report fell within trade expectations but were not very strong. Soybean meal was slightly higher, while bean oil was mixed in bear spreading action.

  • Today’s export sales report saw an increase of 7.1 million bushels of soybean sales for 24/25 and 0.1 mb for 25/26. This was up 33% from last week but down 30% from the prior 4-week average. Top buyers were Bangladesh, Norway, and Taiwan. Last week’s export shipments of 11.3 mb were below the 13.4 mb needed each week to meet USDA estimates.

  • Today, Presidents Trump and Xi spoke on the phone and, according to Trum,p had a very good conversation regarding the countries’ trade truce. More meetings are expected to follow and will ideally end with a trade agreement.

  • The soybean meal market could provide some support for soybean futures in the near future. Managed hedge funds are holding a near-record short position in the soybean meal market, but demand for U.S. soybean meal has been improving. Soybean meal exports for the current marketing year are at a record pace and up 5% over last year. With the prospects of tighter acres for next crop year, soybean meal could see buying strength from value buyers at these price levels.

Soybean Futures Remain Range-Bound into June
Soybean futures tumbled below the key $10.00 mark in early April on tariff-related headlines, triggering technical selling after breaking the March low. However, the decline was short-lived as buyers stepped in, lifting prices back above $10.00 and reclaiming key moving averages, including a clean break above the 200-day moving average — a level that now serves as solid support. With no fresh bullish catalyst and favorable weather weighing on sentiment, futures remain range-bound. The 200-day should continue to offer support, while resistance holds near the May high of $10.82.

Wheat

Market Notes: Wheat

  • With the exception of Minneapolis futures, wheat closed marginally higher today. Ongoing concerns about global production, along with anticipation of better U.S. and world trade relations helped keep the wheat settlements mostly positive. However, U.S. winter wheat harvest pressure may somewhat limit upside potential for now.

  • Grain markets may have received a boost today in part due to the phone call between President Trump and Chinese President Xi. It appears to have been constructive; news outlets report that Trump stated it was a “very good phone call” and this may have given traders some optimism that a trade deal is near.

  • The USDA reported a decrease of 1.8 mb of wheat export sales for 24/25, but an increase of 16.3 mb for 25/26. Shipments last week reached 19.8 mb, which is well below the 50.5 mb pace needed per week to reach the USDA’s 820 mb export goal for 24/25. Total 24/25 shipments at 768 mb are up 13% from last year.

  • Recent rains have improved the drought situation for both winter and spring wheat areas. According to the USDA, as of June 3, an estimated 12% of winter wheat acres are experiencing drought conditions – this is down 4% from last week. Meanwhile, spring wheat areas in drought dropped from 29% to 19% during the same time period.

  • LSEG sees Chinese wheat production at 141.7 mmt in their latest estimate. This would be down 1% from the last update and the decrease is due to the impact of ongoing drought. Other private estimates range as low as 133-135 mmt. For reference, last year China’s wheat crop was a record 140 mmt.

2024 Crop:

  • Plan A:

    • Target 699.25 vs July for the next sale.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: Four sales recommendations made to date, with an average price of 690.

    • Changes:

      • None.

2025 Crop:

  • Plan A:

    • Target 693.75 against July for the next sale.

  • Plan B:

    • Buy call options if July closes over 633.50 macro resistance.

  • Details:

    • Sales Recs: Five sales recommendations made to date, with an average price of 646.

    • Changes:

      • None.

2026 Crop:

  • Plan A:

    • Target 675 vs July ‘26 for the next sale.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: One sales recommendation made to date, at 624.

    • Changes:

      • None.

To date, Grain Market Insider has issued the following Chicago Wheat recommendations:

Chicago Wheat Potentially Finds Support
After months of range-bound trade, Chicago wheat futures broke out in February, reaching October highs above $6.15 before quickly retreating back into their 2024 range. By mid-May, prices slipped below key support near $5.30 but have since stabilized around $5.20. The next major resistance is the 200-day moving average — a firm weekly close above it could signal a trend reversal and open the door to broader gains.

2024 Crop:

  • Plan A: No active targets.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: Three sales recommendations made to date, with an average price of 677.

    • Changes:

      • None.

2025 Crop:

  • Plan A: No active targets.

  • Plan B:

    • Buy call options if July closes over 653 macro resistance.

  • Details:

    • Sales Recs: Four sales recommendations made to date, with an average price of 639.

    • Changes:

      • None.

2026 Crop:

  • Plan A: No active targets.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: Zero sales recommendations made so far to date.

    • Changes:

      • None.

      • The first sales targets could post this week — keep checking back for updates.

To date, Grain Market Insider has issued the following KC recommendations:

Kansas City Wheat Finds Support
With ample spring moisture across the Plains and sluggish demand, wheat futures have lacked bullish momentum, recently touching multi-year lows near $5.00 in early May—a level that has since held. A recovery above $5.40 would suggest a potential bottom is in place. On a rebound, the 200-day moving average marks initial resistance, with a stronger ceiling at the February highs near $6.40.

2024 Crop:

  • CONTINUED OPPORTUNITY – Sell another portion of your 2024 Minneapolis wheat crop. This marks the sixth sale for the 2024 crop and may well be the final sales recommendation for this marketing year, as Grain Market Insider shifts focus to the 2025 and 2026 crops moving forward. Use this rally as an opportunity to consider pricing any remaining unsold bushels.

  • Plan A: Sell more cash now.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: Now six sales recommendations made to date, with an average price of 684.

    • Changes:

      • None.

2025 Crop:

  • Plan A: No active targets.

  • Plan B:

    • Buy KC call options if July KC closes over 653 macro resistance.

  • Details:

    • Sales Recs: Five sales recommendations made to date, with an average price of 646.

    • Changes:

      • None.

2026 Crop:

  • Plan A: No active targets.

  • Plan B: No active targets.

  • Details:

    • Changes:

      • None.

      • First sales targets are expected to post after July 1.

To date, Grain Market Insider has issued the following Minneapolis wheat recommendations:

Spring Wheat Runs Higher on Poor Conditions
Spring wheat futures broke out of a prolonged sideways trend in late January, with momentum accelerating in mid-February after a decisive close above the 200-day moving average. Although late-month weakness briefly pulled prices below key support, futures traded mostly sideways through spring. A sharp rally was triggered in late May after crop condition ratings came in at their second lowest in 40 years, sparking short covering. Prices are now back above a confluence of moving averages and nearing the top of the recent range. Key support sits just above $6.00, with the next upside target near February’s highs around $6.60.

Other Charts / Weather

Above: US 7-day precipitation forecast courtesy of NOAA, Weather Prediction Center.

Above: Brazil and Argentina one-week forecast total precipitation courtesy of the National Weather Service, Climate Prediction Center.

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6-5 Midday: Grains Get Boost at Midday on Confirmation of US/China Talks

ByGrain Market Insider

All prices as of 10:30 am Central Time

Corn
JUL ’25 439.5 0.75
DEC ’25 447.25 3.5
DEC ’26 472.25 0.75
Soybeans
JUL ’25 1048.5 3.5
NOV ’25 1030.25 5.25
NOV ’26 1054 8.5
Chicago Wheat
JUL ’25 547 3.75
SEP ’25 561 3.75
JUL ’26 620.75 5.75
K.C. Wheat
JUL ’25 544.25 3.75
SEP ’25 557.5 3.5
JUL ’26 614.25 2
Mpls Wheat
JUL ’25 624.25 0.75
SEP ’25 636.5 0
SEP ’26 676 0
S&P 500
SEP ’25 6056 21.25
Crude Oil
AUG ’25 62.68 0.79
Gold
AUG ’25 3388.6 -10.6

  • Corn futures remain higher at midday on support from export sales as well as the US and China entering discussions regarding the ongoing trade war.

  • Weekly export sales for corn came in at 43 mb, which were in line with the average trade expectations. Year-to-date commitments total 2.564 billion bushels, up 27% from a year ago.

  • LSEG raised their safrina corn crop forecast to 127.4 mmt, which is still below the USDA’s estimate of 130 mmt.

  • Soybean futures have reversed higher at midday after President Trump confirmed he has spoken with China’s president and discussions were positive.

  • Weekly export sales for soybeans were at the bottom end of trade expectations, totaling just 7 mb. Year-to-date commitments total 1.788 billion bushels, up 12% from last year.

  • Anec estimates that Brazil’s soybean exports in June will be down 1.3 mmt to 12.55 mmt compared to last year. The group has also forecasted soybean meal exports for June to be down to 1.29 mmt compared to 2.05 mmt a year ago.

  • Wheat prices continue to trade higher along with the rest of the grain market at midday. Global production cuts are helping to keep support under the market.

  • Weekly export sales for wheat totaled 14 mb, which was at the low end of expectations. Year-to-date commitments are now at 782 mb, up 14% from a year ago.

  • LSEG has lowered their wheat production estimate for China by 1% to 141.7 mmt, due to drought conditions.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

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6-5 Opening Update: Corn and Wheat Higher, Soybeans Lower to Start Day

ByRyan Mainville

All prices as of 6:30 am Central Time

Corn

JUL ’25 442 3.25
DEC ’25 446.5 2.75
DEC ’26 472.25 0.75

Soybeans

JUL ’25 1041.25 -3.75
NOV ’25 1022.75 -2.25
NOV ’26 1045.25 -0.25

Chicago Wheat

JUL ’25 546.5 3.25
SEP ’25 561 3.75
JUL ’26 619 4

K.C. Wheat

JUL ’25 541.75 1.25
SEP ’25 556 2
JUL ’26 613.5 1.25

Mpls Wheat

JUL ’25 625.5 2
SEP ’25 638 1.5
SEP ’26 676 0

S&P 500

SEP ’25 6034 -0.75

Crude Oil

AUG ’25 62.06 0.17

Gold

AUG ’25 3422.7 23.5

  • Corn is trading higher again this morning following yesterday’s strength and is on track for a third consecutively higher close after nearing contract lows earlier this week.

  • Near-term forecasts remain wet across much of the Corn Belt, but the 8-14 day and extended outlooks into late June are trending hotter and drier than normal, raising concerns for crop development.

  • Estimates for today’s export sales report see corn sales in a range between 800k and 1,600k tons with an average guess of 1,156k tons. This would compare to 948k last week and 1,294k a year ago at this time.

  • Soybeans are trading lower this morning following yesterday’s gains that saw the July contract close just above the 50-day moving average but has now slipped below it. Both meal and bean oil are lower and pressuring soybeans.

  • Soybean oil stocks as of May 1 were reported 18% below last year’s levels. This drawdown comes despite sluggish biofuel demand so far in 2025, as political uncertainty continues to cloud the sector’s outlook.

  • Estimates for today’s export sales report see soybean sales in a range between 100k and 600k tons with an average guess of 278k tons. This would compare to 179k last week and 263k a year ago at this time.

  • All three wheat classes are trading higher to start the day and may see continued support as a result of dry global weather and improved demand.

  • In China, the drought happening in the wheat belt is expected to cause a decrease in wheat production. Areas in the Henan providence have received as little as 30mm over the past three months and yield will likely be impacted.

  • Estimates for today’s export sales report see wheat sales in a  range between 100k and 800k tons with an average guess of 531k tons. This would compare to 583k last week and 388k a year ago at this time.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

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6-4 End of Day: Grains Firm Midweek on Weather and Trade Hopes

ByGrain Market Insider

All Prices as of 2:00 pm Central Time

Grain Market Highlights

  • 🌽 Corn: Corn futures finished mostly higher Wednesday, supported by seasonal strength and a potentially drier long-range outlook. Gains were limited by weakness in July futures and ongoing bear spreading.

  • 🌱 Soybeans: Soybeans climbed higher, buoyed by concerns over a hot, dry summer pattern and renewed optimism surrounding potential U.S.-China trade discussions.

  • 🌾 Wheat: Wheat futures posted solid gains across all classes, lifted by a weaker U.S. dollar, strength in row crops, and firmer Paris milling wheat prices.

  • To see updated U.S. weather outlook maps, scroll down to the other charts/weather section.

Note – For the best viewing experience, some Grain Market Insider content is best viewed with your phone held horizontally.

Corn

2024 Crop: 

  • Plan A: No active targets.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: Eight sales recommendations made to date, with an average price of 494.

    • Changes:

      • None.

      • Continuing to hold out for potential upside volatility during the growing season before issuing the next sales recommendations.

2025 Crop: 

  • Plan A:

    • Exit all 510 December calls @ 43-5/8 cents.

    • Exit half of the December 420 puts @ 43-3/4 cents.

    • Exit one-quarter of the December 420 puts if December closes at 411 or lower.

    • Roll-down 510 & 550 December calls if December drops to 399.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: Seven sales recommendations have been made to date, with an average price of 461.25.

    • Changes:

      • None.

      • Well positioned for growing season volatility, with a solid base of sales already in place. Both upside and downside targets remain active — ready to begin legging out of open options positions and to roll down call options as market conditions warrant.

2026 Crop: 

  • Plan A: Next cash sale at 474 vs December ‘26.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: Three sales recommendations have been made to date, with an average price of 460.

    • Changes:

      • None.

      • Be prepared for the next sales recommendation at any time as sales need to be systematically and incrementally progressed based on the calendar throughout the growing season.

To date, Grain Market Insider has issued the following corn recommendations:

  • Corn futures ended mostly higher Wednesday, supported by seasonal strength and hints of a drier long-range forecast, though gains were capped by July weakness and bear spreading.

  • While recent rainfall across the Corn Belt has pressured prices, some model runs now suggest a drier pattern for the Western Corn Belt into late June, encouraging short covering in December corn. However, long-range forecasts remain volatile and subject to change.

  • USDA will release weekly export sales on Thursday morning, and expectations are for corn sales to remain supportive. For the week ending May 28, New corn sales are expected to range from 775,000-1.4 MMT. Last week’s sales were 916,500 MT.

  • Ethanol production climbed to 1.105 million barrels per day last week, up from the previous week and last year. An estimated 107.2 million bushels of corn were used, in line with USDA’s pace for the marketing year.

Corn Futures Eye Weather Risks After May Pullback
After bouncing off the key $4.50 level in April following a bullish WASDE and a break above the 50-day moving average, corn futures faced renewed pressure through May. Rapid planting progress and lingering demand concerns dragged prices back below $4.70. So far, the $4.45–$4.50 support zone — reinforced by the 200-day moving average — has held firm. With planting nearing completion, market focus is quickly shifting to summer weather. NOAA’s extended outlook for a warmer, drier Western Corn Belt could revive risk premium and set the stage for weather-driven rallies. Resistance emerges near $4.70, with stronger resistance around the April highs at $4.90.

From Barchart – World Corn Export Prices in U.S. Dollars per metric ton. Brazil (Blue), U.S. NOLA (White), Argentina (Red), Ukraine non-GMO (yellow)

Soybeans

2024 Crop:

  • Plan A: Next cash sale at 1107 vs July.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: Three sales recommendations made to date, with an average price of 1089.

    • Changes:

      • None.

      • No Changes (for Now): While there are no adjustments at the moment, Monday’s close below 1036 support could prompt a revision to Plan A in the near future. Stay alert for potential updates.

2025 Crop:

  • CONTINUED OPPORTUNITY – Sell another portion of your 2025 soybean crop. The November contract closed below key 1018.50 support Monday, triggering Grain Market Insider’s Plan B strategy, which recommends selling a second portion of your 2025 soybean crop.  Bigger picture, the soybean market continues to trade within a broader range — roughly 1060 on the topside and 960 on the bottom. Monday’s break of support shifts the short-term trend within this sideways range to down, increasing the risk of a move back toward 960.

  • Plan A:

    • No active sales targets.

    • Exit one-third of 1100 call options at 1085 vs November.

    • Exit remaining two-thirds of 1100 November call options at 88 cents.

  • Plan B:

    • Make a cash sale if November closes below 1018.50 support (HIT 6/2).

  • Details:

    • Sales Recs: Now two sales recommendations made to date, with an average price of 1040.25.

    • Changes:

      • Target Cancelled: The Plan A upside sales target at 1114 has been cancelled following Monday’s break of 1018.50 support.

      • Heads Up: A recommendation to buy another tranche of January put options is likely coming tomorrow, based on calendar and seasonal timing considerations.

2026 Crop:

  • Plan A: No active targets.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: Zero sales recommendations made so far to date.

    • Changes:

      • None.

      • We’re now in the seasonal window where first sales targets for next year’s crop could post at any time. Stay tuned.

To date, Grain Market Insider has issued the following soybean recommendations:

  • Soybeans ended the day higher thanks to a drier extended forecast that may point to the start of a hot and dry summer. Soybean meal led the complex higher as soybean oil traded unchanged to slightly higher. President Trump’s upcoming discussion with China’s Xi may be supportive as well.

  • Roughly 13.7 million soybean acres remain unplanted, ahead of the average pace based on March Prospective Plantings, thanks to favorable early weather.

  • U.S. soybeans are now the cheapest option for smaller vessel shipments to Europe and North Africa for August–September, even undercutting northern Brazil after a sharp 25-cent basis increase there over the past two weeks.

  • Market sentiment is finding some support from the White House’s continued optimism that President Trump and China’s President Xi will hold direct talks, offering hope for improved trade relations.

Soybean Futures Remain Range-Bound into June
Soybean futures tumbled below the key $10.00 mark in early April on tariff-related headlines, triggering technical selling after breaking the March low. However, the decline was short-lived as buyers stepped in, lifting prices back above $10.00 and reclaiming key moving averages, including a clean break above the 200-day moving average — a level that now serves as solid support. With no fresh bullish catalyst and favorable weather weighing on sentiment, futures remain range-bound. The 200-day should continue to offer support, while resistance holds near the May high of $10.82.

From Barchart – World Soybean Export Prices in U.S. Dollars per metric ton. Brazil (Blue), U.S. NOLA (White), Argentina (Red)

Wheat

Market Notes: Wheat

  • Wheat futures closed higher across all three classes, supported by a weaker U.S. dollar, strength in corn and soybeans, and gains in Paris milling wheat. Frost concerns in Argentina and optimism over upcoming U.S.-China trade talks added to the bullish tone.

  • Heavy rains in the Southern Plains and Midwest are causing harvest delays and raising disease concerns due to localized flooding.

  • Bearish pressure lingers from cheap Russian wheat, with FOB offers around $225/mt and a 25% cut to their wheat export duty, now at 1,023.5 Rubles/mt through June 10.

  • Shaanxi and Henan provinces in China, which are both part of their wheat belt, continue to be impacted by hot and dry weather. And while those with irrigation systems have steady yields, some farmers claim that their harvest has been reduced by half. Official Chinese estimates are several weeks away, but the drought does appear to be having a significant impact from these anecdotal reports.

2024 Crop:

  • Plan A:

    • Target 699.25 vs July for the next sale.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: Four sales recommendations made to date, with an average price of 690.

    • Changes:

      • None.

2025 Crop:

  • Plan A:

    • Target 693.75 against July for the next sale.

  • Plan B:

    • Buy call options if July closes over 633.50 macro resistance.

  • Details:

    • Sales Recs: Five sales recommendations made to date, with an average price of 646.

    • Changes:

      • None.

2026 Crop:

  • Plan A:

    • Target 675 vs July ‘26 for the next sale.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: One sales recommendation made to date, at 624.

    • Changes:

      • None.

To date, Grain Market Insider has issued the following Chicago Wheat recommendations:

Chicago Wheat Potentially Finds Support
After months of range-bound trade, Chicago wheat futures broke out in February, reaching October highs above $6.15 before quickly retreating back into their 2024 range. By mid-May, prices slipped below key support near $5.30 but have since stabilized around $5.20. The next major resistance is the 200-day moving average — a firm weekly close above it could signal a trend reversal and open the door to broader gains.

2024 Crop:

  • Plan A: No active targets.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: Three sales recommendations made to date, with an average price of 677.

    • Changes:

      • None.

2025 Crop:

  • Plan A: No active targets.

  • Plan B:

    • Buy call options if July closes over 653 macro resistance.

  • Details:

    • Sales Recs: Four sales recommendations made to date, with an average price of 639.

    • Changes:

      • None.

2026 Crop:

  • Plan A: No active targets.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: Zero sales recommendations made so far to date.

    • Changes:

      • None.

      • The first sales targets could post this week — keep checking back for updates.

To date, Grain Market Insider has issued the following KC recommendations:

Kansas City Wheat Finds Support
With ample spring moisture across the Plains and sluggish demand, wheat futures have lacked bullish momentum, recently touching multi-year lows near $5.00 in early May—a level that has since held. A recovery above $5.40 would suggest a potential bottom is in place. On a rebound, the 200-day moving average marks initial resistance, with a stronger ceiling at the February highs near $6.40.

2024 Crop:

  • CONTINUED OPPORTUNITY – Sell another portion of your 2024 Minneapolis wheat crop. This marks the sixth sale for the 2024 crop and may well be the final sales recommendation for this marketing year, as Grain Market Insider shifts focus to the 2025 and 2026 crops moving forward. Use this rally as an opportunity to consider pricing any remaining unsold bushels.

  • Plan A: Sell more cash now.

  • Plan B: No active targets.

  • Details:

    • Sales Recs: Now six sales recommendations made to date, with an average price of 684.

    • Changes:

      • None.

2025 Crop:

  • Plan A: No active targets.

  • Plan B:

    • Buy KC call options if July KC closes over 653 macro resistance.

  • Details:

    • Sales Recs: Five sales recommendations made to date, with an average price of 646.

    • Changes:

      • None.

2026 Crop:

  • Plan A: No active targets.

  • Plan B: No active targets.

  • Details:

    • Changes:

      • None.

      • First sales targets are expected to post after July 1.

To date, Grain Market Insider has issued the following Minneapolis wheat recommendations:

Spring Wheat Runs Higher on Poor Conditions
Spring wheat futures broke out of a prolonged sideways trend in late January, with momentum accelerating in mid-February after a decisive close above the 200-day moving average. Although late-month weakness briefly pulled prices below key support, futures traded mostly sideways through spring. A sharp rally was triggered in late May after crop condition ratings came in at their second lowest in 40 years, sparking short covering. Prices are now back above a confluence of moving averages and nearing the top of the recent range. Key support sits just above $6.00, with the next upside target near February’s highs around $6.60.

From Barchart – World Wheat Export Prices in U.S. Dollars per metric ton. Russia (Blue), U.S. PNW (White), Argentina (Red), Ukraine (Yellow)

Other Charts / Weather

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6-4 Midday: Corn and Soybeans Remain Firm at Midday, Wheat Mixed

ByGrain Market Insider

All prices as of 10:30 am Central Time

Corn
JUL ’25 439.5 1
DEC ’25 440.25 1.75
DEC ’26 465.75 1
Soybeans
JUL ’25 1046.5 5.75
NOV ’25 1025.75 4.25
NOV ’26 1044.25 3.75
Chicago Wheat
JUL ’25 536.75 0.75
SEP ’25 551 0.5
JUL ’26 610.5 -0.5
K.C. Wheat
JUL ’25 534.25 -2.5
SEP ’25 548 -2.5
JUL ’26 607 -1.75
Mpls Wheat
JUL ’25 620 2
SEP ’25 633 1.75
SEP ’26 673.5 0
S&P 500
SEP ’25 6047.75 12.5
Crude Oil
AUG ’25 61.69 -0.79
Gold
AUG ’25 3396.7 19.6

  • Corn futures are getting some flow over support from Tuesday’s higher session. Weather forecasts for the second half of June are also turning drier, which is keeping support under the market.

  • Ethanol production increased to 325 million gallons, up from 310 million gallons last week and 3% higher from the same week last year. Ethanol stocks rose to 24.4 mb, up from 23.1 mb a year ago.

  • Ukraine’s Ag Minister estimates the countries corn output could be near 26 mmt. This compares to the USDA’s estimate of 30.5 mmt.

  • Soybeans and the rest of the soy complex are firm at midday on support from US and China’s scheduled negotiation talks today.

  • EU soybean imports for the 2024/25 season are at 12.94 mmt, up from 12.13 mmt last season.

  • Malaysia’s palm oil stocks are seen rising in May to 2.01 mmt according to a survey put out by Reuters. This would be the third straight month of higher stocks as production rebounds.

  • Chicago and HRS wheat remain higher at midday, supported by extended weather forecasts calling for warm and dry weather not only in the US but other countries as well.

  • LSEG’s wheat production estimate for Ukraine was left unchanged at 20.1 mmt, but mentioned drought risks across the country are increasing.

  • China has approved imports of coarse ground wheat and rye flour from Russia. This comes as concerns over production rise due to the country dealing with drought conditions.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

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6-4 Opening Update: Grains Higher Wednesday AM

ByGrain Market Insider

All prices as of 6:30 am Central Time

Corn

JUL ’25 441.75 3.25
DEC ’25 441.75 3.25
DEC ’26 467 2.25

Soybeans

JUL ’25 1044.75 4
NOV ’25 1025 3.5
NOV ’26 1044.5 4

Chicago Wheat

JUL ’25 537.75 1.75
SEP ’25 552.25 1.75
JUL ’26 611.5 0.5

K.C. Wheat

JUL ’25 537.25 0.5
SEP ’25 551 0.5
JUL ’26 606.5 -2.25

Mpls Wheat

JUL ’25 620.5 2.5
SEP ’25 634.25 3
SEP ’26 673.5 0

S&P 500

SEP ’25 6045.75 10.5

Crude Oil

AUG ’25 62.48 0

Gold

AUG ’25 3375 -2.1

  • Corn is trading higher this morning as futures attempt to build on yesterday’s reversal from multi-month lows.

  • Near-term forecasts remain wet across much of the Corn Belt, but extended outlooks into late June are trending hotter and drier than normal, raising concerns for crop development.

  • July corn futures briefly hit a new 2025 low on Tuesday before recovering to close slightly higher. The market remains technically oversold and is hovering near a key support level that has attracted buying interest in recent months.

  • Soybeans are trading higher early Wednesday, building on Tuesday’s rebound that ended a four-day losing streak.

  • Market sentiment is finding some support from the White House’s continued optimism that President Trump and China’s President Xi will hold direct talks, offering hope for improved trade relations.

  • Soybean oil stocks as of May 1 were reported 18% below last year’s levels. This drawdown comes despite sluggish biofuel demand so far in 2025, as political uncertainty continues to cloud the sector’s outlook.

  • Wheat futures are slightly higher this morning, supported by strength in corn and soybean markets.

  • Dry conditions persist across key global production areas, including the Black Sea region and much of China’s primary wheat-growing provinces, adding underlying concern.

  • Domestically, wheat condition ratings improved last week for both winter and spring varieties. Notably, North Dakota’s spring wheat showed a strong rebound from its historically low initial rating.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.