Row-Crop Markets Steady from Recent Dive

EARLY MORNING GLOBEX NET CHANGES: July corn is up 2 cents per bushel, July soybeans are steady, July KC wheat is up 1/4 cent, July Chicago wheat is up 2 1/4 cents, and MIAX September Minneapolis wheat is up 0.0100 cents. 

CME GLOBEX RECAP: On Monday, July corn rose 1 1/4 cents, July soybeans dropped 5 3/4 cents, and July KC wheat was up 3 1/4 cents. Soybean basis was stronger on Monday, while soft red winter wheat, corn, hard red winter wheat, and spring wheat basis held steady. Selling in the row-crop markets slowed at the start of the week, following a steep drop last week. Bargain hunters stepped into the corn and wheat markets, helping them finish in the green. Traders are still awaiting fresh soybean sales to China, despite the USDA announcing on Monday that purchases were made by an unknown buyer believed to be China.

OUTSIDE MARKETS: The previous close on Monday showed the Dow Jones Industrial Average down 80.77 at 50,786.01 and the S&P 500 up 21.99 at 7,405.73. The 10-Year Treasury yield ended at 4.552%. Early Tuesday, the June Dow Jones Futures are up 96 points. European markets are mixed, with the spot futures of London’s FTSE 100 trading down 0.23%, the spot futures of Germany’s DAX trading up 0.55%, and the spot futures of France’s CAC 40 Index trading up 0.82%. Asian markets are higher, with Japan’s Nikkei 225 Index up 2.17% and China’s Shanghai Composite Index up 1.28%. 

The June Euro is up 0.003 at 1.157, and the June U.S. Dollar Index is down 0.234 at 99.790. The September 30-Year T-Bond is down 3/32nds, while August gold is down $8.10 at $4,355.30, and July crude oil is down $2.02 at $89.28. On China’s Dalian Exchange, July corn was up 0.52% while July soybeans were down 0.4%, September soybean meal was down 0.14%, and August Malaysian Palm Oil was trading down 1.05%.

MORE COMMODITY-SPECIFIC COMMENTS

CORN:

Corn futures are up 2 cents early Tuesday, with the July contract at $4.19 per bushel. The national average basis for corn was steady at 34 cents under the July futures contract, while the DTN National Corn Index was up 2 cents at $3.85. The corn market shed a six-day loss, with prices bouncing off multi-month lows. Right now, the fundamentals remain bearish. However, there is a sense that the market is oversold. This may mean that upside potential is limited. On Monday, the USDA’s Weekly Export Inspection Report showed that corn inspections totaled 75.2 million bushels (mb) for the week ending June 4, 2026. Total inspections for 2025-26 are now at 2.515 bb, up 27% from the previous year. USDA is estimating corn exports to total 3.300 bb in 2025-26, up 15% from the previous year. Corn inspections in 2025-26 are running well ahead of USDA’s estimated pace, even as USDA’s estimate of corn ending stocks is 46% larger than the previous five-year average. On Monday, the USDA reported that in the most recent week, corn planting in the U.S. advanced four points to 97% complete nationally, still a point ahead of the five-year average pace for early June. 86% of the crop has now emerged, with USDA reporting that 67% is rated in good to excellent condition, steady with a week ago but 4 points lower than at this point in 2025.

SOYBEANS:

Soybean futures are steady on Tuesday, with the July at $11.15 1/2 per bushel. The national average basis for soybeans was 1 cent stronger at 57 cents under the July futures, while the DTN National Soybean Index was down 5 cents at $10.59. On Monday, the soybean market dropped for the seventh straight session, still pressured by a favorable weather outlook for June and uncertainty about Chinese demand for U.S. soybeans. Technically, the July contract has no clear support level, having broken below all three major moving averages. Soybean inspections totaled 14.6 mb for the week ending June 4, 2026. Total inspections for 2025-26 are now at 1.325 bb, down 20% from the previous year. USDA is estimating soybean exports to total 1.530 bb in 2025-26, down 19% from the previous year. Soybean inspections are running behind USDA’s estimated pace, even as its soybean ending stocks estimate is 20% larger than the previous five-year average. In the most recent week, soybean planting in the U.S. advanced 5 points to 92% complete nationally, four points ahead of the five-year average pace for early June. 79% of the crop has now emerged, with USDA reporting that 65% is rated in good to excellent condition, down 1 point from last week and 3 points lower than at the same point in 2025. 

WHEAT:

Wheat futures are up 1/4 of a cent early Tuesday morning, with the July contract at $6.30 per bushel. The national average basis for hard red winter (HRW) wheat was steady at 59 cents under the July futures contract, while the DTN National Hard Red Winter Wheat Index was up 9 cents at $5.71. The national average basis for hard red spring (HRS) wheat was unchanged at 44 cents under the MIAX Minneapolis July futures contract, while the DTN National Hard Red Spring Wheat Index was unchanged at $5.76. Wheat inspections totaled 11.7 mb for the week ending June 4, 2026. Total inspections for 2026-27 are now at 7.9 mb, up 7% from the previous year. USDA is estimating wheat exports to total 775 mb in 2026-27, down 15% from the previous year. Wheat inspections are running ahead of the USDA’s estimated pace. As of the most recent week, 11% of the 2026 U.S. winter wheat crop is harvested, ahead of the normal pace for early June. Crop ratings worsened yet again, with 46% of the crop now considered to be in poor or very poor condition, with USDA expecting the smallest U.S. winter wheat crop since 1965 as of the May Crop Production report.