Markets are trading mixed to lower overnight in an extremely quiet trade as market participants wait for details from the meeting today in London between U.S. and China trade representatives.

Friday’s CFTC report showed that for the week ending 6/3, managed funds were net sellers of 53k corn to push the net short out to 154k, net sellers of 28k beans to reduce the net long to 9k, and net buyers of 1k wheat to reduce the net short to 101k. The selling in corn and beans was greater than expected while the wheat position was inline with expectations.

Managed funds on Friday were estimated as net buyers of 5k corn to reduce the net short to 141k, net buyers of 4k beans with the net long estimated at 23k, and net buyers of 4k wheat to reduce the net short to 92k.

China customs data showed record bean imports of 13.92 mmt during the month of May, which was double the amount they imported in April. April imports were a 10-year low as Brazil shipments ran into logistical difficulties, slowing their export pace.

Three of Trump’s top aides will meet Chinese counterparts today with talks aimed at resolving the current trade dispute.

Ukraine said grain exports for 2025/26 were expected to drop to 35 mmt, down from 40 mmt in 2024/25.

Ag Rural reported Brazil 2nd corn harvest at 1.9% complete.

The Rosario Exchange in Argentina said trade between the U.S. and Vietnam could diminish grain trading between Argentina and Vietnam. Vietnam currently sources most of its corn and soymeal from Argentina.

Corn posted a higher high, higher low, and higher close on Friday as we the market consolidated for much of last week. There is risk that we see continuation of the trend after the recent consolidation as the market has corrected from oversold. Support is 4.34 and resistance 4.60.

Beans posted a higher high, higher low, and higher close on Friday as the market worked into the upper end of its recent range. The market is getting to be overbought after recent gains and is hitting trendline resistance this morning. Support is 10.40 and resistance 10.60.

Corn is starting the week lower with a non-threatening forecast weighing on new crop while July is supported by old crop tightness. Technically, the market is still not showing much strength with the market needing some adverse weather to make funds switch from sellers to buyers. Producers can look at option strategies that establish floors to protect new crop.

Beans are trading higher to start the week, seeing follow-through after last week’s gains that were driven by optimism that U.S./China trade relations will improve.  Record Chinese bean imports in May could mean their demand will slow for the next couple months, but the market will likely react positively to friendly trade developments. Regardless of that, though, we do still have record global supplies, which give the bean market downside risk moving forward. Producers should make sure sales are caught up and protect unsold bushels with options.

Corn down 2-6

Beans up 1