Markets are trading lower this morning with wheat continuing to seek out new lows, corn sees follow-through after a weak close yesterday, and beans give back a portion of yesterday’s gains.

Managed funds to start the week were estimated as net buyers of 1k corn to push the net long back to 7k, net buyers of 20k beans to push the net long to 50k, and net sellers of 4k wheat to push the net short to 126k.

Crop progress on Monday showed corn planted at 62% (60 expected), bean planted 48% (47 expected), spring wheat planted 66% (62 expected), and wheat rated 54% g/e (51 expected).

The USDA showed tighter than expected corn and bean balance sheets on Monday with strong export demand driving the move. U.S. corn/bean production was as expected. Global corn stocks were much tighte rthan expected and global bean supplies were smaller than expected, but still comfortable. Overall, the focus will shift to weather in the coming weeks as we start the critical portion of the U.S. growing season.

France’s farm ministry lowered their wheat area estimate but still expects a big rebound in production this year. They estimated French corn area at 1.48m hectares, which is down 7.6% from last year.

China estimated 2025/26 soybean imports at 95.8 mmt, which was considerably lower than the USDA’s China import forecast of 112 mmt.

Corn posted a bearish outside down day on Tuesday with the market spiking after the numbers were released, but then leaking lower the rest of the day to continue the downtrend. The market is oversold after recent losses with support near 4.40 and resistance 4.60.

Beans posted a higher high, higher low, and sharply higher close on report day with the market taking out the upper end of the recent range as well as pushing through trendline resistance. The market is overbought after recent gains. Support for July is 10.60 and resistance 10.80.

Corn had a disappointing reaction to the USDA numbers on Monday, which showed global corn ending stocks at their tightest level since the 2013/14 marketing year. We have already seen a seasonal “planting progress” break over the last few weeks, so prices are expected to stabilize as focus shifts to U.S. summer weather. Producers can pump the brakes on new downside protection and consider establishing positions that would work if we get a bounce related to U.S. weather concerns.

Beans surged to new recent highs on Monday, reacting to bullish U.S./China trade news and USDA stocks in the U.S. and globally that were smaller than expected. With that said, the USDA export estimate looks pretty optimistic considering we are still in a trade war, China estimated their imports 16.2 mmt smaller than the USDA, and global bean stocks are still forecast at a new record. Producers should make sure bean sales are caught up and look at option strategies to cover the downside.

Corn down3-4

Beans down 3