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Gary's Blog 06/04/26 12:42:33 PM
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6-1-26 Planting progress %
TW LW OH
Corn 93 86 73
Beans 87 79 68
6-4-26
The bears are in total control of the grain markets. Selling has picked up as it feels we are at or near total market capitulation. The technicals, trends, & momentum all pointed down. Weather forecast could be considered “ideal” for much of the Midwest. Wheat harvest will start to pick up steam in the south and west (HRW areas) but drought/crop stress has been largely “priced in” the market. Corn and bean futures are nearing long term support levels that need to hold or we could be in trouble. (another leg down) The doom and gloom of the CBOT is becoming overwhelming. The bight spot (if there was one) is local basis strong compared to our counterparts out West.
6-3-26
There appears to be no end to the liquidation on the CBOT as grains fell hard again today. Chart support levels failed to hold across the board which accelerated algo selling in all three crops late in the day. Weather is nearly ideal across the belt for early June. It’s just dry enough in the ECB to finish up planting while wet enough in the west to get those plants off to the races. Grains have recently distanced themselves from the Iran war and are back focusing on fundamentals.
6-2-26
Futures continue to leak lower as weather remains non-threatening and crops are off to a good start. Planting progress numbers were 93% complete in corn and 87% in soybeans. (basically done) Funds have liquidated sizable net longs recently as weather premiums disappear. Technicals turned negatived but at some point, we will find stability as we are along ways from the crop being “made.” Locally producers are back in the field and should be finished up by the weekend.
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