Due to the Juneteenth federal holiday on Friday, this week was cut short by a day. The short week offers a long weekend for the market to have a break. After juking and jiving this week, it needs one. As the title suggests, there was also a little sweeter flavor for the bulls this week, as most of the grains all but gave a loose answer to last week’s question of if we were to the bottom. Thursday humbled the bulls to a certain extent. Still, seeing some modest strength gives the bulls a better feeling heading into a 3-day weekend. While it may not be a full-on confirmation, this week’s action was a step in the right direction for the bulls to start a climb or at least stop the bleeding.
Corn pared back some gains on Thursday, but still saw a 4 ¾ cent gain from last Friday. December bounced back 3 3/4 cents. Monday’s Crop Progress data tallied 94% of the US corn crop as emerged by June 14. Condition ratings improved 1% to 68% good/excellent, with a 373 rating on the Brugler500 index, also up 1 point. EIA showed ethanol production slipping 6,000 barrels per day to 1.102 million bpd in the week of 6/12. Stocks were up 22,000 barrels in that week 24.474 million barrels. USDA Export Sales data indicated old crop corn business at 1.157 MMT in the week of June 11. New crop sales were 519,035 MT in that week. Old crop export commitments are now 99% of the USDA export number at 83.924 MMT, ahead of the each of the last 3 year’s pace.
The wheat complex continued pushed higher this week, led by the Chicago market. SRW futures were up 21 ¼ cents in the July contracts. July KC wheat was up 9 ½ cents on the short week. MPLS spring wheat was 4 ¾ cents higher. Crop Progress data from NASS showed 25% of the US winter wheat crop harvested by last Sunday. Conditions were up 2% to 27% good/excellent this week, as the Brugler500 index was 4 to 267 points. Spring wheat was 95% emerged, with 6% of the crop headed. Ratings were up another 3% to 55% of the crop in gd/ex condition, a 352 rating on the Brugler500 index, up 2 points from the week prior. Weekly Export Sales data from the week of June 11 showed sales for 2026/27 at 400,844 MT. Total commitments for the new marketing year are at 24% of the USDA export projection at 5.019 MMT, compared to the average pace of 26%.
Soybeans saw marginal strength, up 9 ½ cents, mainly on Tuesday rumor buying in Chinese inquires, as Wednesday and Thursday were selling the fact. July soybean meal steady this week, with July bean oil falling back 459 points. USDA confirmed some export business, with a total of 564,000 MT in 2026/27 sales and 60,000 MT reported in the daily reporting system. Crop Progress data this week showed the US soybean crop at 95% planted by June 14, with emergence listed at 88%. Crop ratings were back up 1% this week, showing 66% of the US soybean crop in good or excellent condition, which translates to a 368 on the Brugler500 index, 1 point higher on the week. NOPA’s monthly crush report from Monday showed just 208.785 mbu of soybeans crushed during May. That was up 8.27% from last year but down 1.45% from April. Soybean oil stocks were tallied at 1.735 billion lbs, a draw of 10.9% from last month. Export Sales data showed soybean bookings at 424,869 MT in the week ending on 6/11. New crop business was reported at 304,083 MT. Export commitments compared to the USDA projection are now 99% complete, at 40.584 MMT, which is 1 percentage point ahead of last year and matches the pace from the two years prior.
Live cattle posted some modest strength this week, just August up $5.45 since last Friday. Cash trade was slow, with bids near the $254 area on Thursday. August feeder cattle were $9.17 higher on the week. The CME Feeder Cattle Index was down just 95 cents week/week to $367.05. Wholesale boxed beef prices were higher this week, as the Chc/Sel spread holding firm at $19.17. Choice boxes were up $1.99 cents/cwt on the week to $393.92, as Select was $2.03 higher at $374.75 as of Thursday. USDA Cattle on Feed data from Thursday showed May placements down 9.7% from a year ago. Marketings were down 11.77% compared to 2025 at 1.551 million head. June 1 on feed inventory was 2.09% larger than the same period last year at 11.682 million head.
Hogs are having a tough time finding footing with the lack of seasonal strength, as July was down $2.42 on the week. The CME Lean Hog Index was down 57 cents this week at $92.43 as of June 16. USDA’s Pork Carcass Cutout saw continued weakness, with a loss of $3.69 on the week to $93.71/cwt. The butt was the main driver, down $18.05, with the rib the only primal reported higher. Export Sales data from USDA showed pork sales for 2026 at 16,123 MT for the week ending on 6/11, with shipments tallied at 29,962 MT. Both of those were the lowest weekly totals for 2026.
Cotton rebounded this week as July was up 311 points. Crop Progress data was released on Monday this week, showing 86% of the US cotton crop planted by last Sunday, with 19% squared. Condition ratings were down 2 percentage points at 51% gd/ex, with the Brugler500 index improving 1 point to 346. Export Sales from the week of 6/4 were tallied at 177,098 RB for old crop, with 188,395 RB for new crop, as shipments were at 250,964 RB. The Adjusted World Price was back up 111 points to 62.37 cents/lb on Thursday.
Market Watch
Next week splits the two holiday shortened weeks, starting with the weekly Export Inspections report on Monday morning per the normal schedule, with the NASS Crop Progress report out that afternoon. Weekly EIA data will be out on Wednesday morning, with the midweek session also first notice day for July cotton futures. Thursday see the weekly Export Sales report, as well as government PCE data in the morning. The Hogs & Pigs report from NASS will be released on Thursday afternoon. July grain options expire on Friday.
Tech Talk: December Corn
December corn has eased the selling this week. Bulls were active on Monday posting a hammer bottom candlestick, which came ½ cent shy of an outside day higher. Tuesday and Wednesday provided some follow through to the upside, though bulls were tripped up on Thursday to close out the week. Stochastics have a very long drawn out buy signal. MACD is bearish and hasn’t been triggered for a buy signal, though momentum bars are short. We’re not going to front run the buy signal, but the chart is looking for some bottoming action. Support has been the old contract low at $4.39, with a 2X Fib expansion support at $4.32. The initial resistance area to the upside is the 1/3 speedline off the May high at $4.52.
There is a risk of loss in futures and options trading. Similar risks exist for cash commodity producers. Past performance is not necessarily indicative of future results.
Copyright 2026 Brugler Marketing & Management. All rights reserved.
Short and Sweet(ish). Ag Marketing Report 06/22/2026
Due to the Juneteenth federal holiday on Friday, this week was cut short by a day. The short week offers a long weekend for the market to have a break. After juking and jiving this week, it needs one. As the title suggests, there was also a little sweeter flavor for the bulls this week, as most of the grains all but gave a loose answer to last week’s question of if we were to the bottom. Thursday humbled the bulls to a certain extent. Still, seeing some modest strength gives the bulls a better feeling heading into a 3-day weekend. While it may not be a full-on confirmation, this week’s action was a step in the right direction for the bulls to start a climb or at least stop the bleeding.
Corn pared back some gains on Thursday, but still saw a 4 ¾ cent gain from last Friday. December bounced back 3 3/4 cents. Monday’s Crop Progress data tallied 94% of the US corn crop as emerged by June 14. Condition ratings improved 1% to 68% good/excellent, with a 373 rating on the Brugler500 index, also up 1 point. EIA showed ethanol production slipping 6,000 barrels per day to 1.102 million bpd in the week of 6/12. Stocks were up 22,000 barrels in that week 24.474 million barrels. USDA Export Sales data indicated old crop corn business at 1.157 MMT in the week of June 11. New crop sales were 519,035 MT in that week. Old crop export commitments are now 99% of the USDA export number at 83.924 MMT, ahead of the each of the last 3 year’s pace.
The wheat complex continued pushed higher this week, led by the Chicago market. SRW futures were up 21 ¼ cents in the July contracts. July KC wheat was up 9 ½ cents on the short week. MPLS spring wheat was 4 ¾ cents higher. Crop Progress data from NASS showed 25% of the US winter wheat crop harvested by last Sunday. Conditions were up 2% to 27% good/excellent this week, as the Brugler500 index was 4 to 267 points. Spring wheat was 95% emerged, with 6% of the crop headed. Ratings were up another 3% to 55% of the crop in gd/ex condition, a 352 rating on the Brugler500 index, up 2 points from the week prior. Weekly Export Sales data from the week of June 11 showed sales for 2026/27 at 400,844 MT. Total commitments for the new marketing year are at 24% of the USDA export projection at 5.019 MMT, compared to the average pace of 26%.
Soybeans saw marginal strength, up 9 ½ cents, mainly on Tuesday rumor buying in Chinese inquires, as Wednesday and Thursday were selling the fact. July soybean meal steady this week, with July bean oil falling back 459 points. USDA confirmed some export business, with a total of 564,000 MT in 2026/27 sales and 60,000 MT reported in the daily reporting system. Crop Progress data this week showed the US soybean crop at 95% planted by June 14, with emergence listed at 88%. Crop ratings were back up 1% this week, showing 66% of the US soybean crop in good or excellent condition, which translates to a 368 on the Brugler500 index, 1 point higher on the week. NOPA’s monthly crush report from Monday showed just 208.785 mbu of soybeans crushed during May. That was up 8.27% from last year but down 1.45% from April. Soybean oil stocks were tallied at 1.735 billion lbs, a draw of 10.9% from last month. Export Sales data showed soybean bookings at 424,869 MT in the week ending on 6/11. New crop business was reported at 304,083 MT. Export commitments compared to the USDA projection are now 99% complete, at 40.584 MMT, which is 1 percentage point ahead of last year and matches the pace from the two years prior.
Live cattle posted some modest strength this week, just August up $5.45 since last Friday. Cash trade was slow, with bids near the $254 area on Thursday. August feeder cattle were $9.17 higher on the week. The CME Feeder Cattle Index was down just 95 cents week/week to $367.05. Wholesale boxed beef prices were higher this week, as the Chc/Sel spread holding firm at $19.17. Choice boxes were up $1.99 cents/cwt on the week to $393.92, as Select was $2.03 higher at $374.75 as of Thursday. USDA Cattle on Feed data from Thursday showed May placements down 9.7% from a year ago. Marketings were down 11.77% compared to 2025 at 1.551 million head. June 1 on feed inventory was 2.09% larger than the same period last year at 11.682 million head.
Hogs are having a tough time finding footing with the lack of seasonal strength, as July was down $2.42 on the week. The CME Lean Hog Index was down 57 cents this week at $92.43 as of June 16. USDA’s Pork Carcass Cutout saw continued weakness, with a loss of $3.69 on the week to $93.71/cwt. The butt was the main driver, down $18.05, with the rib the only primal reported higher. Export Sales data from USDA showed pork sales for 2026 at 16,123 MT for the week ending on 6/11, with shipments tallied at 29,962 MT. Both of those were the lowest weekly totals for 2026.
Cotton rebounded this week as July was up 311 points. Crop Progress data was released on Monday this week, showing 86% of the US cotton crop planted by last Sunday, with 19% squared. Condition ratings were down 2 percentage points at 51% gd/ex, with the Brugler500 index improving 1 point to 346. Export Sales from the week of 6/4 were tallied at 177,098 RB for old crop, with 188,395 RB for new crop, as shipments were at 250,964 RB. The Adjusted World Price was back up 111 points to 62.37 cents/lb on Thursday.
Market Watch
Next week splits the two holiday shortened weeks, starting with the weekly Export Inspections report on Monday morning per the normal schedule, with the NASS Crop Progress report out that afternoon. Weekly EIA data will be out on Wednesday morning, with the midweek session also first notice day for July cotton futures. Thursday see the weekly Export Sales report, as well as government PCE data in the morning. The Hogs & Pigs report from NASS will be released on Thursday afternoon. July grain options expire on Friday.
Tech Talk: December Corn
December corn has eased the selling this week. Bulls were active on Monday posting a hammer bottom candlestick, which came ½ cent shy of an outside day higher. Tuesday and Wednesday provided some follow through to the upside, though bulls were tripped up on Thursday to close out the week. Stochastics have a very long drawn out buy signal. MACD is bearish and hasn’t been triggered for a buy signal, though momentum bars are short. We’re not going to front run the buy signal, but the chart is looking for some bottoming action. Support has been the old contract low at $4.39, with a 2X Fib expansion support at $4.32. The initial resistance area to the upside is the 1/3 speedline off the May high at $4.52.
There is a risk of loss in futures and options trading. Similar risks exist for cash commodity producers. Past performance is not necessarily indicative of future results.
Copyright 2026 Brugler Marketing & Management. All rights reserved.