Grains Report 06/02/2026

WHEAT
General Comments: Wheat closed a little lower in both markets yesterday on forecasts and reports for improving weather in Wheat areas. The crop condition ratings are the lowest in over 30 years in HRW areas and have provided some support for prices. Crop conditions should start to show some improvement soon, but were mostly stable last week. The Winter Wheat harvest has started. The US denies that a MOU is ready but said one is close at hand. USDA showed deteriorating crop conditions last week as rains are now occurring in the central areas of the Great Plains and are forecast to continue. Conditions are good in the US Midwest and in much of Europe but Russia has been too cols. The weather is now featuring precipitation for parts of the Midwest along with variable temperatures.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to down. Support is at 606, 598, and 591 July, with resistance at 661, 679, and 688 July. Trends in Kansas City are mixed to down. Support is at 664, 649, and 641 July, with resistance at 688, 722, and 750 July. Trends in Minneapolis are not available.

RICE:
General Comments Rice closed lower yesterday on good weather in growing areas and despite ideas of sharply reduced planted and harvested area in the US. Production was cut back mostly due to reduced planted and harvested area. Yields were actually held high in the USDA estimates. Traders anticipate less production this year in the US and around the world due to low prices. USDA said that Rice planted area would be about 12% less in the coming year. Planting and emergence are ahead of average and condition is rated high but slipped a little last week. Demand remains moderate to poor for US Rice.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1237, 1215, and 1188 July and resistance is at 1277, 1301, and 1308 July.

CORN AND OATS
General Comments: Corn was lower yesterday as crop conditions improved in the Midwest and despite news of higher petroleum prices tied to a hotter weekend in the Iran war.. Strong planting and emergence progress are reported in reports released by USDA last week and on forecasts for good growing conditions in the Midwest. Planting has been very active in all of the Midwest and is now almost done. Emergence is ahead of normal and last year. Condition is rated to be very good. Spring Wheat progress is ahead of norml and condition is rted as better than Winter Wheat but stikll not real good. It looks dry this week. Temperatures in the Midwest should be turn warmer for the next week. Conditions are called good in Argentina and big production is expected there. Oats were lower and trends are mixed on the weekly charts.
Overnight News:
Chart Analysis: Trends in Corn are mixed to down. Support is at 440, 437, and 434 July, and resistance is at 449, 452, and 455 July. Trends in Oats are mixed to down. Support is at 339, 330, and 321 July, and resistance is at 367, 377, and 387 July.

SOYBEANS
General Comments: Soybeans and Soybean Meal were lower yesterday on reports of improved conditions in the Midwest. Rapid planting and emergence progress was shown by USDA last week and forecasts for good conditions continue. Condition is rated high by USDA in the latest reports. Futures were also lower on the lack of news on China and Iran although the war in Iran was hotter over the weekend. Soybean Oil was higher. Temperatures have been cool in the Midwest. Warm temperatures are expected for the next week. There is talk that more Soybeans could be planted as Corn planting is more expensive. The big South American harvests are also weighing on prices.
Overnight News:
Analysis: Trends in Soybeans are mixed. Support is at 1172, 1168, and 1157 July, and resistance is at 1208, 1220, and 1235 July. Trends in Soybean Meal are mixed. Support is at 326.00, 322.00, and 310.00 July, and resistance is at 335.00, 338.00,and 342.00 July. Trends in Soybean Oil are mixed. Support is at 7630, 7440, and 7300 July, with resistance at 7970, 8080, and 8200 July.

PALM OIL AND CANOLA
General Comments: Palm Oil was closed today and Canola was higher yesterday as conditions have turned hot and dry in the Prairies.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 770.00, 762.00, and 751.00 July, with resistance at 784.00, 790.00, and 796.00 July. Trends in Palm Oil are mixed. Support is at 4390, 4320, and 4270 August, with resistance at 4550, 4580, and 4680 August

Questions? Ask Jack Scoville today at 312-264-4322