Technical Graveyard — Corn Carves New Lows as the Grain Complex Cracks

Recap video from 6.5.2026

Bears Run the Board: Grains Slide, Cattle Sell Off on Screwworm Scare

The bears were running the show again today. Corn's sitting three cents off its contract low, soybeans dropped double digits, and the cattle complex caught a fresh wave of selling the moment the bell rang. The lone bright spot on the board? Lean hogs. 

July Corn

The selling in corn has been incredibly relentless over the last two weeks, and this morning, it's more of the same. July corn just scored new contract lows, taking out the old lows from August, 428 1/2.  A wild flip considering we were at the highest prices in over a year just about a month ago.  Technical pressure has snowballed and leaves a technical graveyard on the chart.  The Relative Strength Index is now a touch below 30, which is the line in the sand for something being "oversold".  This July contract has not seen an RSI sub-30 once in the last year.  Yesterday was day four of the downdraft, today would be day 5.  Potentially some of this is "forced liquidation" from risk departments.  Once that gets cleared, potentially we can stage a relief rally, but it would likely be just that, relief.  

December Corn

December corn futures are down to the lowest prices since February, with contract lows about 15 cents away.  The RSI is on the brink of going below 30, which would be the most oversold level since January 13th, where we bottomed out. Like the old crop contract, the chart is a technical graveyard, but there are some lingering catalysts that could still keep December corn interesting in the back half of the year.  Two reports this month, a WASDE a week from today and an acreage report at the end of the month.  Changing weather forecasts and a wild card in the Straight of Hormuz.

July Soybeans

Soybean futures have surprisingly been the market that's held best over the last few weeks, but this week's trade is starting to play catchup as technicals are starting to give way.  The break below the low end of the consolidation zone from March and April is concerning as it leaves a lot of air on the chart.  Shorter term moving averages like the 20 and 50 are starting to turn too.  Bears have clear control until we see consecutive closes back above 1190-1192.  Support from here is at the 200-day moving average, 1136.  Below that and there's another air gap that could take prices back to 11 and potentially below. 

November Soybeans

November soybeans had been a source of hope on the chart through the spring time, but that started to turn sour over the last few weeks as a series of lower highs were marked and prices broke below key trendline support.  From here, Bears are eyeing 1140 as the next meaningful area of support, which aligns with the lower portion of the range from April/May as well as the 100-day moving average.  Below that and 1112 is in the cards.  If you're a producer and think you missed the top, maybe you did (maybe you didn't).  But don't let that paralyze you from making a decision today.  Just look at what corn and wheat have done. 

If you need help devising a strategy, please reach out to our trade desk: (312) 278-0500 

July Wheat

Wheat futures are attempting to hold some ground near the 200-day moving average and 4-star support, 575-577.  Yesterday we talked about making it to this point potentially being the near term spot of exhaustion.  A relief rally could give the market some higher action from here, but it might just remain a relief rally that invites more selling against resistance. 

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