Tuesday, June 2, 2026, 7:15 am

Tuesday, June 2, 2026, 7:15 am – Monday was another negative day for our markets.  Harvest corn closed down 2 1/2, harvest soybeans closed down 1 1/4, harvest winter wheat closed down 1 1/4 and harvest spring wheat closed down 13.  In the overnight trade all of our markets remain on the negative side.  Oil closed up $4.80 yesterday at $92.16 per barrel.  It is weaker this morning with it now trading at $91.05 per barrel.  Our dollar started out yesterday morning at $0.724 US and has trended lower since then.  This morning it is currently valued at $0.722 US.

The soybean crush market in the US is operating with historic strong profit margins.  They are currently reported just over $5 per bushel crushed as soybean oil prices continue to hit new highs.  Somewhat surprisingly soybean meal prices have also remained strong even with the higher supply that the crush has provided. 

Winter wheat prices have fallen 8 days in a row in the US as the premium over world prices has been falling away.  Even with the much decreased yield this yield for their HRW wheat it is looking like the top of the market may already be in. 

Corn prices continued their recent negative trend yesterday with reports that the majority of the US Corn Belt is receiving a favourable amount of precipitation to support crop growth.  We should also note that corn prices did not fallow crude oil prices higher yesterday.  Some days these two markets seem to fallow each other and other days they do not.  Yesterday was a do not day. 

The USDA released their Weekly Crop Progress Report yesterday.  They reported that their corn crop is now 93% planted.  This is up from 86% last week and compares to 92% at this time last year and 92% for the 5 year average.  They also gave this crop a good to excellent rating for the first time this year.  It came in at 67%.  Last year at this time it had a good to excellent rating of 69%. 

Plantings for their soybean crop increased 8% week over week to come in at 87% complete.  Last year at this time 83% of the crop was planted and the 5 year average is only 80% planted.  Like corn they gave soybeans their first good to excellent rating for the growing season.  Soybeans came in with a 66% rating which is just behind last year’s initial rating of 67% good to excellent. 

Spring wheat plantings increased 8% week over week to come in at 94% planted.  Last year at this time they also had 94% of the crop planted with the 5 year average coming in at 89%.  The initial good to excellent rating for this crop was reported at 47%.  Last year at this time this crop had a 50% good to excellent rating. 

Winter wheat harvest in the US has now started with it reported that 5% of the crop is now harvested.  Last year at this time they had 3% of the crop harvested which is also the 5 year average.  The good to excellent rating for the crop was unchanged week over week at 26%. 

This report should be considered slightly bearish for corn, soybeans and spring wheat due to the continued strong planting pace and no big surprises with the good to excellent ratings.  For winter wheat the report is mostly neutral with a good start to harvest.

Geoffrey Guy | 613-880-2707