Market Briefs | June 10, 2026

Rice
Carryover weakness from the rest of the grains complex has resulted in pressure on rice futures. Mid-south growing regions have received much-needed rains in recent days, but the crop is still struggling in many areas. In Mississippi, 73% of the crop is rated in only fair condition. In Arkansas, only 59% is rated good to excellent, while 36% is in fair condition. Coupled with a significant reduction in acres, expectations for the crop are low, which could be supportive for prices. Conditions in Asia are currently favorable for rice, but weather projections later in the year indicate that could change, potentially providing support for prices. Domestic supplies are ample and exports remain disappointing. September has topped at $13.43½ for the time being as long-term resistance at $13.50 capped the market. A close below $12.75 would signal further weakness is possible.

Soybeans
Soybean futures have seen significant pressure in recent days-closing lower for eight days in a row. Generally favorable U.S. weather forecasts and a crop in good condition are one factor, with 65% of the crop rated good to excellent across the U.S. In Arkansas, 71% of the crop is in good to excellent condition. Soy oil prices are holding their own despite declining crude oil prices, and while that market appears to have topped, the longer-term uptrend remains intact. Meal prices, however, continue to decline, pressuring the soy complex. The recent rally drove soybean futures well above the USDA expected on-farm price, with speculators and index funds driving the market. November has support at $11.18, but below that, the next level of support is around $10.60.

Corn
Corn futures have plummeted over the past few week. Nearby July futures topped on May 5 with a high of $4.87½, and have lost more than 60 cents per bushel. The recent low of $4.12 is now the first level of support. December futures have lost nearly 60 cents per bushel since the high of $5.06½ on May 13. Monday's low of $4.41 is now the first level of support, and resistance begins at $4.51. Large speculators and commercials are driving the market, and open interest remains high, and it's possible the downtrend will continue until more of the long positions are cleared. The market is technically oversold, though, which could provide some support. 67% of the U.S. crop is in good to excellent condition.

Cotton
Cotton futures have also broken an uptrend and put in a major top in recent weeks with prices falling to new two-month lows. Carryover weakness from grain markets is a factor, as are weaker crude oil prices and a recent surge in the value of the U.S. dollar. Demand from Vietnam has been somewhat supportive, but overall demand is weak with no sign China will return as a key buyer of U.S. cotton. Key areas in Texas have received beneficial rains, with 45% of the crop there in good to excellent condition, with another 34% in fair condition, which can add pressure to prices since Texas grows a large percentage of the crop. In Arkansas, 72% of the crop is rated good to excellent. The December high of 88.08 cents per pound looks to be a major top. The market is testing support near 75.25 cents, and will have resistance at 81 cents on a rebound.

Wheat
Wheat futures are also trending lower after charting a major top in May. For the July contract that top is at $6.88¼. The market is testing support at $5.74. Winter wheat harvest is beginning and the small size of the crop was built into the market over the spring. Carryover weakness from other grains has also been a factor, but as a food crop, wheat could benefit from concerns about food insecurity amid global unrest.

Cattle
Cattle futures have trended lower after potentially charting a major top in May. However, news released last week indicating New World Screwworm (NWS) was found in U.S. cattle in Texas resulted in futures charting a bullish reversal as traders worried about the potential for additional cuts to production. There are concerns, however, that this could impact beef demand too, among concerns from consumers and record-high retail prices. NWS does not impact food quality, but will likely result in higher production costs. Nearby June futures have support near $240.

Hogs
Hog futures continue to trend lower, charting four days of back-to-back losses this week. Cash hog markets are improving into Summer grilling season. However, ample supplies are expected to limit gains, with slaughter rates and average weights both running significantly higher than last year at this time.