The grain trade is looking for a short covering day today if seller vigilantes fail to materialize this morning.

June 5, 2026

Grain Overview

Grain futures overnight found consolidation with wheat and soybeans trying to firm a bit, while the corn market etched a new low overnight with December corn dipping under 450. The real test comes during the day session, when the seller vigilantes like to do their work, and if early selling is minimal, a potential short-covering session could be in store for the grain trade. Corn has fallen back to its annual lows, which should prompt end-user forward booking. Availability of safrinha corn comes to the world market in July.

Weather expectations have been mostly good domestically, but global droughts are expanding, with Australia and Asia struggling in some areas, while China is experiencing excessive rainfall in its wheat-harvest region. There are reports that Russian spring wheat planting may be smaller than previously noted. Farmers are opting to plant oilseeds on spring wheat acres.