06/02/26 Grain Purge Continues

06/02/2026 Click Above to Watch the Morning Market Talk Video Grain Purge Continues On the Grains Corn, soybean and wheat futures traded lower overnight, despite lower-than-expected initial crop condition ratings for corn and soybeans and a sharp reduction to Australia’s expected wheat production. Speculators continue to shed length in the grain markets, proving again how powerful money flow can be when the herd gets moving all in the same direction. Crude oil futures eased from Monday’s gains as traders wait on developments in the Middle East amid mixed messages on talked aimed at reopening the Strait of Hormuz and ending the war. USDA’s initial corn crop condition ratings came in lower than anticipated at 67% good/excellent, down two percentage points from last year and four points below the five-year average. USDA pegged 5% of the crop as poor/very poor. Notably poor conditions were reflected for Ohio, Colorado and Texas – with all sub-50%. That’s a rough start for those states. Colorado and Texas are lacking soil moisture, while Ohio has been saturated. USDA’s first soybean condition rating placed 66% in the good/excellent categories, down one point from last year but one point above five-year average (actually a three-year average since…