December Corn: December futures completed bullish spike reversals during August 2024 and 2025. The Dec26 contract extended the major (long-term) uptrend to a high of $$5.0650 during May before closing at $4.75, down 19.25 cents (3.9%) for the month. This completed a bearish spike reversal, indicating a Wave 3 peak within a 5-wave uptrend pattern (Elliott Wave Theory). This is a similar pattern to what was seen at the end of February 2025 with the Wave 1 peak.
Theoretical Positions:
- Hedgers:
- See Weekly Analysis: Grains (both Futures and Cash)
- Investors:
- Long Dec26 futures at roughly $4.6225
- Short Dec26 $5.00 Call options at approximately 26.5 cents (May 26)
- Long-term investors will want to still be long Dec corn based on the bullish spike reversal at the end of August 2024 on the continuous monthly chart confirming the end of the previous long-term downtrend from May 2022. Another bullish spike reversal was completed at the end of August 2025. The Dec26 futures position will need to be rolled to Dec27.
November Soybeans: Nov26 extended the markets’s major uptrend to a high of $12.14 during May before closing at $11.90, up 17.0 cents (1.45%). Technically, Nov26 remains overbought with monthly stochastics approaching 100% at the end of April. Based on the previous sideways trend between roughly $9.55 (low from August 2024) and $10.6975 (high from September 2024), a range of $1.1475, the bullish breakout during October 2025 projected a high of $11.8450. In other words, from a technical point of view, Nov26 has surpassed its projected high while showing signs of being overbought. We need to be careful with this market. Fundamentally, 2026-27 futures spreads remain neutral to bullish (see Weekly Analysis). Theoretical Positions: Long-term investors are likely long Nov26 from the October 2025 bullish breakout (Nov26 closed at $11.o6).
Teucrium Corn Fund (CORN) extended its major uptrend to a high of $19.13 during May before closing at $17.93, down $0.76 (4.1%) for the month. Theoretical Positions: CORN could’ve been bought near the August 2024 settlement of $17.70. Some may have added longs, or initiated initial positions near the August 2025 settlement of $17.57 based on a bullish spike reversal. A new round of buys could’ve been made near the October settlement of $17.79. All these combined would put the average position near $17.75.
The Teucrium Soybean Fund (SOYB) extended its major uptrend to a high of $25.47 before closing May at $25.15, up $0.40 (1.6%) for the month. Fundamentally, the soybean market remains mixed with basis weak (bearish) while futures spreads cover neutral to bullish levels of calculated full commercial carry. Theoretical Positions: Investors might’ve bought near the December 2024 settlement of $21.48. Some may have added long positions near the April 2025 settlement of $21.47. Additional longs could’ve been added near the October 2025 settlement, creating an average price of $22.13.
The Teucrium Wheat Fund (WEAT) extended its major uptrend to a high of $25.60 before closing May at $23.38, down $0.73 (3%) for the month. A continued selloff could be considered a Wave 2 move within a typical 5-wave uptrend (Elliott Wave Theory). Theoretical Positions: Long-term investors could’ve bought WEAT near the January close of $20.97. Sell stops would be below the January 2026 low of $19.78.
