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
- Dec26 closed June at $4.36
- Dec27 closed June at $4.6950
- Short Dec26 $5.00 Call options at approximately 26 4/8 cents (May 26)
- These options closed June at 6 4/8 cents
- Long Dec26 futures at roughly $4.6225
- 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 dropped during June, falling to a low of $11.2175 before closing at $11.4375, down 46.25 cents (3.9%) for the month. As I mentioned last month, we need to be careful with this market. Monthly stochastics completed a bearish crossover above 90% at the end of May indicating the major trend was set to turn down. 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, completing a bearish spike reversal. CORN then extended its selloff to a low of $163.36 during June before settling at $16.75, down $1.18 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. Longs were likely stopped out as CORN took out its previous lows during June.
The Teucrium Soybean Fund (SOYB) sold off during June, falling to a low of $23.86 before closing at $24.40, down $0.75 (3%) for the month. 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). WEAT closed June at $22.03, down $1.35 (5.8%) for the month. 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.
