06/29/26 Here Comes The Heat; Market Don’t Care

The Commstock Report is a twice daily market report. 06/29/2026 Click Above to Watch the Morning Market Talk Video Here Comes The Heat; Market Don’t Care On the Grains Corn, soybeans and SRW wheat faced selling pressure overnight, as money continued to flow out of grain and soy futures, despite extreme heat indices that will hit the central and eastern U.S. this week as rains are expected to accompany the heat. Meanwhile, Europe will continue to bake amid the hot and dry conditions that are spreading eastward. Funds will go into Tuesday’s USDA reports with a virtually flat position in the grain and soy markets, as they’ve wiped out their once massive combined net long position since early May. While funds remain net long the soy complex, those positions have been dramatically reduced and they are net short corn and the winter wheat markets. Crude oil futures are firmer, pivoting around the $70 level in WTI futures, as traders monitor the situation in the Middle East. The U.S. and Iran have agreed to stop attacking each other after a flareup late last week and during the weekend. Talks over details of the interim peace agreement are expected to resume this…