May 30, 2025
At this hour:
🌽Corn market is up 1-2c,
🌱soybeans are down 1-2c,
🍞wheat is up 4-6c,
🛢️crude oil is up 42-43c,
💲US Dollar is up 23-24 points.
-Federal appeals court will allow President Trump to continue to collect tariffs on imported goods.
-There were 2 export flash sales yesterday of corn totaling 205,000 metric tons. Destinations were Mexico and unknown.
-Weather looks to be near ideal for a majority of the corn belt in the U.S. over the next 7 days. Then we will see some rains hit the Dakotas, Minnesota, Iowa and Nebraska.
-Weekly export sales will be released here this morning at 7:30 am CDT. Here are the estimates: corn 800,000-1,800,000 metric tons, soybeans 200,000-750,000 metric tons, wheat 100,000-900,000 metric tons and soybean meal 150,000-500,000 metric tons.
🐂🐻Look for a mixed/choppy trade today to end the week and month of May.
Support/Resistance:
July corn – Support on July corn is at $4.43 which is an old support/resistance line. Resistance is at $4.62 1/4 which is the 200-day moving average.
December corn – Support comes in at $4.34 1/2 which is the low from May 19th. Resistance comes in at $4.56 1/2 which is the high from May 22, 2025.
July soybeans – Support comes in at $10.46 3/4 which is the 200-day moving average. Resistance is at $10.81 3/4 which is the high from February 21st.
November soybeans – Support is at $10.33 1/2 which is the 200-day moving average. Resistance is at $10.65 1/2 which is the high from May 14th.
July Kansas City wheat – Initial support is at $5.24 1/2 which is the low from May 27th. Resistance comes in at $5.47 3/4 which is the high from May 21st.
Where do we go from Here:
July corn futures broke down below the $4.50 support. There is an area of consolidation between $4.40 and $4.50 that July corn futures look to settle in a trade for a bit. Demand still remains robust, and we will likely see the USDA increase the annual projection for exports by a minimum of 50 million bushels in the June Crop Production Report. Crop ratings next week should see corn ratings increase a little and planting pace should be close to wrapped up as the eastern corn belt should be getting a window to finish up their planting.
Soybean futures continue to hold above the 200-day moving average. The past few days we have challenged the 200-day moving average but so far it has held up. With the calendar truing to June 1 here this weekend, there is growing talk of some of the corn acres that still needed to get planted to either get turned into PP or switched over to soybeans. Look for soybeans to continue to grind sideways between $10.30 and $10.80 July futures.
Minneapolis wheat futures saw double digiti gains yesterday in response to the lower-than-expected crop ratings. Minneapolis July futures closed back over the 100-day moving average and look to test the 200-day moving average. Momentum factors are a bit overbought here so a correction next week in Minneapolis futures would not be too surprising. Kansas City wheat futures are still working on an inverted head and shoulders low pattern. So far it is looking really good. A close above $5.47 July futures would be very friendly to the charts in July Kansas City wheat.
Upcoming USDA Reports:
June 2, 2025 – Weekly Crop Progress
June 9, 2025 – Weekly Crop Progress
Are you new here? Click here to subscribe and receive the newsletter in your inbox.
We’re here to help. Call any of our hedging strategists at 844-4AG-MRKT.
