May 5, 2026
At this hour:
🌽Corn market is down 1-2c,
🌱soybeans are down 2-3c,
🍞wheat is down 7-8c,
🛢️crude oil is down $2.16-$2.17,
💲US Dollar is up 11 points
-Crude oil is down 2% this morning.
-Planting progress had corn at 38% planted compared to 35% on the 5-year average. Soybeans are 33% planted vs 23% on the 5-year average.
-Corn export inspections yesterday saw the 2nd highest week of this marketing year while soybean export inspections were at a marketing year low.
-Weather this week should allow farmers to stay well of the 5-year planting pace.
-President Trump is looking forward to his meeting with President Xi and says, “It will be a great meeting!”
🐂🐻 Look for a mixed to lower trade here for Tuesday.
Support/Resistance:
July corn – Support on July corn is at $4.73 3/4 which is the 10-day moving average. Resistance is at $4.87 1/2 which is the high from March 9th.
December corn – Support comes in at $4.93 1/4 which is the 10-day moving average. Resistance comes in at $5.12 1/4 which is the high from November 2023.
July soybeans – Support comes in at $11.95 1/4 which is the 10-day moving average. Resistance is at $12.50 3/4 which is the high from March 12th.
November soybeans – Support is at $11.71 3/4 which is the 10-day moving average. Resistance is at $11.99 which is a resistance shelf we have from summer of 2023.
July Kansas City wheat – Support is at $6.85 which is the 10-day moving average. Resistance comes in at $7.18 1/2 which is the high from April 29th.
Where do we go from Here:
The corn market had a strong performance yesterday. December corn futures traded through and closed above the $5.00 level. Strong weekly export inspections helped push corn prices higher along with spreads firming up. With the upcoming meeting between President Trump and President Xi could we see China step in and buy some commodities from the U.S. heading into that meeting on May 14th and 15th? The strong weekly export inspections continue to show the strong demand for U.S. corn, and it does look like we will eventually see the USDA raise their export number for the year. Estimates are we could see around a 100 million bushel increase in export projection. Corn planting should make great progress this week across much of the U.S. keeping a lid on futures. Overall, the corn market remains well supported.
Soybean futures shrugged off the weakest export inspection of the year and had and impressive day higher. Crude oil pulled the bean oil higher and into new territory and they brought soybean futures right with them. The July soybean futures finally broke out to the upside from their sideways range they had been in and are now looking to head back up and possibly test their high of $12.50 from early March. Soybean planting continues to make great progress, running 10% ahead of the 5-year average and I don’t look for that to slow down. November soybeans did breakthrough the $12.00 mark yesterday but quickly pulled back. $12.00 is a nice round number for a lot of farmers to sell so I would think it will take a bigger story to get us to close above $12.00.
Winter wheat conditions stabilize here this week with conditions increasing 1%. The recent rains in the Southern Plains did help a little but the damage is already done. There is more rain in the forecast for eastern Colorado and western Kansas this week. July Kansas City is sitting right in support at the 10-day moving average. If they do not hold this support, we could see 20-25 cent break in prices.
