May 6, 2026
At this hour:
🌽Corn market is down 8-9c,
🌱soybeans are down 6-7c,
🍞wheat is down 15-17c,
🛢️crude oil is down $9.28-$9.29,
💲US Dollar is down 65 points
-Crude oil down close to 10% this morning.
-President Trump is pausing Project “Freedom” and allowing the Iranians to come to an agreement with the U.S.
-Weather forecasts look to give the bulk of the corn belt an open window to get the crop planted over the next 7-10 days with heavy rains staying in the deep south and eastern corn belt.
-As crude oil prices push lower, that is dragging the grain prices with them. Corn is breaking down below the 10-day moving average while soybeans are holding in there decent.
-The U.S. Dollar is back below 98 this morning as well.
🐂🐻 Look for a lower trade here for Wednesday.
Support/Resistance:
July corn – Support on July corn is at $4.74 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 $4.94 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 $11.96 3/4 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 $11.73 1/2 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 $6.87 3/4 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:
Corn prices are breaking down here this morning on the heels of crude oil being down close to 10%. Crude oil was a big reason corn prices pushed higher as Funds raced into commodities as an inflation hedge. Now, I don’t think the party is over. The Funds have built a rather large, long position in corn and I don’t think they will blow out of it right away. This feels like just a correction. July and December corn futures are breaking down below the 10-day moving average support line, so we are seeing some of the “weak longs’ get flushed out. Weather forecasts do look good for the U.S. corn crop to get planted ahead of the 5-year average and under pretty good conditions. I look for July corn to find good support in the $4.60-$4.65 area.
Soybean prices are following crude oil prices as well and trading lower here this morning. As crude oil is lower, that is causing soybean oil to selloff and that is pushing soybean futures lower. So far, July soybeans are still holding above support at the 10-day moving average on the chart. Soybean acres in the U.S. continue to go in the ground well ahead of the 5-year average pace and that should not change. Traders are expecting soybean acres to be higher in the June 30th report so I could see soybean futures set back and trade in the sideways channel they spent the past 2 months trading in.
Wheat prices are taking a big hit here this morning. The weather is improving and stabilizing some of the wheat crop, but I still say the bulk of the damage has been done. As July Kansas City wheat broke through support at the 10-day moving average, the selling escalated. This is simply some of the money flow exiting out of commodities and heading back into the Stock market. I look for good support on July Kansas City wheat around $6.60.
