May 11, 2026
At this hour:
🌽Corn market is up 3-4c,
🌱soybeans are up 13-14c,
🍞wheat is up 6-7c,
🛢️crude oil is up $2.14-$2.15,
💲US Dollar is up 12 points
-Risk on trade as tensions between the U.S. and Iran are picking back up.
-President Trump over the weekend said Iran’s peace proposal was totally unacceptable.
-Corn planting progress this afternoon should see corn around 60% or more planted and soybeans around 50% planted.
-Weather forecasts are bringing in some moisture across the U.S. later this week and into next week.
-November soybean futures traded back above the $12.00 mark while December corn futures are just below $5.00.
🐂🐻 Look for higher prices to start out the week.
Support/Resistance:
July corn – Support on July corn is at $4.68 1/4 which is the 20-day moving average. Resistance is at $4.87 1/2 which is the high from March 9th.
December corn – Support comes in at $4.88 1/4 which is the 20-day moving average. Resistance comes in at $5.05 3/4 which is the high from May 5th.
July soybeans – Support comes in at $12.05 1/2 which is the 10-day moving average. Resistance is at $12.26 1/4 which is the high from May 4th.
November soybeans – Support is at $11.81 3/4 which is the 10-day moving average. Resistance is at $12.00 1/2 which is the high from May 4th.
July Kansas City wheat – Support is at $6.72 1/2 which is the 20-day moving average. Resistance comes in at $7.18 1/2 which is the high from April 29th.
Where do we go from Here:
Grain prices are stronger to start out the week. Tension between the U.S. and Iran are kicking back up as President Trump told Iran over the weekend that their peace deal proposal was unacceptable. The money is coming back into commodities as a risk on inflation trade kicks back up. Fundamentally on corn we should see corn planting in the U.S. around 60% this week and with a decent week of weather ahead, we could see that number push to 75-80% complete by the end of the week. USDA will give us their first look at supply and demand numbers for the 2026-27 marketing year tomorrow. The other big news to watch this week is the face-to-face meeting in China between President Trump and President Xi. I look for corn prices to test the recent highs but without and fresh news, I think it will be hard to make new highs.
July soybean prices seem to be gearing up to try and test the $12.50 high we had back in the middle of March. Traders will be anxiously waiting to see how the meeting between President Trump and President Xi go. There is some optimism building around this meeting as last week there was a little talk that China was having a few conversations with Iran to try and get a peace deal done but over the weekend, that seem to have fallen all apart. With China intervening between the U.S. and Iran trying to get a peace deal done, is this a sign that China will be open to doing more business with the U.S. and looking for a long-term deal? There will be lots to talk about this week as the money looks to come back in all the commodities to start out the week.
After a correction last week, July Kansas City wheat looks to resume their uptrend. There have been some rains in the southern plains to help stabilize their crop, but it seems it was too little too late. My question is if the southern plains start to better rain, will we see them plant some soybeans or sorghum? I feel the wheat market has done their job pricing in the smaller U.S. crop and it will take something bigger and better to get July Kansas City wheat to make new highs.
