May 22, 2026
At this hour:
🌽Corn market is up 2-3c,
🌱soybeans are up 5-6c,
🍞wheat is up 2-3c,
🛢️crude oil is up $2.10 – 2.20,
-Drought monitor continues to show western cornbelt (Kansas and Nebraska especially) dry with East showing very little issues.
-Cattle broke below moving averages yesterday with feeders down $9.250/100 day and Live Cattle down $5.950/below the 50 day.
-Weekly export sales showed wheat and soybeans in line with expectations. Corn exports came in at 2.125 mmt which was well above expectations and the highest level since mid-January.
-Cattle on feed out today – Estimates: On-feed -102% | Placed 103% | Marketed 91%
🐂🐻
Support/Resistance:
July corn – Support on July corn is at $4.58 3/4 which is the 100-day moving average. Resistance is at $4.87 1/2 which is the high from March 9th.
December corn – Support comes in at $4.80 1/4 which is the low from May 15th. Resistance comes in at $5.06 1/2 which is the high from May 13th.
July soybeans – Support comes in at $11.91 which the 20-day moving average. Resistance is at $12.35 which is the high from May 13th.
November soybeans – Support is at $11.84 1/4 which is the 20-day moving average. Resistance is at $12.14 which is our high from May 13th.
July Kansas City wheat – Support is at $6.80 3/4 which is the low from May 15th. Resistance comes in at $7.50 which is the high from the week of May 13th.
Where do we go from Here:
This week hasn’t been very conducive to see a big jump in planting progress; especially in my area but with corn planting ahead of the 5 year average and at 76% I doubt any delays from here will get the market too excited. Tuesday (Monday’s Memorial Day) we should see our first crop ratings on corn/soybeans. Now we need the next catalyst to get prices back to and above the $5 & $12 level. I think it will take either an adverse weather forecast – which so far doesn’t seem to be the case-, a shift in acreage – which we wont see till the June WASDE, or if we could see follow through on China’s agreement to buy US ag products. While anything is possible, now is not the time that we typically see China buy US beans and they haven’t bought corn in a couple years – follow through on that agreement could come later.
We could see some geo-political risk ahead of the 3 day weekend – July crude made new highs this week and continues to stay above $95 but did see a drop yesterday. The other risk for bulls is a lack of positive news with a long fund position could trigger selling if we break through support levels. Anyone that watches seasonals knows that the next 30-45 days have historically been a good time to price grain.
Have a fun and safe Memorial Day!
