May 26, 2026
At this hour:
🌽Corn market is down 3-4c,
🌱soybeans are down 7-8c,
🍞wheat is down 4-6,
🛢️crude oil is down $4.14-$4.15,
💲US Dollar is down 19 points
-The U.S./Iran conflict is fluid. The U.S. carried out self-defense strikes in southern Iran as Iran tried to place mines in the Strait of Hormuz.
-A peace deal between the U.S. and Iran is making progress.
-Hot/dry weather for the North Central part of the U.S. is putting some stress on crops already.
-Extended weather maps look to be fairly dry for the heart of the corn belt with normal to above normal temps. The southeast part of the U.S. says cool and wet.
-No details yet on the U.S./China ag products deal.
🐂🐻 Look for a lower trade here this week.
Support/Resistance:
July corn – Support on July corn is at $4.56 1/4 which is the 200-day moving average. Resistance is at $4.87 1/2 which is the high from March 9th.
December corn – Support comes in at $4.73 1/2 which is the 100-day moving average. Resistance comes in at $5.06 1/2 which is the high from May 13th.
July soybeans – Support comes in at $11.89 which the 50-day moving average. Resistance is at $12.35 which is the high from May 13th.
November soybeans – Support is at $11.65 which is the 50-day moving average. Resistance is at $12.14 which is our high from May 13th.
July Kansas City wheat – Support is at $6.6 which is the 50-day moving average. Resistance comes in at $7.50 which is the high from the week of May 13th.
Where do we go from Here:
Crude oil is under pressure and traded below $90 in the overnight session as a peace deal between the U.S. and Iran is getting closer. The lower energy prices are spilling over into the grain complexes, and we are getting a modest pullback. Traders are still patiently waiting for details to emerge over China buying an additional $17 billion of U.S. ag products but so far, noting has been mentioned. The north central part of the U.S. is hot this week and into next week with very little rain in the forecast. Initially this is good for crop development but with temps in the 90’s, the subsoil moisture will get used up pretty fast. The weekly crop progress report this afternoon should not have any major surprises. I look for July corn prices to consolidate between $4.50 and $4.80.
The soybean market is following crude oil this morning and pulling back. July soybean futures hit resistance last Friday int he $12.00 area nad are pulling back here this morning. The U.S. weather forecast should allow for soybean development to get off to a great start. As we start this week of trading it feels more like money flow is exiting commodities and going back into stocks. In the big picture, demand remains good so I still feel soybean prices will consolidate here until traders can feel comfortable about the U.S. growing a crop. For now, I look for July soybeans to slip back in the $11.65 to $12.00 trading range.
Kansas City wheat futures just can’t seem to find much support here lately. The winter wheat crop is stabilizing but the damage is done. Hot and dry conditions in the north central part of the U.S. will add stress to the winter wheat and spring wheat crops in the Dakotas. The forecast is calling for much above normal temps in the Dakotas for the next 7-10 days so I would think this should help support wheat prices soon. The biggest issue with wheat is we grow so much wheat across the World, that it is just hard for the market to rally much on a smaller U.S. crop.
