May 28, 2026
At this hour:
🌽Corn market is up 3-4c,
🌱soybeans are up 7-8c,
🍞wheat is down 1-2,
🛢️crude oil is up $1.62-$1.63,
💲US Dollar is up 14 points
-USTR is opening talks with Mexico on revamping the North American trade deal. Talks will take place in Mexico City Thursday and Friday.
-U.S./Iran conflict intensifies again as the U.S. shot down several Iran drones as they threatened U.S. forces and commercial shipping.
-Corn and soybeans are adding a little weather premium back into the markets today. Much of the Midwest and Upper Midwest will see fairly dry conditions over the next 2 weeks.
-Trade and trade talks with China remain constructive. China remains patient on buying $17 billions of additional U.S> ag products but that shouldn’t surprise us.
-July corn futures took out the 200-day moving average yesterday.
🐂🐻 Look for a mixed to higher trade here today.
Support/Resistance:
July corn – Support on July corn is at $4.50 which is an old support line. Resistance is at $4.56 3/4 which is the 200-day moving average.
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 $11.62 1/2 which the 100-day moving average. Resistance is at $11.94 3/4 which is the 10-day moving average.
November soybeans – Support is at $11.75 which is the low from May 27th. Resistance is at $12.14 which is our high from May 13th.
July Kansas City wheat – Support is at $6.61 3/4 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:
Corn prices are up 3-4 cents here today as we bounce back from 2 straight lower days to start out the week. July corn yesterday broke through the 200-day moving average and we saw some selling pickup. Now today we are back challenging the 200-day moving average. If we can close above the 200-day moving average which is at $4.56 3/4 today, then I would look for July corn to head back up and test some initial resistance in the $4.65 area. Typically, the Funds like to liquidate their positions and look to go the other way when we break through the 200-day moving averages. A close back above $4.56 3/4 could signal we flushed out a few weak longs and settle in our recent trading range of $4.50 to $4.70.
There is not a lot of fresh news for the soybean complex so we will look at the technical picture. July soybeans continue to hold well above the 100-day and 200-day moving averages. July soybeans broke below the 50-day moving average earlier this week but is back trading above that level this morning. July soybeans are finding a little resistance at the 10-day moving average. Getting back above and staying above the $12.00 level will be tough without a fresh new bullish story. The U.S. soybeans remain uncompetitive in the World market and today the weather in the U.S. is not threatening.
July Kansas City wheat futures continue their slide. So far today, they had held support at the 50-day moving average which is at $6.61 3/4. If we can hold above the 50-day moving average today I would look for July Kansas City wheat to push back up and test some resistance in the $6.95 to $7.00 level. The hot and dry weather in Nebraska and the Dakotas is helping support wheat prices here today.
