May 19, 2025
At this hour:
🌽Corn market is up 1-3c,
🌱soybeans are up 2-3c,
🍞wheat is up 1-2c,
🛢️crude oil is down 48-49c,
💲US Dollar is down 88-89 points.
-Corn continues to push a little higher as spreads firm up.
-Weather over the weekend saw some very beneficial rains hit the Dakotas and the heart of the corn belt remain dry. The 6–10-day forecast does call for some good rains to hit the majority of Iowa, Minnesota, Wisconsin, and Illinois and temps will be seasonal.
-Planting progress this week could see corn 80% planted or more and soybeans at 65% planted or better.
-The lower U.S. Dollar is also lending support to the grain prices as well.
🐂🐻Look for a quiet but slightly stronger trade to start the week.
Support/Resistance:
July corn – Support on July corn is at $4.36 1/2 which is the low from May 13th. Resistance is at $4.61 1/2 which is the 200-day moving average.
December corn – Support comes in at $4.34 1/2 which is the May 16th low. Resistance comes in at $4.48 1/4 which is the 200-day moving average.
July soybeans – Support comes in at $10.47 which is the 200-day moving average. Resistance is at $10.81 3/4 which is the high from February 21st.
November soybeans – Support is at $10.34 which is the 200-day moving average. Resistance is at $10.65 1/2 which is the high from May 14th.
July Kansas City wheat – Initial support is at $5.00 1/4 which is the contract low. Resistance comes in at $5.31 1/2 which is the 20-day moving average.
Where do we go from Here:
Corn futures look to start out the week a little stronger. The dry areas of the Dakotas caught some very good rains with more coming early this week. The heart of the corn belt remained dry but later this weekend into this weekend areas like Iowa, Minnesota, Wisconsin, and northern Illinois are expected to get some good rains as well. Overall, this U.S. corn crop is off to a great start. I look for corn futures to trend sideways looking for some fresh new news to push it in either direction.
There is not a lot of new news for the soybean market to start out the week. July soybean futures continue to hold support just above the 100-day and 200-day moving averages. Resistance for soybeans is at $10.82 and if we could manage to take that out, July soybeans could test the $11.04 3/4 high from February 5th.
Wheat futures are following corn and soybeans here and looking to start the week out a little higher. The past few weeks, crop conditions for the winter wheat crop have improved and that looks to continue again here this week. Later this week, Oklahoma and Texas look to get some more beneficial rains. After putting in a new low last week, the wheat market looks to trend sideways, building a basing pattern.
Upcoming USDA Reports:
May 19, 2025 – Weekly Crop Progress
May 23, 2025 – Cattle on Feed
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