May 7, 2026
At this hour:
🌽Corn market is down 1-2c,
🌱soybeans are down 1-2c,
🍞wheat is down 5-6c,
🛢️crude oil is down $2.21-$2.22,
💲US Dollar is down 16 points
-The U.S. and Iran are getting closer to a deal to end the conflict in the Middle East.
-All 3 grains broke support at the 10-day moving average yesterday.
-30-day and 60-day weather forecast do look favorable for crop growth in the U.S.
-Weekly export sales will be out this morning. Here are the estimates compliments of Reuters: corn 1,000-000-1,950,000 metric tons, soybeans 200,000-600,000 metric tons, wheat 100,000-550,000 metric tons and soybean meal 150,000-450,000 metric tons.
🐂🐻 Look for a mixed to low trade here for Thursday.
Support/Resistance:
July corn – Support on July corn is at $4.66 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 $4.85 3/4 which is the 20-day moving average. Resistance comes in at $5.12 1/4 which is the high from November 2023.
July soybeans – Support comes in at $11.89 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 $11.65 1/4 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 $6.66 1/4 which is the 10-day moving average. Resistance comes in at $7.18 1/2 which is the high from April 29th.
Where do we go from Here:
Corn prices are 1-2 cents lower here this morning after losing double digits yesterday. Once corn prices broke support, the selling picked up. Most of the negative price action yesterday was at the hands of crude oil being down hard. Corn planting progress should be big this week as many areas in the western corn belt are dry. Demand for U.S corn still remains very strong, and I would expect another week of big export sales. Funds are still holding a big, long position but we are approaching an area of support we need to hold, or we could see more Fund liquidation.
The soybean market followed crude oil and corn prices and were lower yesterday as well as we saw a “risk off” trade in most commodities. Money flow was exiting the commodities and pushing into the equities. Soybean planting across the U.S. should make great progress this week. Traders are still optimistic about the upcoming meeting between President Trump and President Xi. We continue to hear of a potential bigger package deal of more ag products than just soybeans to China. Soybeans are testing support here this morning and seem to be holding.
Some of the driest areas in the southern wheat plains have received some much-needed rain to help stabilize their crop. The Kansas Wheat tour will kick off next week. Overall, there is just not a lot of new news for the wheat complex. The market priced in the smaller crop and pushed prices up over $7.00, but now they seem content to settle in trading between $6.50 and $7.00.
