May 14, 2026
At this hour:
🌽Corn market is down 2-3c,
🌱soybeans are down 10-11c,
🍞wheat is down 3-4c,
🛢️crude oil is down $0.17-$0.18,
💲US Dollar is down 1-2 points
-Opening comments out of the President Trump/President Xi Summit are deemed constructive.
-Both the U.S. and China want to work together to stabilize the relationship between the 2 countries and keep channels open.
-The House passed the year-round E-15 gasoline bill yesterday. It now moves on to the Senate where it will face a tougher path to get passed.
-The Dow Jones futures are trading back above 50,000 while the S&P continues to make new all-time highs.
-New Crop December corn futures and new crop November soybean futures continue to hold at or above key levels at $5.00 December corn and $12.00 November soybeans.
-Weekly export sales will be out this morning. Here are the estimates courtesy of Reuters: corn – 1,000,000-2,200,000 metric tons, soybeans 100,000-600,000 metric tons, soybean meal 150,00-500,000 metric tons and wheat 150,000-500,000 metric tons.
🐂🐻 Look for choppy to lower trade here today.
Support/Resistance:
July corn – Support on July corn is at $4.76 3/4 which is the 10-day moving average. Resistance is at $4.87 1/2 which is the high from March 9th.
December corn – Support comes in at $4.97 3/4 which is the 10-day moving average. Resistance comes in at $5.06 1/2 which is the high from May 13th.
July soybeans – Support comes in at $12.11 3/4 which is the 10-day moving average. Resistance is at $12.50 3/4 which is the high from March 12th.
November soybeans – Support is at $11.91 1/2 which is the 10-day moving average. Resistance is at $12.12 1/4 which is our high from February 2023.
July Kansas City wheat – Support is at $6.97 which is the 20-day moving average. Resistance comes in at $7.46 1/4 which is the high from the week of May 31, 2024.
Where do we go from Here:
Passage of the year-round E-15 gasoline bill in the House is a positive step for the corn market. It will now head to the Senate where it will find quite a bit of opposition. There are also stories out that the American Soybean Association is pushing against E-15 as well. So, getting E-15 year-round is going to be a battle but they are making some progress. Corn prices are a bit softer here this morning as we wait for any potential details out of the Trump/Xi Summit taking place today and tomorrow. December corn futures continue to hold around $5.00 and the more days we can close above $5.00, the stronger the corn market will be in the future.
Developments from the Trump/Xi meeting have been few and far between. Bot sides are wanting to build on the relationship so that is viewed as positive to agriculture. Now, no details have emerged regarding China buying more agriculture products from the U.S., but many traders feel agriculture could benefit very good from this Summit. Cash soybeans in the U.S. are strong as crush margins are very good and the farmer is essentially sold out of old crop soybeans. November soybean futures continue to hold above $12.00 as the Funds hold their large, long position. We have the entire U.S. growing season ahead of us so look for soybeans and all grains to be well supported.
July Kansas City wheat found some resistance yesterday as they hit $7.50. Yesterday’s action was not what the Bulls wanted to see where July Kansas City wheat made a new high but closed lower on the day. The trend remains up but we could see a correction here in the very short term. Wheat conditions are likely stabilizing but the damage has been done.
