May 20, 2026
At this hour:
🌽Corn market is down 1-2c,
🌱soybeans are down 2-3c,
🍞wheat is up 1-2,
🛢️crude oil is down $1.91-$1.92,
💲US Dollar is up 8 points
-Quiet morning to start off Wednesday.
-Frost warning out for the upper plains today and tomorrow. Doubt it will affect the crop much at all.
-The weather forecasts look very good for crop development. Warmer temps are on their way with good moisture for much of the U.S.
-December corn futures continue to hold just below the $5.00 while November soybeans hold above the $12.00 mark.
-The Funds still continue to hold large, long positions
🐂🐻 Look for a mixed to lower trade today.
Support/Resistance:
July corn – Support on July corn is at $4.72 1/4 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 $4.94 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 $12.01 1/4 which the 20-day moving average. Resistance is at $12.35 which is the high from May 13th.
November soybeans – Support is at $11.92 3/4 which is the 10-day moving average. Resistance is at $12.14 which is our high from May 13th.
July Kansas City wheat – Support is at $6.99 which is the 10-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:
The corn market is looking for some fresh bullish news to trade on. The market has done a pretty good job pricing in the China news and them buying $17 billion of U.S. ag products along with pricing in the fertilizer situation across the World. The U.S. crop is off to a pretty good start and that is keeping a lid on things. Now, if China were to step in and start buying some corn from the U.S., I believe that would push the corn futures up to their recent highs and maybe make some new highs. However, we are lacking any fresh bullish news, so I look for July corn to settle in a trading range between $4.60 and $4.80.
The soybean market is much like the corn market. We are in a wait and see mode to see if or when China starts buying. Seasonally, this isn’t the best time of year for China to make purchases of U.S. grains but one never knows. The soybean crop is well ahead of the 5-year growing pace and there is some re-plant that is going on but it is only May 20th so still plenty of time to get those acres re-planted and still expect a great crop. Without out any bullish news to trade on, I look for soybeans to grind a bit lower, but we should find support around $11.80 on July futures.
The wheat market is also searching for some fresh news. The recent weather should have the winter wheat crop stabilizing, but the overall production is still unknown. Winter wheat harvest should get rolling in a couple weeks down south but with the dry conditions and the increase in abandonment, we won’t get a good test of this year’s wheat crop for 3-4 weeks.
