May 27, 2026
At this hour:
🌽Corn market is down 1-2c,
🌱soybeans are up 1-2c,
🍞wheat is down 5-6,
🛢️crude oil is down $3.75-$3.76,
💲US Dollar is down 9 points
-The U.S. corn crop is 86% planted compared to 83% on the 5-year average and soybeans are 79% planted compared to the 5-year average pace of 68% planted.
-Weekly grain inspections saw corn inspections at the upper end of trading range, wheat inspections were within the range, and soybean inspections were slightly above trade estimates.
-Weather forecasts look to keep the majority of the Midwest dry with above normal temps in the Dakotas and Minnespta. The Delta and eastern corn belt in the U.S. look to be cooler and much wetter.
-Crude oil is trading below $90 per barrel this morning.
-U.S. and Iran continue to make progress toward a peace deal.
🐂🐻 Look for a mixed trade here today.
Support/Resistance:
July corn – Support on July corn is at $4.56 1/4 which is the 200-day moving average. Resistance is at $4.87 1/2 which is the high from March 9th.
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 $12.35 which is the high from May 13th.
November soybeans – Support is at $11.66 1/4 which is the 50-day moving average. Resistance is at $12.14 which is our high from May 13th.
July Kansas City wheat – Support is at $6.61 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:
The lack of any fresh new news causes the market to take the path of least resistance and that is lower. The corn crop is getting planted on time and in pretty good conditions. We are still waiting for details to emerge from China and the $17 billion in additional ag products they said they were going to buy. The weather forecasts do not look threatening but keep an eye on the north central part of the U.S. as dry conditions there could cause some concern in the coming weeks. The underlying support is the Funds remain long and demand for U.S. corn remains very good. There still remains questions too going into the June 30th Planted Acres report if we will see a shift from less corn acres to soybean acres. So, look for the market to continue to grind sideways unless a weather event would pick up or China steps in and starts buying corn, then we could see corn add some premium back into the futures.
July soybean futures are back trading in their $11.70 to $12.00 range. Weekly export inspections yesterday saw soybeans come in above trade estimates, but overall exports are still running 19% below last year’s pace. Soybean planting pace has been very good all year and running well ahead of the 5-year planting pace. Soybeans feel like they carry the most risk to the downside of the 3 major grain complexes. World ending stocks are still plentiful and the U.S. crop is off to a good start. The Funds remain holding a net long position I feel as more of an inflation trade but as traders grow more confident in the U.S. crop being made, we will likely see them unwind that net long position.
Winter wheat conditions saw another drop of 1% out of the “Good/Excellent” category this week. At this stage I am not really sure those ratings matter too much. The dry conditions across Nebraska, Dakotas and Minnesota are putting some concern on the small grains growing there. The next 10 days looks to be dry and temps running 10+ degrees above normal. Weather like that will push this crop along fast. I think wheat prices could stabilize in here after they have seen a pretty good correction the past 2 weeks.
