May 29, 2026
At this hour:
🌽Corn market is down 1-2c,
🌱soybeans are up 2-3c,
🍞wheat is down 1-2,
🛢️crude oil is down $1.40-$1.41,
💲US Dollar is up 7 points
-Tensions between the U.S. and Iran remain elevated.
-July corn futures remain under the 200-day moving average.
-Soybean board crush continues to remain very strong.
-Weather in the upper Midwest looks to cool down a bit with chance of rain bring some relief the next 7-10 days.
-Weekly export sales will be out this morning. Here are the estimates courtesy of Reuters: corn 1,200,000-2,500,000 metric tons, soybeans 150,000-700,000 metric tons, wheat 100,000-500,000 metric tons and soybean meal 250,000-800,000 metric tons.
🐂🐻 Look for a mixed today to close out the last week of May 2026.
Support/Resistance:
July corn – Support on July corn is at $4.50 which is an old support line. Resistance is at $4.56 3/4 which is the 200-day moving average.
December corn – Support comes in at $4.75 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 $11.65 which the 100-day moving average. Resistance is at $12.02 1/2 which is the 20-day moving average.
November soybeans – Support is at $11.75 which is the low from May 27th. Resistance is at $12.14 which is our high from May 13th.
July Kansas City wheat – Support is at $6.62 1/4 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:
July corn futures tried to close above the 200-day moving average and failed yesterday. In the overnight session, July corn tried to rally above the 200-day moving average and is currently trading below. With the inflation trade still happening, I have my doubts the Funds are going to bail out of their long positions this early in the growing season. Fertilizer prices seem to be topping out but by the time we see much price adjustment lower, it will be too late for the 20206-corn crop. The weather is a non-event today as the crop is in its early stages. We are in an El Nino weather pattern and typically those patterns are favorable for crop development. So, rallies in corn will be hard to sustain without any other major news event.
Soybean futures continue to find support and add in some premium as the board crush continues to push higher. The crush demand is helping offset some of the lost export business the U.S. saw this year on soybeans. The 2026-27 marketing year should see China back in buying soybeans from the U.S. so demand for U.S. soybeans should see an uptick next marketing year. July and November soybean futures are back testing the $12.00 level but without any fresh, new bullish story, we will have a hard time making new highs.
July Kansas City wheat looks to be entering a consolidating area. The $6.60 area on July futures is an area of old highs that have now turned support. Also, the 50-day moving average comes in right at $6.62 as well. This seems like a good area for July Kansas City wheat to find support and not really head back up and test the highs but rather consolidate.
