Your Pro Farmer newsletter (May 16, 2026) is now available

Wheat led the way higher, with HRW and SRW futures posting limit-up gains after USDA projected the smallest U.S. crop since 1972. Corn and soybeans followed to score for-the-move highs as anticipation built for the Trump-Xi summit in Beijing. Soybeans led a sharp pullback late-week after the summit failed to produce concrete commitments on ag purchases. The Strait of Hormuz remains closed, keeping oil prices elevated and maintaining biofuel-related interest in corn and soy markets. Live cattle saw choppy price action as the Trump administration considered a cut to tariffs on beef imports, while record cash trade limited selling interest in futures. Lean hog futures continued to struggle, despite glimmers of improvement in the cash market. We cover all of this and more in this week’s newsletter.