Corn
Price action: July corn futures fell 3 1/2 cents to $4.62 1/4, nearer the daily low.
Fundamental analysis: The corn futures market saw some perceived bargain hunting today. Friday becomes a very important trading day. Good gains put the bulls right back in the ball game. However, a bearish weekly low close would be an ominous development. Sharply higher crude oil futures prices today limited selling interest in corn.
USDA this morning reported weekly U.S. corn export sales totaled 2.125 MMT during the week ended May 14, up noticeably from the previous week and 71% from the four-week average. Net sales of 281,400 MT were reported for 2026-27. Old-crop sales topped the expected pre-report range of 800,000 MT to 1.6 MMT, while new-crop sales were near the upper end of the pre-report range of 150,000 to 300,000 MT.
The International Grains Council (IGC) kept its world corn crop outlook unchanged at 1.3 billion tons. Net sales of 281,400 MT were reported for 2026-27.
Weather in the Midwest now leans price-bearish for corn. World Weather Inc. today said remaining corn planting in the United States is advancing around periods of rainfall. A favorable mix of weather is expected to prevail in northern production areas through next week supporting fieldwork of all kinds. Too much rain is expected in the coming week in the lower Midwest, Delta and Tennessee River Basin, raising some concern over crop conditions.
Technical analysis: Corn market bulls have the slight overall near-term technical advantage but have faded. A choppy price uptrend is in place on the daily bar chart. The next upside price objective for the bulls is to close July prices above solid chart resistance at the March and April high of $4.87 1/2. The next downside target for the bears is closing prices below chart support at last week’s low of $4.61. First resistance is seen at $4.70 and then at $4.75. First support is seen at today’s low of $4.60 and then at the May low of $4.55.
What to do: Get current with advised sales.
Hedgers: You should be 70% priced in the cash market on 2025-crop. Hedgers should have 10% forward sold and 40% protected with $4.80 strike December puts.
Cash-only marketers: You should be 70% priced in the cash market on 2025-crop. You should also have 30% of expected 2026-crop production sold for harvest delivery.
Soybeans
Price action: July soybeans fell 5 1/2 cents to $11.94 1/4, nearer the daily low. July soybean meal fell $2.50 to $328.40, nearer the daily low. July soybean oil lost 79 points to 73.87 cents, nearer the daily low.
Fundamental analysis: The soybean market today saw more profit-taking pressure and weak long liquidation from the shorter-term specs. Higher crude oil futures prices early today did limit selling interest.
USDA this morning reported weekly U.S. soybean export sales of 351,400 MT during the week ended May 14, which were up noticeably from the previous week and 62% from the four-week average. Net sales of 172,700 MT were reported for 2026-27. Net old-crop sales were within the expected pre-report range of 150,000 to 450,000 MT. New crop sales were near the upper end of the pre-report range of 0 to 200,000 MT.
China’s state stockpiler Sinograin will auction a volume of 50,900 MT of imported soybeans on May 25, according to a notice released on Thursday by the National Grain Trade Centre.
World Weather Inc. today said an active weather pattern will occur through the end of the month, leaving much of the Midwest with favorable soil moisture while planting is slowed with the lower Midwest wettest overall. Rain will be most important from northeastern Nebraska to north-central Iowa, southwestern and south-central Minnesota, and east-central South Dakota where soil moisture is still marginal to short. Much of the Midwest will dry down overall June 1-4 and the drier areas mentioned above will need rain again soon, while the drying allows planting to steadily increase.
Technical analysis: The soybean bulls still have the overall near-term technical advantage. A price uptrend remains alive on the daily bar chart. The next near-term upside technical objective for the soybean bulls is closing July prices above solid resistance at the May high of $12.35. The next downside price objective for the bears is closing prices below solid technical support at the May low of $11.72 1/4. First resistance is seen at Wednesday’s high of $12.12 and then at this week’s high of $12.20 3/4. First support is seen at this week’s low of $11.91 and then at $11.80.
Soybean meal bulls still have the overall near-term technical advantage. Prices are trending higher on the daily bar chart. The next upside price objective for the meal bulls is to produce a close in July futures above solid technical resistance at $350.00. The next downside price objective for the bears is closing prices below solid technical support at $315.80. First resistance comes in at Wednesday’s high of $334.20 and then at Tuesday’s high of $338.20. First support is seen at today’s low of $327.80 and then at $325.00.
Bean oil bulls have the overall near-term technical advantage. A price uptrend on the daily bar chart has stalled out, however. The next upside price objective for the bean oil bulls is closing July prices above solid technical resistance at the contract high of 76.99 cents. Bean oil bears’ next downside technical price objective is closing prices below solid technical support at 72.00 cents. First resistance is seen at this week’s high of 76.32 cents and then at 76.99 cents. First support is seen at 73.50 cents and then at 72.95 cents.
What to do: Get current with advised sales.
Hedgers: Sell 20% of the 2025 crop to advance sales to 90%. Hedgers should be 10% forward sold with 40% protected with November put options.
Cash-only marketers: You should be 90% priced in the cash market on 2025-crop. You should also have 30% of expected 2026-crop production sold for harvest delivery.
Wheat
Price action: July SRW fell 13 cents to $6.47 1/2, near the daily low. July HRW lost 11 3/4 cents to $6.87, nearer the daily low. September spring wheat futures fell 5 1/4 cents to $7.11 .
Fundamental analysis: The winter wheat futures markets saw more profit-taking and weak long liquidation from the shorter-term speculators today.
USDA this morning reported weekly U.S. wheat export sales totaled 166,300 MT during the week ended May 14, up 25% from the previous week and 28% from the four-week average. Net new-crop sales totaled 130,500 MT. Net sales were within the expected pre-report range of 0 to 200,000 MT for 2025-26 and 100,000 and 350,000 for 2026-27.
IGC lowered its forecast for 2026-27 world wheat production to 820 MMT, down from 821 MMT.
World weather today said warming coming to the U.S. Plains in this next week will be good for crop development rates. Rain in South Dakota and a part of Nebraska in the next two days will be welcome. There is some concern about wheat quality declines in the lower Midwest, Delta and Tennessee River Basin, where frequent bouts of rain are expected in this coming week.
Technical analysis: Winter wheat market bulls still have the firm overall near-term technical advantage. Prices are trending higher on the daily bar charts. SRW bulls’ next upside price objective is closing July prices above solid chart resistance at $7.00. The bears’ next downside objective is closing prices below solid technical support at $6.36. First resistance is seen at this week’s high of $6.79 1/2 and then at the May high of $6.88 1/4. First support is seen at $6.36 and then at $6.30.
HRW bulls’ next upside price objective is closing July prices above solid chart resistance at the May high of $7.50. The bears’ next downside objective is closing prices below solid technical support at $6.64. First resistance is seen at today’s high of $7.00 and then at this week’s high of $7.20. First support is seen at $6.80 3/4 and then at $6.70.
What to Do: Get current with advised sales.
Hedgers: You are 90% sold in the cash market on 2025-crop production. You should have 30% sold for 2026.
Cash-only marketers: You are 90% sold in the cash market on 2025-crop production. You have 30% of expected 2026-crop production sold for harvest delivery next year.
Cotton
Price action: July cotton futures fell 362 points to 77.98 cents, near the daily low and hit a four-week low.
Fundamental analysis: Cotton futures saw heavy technical selling and weak long liquidation today. Prices saw a downside breakout from a bearish pennant pattern on the daily bar chart.
Today’s weekly USDA export sales report showed net U.S. cotton sales of 131,800 RB for 2025/2026 were up noticeably from the previous week and up 16 percent from the prior 4-week average. Increases primarily for Pakistan (65,300 RB), Vietnam (26,100 RB) and Turkey (20,100 RB). Net sales of 216,000 RB for 2026/2027 were reported for Pakistan (206,100 RB), Indonesia (4,500 RB) and Turkey (4,500 RB). Exports of 289,400 RB were unchanged from the previous week, but down 11 percent from the prior 4-week average. The destinations were primarily to Vietnam (110,800 RB), Turkey (28,700 RB) and Pakistan (26,000 RB).
World Weather Inc. today said western Texas and southwestern Oklahoma will see a period of wetter weather through next Wednesday that will slow planting while inducing beneficial increases in soil moisture that will induce likely temporary improvements in conditions for dryland cotton germination and establishment. May 28-June 4 will be dry most often with a few infrequent showers and planting should quickly increase while much of the region will need timely rain in early June to prevent the soil from quickly drying out again. The Blacklands, south Texas, and the Coastal Bend will see a wet weather pattern through May 31 with rain in parts of the region most days during the period inducing notable increases in soil moisture that will benefit South Texas most while fieldwork is slowed.
Technical analysis: July cotton futures are now in a downtrend on the daily bar chart to suggest the bulls are exhausted and that a near-term market top is in place. Prices have seen a downside breakout from a bearish pennant pattern on the daily bar chart. The next upside price objective for the cotton bulls is to produce a close in July futures above technical resistance at 86.00 cents. The next downside price objective for the cotton bears is to close prices below solid technical support at 77.00 cents. First resistance is seen at 79.00 cents and then at 80.00 cents. First support is seen at 77.50 cents and then at 77.00 cents.
What to do: Get current with advised sales.
Hedgers: You are now 100% sold on old-crop. You are 60% sold for 2026-crop sales at this time.
Cash-only marketers: You are 100% sold on 2025-crop. You are 60% sold for 2026-crop sales at this time.