DeLong Commentary

Midday Grain Update

To better serve our customers, we are moving to a midday market update. This will focus on the key factors currently driving the market, along with what to watch through the remainder of the session.

Expect this update daily around 11:00 AM CST, unless a major report is released, in which case timing may shift closer to midday.

🔴 Wheat:
Wheat is trading lower on the day, with CN26 opening at 6.41 and currently down 14-15 cents.

🔴 Corn:
Corn is also lower across the board, down 5-9 cents from July 2026 through December 2026 contracts. Despite today’s pressure, March 27-December 2027 futures contracts are holding above the $5.00 level.

🔴 Soybeans:
Soybeans are trading lower alongside the rest of the complex, down 8-12 cents. Old crop beans continue to hold above $12.00, while new crop 2026 briefly tested $12.00 before pulling back.

Headlines:

Energy-Driven Markets

Crude oil surged more than 4% yesterday but has given much of that back today, trading down roughly 4.5% on the session.

Despite the pullback in crude, soybean oil continues to show strength and is trading higher, supported by ongoing biofuel optimism and recent spillover from energy markets.

Fund Positioning in Focus

The market continues to monitor fund positioning, with expectations that the upcoming CFTC report will reflect increased long positions across much of the commodity space.

This type of elevated long positioning is not a frequent occurrence and can signal stronger speculative interest in the sector.

While this does not point to a specific price target, it can provide underlying support to the market.

This is likely being driven by managed money, as agriculture has remained a focus in broader headlines surrounding fertilizer availability, global trade, and supply concerns.

Report Recap

Export inspections for the week ending April 30 showed corn and wheat shipments increasing week-over-week and coming in above expectations. Soybean shipments were lower on the week; however, roughly 45% of total shipments were destined for China.

Crop progress data shows U.S. corn planting at 38%, ahead of the 5-year average. Soybean planting reached 33%, running nearly 10% ahead of pace.

Winter wheat conditions remain a concern, with 37% rated poor to very poor. Spring wheat planting is progressing slightly behind the average pace.

For a full state-by-state breakdown, visit: https://www.nass.usda.gov click your state, then  Crop Progress & Conditions.

Report Calendar

M	TU	W	TH	F	UP NEXT
Export Inspections Crop Progress	—	EIA Ethanol	USDA Export Sales Drought Monitor	CFTC Fund Report	WASDE on 5/12

Yield 365 Idea

Having trouble pulling the trigger at $5.00 corn or $12.00 beans—even though those were target levels?

One strategy to consider is a minimum price contract. This allows you to sell cash grain today while purchasing call options to re-own the market.

This approach establishes a floor price while maintaining upside potential if the market moves higher.

Let’s sit down and talk about how this strategy could work within your operation.

 

Let’s Talk!

Kasey Baker 

Yield 365 – Grain Marketing Simplified
Call: 815.823.2522