DeLong Commentary

MIDDAY MARKET UPDATE

11:17

🟡 CORN: Corn continues to trade in a narrow range. December 2026 corn tested resistance near $5.05 and is currently trading at $5.02. December 2027 reached a high of $5.13 and is now at $5.10. July 2026 corn is steady near $4.80.

🟢 BEANS: Soybeans are showing back-and-forth trade around the open, currently up 1 to 1.5 cents. July 2026 beans are at $12.28, with November 2026 at $12.07.

🔴 WHEAT: After limit moves yesterday, wheat is seeing a pullback today, trading 6–8 cents lower and at times down as much as 16 cents. July 2026 wheat is at $6.73.

U.S.–China Talks in Focus Tonight

Markets are focused on the U.S.–China meeting scheduled for tonight around 8:00 PM CST, where discussions are expected to include potential purchases of corn, soybeans, and other agricultural products.

While headlines point to possible demand, no volumes or timelines have been confirmed. The meeting is expected to be closed-door, with key industry participants in attendance, including representation from major companies like Cargill.

Markets are looking for firm commitments rather than announcements, keeping trade cautious ahead of any outcome.

Wheat Remains the Key Driver Despite Midday Pullback

Wheat continues to be the leadership market following the recent USDA report, though prices are pulling back at midday.

Production estimates came in well below expectations, particularly in the HRW crop, with drought conditions continuing to limit yield potential across the Plains.

Even with today’s weakness, the underlying supply story remains in focus.

Let’s Talk!

Kasey Baker

Yield 365 – Grain Marketing Simplified
Call: 815.823.2522

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