Midday Grain Update 5/15/26
Midday Grain Update
10:25
🔴 CORN: Corn is under pressure with a lack of new China demand and improving rain coverage across the Midwest. The July 2026 contract is down 10.5 cents at $4.57, while December 2026 is down 9.25 cents at $4.82.
🔴 BEANS: Soybeans initially found support overnight on optimism around China talks, but with no direct demand announced, the market has moved lower. July 2026 beans are down 16 cents at $11.76, while November 2026 is down 12.75 cents at $11.70. Spreads are also beginning to shift.
🔴 WHEAT: Despite strong fundamental support, wheat is trading sharply lower today. July 2026 wheat is down 25 cents at $6.33, while July 2027 is down 19.75 cents at $6.88.
Headlines:
China Talks Disappoint
Markets were looking for fresh soybean demand out of U.S.–China discussions, but early commentary has been underwhelming.
USTR Greer noted expectations for future agricultural sales in the “double digit billions,” while also stating China is currently fulfilling its existing soybean commitments.
The lack of immediate new buying, combined with reaffirmation of current purchases, has kept pressure on soybeans as the market looks for a stronger demand catalyst.
Drought Conditions Continue Across Key Growing Areas
Drought conditions remain a concern across much of the Plains, with a large portion of winter wheat areas still experiencing dry conditions.
Recent data shows dryness persisting across key states, including Kansas, Oklahoma, and Texas, limiting yield recovery potential even if rains return. See images below comparing the May 5th and May 12th drought maps.
At the same time, improved moisture across parts of the Midwest is aiding planting progress, creating a mixed weather outlook across growing regions.
South American Supply
South American production remains a headwind to the market, with Brazil’s soybean crop raised to a record 180.1 MMT and corn to 140.17 MMT.
Argentina production was also increased, with soybeans estimated at 50 MMT and corn at 68 MMT on improved yields.
These large crops continue to act as a ceiling on rallies, particularly in soybeans, as global supply remains plentiful.
Report Calendar
Let’s Talk!
Kasey Baker
Yield 365 – Grain Marketing Simplified
Call: 815.823.2522