DeLong Commentary

Midday Grain Update 10:58 AM CT

🟢 Corn: Corn is trading 3 to 6 cents higher this morning. July 2026 is posted at $4.56, up 3.75¢, with December 2026 trading at $4.82 up 4.5¢.

🟢 Beans: Soybeans are showing solid gains, picking up 9 to 11 cents across contracts. July 2026 is at $11.94 with November 2026 following 11 cents higher at $11.92.

🟡 Wheat: Wheat is hugging closer to the open, trading 0 to 2 cents higher. July 2026 is up 2¢ to $6.24.

Headlines

Iran  Deal or No Deal?

Markets have been on a headline rollercoaster with Iran over the last 24 hours. On Wednesday, President Trump stated the U.S. was not yet satisfied with the state of negotiations. Then this morning, Axios and Reuters reported that U.S. and Iranian officials have reached a deal framework pending Trump’s final approval. Crude oil followed the news which is said to support the grains. The details of what was agreed to remain thin, and Trump’s final sign-off is far from guaranteed. The Strait of Hormuz remains closed until it doesn’t.

Drought Monitor

The latest U.S. Drought Monitor tells a tale of two regions. Across the western Corn Belt, drought conditions continue to expand eastward with 27% of corn production areas and 30% of soybean production areas now under some level of stress. Subsoil moisture deficits in the western belt have been building for weeks and the 6 to 15-day forecast trending hotter and drier raises legitimate concern heading into early June.

The eastern picture is different, for now. Recent heavy rainfall brought record single-day Persistent precipitation has improved drought conditions from the Lower Midwest through the Mid-Atlantic region, leaving many eastern locations saturated, but the forecast is turning drier.

On a year where weather is testing everyone’s patience, a farmer shared something worth carrying into the week. In a season where weather is impacting your planting and growing season, focus on what you can control. Pour into your family, work on business improvement, operational efficiency, or new ventures. Because one day the weather will align and we will be busting our butts to keep up with an abundant crop.

 

 

 

 

 

 

 

 

 

 

45Z  Update

The 45Z Clean Fuel Production Tax Credit is one of the most important policy developments for grain farmers in years. At its core, 45Z rewards biofuel producers for making lower carbon intensity fuels — and the opportunity for farmers is this: corn and soybean growers who adopt climate-smart production practices could qualify for meaningful price premiums as ethanol and biodiesel plants begin placing real value on low carbon feedstocks. The Treasury Department held its public hearing on the proposed rule today, and the One Big Beautiful Bill has already extended the credit through 2029, giving the market runway to develop. Farmdoc Daily called it one of the most consequential policy stories for grain farmers right now. The technical language around 45Z is dense — carbon intensity scores, lifecycle emissions, GREET models — but the bottom line is straightforward. Good farming practice could continue to be supported, maybe better than ever.

Report Calendar

 

 

 

Let’s Talk!

Kasey Baker

Yield 365 – Grain Marketing Simplified
Call: 815.823.2522