DeLong Commentary

Midday Grain Update

@ 10.52a CST

🔴 CORN: Corn is under pressure but holding slightly stronger than the rest of the complex. Prices are down 3–5 cents, trading at the lowest level in the past 10 sessions. July 2026 corn is at $4.64, December 2026 is trading at $4.86, and December 2027 is just below $5.00 at $4.98.

🔴 BEANS: Soybeans have taken the brunt of the recent selloff, adding to yesterday’s losses and currently down 9–11 cents. July 2026 beans are at $11.86, with new crop November 2026 at $11.68.

🔴 WHEAT: Wheat began trending lower at the start of the month and has now lost nearly 70 cents from the April 29 high to today. July 2026 wheat is at $6.07, with July 2027 trading at $6.80.

Headlines:

Uncertainty to Acceptance on Iran

Markets have shifted from reacting to early headlines to beginning to accept the Iran peace framework as a likely outcome.

Yesterday’s trade was driven by uncertainty around whether the proposal would hold, while today’s action reflects growing confidence that de-escalation is real.

Iran continues to review the agreement, but markets are no longer pricing in escalation risk, keeping pressure on commodity markets

Macro Selling Continues to Outweigh Fundamentals

Grain markets remain under pressure as broader macro selling continues to outweigh individual supply and demand factors.

Wheat continues to face production concerns, but those fundamentals are being overshadowed in the short term as markets respond to broader commodity liquidation.

Export Sales

Corn sales came in within the expected range at 1.36 MMT but were down from the previous week. Despite the slowdown, overall commitments remain strong year over year and continue to run ahead of USDA projections.

Soybean sales were the weakest point in the report, coming in below expectations at just 142k tonnes, marking a marketing year low. Export pace continues to trail last year, with limited buying activity from China. Soybean meal sales met expectations, while soybean oil sales were minimal.

Wheat sales were also light but generally in line with expectations, with the marketing year nearing completion.

Let’s Talk!

Kasey Baker 

Yield 365 – Grain Marketing Simplified
Call: 815.823.2522

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