DeLong Commentary

Midday Grain Update

🔴 Corn: Corn closed 2 cents lower across the board. July 2026 settled at $4.44 with December 2026 shaving off 2.5¢ to close at $4.72.

🔴 Beans: Soybeans traded both sides of the open but ultimately settled lower. July 2026 lost 5.5¢ closing at $11.81, while November 2026 slipped 0.25¢ to $11.89.

🔴 Wheat: Wheat stuck to the trend, also closing lower after trading both sides of the session. July 2026 lost 2.25¢ to settle at $6.08.

Headlines

Conversations with no Follow-through

Overnight energies carried a premium after the U.S. and Iran traded strikes over the weekend and Israel moved further into Lebanon. Soyoil and wheat responded most directly, while corn continued to struggle after breaking key support Thursday and Friday. Beyond the geopolitical noise, the more pressing issue is China. Despite commitments of 25 MMT in soybeans and $17B in broader ag purchases, follow-through remains absent. As June seasonal patterns take hold and Iran fatigue sets in, crop condition scores will increasingly drive price. Without confirmed Chinese buying, rallies will be difficult to sustain.

Export Inspections Solid — Corn and Wheat on Pace

All three commodities came in within expectations for the week ending May 28. Corn moved 68.0 million bushels, up from 63.2 million the prior week, with cumulative inspections at 2.439 billion bushels — up 27% from last year and needing a 55.4 million bushel weekly pace to hit USDA’s 3.3 billion bushel target, exactly in line with last year’s average from this point. Soybeans came in at 18.2 million bushels, with a four-week average of 21.3 million versus last year’s 10.7 million — encouraging, though cumulative shipments remain 20% behind last year. About 14.0 million bushels per week will be needed to reach USDA’s 1.530 billion bushel projection. Wheat wrapped up the marketing year at 14.8 million bushels, putting cumulative inspections at 878 million — up 9% from last year and pointing to a final tally of 905 to 910 million bushels, right in line with USDA’s estimate.

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Kasey Baker

Yield 365 – Grain Marketing Simplified
Call: 815.823.2522