DeLong Commentary

Midday Grain Update

11:17a

🔴 Corn: Once again the market gaslighted us — starting the morning higher before shifting sharply lower. July 2026 is trading 7¢ lower at $4.33, with December 2026 down 6.25¢ to $4.60.

🔴 Beans: Soybeans are locking in similar losses to corn. July 2026 is trading at $11.59, down 6¢ on the day, with November 2026 shedding 3¢ to $11.74.

🔴 Wheat: Wheat is taking the hardest hit of the session, shaving off 14.75¢ on the July 2026 contract to trade at $5.88.

Headlines

Iran Continues to Trigger the market

Iran struck targets in Kuwait overnight while the U.S. conducted strikes near the Strait of Hormuz, pushing oil and grains higher for a short period. President Trump indicated both sides are still talking and suggested a direct meeting with the Ayatollah remains a possibility.

USMCA Talks Resume

Canadian Trade Minister Dominic LeBlanc described this week’s meetings with U.S. Trade Representative Greer as constructive, noting that Canada presented proposals and responded to U.S. concerns. No formal negotiation timeline was established. Canada is pushing to reduce sectoral tariffs and expand market access, while the U.S. is pressing for stricter auto content rules and potential additional tariffs on Canadian goods. LeBlanc summed it up plainly — there is a lot of work to do between now and July 1. For ag markets, USMCA stability matters directly. Mexico remains the top destination for U.S. corn exports.

Export Demand for Wheat is Impressive

Global wheat demand continues to show up. Jordan’s feed barley tender is drawing strong interest with nine companies participating, along with a separate 120,000 MT milling wheat tender with offers due June 9. Tunisia issued a tender for approximately 75,000 MT of soft milling wheat with offers due tomorrow and shipment requested between July 1 and August 15. Meanwhile Egypt reported its strongest local wheat procurement on record, purchasing 4.38 MMT since mid-April — up 15% from last year and the highest total for this point in the season ever recorded. Active tendering from North African and Middle Eastern buyers alongside record Egyptian domestic procurement signals that global wheat demand is well supported even as production concerns mount.

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Kasey Baker

Yield 365 – Grain Marketing Simplified
Call: 815.823.2522