Don’t miss the latest market commentary from the Farm Futures team. Sign up for the complimentary morning and afternoon market newsletters!
Grain markets tend to be a bit quieter ahead of a three-day holiday weekend, and today’s action (or lack thereof) was not that surprising as traders look to enjoy an extra day off this coming Monday. Corn prices trended around 0.25% higher, while soybeans tested fractional gains. Winter wheat prices failed to follow suit after a round of technical selling led to variable losses.
Wet weather will continue to move through parts of the Mid-South, eastern Corn Belt and Southeast over the next several days. With a few exceptions, many areas east of the Mississippi River are set to gather another 1” or more between Saturday and Tuesday, per the latest 72-hour cumulative precipitation map from NOAA. Later on, NOAA’s new 8-to-14-day outlook predicts seasonally warm, wet weather for a sizable part of the Corn Belt between May 29 and June 4.
On Wall St., the Dow jumped another 431 points higher in afternoon trading to $50,717 – a fresh record. “The market is still riding high on the back of strong Q1 earnings,” Glenn Dorsey, head of client portfolio management for Clark Capital, told CNBC. “Importantly, Treasury yields have backed off of their recent highs, which takes pressure off of multiples.” Energy futures were back in the green, with Brent crude oil up around 0.5% this afternoon to move back above $103 per barrel. Gasoline futures climbed almost 2% higher. The U.S. Dollar softened fractionally.
NOTE: The grain markets will be closed on Monday, May 25, in observance of the federal Memorial Day holiday. We wish you a safe and happy holiday. Come back to FarmFutures.com first thing Tuesday morning for our next round of agricultural news and grain market analysis.
Corn prices dialed in some modest gains
After facing some volatility earlier in the week, corn prices found some mild upside following a light round of technical buying on Friday. September futures added 1.25 cents to $4.6975, with December futures up 1.5 cents to $4.8650.
Private exporters announced to USDA two large corn sales on Friday. The first was for 19.4 million bushels to Mexico, and the second was for 4.3 million bushels to unknown destinations. Both sales are for delivery between the current marketing year and 2026-27.
For Indiana farmer Kyle Stackhouse, rains earlier this spring compressed his planting window. The good news? The last of his corn and soybean acres have finally been planted. “Since things started to dry out, field conditions have generally been good,” he said. “We probably planted 85% of our crop into fall vertical tillage. I don’t know if you want to call that no-till or not, but it has been a different type of year for us. We tried to leave cold, wet soil underneath and plant where the ground was in the best condition.” Stackhouse shared more of his thoughts on what’s been going on lately on his operation in his latest Between the Fencerows blog – click here to learn more.
South Korean importers remained active buyers of corn after purchasing another 8.0 million bushels in a series of tenders that closed earlier today. The grain can be sourced from optional origins and is likely for shipment in June and July.
Corn settlements on Thursday were for 371,345 contracts.
Soybean prices managed some mild upside
Prices were in the red at times in overnight trading before trending higher later in Friday’s session on some light technical buying as traders squared positions ahead of the three-day holiday weekend. July futures added 2.25 cents to $11.9650, with August futures up 1.5 cents to $11.95.
The rest of the soy complex also moved higher. July soymeal futures tracked more than 1% higher, while July soyoil futures tested modest gains of 0.15%.
Private exporters announced to USDA the sale of 252,000 metric tons of soymeal for delivery to unknown destinations. Just under half (46.4%) of that total is for delivery during the current marketing year, with the remaining 53.6% for delivery in 2026-27.
Argentina’s Buenos Aires Grains Exchange raised its estimates for the country’s 2025-26 soybean production by a little over 55 million bushels after offering a new projection of 1.841 billion bushels. That 3.1% increase is a notable mid-to-late season adjustment as the country continues to recover from drought challenges in the 2021-22 and 2022-23 seasons. Argentina is the world’s No. 3 soybean producer and typically exports 85% to 90% of its crop.
Soybean settlements on Thursday were for 182,241 contracts.
Winter wheat prices failed to find forward momentum
Prices faced a variable setback following a round of technical selling on Friday that had some contracts down almost 0.75%. July Chicago SRW futures dropped 1.25 cents to $6.4625, with July Kansas City HRW futures down another 5 cents to $6.82.
The latest U.S. Drought Monitor readings, out Thursday and covering the week through May 19, showed some drought erasure in the Southern Plains following ample rains in parts of Texas over the past few days. Eastern Kansas has also pulled back on overly dry conditions. Still, much of Oklahoma, Nebraska and South Dakota are still facing problematic drought pressure as the 2025-26 winter wheat season moves closer to the finish line. Click here to see how conditions currently are in your state.
In an attempt to increase global competitiveness, Argentina’s government lowered its tax rate on wheat exports on wheat from 7.5% to 5.5%. That equates to savings of approximately $5 to $5.60 per metric ton for exporters. The flip side is lower money generated for the government, so this is a strong signal that it holds wheat exports as strategically important.
And finally, talk about a tough question, but are you ready to fire a family member? “When efforts to modify employee behavior fail, leaders must take deliberate action and not allow problems to persist,” noted management coach Don Tyler. “Leaders must lead. Family members and employees in the business watch to see how the leader responds to situations that affect them directly. When a behavior is first noticed and reported to a manager, if the behavior doesn’t change, the employees lose faith in the manager. If the situation continues unabated, eventually, employees lose faith in leadership.” Tyler walked through what is often a delicate situation in his latest Family Farm Coach blog – click here to learn more.
CBOT wheat settlements on Thursday were for 102,008 contracts.