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The term “Mayday!” is 103 years old and has become commonly known as a distress signal. It’s “celebrated” every year on May 1 – particularly in Europe. But while current distress around the globe is certainly nothing to be celebrated, the day was not a grim one for grain prices following a wide set of technical buying on Friday. Corn prices were lifted 0.75% to 1% higher today, with most soybean contracts tracking around 0.75% higher. Wheat prices tested modest gains heading into the weekend, meantime.A large part of the Midwest and Plains will see some light showers over the next several days, but very few fields are likely to get more than 0.25” between Saturday and Tuesday, per the latest 72-hour cumulative precipitation map from NOAA. Later this month, NOAA’s new 8-to-14-day outlook predicts wetter-than-normal conditions moving into the eastern Corn Belt between May 9 and May 15, with warmer-than-normal temperatures moving into the Plains during this time.
On Wall St., the Dow eased 77 points (or 0.16%) lower in afternoon trading to 49,574 and finished April with its strongest monthly performance since November 2024. Brent crude oil futures found some respite today after sliding 1.75% lower in afternoon trading to $108 per barrel. That’s still substantially higher than the 52-week low of $58, however. Gasoline futures faded 0.5% lower. The U.S. Dollar firmed moderately.
Corn prices enjoyed some end-of-week upside
Demand optimism kept prices afloat on Friday as traders engaged in a round of technical buying heading into the weekend. July futures rose 5.5 cents to $4.8025, with September futures up 4.75 cents to $4.8450.
Private exporters announced to USDA the sale of 5.8 million bushels of corn to unknown destinations. Of the total, 53% is for delivery during the current marketing year, which began September 1, with the remainder for delivery in 2026-27.
On Theusday, the House cleared the farm bill by a vote of 224-200, where it faces an “uncertain future” in the Senate, according to Farm Progress policy editor Joshua Baethge. Of particular note, an amendment to include year-round sales of E15 was separated from the full farm bill during extended debate well into Wednesday night. A stand-alone E15 provision could be voted upon by the House sometime in May. Click here to learn more.
Corn settlements on Thursday were for 384,871 contracts.
Soybean prices made moderate moves higher
Prices finished with gains mostly ranging between 0.5% and 0.75% following a round of technical buying on Friday. July futures rose 7.75 cents to $12.0325, with August futures up 8 cents to $11.9725.
The rest of the soy complex was also in the green. July soymeal futures inched 0.13% higher, while July soyoil futures improved by 0.83%.
The U.S. Energy Information Administration reported earlier today that 1.058 million pounds of soyoil were used for biodiesel production in February. That was the highest monthly use since July 2025. Soyoil accounted for more than 44% of total biodiesel feedstock for that month. It remains the leading feedstock for biofuel production in the U.S. due to high availability from domestic soybean crushing and favorable conservation properties.
Ahead of the next USDA Fats & Oils Report, analysts expect to see a total crush of 231.1 million bushels in March. That would be well above March 2025 volume of 192.1 million bushels, if realized. Soyoil stocks are anticipated to reach 2.555 billion pounds through March 31.
In a year where many farmers are feeling the pinch of lower profitability, more than two-thirds of Farm Futures survey respondents indicated that market losses will weigh heavier than any governmental payments could make up for. In fact, 81% think market losses from the Trump Administration policies (including tariffs) will negatively affect their income, including Iowa farmer Ed Swinger. “As we say: Farmers want trade, not aid,” Swinger said. “The next generation is going to come in, and you’d like to have a good solid base for them to come in.” Click here to learn more.
Meantime, if you’re trying to get the most bang for your buck with this year’s soybean crop, our sister publication Prairie Farmer notes that research has not shown a consistent yield response on foliar fertilizer applications. In other words, there is no guarantee of a positive return on investment there. “You may find other benefits, such as better plant health, increased standability or better seed quality,” added Gene Flaningam with Flaningam Ag Consulting. “Review plant tissue and soil test levels before making foliar applications. Other certified crop advisers weighed in on this subject in the latest Soybean Corner blog – click here to learn more.
Soybean settlements on Thursday were for 187,525 contracts.
Winter wheat prices captured modest gains
All eyes are still on geopolitical tensions in the Middle East, which has been supportive of commodities such as crude oil, wheat and soyoil. Some rain relief came to the Plains this past week, but widespread drought there has kept the doors open for prices to move higher. Today, July Chicago SRW and Kansas City HRW futures each picked up a penny to settle at $6.3775 and $6.9450, respectively.
Iran has proposed a second round of peace talks with the U.S. but also warned that any new attacks will draw “sustained, wide-ranging and painful retaliation.” There are also lingering questions on whether a decades-old law that limits the use of force without authorization from Congress will be properly addressed. The ongoing conflict has lifted crude oil prices above $100 per barrel, which generally (but not always) supports wheat prices.
Meantime, Geopolitical turmoil in and around Iran is pushing a broad set of grain and energy commodities higher in recent weeks. While the boost in some grain prices is welcome for farmers, they also face high input costs, along with other inputs, that will ripple through the supply chain moving forward. “The war is inflationary for food, mainly through energy, fertilizer, and shipping disruptions, with effects that are broad, global, and lagged,” said Oscar Tjakra, a senior analyst at Rabobank in Singapore. “If the conflict persists, it could add several percentage points to food inflation over the next six to 18 months.” Bloomberg did some recent reporting on the ongoing situation – click here to learn more.
CBOT wheat settlements on Thursday were for 210,015 contracts.