We have been sitting all week. The storm I was worried about for Monday was just as bad if not worse than advertised. We had 2-4.5 inches of rain on our farms. Where we planted last week, we had the lower amounts, which is good-but where we haven’t planted, we had a flood. Our biggest concern right now is whether the corn makes it up. Given how fast and hard the rain came down, the verdict is out for now. Hopefully, we’ll keep from getting too hot and maybe catch a shower on Tuesday that is in the forecast to keep the ground soft. On what we have left to plant, I’m hopeful sometime next week we can have a shot at it. Around home, we’re calving and chasing kids playing ‘summer’ ball already. Wearing a winter coat watching ballgames seems like a bad joke, but this year has certainly been interesting so far when it comes to weather. I appreciate the feedback-keep it coming. mbennett@agmarket.net.
Both corn and beans rallied on the week with corn leading the way-likely supported by the wheat rally. With wheat conditions in tough shape and weather help up in the air, the wheat market rallied 20-30 cents this past week. The war situation doesn’t appear to be improving by any measurable amount. Outside markets were mixed.
The US Dollar was down .340 at 98.005.
July crude oil was up 6.08 at 96.54.
The DOW settled up 270 points at 49,646.
CORN
May ‘26 corn posted the third straight week of gains. July settled at $4.80 ¼, up 5 ½. This was 3 ¼ off the high and 7 ½ off the low. July rallied 16 ¾ cents for the week. Technically, this corn market looks to challenge the old high of $4.87 ½ set back on March 9th when the war situation was getting kicked off. We’ve closed higher 8 out of the last 10 sessions. The funds bought 83k contracts of corn as of Tuesday’s close, taking them to a 266k contract long! While weather has been a factor due to the areas that are running behind, the crop progress report shows overall planting pace as average to a tic ahead of normal. The problem is areas like eastern Iowa and northern Illinois where progress has been limited-those are certainly viewed as some of the most productive acres in the corn-belt most years. Another bit of bullish fodder late in the week was whispers once again that China is either looking to buy corn before or during the Trump/Xi meeting. Given how stout exports have already been, Chinese business could be a boost at a time when many are looking for ’26 acres to fall even farther than the March intentions at 95.3. I like corn ownership still but also want to stick to our guns on rewarding a rallying market incrementally.
DEMAND
Corn demand was mixed this past week. Exports came in at 1.598 mmt, up over 250k from a week ago. Corn grind for ethanol was down due to normal, scheduled maintenance, coming in at just under 98 mb. Stocks were down. Basis was mostly improved:
• My local basis: 20 under July (11 cents improved)
• Decatur: 8 over July (nine cents improved)
• St. Louis River: 25 over July (4 cents wider)
CASH CORN
Cash prices were up on the week. While the board again rallied, basis held right in there and even improved in some places. With planting going on in many areas, cash movement has been slower than normal-as can be expected. Originators in some areas continue to push for corn to keep it moving. Ethanol grind has been down the last two weeks, but this is normal for planting season-as plants plan on maintenance happening while less corn is generally coming in. For those with old-crop corn, I think it makes the most sense to continue with your game-plan by selling in increments as we rally. For those who own corn on paper, I’d be tempted to see how this plays out for the time being. IF we’d happen to see the areas that have been slow stay slow, talks of a more normal prevent-plant number could enter traders’ mindsets as weather premium would likely be viewed as minimal for now. IF that premium comes into Dec corn, we can expect other contracts to rally as well. Biggest caution for me is to not get too bulled up as we rally-selling at profitable levels into a rally is a wise business decision in my opinion.
2026 CORN
December 2026 corn ended the week at $4.96 ¾, up 12 ½ on the week. The action in Dec corn has been impressive, especially after the blasé years we’ve just come out of. Dec traded up to $5.01 ¾ on Friday, so those who have been waiting on the nice round $5 number got their offers filled. As I’ve said lately, I’m not selling more corn right now, but I’m willing to put floors under additional bushels. With a good chunk of my sales covered with August short-dated $5/6 call spreads, I will continue to put floors under the market if we continue to rally. I’d like to see my corn up and going before getting too aggressive, but I’ve always felt like protecting a market above the spring insurance price was wise business. It all comes down to marketing vs your break-even levels. Here is the link for more info on the AgMarket app. https://hubs.li/Q03qt2Qd0
Corn Market Theme: The corn market continues to rally. Incrementally rewarding higher prices is a good strategy to consider-particularly when there is profit on the table.
BEANS
Beans were up on the week after a couple of down weeks. July beans settled at $12.03 ¼, up 7 ¾. This was 1 ¾ off the high and 9 ½ off the low. Beans rallied 24 ¾ cents on the week. July meal settled up .2 on the week at 319.3, while soy oil ended the week at 75.16, up 4.87. The bean market continues to be range-bound but closed the week at the top of that range we’ve been in for almost two months. The funds sold almost 11k contracts as of Tuesday’s close, taking the net long down to 177k. I would expect this next week to show the funds back in buying beans as the latter part of the week showed a fair amount of buying. Between soybeans, soy oil and meal, we show a 461k contract long, so they certainly want to own the soy complex. Given huge crush margins of late(closer to $4 than $3), there’s no doubt domestic demand for soybeans is strong. The trade seems hesitant to run up to old highs without knowing if this Trump/Xi meeting happens and how it goes. As with corn, I’m more on the side of rewarding rallies if the grower can pencil in profits.
DEMAND
Soybean export sales were down on the week at 258 kmt. Basis was steady:
• My local beans: 20 under May (5 cents improved)
• Decatur: 20 over July (4 cents improved)
• River: 22 over July (no change)
CASH BEANS
Cash beans were strong on the week. While we saw a nice board rally, basis held in if not strengthened. The bean market continues to shrug off the big Brazilian crop and excess world supply. Domestic consumption in the US is a big focus as well as Brazil talking a 100% soy renewable diesel mix potentially. High energy prices have been a big factor in these countries looking to use what they’re growing at home. Here in the US, one might consider there should be quite a bit more meal available as this industry continues to build out. Those in the livestock industry might have a nice affordable supply of protein in more readily available fashion. As far as selling beans, I’m still of the opinion a person keeps those gambling bushels around for now. There’s no shame in selling them up here, and again, I wouldn’t keep a big percentage if it were me.
2026 BEANS
Nov 2026 beans settled at $11.82 ¾, up 27 on the week. New beans are getting close to $12, and I’ve had plenty asking if they should wait on it like they did with $5 corn. I’m always leery of those round numbers as I’ve seen a couple of pennies cost a person .50 or a dollar. How I’d approach it, especially for those who haven’t sold much yet, is to have targets in place at profitable levels. If you want to put a floor under these beans, I like layering in puts as we rally-especially with us closer to or above the levels needed to make a profit this year. I’d expect bean acres to trend higher on the June planted acreage report, so I’ll likely be protected on a decent percentage while keeping the ability to participate in a rally should it occur.
Bean Market Theme: The bean market continues range-bound on old-crop with Nov beans seeing the highest price in two years. Keep your marketing plan disciplined as we rally.
As always, use the AgMarket.Net Profitability App to help you figure your break-evens and put your plan in place:
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Good Morning!
We have been sitting all week. The storm I was worried about for Monday was just as bad if not worse than advertised. We had 2-4.5 inches of rain on our farms. Where we planted last week, we had the lower amounts, which is good-but where we haven’t planted, we had a flood. Our biggest concern right now is whether the corn makes it up. Given how fast and hard the rain came down, the verdict is out for now. Hopefully, we’ll keep from getting too hot and maybe catch a shower on Tuesday that is in the forecast to keep the ground soft. On what we have left to plant, I’m hopeful sometime next week we can have a shot at it. Around home, we’re calving and chasing kids playing ‘summer’ ball already. Wearing a winter coat watching ballgames seems like a bad joke, but this year has certainly been interesting so far when it comes to weather. I appreciate the feedback-keep it coming. mbennett@agmarket.net.
This past week on the podcast, we touched on weather and planting pace and how strong this corn and wheat markets have been. Here’s the link. Protecting Your Profits: Grain Market Update with Matt Bennett
Both corn and beans rallied on the week with corn leading the way-likely supported by the wheat rally. With wheat conditions in tough shape and weather help up in the air, the wheat market rallied 20-30 cents this past week. The war situation doesn’t appear to be improving by any measurable amount. Outside markets were mixed.
CORN
May ‘26 corn posted the third straight week of gains. July settled at $4.80 ¼, up 5 ½. This was 3 ¼ off the high and 7 ½ off the low. July rallied 16 ¾ cents for the week. Technically, this corn market looks to challenge the old high of $4.87 ½ set back on March 9th when the war situation was getting kicked off. We’ve closed higher 8 out of the last 10 sessions. The funds bought 83k contracts of corn as of Tuesday’s close, taking them to a 266k contract long! While weather has been a factor due to the areas that are running behind, the crop progress report shows overall planting pace as average to a tic ahead of normal. The problem is areas like eastern Iowa and northern Illinois where progress has been limited-those are certainly viewed as some of the most productive acres in the corn-belt most years. Another bit of bullish fodder late in the week was whispers once again that China is either looking to buy corn before or during the Trump/Xi meeting. Given how stout exports have already been, Chinese business could be a boost at a time when many are looking for ’26 acres to fall even farther than the March intentions at 95.3. I like corn ownership still but also want to stick to our guns on rewarding a rallying market incrementally.
DEMAND
Corn demand was mixed this past week. Exports came in at 1.598 mmt, up over 250k from a week ago. Corn grind for ethanol was down due to normal, scheduled maintenance, coming in at just under 98 mb. Stocks were down. Basis was mostly improved:
• My local basis: 20 under July (11 cents improved)
• Decatur: 8 over July (nine cents improved)
• St. Louis River: 25 over July (4 cents wider)
CASH CORN
Cash prices were up on the week. While the board again rallied, basis held right in there and even improved in some places. With planting going on in many areas, cash movement has been slower than normal-as can be expected. Originators in some areas continue to push for corn to keep it moving. Ethanol grind has been down the last two weeks, but this is normal for planting season-as plants plan on maintenance happening while less corn is generally coming in. For those with old-crop corn, I think it makes the most sense to continue with your game-plan by selling in increments as we rally. For those who own corn on paper, I’d be tempted to see how this plays out for the time being. IF we’d happen to see the areas that have been slow stay slow, talks of a more normal prevent-plant number could enter traders’ mindsets as weather premium would likely be viewed as minimal for now. IF that premium comes into Dec corn, we can expect other contracts to rally as well. Biggest caution for me is to not get too bulled up as we rally-selling at profitable levels into a rally is a wise business decision in my opinion.
2026 CORN
December 2026 corn ended the week at $4.96 ¾, up 12 ½ on the week. The action in Dec corn has been impressive, especially after the blasé years we’ve just come out of. Dec traded up to $5.01 ¾ on Friday, so those who have been waiting on the nice round $5 number got their offers filled. As I’ve said lately, I’m not selling more corn right now, but I’m willing to put floors under additional bushels. With a good chunk of my sales covered with August short-dated $5/6 call spreads, I will continue to put floors under the market if we continue to rally. I’d like to see my corn up and going before getting too aggressive, but I’ve always felt like protecting a market above the spring insurance price was wise business. It all comes down to marketing vs your break-even levels. Here is the link for more info on the AgMarket app. https://hubs.li/Q03qt2Qd0
Corn Market Theme: The corn market continues to rally. Incrementally rewarding higher prices is a good strategy to consider-particularly when there is profit on the table.
BEANS
Beans were up on the week after a couple of down weeks. July beans settled at $12.03 ¼, up 7 ¾. This was 1 ¾ off the high and 9 ½ off the low. Beans rallied 24 ¾ cents on the week. July meal settled up .2 on the week at 319.3, while soy oil ended the week at 75.16, up 4.87. The bean market continues to be range-bound but closed the week at the top of that range we’ve been in for almost two months. The funds sold almost 11k contracts as of Tuesday’s close, taking the net long down to 177k. I would expect this next week to show the funds back in buying beans as the latter part of the week showed a fair amount of buying. Between soybeans, soy oil and meal, we show a 461k contract long, so they certainly want to own the soy complex. Given huge crush margins of late(closer to $4 than $3), there’s no doubt domestic demand for soybeans is strong. The trade seems hesitant to run up to old highs without knowing if this Trump/Xi meeting happens and how it goes. As with corn, I’m more on the side of rewarding rallies if the grower can pencil in profits.
DEMAND
Soybean export sales were down on the week at 258 kmt. Basis was steady:
• My local beans: 20 under May (5 cents improved)
• Decatur: 20 over July (4 cents improved)
• River: 22 over July (no change)
CASH BEANS
Cash beans were strong on the week. While we saw a nice board rally, basis held in if not strengthened. The bean market continues to shrug off the big Brazilian crop and excess world supply. Domestic consumption in the US is a big focus as well as Brazil talking a 100% soy renewable diesel mix potentially. High energy prices have been a big factor in these countries looking to use what they’re growing at home. Here in the US, one might consider there should be quite a bit more meal available as this industry continues to build out. Those in the livestock industry might have a nice affordable supply of protein in more readily available fashion. As far as selling beans, I’m still of the opinion a person keeps those gambling bushels around for now. There’s no shame in selling them up here, and again, I wouldn’t keep a big percentage if it were me.
2026 BEANS
Nov 2026 beans settled at $11.82 ¾, up 27 on the week. New beans are getting close to $12, and I’ve had plenty asking if they should wait on it like they did with $5 corn. I’m always leery of those round numbers as I’ve seen a couple of pennies cost a person .50 or a dollar. How I’d approach it, especially for those who haven’t sold much yet, is to have targets in place at profitable levels. If you want to put a floor under these beans, I like layering in puts as we rally-especially with us closer to or above the levels needed to make a profit this year. I’d expect bean acres to trend higher on the June planted acreage report, so I’ll likely be protected on a decent percentage while keeping the ability to participate in a rally should it occur.
Bean Market Theme: The bean market continues range-bound on old-crop with Nov beans seeing the highest price in two years. Keep your marketing plan disciplined as we rally.
As always, use the AgMarket.Net Profitability App to help you figure your break-evens and put your plan in place:
👉 https://hubs.li/Q03qt2Qd0
Let me know if I can help in any way. These markets are tricky, but with a plan in place, we can take the emotion out and make better decisions.