Weekly Ag Markets Update – 05/11/2026

Wheat:  Wheat closed lower in both markets last week as much improved rains were reported in Colorado and Kansas.  Isolated showers were reported and are forecast in other parts the western Great Plains, but these are not enough to solve any problems.  President Trump announced he was pausing Operation Freedom to give the US and Iran a chance to work out a cease fire deal.  The two sides are apparently close to signing a memorandum of understanding about a deal but the two sides were firing on each mother on /Friday and other Gulf states were getting bombed by Iran too.  Conditions are too dry in much of the US Great Plains but remain wet in the US Midwest and in western Europe for best quality potential.  The weather is now featuring precipitation is forecast for parts of the Midwest along with variable temperatures.  The strait of Hormuz remains closed.

Weekly Chicago Soft Red Winter Wheat Futures

Weekly Kansas City Hard Red Winter Wheat Futures

Weekly Minneapolis Hard Red Spring Wheat Futures

Unavailable today

 

Corn:  Corn was lower last week on some speculative selling as the Iran war continues and that strait of Hormuz remains closed. President Trump announced he was pausing Operation Freedom to give the US and Iran a chance to work out o cease fire deal.  The two sides are apparently close to signing a memorandum of understanding about a deal but the two sides were bombing each other on Friday and the Gulf states were also getting bombed.  Farmers were waiting to plant in much of the north, but most in the central and southern Midwest are planning now and strong demand continues.  It looks drier this week, but not completely dry and Chicago has seen more rain. There are still excessive supplies as seen in the recent USDA reports after prices were trending higher on strong demand.  Temperatures in the Midwest should be generally cool for the next week.  Conditions are called good in Argentina and big production is expected there.  Oats were lower and trends are mixed on the daily charts.

Weekly Corn Futures

  Weekly Oats Futures

 

Soybeans and Soybean Meal:  Soybeans and Soybean Meal were higher last week, but Soybean Oil was lower.  President Trump announced he was pausing Operation Freedom to give the US and Iran a chance to work out o cease fire deal.  The two sides are apparently close to signing a memorandum of understanding about a deal but new hostilities were reported between the US and Iran on Friday and Iran was also bombing the Gulf states.  Temperatures have been cool in the Midwest.  There is talk that more Soybeans could be planted if the weather does not improve for Corn planting soon.  The big South American harvests are also weighing on prices.  Big South American crops are being harvested, and ideas are that Chinese buying could be interrupted due to the Iran war and new import rules imposed by China.  South American sources said that the Brazil crops are now harvested.  The tariff wars between the US and other countries add to cost of US Soybeans.  Temperatures will be generally cool in the Midwest for the next week.

Weekly Chicago Soybeans Futures

Weekly Chicago Soybean Meal Futures

 

Rice:  Rice closed  higher last week and at the highest level in the last four months.  Traders anticipate less production this year in the US and around the world due to low prices.  USDA said that Rice planted area would be about 12% less in the coming year.  Demand remains moderate for US Rice but export demand has been less lately.

Weekly Chicago Rice Futures

 

Vegetable Oils:  Palm Oil followed the outside markets lower on hopes for a peace deal between the US and Iran.  Canola was also lower on the Iran war news.

Weekly Malaysian Palm Oil Futures

Weekly Chicago Soybean Oil Futures

Weekly Canola Futures

 

Cotton:  Cotton was higher again last week on varying news about the Iran war.  President Trump has paused Operation Freedom to allow negotiations on a peace deal to be concluded, but then some hostilities were reported on Friday and included some of the Gulf states.  The two sides are supposed to be close to signing a memorandum of understanding on a deal but no deal is being heard.  Forecasts and reports of just scattered showers in western Cotton areas continue.  Conditions remain dry in major Texas growing areas but scattered to isolated showers are still forecast and also forecast for most Delta and Southeast Cotton growing areas.  Some improvement in conditions are likely in most parts of the Cotton Belt.  Temperatures will be variable.  The strait of Hormuz remans closed and input costs are higher.  Overseas production in places like India and Brazil are expected to be high, but overall world production is expected by USDA to fall on reduced global planted rea and reduced yields.  Trends are up on the daily and weekly charts.

Weekly US Cotton Futures

 

Frozen Concentrated Orange Juice and Citrus:  Futures were higher in range trading last week.  The weather for the next crop is dry but seasonal and some rains are starting to appear.  Chart trends are mixed on the daily charts.  The weather is considered good for production in Brazil and Mexico.  Scattered showers are still reported in Brazil.

Weekly FCOJ Futures

 

Coffee:  New York and London were higher last week.  New York was lower on selling seen in most commodities due to the Iran war news.  The next crop is developing in South America and Asia.  There are still ideas of good supplies available on the farm, but getting Coffee from the farm to the market is another problem due to the war with Iran.  World production conditions are generally good.  Scattered showers are being reported now in Brazil.  Mexico is in good condition, as Central America.  Vietnam has had drier weather and conditions there are called good.

Weekly New York Arabica Coffee Futures

Weekly London Robusta Coffee Futures

 

Sugar:  Both markets were lower last week as the Iran war drags on and the strait of Hormuz remains closed.  President Trump has paused Operation Freedom to allow negotiations on a peace deal to be concluded.  The two sides are supposed to be close to signing a memorandum of understanding on a deal buts th4ere ere reports on Friday that Iran had fired on US warships and on Gulf states.  The war has increased world petroleum prices and could divert demand from Sugar production to production of ethanol.  Trends are up on the daily charts in both markets.  There are good supplies for the market from good growing conditions for cane and beets around the world.  The prospect of a big global surplus in the 2025/26 season was keeping the market on the defensive but a rise in production in India and Thailand being offset by the war

Weekly New York World Raw Sugar Futures

Weekly London White Sugar Futures

 

Cocoa:   Both markets were higher last week.  Daily and weekly trends are up in both markets.  A big main crop harvest has arrived in West Africa and rains have been positive for the next crop.  There are still reports of increased production potential in other countries outside of West Africa, including Asia and Central America.  The market feels that there is less demand due to the high prices seen last year and the lack of demand is expected to continue.  Weak demand has led to a build-up on unsold supplies in both Ivory Coast and Ghana, while the prospect of another global surplus in 2026/27 are real.  Cocoa demand has fallen sharply after prices nearly tripled in 2024, prompting chocolate makers to reformulate ingredients and shrink the size of their bars.

Weekly New York Cocoa Futures

Weekly London Cocoa Futures

 

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