AgMaster Report – 05/12/2026

JULY CORN

This week, the calendar is full – starting with the Kansas City Wht Tour – the Planting Progress today at 3pm – the May WASDE Tues at 11am, Conab estimates Thur & the Trump-Xi Beijing Summit Thur-Fri! “TOTALLY UNACCEPTABLE” was Trump’s answer to Iran’s peace proposal as the unpopular war rages on! Corn exports today were exemplary at 1.69mt plus 2 flash sales to S Korea & Mexico! Their fundamentals are the best at the CBOT with stellar exports, strong ethanol demand, a potential 4-5 fewer million acres planted & potential dryness for the growing season should the Winter Wht drought seep into the corn/bean belt! The Iran War has strengthened the BULL CASE – sending fuel & fertilizer costs soaring – encouraging corn-to-bean planting shifts – which should be validated in the June Acres Report!

 

JULY BEANS

The long-anticipated Trump-XI Beijing Summit is scheduled for this Thur/Fri – despite the fact the IRAN WAR is still unfortunately ongoing! As China imports most of its oil thru the Strait of Hormuz, the War most certainly will be a prime topic – in addition to grain trade! Traders are hopeful that some bean export business will happen this week in front of the meeting of the World Leaders! Despite well-above-average planting progress -50% & more acres going in, July Beans were able to breach a 2-month trading range on the upside – a solid example of bullish divergence – plus with soaring gas prices, biodiesel demand is very stout! A positive Summit could well push July Beans up to their 2026 highs!

 

JULY WHEAT

The Kansas Wht Tour commences today – covering the drought-stricken Southwest Plains – including Colorado, Kansas & Oklahoma – & should validate damage the dryness has exacted on the Winter Wht Crop! Also, it could offset any bearish #’s reported in Tuesday’s May WASDE Report on the global supplies! The US WW crop woes have seemingly converted the Wht Mkt into a modest “supply bull”! Total US Production is predicted at 1.735BB (2025- 1.995)! The technicals have been positive since Feb – with July Wht advancing over $1.00!

 

JUNE CAT

Is it a top or is it another correction? The $64 question? Technically the mkt has struggled while cash has continued to be strong! Last week, a disappointing close despite solid cash! Eventually, the prices get too high to support decent demand – especially with cheap pork readily available! Supplies are still tight during the best demand period of the year! The war’s high price gasoline might take a toll on consumer demand at the supermarket!

 

JUNE HOGS

The woebegone hog mkt might finally be turning around – as today’s action had reversal tendencies! Plus, the consumer may finally be tiring of paying record prices for beef when pork is dirt-cheap! The cattle-hog gap may finally be wide enough! We’ll see if we get needed follow-thru up action this week!

Questions? Ask Bill Moore today at 312-264-4337