AgMaster Report – 05/26/2026

JULY CORN

July Corn is hovering near the low end of its 2-month trading range (450-485) as peace deals are being discussed in the M/E – even as missile attacks continue over the long holiday W/E! The War Premium is being shredded – however, many potential peace proposals have come & gone since the Iran War’s inception on 2-28-26! The Exit Ramp was always going to be difficult for the US! Meanwhile, Corn’s fundamentals remain the best at the CBOT – 3-4 less million acres planted, exemplary export & domestic demand & the potential the WW drought might seep into the corn-bean areas! Plus, prices remain in the lower half of historical ranges! The wild card is political – President Trump is behind in the polls & needs the Farm Vote for the Nov Mid-terms – & he will do what he can to secure it!

 

JULY BEANS

The recent surprise announcement of China’s intention to buy an additional 18 billion dollars worth of US Ag Goods annually boosted July Beans to the top of its recent range but lack of confirmation from China or any specific trade deals forced the mkt to retract those gains – & that pressure was increased this morning as another Iran Peace Proposal was floated over the W/E! The DJI’s record setting rally earlier today is clue that the at least the mkt thinks the War’s end is finally close at hand! Meanwhile, even if the war ended today, it will be along time before energy prices return to normal! We like the bullish divergence July Beans have shown despite 3-4 more million acres this year & lesser demand from China since the tariffs began! We feel the new China deal is for real & that plus the potential for dry weather creeping into the bean belt will support the bean mkt! And Trump will be a friend to Agriculture going into the Nov Mid-terms!

 

JULY WHEAT

July Wht challenged its contract highs early last week – when the White House announced the China $18 billion dollar grain deal but has since sold off as the mkt extracts war premium & succumbs to seasonal weakness with HRW harvest approaching! However, longer-term outlooks are favorable as global production & yields are likely to suffer due to inflated input costs!

 

JUNE CATTLE

The bullish juggernaut that has been June Cat was tested today on the heels of a bearish COF Report Fri (placements – 105.5%) & weaker cash last week! However. The mkt withstood the bearish data quite well – closing just a little lower & staying within the recent trading range! Continued solid demand – albeit at record levels & a solid discount to cash supported the mkt on breaks today! Cat #’s are still tight & the consumer still seems to prefer steaks & burgers to pork products in the supermarket!

 

JUNE HOGS

The June Hog contract received some good news Friday as the monthly Cold Storage report reflected stocks down 4.5% over 2025 & pork cut-out was up $1.27! Plus, the futures closed higher Friday & again today! So maybe a long-awaited low! The consumer may finally have tired of paying record high beef prices when pork is so cheap! We’ll see if the rally holds up thru the week!

 

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