CORN

• Corn futures are mixed to slightly lower at midday, with December futures on pace for their sixth consecutive lower close.
• An active pattern across the Corn Belt is bringing a near-ideal mix of rain and sunshine, setting up excellent early-season conditions for the quickly planted crop as it heads into mid-June.
• Corn export sales for the week ending May 22 totaled 36.1 mb for 2024-25 and 1.2 mb for 2025-26. Shipments reached 62.9 mb, well above the 45.2 mb weekly pace needed to hit USDA’s 2.6 bb target. Total commitments now stand at 2.527 bb, up 28% from a year ago.

SOYBEANS

• Soybean futures are lower at midday as favorable U.S. weather and lack of new news weighs on the market.
• Soybean and soybean oil futures remain rangebound as the market awaits long-delayed updates to U.S. biofuels policy, particularly the Renewable Fuel Standard’s volume obligations.
• U.S. soybean meal export sales for the week ending May 22 totaled 179,000 tons for the upcoming marketing year — over three times expectations and the 8th largest combined weekly total on record.

WHEAT

• Wheat futures are mixed at midday, with winter wheat futures lower and spring wheat futures higher.
• Tuesday’s Crop Progress report showed spring wheat rated just 45% good to excellent — the lowest initial rating since 2021 and well below expectations.
• India’s ag ministry estimates this year’s wheat crop at a record 117.5 MMT, up 4 MMT from last year, making imports increasingly unlikely.

Author

Keegan Madigan