CORN HIGHLIGHTS:

• Corn market slipped off session highs but still held marginal gains on the session as the corn market continues to process a heavy new cycle of headlines. July corn futures gained ¾ cent to 480 ¾, while December corn added 1 cent to 503. December corn did post a new high of 506 ½ before fading to the daily close.
• President Trump arrived in China for another round of trade negotiations, with rumors of potential Chinese interest in U.S. corn exports helping support the market. Talks begin overnight U.S. time, likely setting up headline-driven volatility in overnight trade.
• Congress began debate Wednesday on expanding nationwide year-round E15 availability, though no major developments emerged before the close.
• Ethanol production rebounded sharply to 318 million gallons for the week ending May 8, up from 299 million the prior week and 9% above last year. Corn usage totaled 106 million bushels, still running below the pace needed to meet the USDA’s marketing-year target.
• Brazil weather remains a concern for development of the key second corn crop in Brazil. Dry weather in some regions has triggered some reductions in production estimates.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day slightly higher and fell from highs earlier in the day. Crude oil was lower and traders may be losing optimism over the Trump Xi meeting tonight. July soybean meal was up 2-1/4 cents to 1229 while November was up 2-3/4 cents to 1207-3/4. July soybean meal was up $10.10 to $338.50 and July soybean oil was down 1.04 cents to 74.32 cents.
• Tonight at 9pm eastern time, President Trump and China’s President Xi will meet regarding trade, Iran, and fentanyl, but there has been some chatter today that the meeting may be more ceremonial than productive and that it is unlikely to produce a new trade deal now.
• Highlights from yesterday’s WASDE report showed 2025/26 soybean planted acreage at 81.2 million acres with total production projected at 4.374 billion bushels, slightly above trade expectations. The bullish portion of the report came from lower ending stocks, with 2025/26 stocks reduced to 325 million bushels and 2026/27 stocks lowered to 310 million bushels due to stronger crush and export demand. Both figures came in well below estimates.
• Despite tonight’s meeting with China and hope for a new trade deal, Chinese soy imports are expected to fall. Purchases are estimated to decline starting in October by 7.6% from the previous year to 95.5 million tons due to a reduction in the size of their hog herd.

WHEAT HIGHLIGHTS:

• Wheat took a breather today after putting in new near-term highs, closing in the red across all three classes. This is likely the result of profit taking after yesterday’s sharply higher trade. Additionally, a lower close for Paris milling wheat futures and the US Dollar Index hitting a two-week high may have put some pressure on the market. In the July contract, Chicago lost 3-1/2 cents at 675-1/2, and Kansas City dropped 6-1/2 cents to 724-3/4.
• The first day of the Kansas wheat tour found the crop under stress, as expected. Average yields across northern Kansas were estimated at 38.3 bpa, well below the 50.5 bpa estimate a year ago. For reference, the USDA is estimating this year’s Kansas wheat yields at 37 bpa versus 51 bpa last year. The crop tour will release estimates for the entire state on Thursday.
• According to IKAR, Russian 2026 wheat planted area will fall 1.8% to 26.8 million hectares, versus 27.3 million last year. This is largely due to a decline of 5.4% in spring wheat planting to 10.5 million hectares, the smallest area since 2006. Winter wheat, on the other hand, should see little change at 16.3 million hectares. Additionally, the total wheat production is estimated at 90 mmt, down 1.2% year over year.
• Consultancy Safras and Mercado reduced their estimate of Brazil’s 26/27 wheat planted area and production. Wheat output is now forecasted at 6.16 mmt versus 6.85 mmt in the March estimate. Crop area is estimated at 1.94 million hectares, which compares with 2.35 million for the 25/26 season. Tight margins and high fertilizer costs are cited as reasons for the reductions.
• The Ukrainian Grain Association is expecting the 2026 wheat crop to reach between 22-23 mmt, compared to a 22 mmt crop in 2025. Additionally, they anticipate that wheat exports could total 16 mmt versus the 13.5 mmt expected for this current season.

DAIRY HIGHLIGHTS:

• Class IV milk futures finished higher today with June up 26 cents closing at 22.57.
• Spot powder gained today adding 0.25 cents closing up at $2.2875/lb. Spot butter lost 2.75 cents to close lower at $1.6175/lb.
• Class III milk closed mixed today, May and June saw minimal gains while July through November all posted lower.
• Spot cheese was up 0.50 cents today closing at $1.620/lb. Spot whey was lower loosing 2.5 cents closing at $0.6750/lb.

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Author

Amanda Brill