Tidbits, Market Correction, SA Crops, Kansas Wheat, Fed Reserve, Export Sales 5/15/26
- Wright team
- 1 hour ago
- 4 min read
Tidbits
After corn and beans were up four consecutive days ending Wednesday and wheat up three consecutive days ending on Tuesday after a very bullish wheat news from USDA, all three markets were due for a correction (profit taking) yesterday. Wheat also had more serious technical and seasonal price trend reasons to fall sharply.
Wednesday evening, corn, beans and KC wheat trended slightly higher until about 1 AM but failed to come close to Wednesday highs awaiting news from China for a boost.
Then Secretary Bessent said China would probably buy a lot of planes from Boeing, but "beans to China for 2026 are all taken care of."
Once the selling started, it quickly turned into a free-fall. Corn weekly export sales yesterday morning were the second lowest of the year and less than the lowest estimate. Finally, the morning's weather forecast was for 2 to 3 inches of rain across the Corn Belt next week. With corn planting progress ahead or normal, that was bearish news.
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