05/27/26 Wheat Proving Springtime Rallies Don’t Last

05/27/2026 Click Above to Watch the Morning Market Talk Video Wheat Proving Springtime Rallies Don’t Last On the Grains Corn and wheat opened higher overnight and faded, while soybeans took the opposite path and are trading modestly firmer early this morning. Wheat is proving once again that springtime rallies are really difficult to sustain – even in poor crop years. With harvest results starting to trickle in from the Southern Plains and full-blown harvest just around the corner, speculative money is flowing out of long positions, especially winter wheat markets. Corn is following. Crude oil is weaker amid optimism that a U.S./Iran peace deal and a reopening of the Strait of Hormuz are coming, despite recent attacks. If support at Tuesday’s spike low and the May 6 low are violated, it would point nearby WTI crude oil futures toward the $89 level that provided support in March and April, after the initial upside price spike due to the war. Crop Emergence Jumps Corn emergence jumped 21 points to 60%, two percentage points ahead of the five-year average. Soybean emergence increased by 17 points to 49%, nine points ahead of average. This week’s heat in the western and central Corn Belt…