Corn, Soybeans, and Wheat Rally as Bullish Grain Market Momentum Continues in 2026.
Grain markets delivered another volatile yet bullish week as corn climbed above $5 per bushel, soybeans topped $12, wheat traded near $7, and canola approached $750, according to the latest Ag Commodity Corner+ Podcast for the week of May 4 to 8, 2026.
Experts Farms.com Moe Agostino, chief commodity strategist and Abhinesh Gopal, head of commodity research, indicated that despite sharp midweek swings, the grain markets remain in a long-term bullish trend.
The analysts reviewed the volatile week on the weekly Ag Commodity Corner+ Podcast, with the title of this week’s episode reflecting the highs: “$5 Corn, $12 Soybeans, $7 Wheat & $750 Canola! Is the Top In/Party Over?”
Soybeans closed the week 5 percent higher, while corn, wheat, and canola all stayed within what Agostino described as “bullish uptrend channels.” He noted that speculative funds are now holding more than $1.04 million net long grain contracts as of May 5, though some profit-taking occurred during the week.
Agostino dismissed concerns that weaker crude oil prices would trigger a collapse in grain values. He believes uncertainty surrounding fertilizer costs, planted acreage, weather risks, production estimates, and Chinese demand should continue supporting grain futures in the near term.
Attention is now shifting to the USDA’s May WASDE report on Tuesday, May 12, which is expected to provide the first detailed outlook for the 2026-27 U.S. crop year.
Trade estimates place U.S. corn yields at 182.8 bushels per acre (trendline yield), slightly below last year’s record 186.5 bpa, while soybean yields are projected near 53 bpa also at trendline. Old crop 25/26 U.S. corn ending stocks are forecast at 2.13 billion bushels, although that number could fall closer to 2 billion because of strong export demand and could result in lower new crop 26/27 U.S. corn ending stocks.
Hard red winter (HRW) wheat remains a major concern. Crop tour participants in Oklahoma reportedly cut production estimates by nearly 50 percent, while USDA crop ratings for key HRW states continue to decline.
Colorado’s good-to-excellent rating fell to just 5 percent, with 67 percent of the crop rated poor to very poor. Agostino warned that drought, disease, frost damage, and abandoned acreage (which remains the wildcard) could significantly reduce production across Kansas and other Great Plains states.
Gopal also highlighted this week’s expected Trump-Xi summit, taking place May 14 & 15, which they believe could become a major catalyst for grain markets, especially if China resumes large-scale soybean purchases from the United States.
Watch the podcast video “$5 Corn, $12 Soybeans, $7 Wheat & $750 Canola! Is the Top In/Party Over?” below.
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