The grain trade stabilizes after losses this week.

May 8, 2026

The grain trade has seen the air come out over the past week, with markets giving back some of the inflation concerns as oil softened. Still, some consolidation ahead of the weekend would be understandable (especially since I expect Iran will do a “Zelinski” and blow the peace plan off the table, always wanting something more).

Positioning may be more active than usual today as traders get ready for next Tuesday’s May WASDE report. This update carries extra weight because it gives the market its first official look at new-crop balance sheets. Expectations are for soybean ending stocks to look similar to the current year, while corn and wheat production are expected to show more meaningful declines.