05/17/2026 Sunday Market Preview

Grains were called lower in continuation of the selloff from late last week. Possible strength for crude oil tied to the Middle East could see buyers return in commodities. In the Headlines Grain futures tumbled on Thursday’s session after U.S. Treasury Secretary Scott Bessent said soybeans were “all take care of,” seemingly indicating that there would be no additional treatment of the subject during President Trump’s visit to China. Further disappointment was realized on Friday as there came no new agricultural purchase agreements announced from the meeting with Xi Jinping. Traders now wait for China to resume purchasing U.S. soybeans in fulfillment of the previous promise made to buy 25 million metric tons in each of the next three seasons. Israeli strikes continued against Hezbollah in Lebanon while Iran also reportedly launched a drone attack on an Abu Dhabi nuclear plant. Along with a post from President Trump about it being the “calm before the storm,” there were more indications that the U.S. and Israel were preparing for another major military offensive against Iran. Plans were likely to focus on targeting Iranian nuclear assets rather than securing control of the Strait of Hormuz. The annual Wheat Quality Council tour finished…