April 20, 2026
At this hour:
Corn market is down 0-1c,
soybeans are down 0-1c,
wheat is up 6-7c,
crude oil is up $4.68-$4.69,
US Dollar is up 13 points
-The U.S. seized an Iranian ship in the Strait of Hormuz over the weekend.
-Patchy frost across parts of the southern wheat plains.
-Crude oil up over 5% this morning.
-Weather forecasts are calling for some rains for the wheat plains and Delta to bring some relief but that is in week 2.
-Planting progress this week should see some minimal gains with a decent week ahead for corn and soybeans.
Look for a mixed trade as we wrap up this week of trading.
Support/Resistance:
May corn – Support on May corn is at $4.46 1/2 which is the 200-day moving average. Resistance is at $4.52 1/2 which is the 20-day moving average.
December corn – Support comes in at $4.68 which is the 100-day moving average. Resistance comes in at $4.81 which is the 20-day.
May soybeans – Support comes in at $11.64 1/2 which is the 10-day moving average. Resistance is at $11.79 3/4 which is the high from March 26th.
November soybeans – Support is at $11.38 1/4 which is the 50-day moving average. Resistance is at $11.74 1/4 which is the high from March 12th.
May Kansas City wheat – Support is at $6.16 1/4 which is the 10-day moving average. Resistance comes in at $6.51 1/2 which is the high from April 16th.
Where do we go from Here:
Grain markets are pretty quiet starting out this week. Planting progress should see some gains, but the cooler temps had a few guys holding up until this week. I would guess corn planting should be in the 8-9% completed area this week and forecast looks decent to have a good week of planting. We still have a lot of dryness in the southern plains and over into the Delta adding some support to the corn market. May corn futures continue to hold above the 100-day and 200-day moving averages, but rallies are limited without any fresh bullish news to trade on.
Soybean prices continue to trend sideways. The crop in South American is getting a bit smaller but still at record levels. President Trump and President Xi will meet face to face next month in China. Traders are optimistic that China will step up and buy the additional 8 MMT of soybeans they talked about earlier this year along with increasing their purchases for the upcoming years. As farmers head to the fields to plant this year’s crop, one has to think the soybean acres could increase heading into the June 30th report. For now, I continue to expect soybeans to grind sideways.
Cool temps into the southern plains are causing some issues with the wheat crop. Over the weekend, there was some patchy frost clear down into the Texas panhandle adding more stress to this year’s crop. Continued dryness looks to persist this week but the week 2 forecasts looks to bring some relief. Traders will be a bit hesitant on the relief as they have seen this story before and get disappointed. For now, May Kansas City wheat is hitting resistance up at recent highs in the $6.50 to $6.52 area but should find support on any weakness.
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