April 22, 2026
At this hour:
Corn market is up 2-3c,
soybeans are up 7-8c,
wheat is down 1-2c,
crude oil is up $1.00-$1.01,
US Dollar is down 6 points
-Rumors floating around that China is looking for soybean offers out of the U.S.
-Tensions between the U.S. and Iran are hearing up again.
-November soybeans testing the high from March and back trading at the highest levels we have seen since May 2024.
-295,000 MT in corn sales announced yesterday. 100,000 MT to Colombia and 195,000 MT to unknown destinations.
-Bean oil is surging, breaking out to the upside as crude oil pushes back higher.
-The U.S. weather looks good for the crops to get planted on time.
Look for a mixed to higher trade for Wednesday.
Support/Resistance:
May corn – Support on May corn is at $4.48 which is the 200-day moving average. Resistance is at $4.60 which is an old support/resistance line.
December corn – Support comes in at $4.76 1/2 which is the 10-day moving average. Resistance comes in at $4.98 1/2 which is the high from March 9th.
May soybeans – Support comes in at $11.68 1/4 which is the 10-day moving average. Resistance is at $11.83 3/4 which is the high from April 13th.
November soybeans – Support is at $11.54 1/4 which is the 20-day moving average. Resistance is at $11.74 1/4 which is the high from March 12th.
May Kansas City wheat – Support is at $6.23 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:
Corn prices are a bit higher here this morning. The Funds keep defending their long positions by buying breaks. The farmer is busy planting the next couple weeks, so the natural seller is gone. However, it sounds like the farmer is only sitting on about the last 20-25% of his last years crop anyway. May corn is trading in the upper end of it range and I think we could see a little bit of pressure as May futures push towards the $4.60 level. We saw a couple new export sales on corn announced yesterday so demand remains robust.
Soybean oil strength has been the main driver to pushing soybean prices higher here this week. The conflict between the U.S. and Iran is heating up as the ceasefire timeline is quickly approaching providing support to crude oil. I did hear a rumor yesterday that China is back in the market, looking for offers for U.S. soybeans. So, will China actually buy soybeans this summer from the U.S.? It seems unlikely since the U.S. is over $1/bushel higher than South American soybeans but one never knows the full story. November soybeans are back testing the March high at $11.74 1/4 while May futures are back at the upper end of the range, they have been trading in over the past 4-weeks.
The weather forecast is calling for some relief for the southern plains, starting this weekend. Wheat prices are a touch lower as it feels like we have the dryness priced in already. Yes, the wheat crop in the U.S. might be getting smaller but on the World stage, we have plenty wheat. So, the $6.50 Kansas City wheat futures area we are pushing up against, feels like major resistance. We will need some new bullish news to break us above the $6.50 area and close above $6.50 as well. I look for wheat to chop around here and if corn or soybeans back off a little, I look for wheat to follow suit.
Read more: https://www.agmarket.net/intel
