April 2, 2026
At this hour:
Corn market is up 3-4c,
soybeans are up 4-5c,
wheat is up 7-8c,
crude oil is down $1.29-$1.30,
US Dollar is up 53 points
-Tensions in the Middle East are increasing after a few days of what many thought de-escalations.
-Iran does not seem to be interested in meaningful negotiations as the U.S. and Israel are going after their uranium.
-Weekly export sales will be out this morning. Here are the estimates courtesy of Reuters: corn 900,000-1,700,000 metric tons, soybeans 300,000-750,000 metric tons, wheat 300,000-800,000 metric tons and soybean meal 200,000-500,000 metric tons.
-Reminder, the markets will be closed tomorrow in observance of Good Friday. Trade will resume Sunday night at 7:00 pm CDT.
Look for a higher trade today to close out this short week of trading.
Support/Resistance:
May corn – Support on May corn is at $4.48 1/2 which is the 100-day moving average. Resistance is at $4.76 which is the high from March 9th.
December corn – Support comes in at $4.71 3/4 which is the 50-day moving average. Resistance comes in at $4.98 1/2 which is the high from March 9th.
May soybeans – Support comes in at $11.65 1/2 which is the 10-day moving average. Resistance is at $12.38 3/4 which is the high from March 12th.
November soybeans – Support is at $11.49 1/2 which is the 10-day moving average. Resistance is at $11.74 1/4 which is the high from March 12th.
May Kansas City wheat – Support is at $6.18 3/4 which is the 10-day moving average. Resistance comes in at $6.47 1/2 which is the high from March 9th.
Where do we go from Here:
The inflation trade is back on. Crude oil prices are surging and pulling corn prices higher with them. President Trump looks to obliterate Iran as they don’t seem too interested in meaningful negotiations. Fundamentally, corn market looks to consolidate here while we watch the weather as planting looks to get rolling across the U.S. next week. Overall, the crop conditions look pretty good. There is a wintery mix hitting the upper Midwest this weekend but next week looks to warm up and dry out. The Funds continue to hold a big, long positions in corn and a massive, long position across the entire Ag sector and that should support corn prices in the near term. Look for May corn futures to consolidate in a $4.50 to $4.70 range until we get some major news to push us out of that range.
The soybean complex is much like the corn complex. Fundamentally, soybeans should head lower. However, the Funds continue to carry a massive, long position in the entire soy complex, supporting it on any break. Crude oil surging higher over the Iran conflict is spilling over into the soybean oil market and soybean futures. Other than that, there is not much new news to trade on. So I look for May soybean futures to consolidate between $11.50 and $11.80 until we get some sort of fresh news to trade on.
Wheat futures are getting a bounce back after down 20+ cents yesterday. Improving weather forecasts should bring some relief to the southern wheat plains, stabilizing their crop conditions. Wheat acres look to be the lowest in several years so any adverse weather throughout the growing season should find support. I look for May Kansas City wheat futures to trade between $6.10 and $6.30.
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