April 7, 2026
At this hour:
Corn market is down 2-3c,
soybeans are up 0-1c,
wheat is down 5-6c,
crude oil is up $1.33-$1.34,
US Dollar is down 2 points
-Tensions between the U.S. and Iran are still high. Today is the deadline for Iran to accept the ceasefire deal or face obliteration of their energy and infrastructure.
-Weekly export inspections were very good for corn and at the bottom end of ranges for corn and wheat.
-Corn exports are running 36% ahead of last year while soybeans are running 26% behind last year.
-Crude oil remains above $112 per barrel this morning.
-Weekly crop progress saw corn at 3% planted, 1% ahead of the 5-year average.
-Winter wheat conditions come in at 35% “Good/Excellent” which is below trade estimates.
Look for a lower trade here today.
Support/Resistance:
May corn – Support on May corn is at $4.48 1/4 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 $4.72 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 $11.51 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 $5.85 which is the 50-day moving average. Resistance comes in at $6.47 1/2 which is the high from March 9th.
Where do we go from Here:
May corn futures found support yesterday on the 100-day moving average. This suggests to me, the Funds will step in and support the corn market on breaks, defending their long position they have built over the last several weeks. Another strong week of corn export inspections has the market thinking the USDA could increase their export projection in Thursday’s report. Planting progress report was released yesterday afternoon showing 3% of the corn is planted in the U.S. which is 1% ahead of the 5-year average. The weather forecasts suggest we could see a slight delay in planting due to wet conditions here for 7-10 days, but after that it looks to open up. It is hard to rally the market on planting delays. I look for corn to continue to consolidate.
So far today, soybeans have had a very small trading range, much like yesterday. The soybeans are getting pulled in 2 directions. Higher crude oil prices keep supporting the soybean oil trade and in return that is supporting the soybean futures. However, the price of fertilizer and availability of fertilizer has many feeling the soybean acres could increase between now and the June 30th report. Demand for U.S. soybeans remains low and I don’t see that changing until maybe this fall. I look for May soybean futures to be range bound between $11.50 and $11.75.
Winter wheat ratings came in at 35% “Good/Excellent” which is below trade estimates of 42%. Trade got a little support early last night but now is pushing lower with ideas of a favorable forecast. The big issue is to watch where the rains hit Kansas, Oklahoma and Texas. Lately the showers have been drifting more east, leaving areas like western Kansas very dry. May Kansas City wheat futures are down testing support at $6.00 here this morning and I would expect that area to hold.
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