April 16, 2026
At this hour:
🌽Corn market is down 0-1c,
🌱soybeans are down 2-3c,
🍞wheat is up 10-12c,
🛢️crude oil is up $1.28-$1.29,
💲US Dollar is up 16 points
-May crude oil futures go off the board here today. The June crude oil futures are about a $3 barrel discount.
-Weather forecasts remain dry in the southern wheat plains for the next 6-7 days.
-Soybean board crush margins are pushing up over $3/bushel adding continued support for the entire soybean complex.
-Weekly exports sales will be out this morning. Here are the estimates courtesy of Reuters: corn 800,000-1,950,000 metric tons, soybeans 200,000-700.000 metric tons, wheat 150,000-500,000 metric tons and soybean meal 300,000-600,000 metric tons.
🐂🐻 Look for a mixed trade today.
Support/Resistance:
May corn – Support on May corn is at $4.46 1/2 which is the 200-day moving average. Resistance is at $4.55 which is the 20-day moving average.
December corn – Support comes in at $4.67 1/2 which is the 100-day moving average. Resistance comes in at $4.82 1/2 which is the 20-day.
May soybeans – Support comes in at $11.62 which is the 50-day moving average. Resistance is at $11.79 3/4 which is the high from March 26th.
November soybeans – Support is at $11.34 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 $6.10 which is the 10-day moving average. Resistance comes in at $6.48 1/2 which is the high from March 31st.
Where do we go from Here:
May corn futures are pushing back up into resistance in the mid $4.50’s. The $4.45 to $4.55 area is an area where we have seen a lot of congestion on the May futures in the past. Basis levels across the eastern corn belt continue to firm up, while the farmer is out in the field planting or getting ready to plant their crop. Spreads have firmed up a bit too suggesting the farmer is not interested in selling any corn at these levels. Export sales will be out this morning, and we should see another strong week of sales. I look for the strong wheat prices to add some support to the corn market here today.
NOPA crush came in yesterday a bit below trade estimates, but still running at a strong pace. The board crush margins are over $3/bushel, helping to add support to the soybean complex. Soybean planting pace should see a decent week of progress as many farmers are waiting for the ground to warm up a bit to plant their corn. All in all, I don’t think we will have many issues with planting the corn and soybeans crops this year. May soybean futures continue to grind sideways, waiting for some major new news to trade on so continue to look for May soybean futures to trade between $11.50 and $11.70.
Kansas City wheat futures are back testing their recent highs here this morning. $6.48 1/2 on the Kansas City May futures is the high from a couple weeks ago that looks to be tested here today. The dryness continues in western Kansas, Oklahoma and the Texas panhandle as wheat conditions don’t look to improve. The Funds are holding a record long position in spring wheat futures and are long Kansas City wheat, but a long way from a record position. So, the Funds do have some room to add if they want to keep supporting wheat futures.
