April 21, 2026
At this hour:
🌽Corn market is down 0-1c,
🌱soybeans are up 5-6c,
🍞wheat is up 1-2c,
🛢️crude oil is down $0.75-$0.76,
💲US Dollar is up 18 points
-Corn and soybean planting came in right as expected.
-Wheat ratings lost 4% out of the “Good/Excellent” category compared to estimates of only down 1%.
-The Midwest is drying out after some big rains but should get rolling with corn planting later this week.
-The southern plains of the U.S. are looking to get some beneficial rains starting early next week. If they do not materialize then crop ratings will continue to erode.
-S&P futures are back testing recent highs while the Dow futures are back testing the 50,000 level.
🐂🐻 Look for a mixed trade here for Tuesday
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 $11.65 3/4 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 $11.52 1/2 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 $6.18 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 planting pace this year looks to be more in line with the 5-year average. The Midwest looks to dry out this week to get back to planting corn, while the Upper Midwest is waiting for the ground to warm up a little. Field conditions look to be really good, just a touch on the cool side for ground temps is all. Weekly export inspections were strong once again for corn and that trend looks to continue. Odds are good that the USDA will need to increase their export number higher in futures reports. May corn continues to find good support down around the 100-day and 200-day moving average but pushing much over the $4.55 level will be tough without some new bullish news.
On the soybeans’, planting pace is off to a great start. The cooler temps have allowed a few farmers to elect to plant some early soybeans while the ground warms up a bit for the corn. There was a comment floating around yesterday that China could be looking for more alternative fuels so that news seems to be supporting the ethanol and soybean oil markets. Will President Xi discuss with President Trump any ideas of importing more soybean oil or ethanol? The Funds continue to hold a big, long position on the soy complex while the fundamentals today do not suggest they would want to be long. It is hard to break this soybean market here lately but we sure are struggling to breakout to the upside.
Wheat prices are a little higher here this morning after we saw a 4% decline in crop ratings. Growing conditions down in the southern plains continue to be a struggle. Between the drought conditions and the recent frost, the wheat crop down there is under a lot of stress. I personally drove through some of that area over the weekend and what I saw was a wheat crop that is very short and thin. Some much needed rain is in the forecast but until that actually happens, traders will be a bit suspect if the rains will materialize. Look for wheat to continue to find support on breaks.
