April 28, 2026
At this hour:
🌽Corn market is up 2-3c,
🌱soybeans are down 1-2c,
🍞wheat is up 18-19c,
🛢️crude oil is up $3.28-$3.29,
💲US Dollar is up 23 points
-The conflict between the U.S. and Iran continues. Iran is pushing to open the Strait of Hormuz while pushing the nuclear talks down the road. It doesn’t sound like the U.S. will agree to that as it will give up too much leverage.
-Crude oil price is up over 3% and trading near $100 per barrel again.
-U.S. corn planting came in at 25% planted vs estimates of 23% while soybean plantings came in at 23% vs expectations of 22%.
-Winter wheat conditions held steady at 30% “Good/Excellent” however the “Poor/Very Poor” ratings increased by 2%.
🐂🐻 Look for a choppy/mixed trade here on Tuesday.
Support/Resistance:
May corn – Support on May corn is at $4.54 1/4 which is the 10-day moving average. Resistance is at $4.76 which is the high from March 9th.
December corn – Support comes in at $4.82 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 $11.40 1/2 which is the low from April 8th. Resistance is at $11.83 3/4 which is the high from April 13th.
November soybeans – Support is at $11.56 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 $6.50 which is the 10-day moving average. Resistance comes in at $6.95 which is the high from February 18, 2025.
Where do we go from Here:
The corn market is following wheat prices this morning. Planting pace came in a little bit ahead of trade estimates which is not a big surprise. The eastern corn belt is off to a fast start, but they look to get some moisture this week along with cooler temps. The current extended forecasts look for corn planting to run close to an average pace. May corn is pushing up through the $4.60 resistance here this morning. Next area of major resistance will be the high of $4.76. Basis levels in the eastern corn belt are firming up a bit. December corn futures are back above $4.90 and within a nickel of their high from early March. I would expect resistance in the December corn futures to pick up as they approach the $5.00 level.
Soybeans are very quiet here this morning as the products are pretty quiet too. Soybean planting is off to a good start at 23% planted already. There is just not a lot of fresh news to trade on in the soybean complex. Soybean meal prices pushed the soybean market higher yesterday as China is reported to have rejected some soybean meal shipments out of Argentina. The Funds still hold a large, long position in the entire soy complex as more of an inflationary trade. May soybean futures continue to trade between $11.60 and $11.80 while new crop November soybeans are within 8c of their recent high at $11.74 1/2. I continue to look for soybeans to trend sideways.
The Funds continue to step in and buy wheat. Conditions held relatively steady this week, but we did see the conditions rated in the “Poor/Very Poor” increase by 2%. There were parts of Kansas that missed the rains or got limited amounts, and several folks are noting that the frost they had 10-12 days ago had done more damage as thought. Wheat production in the U.S. is getting smaller while we still have a good supply across the World. Locally this will cause some pain but with plenty of supply in the World, how much upside does wheat have? The trend is up and the Funds seem to want to build a bigger long position.
