April 30, 2026
At this hour:
🌽Corn market is down 1-2c,
🌱soybeans are down 1-2c,
🍞wheat is down 7-10c,
🛢️crude oil is down $0.02-$0.03,
💲US Dollar is down 28 points
-Crude oil prices are taking a breather today but still trading over $106 per barrel.
-Mexico is looking to increase its blend of ethanol from 5.8% up to 10% over the next few years.
-Soybean oil continues to lead the soybean futures higher.
-Rains are headed for the winter wheat areas. However, these rains are likely too late.
Weekly export sales will be out this morning. Here are the estimates courtesy of Reuters: corn 1,000,000-2,500,000 metric tons, soybeans 200,000-650,000 metric tons, soybean meal 150,000-400,000 metric tons and wheat 100,000-500,000
-December corn futures continue to reject the $5.00 level.
🐂🐻 Look for a mixed to lower trade here today.
Support/Resistance:
May corn – Support on May corn is at $4.57 3/4 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 $4.86 3/4 which is the 10-day moving average. Resistance comes in at $4.99 1/2 which is the high from April 29th.
May soybeans – Support comes in at $11.70 3/4 which is the 10-day moving average. Resistance is at $11.83 3/4 which is the high from April 13th.
November soybeans – Support is at $11.57 1/4 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 $6.61 1/2 which is the 10-day moving average. Resistance comes in at $7.29 which is the high from June of 2024.
Where do we go from Here:
December corn futures are pushing up into resistance at the $5.00 and finding some selling. Farmers are using this opportunity to lock in some of the best prices they have been able to in a few years. We still have over half of this year’s crop to get planted but that seems to go in really fast now days. Areas down in the Delta are looking to get some much-needed moisture over the next couple weeks which will get those guys off to a great start while we have a few areas in the Midwest a bit too wet. Overall, this seems to be a pretty typical spring for U.S. planting. We will get the weekly export sales report out here this morning and I would expect another strong week of sales.
On the soybean market, it is all soybean oil. Soybean oil continues to be joined at the hip with crude oil prices and with President Trump rejecting Iran’s deal to open up the Strait of Hormuz, crude oil futures are trading over $106 per barrel and that is pushing May soybean oil futures up to new contract highs. Fundamentally, soybeans probably shouldn’t be trading this high as demand for U.S. soybeans continues to be sluggish and acres in the U.S. are rising. Keep a close eye on soybean oil. If soybean oil starts to trend lower, that will likely drag soybean futures lower with them.
Wheat prices are taking a step back here today. We must remind ourselves that we are dealing with the futures market in that we are dealing with what might happen. The market has done a good job of pricing in the poor crop conditions for the winter wheat area but now what else is out there for wheat to push higher? For now, it feels like wheat could see a little pull back but with the Funds holding a long position, I would look for them to support the market on a break.
