April 6, 2026
At this hour:
🌽Corn market is down 2-3c,
🌱soybeans are up 2-3c,
🍞wheat is down 6-8c,
🛢️crude oil is down $1.10-$1.11,
💲US Dollar is down 11 points
-Geopolitical tensions rise over the weekend as President Trump issues an aggressive threat toward Iran.
-Workers at JBS in Greely, CO are set to come back to work on Tuesday bringing an end to their strike.
-Weather looks to bring favorable moisture to the southern wheat plains.
-Weekly crop progress reports will start today and be released out at 3 pm CT.
-Crude oil is lower on the day but still trading above $110 per barrel.
🐂🐻 Look for a choppy/mixed trade to start out this week of trading.
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 1/4 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 1/4 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 $11.50 1/4 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 $5.84 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:
Corn market is starting out the week a couple cents lower. Lower wheat prices are spilling over into the corn market as good moisture is in the forecast for the southern plains. May corn futures are testing support at the 100-day moving average and this is a significant area as this are also meets up with an old downtrend line we had from February 2025 and an uptrend support line we had from the middle of November. USDA will release their first crop progress report this afternoon. We should see some good progress in the Delta but everywhere else should be pretty quiet. If May corn futures do not hold this support in the $4.45 to $4.50 area, our next are of support is down around $4.35.
Soybean futures are starting out the week a couple cents higher. Not a lot of fresh new news over the 3-day weekend other than geopolitical tensions rising in the Middle East. The conflict with Iran seems to be coming to a head here early this week. The crop progress report this afternoon should show modest start to soybean planting with all the crop planted being down in the Delta. The drought monitor index is showing some improvement across much of the U.S. so planting should start to take off this week. May soybean futures look to continue to stay in an $11.50 to $11.75 range.
Good moisture for the southern wheat plains is putting some pressure on the wheat complex here to start out the week. May Kansas City wheat closed out last week below the 10-day moving average and finding some more selling to start the week. $5.90 to $6.00 should provide support for May Kansas City wheat as we look to test that area early this week.
