April 8, 2026
At this hour:
🌽Corn market is down 2-3c,
🌱soybeans are up 0-1c,
🍞wheat is down 15-16c,
🛢️crude oil is down $18.44-$18.45,
💲US Dollar is down 94 points
-The U.S. and Iran have agreed to a 2-week ceasefire.
-The U.S. will hold off on its bombing of the Iran infrastructure while Iran will open up the Strait of Hormuz.
-President Trump said the 10-point plan offered by Iran looks like a workable offer, so we are getting closer to a peace deal.
-Crude oil prices are down hard, over $18/barrel lower.
-Stock prices are ripping higher with the Dow over 1000 points higher.
🐂🐻 Look for a mostly lower trade here today.
Support/Resistance:
May corn – Support on May corn is at $4.42 1/4 which is the low from November 24th. Resistance is at $4.56 1/2 which is the 10-day moving average.
December corn – Support comes in at $4.73 which is the 50-day moving average. Resistance comes in at $4.84 1/4 which is the 10-day.
May soybeans – Support comes in at $11.53 1/2 which is the 50-day moving average. Resistance is at $11.72 which is the 20-day moving average.
November soybeans – Support is at $11.27 1/4 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 $5.86 which is the 50-day moving average. Resistance comes in at $6.17 1/2 which is the 10-day moving average.
Where do we go from Here:
Corn futures gapped lower on the overnight trade as a potential peace deal is getting closer in the Middle East. May corn futures are trading below the 100-day and 200-day moving average for the first time in over a month. The Funds seem to be selling off a little of their big, long position they have built as we are seeing some money flow go back into the stock market. The weather forecasts do look to warm up and dry out a bit for the U.S. the second half of April so corn planting should get off to a great start. Energy prices pushing toward $120 per barrel on crude oil is what helped push May corn futures up to $4.70+ so as crude rolls over and heads lower, we should expect some pressure on corn prices. I still look for May corn futures to find support in the $4.40 area.
Soybean prices are taking the lower energy prices a lot better. Soybean and soybean meal futures are a bit higher and that is partly due to speculation that China could be back in potentially buying the other 8 mmt of soybeans they talked about buying earlier this year. It is rumored that China stepped in and told Iran to be flexible with the U.S. and to open up the Strait of Hormuz. This is viewed as supportive to soybean futures as President Trump and President Xi look to meet in a little over a month in China. After the initial weakness on the overnight session, May soybean futures are back higher on the day. I still look for May soybean futures to consolidate between $11.50 and $11.75.
Wheat futures are taking the potential peace deal in the Middle East the hardest. As the Strait of Hormuz opens up, this allows the flow of trade to get back to some sort or normalcy and thoughts of more demand for U.S. wheat are heading out the door. The weather is improving in the southern wheat plains, but we will need to see where the next round of rain hits. The past couple systems have been hitting eastern Kansas and Oklahoma and missing the western parts so wheat conditions still could come under pressure. Look for May Kansas City wheat to hold support at the 50-day moving average.
