April 10, 2026
At this hour:
🌽Corn market is down 1-2c,
🌱soybeans are up 1-2c,
🍞wheat is down 1-2c,
🛢️crude oil is up $0.80-$0.81,
💲US Dollar is down 4 points
-Tensions between the U.S. and Iran still remain high. The 2-week ceasefire is being questioned as we speak.
-Crude oil prices are higher but trading below $99 per barrel.
-The USDA did not change the ending stock for U.S. corn and soybeans and raised U.S. ending stocks on wheat modestly.
-The USAD did increase the World ending stocks on corn and wheat while dropping their estimate for World ending stocks.
-May corn futures are trading below the 100-day and 200-day moving average suggesting the Funds may liquidate some long positions.
🐂🐻 Look for a choppy trade as we close out this week of trading.
Support/Resistance:
May corn – Support on May corn is at $4.42 1/4 which is the low from November 24th. Resistance is at $4.52 which is the 10-day moving average.
December corn – Support comes in at $4.67 1/4 which is the 100-day moving average. Resistance comes in at $4.80 1/2 which is the 10-day.
May soybeans – Support comes in at $11.64 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 1/4 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 $5.87 3/4 which is the 50-day moving average. Resistance comes in at $6.11 1/2 which is the 10-day moving average.
Where do we go from Here:
World ending stocks on corn keep creeping higher. The past 2 USDA Crop Production reports we have seen the USDA increase World corn ending stocks by 5.8 mmt. This seems to be weighing on the market and causing the Funds to take off some of their long positions. Demand remains very strong as weekly export sales yesterday saw another big week for corn sales. This pullback in the corn market feels more like a correction and I think the corn market will find some support here soon. Planting progress on Monday should be right in line with the 5-year average pace, and the weather forecasts look good in the U.S. to get some corn planted next week.
The soybean market continues to hang in there. The USDA did lower the World soybean ending stocks this month and the first time they have done that in a couple months. We are still at a record World ending stocks, but it looks like the trend is changing. The soybean oil market feels very heavy here with the Funds holding a record long position but this week they have been net sellers, taking some risk off as crude oil prices are trading back under $100 per barrel. Soybean planting pace should pick up next week. Some of the driest areas have received some much-needed moisture over the past 7-10 days and are now drying out to get the planters rolling. Without much fresh new news, I look for May soybeans to continue to trade between $11.50 and $11.70.
The USDA gave us a couple bearish wheat reports yesterday. First, they increased the U.S. ending stocks when traders were looking for a decrease. Then the USDA increased the World ending stocks giving us a double whammy. Just when we think the wheat is turning the corner to head higher, we have a tendency to get some bearish news. The weather will be closely monitored as the areas of western Kansas and Oklahoma are very dry and might be missing out on the next round of rains. I would think the crop ratings next week will be steady to lower.
