April 15, 2026
At this hour:
🌽Corn market is up 3-4c,
🌱soybeans are up 5-6c,
🍞wheat is down 4-5c,
🛢️crude oil is up $1.28-$1.29,
💲US Dollar is up 9 points
-May crude oil traded below $90 on the overnight trade but is back trading above $92 per barrel.
-The U.S. and Iran are still negotiating a peace deal. Progress is being made.
-The weather in the U.S. looks to straighten out a bit here and allow for the corn and soybean planters to get rolling later this week into the weekend.
-Very dry conditions persist in the mid-south and Delta regions.
-Corn and soybean prices are finding support.
🐂🐻 Look for a choppy trade today.
Support/Resistance:
May corn – Support on May corn is at $4.38 which is the low from April 10th. Resistance is at $4.47 which is the 10-day moving average.
December corn – Support comes in at $4.67 1/2 which is the 100-day moving average. Resistance comes in at $4.76 1/4 which is the 10-day.
May soybeans – Support comes in at $11.62 which is the 50-day moving average. Resistance is at $11.79 3/4 which is the high from March 26th.
November soybeans – Support is at $11.34 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 $5.91 1/2 which is the 50-day moving average. Resistance comes in at $6.48 1/2 which is the high from March 31st.
Where do we go from Here:
May corn futures seem to be finding support in the $4.40 area. The first hurdle to clear would be to trade and close above the 10-day moving average which is at $4.47. A close above $4.47 would change the momentum and point us more in an upward trend in which we could head back up to test resistance in the $4.55 area. The weather in the U.S. is a mixed bag. The northern plains are cool and still wet while the Midwest should get rolling this week into this weekend a little and the Delta over into the Southeast part of the U.S. is extremely dry again. It feels like corn and soybean planting will be more along the 5-year pace than anything this year. Basis levels on corn continues to firm up in the eastern corn belt, while the folks in the western corn belt continue to see their basis levels weak.
Soybean prices continue to consolidate. The trade is patiently waiting for the in-person meeting between President Trump and President Xi scheduled for May 14th and May 15th in China. Tensions between the U.S. and Iran seem to be settling down a bit after the U.S. blockade of Iran and the Strait of Hormuz. Progress is being made between the 2 countries but there are still a few major issues that they seem to be far apart on. The soybean crop in South America is in its final stages of harvest and overall. the soybean crop has gotten a bit smaller than previous estimates. Now, they are still dealing with a record size soybean crop but places like southern Brazil just fell off on overall production. I still look for soybeans to consolidate here until we get some fresh news to break us out in either direction.
May Kansas City wheat traded and closed back above the 10-day and 20-day moving averages yesterday putting wheat futures back in their upper range. The dryness continues in western Kansas and Oklahoma, but to keep the bull market going, we need to continue to feed it with fresh new bullish news. The U.S. Dollar is back trading under 99 but U.S. wheat is still not competitive on the World front. I look for May Kansas City wheat to trade between $6.00 and $6.30.
