April 17, 2026
At this hour:
🌽Corn market is up 0-1c,
🌱soybeans are down 3-4c,
🍞wheat is down 1-2c,
🛢️crude oil is down $3.72-$3.73,
💲US Dollar is down 10 points
-President Trump says progress is being made between the U.S. and Iran.
-Crude oil down 4% here this morning.
-Weekly export sales were decent on corn but at the low end of expectations on soybeans and wheat.
-The U.S. Dollar is trading just above 98.
-S & P 500 is making new highs while the Dow is pushing back close to 49,000 again.
🐂🐻 Look for a mixed trade as we wrap up this week of trading.
Support/Resistance:
May corn – Support on May corn is at $4.46 1/2 which is the 200-day moving average. Resistance is at $4.53 1/2 which is the 20-day moving average.
December corn – Support comes in at $4.68 which is the 100-day moving average. Resistance comes in at $4.81 1/2 which is the 20-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 $6.12 3/4 which is the 10-day moving average. Resistance comes in at $6.51 1/2 which is the high from April 16th.
Where do we go from Here:
Corn futures look to close out the week on a quiet note. The positive side of things for the corn market is they are back trading above some key moving averages and demand remains very strong for U.S. corn. On the flip side, we are just running out of fresh new news to push the corn a lot higher. Corn planting next week should be in the 7-8% with progress really starting to ramp up. There is some concern growing about the drought areas across the U.S. and the potential impact they could have on this year’s production. Look for a quiet day today as corn finishes up this week of trading.
On the soybeans, again here, not much fresh new news to trade on. Weekly export sales yesterday was at the low end of a low expectation. Traders are patiently waiting for the meeting between President Trump and President Xi next month with hopes of a bigger and better trade deal. Crush demand remains robust while the U.S. export is dismal. Soybean planting pace could be around 15% next week as farmers will start to switch over to corn planting this weekend into next week.
May Kansas City wheat futures took out the $6.48 1/2 high but are now trading lower. We now have a triple top in place on May Kansas City wheat in the $6.50 area and heading into a weekend, it would not surprise me to see a little risk get taken out of the market. Traders will keep a close eye on the forecast for the southern wheat plains this weekend and if they would extend out the dryness another week, Sunday night could be volatile.
