April 23, 2026
At this hour:
🌽Corn market is up 1-2c,
🌱soybeans are up 1-2c,
🍞wheat is up 10-11c,
🛢️crude oil is up $1.81-$1.82,
💲US Dollar is up 18 points
-USTR Jamieson Greer said the U.S. is seeking a wider agreement on ag purchases from China than the usual soybean purchases.
-The ceasefire between the U.S. and Iran has been extended indefinitely.
-130,000 MT sale of corn from the U.S. was announced yesterday.
-Outside day reversal lower in soybeans yesterday has the beans feeling a bit vulnerable here today.
-Corn planting across much of the Midwest should get rolling today and have a good week before more rains hit next week.
-Extended weather maps look pretty wet for much of the U.S. corn and soybean growing area.
Weekly exports will be released this morning. Here are the estimates courtesy of Reuters: corn 1,000,000-2,000,000 metric tons, soybeans 200,000-700,000 metric tons, wheat 100,000-550,000 metric tons and soybean meal 150,000-500,000 metric tons.
🐂🐻 Look for a steady to higher trade for Thursday.
Support/Resistance:
May corn – Support on May corn is at $4.49 which is the 10-day moving average. Resistance is at $4.60 which is an old support/resistance line.
December corn – Support comes in at $4.77 1/4 which is the 10-day moving average. Resistance comes in at $4.98 1/2 which is the high from March 9th.
May soybeans – Support comes in at $11.66 1/4 which is the 10-day moving average. Resistance is at $11.83 3/4 which is the high from April 13th.
November soybeans – Support is at $11.55 3/4 which is the 20-day moving average. Resistance is at $11.74 1/4 which is the high from March 12th.
May Kansas City wheat – Support is at $6.28 1/2 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 prices were set to have a nice move higher yesterday, but when the soybeans reversed lower, that drug the corn prices down. There is a growing concern about corn planting across the U.S., but it is still early. However, the extended maps for the next 2 weeks do look to be pretty wet. We can plant the crop fast, so we don’t need too many days, but it is on the radar of traders given the price of fertilizer and where new crop soybean prices are currently trading at. May corn futures are settled in their trading range of $4.45 to $4.55.
Soybean oil futures put in a new high before trading lower on the day and dragging soybeans with them. May soybeans pushed up to the upper end of their trading range they have been in since the middle of March and we found some selling. Export business out of the U.S. continues to run below last year’s pace. U.S. Trade Representative Jamieson Greer said that the U.S. is seeking a wider agreement on China buying more U.S. ag products vs mainly just soybeans. With China’s comment about moving to other alternative fuels, one would think ethanol and soybean oil could be a big winner in all this. I continue to look for May soybean futures to trend between $11.60-$11.80.
The weather maps are coming out and depending on which model you are looking at, the rains for the southern wheat plains will vary a lot. The big question I have is if the rain materialize, will they be too late? There has been damage done to the wheat crop so rains now will just stabilize the crop. The Funds continue to support their long position in wheat and are adding on breaks. I look for wheat to remain supported on breaks.
