April 24, 2026
At this hour:
🌽Corn market is up 1-2c,
🌱soybeans are up 2-3c,
🍞wheat is up 2-3c,
🛢️crude oil is up $1.68-$1.69,
💲US Dollar is up 2 points
-Tension with Iran is heating back up. The resignation of a top Iran official is not a constructive development.
-Crude oil prices are pushing back up close to $98 per barrel.
-Rain will begin to spread across the corn belt this weekend and the next 2 weeks look wet and cool.
-Weekly exports were decent on corn, but lower than the previous few weeks, while soybeans and wheat continue to come in at the low end of expectations.
-Planting progress next week could see corn near 30% planted and soybeans 20-25% planted.
-May grain options expire today.
🐂🐻 Look for a choppy/mixed trade as we close out this week of trading.
Support/Resistance:
May corn – Support on May corn is at $4.50 1/2 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 $4.78 1/2 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 $11.40 1/2 which is the low from April 8th. Resistance is at $11.83 3/4 which is the high from April 13th.
November soybeans – Support is at $11.55 1/4 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 $6.38 1/4 which is the 10-day moving average. Resistance comes in at $6.95 which is the high from February 18, 2025.
Where do we go from Here:
May corn futures continue to want to push higher. Making new highs for the week on a Friday is positive. The weather forecast does look cool and wet for the next 2 weeks, so we are adding a little weather premium back into the market. Most years we would not worry about planting pace but this year with the cost and access to fertilizer, it seems to be a bigger issue that could lead to less corn acres and more soybean acres. Demand remains great as we saw some export sales announced this week and the weekly exports continue to run ahead of the USDA’s projection. I look for corn to continue to find support, but we could find a little resistance at the $4.60 area on May futures here today.
May soybean oil futures could very well have a high price in place. There are rumors floating around that soybean oil out of South America is now cheap enough to import into the U.S. The Funds continue to support their long position as traders look for the next big news event being the face-to-face meeting between President Trump and President Xi next month. Some traders are speculating China could step up and agree to buy more U.S. ag products, but what I have learned from these meetings, is we usually don’t find out much on the first couple meetings. There is no denying, the recent runup in crude oil to $119 per barrel has a lot of countries looking at alternative fuels and that suggests soybean oil and ethanol could be a big winner in all of this.
May Kansas City wheat futures finally broke out to the upside. Weather models are bringing some rains to the dry wheat areas, but it doesn’t look like quite enough and also, too late. Once May Kansas City wheat took out last week’s high at $6.51 1/2, the buy stops were run and the Funds stepped in and bought in a big way. The U.S. wheat crop is getting smaller so until we know just how small the U.S. crop is, I look for wheat prices to continue to find support.
