April 27, 2026
At this hour:
🌽Corn market is up 4-5c,
🌱soybeans are up 3-4c,
🍞wheat is up 0-1c,
🛢️crude oil is up $1.98-$1.99,
💲US Dollar is down 21 points
-Tensions between the U.S. and Iran remain elevated.
-Good rains across much of the U.S. should slow up planting here this week. Add on top of it cool temps as well.
-Look for corn planting to be around 22-25% this afternoon and soybeans around 18-20% planted.
-Extended forecasts are calling for an active weather pattern which could push corn planting under the 5-year average pace.
🐂🐻 Look for a choppy/mixed trade to start off the week.
Support/Resistance:
May corn – Support on May corn is at $4.52 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 $4.80 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 $11.54 1/2 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 $6.42 3/4 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:
Corn planting across the U.S. made good progress late last week and into the weekend before the rains showed up. Trade is looking for corn plantings to be around 20-22% but it would not surprise me if that number come in a little higher. The weather forecast for the next 2 weeks does look active and bring cooler temps so traders seem to be adding a little premium back into the market as planting should slow up. Fertilizer prices and availability are a hot topic and something we will continue to talk about all spring and summer. Net/net, higher fertilizer prices could affect our national corn yield. We have the entire growing season ahead of us, but I feel this will provide us underlying support.
On soybeans, they are in an interesting situation where they seem to be stuck between strong soybean oil demand that seems to be supporting the entire soy complex and a potential for more soybean acres in the U.S. this spring. The Funds continue to support the soy complex but the U.S is just not competitive on the World front on soybeans. Last week I did hear that soybean oil out of South America is cheap enough to work its way into U.S. ports so one has to wonder how much more upside does soybean oil have now. Overall, the Funds still like commodities as an inflation play so I look for them to keep the entire soy complex supported.
Some rain hit parts of western Kansas, Oklahoma and Texas but was it enough to make an impact? My thoughts are the damage has already been done. Crop ratings this week should see another drop in the “Good/Excellent” ratings. Wheat futures are a little lower here to start out the week, mainly due to the fact that some rains did hit the dry areas, but what looked like to me were the rains were a bit underperforming.
