April 29, 2026
At this hour:
🌽Corn market is up 1-2c,
🌱soybeans are up 3-4c,
🍞wheat is up 5-7c,
🛢️crude oil is up $3.42-$3.43,
💲US Dollar is up 8 points
-Crude oil up another 3.5% as June crude oil futures surge past $100 per barrel.
-Wheat prices continue to push higher as conditions in the U.S. winter wheat areas has been rough and with the fertilizer situation, there are a lot of questions regarding top dressing the wheat or just let it go.
-Soybean and canola prices could lead to less spring wheat acres in the U.S. and Canada, adding more stress on the wheat complex.
-Soybean board crush spread hit a new high yesterday at $3.67 3/4. The products seem to be keeping soybean futures well supported.
-Early dryness in Brazil’s safrinha corn crop area is getting a little attention, adding support to corn prices.
🐂🐻 Look for a choppy to higher trade here today.
Support/Resistance:
May corn – Support on May corn is at $4.56 which is the 10-day moving average. Resistance is at $4.76 which is the high from March 9th.
December corn – Support comes in at $4.84 3/4 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 $11.68 1/2 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 $11.56 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 $6.59 which is the 10-day moving average. Resistance comes in at $7.29 which is the high from June of 2024.
Where do we go from Here:
The corn market keeps pushing higher. Since putting in our low on April 10th at $4.38, May corn futures have rallied 28+ cents and still looking strong. The Funds continue to defend their long positions on breaks as now we are watching the weather in Brazil, and the dry season seems to be setting up a touch early and could play a significant role in their safrinha corn crop production. December corn futures got within a 1/2 cent of their March high’s so will we see more farmer selling as we have 30% or more of the crop planted? I think we will see a little resistance as we approach the $5.00 mark but if we can close above $5.00, then it looks like December corn could test the $5.20 area.
The soybean market continues to be supported by the products. Monday, it was the soybean meal that supported soybean prices and yesterday it was the soybean oil market that kept soybean prices from pushing lower. Soybean board crush hit a high yesterday at $3.67 1/2. Strong crush margins like these will continue to see the processor hungry for soybeans. Soybean prices are back at the upper end of their trading ranges they have been in since early March and without much fresh new news, it would not be surprising if they run out of steam and pull back here soon.
The winter wheat conditions are not that good, and they look to remain that way for the next few weeks. Odds are high that we will see very little top dressing on the wheat to help increase production, so the U.S. wheat crop looks to continue to get smaller. Add on top of all this strong soybean and canola prices and there are a lot of questions if we will see spring wheat acres drop more in the Dakotas, Minnesota and the Canadian prairies. The Funds are adding to their long position in wheat in a big way, so the trend remains up.
