Tuesday, April 7, 2026
Closing Markets: Corn: -5 old & new.
Beans: -8.50 old & -6 new. Wheat: +2.75 old & 1.75 new.
Topflight Grain is offering Free DP on soybeans to all full-time locations except Maroa based on space availability good through August 31, 2026.
We are also offering Free DP on corn delivered to Pierson and Milmine based on space availability good through August 31, 2026.
Market Recap-
Aside from wheat, which managed to trade slightly higher on the day with crude oil, ag markets closed Tuesday mostly lower as fund managers exited longs ahead of tonight's Iran deadline and as there was little to speak of in the way of new news elsewhere. Traders await new information on one of either the Middle East, China, or US spring planting progress/weather, and there were few if any updates on any of these fronts today.
Corn Summary-
After testing and rejecting last week's lows on Monday, the corn market fell right back to those lows by late-morning on Tuesday and then stayed there into the close. While prices have diverged from the energy markets over the last week, there is still an outsized amount of trader attention on what happens tonight with the war and how it will impact commodity markets in general, not just corn. Traders don't like uncertainty for the most part and we have nothing if not that surrounding the happenings in Iran. Aside from this, Thursday's report isn't expected to be much of a market maker and yesterday's first crop progress update of the season showed little of note as far as planting pace goes. A good mix of rain and sunshine, along with warmer temperatures for the most part, should allow for a decent start to the early part of the growing season here over the next 2-3 weeks.
Soybean Summary-
After starting the week higher on Monday, the soy complex closed lower across the board this afternoon as selling grew throughout the morning and into the noon hour to drive values back down toward last week's lows. Much like we talked about with corn, we see today's selling as largely related to the funds' desire to want to exit stale long positions ahead of the general unknown around what's going to happen in the Middle East later this evening. Meanwhile, bean oil futures made another round of new contract highs today above 70 cents/lb before they backed off and closed lower, as it seems that market remains the overall driver of the bunch. Today's closes weren't great for the bulls, but spot futures have room on the charts down to the 11.45 area before more significant damage is done, which would mark a breakout of the sideways trade seen since mid-March.
Wheat Summary-
The wheat market finished Tuesday higher, as the near-daily ebb and flow of the central Plains rainfall forecasts for the next one-two weeks has controlled most of the price action in the Chicago market in recent days. When the rains come into the forecast, spot futures push below $6 and when they leave the forecast, futures go right back above and this has been the trading pattern for much of the past couple weeks. US weather aside though, the situation remains unchanged that the world has plenty of wheat and US export prices have remained generally uncompetitive.
Outside News Headlines-
Crude Oil Futures: up around $3.00/bbl; new contract highs on the spot May contract at 117.63
Weather Updates-
Forecasts are maybe marginally wetter through the end of the week but are otherwise little changed this afternoon from previous runs. Parts of the central Midwest from KS to MI will likely see a quarter inch to an inch of rainfall between now and the end of the week, but high pressure in the southeast keeps rainfall largely absent there.
Cool air lingers in the far north-central US for another couple days this week but largely exits elsewhere after today, with things to warm then into the end of the week and weekend. Daytime highs then into next week will be above average in the east while cooler air relative to normal settles in for a few days west of the Rockies.
Week two precipitation forecasts continue to show wet biases through the south-central US and into the Corn Belt, as the above mentioned low pressure in the southeast keeps the flow of Gulf moisture into the region active. Models are indifferent on precipitation through the Plains and wheat belt, which is a bit of a negative shift from yesterday though they still haven't gone completely dry.
Still nothing new on the temperature side, as models continue to be in agreement on the bulk of the US staying on the warmer side of average into the back half of the month, with just limited intrusions of cold air from the north now likely.
March rainfall throughout much of the heart of Brazil's growing region was average to above average, which has benefited the early development of the country's second corn crop. Forecasts short term are slightly drier into the end of the week this week, but stay generally wet overall as the monsoon season now looks to continue into the back half of April.
Argentina looks to see light/scattered rain chances early next week, but otherwise sees a generally dry forecast the next 10 days that will be largely welcome to advance harvest activities.
Noah Richardson
Topflight Grain Seymour
202 N Main Street, Seymour IL 61875
nrichardson@tfgrain.com
www.topflightgrain.com
