CORN HIGHLIGHTS:

• Buyers returned to the corn market on Wednesday as prices saw strong gains. A strong soybean market and technical buying helped support corn prices in the session. May corn futures gained 8 ¼ cents to 451 ¼, and July added 8 cents to 460 ½.
• In recent sessions, corn futures held key support at 440 in May and 450 in July. Holding these levels likely triggered additional technical buying. Export demand also appeared to improve when prices reached this range, helping establish a stronger line of support.
• Weekly ethanol production rose to 329 million gallons for the week ending April 10. That pace implies roughly 110 million bushels of corn were used for ethanol production during the week, slightly ahead of the pace needed to meet the USDA’s marketing-year target.
• USDA will release weekly export sales on Thursday morning. For the week ending April 9, the ranges of estimates for newly reported export sales in 800,000-1.8 MMT of corn. Last week’s sales were 1.361 MMT.
• Recent rainfall across the heart of the Corn Belt has benefited dry conditions from a few weeks ago, but some areas have received excess moisture which, even though it is early, delay the start of plants, pushing it back past the first available target dates.

SOYBEAN HIGHLIGHTS:

• Soybeans closed higher Wednesday following a supportive crush report. Optimism surrounding the upcoming Beijing summit between President Trump and Chinese President Xi also lent support to the market. May soybeans added 9 cents to close at 1167, while November futures added 10-1/2 cents to close at 1154-1/2. May soybean oil added 1.16 cents to close at 67.60, while May meal added 4.70 to close at $334.40 per ton.
• Earlier comments from President Trump regarding his exchange with Xi Jinping have added a layer of cautious optimism ahead of upcoming trade talks, even as broader geopolitical tensions remain elevated. China’s heavy reliance on crude oil shipments through the Strait of Hormuz keeps energy security a key concern for Beijing, meaning developments in the region can continue to influence trade dynamics and agricultural demand.
• U.S. soybean crush in March reached the second-highest level on record, according to NOPA data, but still came in below most analyst expectations.
• Tomorrow morning, USDA will release export sales data for the week ending April 9, with traders and analysts expecting net export sales to fall in a range of 200,000 to 700,000 metric tons.
• Soybean planting is off to a record-fast start, with 6% completed nationwide compared to just 2% at this time last year and the five-year average. Southern states such as Louisiana, Arkansas, Mississippi, and Tennessee are already 30–39% planted, while early progress is also underway in the Midwest, with Illinois at 7% and Missouri at 8%.

WHEAT HIGHLIGHTS:

• Wheat regained some strength during the afternoon session, with Kansas City wheat leading the move and finishing the day with moderate gains. Chicago wheat attempted to close higher but ultimately ended the session mixed. May Chicago wheat rose 1-1/4 cents to 593-1/4, while July fell 3/4 of a cent to 600-1/2. Meanwhile, May Kansas City wheat closed up 1-1/4 cents at 624.
• Traders remained focused on the extended U.S. weather outlook, closely monitoring for any potentially concerning conditions. Forecasts indicate that the Plains region will stay warm and dry over the next week, while the following week introduces some potential for precipitation.
• Winter wheat conditions have deteriorated significantly, with the U.S. Drought Monitor reporting a new high of 68% of the crop affected by some level of drought. Key production states — including Texas, Oklahoma, and Nebraska — are seeing particularly poor conditions, with only 10–15% of the crop rated as good to excellent. Even Kansas, the nation’s top wheat-producing state, is struggling, with just 32% of its crop in good-to-excellent condition and more than 30% rated as very poor.
• Globally, Germany’s farm cooperative association estimates total wheat production will be down 3.3% year over year this season. In France, soft red winter (SRW) wheat area is expected to increase by 2.6% from last year. Crop conditions in France remain strong, unchanged this week at 84% rated good to excellent, while ending stocks were lowered slightly from 3.39 million tons to 3.31 million tons.

DAIRY HIGHLIGHTS:

• Class III milk futures continued to push higher, finding support throughout the session. The May contract closed up 22 cents at $17.36.
• Spot cheese edged higher, gaining 0.1250 cents to settle at $1.57625/lb. Spot whey was unchanged on the session at $0.710/lb.
• Class IV futures continued to climb, with the May contract closing 28 cents higher at $21.83.
• Spot butter held steady on the session at $1.7900/lb.
• Spot powder continued its rally, setting another all-time high after gaining 2.5 cents to settle at $2.1650/lb.

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Author

Brandon Doherty