TFM Morning Update 04-20-2026

CORN

Corn futures are trading higher this morning as the market continues to draw support from energy markets. May corn is up 1/2 cent at $4.49-1/4, while December futures are 1 cent higher at $4.78.
Corn futures are finding support this morning from strength in energy markets, as renewed tensions surrounding the Strait of Hormuz have pushed crude oil sharply higher, rising roughly 5–7% on the day amid concerns over disrupted global supply flows.
Basis levels for barge shipments to the Gulf and rail shipments to the Pacific Northwest have firmed as exporters work to secure supplies amid strong demand, while producer selling remains limited following the recent price pullback.

Soybean futures are trading higher this morning, with May soybeans up 3/4 of a cent at $11.68 and November soybeans 1-1/2 cents higher at $11.58.
Renewed tensions in the Strait of Hormuz, including reports of a U.S. seizure of an Iranian vessel, have heightened concerns over energy supply disruptions and cast doubt on the durability of the ceasefire.
Soybean crush margins remain extremely strong, supported by firm pricing in both soybean oil and soybean meal. This underlying strength in the products continues to provide a supportive floor beneath soybean futures.

The wheat complex is showing strength this morning, with May Chicago wheat up 7-3/4 cents at $5.99, Kansas City wheat 10 cents higher at $6.46-3/4, and Minneapolis spring wheat up 3 cents at $6.56-1/4.
According to USDA data, 68% of U.S. winter wheat acres are in drought, unchanged from the previous week. While recent rains may have slowed further deterioration, conditions remain significantly drier than last year, when only 38% of the crop was in drought at this time. Spring wheat conditions were also steady, with 18% of the crop in drought.
High fertilizer costs are beginning to influence crop decisions across later-harvesting Southern Hemisphere producers, with an industry group in Western Australia signaling a significant reduction in wheat acreage and Argentine growers increasingly questioning their planting intentions.

Matthew Lucas