CORN HIGHLIGHTS:

• Corn futures recovered from early session lows, finding late-session support to finish mixed. Early pressure tied to a ceasefire between the U.S. and Iran weighed on crude oil, but corn was able to stabilize into the close. July futures shed a ¼ cent to close at 457-1/2 while December futures added a ¼ cent to close at 477.
• May corn futures finished the week 7 ¾ cents higher, breaking the streak of 4 consecutive lower weekly closes in front month corn futures.
• The Buenos Aires Grain Exchange in Argentina adjust their projection for the Argentina corn crop higher again after a recent upward adjustment. The BAGE raised their forecast by 4 MMT to 61 MMT due to increased planted area. This exceeds the previous record corn crop production of 55.5 MMT in 2018/19 by 5.5 MMt of over 11% jump.
• Another rainfall event is forecasted for the central corn belt through the weekend, adding more precipitation to wet fields. This will likely keep some disruptions in early planting for both corn and soybean crops.
• 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 has remained limited following the recent price pullback.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day higher coming back from sharp lows earlier in the day. May soybeans gained 3-1/2 cents to 1167-1/4, and first notice day is on April 30. November soybeans gained ½ cent to 1156-1/2. May soybean meal lost $0.90 to $331.80 while soybean oil was down 1.17 cents to 68.16 cents as it follows the sharp move lower in crude oil, which is down $10.00. It is interesting that soybeans were higher despite both products being lower.
• The day’s key macro development was a reported cease-fire agreement between Israel and Lebanon, which prompted Iran to signal the Strait of Hormuz would remain fully open. Crude oil declined sharply on the news, pressuring soybean oil, while equities surged, with the Dow up more than 1,000 points at one stage. Market focus now shifts to the stability of the cease-fire through the weekend.
• Brazilian soybean exports for 2026 are expected to be an all-time record at 13.6 mmt, but the total revenue is expected to fall because of high global supply. Projected revenue has been cut $7 billion from last month’s estimate.
• Soybean crush margin remains extremely strong with solid price support in both the soybean oil and soybean meal markets. The underlying strength in the products builds a level of support underneath soybean futures prices.
• Forecasted wet weather across the Corn Belt into the weekend is likely to disrupt early soybean planting progress, as producers had been targeting an early window to begin seeding the 2026/27 crop.

WHEAT HIGHLIGHTS:

• U.S. wheat futures pulled back Friday as traders took profits following this week’s weather-driven rally, while growing optimism around a potential end to the Middle East conflict weighed on prices. Additional pressure came from the removal of war-related risk premium after Iran signaled that the Strait of Hormuz was open to commercial shipping, easing fears of supply disruptions and triggering a sharp decline in oil prices. In the May contracts, Chicago wheat closed 7-1/4 cents lower at $5.91-3/4, Kansas City wheat finished 6 cents lower at $6.36-3/4, and Minneapolis spring wheat was up 3/4 of a cent at $6.52-1/2.
• Wheat found support in persistent drought and a forecast for frost raised concerns about crop damage in the U.S. Plains, a key region for hard red winter wheat production. Weather models also suggest some potential rain relief later in the month in the western Plains, while near-term frost risk continues to support prices.
• According to USDA data as of April 14, 68% of U.S. winter wheat acres are in drought, unchanged from the previous week. While recent rains may have slowed further deterioration, many areas remain critically dry, with drought coverage still well above last year’s 38% at this time. For spring wheat, 18% of the crop is in drought, also unchanged from the prior week.
• The U.S. has reportedly discussed granting Iran access to as much as $20 billion in funds if it relinquishes its stockpile of fissile material, according to officials familiar with the negotiations. President Trump later stated that Iran had agreed to hand over its enriched uranium stockpile without any direct payment.

DAIRY HIGHLIGHTS:

• Class III futures were seen pulling back again heading into the weekend on general commodity weakness. May futures closed 16 cents lower to $16.97.
• Spot cheese was gained back what was lost yesterday to close back at $1.57625/lb. Whey tacked on a penny to close at $0.69/lb.
• Class IV milk futures saw light volume trading today but did have a few contracts trade lower. May futures fell 8 cents to $21.42.
• Spot powder traded higher for its ninth day in a row to hit another new all-time high at $2.20/lb while butter lost 4.75 cents to $1.69/lb.

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Author

Amanda Brill