CORN HIGHLIGHTS:

• Corn futures posted slight gains in Wednesday’s session, supported by a morning export sale that highlighted continued demand. May corn was up 1/2 cent at 454-1/4, while July corn also gained 1/2 cent to 462-1/2.
• Ethanol production totaled 306 million gallons in the week ended April 17, down from 329 million the previous week but up 1% year over year. Corn usage was estimated at 103 million bushels, or 14.66 million bushels per day — well below the 15.4 million needed to meet the USDA’s 5.6 billion bushel forecast.
• Planting activity across the Midwest is expected to remain active through the week. However, a weather system forecast to move through the central Plains on Sunday could bring scattered to heavy rainfall, potentially slowing progress.
• The USDA confirmed Wednesday morning the sale of 130,000 metric tons of U.S. corn for delivery to unknown destinations in the 2025/26 marketing year.
• The U.S. ag attaché in Argentina raised the country’s corn crop estimate to a record 61 million metric tons, 9 mmt above the USDA forecast. Argentine corn exports were also projected 4 mmt higher than USDA estimates.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day lower backing off from gains earlier this morning as both soybean meal and oil dragged lower. May soybeans lost 10 cents to $11.64-1/2 while November lost 10-1/2 cent to $11.56. May soybean meal lost $4.70 to $320.60 and May soybean oil lost 0.46 cents to 71.68 cents.
• Soybean oil has largely been propping up soybean prices as gains from crude oil support the energies in general. President Trump extended the cease-fire with Iran last night, but Iran continued seizing ships within the Strait. All of this back and forth has caused volatility that has seeped into soybean oil, which made a new contract high today.
• The Brazilian soybean harvest is now estimated to be 92% complete as of April 16, which compares to 87% a week ago and 94% the year before. According to consulting firm Safras & Mercado, the 25/26 soy output is estimated at 178.11 mmt, an increase from the previous estimate of 177.2 mmt.
• In Argentina, a protest at the port of Quequen caused at least 10 ships that were waiting to load grains to be delayed. Truckers are demanding higher freight rated and blocking access to the terminal according to a source at the port. Argentina is the world’s largest exporter of soybean meal.

WHEAT HIGHLIGHTS:

• Wheat could not hold earlier gains, and closed lower across all three classes. A firmer US Dollar, along with profit taking after the recent grind higher could explain the drop. In the May contract, Chicago lost 5-3/4 cents to 599-1/4, Kansas City feel 5-3/4 cents to 637-3/4, and MIAX slipped 1/4 cent to 665-1/4.
• European Union soft wheat exports, as of April 19, are reported at 19 mmt. This is up 8% year over year.
• According to Rusagortrans, Russia’s April wheat exports could reach 3.8 mmt, which would be about 1.4 mmt more than what was shipped in April of last year. In related news, SovEcon has increased their Russian wheat production estimate by 2.1 mmt to 89.7 mmt. They did state, however, that spring frosts could potentially threaten yields.
• The end of April could see a cold spell across much of the US northern plains and Canada. Along with expectations in Canada for wet weather into the beginning of May, this could slow planting of their spring wheat crop.
• The Russian government is reported to have extended fertilizer export quotas between June 1 and November 30. Russian fertilizer accounts for roughly 20% of global trade – the export quota will be capped at 20 mmt in total.

DAIRY HIGHLIGHTS:

• Class IV milk pulled back slightly in nearby contracts, with June declining 16 cents to close at $21.89.
• Spot powder posted another all-time high at $2.2500/lb, gaining 3.50 cents. Meanwhile, butter declined for the session, falling 2 cents to close at $1.7000/lb.
• Class III milk showed overall strength, with the May contract gaining 16 cents to close at $17.46.
• Spot cheese gained 1.25 cents to close at $1.6000/lb, while spot whey added 0.50 cents to settle at $0.7050/lb.

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Author

Amanda Brill