CORN HIGHLIGHTS:

• The corn market finished slightly higher on Thursday, as price resistance capped gains despite solid export sales and strength in the wheat market. May futures were 1 ¼ cents higher to 455 ½, while July added 1 cent to 463 ¾.
• The most actively traded July and December futures continue to struggle to break through key price resistance levels at 465 for July and 485 for December. A move above these levels could trigger additional technical buying.
• The USDA announced weekly export sales on Thursday morning. For the week ending April 16, USDA reported new sales of 1.367 MMT (51.6 mb) for 2025-26 and 440,100 MT (17.3 mb) for 2026-27 marketing year. Total export commitments for 2025-26 remain 28% ahead of last year.
• May corn options expire on Friday. Options expiration can provide some extra volatility into the futures market.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day lower reversing from slightly higher prices overnight. May soybeans lost 4-3/4 cents to $11.59-3/4 while November lost 1 cent to $11.55. May soybean meal was unchanged at $320.60 and May soybean oil was down 0.02 cents to 71.66 cents. Despite crude oil being up $3.75 a barrel right now, soybean oil has not been following it as closely.
• Today’s export sales report saw soybean sales within expectations with an increase of 13.4 million bushels for 25/26 and an increase of 0.2 mb for 26/27. Top buyers were Egypt, Japan, and unknown destinations. Sales were up 47% from the previous week but down 7% from the prior 4-week average. Last week’s export shipments of 28.2 mb were above the 18.0 mb needed each week to meet the USDA’s export expectations.
• 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.
• A driver of soybean price strength has been the soybean oil market, which posted a reversal off multi-year highs on Wednesday.  The market is concerned that domestic prices have rallied to the point that, even with a reduced tax break, the possibility of foreign feedstuff for making biodiesel could be imported.

WHEAT HIGHLIGHTS:

• Wheat closed moderately to sharply higher, led by the HRW class, as U.S. drought concerns, ongoing war premium, and a technical breakout all contributed to the upward move. In the May contract, Chicago gained 11-1/2 cents to 610-3/4, Kansas City was up 29 cents at 666-3/4, and MIAX climbed 9-1/4 cents to 674-1/2.
• The USDA reported an increase of 4.7 mb of wheat export sales for 25/26, and an increase of 0.3 mb for 26/27. Shipments last week reached 19.3 mb, which exceeded the 18.4 mb pace needed per week to reach their 900 mb export goal. Wheat sales commitments now total 900 mb for 25/26, up 15% from last year.
• According to the Buenos Aires Grain Exchange, Argentina’s wheat planted area is expected to fall 3% in the 26/27 season to 6.5 million hectares. Higher fertilizer costs and waning profit margins are cited as reasons for the decrease.
• The U.S. drought monitor indicates that as of April 21, an estimated 70% of U.S. winter wheat acres are experiencing some form of drought conditions. This is up 2% from the week prior and compares to only 33% at this time last year. Meanwhile, spring wheat area in drought held steady at 18% for the third consecutive week, which fell well below the 49% reading at this time a year ago.
• According to the European Commission, EU grain production in the 26/27 season is expected to fall 3.2% to 278.1 mmt. Wheat harvest in particular is anticipated to declined 6.2% compared to last year.

DAIRY HIGHLIGHTS:

• Class III futures were a mixed bag during Thursday’s trade. Second month May was the biggest mover, losing 13 cents.
• Spot cheese was 2.25 cents higher to settle at $1.6250/lb. Spot whey fell a penny to $0.6950/lb, however.
• The Class IV contracts were two-sided and pretty quiet today. The second month chart gained 8 cents to settle at $21.79.
• The contrary movement continued as spot butter fell 5.50 cents $1.6450 while powder, once again, posted a new all-time high at $2.26/lb.

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Author

Brandon Doherty