The CME and Total Farm Marketing Offices will be Closed Friday, April 18, in Observance of Good Friday

CORN HIGHLIGHTS:

• Mixed market trade continues in the corn market as old crop corn futures see additional selling pressure, offset by buying strength in the deferred contracts. Bear spreading has narrowed the old crop/new crop spread despite a firm demand tone on the front end.
• Market momentum remained subdued, with light holiday-week trade and a quiet news cycle contributing to lower activity. The lack of fresh headlines allowed front-month corn to drift lower in search of technical support.
• USDA announced a flash export sale of corn on Tuesday morning. Portugal stepped into the U.S. corn export market and purchased 110,000 MT of corn for the current marketing year. This was the second consecutive day of an old crop export sale.
• Brazil’s second corn crop outlook continues to improve, supported by favorable weather and increased precipitation potential. The monsoon season in areas of Brazil has found a second leg, which should boost production and limit some overall concerns for the key second crop corn.

SOYBEAN HIGHLIGHTS:

• Soybeans were mixed to end the day with the front months lower but new crop soybeans higher in more anticipation of smaller planted acres. May soybean futures are overbought with the stochastics showing a sell crossover, which may be adding pressure. Soybean meal was lower while soybean oil ended the day higher.
• Yesterday, the USDA released the first progress report for soybean plantings. 2% of the crop is reported as planted, which compares to 3% last year and the 5-year average of 2% at this time. The 6-10 forecast shows above average precipitation throughout most of the country which could delay planting.
• Today’s NOPA crush report saw soybean crush for March at 194.5 million bushels, which was below the average trade guess of 197.6 mb. This compared to 196.4 mb last year, and soybean oil stocks were seen at 1.498 billion pounds compared to estimates of 1.612 bp and 1.851 bp a year ago at this time.
• Brazil soybean prices have turned softer as harvest is in the back-end stages. China has been a strong purchaser on Brazil soybeans, up to 60-70 cargoes last week, including supplies for Feb-Mar 2026. Farmer selling has picked up, pressuring basis premiums in Brazil, limiting the strength in U.S. soybean prices.

WHEAT HIGHLIGHTS:

• Wheat futures closed lower across the board, pressured by a stronger U.S. dollar and a weaker close in Matif wheat futures. In addition, the extended weather forecast calling for more rain across the Southern Plains limited any rally attempts.
• According to yesterday afternoon’s USDA Crop Progress report, winter wheat conditions slipped 1% from last week to 47% good to excellent – this compares to 55% good to excellent at this time last year. Additionally, 8% of the crop is headed, down from 10% last year but in line with the five-year average. Finally, spring wheat is 7% planted, up 1% from a year ago, but steady with the five-year average.
• Warmer weather is expected across the Southern Plains this week, with temperatures potentially reaching the 90s as far north as central Kansas. However, meaningful rainfall is forecast for Easter weekend, and the outlook remains wet into the end of April—supportive for crop development.
• France’s agriculture ministry raised its estimate for soft wheat planted area to 4.63 million hectares, up from 4.57 million in February and 10% higher year-over-year. The ministry also reported that overall wheat conditions are improving as the season progresses.

DAIRY HIGHLIGHTS:

• Cheese blocks gained 3c to $1.80/lb while barrels added 6c to $1.90/lb, marking the eighth consecutive up day for the block/barrel average.
• With cheese buyers back in the market, Class III milk has been adding premium back into all contracts. May finished today at $18.08, up from its low of $16.57 on 4/7/25.
• The Class IV market is starting to base out, but momentum hasn’t shifted there yet like it has for Class III. On Tuesday, May Class IV was flat at $17.99 while June added 8c to $17.62.
• Today’s Global Dairy Trade auction saw the GDT price index add 1.60% with cheese down 1.80% and butter up 1.50%.
• Spot whey had a rare up day, recovering a penny to $0.4750/lb.

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Author

Amanda Brill