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

CORN HIGHLIGHTS:

• Quiet day in the corn market as prices finished with small gains on Wednesday’s session. Fresh news for the corn market was limited, but more weakness in the U.S. dollar helped support the grain markets as traders positioned ahead of the 3-day Easter weekend.
• Weekly ethanol production fell to 1.012 million barrels/day, a 7-month low. While down from the previous week, production remains 3% above year-ago levels. Roughly 101 million bushels of corn were used—below the pace needed to meet USDA’s annual target.
• The U.S. dollar continued to soften, nearing its lowest level since April 2022. The ongoing weakness in the dollar is broadly supportive for grain and commodity markets.
• Weather will be closely watched over the weekend as another round of rainfall is slated for the southern Plains. This could compound the issues in that region regarding wetness and limit early-season planting pace.
• USDA will release weekly export sales on Thursday morning. The current export sales pace is trending well ahead of the current USDA pace. Last week, corn export sales were within expectations, but slightly disappointing at 748,000 MT.

SOYBEAN HIGHLIGHTS:

• Soybeans were higher to end the day after recovering from lower prices overnight that were down as much as 10 cents. The U.S. dollar fell sharply today which was likely supportive to commodities across the board, and fears of planting delays have likely been supportive as well. Both soybean meal and oil ended the day higher.
• Planting concerns persist as some regions remain wet, though early planting has begun in select areas. Historically, soybeans planted by early May tend to yield better—21% of the crop is typically planted by May 1 on average.
• Brazilian soybean exports are seen at 14.5 mmt for the month of April which compares to a previous estimate of 13.3 mmt. At this point, China is buying virtually all of its soybeans from Brazil and basically none from the U.S.
• 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:

• All three U.S. wheat futures classes closed higher, supported by a sharply lower U.S. dollar, spillover strength from corn and soybeans, and a possible technical rebound after recent losses.
• India’s wheat reserves rose to 11.8 MMT, a three-year high and well above the government’s 7.5 MMT target—a potentially bearish signal for global markets.
• Argentina’s 2025/26 wheat harvest is forecast at 20.5 MMT, according to the Buenos Aires Grain Exchange. That’s 2 MMT above last year, with potential for further growth if a recent export tax reduction is extended. If realized, it would be Argentina’s second-largest wheat crop on record.

DAIRY HIGHLIGHTS:

• Class III milk futures experienced losses today, with May falling 17 cents to close at $17.91, while June dropped 31 cents, settling at $17.19.
• Spot cheese held steady today, closing unchanged at $1.8500/lb, while spot whey also remained flat at $0.4750/lb.
• Spot butter dropped 1 cent, closing at $2.3400/lb, while spot powder remained steady at $1.1675/lb.
• Class IV milk futures saw minimal activity today, with only one 2025 contract showing movement. June dropped 1 cent, closing at $17.61.

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Author

Brandon Doherty