CORN HIGHLIGHTS:

• Difficult day in the corn market as strong planting pace and the impact of first notice day pressured corn futures, triggering long liquidation. May and July contracts settled at their lowest levels since April 7.
• May futures lead the market lower losing 15 cents session of first notice day for May futures is tomorrow. Traders holding long May positions in the futures market needed to exit or risk the potential for delivery against those futures.
• Monday’s USDA Crop Progress report showed corn planting at 24% complete, up 12% from last week and 3% ahead of the 5-year average — slightly above market expectations.
• USDA reported a flash export sale of corn on Tuesday morning. The USDA announced that Spain purchased 120,000 MT (4.7 mb) of corn for the current marketing year, as export demand stays supportive.
• Despite futures weakness, cash corn markets remain firm. Basis levels are strengthening as old-crop demand stays solid and farmer selling slows amid spring planting activity.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day lower as first notice day tomorrow and a quick start to the planting season, accompanied by good weather, have pressured the market. July futures appear technically overbought and are flashing a crossover sell signal on stochastics. Soybean meal finished higher, while soybean oil fell sharply in tandem with crude oil.
• Yesterday’s export inspections were ok, but export demand has been fairly poor in general with China purchasing their soybeans from Brazil. However, this morning the USDA reported that 110,000 tons of soybeans were sold to unknown destinations in 24/25.
• Yesterday’s crop progress showed that 18% of the soybean crop is planted which compared to 3% last week and the 5-year average of 12%. In Illinois, soybean planting is further ahead than corn. The weather forecast looks conducive for planting over the next few weeks.
• China’s port of Zhoushan is expected to see a 48% increase in soybean imports from Brazil. So far, 40 Brazilian ships carrying soybeans have already docked there in April which is up 48% from last year at this time. The port is expected to unload 700,000 mt of soybeans this month which would be a 32% jump.

WHEAT HIGHLIGHTS:

• Wheat sustained losses in all three classes today, unable to recover from improving winter wheat crop conditions. Spillover weakness from lower corn and soybean futures did not help, as planting has progressed quickly for those crops. Forecasted rains across the Southern Plains continue to weigh on prices. Despite the losses, technical indicators suggest wheat may be nearing oversold territory, hinting at a potential bottom.
• Monday’s USDA Crop Progress report showed winter wheat conditions improved by 4% to 49% good-to-excellent. Heading progress reached 27%, slightly below last year but ahead of the five-year average. Spring wheat planting is 30% complete, with 5% emerged — both in line with typical progress.
• Geopolitical tensions remain in focus, though wheat markets have grown less reactive. Russia announced a May 8–10 ceasefire to mark WWII Victory Day. While not expected to move markets, it could hint at broader diplomatic efforts, which would be bearish if they materialize.
• SovEcon has increased their estimate of 24/25 Russian wheat exports by 0.2 mmt to 40.7 mmt. For reference, this still falls under the USDA’s 44 mmt projection. SovEcon increased their 25/26 export estimate as well, by 0.6 mmt to 39.7 mmt.
• In Brazil, wheat planting has begun in Paraná with 2% of the crop seeded. Despite a 22% drop in planted area year-over-year, production is expected to rise 24% to 2.85 MMT due to strong yield expectations.

DAIRY HIGHLIGHTS:

• The May through October 2025 Class IV futures held losses ranging from 2 to 13 cents today, dropping May futures under $18.00.
• Amid another unchanged day for spot powder, butter fell 3.50 cents to move to $2.24/lb. This is its lowest closed since December 2021.
• Class III action was two-sided but did not see face notable adjustments from the start of the week.
• The block/barrel average gained 0.8750 cents on Tuesday, pushing to $1.71125/lb. Whey was unchanged.

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Author

Brandon Doherty