CORN HIGHLIGHTS:

• Corn futures saw light selling pressure on the session, as First Notice Day and weakness in the wheat market weighed on prices. July corn futures lost 3 cents to 474 ¾, while December futures lost 3 ½ cents for a close at 494 ¼.
• With the selling pressure, corn futures posted bearish turns on the charts technically. With the market overbought, the potential for some correction lower could be a possibility to test support levels.
• April 30 was First Notice Day against the May grain contracts, and traders long May corn futures need to exit or risk potential delivery. This can bring extra volatility and pressure to the markets. As of today, 19 corn contracts were delivered against May futures.
• USDA announced weekly export sales on Thursday morning. For the week ending April 23, U.S. exporters posted new sales of 1.598 MMT (62.9 mb) for the 2025-26 Marketing. Corn sales remain strong versus global competition.
• The corn market was disappointed that legislation regarding E15 was removed from the proposed Farm Bill. The E15 legislation will have to be a separate piece of legislation if it is to occur.

SOYBEAN HIGHLIGHTS:

• Soybeans were mixed to end the day in bear spreading action, but prices recovered from lows earlier this morning. May soybeans were down ¼ cents to $11.82, and today is First Notice Day. July soybeans were down 1-1/2 cents to $11.95-1/2, while November was up 1-3/4 cents to $11.73. May soybean meal was down $5.70 to $322.30, while May soybean oil was up 1.05 cents to 76.36 cents despite lower crude oil.
• Today’s Export Sales report saw soybean sales were within analyst expectations with an increase of 9.5 million bushels for 25/26 and an increase of 0.1 mb for 26/27. This was down 29% from last week and 18% from the prior 4-week average. Top buyers were China, Egypt, and Indonesia. Last week’s export shipments of 22.4 mb were above the 17.5 mb needed each week to meet USDA estimates.
• In Argentina, the soybean harvest has progressed to over 18% complete according to the Buenos Aires Grain Exchange. Dry weather is expected over the next 1-2 weeks, which could help progress further. Production estimates of 48.6 mmt would be a 3-year low.
• The Brazilian soybean price advantage that it has held over U.S. soybean prices has narrowed recently, making U.S. soybeans more competitive on the global market. The current spread of 50 cents a bushel on an FOB basis is lower than the 5-year average for this time of year.

WHEAT HIGHLIGHTS:

• Wheat closed modestly to sharply lower across all three U.S. futures classes, despite a plunge in the U.S. Dollar Index. Profit-taking and a technical correction after overbought conditions likely contributed to the decline. In the July contract, Chicago lost 16-1/4 cents to 636-3/4, Kansas City fell 11-1/4 cents to 693-1/2, and MIAX closed 9-3/4 cents lower at 705-3/4.
• The USDA reported an increase of 8.3 mb of wheat export sales for 25/26 and an increase of 5.8 mb for 26/27. Shipments last week totaled 15.1 mb, which falls below the 18.2 mb pace needed per week to reach their 900 mb export goal. Wheat export commitments for 26/27 have reached 907 mb, up 16% from last year.
• According to the USDA, as of April 28, an estimated 69% of U.S. winter wheat acreage is experiencing drought. This marks a 1% improvement from the week before but compares with just 23% at this time last year. Meanwhile, spring wheat areas in drought remained steady at 18% for the fourth consecutive week.
• SovEcon is reported to have increased their estimate of Russian 25/26 wheat exports by 0.9 mmt to 47.4 mmt. For reference, the USDA forecast sits at 44.5 mmt. SovEcon also increased their Russian 26/27 export estimate by 1.4 mmt to 45.2 mmt.
• Indonesia, which is the world’s largest wheat importer, has increased restrictions on grain imports in an effort to protect prices for domestic farmers. As their climate does not support it, wheat is not grown in Indonesia – nevertheless, this move will impact wheat imports as well. The new regulations are scheduled to begin May 8. Currently, the USDA is forecasting Indonesia will import 13 mmt of wheat this season.
• Poland’s Central Statistics Office has estimated the 2026 winter grain area at 4.5 million hectares, an increase of 1.1%. Winter wheat reportedly accounts for more than half of that total, at 2.3 million hectares. However, there are some concerns of crop loss due to frigid temperatures and a lack of snow cover in January and February.

DAIRY HIGHLIGHTS:

• Most of the 2026 Class III contracts closed lower today, led by the second month June losing 22 cents to settle at $17.47.
• Spot cheese gained a half cent on Thursday to move to $1.6275/lb, down a quarter cent on the week so far. Whey lost a penny today.
• Class IV futures were lower today, ranging from 8 to 26 cents in losses. June settled down 8 cents at $21.52.
• Spot butter was down 2.50 cents for a total of 8 cents so far on the week. Powder was down 0.75 cents again.

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Author

Amanda Brill