CORN

• At midday, corn futures are mixed with nearby contracts lower and new crop futures higher. May corn is down 1-1/4 cents at $4.50, while December futures are up 3/4 of a cent at $4.78-3/4.
• This morning, USDA reported export sales for the week ending April 9, with net sales totaling 1.4 million metric tons for the 2025/26 marketing year and an additional 56,500 metric tons booked for 2026/27.
• Weekly ethanol production rose to 329 million gallons for the week ending April 10, implying roughly 110 million bushels of corn were used for ethanol. That pace is slightly ahead of what’s needed to meet USDA’s marketing-year target.

SOYBEANS

• Soybean futures are trading mixed at midday. May soybeans are down 2-1/4 cents at $11.64-3/4, while November soybeans are 2-1/2 cents higher at $11.57.
• This morning, USDA reported soybean export sales for the week ending April 9, with net sales totaling 247,900 metric tons for the 2025/26 marketing year. This marked a marketing-year low and came in at the bottom end of analyst expectations.
• The soybean complex has continued to find support from higher energy prices, with the strength primarily flowing through soybean oil, where prices are trading near multi-year highs.

WHEAT

• Wheat futures have surged higher at midday, with Kansas City wheat leading the move. May Chicago wheat is up 12-1/4 cents at $6.06, Kansas City wheat is 20 cents higher at $6.45-1/2, and Minneapolis spring wheat is up 13-1/2 cents at $6.53.
• Wheat has found support as concerns build that drought-stressed crops in the U.S. Plains could be vulnerable to frost this weekend. The region represents nearly one-third of U.S. wheat production and a significant share of hard red winter wheat, raising the risk of yield losses.
• While earlier forecasts for rain had pressured prices, uncertainty over how much moisture will reach the driest areas, combined with incoming colder temperatures, has renewed supply concerns.

Author

Matthew Lucas