TFM Morning Update 04-13-2026

CORN

Corn futures are trading higher to start the week and are likely following the larger gains in the wheat complex. May corn is up 3-1/2 cents to $4.44-1/2 while December is up 3-1/4 cents to $4.75-1/2. Futures are oversold and sitting at support.
On Friday, the USDA reported a sale of corn of 125,640 tons to unknown destinations for the 25/26 marketing year. Corn export demand has been very strong, but large ending stocks have kept prices from rallying.
Friday’s CFTC report saw funds as sellers of corn as of April 7. They sold 49,342 contracts which reduced their net long position to 218,632 contracts. With such a large long position, any bearish news could cause them to begin taking profits.

Soybean futures are mixed this morning with May soybeans down 1/4 cent to $11.75-1/2 and November up 2-3/4 cents to $11.60-1/2. May soybean meal is down $1.80 to $330.0 while May soybean oil is up 0.87 cents to 67.96 cents. This is a relatively small move given that crude oil is up very sharply, over $7.00 a barrel to $104.00.
Estimates for the upcoming CONAB report see Brazilian soybean production for 25/26 at 179.0 mmt which would be up 1.2 mmt from the previous estimate in March. This would be due to an increase in acreage and better anticipated yields.
Friday’s CFTC report saw funds as sellers of soybeans as of April 7. They sold 23,777 contracts reducing their net long position to 189,630 contracts. They bought 14,873 contracts of bean oil and sold 6,393 contracts of meal.

All three wheat classes are trading higher this morning as they tend to move higher when war tensions flare. May Chicago wheat is up 12-1/4 cents to $5.83-1/4, KC is up 15-1/4 cents to $6.06, and Minn is up 9 cents to $6.20-1/2.
Over the weekend, the US was unable to reach a peace deal with Iran and as a result, President Trump said that the US would now blockade the Strait of Hormuz to prevent Iran from exporting oil to its allies. Wheat tends to follow big moves in crude oil and escalations in war.
Friday’s CFTC report saw funds as sellers of wheat. They sold 14,274 contracts of Chicago wheat which flipped their long position to a short one of 5,633 contracts. They sold 14,274 contracts of KC wheat leaving them long 15,608 contracts.

Amanda Brill