CORN
- Corn futures are edging higher this morning as the market continues to draw spillover support from energy markets. May corn is up 1-1/2 cents at $4.57, while December futures are 2 cents higher at $4.85-1/2.
- Export sales data from Thursday showed 1.316 MMT of old crop corn sales for the week of April 16, a three-week low but still 14.2% above the same week last year. South Korea was the top buyer at 345,700 MT, followed by Japan at 324,200 MT and 233,600 MT to unknown destinations.
- New crop sales totaled 440,110 MT, the second-largest weekly total of the marketing year, with all 2026/27 sales booked to Mexico.
SOYBEANS
- Soybean futures are edging higher this morning, with May soybeans up 3-1/4 cents at $11.63 and November soybeans 1-1/2 cents higher at $11.56-1/2.
- USDA reported weekly net export sales of old-crop U.S. soybeans at 364,633 metric tons, in line with trade expectations, with an additional 5,000 metric tons booked for the new crop.
- In Argentina, the Buenos Aires Grains Exchange raised its estimate for the 2025/26 soybean harvest by 100,000 metric tons, citing better-than-expected yields.
WHEAT
- The wheat complex is mixed this morning as the market pauses following recent strength. Looking at May contracts, Chicago wheat is up 4 cents at $6.14-3/4, Kansas City wheat is 1-1/2 cents higher at $6.68-1/4, and Minneapolis spring wheat is down 1 cent at $6.73-1/2.
- The National Drought Mitigation Center reported that 70% of winter wheat areas are now affected by drought, up from 50% in late February. Kansas Wheat also noted that limited rainfall during a critical growth period could further reduce yield potential.
- However, rains are expected across the central United States over the next 10 days, which could help ease stress on drought-affected wheat crops.
Author
Matthew Lucas