Tuesday, April 7, 2026, 7:15 am

Monday was another mixed day for our markets.  Spot corn closed up 1 3/4, spot soybeans closed up 3 1/4, harvest winter wheat closed down 3 and harvest spring wheat closed down 2.  In the overnight trade corn and the wheat sector are negative with soybeans once again on the positive side.  Oil closed up $0.87 yesterday at $112.41 per barrel.  It is stronger in trading again this morning with it now trading at $114.36 per barrel.  Our dollar traded in a very narrow 10 basis points range yesterday between $0.718 US and $0.719 US.  This morning it is at the low end of the range with it currently valued at $0.718 US.

The USDA released their first Weekly Crop Progress Report for the year yesterday.  Corn plantings are reported at 3% complete.  This is just ahead of the 2% planted at this time last year and the 5 year average of 2% planted.  Spring wheat plantings also came in at 2% completed.

More importantly in the report they put a crop rating number to the winter wheat crop.  It came in at only 35% good to excellent as compared to 48% last year at this time.  Remember this crop has been stressed due to drought like conditions.  This report should be supportive for wheat prices however a new short term weather forecast is calling for increased rains over much of the US winter wheat growing regions.  The marketplace sees the rains projected this week more important than the very weak good to excellent ratings and as such prices are lower again this morning.

Corn prices have fallen for 5 of the last 7 trading days.  They have been pressured by the higher than expected intended planted acres with last week’s USDA report and also the very large stocks number reported.  Prices have fallen below the 20 day moving average but have been able to stay above the 50 and 100 day moving averages.  Should they fall below those numbers it would be a very strong sign that prices could keep going lower.  Current support seems to be around the $4.50 per bushel level on the CBOT in the nearby market.

Crude oil prices remain at the high end of the recent trading range with President Trump’s deadline to Iran to end the current war by 8 pm tonight looming.  It seems unlikely that the war will end today but we can only hope!  How the market will react to whatever President Trump does today is anybody’s guess.