Wednesday, April 15, 2026, 7:00 am

Tuesday was a mostly positive day for our markets.  Spot corn closed up 2 3/4, spot soybeans closed down 4 1/4, harvest winter wheat closed up 10 and harvest spring wheat closed up 12.  In the overnight trade corn and soybeans are positive with the wheat sector now negative.  Oil closed down $7.80 yesterday at $91.28 per barrel.  It is stronger in trading this morning with it now trading at $92.77 per barrel.  Our dollar has traded between a low of $0.725 US and a high of $0.728 US over the last 24 hours.  This morning it is currently valued at $0.726 US.

Wheat prices were stronger yesterday as they rallied with the continued lack of moisture over the western portion of the US HRW wheat growing region.  The weather forecast is now calling for precipitation for this area in the 10 to 15 day time period.  With winter wheat crop ratings decreasing on Monday and with the continued lack of moisture for some of this crop the thought is that yield potential is decreasing daily.  Remember however that the world is well supplied with wheat and this will keep a lid on prices going forward.  Local harvest prices are currently higher for this year than they were at last year’s harvest.  With the crop starting to grow in our area it might be a good time to get some production priced out.

We mentioned yesterday of reports that Iran and the US would get together this week to continue talks to end the current war.  Optimism from this resulted in crude oil prices pulling back yesterday.  It seems that the only constant from this war is volatility.

Soybean prices were hurt yesterday with the pullback in crude oil mentioned above.  Soybean oil prices pulled back following crude oil prices lower.  Managed money currently has a large long position (looking for prices to go up) in this market and if they start liquidating their position it would most definitely be a big negative for prices going forward.  We should also note that today there is expected to be an announcement out of the US with an updated soybean oil stocks level.  This is expected to come in with the highest stocks in 13 years.  Even with the strong demand from biodiesel production in the US they are building soybean oil stocks.  This is definitely looked at as a negative for prices going forward.