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Grain prices didn’t absorb a lot of new supply and demand clues on Friday, although positive news in the Middle East (the Strait of Hormuz is reopening) tilted energy futures today, with wheat prices following them down, leaving some contracts more than 1% lower. Corn and soybean prices tested some mild gains, meantime, following some light technical buying heading into the weekend.
More rains are headed to parts of the Midwest over the next several days, with many fields in Missouri and Illinois likely to gather another 1” or more between Saturday and Tuesday, per the latest 72-hour cumulative precipitation map from NOAA. Later this month, NOAA’s new 8-to-14-day outlook predicts more seasonally wet conditions for the southern half of the country between April 24 and April 30, with cooler-than-normal temperatures spreading across the central U.S. during this time.
On Wall St., the Dow jumped 922 points higher in afternoon trading to 49,501 after Iran announced the Strait of Hormuz had been reopened. However, an Iranian news agency reported that ships linked to “hostile nations” may not be allowed passage through the strait. Energy futures plummeted on the news, with Brent crude oil sliding almost 9% lower this afternoon to $90 per barrel. Gasoline futures shifted almost 6% lower. The U.S. Dollar softened moderately.
Corn prices finished Friday narrowly mixed
Prices eroded moderately lower this morning but recovered (mostly) following a late-session round of technical buying. July futures eased 0.25 cents lower to $4.5750, while September futures inched 0.25 cents higher to $4.6125.
Here’s a look at how July corn futures performed over the past week.
Yesterday, USDA reported 55.1 million bushels in old crop corn sales and 2.2 million bushels in new crop sales in the week through April 9. Combined sales were toward the higher end of analyst estimates, which ranged between 31.5 million and 70.9 million bushels, and cumulative sales for the 2025-26 marketing year have jumped 39% above last year’s pace so far.
Purdue University recently underpinned the importance of monitoring basis trends and leveraging stronger basis levels to maximize profitability in a report “Broad Strengthening Across the Eastern Corn Belt.” It notes that corn and soybean basis across the eastern Corn Belt has strengthened significantly over the past several weeks, with farmers in these areas encouraged to capitalize on these higher levels. Click here to learn more.
“One of my favorite strategies to transfer a farm is using a well-structured family installment sale,” noted Mike Downey, farm business consultant with Uncommon Farms. “However, this goes against what you see in the general marketplace.” Downey walks through some potential pros and cons surrounding this strategy in his latest More Than Dirt column – click here to learn more.
The Buenos Aires Grains Exchange raised its estimates for Argentina’s 2025-26 corn production potential from 2.25 billion bushels up to 2.40 billion bushels. That would be a record, if realized. The country’s corn harvest typically peaks in May and June. Argentina is the world’s No. 3 corn exporter.
Corn settlements on Thursday were for 429,270 contracts.
Soybean prices found some mild Friday upside
Traders engaged in some light technical buying heading into the weekend, leading to gains of around 0.25%. July futures added 2.5 cents to $11.83, with August futures up 1.5 cents to $11.7650.
Here’s a look at how July soybean futures performed over the past week.
The rest of the soy complex faded into the red, meantime. July soymeal futures were down around 0.25%, while July soyoil futures crumbled more than 1.5% lower.
On Thursday, USDA noted a marketing-year low for soybean sales in the week through April 9, with just 9.1 million bushels. That was also on the low end of analyst estimates, which ranged between 7.3 million and 22.0 million bushels. Cumulative sales for the 2025-26 marketing year are trailing last year’s pace by 18% so far.
Brazil’s Abiove held steady its estimates for the country’s 2025-26 soybean production, which remains at 6.536 billion bushels. However, the group did up its soybean export estimate by 77.2 million bushels with a new projection of 4.17 billion bushels. Brazil is both the world’s No. 1 soybean producer and exporter.
Does updating equipment make you more money? Illinois farmer Tyler Kresin has a spreadsheet-driven approach to equipment decisions to help him when he asks that question. “Right now, it’s a continuous evaluation of what my current units are costing me,” he said. “The price of new equipment all around has gone up. I try to justify purchases by asking, ‘Does it make me any more money than my current setup does now?’” Farm Progress machinery editor Andy Castillo shared more of Kresin’s thoughts in his latest reporting – click here to learn more.
Soybean settlements on Thursday were for 289,052 contracts.
Winter wheat prices followed oil lower
Steep cuts in crude oil prices today caused some spillover weakness in wheat that led to moderate losses on Friday that mostly ranged between 0.75% and 1.25%. The usual specters of large domestic and global stockpiles continue to be in play as well. July Chicago SRW futures lost 7.25 cents to $5.9925, with July Kansas City HRW futures down 5 cents to $6.50.
Here’s a look at how July Chicago SRW futures performed over the past week.
Yesterday morning, USDA reported that wheat exports in the week through April 9 totaled 3.7 million bushels in old crop sales and 4.8 million bushels in new crop sales. Cumulative sales for the 2025-26 marketing year have stayed 14% above last year’s pace so far.
French farm office FranceAgriMer reported that 84% of the country’s soft wheat crop is in good-to-excellent condition, which is unchanged from the prior week. Eighty-one percent of the country’s durum wheat crop is rated in good-to-excellent condition over the same period. France is the No. 1 wheat producer and exporter in the European Union.
And finally, early safety training for youth around tractors and other farm equipment is a crucial step in developing a culture of safety on your operation. “Agriculture consistently ranks among the most hazardous industries, with tractors and machinery accounting for a significant proportion of serious injuries and fatalities,” according to Ellen Duysen, who is the coordinator of the Central States Center for Agricultural Safety and Health. “Young workers, many of whom are still developing physical coordination, judgment and risk perception, are especially at risk for injury.” Click here to learn more.
CBOT wheat settlements on Thursday were for 190,072 contracts.