Weekly Market Update 4/2/2026

Here is your weekly market update from the Garden City Co-op Grain Origination Team.

Trivia

1. What’s the smallest state in the United States of America?

2. Who was the first person to step foot on the moon?

Answers at the bottom.

Market News
 

Holiday hours:
Today, 4/2: Normal close, no overnight
Friday, 4/3: No Markets
Sunday, 4/5: Normal PM open

MARKET UPDATE: May corn futures were down 2 ¼-cents today to close at a settlement price of $4.52. December corn futures settled down ¼-cent today, closing at $4.81. Grain futures moved higher overnight following President Trump’s announcement, with markets reacting to renewed geopolitical uncertainty. There remains no clear end in sigh to the conflict in the Middle East or a reopening of the Strait of Hormuz. Strength in crude oil has added a bullish tone to the corn market. While corn plantings are projected to be down from last year, acreage could still reach historically high levels, pointing toward ample supplies heading into 2027. With initial acreage estimates now known, market focus will shift toward spring weather conditions, while strong export demand continues to provide underlying support for corn prices.

May soybean futures were down 5 ¾-cents today, closing at a settlement price of $11.6275. November soybean futures were down 1 ¾-cents to a settlement price of $11.54. Soybean futures pushed higher overnight, led by strength in soybean oil futures and a continued rally in crude oil. Both crude oil and diesel futures are on track to post four-year highs, adding supportive energy-market spillover to the soybean complex. Additional support has come from lower-than-expected soybean acreage figures released earlier in the week. Fewer planted acres raise the concern for tighter supplies, particularly as soybean crush remains at a record pace, amid the expectations for an increase in biofuel usage in the near future.

May wheat futures were up 2-cents today, closing at a settlement price of $6.1575. Energy-driven momentum helped lend support to the wheat market overnight. Forecasts calling for rain across the central U.S. later this week could provide some much-needed drought relief, potentially tempering some of the recent crop concerns. At the same time, wheat continues to find underlying support from Tuesday’s USDA acreage report, which showed the lowest U.S. wheat acreage on record dating back to 1919.

WCB PLANTING VS STOCKS: Not reinventing the wheel or making any bold predictions, but I thought this was interesting. The Western Corn Belt is projected to have approximately 970,000 fewer planted acres, primarily in northern regions, which could influence production and stocks given the larger carry-in. Four states—Kansas, Nebraska, South Dakota, and North Dakota—are expected to have record-ending stocks for 2026/27, carrying about 635 million bushels, significantly above last year's and the 10-year average. Despite the reduction in acres, the WCB is expected to be 142 million bushels above the 10-year average. Also, the average 10-year yield for the four states is 152 (bpa), but a reduction of 970 acres could result in a net loss of 147 million bushels (mln bu) for the region. Despite this, the WCB is projected to produce 142 million bushels more corn than the 10-year average, which offsets the loss of acres on paper. This surplus, along with production outcomes, is expected to create pressure on NC corn basis, aligning with the market trading at a premium of +25-30 for the upcoming period. The risk to cash flows will depend on cattle feeding trends and Mexico's demand for corn. Overall, the situation suggests a potential shift in corn movement from east to west as excess WCB stocks are addressed. After state-by-state work, we get a clearer sense of crop potential in each region.

EXPORTS: Current week corn export inspections totaled 70.5 million bushels, up 3.5 million bushels from the week prior. Soybean export inspections for the week were reported at 21.5 million bushels – falling below the running 10-week average, and 0.5 million bushels below trade estimates. Current week wheat export inspections totaled 13.4 million bushels – in-line with current trade estimates. Milo export inspections totaled 7.1 million bushels.

SUMMIT MAX 2026: As planting season approaches, farmers can capitalize on corn futures price seasonality with GCC’s Summit Max contract. This contract captures the average of the December corn futures daily highs from May through July, which are historically the highest months during the growing season. Enrolled bushels are priced based on the average daily highs during this period, with a fee of 10 cents. Farmers need to set the basis by October 1st. The GCC Grain Team is excited to continue to help you make the most of your bushels for another year. Be sure to contact a member of the Grain Team to enroll before Friday, May 1^st.

WEATHER: Skies are sunny today with a high near 78°F and slightly breezy. Winds will increase overnight and continue into Friday, gusting as high as 34 mph with high temperatures near 68°F. The wind backs off slightly Saturday to 8-18 mph and highs near 69°F. Easter Sunday looks to be clear and sunny with a high of 75°F. Highs early next week are in the upper 70s with a 20% chance of showers Tuesday night.

Trivia Answers

1.  Rhode Island

2. Neil Armstrong