Spring has officially been here for a few weeks. However, my kids have yet to get the memo. Putting them to bed this week has been nothing short of an obstacle course (in the President’s voice) ‘the likes of which the world has never seen before.’ Thus, this weekend’s agenda has been set, spring cleaning. Specs in the grain markets were cleaning up this week as well, clearing out some of the longs from the recent rally, as the corn and wheat saw double digit losses. Over in the cotton market, the manage money crowd has been washing out some shorts and heading to levels not seen in months.
Corn felt some continued pressure this week, as May ended up 11 ¼ cents lower from last week. The initial Crop Progress report from NASS on Monday showed 3% of the US corn crop planted, near the 2% average pace. USDA’s WASDE report from this week showed no changes to the US balance sheet, as US ending stocks were left at 2.13 bbu. EIA showed ethanol production back up 41,000 barrels per day in the week of 4/3, to 1.116 million bpd. Stocks saw a slight build in that week of 62,000 barrels to 26.053 million barrels. USDA Export Sales data showed old crop corn business at 1.36 MMT in the week of April 2. Commitment of Traders data as of 4/7 tallied managed money at a net long of 218,632 contracts of futures and options. That was a 49,342 contract reduction on the week.
The wheat complex fell lower this week, closing with losses across the three markets. MPLS was the leader, down 35 1/4 cents in the May contract. Chicago was close behind, falling 27 1/4 cents. Kansas City fell 25 cents on the week. Crop Progress data from Monday showed 7% of the US winter wheat crop headed. The first condition rating for the year pegged the crop at 35% good/excellent, shy of the 48% to start last year. The Brugler500 index (100-500 weighted scale) was at 298 points, which was 30 points below the start of last year. The first Crop Progress report of the year showed the spring wheat crop at 2% planted. WASDE data showed a 7 mbu increase to the US carryout figure, mainly due to increased imports. Weekly Export Sales data from the week of April 2 was just 163,950 MT for old crop, with 90,656 MT for new crop. Commitments of Traders showed managed money flipping back to a net short of 5,633 contracts in CBT wheat as of March 31, a 14,274 contract position flip for that week. Spec funds in KC wheat cut 5,909 contracts from their net long position at 15,608 contracts.
Soybeans were higher this week with May up 12 ¼ cents from last Friday. May soybean meal was supportive, up $16.6/ton. May bean oil was the weak spot, down 185 points. USDA’s monthly USDA update on Thursday showed no changes to the US carryout figure at 350 mbu. How they got there was different, as they raised US crush by 35 mbu, taking that from exports. Export Sales data showed soybean bookings at 295,403 MT in the week ending on 4/2. Export commitments are now 37.905 MMT, 90% of the new USDA estimate and behind the 95% average pace. The weekly Commitment of Traders report showed spec traders cutting back 23,777 contracts to their net long of 189,630 contracts by 4/7. Managed money in bean oil was a record net long at 150,682 contracts.
Live cattle pushed higher for much this week with April closing with a $5.57 gain over the week. Cash trade was firmer this week, settling in a $246 in the South and a few $250 in the North. Feeders were back and forth, as April closed with a $1.25 gain. The CME Feeder Cattle Index was just 14 cents lower week/week to $366.67. Wholesale boxed beef prices were lower this week, as the Chc/Sel spread closed the week inverted at a 44 cent premium to Select. Choice boxes were down $6.88/cwt (-1.8%) on the week to $380.90, as Select was $4.85 (-1.3%) lower at $381.34 as of Friday. Weekly beef production was 4% below the week prior and down 6.5% from the same week last year at 461.4 million lbs. Year to date production is down 7.5% on a 10.0% drop in slaughter. Commitment of Traders data tallied specs at a net long of 133,265 contracts, an increase of 9,523 contracts for the week ending on Tuesday.
Hogs extended the pullback this week, with June down another 75 cents. The CME Lean Hog Index was back up 12 cents this week at $90.29 as of April 8. USDA’s Pork Carcass Cutout was back down $0.25 (-0.3%) this week to $98.70/cwt. The rib and ham primals were the only reported higher. Weekly pork production was up 3.1% from last week at 539.4 million lbs, which is just 0.3% above the same week last year. Production so far this year is down 0.4% on a 1.1% drop in slaughter. CFTC data showed managed money trimming another 3,853 contracts from their net long position in lean hog futures and options in the week of 4/7, taking the total to 98,061 contracts.
Cotton futures extended the gains this week, with May up 230 points. Crop Progress data was released this morning, showing 5% of the US cotton crop planted by Sunday. The monthly WASDE update showed the US balance sheet unchanged at 4.4 million bales. That matched the 5-year average and was 1% ahead of the same date last year. Export Sales from the week of 4/2 were tallied at 319,580 RB for old crop, with 14,051 RB for new crop, as shipments were at 342,744 RB. Spec traders slashed another 10,206 contracts from their net short position in the week of April 7, taking the total to just 2,020 contracts net short in cotton futures and options. The Adjusted World Price was up 175 points to 58.74 cents/lb on Thursday.
Market Watch
Next week starts with the Monday morning Export Inspections report, as the now weekly NASS Crop Progress report will be out that afternoon. Monthly PPI data will be released on Tuesday morning.
Wednesday is the last trade day for April lean hog futures and options. EIA data will be out that morning per normal, with NOPA also released on Wednesday. Weekly Export Sales data will be released on Thursday morning. The monthly Cattle on Feed report will be out on Friday afternoon.
Tech Talk: December Corn
December corn fell apart a little further this week. Following the double top at $4.98 ½ from mid-March, Dec failed the Bollinger midline at $4.84 ½ and are bending the lower Bollinger band at $4.71 ¼. After holding a test of the 38.2% Fib retracement of $4.78 1/4, buyers failed to show up on Wednesday, as well as 40-day moving average support at $4.78 ½. The 2/3 speedline support from the January low at $4.75 also failed on Friday. There is a 50% support at $4.72, which held on Friday. If that fails, the 61.8% is at $4.65 ½. MACD says to be bearish, following a sell signal. ADX was high at the time of the sell signal, though it has backed off to 22. Stochastics are nearing oversold. RSI is already there.
There is a risk of loss in futures and options trading. Similar risks exist for cash commodity producers. Past performance is not necessarily indicative of future results.
Copyright 2026 Brugler Marketing & Management. All rights reserved.
Spring Cleaning. Ag Marketing Report 04/13/2026
Spring has officially been here for a few weeks. However, my kids have yet to get the memo. Putting them to bed this week has been nothing short of an obstacle course (in the President’s voice) ‘the likes of which the world has never seen before.’ Thus, this weekend’s agenda has been set, spring cleaning. Specs in the grain markets were cleaning up this week as well, clearing out some of the longs from the recent rally, as the corn and wheat saw double digit losses. Over in the cotton market, the manage money crowd has been washing out some shorts and heading to levels not seen in months.
Corn felt some continued pressure this week, as May ended up 11 ¼ cents lower from last week. The initial Crop Progress report from NASS on Monday showed 3% of the US corn crop planted, near the 2% average pace. USDA’s WASDE report from this week showed no changes to the US balance sheet, as US ending stocks were left at 2.13 bbu. EIA showed ethanol production back up 41,000 barrels per day in the week of 4/3, to 1.116 million bpd. Stocks saw a slight build in that week of 62,000 barrels to 26.053 million barrels. USDA Export Sales data showed old crop corn business at 1.36 MMT in the week of April 2. Commitment of Traders data as of 4/7 tallied managed money at a net long of 218,632 contracts of futures and options. That was a 49,342 contract reduction on the week.
The wheat complex fell lower this week, closing with losses across the three markets. MPLS was the leader, down 35 1/4 cents in the May contract. Chicago was close behind, falling 27 1/4 cents. Kansas City fell 25 cents on the week. Crop Progress data from Monday showed 7% of the US winter wheat crop headed. The first condition rating for the year pegged the crop at 35% good/excellent, shy of the 48% to start last year. The Brugler500 index (100-500 weighted scale) was at 298 points, which was 30 points below the start of last year. The first Crop Progress report of the year showed the spring wheat crop at 2% planted. WASDE data showed a 7 mbu increase to the US carryout figure, mainly due to increased imports. Weekly Export Sales data from the week of April 2 was just 163,950 MT for old crop, with 90,656 MT for new crop. Commitments of Traders showed managed money flipping back to a net short of 5,633 contracts in CBT wheat as of March 31, a 14,274 contract position flip for that week. Spec funds in KC wheat cut 5,909 contracts from their net long position at 15,608 contracts.
Soybeans were higher this week with May up 12 ¼ cents from last Friday. May soybean meal was supportive, up $16.6/ton. May bean oil was the weak spot, down 185 points. USDA’s monthly USDA update on Thursday showed no changes to the US carryout figure at 350 mbu. How they got there was different, as they raised US crush by 35 mbu, taking that from exports. Export Sales data showed soybean bookings at 295,403 MT in the week ending on 4/2. Export commitments are now 37.905 MMT, 90% of the new USDA estimate and behind the 95% average pace. The weekly Commitment of Traders report showed spec traders cutting back 23,777 contracts to their net long of 189,630 contracts by 4/7. Managed money in bean oil was a record net long at 150,682 contracts.
Live cattle pushed higher for much this week with April closing with a $5.57 gain over the week. Cash trade was firmer this week, settling in a $246 in the South and a few $250 in the North. Feeders were back and forth, as April closed with a $1.25 gain. The CME Feeder Cattle Index was just 14 cents lower week/week to $366.67. Wholesale boxed beef prices were lower this week, as the Chc/Sel spread closed the week inverted at a 44 cent premium to Select. Choice boxes were down $6.88/cwt (-1.8%) on the week to $380.90, as Select was $4.85 (-1.3%) lower at $381.34 as of Friday. Weekly beef production was 4% below the week prior and down 6.5% from the same week last year at 461.4 million lbs. Year to date production is down 7.5% on a 10.0% drop in slaughter. Commitment of Traders data tallied specs at a net long of 133,265 contracts, an increase of 9,523 contracts for the week ending on Tuesday.
Hogs extended the pullback this week, with June down another 75 cents. The CME Lean Hog Index was back up 12 cents this week at $90.29 as of April 8. USDA’s Pork Carcass Cutout was back down $0.25 (-0.3%) this week to $98.70/cwt. The rib and ham primals were the only reported higher. Weekly pork production was up 3.1% from last week at 539.4 million lbs, which is just 0.3% above the same week last year. Production so far this year is down 0.4% on a 1.1% drop in slaughter. CFTC data showed managed money trimming another 3,853 contracts from their net long position in lean hog futures and options in the week of 4/7, taking the total to 98,061 contracts.
Cotton futures extended the gains this week, with May up 230 points. Crop Progress data was released this morning, showing 5% of the US cotton crop planted by Sunday. The monthly WASDE update showed the US balance sheet unchanged at 4.4 million bales. That matched the 5-year average and was 1% ahead of the same date last year. Export Sales from the week of 4/2 were tallied at 319,580 RB for old crop, with 14,051 RB for new crop, as shipments were at 342,744 RB. Spec traders slashed another 10,206 contracts from their net short position in the week of April 7, taking the total to just 2,020 contracts net short in cotton futures and options. The Adjusted World Price was up 175 points to 58.74 cents/lb on Thursday.
Market Watch
Next week starts with the Monday morning Export Inspections report, as the now weekly NASS Crop Progress report will be out that afternoon. Monthly PPI data will be released on Tuesday morning.
Wednesday is the last trade day for April lean hog futures and options. EIA data will be out that morning per normal, with NOPA also released on Wednesday. Weekly Export Sales data will be released on Thursday morning. The monthly Cattle on Feed report will be out on Friday afternoon.
Tech Talk: December Corn
December corn fell apart a little further this week. Following the double top at $4.98 ½ from mid-March, Dec failed the Bollinger midline at $4.84 ½ and are bending the lower Bollinger band at $4.71 ¼. After holding a test of the 38.2% Fib retracement of $4.78 1/4, buyers failed to show up on Wednesday, as well as 40-day moving average support at $4.78 ½. The 2/3 speedline support from the January low at $4.75 also failed on Friday. There is a 50% support at $4.72, which held on Friday. If that fails, the 61.8% is at $4.65 ½. MACD says to be bearish, following a sell signal. ADX was high at the time of the sell signal, though it has backed off to 22. Stochastics are nearing oversold. RSI is already there.
There is a risk of loss in futures and options trading. Similar risks exist for cash commodity producers. Past performance is not necessarily indicative of future results.
Copyright 2026 Brugler Marketing & Management. All rights reserved.