So far in 2026 we have had the commodities move at a little more of a volatile rate. While it is nothing we haven’t seen before, corn have moved 50 cents, with beans over a dollar and wheat nearly $1.50. Cotton has rallied nearly 15 cents, and not to mention cattle hitting fresh all time highs. The crude oil factor has been the rising tide, but we are just getting into the growing season for the row crops. We’ve already seen what a dry HRW country has done for wheat, with the recent rain in the corn belt putting an early halt to some planting. While it is still early to any major delays, the market is keeping a close eye on things. And then there is the always volatile growing season that has yet to be determined. While we have seen some movement in the commodities so far this year, and it is already the middle of April, it’s just the beginning.
Corn bounced back this week with May up 7 ¾ cents and December up 4 ¾ cents. Crop Progress data showed 5% of the US corn crop planted, slightly ahead of the 4% average pace. EIA indicated ethanol production up another 4,000 barrels per day in the week of 4/10, to 1.12 million bpd. Stocks saw a build in that week of 646,000 barrels to 26.699 million barrels. USDA Export Sales data showed old crop corn business at 1.4 MMT in the week of April 9. Commitment of Traders data as of 4/14 tallied managed money at a net long of 159,483 contracts of futures and options in corn. That was a 59,149 contract reduction on the week.
The wheat complex tool all the previous week’s losses back this week. Kansas City was the leader this week, rallying 46 cents in the May contract. MPLS May was close behind, up 41 3/4 cents. Chicago was 20 ¼ cents higher on the week. Crop Progress data from Monday showed 11% of the US winter wheat crop headed. Conditions were pegged at 34% good/excellent, down 1 point from the week prior. The Brugler500 index (100-500 weighted scale) was at 295 points, slipping 3 points. Spring wheat was 6% planted. Weekly Export Sales data from the week of April 9 was just 100,318 MT for old crop, with 131,000 MT for new crop. Commitments of Traders showed managed money adding a slight 1,633 contracts of future and options to their net short in CBT wheat as of April 14 at 7,266 contracts. Spec funds in KC wheat added back 1,316 contracts to their net long position at 16,924 contracts.
Soybeans were lower this week with May down 8 ½ cents from last Friday. May soybean meal was unchanged since last Friday. May bean oil was up 107 points. Crop Progress from Monday afternoon pegged the US soybean crop at 6% planted, well above the 2% compared to the same date last year and the 5-year average. NOPA data showed March crush among members at 226.16 mbu, a record for the month. That was up 8.32% from February and 16.25% above March 2025. Soybean oil stocks were down 1.97% from the end of Feb at 2.04 billion lbs, which was still 36.11% above the same month last year. Export Sales data showed soybean bookings at 247,886 MT in the week ending on 4/9. The weekly Commitment of Traders report showed spec traders cutting back another 14,479 contracts from their net long of 175,151 contracts by 4/14.
Live cattle slipped back this week with April closing down $1.82. Cash trade centered near $248 this week, firmer in the South and a slightly lower in the North. Feeders were also under pressure, with April down $2.82 The CME Feeder Cattle Index was $11 higher week/week to $377.67. Wholesale boxed beef prices were mixed this week, as the Chc/Sel spread is back to a premium of $4.46. Choice boxes were up 16 cents/cwt on the week to $381.06, as Select was $4.74 (-1.2%) lower at $376.60 as of Friday. Weekly beef production was 0.2% above the week prior and down 8.6% from the same week last year at 462.4 million lbs. Year to date production is down 7.7% on a 10.2% drop in slaughter. Commitment of Traders data tallied specs at a net long of 136,642 contracts, an increase of 3,377 contracts for the week ending on Tuesday.
Hogs extended the pullback this week, with June down another $2.67. The CME Lean Hog Index was back up 37 cents this week at $90.66 as of April 15. USDA’s Pork Carcass Cutout was back up $0.50 (0.5%) this week to $99.20/cwt. The butt, rib, and ham primals were the only reported higher. Weekly pork production was up 1.1% from last week at 545.5 million lbs, which is 6.3% above the same week last year. Production so far this year is down 0.1% on a 0.8% drop in slaughter. USDA’s Cattle on Feed report from Friday showed March Placements down 7.67% from a year ago at 1.709 million head. Marketings were 5.5% lower vs. last year at 1.62 million head. April 1 on feed came in close to estimates at 11.576 million head, down 0.53% from a year ago. %. CFTC data showed managed money trimming another 10,174 contracts from their net long position in lean hog futures and options in the week of 4/14, taking the total to 87,887 contracts.
Cotton futures continued the rally into this week’s close, up 418 points in the May contracts. Crop Progress data was released this morning, showing 7% of the US cotton crop planted by Sunday. Export Sales from the week of 4/9 were tallied at 161,101 RB for old crop, with 26,863 RB for new crop, as shipments were at 305,029 RB. Export commitments at 10.409 million RB, which is 92% of USDA’s number and lags the 100% pace from the last 5 years. Spec traders flipped their net short to a net long of 16,825 contracts, a move of 18,845 contracts, in the week of 4/14. The Adjusted World Price was up 287 points to 61.61 cents/lb on Thursday.
Market Watch
We begin next week with the Monday morning Export Inspections report, with weekly NASS Crop Progress report out that afternoon. EIA data will be out on Wednesday morning per normal. Weekly Export Sales data will be released on Thursday morning. May grain options expire on Friday, which is also first notice day for May cotton.
Tech Talk: November Soybeans
November soybeans have been in a bit of a consolidation pattern for the last month. Stochastics are stuck in neutral, confirming the sideways bias. A downtrend off the March high is resistance at $11.62 ¾, with an uptrend line support at $11.43 ¼ forming a triangle pattern. The struggle this week was keeping above the 18-day moving average at $11.52 ¼, which held by week’s end. The 40-day at $11.45 was the buyers main sticking point. On a more broad scale the 38.2% Fib retracement support is at $11.28 ¾, with the 2/3 speedline support at $11.17 after spending nearly a month walking up the low side of the 1/3 speedline.
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.
It’s Just the Beginning. Ag Marketing Report 04/20/2026
So far in 2026 we have had the commodities move at a little more of a volatile rate. While it is nothing we haven’t seen before, corn have moved 50 cents, with beans over a dollar and wheat nearly $1.50. Cotton has rallied nearly 15 cents, and not to mention cattle hitting fresh all time highs. The crude oil factor has been the rising tide, but we are just getting into the growing season for the row crops. We’ve already seen what a dry HRW country has done for wheat, with the recent rain in the corn belt putting an early halt to some planting. While it is still early to any major delays, the market is keeping a close eye on things. And then there is the always volatile growing season that has yet to be determined. While we have seen some movement in the commodities so far this year, and it is already the middle of April, it’s just the beginning.
Corn bounced back this week with May up 7 ¾ cents and December up 4 ¾ cents. Crop Progress data showed 5% of the US corn crop planted, slightly ahead of the 4% average pace. EIA indicated ethanol production up another 4,000 barrels per day in the week of 4/10, to 1.12 million bpd. Stocks saw a build in that week of 646,000 barrels to 26.699 million barrels. USDA Export Sales data showed old crop corn business at 1.4 MMT in the week of April 9. Commitment of Traders data as of 4/14 tallied managed money at a net long of 159,483 contracts of futures and options in corn. That was a 59,149 contract reduction on the week.
The wheat complex tool all the previous week’s losses back this week. Kansas City was the leader this week, rallying 46 cents in the May contract. MPLS May was close behind, up 41 3/4 cents. Chicago was 20 ¼ cents higher on the week. Crop Progress data from Monday showed 11% of the US winter wheat crop headed. Conditions were pegged at 34% good/excellent, down 1 point from the week prior. The Brugler500 index (100-500 weighted scale) was at 295 points, slipping 3 points. Spring wheat was 6% planted. Weekly Export Sales data from the week of April 9 was just 100,318 MT for old crop, with 131,000 MT for new crop. Commitments of Traders showed managed money adding a slight 1,633 contracts of future and options to their net short in CBT wheat as of April 14 at 7,266 contracts. Spec funds in KC wheat added back 1,316 contracts to their net long position at 16,924 contracts.
Soybeans were lower this week with May down 8 ½ cents from last Friday. May soybean meal was unchanged since last Friday. May bean oil was up 107 points. Crop Progress from Monday afternoon pegged the US soybean crop at 6% planted, well above the 2% compared to the same date last year and the 5-year average. NOPA data showed March crush among members at 226.16 mbu, a record for the month. That was up 8.32% from February and 16.25% above March 2025. Soybean oil stocks were down 1.97% from the end of Feb at 2.04 billion lbs, which was still 36.11% above the same month last year. Export Sales data showed soybean bookings at 247,886 MT in the week ending on 4/9. The weekly Commitment of Traders report showed spec traders cutting back another 14,479 contracts from their net long of 175,151 contracts by 4/14.
Live cattle slipped back this week with April closing down $1.82. Cash trade centered near $248 this week, firmer in the South and a slightly lower in the North. Feeders were also under pressure, with April down $2.82 The CME Feeder Cattle Index was $11 higher week/week to $377.67. Wholesale boxed beef prices were mixed this week, as the Chc/Sel spread is back to a premium of $4.46. Choice boxes were up 16 cents/cwt on the week to $381.06, as Select was $4.74 (-1.2%) lower at $376.60 as of Friday. Weekly beef production was 0.2% above the week prior and down 8.6% from the same week last year at 462.4 million lbs. Year to date production is down 7.7% on a 10.2% drop in slaughter. Commitment of Traders data tallied specs at a net long of 136,642 contracts, an increase of 3,377 contracts for the week ending on Tuesday.
Hogs extended the pullback this week, with June down another $2.67. The CME Lean Hog Index was back up 37 cents this week at $90.66 as of April 15. USDA’s Pork Carcass Cutout was back up $0.50 (0.5%) this week to $99.20/cwt. The butt, rib, and ham primals were the only reported higher. Weekly pork production was up 1.1% from last week at 545.5 million lbs, which is 6.3% above the same week last year. Production so far this year is down 0.1% on a 0.8% drop in slaughter. USDA’s Cattle on Feed report from Friday showed March Placements down 7.67% from a year ago at 1.709 million head. Marketings were 5.5% lower vs. last year at 1.62 million head. April 1 on feed came in close to estimates at 11.576 million head, down 0.53% from a year ago. %. CFTC data showed managed money trimming another 10,174 contracts from their net long position in lean hog futures and options in the week of 4/14, taking the total to 87,887 contracts.
Cotton futures continued the rally into this week’s close, up 418 points in the May contracts. Crop Progress data was released this morning, showing 7% of the US cotton crop planted by Sunday. Export Sales from the week of 4/9 were tallied at 161,101 RB for old crop, with 26,863 RB for new crop, as shipments were at 305,029 RB. Export commitments at 10.409 million RB, which is 92% of USDA’s number and lags the 100% pace from the last 5 years. Spec traders flipped their net short to a net long of 16,825 contracts, a move of 18,845 contracts, in the week of 4/14. The Adjusted World Price was up 287 points to 61.61 cents/lb on Thursday.
Market Watch
We begin next week with the Monday morning Export Inspections report, with weekly NASS Crop Progress report out that afternoon. EIA data will be out on Wednesday morning per normal. Weekly Export Sales data will be released on Thursday morning. May grain options expire on Friday, which is also first notice day for May cotton.
Tech Talk: November Soybeans
November soybeans have been in a bit of a consolidation pattern for the last month. Stochastics are stuck in neutral, confirming the sideways bias. A downtrend off the March high is resistance at $11.62 ¾, with an uptrend line support at $11.43 ¼ forming a triangle pattern. The struggle this week was keeping above the 18-day moving average at $11.52 ¼, which held by week’s end. The 40-day at $11.45 was the buyers main sticking point. On a more broad scale the 38.2% Fib retracement support is at $11.28 ¾, with the 2/3 speedline support at $11.17 after spending nearly a month walking up the low side of the 1/3 speedline.
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.