Weekly Ag Markets Update – 05/04/2026

Wheat:  Wheat closed sharply higher in both markets last week despite large deliveries and weaker than expected export sales as dry conditions in the Great Plains continue.  Isolated showers were reported and are forecast in the western Great Plains, but these are not enough to solve any problems.  New highs for the move were hit.  Conditions are too dry in much of the US Great Plains but remain wet in the US Midwest and in western Europe for best quality potential.  The weather is now featuring precipitation is forecast for parts of the Midwest along with variable temperatures.  The strait of Hormuz remains closed and the Iraan war continues.

Weekly Chicago Soft Red Winter Wheat Futures

Weekly Kansas City Hard Red Winter Wheat Futures

Weekly Minneapolis Hard Red Spring Wheat Futures

Unavailable today

 

Corn:  Corn was higher last week as the Iran war continues and that strait of Hormuz remains closed.  Farmers were waiting to plant, but some in the central and southern Midwest are planning now and strong demand continues.  It looks drier this week, but not completely dry and Chicago has seen more rain   Chicago has seen a record amount of rain so far this Spring. There are still excessive supplies as seen in the recent USDA reports after prices were trending higher on strong demand.  Temperatures in the Midwest should be generally warm for the next week.  Conditions are called good in Argentina and big production is expected there.  Oats were higher and trends are mixed on the daily charts.

Weekly Corn Futures

 Weekly Oats Futures

 

Soybeans and Soybean Meal:  Soybeans and Soybean Oil were higher last week.  Soybean Meal was lower as the weather is too wet for planting in the Midwest.  There is talk that more Soybeans could be planted if the weather does not improve for Corn planting soon.  The big South American harvests are also weighing on prices.  The Iran war continues and the strait of Hormuz remains closed, drive up costs.  The US government apparently has no idea on how to manage risks in the Hormuz or how to end the war.  Big South American crops are being harvested, and ideas are that Chinese buying could be interrupted due to the Iran war and new import rules imposed by China.  South American sources said that the Brazil crops are now more than 65% harvested.  The tariff wars between the US and other countries add to cost of US Soybeans.  Temperatures will be generally warm in the Midwest for the next week.

Weekly Chicago Soybeans Futures

Weekly Chicago Soybean Meal Futures

 

Rice:  Rice closed  a little  higher last week after making new lows for the move as the long liquidation before First Notic Day stopped and deliveries started.  The daily trends are mixed.  Traders anticipate less production this year in the US and around the world due to low prices.  USDA said that Rice planted area would be about 12% less in the coming year.  Demand remains moderate for US Rice but export demand has been less lately.

Weekly Chicago Rice Futures

 

Vegetable Oils:  Palm Oil was a little lower last week on reports of weaker demand. Canola was higher as demand for biofuels remains strong.

Weekly Malaysian Palm Oil Futures

Weekly Chicago Soybean Oil Futures

Weekly Canola Futures

 

Cotton:  Cotton was higher last week after some time trading in a sideways range as forecasts for better rains in western Cotton areas failed to materialize and as export demand was stronger than expected.  Conditions remain dry in major Texas growing areas but scattered showers are still forecast for most Delta and Southeast Cotton growing areas.  Some improvement in conditions are likely in the center east parts of the Cotton Belt.  Temperatures will be variable.  The strait of Hormuz remans closed and input costs are higher but the US Dollar was a little lower.  Overseas production in places like India and Brazil are expected to be high, but overall world production is expected by USDA to fall on reduced global planted rea and reduced yields.  It has been dry in Brazil.  Trends are up on the daily charts.

Weekly US Cotton Futures

 

Frozen Concentrated Orange Juice and Citrus:  Futures were higher last week on what appeared to be speculative buying.  The weather for the next crop is dry but seasonal and some rains are starting to appear.  Chart trends are down on the daily charts.  The weather is considered good for production in Brazil and Mexico.  Scattered showers are still reported in Brazil.

Weekly FCOJ Futures

 

Coffee:  New York was lower and London was higher last week.  The next crop is developing in South America and Asia.  There are still ideas of good supplies available on the farm, but getting Coffee from the farm to the market is another problem due to the war with Iran.  Brazil said exports might not improve that much in March due to shipping costs and concerns.  There are reports of very good conditions in Brazil and a large crop is forecast.  World production conditions are generally good.  Scattered showers are being reported now in Brazil.  Mexico is in good condition, as Central America.  Vietnam has had drier weather and conditions there are called good.

Weekly New York Arabica Coffee Futures

Weekly London Robusta Coffee Futures

 

Sugar:  New York and London were both higher last week as the Iran war drags on and the strait of Hormuz remains closed.  President Trump said he expects the strait to remain closed for an extended period.  The war has increased world petroleum prices and could divert demand from Sugar production to production of ethanol.  But some in the market expect less war in the near future.  India, the world’s second-largest producer, had no plans to curb sugar exports to provide downward pressure on prices.  Trends are mixed on the daily charts in both markets.  There are good supplies for the market from good growing conditions for cane and beets around the world.  The prospect of a big global surplus in the 2025/26 season was keeping the market on the defensive but a rise in production in India and Thailand being offset by the war

Weekly New York World Raw Sugar Futures

Weekly London White Sugar Futures

 

Cocoa:   Both markets closed higher in narrow range trading last week.  Short term trends are still mixed in both markets.  A big main crop harvest has arrived in West Africa and rains have been positive for the next crop.  There are still reports of increased production potential in other countries outside of West Africa, including Asia and Central America.  The market feels that there is less demand due to the high prices seen last year and the lack of demand is expected to continue.  Weak demand has led to a build-up on unsold supplies in both Ivory Coast and Ghana, while the prospect of another global surplus in 2026/27 are real.  Cocoa demand has fallen sharply after prices nearly tripled in 2024, prompting chocolate makers to reformulate ingredients and shrink the size of their bars.

Weekly New York Cocoa Futures

Weekly London Cocoa Futures

 

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