Weekly Ag Markets Update – 04/06/2026

Wheat:  Wheat closed lower in Chicago and in Kansas City last week and failed to make any upside progress in response to what President Trump said about the war in Iran.  Trump said that he was talking to Iran and was pausing some of the of the bombing for a couple of weeks.  However, he said on Wednesday that he would bomb Iran heavily Iran does not make a deal.  Middle eastern countries are big buyers of world Wheat, and many have been bombed by Iran now.  Iran has denied the talks are happening, but the president announced a two week extension of the pause in hostilities to give negotiations more time to work.  Conditions are too dry in much of the US Great Plains and too wet in the US Midwest and in western Europe for best production and quality potential.  Expected rain systems this week in the Great Plains could bring relief to crops produced there.  The weather is now featuring precipitation is forecast for parts of the Midwest along with variable temperatures.

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 lower last week as the weather is good in the US and early planting is expected.  Early planting traditionally leads to large yields.  The Trump administration a week ago finalized new biofuel blending volumes mandates for the U.S. refining industry, setting the 2026 biofuel obligations at 26.81 billion RINs and the 2027 obligation at 27.02 billion RINs, and requiring large refiners to make up for 70% of volumes waived.  The US and Iran were supposed to be talking, and Trump has paused some US bombing raids in an effort to get some peace.  Iran has denied that talks are happening, but the US has extended the pause by two weeks to give any negotiations a chance to work.  {resident Trump said on Wednesday that Iran could 3expect heavy bombing if it does not accept the deal.  Shipping has been halted at Hormuz, and some ships have been blown up.  The Trump administration does not seem to have plans for the war moving forward.  Wire reports note that US Corn cash markets had been struggling to follow futures markets higher due to excessive supplies and the weekly export inspections report showed demand was in line with expectations.  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 variable for the next week.  Conditions are called good in Argentina and big production is expected there.  Oats were higher and trends are down on the daily charts and mixed to on the weekly charts.

 

Weekly Corn Futures

 Weekly Oats Futures

 

Soybeans and Soybean Meal:  Soybeans and Soybean Oil were higher, and Soybean Meal was a little lower last week.  President Trump has paused bombing Iran as the two sides are talking against news that the administration has invited farmers and refiners to the White House for what is expected to be a bio fuels blending requirement announcement,  Iean has denied that the talks are taking place but the US has extended the pause but two weeks to give a deal a chance to develop.  Trump said on Wednesday that he would resume heavy bombing of Iran if that country did not accept his cease fire terms.  The Trump administration a week ago finalized new biofuel blending volumes mandates for the U.S. refining industry, setting the 2026 biofuel obligations at 26.81 billion RINs and the 2027 obligation at 27.02 billion RINs, and requiring large refiners to make up for 70% of volumes waived.  The US-China summit has been postponed at the request of the US and because od the war but have been rescheduled for a month forward.  There was more news that Iran has laid mines in the straits of Hormuz and it bombed oil infrastructure in Gulf states.  Shipping has been halted.  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 variable in the Midwest for the next week.

Weekly Chicago Soybeans Futures

Weekly Chicago Soybean Meal Futures

 

Rice:  Rice closed higher last week and trends are turning up on the daily and weekly charts.  The market failed at resistance on the weekly charts.  Trends are still up on the daily charts after a big war related rally with the war with Iran and the political problems with China not having much effect on prices.  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.  Asian Rice prices are higher due to war concerns.  Demand remains moderate for US Rice.

Weekly Chicago Rice Futures

 

Vegetable Oils:  Palm Oil futures was higher last week as the effects on demand from the Iran war keep bio fuels demand hopes active and Crude Oil futures and other petroleum markets strong.  Demand ideas are in a state of flux right now due to the war.   Canola was higher yesterday on the new bio fuels blending requirements released by the US government. The selling seen also came ideas of big crops in South America.  The Trump administration on Friday finalized new biofuel blending volumes mandates for the U.S. refining industry, setting the 2026 biofuel obligations at 26.81 billion RINs and the 2027 obligation at 27.02 billion RINs, and requiring large refiners to make up for 70% of volumes waived.

Weekly Malaysian Palm Oil Futures

Weekly Chicago Soybean Oil Futures

Weekly Canola Futures

 

Cotton:  Cotton was higher last week and in response to higher petroleum futures that are raising costs on shipping and inputs and the costs of polyesters that compete with Cotton in clothing.  The war with Iran continues but is not going well or getting better for the US and the weather remains s problem for producers,  President Trump said Wednesday night that he was ready to keep bombing Iran in looking for a ceasefire deal.  Some buying came in ideas of reduced planted ae ideas as costs have gone op a lot foo producers,  President Trump said last weekend that the US and Iran were talking and that the US would refrain from ramping up attacks this and next week.  Iran has denied that talks are happening but the US insists they are continuing.  The market is worried about the weather that remains hot and dry in US Cotton areas, mostly from Texas to the west.  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.  USDA will release its planting intentions later today.  Trends are mixed on the daily charts.

Weekly US Cotton Futures

 

Frozen Concentrated Orange Juice and Citrus:  Futures were higher last week  Trends are turning up on the daily and weekly charts.  The Florida harvest is about over and isolated showers are now being reported.  The weather for the next crop is dry but seasonal and some rains are starting to appear.  Chart trends are mixed 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 and London were lower last week.  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.  Brazil producers have stopped selling due to the recent fall in prices.  World production conditions are generally good.  Scattered showers are being reported now to improve tree condition in Brazil.  Mexico is in good condition, as is Central America.  Vietnam has scattered showers lately and conditions there are called good.  Producers there have stopped selling and exporters are now sourcing beans from Indonesia and Brazil

Weekly New York Arabica Coffee Futures

Weekly London Robusta Coffee Futures

 

Sugar:  New York and London were lower last week despite the price action in petroleum futures caused in part to statements by President Trump indicating that the US and Iran are talking.  On Wednesday, President Trump said that he will bomb Iran heavily if Iran does not accept the peace deal the US has offered.  Iran gas denied that there are talks and even if the war ends soon analysts expect a long time for recovery of infrastructure in the Middle East.  The US is now pausing new strikes on Iran to help the talks along.  The war has increased world petroleum prices and could divert demand from Sugar production to production of ethanol.  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:   New York and London closed a little higher in narrow range trading last week.  Short term trends are 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

 

Futures and options trading involves substantial risk of loss and may not be suitable for everyone. The valuation of futures and options may fluctuate and as a result, clients may lose more than their original investment. In no event should the content of this website be construed as an express or implied promise, guarantee, or implication by or from The PRICE Futures Group, Inc. that you will profit or that losses can or will be limited whatsoever. Past performance is not indicative of future results. Information provided on this report is intended solely for informative purpose and is obtained from sources believed to be reliable. No guarantee of any kind is implied or possible where projections of future conditions are attempted.  The leverage created by trading on margin can work against you as well as for you, and losses can exceed your entire investment. Before opening an account and trading, you should seek advice from your advisors as appropriate to ensure that you understand the risks and can withstand the losses.

Questions? Ask Jack Scoville today at 312-264-4322