AgMaster Report – 04/28/2026

MAY CORN

The on-again, off-again Iran War has pushed May Corn into a choppy, side-ways trading pattern – as the uncertainty has produced potential volatility – with the mkt trading off daily War headlines! Mon Inspections were 1.66mmt & Thur sales were 1.76mmt! Corn is 11% planted – same as 2025 & 2% over the 5-yr avg! Underlying fundamentals are robust with a projected 4-5mil less acres– more than originally thought due to the high cost of fuel & fertilizer! Exports & ethanol demand are very strong! The wildcards that could provide substantial tailwinds to the mkt include a winter-wheat drought that might creep into the corn-bean areas & Trumps dire need for the farm vote in Nov – with approval ratings at 35%!

 

MAY BEANS

Quite obviously, May Beans have obviously been caught in a 5-wk range – also because of the Iran War uncertainty! Trump is eager for an off-ramp with $4.00-plus gas & an approval rating in the 30’s but he’s finding an honorable exit from the war he unilaterally initiated is easier said than done! However, despite heavy fundamentals including 3-4 million more acres, China not buying much from us & Brazil’s record crop, May Beans have managed to hold in a 45 cent trading range $1.00 off its 2026 lows! Should the upcoming US-China summit in Beijing yield positive results, Beans might receive a boost!

 

MAY KC WHT

Yesterday, May KC Wht reached a 2-yr high off projected lower WW production in the US due to drought issues in the Western Plains! Today, they’re correcting due to forecast week-end rains but many analysts say the damage has been done! Plus, global production is on the wane due to lower plantings in Ukraine, Argentina, Australia & France! Wht demand is up & the end of the war may free up exports!

 

JUNE CAT

After a stunning $25 upsurge from early March, the bullish juggernaut that is June Cat experienced a $10 correction – that had some pundits wondering whether a top had finally been reached! Well, the jury is still out on that query! The mkt has recently regained $7.00 of that break off rumors that new cases of screw-worm had been discovered in N Mexico! Also, should the Iran War eventually wind down & gas prices recede, then more disposable income will return to the consumer – helping meat demand! Cattle fundamentals remain stout with tight supplies amidst the best demand period of the year!

 

JUNE HOGS

June Hogs generally disappointed last week – failing to follow thru upside after a promising rally that left a large upside gap! But the rally stalled & the mkt very quickly filled the gap – leaving it “neutral” at best! Even with its sister mkt cattle rallying sharply the last few days, Hogs were unable to coat-tail along! Suspect demand – even in the seasonably strong demand season we’re now in – continues to weigh on the mkt! A cursory look at the meat charts speaks volumes – Cat close to its record highs & Hogs languishing just off their 2026 lows!

Questions? Ask Bill Moore today at 312-264-4337