April 23rd, 2026, Noon Market Update

Excitement at the grain trade today, Kansas City wheat making new calendar year highs and annual highs. We haven't been this high and well over a year with the Kansas contracts waking up to the reality that they can throw all the rain they want in the long term. Weather models right now, they're looking for rain in northern Kansas, where they're suffering first part of May well, they're already beyond jointing that wheat is into the boot stage and on the way to the head stage, it's literally about eight to 12 inches tall. And by the time this rain comes, it's not going to make a difference. The wheat will be flowering. It's going to be what it's going to be. And so, the board is waking up to this concept. And so, Kansas wheat leading well up over 20 cents on the session, pulling the Minneapolis and Chicago wheat along with it. Minneapolis July contract almost ready to hit $7 we haven't seen that in a year and a half. And so, the wheat trade leading everything corn being buoyed by this spread being so wide right now, along with exports, 1.3 million metric tons this morning on the sales numbers, they were positive. Now soybeans are struggling today, after hitting $12 a bushel just yesterday, as the soybean oil market, which has been leading the soybean market up, is taking a breather here for two days. Little overdone, little toppy. It seems like with a lot of speculative action length in there, they're taking profits. So, it's stalling out the bean market. And the grain trade likes to spread a lot, and so when they're buying one thing, they'd like to sell another commodity against it. Today they're enjoying buying wheat, selling soybeans to protect themselves on this rally. For more information, go to HeartlandInvest.com.