China agrees not to send weapons to Iran. Supporting soybeans on potential buys.

April 15, 2026

The grain trade is seeing a bit of a reversal of yesterday’s action, with soybeans leading this mornings strength, followed by corn, and wheat correcting a bit, with rains again showing up in the 11-15 day forecast (very unreliable). The strength in soybeans comes from Pres. Trump said overnight that the war should be over soon, and that China agreed not to send weapons to Iran, avoiding a standoff and a potential breakdown of the delayed meeting schedule between the President. Trump and Xi May 14-15.

Today, we will get the March NOPA report, which is expected to show a record number, and our weekly ethanol numbers are out at 9:30 a.m. CT. Margins remain strong on bean crush and corn grind. The soybean crush looks to be a record 230 million bu, but soy oil stocks could build into the 150-250 million-pound range. Soy oil stocking peaks now as we head into the summer driving season.