Deliveries trigger an overnight price correction on the last trading day of the month.

April 30, 2026

Corn and soybean futures were supported early last evening, as crude oil raced over 110 in the night session. Pres. Trump indicated he is mulling military options against Iran, with some intense but short bombing campaigns to bring them to the table. No nuclear ambitions are being tolerated in a deal, yet that’s what they continue to try to hold out for. The strength in the oil also pushed corn higher again last night, challenging 480 and July beans to another new recovery high of 1206.2 before retreating. Also note that December corn printed 499.6 overnight before its retreat. This was a new contract high.

There are concerns about dryness developing in the heart of Brazil’s safrinha corn region, as rain is needed now that the crop enters a drier, warmer period. It is this second corn crop that Brazil exports. They are in a very important reproductive stage right now, and over the next several weeks, the corn crop could be reduced by 10-15 MMTs.

Wheat futures stumbled last night, as they were 578 contracts of KC wheat delivered, which was put out by Bungee, and 400 contracts of Chicago wheat delivered by the Andersons, creating a retreat in the wheat rally. 400 contracts of soybean oil were also tendered but experienced a big stopper. Kansas remains mostly dry, and again, that 11-15 day modeling suggests rain shower activity. For now, the Northern and Central plains look to be dry for the next 10 days.

The grain trade spilled into corrective mode on the last trading day of the month, with deliveries typically being the trigger. Crude oil remains an underlying supportive tone, along with the slow traffic ever leaving the Persian Gulf with fertilizer. Adding to that, there are no ships inclined to return to the Persian Gulf to get more fertilizer to keep the flow moving. There is no question that this will affect wheat production in Australia, Brazil, and India. Wheat values will face challenges to their uptrend, but in the longer term, the prospects remain for still higher values.

Cattle futures gapped higher yesterday on the surprise firm cash action that took place Tuesday afternoon. When the dust settled, deferred contracts gave those gains up and closed moderately softer, while the April live and feeder cattle contracts that are expiring remained strong. April cattle expire today and went out yesterday at 256.87. Most the cash cattle trade that occurred this week was in the 255-257 range. The cash feeder index picked up another $0.18 yesterday at $369.80 while the April feeder futures contract settled at $372.27. This will settle out by Monday, May 4.

Live cattle have rallied $15 in five days, while August feeders leaped over $16.00 higher in the same amount of time. A multi-day correction in here would not be a surprise, given today’s last trading day of the month and tomorrow, even though it’s the end of the week, is the first trading day of the month. Breakout targets for June cattle in this upcoming improved demand season are 260-262, with August feeders targeting continuation highs near 383.

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