KC wheat targets calendar year highs overnight.

April 16, 2026

The overnight grain trade had Kansas City wheat continue to stay in the limelight, as it pushed higher with again long-term weather forecast playing musical chairs with rain having been put in for the end of the month window, and then removing it. This has Kansas City wheat back to within less than a dime of the calendar-year high. Overnight, this pulled corn and soybeans in its wake, but as the morning session ended, corn and soybeans went mixed.

This morning’s export sales showed corn putting out a whopping 1.4 MMT, above the export pace needed to meet what is still considered an aggressive export number by the USDA. It appears we had not been front-loading corn over the winter.

NOPA’s March crush came in slightly below trade estimates but still set a new monthly high and ranks as the third-largest crush on record for any month. That strength underscores continued demand across the soybean complex, even as expectations had crept higher ahead of the report. Notably, soybean oil stocks posted a drawdown in March, marking the first decline seen in the current marketing year.

Attention is gradually shifting to U.S. weather patterns and early planting activity. There has been some discussion of delays tied to recent planting in key Corn Belt states, though much of that talk appears to be speculative positioning rather than confirmed disruptions. As planting season progresses, more concrete data will ultimately shape the market’s outlook. Still, soybeans appear to be going in early and at a brisk pace in the South. Rain forecasts for the HRW wheat belt have again flipped dry towards the end the month,and is just a matter of what the noon GFS says to trigger today’s closing price range.

After reaching new contract highs on Tuesday and drifting into the close, feeder cattle corrected aggressively on Wednesday. Meanwhile, live cattle recovered early losses and moved out near their Tuesday contract highs. The feeder index was up $0.44 yesterday at $375.46, while the negotiated fed cattle trade remains light. There was some trade in the North at $388 dressed, with trade in the South steady at $248. Asking prices are near 252 for the April contract.

On the charts, June cattle have support at 248 with major support at 241. August feeder cattle have our debar support at 369, then on the daily charts, major support at 366 and 356. Momentum remains up until June cattle get under 248 and August feeders under 369 on a closing basis.

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