Soybeans and corn are firmer to start Tuesday, while wheat softens.

April 21, 2026

The grain trade opened mostly firm overnight and held that tone into the early morning before wheat eased on forecasts calling for moisture in some of the driest areas in the 6–10-day outlook. That limited the market’s reaction to yesterday’s surprisingly price friendly wheat condition report, which showed a 4 percent drop in the good to excellent category compared to the 1 percent decline the trade had expected. Kansas wheat alone fell 8 percent from the previous week. Even so, traders are still focused on the possibility that some of the driest areas could catch rain near the end of the month. If that rain does not arrive, it will be too late to improve a large share of the crop, as much of it will already be in boot stage or moving well into heading.

Last week turned out to be better for planting than most analysts expected, even across the wetter Eastern Corn Belt. Total US corn planting is now 11 percent complete, matching last year’s pace. Emergence is running ahead of normal at 4 percent. Soybean planting also jumped sharply and now stands at 12 percent, 5 percent ahead of last year. These numbers should quiet much of the talk about delayed planting across the Corn Belt. There may still be localized problems, but that is not unusual and happens every year. Unless planting comes to a standstill, the trade will soon shift more of its attention toward crop development.

Soybeans are higher again, with bean oil back near 70 cents, as uncertainty continues over the ceasefire between the US and Iran. The US says talks are taking place, but Iran denies that and continues to insist the US must meet its demands before the fighting will stop. The bottom line is that the Strait of Hormuz remains closed, and until it is fully reopened, the market is likely to remain skeptical of comments from either side. Wheat production in Australia, India and Brazil will see their new crop adversely affected as fertilizer is held captive in the Persian Gulf. This is a longer-term price-friendly wheat story toward late summer. In the meantime, end users need to steal the upcoming US wheat crop, as Kansas farmers do not have storage capacity and have to either forward sell to deliver or take the price across the scale.

Cattle futures were lower again yesterday, even as box beef prices saw afternoon numbers sharply higher, with choice at $383.56, up 2.50, and select at $383.61, higher by 7.01. Rumors circulating that Sec. Rollins will be in Douglas, Arizona, discussing the ongoing building out of a New World Screwworm facility that produces flies, which might suggest a timeline for a very slow reopening of Mexican cattle. These are unconfirmed rumors and are just that, which continues to cause volatility, similar to what we saw on Friday. Yesterday’s feeder index was lower near 375, with feeder cattle rolling over from a premium to again an extreme discount to the cash trade.

After last week’s price negative technical reversal, June live cattle did stumble at resistance in the 248.50-249.00 range, with major support now targeted on setbacks at 241.50-242.00. Friday’s low, which would be considered the previous weekly low, is at 243.02. August feeder cattle missed their resistance yesterday at 369-370 and have moving-average support at 356.50-357 if selling persists today. On a momentum trade measurement, August feeder cattle need to get back above 364.40 today or it is risking a technical breakdown.

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