Corn and soybean futures showed slight gains while wheat eased, cattle declined, and milk futures were mostly higher as of April 22. Market analyst Bryan Doherty from Total Farm Marketing said corn is at a turning point due to recent technical patterns, weather concerns, and global supply updates.
The shifting prices in these major crops matter because they affect farm income, food prices, and broader agricultural stability. AgWeb delivers agriculture news and resources to support farmers with market insights and educational tools on crops and practices. The organization provides services such as newsletters, a mobile app, and awards programs to recognize achievements in farming. According to the official website, AgWeb promotes leadership and community efforts in the agricultural sector.
Doherty described technical indicators for December corn contracts showing a double top near $4.98 per bushel followed by bearish reversals. “Those are negative signs,” he said. Despite losing downward momentum due to recent weather events in the Midwest, Doherty explained that prices need a strong positive factor for further rallies: “So there’s a lot of potential, but I want to highlight that potential is often overrated.” He also noted increased estimates for Argentina’s corn crop: “A record crop by a large amount… The USDA attache raised production to 61 MMT… And the Rosario Grain Exchange was at 67 MMT.”
Soybean markets were lifted by talk of Chinese buying interest off the Pacific Northwest ahead of an upcoming meeting in mid-May. Doherty said this could be seen as goodwill from China: “It’s putting their foot out there… let’s buy some beans.” However, he warned that high carryout levels may limit further price increases without additional catalysts: “I’m just concerned with 350 million bushels of projected carryout that’s just too heavy… Soybean oil has already done its heavy lifting,” he explained.
Wheat futures softened after failing to break March highs despite previous frost concerns. Doherty commented on world supplies: “Keep in mind the WASDE report added 6 million metric tons above expectations on World carry out.” He suggested more bullish weather news would be needed for another rally.
Cattle futures dropped below key support levels following earlier gains linked partly to consumer fuel costs since March’s conflict-related price jumps. Doherty pointed out long-term chart resistance around $250 per hundredweight but predicted tight supplies going forward.
Milk futures remained volatile with nonfat dry milk products leading recent moves rather than cheese or butter prices. Doherty observed global dairy trade weakness but advised vigilance for market opportunities: “Be vigilant. Look for rally opportunities… The call option premium out into the fall months is very… higher than usual which would maybe suggest higher prices.”
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