Corn and wheat futures increased early Tuesday, April 28, while the soybean complex declined. Cattle prices continued to move higher, with hogs trending lower.
The recent gains in wheat were led by hard red winter wheat due to drought conditions and worries about both U.S. and global production. Lane Akre, economist with Pro Farmer, said he believes the market could test previous highs set in March. “And if you look at the wheat market for like a month the view we are really kind of breaking out. We have been in this recent and ongoing rally and I think a big part of that just has to do with what seedings are going to look like for winter crops in the Southern hemisphere as those decisions are being made right now and what the crop’s going to look like in 2027,” Akre said.
Akre pointed out robust world demand for wheat despite a smaller role from U.S. exports, adding that significant production drops are expected globally. He cited factors such as disruptions in fertilizer supplies through the Strait of Hormuz and attacks on Russian infrastructure impacting world markets: “Maybe not so much this year…we’re looking at 2027…now we’ve got Ukraine attacking Russian fertilizer production infrastructure and Russian energy infrastructure. And Russia is the world’s biggest producer and exporter of wheat.”
For corn, Akre said rising prices were driven by spillover from wheat along with acreage reductions and fertilizer supply issues: “Yeah, it’s a combination of it all…There’s more of a production concern in the U.S. this year.” He noted some areas may increase acres while others face substantial declines due to supply challenges or high costs.
Soybeans saw profit taking after Monday’s rally, with technical selling pressure contributing to lower prices according to Akre: “We’re up into the top end of the trading range that has lasted a month and a half.” Fast planting paces—23% versus an average 12%—were also noted as factors influencing soybean markets.
Akre addressed strong crush margins supporting soybean demand even as export business with China remains uncertain: “Crush is making up for some of the lost export business to China for 2025-26.” He expressed doubt that China would buy large volumes before marketing deadlines but left open potential for future growth if buying patterns shift quickly.
Cattle futures continued recovering off last Thursday’s reversal; Akre said he expects contract highs could be retested if cash trade strengthens further: “If we’re able to get cash trade about $250, I would think that vwe’d be able to push to some fresh contract highs in fats.”
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