Flowers or Dust. Ag Marketing Report 04/27/2026

Agricultural commodity markets displayed volatile price action during the week of April 21–27, 2026, driven by sharply divergent weather patterns across major growing regions. The Central Corn Belt experienced excessive April rainfall that severely constrained planting progress, while western Corn Belt regions and southern areas faced severe drought conditions—creating a bifurcated supply outlook that supported price strength in both grain and livestock futures.

Corn futures extended their weekly bounce with May contracts gaining 6.25 cents and December futures advancing 7.75 cents. USDA Crop Progress data indicated 11% of the US corn crop planted by mid-April, slightly ahead of the 9% historical average, though emergence remained modest at 4%. However, export momentum showed signs of slowing: old crop corn export sales totaled 1.32 million metric tons in the week ending April 16, bringing total commitments to 74.1 MMT—representing 88% of the USDA projection and trailing the 92% five-year average pace. New crop sales were recorded at 440,110 metric tons. Commitment of Traders data as of April 21 showed managed money holding a net long position of 184,406 corn futures and options contracts, down 24,923 contracts from the previous week, suggesting some profit-taking among large traders.

The wheat complex extended gains with hard red contracts hitting fresh highs. Minneapolis spring wheat led strength with a 22.75-cent weekly gain, while Kansas City wheat advanced 22.25 cents and Chicago wheat trailed at 17 cents higher. Weather conditions deteriorated significantly: Crop Progress data showed only 20% of the US winter wheat crop headed by Monday, while crop conditions were rated 30% good/excellent—a four-point decline from the prior week. Most concerning, the latest drought monitor indicated over 70% of winter wheat country covered in drought. The Brugler500 index (a 100-500 weighted condition scale) slipped 5 points to 290, underscoring stress across the winter wheat belt. Spring wheat planting stood at 12%, with export sales data from the week ending April 9 showing only 129,022 metric tons of old crop booked and just 8,000 metric tons of new crop, indicating subdued international demand. Managed money added 3,451 contracts to their net short position in CBT wheat, standing at 10,717 contracts as of April 21, while speculative funds in Kansas City wheat added 11,085 contracts to their net long at 28,009 contracts.

Soybean futures extended modest weakness with May down 3.5 cents and November declining 0.75 cents. However, planting progress outpaced historical norms at 12% by April 19 versus a 5% five-year average. Export sales momentum remained resilient at 364,633 metric tons for the week ending April 16—the highest in four weeks despite the US remaining at a premium to Brazilian offers. Soybean export commitments reached 38.52 MMT, representing 92% of the USDA projection but running 4 percentage points behind the five-year average pace. Speculative traders added 17,733 contracts to their net long position, bringing it to 192,884 contracts by April 21.

Livestock markets displayed mixed performance with managed money reducing exposure. Live cattle futures slipped with April contracts down $1.65, while cash trade centered near $246 with some $248 sales noted late in the week—mostly steady to $2 lower than the prior week. Feeder cattle came under pressure with April futures down $3.70 and the CME Feeder Cattle Index declining $8.35 to $369.32. Wholesale boxed beef prices gained ground, with Choice boxes up $5.94 per cwt to $387.00 and Select beef up $9.47 (2.5%) to $386.07 as of Friday. Weekly beef production was 2.9% above the prior week and down 2% year-over-year at 475.9 million pounds. Cold storage data for March showed 410.52 million pounds of beef inventories, representing a 1.95% monthly draw and 3.45% below year-ago levels. Speculative traders added 1,847 contracts to their net long position in live cattle, reaching 134,795 contracts by Tuesday.

Hog futures recovered modestly with June contracts up 85 cents, while the CME Lean Hog Index gained 77 cents to $91.43 as of April 22. The USDA Pork Carcass Cutout increased $0.41 (0.4%) to $99.61 per cwt, with only belly and ham primals declining. Weekly pork production was up 0.5% from the prior week at 539.3 million pounds, representing a 2.8% year-over-year increase. Cold storage data from March 31 showed pork stocks at 411.28 million pounds, up 0.44% from the prior year and 2.09% above year-ago levels. Managed money, however, cut 22,296 contracts from their net long position in lean hog futures and options, reducing holdings to 65,591 contracts as of April 21.

Cotton futures weakened with May contracts down 40 points and December up 8 points. Crop Progress data released April 27 showed 11% of the US cotton crop planted, with export sales for the week ending April 16 totaling 119,947 round bales for old crop and 57,078 round bales for new crop. Shipments were recorded at 296,379 round bales. Cotton export commitments reached 10.58 million round bales—93% of the USDA projection but lagging the 101% five-year pace. Speculative traders extended their net long position by 17,639 contracts to 34,464 contracts as of April 21. The Adjusted World Price gained 287 points to 61.61 cents per pound on Thursday.