Week Ending 4/17/2026

Last week the corn market managed to find some support and posted a weekly gain for the first time this month despite the energy market’s selloff. May corn ended the week 8 cents higher while July and December corn gained 6 and 5 cents respectively. The funds ended the week long 134,618 corn and long 171,081 soybean contracts.

The biggest story this past week was the announcement by Iran’s foreign minister, saying: “In line with the ceasefire in Lebanon, the passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remaining period of the ceasefire.” Some of the shipping companies that traverse the Strait are unsure about the declaration and are officially holding off on taking advantage of the “opening” until they get further clarity. The US continues to maintain a blockade of contraband shipments and sweep for mines.  The energy market’s view comments about the straights opening as positive for crude oil flow and bearish the markets. Following the news, crude oil dropped 10-15% of its value.  Since corn has recently separated itself from the value of crude oil, it was able to maintain its strength despite the selloff.

Tensions in the middle east and the straights passage will continue to remain on traders’ radar, but US weather should become the focus moving forward. Recent rains across the Midwest have helped replenish droughty subsoil conditions left over from the winter but could begin to delay planting if they persist into later April. The Southern Plains are very dry, and rain chances remain very uncertain over the next 10 days which has supported the Wheat markets and spilled over into the corn market.

Planting progress went from 3% to 5% complete as of last Sunday night. This is in line with last year and the five-year average. Rains across the Midwest last week should have limited any significant progress so we should still be close to seasonal progress in this afternoon’s report.

We must keep our focus on the things we know, we have a ton of old crop corn on hand, and we are forecasted to plant enough acres to keep supplies strong. The planted acres story could change slightly depending on weather this spring and summer, but the stocks story is not going to change. Based on this fundamental data, I do not look for the markets to break out of their current trading ranges barring any dramatic weather events. Sales should be made on any small rallies and purchases should be made on any drops. Weekly planting progress and next month WASDE should give us direction for the 2026/27 crop.

Upcoming reports