Grain Market Commentary 4/13/26
CBOT:
Corn closed mixed after spending most of the session in the green. May26 futures ended the day unchanged at $4.41. The Jul26 contract close a half cent higher at $4.5125, while the Sep26 contract closed a half cent lower at $4.5625. The Dec26 contract lost 1.0 cent to end the day at $4.7125.
Soybeans closed 8-16 cents lower, pressured by comments from China’s Foreign Minister, who described the current US-Iran ceasefire as fragile and stated that maintaining momentum toward a ceasefire remains a priority. The May26 contract closed 15.0 cents lower at $11.7575, while the Jul26 ended the day down 15.75 cents at $11.9125. Nov26 futures lost 9.75 cents to end at $11.48.
Market Headlines:
The US and Iran failed to produce an agreement, adding pressure to the fragile two-weak ceasefire:
Vice President JD Vance traveled to Pakistan alongside Steve Witkoff and Jared Kushner for negotiations with Iranian officials but returned to the United States without a deal.
In response, President Trump announced that the US Navy will begin blockading the Strait of Hormuz. US forces will not impede navigation for vessels transiting to or from non-Iranian ports but will block all traffic entering and exiting Iranian ports. In a social media post, the President stated that the United States will target any vessel that has paid tolls to Iran. Forces will also begin clearing mines Iranian forces have placed in the Strait.
Iran’s Revolutionary Guard responded by warning that military vessels approaching the Strait would constitute a ceasefire breach and would face a strong response.
Weekly Export Inspections:
(week ended 4.9.26)
US corn export inspections totaled 70.18 million bushels, coming in at the top of market expectations of 59.05–71.85 million bushels. Inspections fell slightly from the previous week’s 80.80 million bushels but remained strong, with a four-week average of 72.11 million bushels per week. Cumulative inspections now stand at 1.977 billion bushels, 33.85% above the prior year’s same-week total of 1.477 billion bushels. Top destinations included Mexico, Japan, and South Korea.
US soybean export inspections totaled 29.93 million bushels, within market expectations of 14.69–50.16 million bushels. Inspections aligned with the previous week’s 29.57 million bushels but came in slightly below the four-week average of 30.50 million bushels per week. Year over year, inspections ran 46.78% above the same week last year’s 20.39 million bushels. Cumulative inspections now stand at 1.158 billion bushels, reflecting a 25.24% year-over-year deficit to the prior year’s 1.549 billion bushels. Exports were led by China, Egypt, and Mexico.
USDA weekly Crop Progress Report:
As of Sunday, US corn planting reached 5% complete. This figure is above both the 4% reported the previous week and the 4% five-year average. It is below the 6% expected. US soybean planting came in well above expectations at 6% complete, compared to the 2% anticipated. Soybeans were 2% planted during the same week last year and carry a five-year same-week average of 2%.
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