Grain Market Commentary 4/16/26
CBOT:
Corn closed 1-3 cents lower. The May26 contract slipped down 2.5 cents to close at $4.4875. The Jul26 contract lost 2.75 cents to close at $4.5775, while Sep26 futures closed $4.6125, 2.0 cents lower. Dec26 futures closed down 1.5 cents to close at $4.765.
Soybeans finished 0–5 cents lower, with nearby contracts leading the decline as export sales came in at the bottom of market expectations. May26 and Jul26 futures both lost 4.5 cents to close at $11.625 and $11.7875, respectively. The Nov26 contract finished unchanged at $11.545.
Market Headlines:
The Trump administration is looking for ways to curb fertilizer prices and reduce input costs for farmers:
US Secretary of Agriculture Brooke Rollins addressed elevated fertilizer costs during a visit to Michigan State University. Rollins acknowledged that farmers are facing high input costs and stated that the USDA and lawmakers are developing relief packages to alleviate them. She also projected that fertilizer costs will ease following the conclusion of the war with Iran and noted that the administration is working directly with fertilizer companies to address cost-related challenges in the meantime.
Rollins further stated that US producers need opportunity for profit and that consolidation across the equipment, seed, and fertilizer industries threatens that opportunity.
Optimism is growing that the war in Iran may be nearing an end:
On Thursday, a Pakistani mediator reported a breakthrough on several unresolved issues. Iran, however, indicated that no agreement has been reached regarding the future of its nuclear program. As part of ongoing negotiations with the US, Iran is considering permitting vessel passage through the Omani side of the Strait of Hormuz. However, that concession may be contingent on the US meeting Iran’s demands.
President Trump announced that Israeli and Lebanese leaders have agreed to a 10-day ceasefire, set to begin at 5:00 pm EST. The President did not clarify which date. Pakistan stated that a resolution between Israel and Lebanon is crucial to the talks it is mediating toward ending the conflict between the US and Iran.
Weekly Export Sales Data:
(week ended 4.9.26)
US corn export sales totaled 55.14 million bushels for the week, falling within market expectations of 31.49–70.86 million bushels and edging above the previous week’s 53.59 million bushels. Over the last four weeks, sales averaged 50.48 million bushels per week, 12.48% above the 44.88 million bushels per week recorded during the same period last year. Total commitments now stand at 2.866 billion bushels, 28.64% above last year’s same-week total of 2.228 billion bushels. Increases were primarily for South Korea, Japan, and Mexico this week.
US soybean export sales came in at 9.11 million bushels, landing at the low end of market expectations of 7.35–22.05 million bushels and falling slightly below the prior week’s 11.06 million bushels. Over the last four weeks, soybean export sales averaged 14.38 million bushels per week, supported by strong sales during the week ending 3.19.2026. That compares to a four-week average of 12.91 million bushels during the same period last year. Total commitments stand at 1.402 billion bushels, trailing last year’s same-week total of 1.714 billion bushels by 18.20%. Sales were led by Indonesia and Costa Rica this week.
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