Grain Market Commentary 4/17/26
CBOT:
Corn settled mixed after trading both sides of unchanged. The May26 contract closed down a half cent at $4.4875. Jul26 futures lost 3/4 of a cent to close at $4.5750, while the Sep26 contract closed down a 1/4 of a cent at $4.6125. Dec26 futures settled down a half cent at $4.77.
Soybeans settled mixed but managed to limit losses after dropping sharply at the open of the day session. Early in the morning, Iranian officials announced the opening of the Strait of Hormuz, sending crude oil lower and pulling soybeans with it. The May26 contract gained 2.0 cents to close at $11.6725, while the Jul26 contract added one cent to close at $11.83. Nov26 futures lost 2 cents, closing at $11.565.
Market Headlines:
Iran’s Foreign Minister says the Strait of Hormuz is open:
Iran’s Foreign Minister declared passage for all commercial vessels through the Strait of Hormuz completely open for the remaining duration of the Israel–Lebanon ceasefire.
President Trump said a deal to end the war with Iran could be reached soon, noting Iran wants an agreement and that the current two-week ceasefire may not require an extension. Iranian sources, however, warned of key gaps in negotiations centered on Iran’s nuclear program and sanctions relief.
Update: A senior Iranian official said keeping the Strait of Hormuz open is conditional on adherence to ceasefire terms. The official added that a preliminary deal could be reached in the coming days, though significant differences between the US and Iran remain, including on nuclear issues.
The Corn Belt is facing planting disruptions as NOAA forecasts heavy rain:
The National Oceanic and Atmospheric Administration (NOAA) issued forecasts that could impact field operations across the Corn Belt. Above-normal precipitation is expected through April 23, with the April 17–April 23 window identified as a high-risk period for heavy rainfall. Meteorologists expect the Ohio River Valley could see twice its average weekly rainfall
Weekly Drought Monitor: 
Above-normal temperatures spread across the country, with the warmest readings concentrated across the Southern Midwest and central Plains. Portions of the Southeast, South, Northeast, and most of the High Plains faced continued dryness.
The Midwest saw significant rainfall. Areas in western Missouri, southern Iowa, northern Illinois, Wisconsin, and northern Michigan recorded 200–400% of normal rainfall for the week. By contrast, southeast Missouri, Ohio, and Kentucky received roughly 25% of normal rainfall. Those dry conditions and abnormally high temperatures drove a deterioration in drought conditions across parts of Missouri, Indiana, and Kentucky.
In the High Plains, above-normal temperatures prevailed, with central Kansas running 12–15 degrees above normal. Kansas also saw elevated precipitation, as northeast Kansas received more than 400% of normal rainfall. Those rains brought moderate drought relief to parts of eastern Nebraska and south-central Kansas, while southwest Nebraska and northwest Kansas saw drought expand due to continued dryness.
Let’s Talk!
Yield365 – Grain Marketing Simplified
Call: 815.823.2522
Click HERE to learn more
Click HERE to view previous market commentary
Disclaimer: The risk of using futures and options can be substantial and individuals must consider whether they are suitable for their operation. Marketing advice is based on information obtained from third-party sources and is believed to be reliable but not guaranteed by Yield365. Past performance is not necessarily indicative of future results. Marketing advice reflects our good faith judgement at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades.