21/04/2026 (Brownfield News) - Soybeans were higher on fund and technical buying. Beans followed bean oil, which followed crude and palm oils, while staying cautiously optimistic about the expected trade talks with China next month. The strength in crude oil and the viability of the negotiations with China rest at least partially in the discussions surrounding the military actions in Iran and the Middle East. For now, China continues to largely rely on South America, especially Brazil, for their soybean needs, and Beijing has said it plans to cut back on imports of a number of commodities. Brazil’s harvest is nearly wrapped up, while there are some delays in Argentina due to rain. Stateside, 12% of U.S. soybeans are planted, ahead of average. The USDA’s updated supply and demand report is out May 10th, including the first official look at U.S. new crop production, while CONAB’s next look at Brazil is set for May 14th. Soybean meal futures were mixed, adjusting spreads. Soybean oil had additional support from domestic biofuels demand expectations.

Corn was higher on fund and technical buying. 11% of corn is planted and 4% has emerged, both faster than normal, with more rain in the forecast for parts of the Midwest. That’s going to delay planting, but assuming the severe weather risk is minimal, it should be beneficial long-term. There was also modest spillover support from crude oil, which was up on supply concerns. Unknown destinations and Colombia bought 195,000 and 100,000 tons of old crop U.S. corn, respectively, ahead of the open. The U.S. Energy Information Administration’s weekly ethanol numbers are out Wednesday. The trade is also second crop development weather in Brazil and the expected record harvest in Argentina. The USDA’s Foreign Ag Service office in Argentina estimates 2025/26 corn production at a record 61 million tons, which is still below most domestic projections, with exports seen at 41 million tons. In the 2026/27 marketing year, which doesn’t start until March of next year, production is pegged at 56.5 million tons with exports of 39.5 million. The Kyiv office estimates 2026/27 corn production for Ukraine at 31.47 million tons, compared to 30.68 million for 2025/26 on yield expectations, with new crop exports of 26 million tons, compared to the guess of 20.6 million for old crop. The USDA’s attaché for the European Union sees 2026/27 corn production at 59 million tons, compared to 57 million in 2025/26, with imports seen at 18.5 million tons, compared to 18.3 million in the previous marketing year.

The wheat complex was higher on fund and technical buying. The USDA’s winter wheat good to excellent rating fell again, and while there could be rain in drought-stricken portions of the Plains this week, it might be too late for part of the hard red winter crop. Soft red winter wheat continues to be in comparatively good shape. U.S. spring wheat planting and emergence are in-line with most recent years. The trade is also monitoring early post-dormancy development in Europe, Russia, and Ukraine, along with conditions ahead of widespread planting in Argentina, Australia, and Canada. Fertilizer availability due to the closure of the Strait of Hormuz is a concern, especially in the Southern Hemisphere. The USDA office in Argentina sees 2026/27 wheat production at 20.7 million tons, backing off from the 2025/26 high of 27.8 million, and has new crop exports at 14.5 million tons, compared 19 million this marketing year. In Ukraine, the attaché has new crop wheat production at 22.72 million tons, compared to 24.01 million for old crop an expected cut in area due to lower planted area, with 2026/27 exports at 15.5 million tons, compared to 13 million for 2025/26. The USDA’s attaché for the European Union expects 2026/27 wheat production by the bloc to be 136.8 million tons, compared to 145.1 million in 2025/26, anticipating a decline in planted area and a return to a more normal average yield. Exports for the upcoming marketing year are projected at 32 million tons, compared to 32.14 million during the current marketing year.

https://www.brownfieldagnews.com/market-news/technical-buying-crude-oil-help-prop-up-corn-soybeans/