Spring Cleaning. Ag Marketing Report 04/13/2026

Why It Matters

These price swings signal shifting supply‑demand balances and altered trader sentiment, influencing farm income, food‑price inflation, and investment strategies across the agricultural sector.

Key Takeaways

• Corn futures fell 11.25 cents, managed money cut 49,342 contracts
• Wheat prices dropped 25‑35 cents; traders flipped to net short 5,633 contracts
• Soybeans rose 12.25 cents; bean oil hit record net long 150,682 contracts
• Live cattle gained $5.57; feeder cattle index slipped 14 cents to $366.67
• Cotton futures up 230 points; net short narrowed to 2,020 contracts

Pulse Analysis

Grain markets entered a corrective phase this week as planting progress remained modest. Only 3% of the U.S. corn crop was planted, barely above the 2% seasonal average, while wheat planting lagged at 2% and winter wheat headed at 7%. The slower start, combined with unchanged USDA balance sheets, pressured corn and wheat futures, erasing double‑digit gains from the prior rally. Meanwhile, soybeans found support, buoyed by a USDA‑reported increase in crush volumes and a tightening export outlook, pushing May beans up 12.25 cents and reinforcing a bullish stance among managed money.

Livestock and soft‑commodity prices displayed divergent trends. Live cattle rallied $5.57 on the week, reflecting tighter feed‑lot inventories and a modest rebound in slaughter rates, whereas lean hogs slipped 75 cents as pork carcass cutouts edged lower. Cotton, however, continued its ascent with May futures up 230 points, driven by a solid planting pace and export sales that kept the market well‑stocked relative to the five‑year average. These moves underscore how seasonal production cues and inventory data can quickly reshape price trajectories across the protein and fiber sectors.

Trader positioning added another layer of nuance. Managed money trimmed long exposure in corn by nearly 50,000 contracts while flipping wheat to a net short, signaling caution ahead of upcoming USDA Crop Progress and Export Inspection reports. Conversely, speculators expanded net longs in soybeans and bean oil, the latter hitting a record 150,682 contracts, suggesting confidence in continued demand for biofuel feedstocks. With key data releases slated for next week—including PPI, Cattle on Feed, and lean‑hog expiration—market participants will watch for confirmation of supply trends and any potential policy shifts that could further influence commodity pricing.