Apr 29 | Closing Market Report

Why It Matters

Elevated wheat and corn prices give producers a timely window to secure profitable sales, while weather‑driven risks and input costs shape planting choices and ethanol profitability.

Key Takeaways

• Corn planting at one‑third, beans two‑thirds completed in Illinois.
• Wheat prices hit two‑year highs, prompting pre‑sales by farmers.
• Crude oil above $100 boosts ethanol demand and corn values.
• Kansas hard red winter wheat abandonment estimated at 10‑15% of crop.
• Forecasted cold snaps risk wheat but unlikely to damage corn.

Summary

The April 29 closing market report focused on Midwest planting progress, soaring wheat prices and broader commodity dynamics. Illinois growers reported roughly one‑third of corn and two‑thirds of soybeans already in the ground, while wheat in the region remains healthy, setting the stage for new‑crop sales.

Greg Johnson of TGM highlighted a wheat rally that pushed Kansas City and Chicago contracts to two‑year highs, a surge driven by poor western wheat conditions, crude oil rebounding above $100 per barrel, and a drier‑than‑expected Brazilian corn crop. These factors spurred modest corn sales at near‑$5 futures, while soybeans hovered near the top of their range at 1,170‑1,175 on the board.

Dan O’Brien from Kansas State warned that hard‑red winter wheat in western Kansas could see 10‑15% abandonment, citing market estimates of up to 23% loss. He noted that higher wheat prices and rising input costs are nudging some producers toward alternative spring crops. Meanwhile, Drew Learner warned of short‑term cold snaps in the wheat belt, though damage appears limited.

The combined signals suggest farmers will lock in sales while prices remain elevated, ethanol plants benefit from higher corn and oil prices, and risk‑management decisions will hinge on weather forecasts and input cost trends.

Original Description

- Ag Markets with Greg Johnson, TGM

- Kansas Hard Red Winter Wheat Abandonment

- Ethanol, Carbon Markets, and Corn Prices

- Ag Weather with Drew Lerner, @worldwx

The April 29, 2026, Closing Market Report covers updates on agricultural markets, crop conditions, and weather forecasts. Greg Johnson of TGM notes that while Midwest farmers are making steady planting progress, recent price rallies—driven by poor western wheat conditions and global factors—have prompted some opportunistic new crop sales. Dan O'Brien from Kansas State University highlights that poor weather may lead to the abandonment of some hard red winter wheat in Kansas, though current high prices might persuade producers to harvest what they can rather than destroy the crop. Finally, meteorologist Drew Lerner reports on recent and upcoming freezing temperatures threatening the Great Lakes region, a brief drying window for Midwestern planting, and potential moisture stress for Brazil's safrinha corn crop.

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