Corn and Wheat Prices Decline, Soybeans Inch Higher in Early Trading

Tensions between U.S. and Iran, export data, and weather forecasts impact commodity markets

Apr. 7, 2026 at 9:16pm

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An abstract illustration using bold geometric shapes in primary colors to represent the fluctuating prices of agricultural commodities and energy, conveying the complex economic forces at play.Volatile commodity markets reflect shifting global economic and geopolitical forces.Kansas City Today

Corn futures are down 2-3 cents, soybeans are up 0-1 cents, and wheat is down 5-6 cents in early trading on April 7, 2026. Crude oil is up $1.33-$1.34 and the U.S. Dollar is down 2 points. Tensions between the U.S. and Iran remain high, with a deadline for Iran to accept a ceasefire deal or face infrastructure attacks. Weekly export inspections were strong for corn but at the low end for corn and wheat. Corn exports are running 36% ahead of last year, while soybean exports are 26% behind. Crude oil is above $112 per barrel. Corn planting is 3% complete, 1% ahead of the 5-year average, but winter wheat conditions are below trade estimates at 35% 'Good/Excellent'.

Why it matters

The movements in corn, soybean, and wheat prices, as well as crude oil and the U.S. Dollar, can have significant impacts on agricultural producers, commodity traders, and consumers. Tensions with Iran, export data, and weather conditions are key factors driving these market shifts.

The details

In the corn market, May futures are down 2-3 cents, finding support at the 100-day moving average of $4.48 1/4. December corn futures are seeing support at the 50-day moving average of $4.72 3/4. Soybean futures are up 0-1 cents, with May contracts supported at the 10-day moving average of $11.65 1/2 and November contracts at $11.51 1/2. May Kansas City wheat futures are down 5-6 cents, testing support at $6.00 after winter wheat conditions came in below trade estimates at 35% 'Good/Excellent'.

  • The deadline for Iran to accept a ceasefire deal is today.
  • Weekly export inspections were reported earlier this week.
  • The weekly crop progress report was released yesterday afternoon.

The players

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What’s next

Traders will be closely watching the USDA's export projections in Thursday's report, as well as weather conditions that could impact planting progress and winter wheat development.

The takeaway

The commodity markets are being influenced by a mix of geopolitical tensions, trade data, and weather forecasts. Producers, traders, and consumers will need to monitor these factors closely to navigate the shifting market dynamics.