Grains Mostly Lower as Crude Oil Prices Drop Sharply

Grain bulls hope improved risk appetite and weaker dollar will soon support prices

Apr. 8, 2026 at 11:11am

Got story updates? Submit your updates here. ›

Grain futures were mostly lower overnight, with corn, soybeans, and wheat all seeing declines. The steep drop in crude oil prices overnight has put downward pressure on the grain markets. Forecasts for beneficial rains in U.S. wheat country are also weighing on wheat prices. However, grain market bulls are hoping an improved trader/investor risk appetite and a sharp drop in the U.S. dollar index will soon start to support grain prices.

Why it matters

The grain markets are closely tied to broader economic and geopolitical factors, including energy prices and the strength of the U.S. dollar. Shifts in these external factors can have significant impacts on grain prices, which in turn affect farmers, food producers, and consumers. Understanding the dynamics driving the grain markets is crucial for stakeholders across the agricultural supply chain.

The details

May corn was down 3 1/2 cents and hit a five-week low, while May soybeans were 1 cent up after hitting a six-week low. May SRW wheat was down 18 1/2 cents and May HRW wheat was 16 3/4 cents down, with both markets hitting five-week lows. The steep drop in crude oil prices overnight, with Nymex WTI crude trading around $94.50 a barrel, has put downside pressure on the grain futures. Forecasts for beneficial rains in U.S. wheat country are also price-bearish for wheat markets.

  • As of 6:00 a.m. CST, May corn, soybeans, and wheat futures were trading lower.
  • The grain markets saw the steep drop in crude oil prices overnight.

The players

USDA

The U.S. Department of Agriculture, which will release its monthly supply and demand (WASDE) report on Thursday, which is expected to show only small changes in U.S. corn, soybean, and wheat stockpiles from the March report.

Federal Reserve

The Federal Reserve will release the minutes from its last Open Market Committee meeting (FOMC) held in mid-March, which traders and investors will closely scrutinize for clues on the Fed's thinking on inflation, U.S. monetary policy trajectory, and the impact of the Middle East war on the U.S. and global economies.

Got photos? Submit your photos here. ›

What they’re saying

“We're looking at that kind of mechanism where we can work with the Chinese to figure what are the non-sensitive goods we should be trading with each other, get a handle on that, figure out what those flows should look like. Then you're in a better position to talk about stickier issues.”

— Jamieson Greer, Top U.S. trade official

“By establishing a coordinated national research network to objectively validate new and emerging technologies, especially digital and AI-driven technologies, we are helping ensure row crop, specialty crop, and livestock producers all have access to reliable performance data for their investment decisions with a goal to accelerate adoption of AgTech innovations.”

— Dr. Scott Hutchins, Undersecretary for Research, Education, and Economics, USDA

What’s next

The Federal Reserve's FOMC minutes will be released this afternoon, providing further insight into the central bank's views on inflation and monetary policy. Grain traders will also be closely watching Thursday's USDA supply and demand report for any changes to U.S. and global production and inventory estimates.

The takeaway

The grain markets continue to be influenced by a range of external factors, including energy prices, currency movements, and geopolitical tensions. While the near-term outlook remains uncertain, grain market participants are hoping that improved risk appetite and a weaker U.S. dollar will help support prices in the coming weeks.