Wkly Futures Market Summary For 4.27.2026

April 27, 2026
ADMIS Research Team
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SOYBEANS

There were mild gains at the start of the week in beans, boosted by overnight strength in meal, but prices remain range-bound. There was little major news over the weekend, and the Strait of Hormuz remains closed. Argentine truckers ended their protest after agreeing to a freight rate increase. China bought Brazilian beans late last week, which are significantly cheaper than those in the US.

SOYBEAN MEAL

The meal market is surprisingly strong to start this week after Managed Money traders sold roughly 15,000 contracts as of last Tuesday to reduce their net long to just over 120,000, while bean oil reached a new record high net long position

CORN

The market is seeing modest gains this morning and has continued the streak of higher daily lows to 10 of the last 11 sessions. The positive price action can be attributed to expectations of a warm/dry trend during May for Brazil’s Mato Grosso, as the wet season appears to have ended, and to more media coverage of fertilizer tightness around the globe, as the Strait of Hormuz remains closed.

WHEAT

The market opened higher overnight amid HRW weather concerns and potential frost in the Black Sea region. Friday’s pullback was a risk-reduction ahead of the weekend, as open interest in both Chicago and Kansas City fell. However, the trend remains higher, and traders will be anticipating another drop in this afternoon’s crop condition report.

CATTLE

Live cattle and feeders closed out Friday on a strong note. June live cattle followed through on Thursday’s upside reversal, with Thursday’s low at 240.92 now a key support area. The recent short-term break has not violated any significant support zone, suggesting the longer-term trend remains intact.

HOGS

On Friday, June hogs moved lower and filled the gap from last week, setting up an test early this week to see if buyers will step back in at gap support. The trading action late last week was a bit disappointing. There wasn’t any further upside follow-through, and if prices fail to hold onto early strength today, technical weakness could accelerate.

MILK CLASS III

June Class III milk finished last week with a moderate gain after reaching a 1 1/2-week high on Friday.

CRUDE OIL

June Crude Oil was higher early Monday but inside the ranges from last Friday and Thursday. Prices were supported as the hoped-for peace talks between the US and Iran over the weekend did not happen. Iran reportedly gave the US a new proposal on reopening the Strait of Hormuz and the ending of the war that postpone nuclear negotiations postponed for a later stage, and this was apparently rejected by the Trump administration. Israel continued its strikes on Lebanon over the weekend, so the cease-fire there does not appear to be holding. The reopening of the strait seems no closer than it did a week ago, and the longer the closure persists, the more dire the supply situation appears.

NATURAL GAS

June Natural Gas was higher early Monday after trading to its lowest level since 2021 on Friday. The nearby contract fell to its lowest level since October 2024 last week. The 6-10 and 8-14 day maps show a below normal temperatures over the eastern half to two-thirds of the lower 48 states, but at this time of year, a cooler weather pattern does not necessarily bring a sharp boost in demand. On the other hand, US production has slowed, modestly.

DOLLAR INDEX

The USD index is 0.21% lower to 98.33. Risk sentiment in the currency market got a lift following the Axios report that Iran offered the US a new proposal to reopen the Strait and end the war, though market euphoria remains largely muted. The Fed is likely to hold rates steady this week and signal that rates may need to stay higher for longer, a scenario that would be mildly positive for the dollar.

COCOA

July Cocoa was lower early Monday having backed off from Friday’s weekly high. A report from the Ivory Coast’s exporters’ association GEPEX on Thursday that the nation’s cocoa grind was up 1.4% from the previous year was a bit of an offset to the low first quarter grind data for Europe the previous week. Cumulative grind since the marketing year began in October has reached 334,711 tons, down 4.8% from the same period in 2024/25. This improvement in the GEPEX data and the better than expected Asian first quarter grind offers some hope that global demand may be stabilizing now that prices are down 75% from their peak in 2024.

COFFEE

July Coffee closed lower on Friday after reaching its highest level in almost a month, and it was lower early Monday as well. The Brazilian arabica harvest is expected to begin next month, and it appears that price rallies are attracting sellers. The nearby June Brazilian Real took a tumble on Friday after reaching its highest level since February 2024. The strong real reduces the incentive for producers to sell for export, but harvest is harvest.

COTTON

July Cotton was higher early Monday and was back approaching the contract high after a three-day selloff. US cotton areas are expected to see some rain this week but more is needed. Last week’s US Drought Monitor indicated that an area representing 98% of US cotton production was experiencing drought as of April 21, up from 97% the previous week and 21% a year ago. This is the highest percentage in drought at any time since January, 2000, which is as far back at the data indicates.

SUGAR

July Sugar was higher early Monday, making five straight sessions of higher highs and higher lows. The lack of a breakthrough in US-Iran peace talks is supporting crude oil, which supports sugar on ideas it will boost cane crushing for ethanol at the expense of sugar. Gasoline futures reached a new contract high as well, which only adds to the incentive for ethanol.

PRECIOUS METALS

June COMEX contracts edged lower despite a weaker dollar as oil prices rose overnight. Axios reported that Iran gave the US a new proposal through Pakistani mediators on reopening the waterway and ending the war, with nuclear negotiations postponed for a later stage.

Silver futures slipped 1.3% to $75.46.

Copper prices drifted lower alongside the rise in oil prices. Benchmark three-month copper on the LME is slipped 0.5% to $13,290.

EQUITIES

US equity indexes are mixed, with the Dow and S&P little changed, while the Nasdaq moved higher ahead of earnings from five of the seven Magnificent Seven companies this week. Last week the S&P and Nasdaq hit record highs on a tech-fueled rally, setting up the stage for this week’s megacap tech earnings. The five names reporting this week (MSFT, META, GOOGL, AAPL, AMZN) alone represent roughly $15 trillion in market cap, more than the entire Russell 2000 plus Eurozone.

INTEREST RATES

Yields are higher across the curve, with the 2-Year leading the move ahead of today’s $69B 2Y and $70B 5Y supply. Current levels: 3M 3.679% (−0.3 bps), 2Y 3.795% (+1.9 bps), 5Y 3.934% (+1.4 bps), 10Y 4.316% (+0.7 bps), 30Y 4.927% (+1.0 bps). The 2/10 spread stands at 51.90 bps (narrower from 53 bps prior session), the 5/30 spread is at 99 bps (essentially flat from 100 bps), and the 3M/10Y spread is at 64 bps (uninverted, 1 bp wider). The move is consistent with hedging pressure ahead of the 2Y/5Y/7Y trio this week and the FOMC policy decision on Wednesday.

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