Mark's Market Talk for April 27, 2026

Last week marked another reversal, with corn moving higher and soybeans slipping lower. July corn gained 7 cents on the week, while July soybeans finished down 5 cents. Both markets have traded within a narrow range over the past four weeks, reflecting a lack of conviction as traders wait for a clearer direction.

Ongoing tensions involving Iran continue to influence outside markets, including energy and, indirectly, grain trade. Negotiations remain inconsistent, and the situation has turned into a high-stakes standoff. While the U.S. holds the advantage in overall power, Iran has proven persistent. A resolution that restores full access through the Strait would stabilize energy markets and remove a layer of uncertainty that is currently weighing on the broader economy.

Fuel prices jumped sharply across central Iowa last week, adding pressure at a time when input costs are already elevated. Fertilizer prices continue to trend higher. While most spring needs have been secured, this upward movement will likely carry into fall pricing and impact margins moving forward.

On the policy front, Congress took a step toward approving year-round E15, as the House included the provision in its Farm Bill proposal. There is still a long road ahead, as passage will require negotiation and compromise, but this is a meaningful development. Expanded E15 access, combined with recent Renewable Fuel Standard implementation, would strengthen domestic demand and help absorb surplus grain supplies.

Planting progress across our area has been inconsistent. After a dry start, recent rains have slowed fieldwork, while other parts of the Corn Belt have made better progress. Monday’s report is expected to show national planting pace at or above average. After several relatively smooth spring seasons, this year is shaping up to present more challenges.