CARMI, ILL. (RFD NEWS) — U.S. winter wheat conditions weakened again last week, but the current market rally is also lining up with a familiar seasonal pattern. Texas A&M AgriLife Extension economist Mark Welch said the national winter wheat condition index fell 3 points to 287, well below the seasonal average of 332.
Conditions remained especially weak across the Southern Plains. Good-to-excellent ratings stood at 8 percent in Colorado, 23 percent in Kansas, 14 percent in Oklahoma, and 12 percent in Texas for the week of April 26.
Welch also said the seasonal index for July Kansas City wheat futures typically shows prices declining from spring into the end of the calendar year. Better pricing opportunities often come in late winter and spring as early crop worries and later weather threats support the market before harvest pressure builds.
That fits the current setup. Drought improved only slightly in the Southern Plains, and some key wheat areas in the eastern Texas Panhandle and southwest Oklahoma were expected to miss forecast rainfall.
On the demand side, wheat export sales commitments reached 907 million bushels, or 101 percent of the USDA’s target, giving the market another layer of support.
All Eyes on Weather
Weather is taking center stage in the grain markets, as drought conditions continue to pressure crops across the Midwest and raise new concerns about early-season development. Traders say while planting progress has been relatively timely in some areas, emergence and crop quality remain key question marks.
“It’s not really conducive for the development of this crop or emergence, and that’s going to be a concern for the trade, I think,” said Brian Hoops. “You know, we’re getting the crop planted in a pretty timely fashion. The forecast suggests there’ll be some activity next week. But the emergence is the concern. We have some of the crops starting to come up. A broker in our Yankton office, Howard Cottle, is also a farmer, and he’s got all his corn in the ground, and some of it’s starting to come up, but he’s reporting that it’s kind of yellow. It needs some heat, and that’s really not in the forecast for next week. Temperatures are going to be below normal, so that’s not ideal.”
Analysts say those concerns are helping support prices in the marketplace. Uncertainty around crop quality is keeping a weather premium built into both corn and soybean markets. Despite higher prices, demand has remained strong.
“On the corn, the bears had you believe all the corn that ever was going to be bought was front-loaded last fall into the new year,” explains Eugene Graner. “Yet we’re still selling well over a million metric tons of corn a week. And so the demand is there. And I think, despite whatever oil does here in the coming future, which still maintains strength, the corn is going to be strong into May.”
Seasonally, analysts note corn prices often hold firm through May before easing into June, depending on crop conditions and weather trends.
Markets will get another key update later today when the United States Department of Agriculture releases its latest Crop Progress Report at 3 p.m. Eastern, offering a closer look at planting pace, emergence, and overall crop conditions across the country.
Major concerns about farm profitability across North America continue to ripple through the ag economy, affecting not only producers but also ag service providers, including banks.
Shaun Haney, host of RealAg Radio, joined us on Monday’s Market Day Report to share insight following recent discussions with bankers.
In his interview with RFD News, Haney discussed what he heard from bankers in Minnesota during an ag conference, highlighting growing concerns tied to farm profitability and financial pressures facing producers. He also addressed how those concerns could influence farmer decision-making in 2026.
Finally, Haney spoke to the potential for additional farm support programs, including FBA-style initiatives, and whether more assistance could be expected moving forward.
