04/28/2026 Inflation Fears Add Strength to Grains

04/28/2026 Click Above to Watch the Morning Market Talk Video Inflation Fears Add Strength to Grains On the Grains Wheat futures surged overnight, led by HRW contracts, as wheat crops in the Plains continue to deteriorate. Corn followed to the upside, while soybeans modestly pulled back from Monday’s gains, content to hold in the extended sideways range. Soymeal and soyoil are firmer, with meal supported by news the Netherlands has rejected at least two Argentine soymeal cargoes this month after finding non-approved GMO material. Aside from the wheat crop woes, inflation concerns are adding support to the commodity sector. The Bloomberg Commodity Index is trading at its highest level since 2013, driven by oil and supply-chain concerns tied to the war in the Middle East. A rising tide is lifting all boats… aside from metals, which are under pressure. Winter Wheat Conditions Unchanged; HRW Crop Continues to Deteriorate USDA rated 30% of the U.S. winter wheat crop as good/excellent, unchanged from the previous week, but 10 percentage points below the five-year average. HRW states showed further general deterioration. Of the seven HRW states, South Dakota has the highest rated crop at only 35% good/excellent. While much of the attention is…