Overall, All Major Commodities Finished Higher For The Week

DR. CHARLEY MARTINEZ

KNOXVILLE, TENNESSEE

This week’s comments come with mixed signals. Fuel prices continue to creep higher, with crude oil jumping $8.51 per barrel and diesel now averaging $5.57 per gallon, a reminder that energy costs are still a major factor during planting season. On the grain and fiber side, it was a positive week across the board. Corn futures moved up around 15 to 16 cents, with December corn closing near $4.99. Soybeans posted a solid gain of roughly 27 cents, pushing November futures close to $11.83. Cotton was one of the stronger movers, with May futures nearly 5 cents higher at 81.85 cents, while December cotton closed near 84.56 cents. Wheat also joined the rally, with July and September futures both up about 22 cents, ending the week around $6.38 to $6.52. Overall, all major commodities finished higher for the week, offering some encouraging price movement as producers balance tightening margins with steady planting progress. I hope everyone has a great weekend! 

Fuel
Fuel prices are moving higher across the board, which is an important consideration as fieldwork, planting, and input hauling pick up. Regular gasoline is currently averaging $4.39 per gallon, up nine cents from yesterday and more than 30 cents from both week‐ and month‐ago levels, while mid‐grade and premium fuels have followed similar increases. Diesel, the most critical fuel for tractors, combines, irrigation engines, and grain trucks, is now averaging $5.57 per gallon, slightly higher than recent weeks but more than $2.00 per gallon above this time last year. E85 ethanol is also trending higher at $3.45 per gallon, compared with $3.20 a week ago. Compared to a year ago, sharply higher fuel costs underscore the need for careful budgeting, fuel efficiency management, and timely field operations as we work through planting season. 

April Ag Prices Report
The USDA Agricultural Prices report for April 2026 showed that U.S. crop producers face a challenging profitability environment across all four major row crops. Nationally, March 2026 prices received by farmers declined year-over-year across the board: corn averaged $4.28 per bushel (down from $4.44 in March 2025), soybeans averaged $9.72 per bushel (down sharply from $11.40), wheat averaged $5.28 per bushel (down from $5.72), and upland cotton averaged 61.8 cents (down from 61.9 cents in March 2025). 

Corn

Across Tennessee, average corn basis (cash price-nearby futures price) strengthened from last week at West, Northwest, West-Central, North-Central, and Mississippi River elevators and barge points. Overall, basis for the week ranged from 15 cents under to 31 cents over, with an average of 14 cents over with the May futures at elevators and barge points. Ethanol production for the week ending April 24th was 1.009 million barrels, down 39,000 barrels compared to the previous week. Ethanol stocks were 25.881 million barrels, down 1.067 million barrels compared to the previous week. Cash prices ranged from $4.46 to $5.16 at elevators and barge points. On Friday, September 2026 corn futures closed at $4.84, which is up 16 cents compared to last week. For the week, September 2026 corn futures traded between $4.67 and $4.85. 

Nationally, the Crop Progress report estimated corn emerged to be 7% compared to 4% last week, 5% year, and a 5-year average of 4%; corn planted to be 25% compared to 11% last week, 22% last year, and a 5-year average of 19%. In Tennessee, the Crop Progress report estimated corn emerged to be 46% compared to 23% last week, 13% last year, and a 5-year average of 14%; corn planted to be 80% compared to 64% last week, 39% last year, and a 5-year average of 42%. This week new crop cash contracts ranged from $4.51 to $5.03 at elevators and barge points. For the week of April 17-23, 2026, there were net sales of 1,597,800 MT for 2025/2026 were up 21% from the previous week and 2% from the prior 4- week average. Exports of 1,611,300 MT were down 18 percent from the previous week and 12% from the prior 4-week average. December corn futures closed at $4.99, up 15 cents from last week. 

Soybeans 

Across Tennessee average soybean basis weakened compared to last week at West, Northwest, North-Central, West- Central, and Mississippi River elevators and barge points. Average basis ranged from 4 under to 30 over the May futures contract, with an average basis at the end of the week of 14 cents over. Cash soybean prices at elevators and barge points ranged from $11.73 to $12.32. September 2026 soybean futures closed at $11.77, up 27 cents compared to last week. For the week, September 2026 soybean futures traded between $11.50 and $11.79. 

Nationally, the Crop Progress report estimated soybean emerged to be 8% compared to 2% year, and a 5-year average of 1%; soybean planted to be 23% compared to 12% last week, 17% last year, and a 5-year average of 12%. In Tennessee, the Crop Progress report estimated soybeans emerged to be 29%; soybean planted to be 62% compared to 50% last week, 24% last year, and a 5-year average of 16%. For the week of April 17-23, 2026, there were net sales of 258,100 MT for 2025/2026 were down 29% from the previous week and 1% from the prior 4-week average. Total net sales of 3,000 MT for 2026/2027 were for Thailand. Exports of 610,600 MT were down 21% from the previous week and 16% from the prior 4- week average The destinations were primarily to China (315,200 MT), Mexico (81,800 MT), Indonesia (79,800 MT), Egypt (48,100 MT), and Colombia (23,400 MT). November 2026 soybean futures closed at $11.83, up 27 cents compared to last week. 

Cotton 

North Delta upland cotton spot price quotes for April 29th were up compared to last week. Prices were 76.2 cents/lb (41-4- 34), and 80.95 cents/lb (31-3-35), which made both up .56 cents compared to last week’s prices. 

 Nationally, the Crop Progress report estimated cotton planted to be 16% compared to 11% last week, 14% last year, and a 5-year average of 13%. %. In Tennessee, the Crop Progress report estimated cotton planted to be 15% compared to 8% last week, 5% last year, and a 5-year average of 3%. For the week April 17-23, 2026, there was a total net sales of Upland totaling 162,900 RB for 2025/2026 were up 36% from the previous week, but down 33% from the prior 4-week average. Net sales of 105,700 RB for 2026/2027 reported for Turkey (66,100 RB), China (22,000 RB), Guatemala (18,000 RB), Honduras (10,500 RB), and Pakistan (5,700 RB), were offset by reductions for Vietnam (16,700 RB). Exports of 384,600 RB were up 30% from the previous week and 1% from the prior 4-week average. For the week, May 2026 cotton futures closed at 81.85 cents, up 4.85 cents compared to last week. December 2026 cotton futures closed at 84.56 cents, up 3.98 cents compared to last week.

Wheat 

Wheat cash prices at elevators and barge points ranged from $6.07 to $6.43. 

Nationally, the Crop Progress report estimated spring wheat emerged to be 5% compared to 2% last week, 5% last year, and a 5-year average of 4%; spring wheat planted to be 19% compared to 12% last week, 28% last year, and a 5-year average of 22%. The report estimated winter wheat headed to be 34% compared to 20% last week, 25% last year, and a 5- year average of 21%. For the week of April 17-23, 2026, net sales of 226,100 metric tons (MT) for 2025/2026 were up 75% from the previous week and up noticeably from the prior 4-week average. Net sales of 156,700 MT for 2026/2027 were primarily for Taiwan (66,400 MT), unknown destinations (42,000 MT), Singapore (19,000 MT), Honduras (15,000 MT), and Mexico (14,000 MT). Exports of 410,400 MT were down 22% from the previous week, but up 6% from the prior 4-week average. July 2026 wheat futures closed at $6.38, up 22 cents compared to last week. September 2026 wheat futures closed at $6.52, up 22 cents compared to last week.   ∆

DR. CHARLEY MARTINEZ

UNIVERSITY OF TENNESSEE