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Posted April 13, 2026 at 12:35 pm
LONDON, April 13 (Reuters) – Oil prices jumped back above $100 a barrel on Monday as the U.S. Navy prepared to block ships to and from Iran via the Strait of Hormuz in a move that could restrict Iranian oil exports after Washington and Tehran failed to reach a deal to end the war.
Weather
NORTH AMERICA: Warm temperatures continue across much of the U.S., wet conditions persist in the Northwest, and dry weather is raising concerns in the Plains’ winter wheat areas.
SOUTH AMERICA: Mixed temperatures with wet spells will persist across the southern/far northern Pampas corn and soybean regions, while Brazil’s Southeast/Center West turn dry, and wet spells remains confined to the far South and Northwest.
Crop progress will be released after today’s close.
May corn futures saw a gap higher on the Sunday night open, but have so far failed to accelerate or even hold the initial strength. As mentioned in our weekly wrap-up, 446 3/4-449 1/4 is the huge hurdle here in the near term. A continued failure here keeps the Bears in the driver’s seat, while a close back above could lead to some repair work on the chart with the next upside objective coming in near 456 1/4. Significant support from 434-437 remains intact, after coming within a cent of it on Friday’s trade.
Resistance: 455-456 1/4***, 469-470 1/2***
Pivot: 446 3/4-449 1/4
Support: 440 1/4-442 1/2**, 434-437***
Below is an updated look at historical price averages for December corn over different time frames, 5, 10 ,15, 20, and 30 years. Historically the month of March has proven to be on the choppier side, with shorter term price averages looking more favorable than the longer term ones.
Original article: Grains Gap Higher on Sunday Night
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