Global agricultural markets for the week of April 27–May 2 showed clear divergence, with wheat, cotton and cattle standing out while corn, soybeans and rice remained more cautious.

📌 Agricultural markets did not rise across the board last week, but leaned toward selective bullishness. Wheat led the move as drought in the Southern Plains weakened US winter wheat conditions, while corn and soybeans stayed range-bound due to solid US planting progress and abundant South American supply.
🌾 The clearest focus was wheat, with only around 30% of the crop rated good to excellent, showing stronger weather pressure than other grain segments. Even after late-week profit-taking, the market kept a risk premium as traders could not fully price out the threat of dry weather extending into May.
⛽ High energy prices continued to support vegetable oils and biofuel demand, indirectly helping soyoil, palm oil, canola and part of the soybean complex. However, soybeans were still capped by Brazil’s large crop, while palm oil faced short-term pressure from weaker Malaysian exports after the holiday season.
⚠️ Fertilizer risk remains a more important medium-term variable, as tensions around Iran and Hormuz kept urea and other fertilizer prices elevated. If input costs do not cool quickly, farmers may adjust planting decisions for the next season, while global yield risks could also increase.
🐄 Outside grains, cattle and cotton were two notable bright spots. Cattle were supported by lower beef stocks and tight supply, while cotton gained from Texas drought risks and renewed fund buying after a long cautious period.
🔎 On the other side, rice helped balance the broader picture as high US and global inventories, combined with weak trade, limited upside momentum. Large supply from Brazil and the Black Sea region also kept grain rallies from expanding too quickly.
✅ Next week, the market will focus on Crop Progress, Plains and Midwest weather, urea prices, Hormuz developments and the WASDE report on May 12. If US weather does not improve and fertilizer costs stay high, agricultural markets may continue to hold a selective positive bias, though technical pullbacks can still appear after the recent rally.
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