October 9, 2025
At this hour:
🌽Corn market is down 0-1c,
🌱soybeans are down 3-4c,
🍞wheat is up 1-2c,
🛢️crude oil is down 36-38c,
💲US Dollar is down 4-5 points.
-Corn futures continue to trend sideways trading in 4-5c daily ranges this week while November soybeans are trending sideways in 10-12c daily ranges.
-The weather is still calling for above normal temperatures for most of the U.S. over the next 8-14 days while the majority of the rains will stay in the western part of the U.S.
-November soybean futures ran into resistance at $10.30 and are now off those highs.
-Soybean harvest is wrapping up, and spreads are improving as is basis. Corn basis seems to be holding steady as farmers make the switch from soybeans to corn this week.
🐂🐻Look for a choppy trade session today.
Support/Resistance:
December corn – Support on December corn is at $4.15 which is the 50-day moving average Resistance is at $4.23 1/4 which is the 100-day moving average.
July corn – Support comes in at $4.49 which is the 50-day moving average. Resistance comes in at $4.56 1/4 which is the 100-day moving average.
November soybeans – Support comes in at $10.05 which is the September 3rd low. Resistance is at $10.29 which is the 200-day moving average.
July soybeans – Support is at $10.67 1/4 which is the 200-day moving average. Resistance is at $10.82 1/2 which is the 50-day moving average.
December Kansas City wheat – Initial support is at $4.88 which is the low from October 1st. Resistance comes in at $5.05 which is the 20-day moving average.
Where do we go from Here:
December corn futures are running into resistance in the $4.24-$4.25 area. The bigger area of resistance I see is $4.32 3/4 which is an old gap we left back in early July. Spreads have been firming up a bit, but I feel that is more of a function of the farmer not selling cash corn and putting most of it in the bins for now. Demand is strong for U.S. corn but with 98.7 million corn acres and a record yield expected, we will have plenty of corn to keep rallies limited. Look for December corn to continue to trade between $4.15 and $4.25.
The November/January soybean spread has firmed up 4-5c just this week. Add on top of this basis levels on soybeans across most of the U.S. firming up 10-20c and we have much better cash soybean prices. This feels like more of a function of lack of farmer selling than an increase in demand. We still do not have any soybeans sold to China, but the rest of the World has bought a few more soybeans from the U.S. than they normally do. We still need to get a trade deal done with China or our ending stocks could increase with exports needing to get reduced. November soybeans ran into resistance here at $10.30 and have backed off a little. Not much has changed with soybeans and I look for them to trade between $10.00 to $10.30.
Kansas City and Chicago wheat both traded lower yesterday before closing out the day higher. For December Kansas City wheat, we went down and found support on the bottom side of the downtrend channel we have been in since June. The 20-day moving average on December Kansas City wheat sits up at $5.05 and that will be big resistance. If wheat is putting in a bottom, I would expect futures to trend sideways for a bit putting in a series of “m’s” or “w’s” before breaking out to the upside.
Upcoming USDA Reports:
We are not expecting any USDA reports until the Government is back open.
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