October 20, 2025
At this hour:
🌽Corn market is up 0-1c,
🌱soybeans are up 8-9c,
🍞wheat is up 0-1c,
🛢️crude oil is down 23-24c,
💲US Dollar is up 10-11 points.
-President Trump said over the weekend he is confident in getting a trade deal done with China.
-President Trump mentioned he would like China to get back to buying as many soybeans from the U.S. as they previously had and that the U.S. could lower some of the tariffs on Chinese goods.
-President Trump is set to announce tariffs on Colombia after calling Colombia’s Gustavo Petro an “illegal drug dealer.” Colombia is a top 5 corn customer of the U.S.
-U.S. weather in the 6-10-day and 8-14-day forecast is still calling for above normal temperatures and slightly above normal precipitation.
-December corn futures are trading above the 100-day moving average while November soybeans are running into resistance where the 50-day, 100-day and 200-day moving averages are all meeting up.
🐂🐻Look for a higher trade to start off the week.
Support/Resistance:
December corn – Support on December corn is at $4.16 1/2 which is the 50-day moving average. Resistance is at $4.31 1/4 which is the high from September 16th.
July corn – Support comes in at $4.49 3/4 which is the 50-day moving average. Resistance comes in at $4.54 1/4 which is the 100-day moving average.
November soybeans – Support comes in at $10.01 which is the October 14th low. Resistance is at $10.29 which is the 200-day moving average.
July soybeans – Support is at $10.68 1/2 which is the 100-day moving average. Resistance is at $10.85 1/4 which is the 50-day moving average.
December Kansas City wheat – Initial support is at $4.77 1/4 which is the low from October 14th. Resistance comes in at $4.96 which is the 20-day moving average.
Where do we go from Here:
December corn is 1 cent higher here this morning but has not taken out last week’s high yet. Last week December corn closed above the 100-day moving average for the first time since September 25th. We should find some resistance on the December corn chart in the $4.25-$4.30 area as that is an area we have seen old support and now turned resistance on the contracts over the past year. Also, the $4.30-$4.31 area is the “neckline” of a potential head-n-shoulders low pattern. As harvest is wrapping up in some parts of the U.S., we could see a little more hedging pressure with the big crop and an improved cash price, keeping a lid on a rally much more than the $4.30 area.
President Trump’s comments over the weekend about being confident in reaching a trade deal with China and that he would like to see China get back to buying as many soybeans from the U.S. as they previously had, has the soybean market higher to start out the week. November soybeans this morning are running into a lot of resistance in the $10.28-$10.30 area as that is where we have all the major moving averages converging. Basis level on soybean across the U.S. continue to be steady to firm. Crush margins remain good and with harvest wrapping up, processors are now working to try and pull those beans out of the farmers bins. If November soybeans can close above the $10.30 area, the next area of resistance is up around $10.52-$10.53.
Kansas City wheat futures have had a nice little rally here the past 4 trading days but are getting close to resistance at $4.96 which is the 20-day moving average. Wheat futures still remain well within the downtrend channel they have been for a while but if corn and soybeans can close above resistance here early this week and push higher, one has to think wheat will follow along. Once wheat can get some momentum to the upside, the Funds are holding a big, short position and that could push wheat futures higher.
Upcoming USDA Reports:
We are not expecting any USDA reports until the Government is back open.
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