October 24, 2025
At this hour:
🌽Corn market is down 1-2c,
🌱soybeans are down 1-2c,
🍞wheat is mixed,
🛢️crude oil is down 2-3c,
💲US Dollar is up 7-8 points.
-President Trump ends trade talks with Canada over anti-tariff ad.
-President Trump and President Xi will officially meet next Thursday in South Korea.
-December corn futures continue to hold above major moving averages but running into some resistance in the $4.30 area.
-November soybeans are holding above the major moving averages and running into some resistance as they approach $10.50.
-Trade reps from the U.S. and China will meet this weekend ahead of President Trump and President Xi meeting next week.
🐂🐻Look for a mixed to lower trade today.
Support/Resistance:
December corn – Support on December corn is at $4.18 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 $4.51 which is the 50-day moving average. Resistance comes in at $4.64 1/4 which is the high from September 17th.
November soybeans – Support comes in at $10.29 1/2 which is the 100-day moving average. Resistance is at $10.52 3/4 which is the high from September 17th.
July soybeans – Support is at $10.86 1/4 which is the 50-day moving average. Resistance is at $11.09 1/2 which is the high from September 17th.
December Kansas City wheat – Initial support is at $4.92 3/4 which is the 20-day moving average. Resistance comes in at $5.06 which is the 50-day moving average.
Where do we go from Here:
Corn futures are 1-2c lower today. President Trump announced last night he has ended trade talks with Canada over an anti-tariff ad they ran recently. December corn futures continue to trade above the major moving averages but are running into resistance in the $4.30 area. It will be another big weekend of harvest so I would not be surprised if we see some hedge pressure show up late in the day. December corn futures are working on their 2nd week of higher trade but the $4.30-$4.34 area should provide some resistance. Also, with December corn futures trading above the 100-day moving average, I would expect the Funds to be covering some of their short positions.
After a 10c higher trade yesterday, November soybeans are starting the day off a little lower. Trade talks between the U.S. and Canada have ended so this seems to be adding a little pressure into the markets today. President Trump and President Xi are scheduled to meet next Thursday, October 30th, 2 days ahead of the tariff deadline and President Trump is optimistic he can strike a deal with China. The Funds are likely holding a neutral position on soybeans but with the strength in soybean meal lately, the Funds have been buying back a good portion of their big, short position there. Look for soybeans to find a little resistance as we approach the $10.50 area.
December Kansas City wheat closed solidly above the 20-day moving average for the first time since September 25th and it looks like we might have a low in place down at $4.77 1/4. We will likely see December Kansas City wheat trend sideways between $4.88 and $5.00 for a bit before pushing to the upside. The 50-day moving average comes in at $5.06 and is the next area of resistance with the 200-day moving average up at $5.30.
Upcoming USDA Reports:
We are not expecting any USDA reports until the Government is back open.
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