November 18, 2025
At this hour:
🌽Corn market is up 0-1c,
🌱soybeans are up 1-2c,
🍞wheat is mixed,
🛢️crude oil is up $.02-$.03,
💲US Dollar is up .01-.02
-Rumors of China buying up to 14 cargoes of soybeans from the U.S. had the markets stronger yesterday.
-Weekly export inspections saw corn very strong, well above trade estimates. Soybeans and wheat were within trade expectations.
-NOPA crush for October was huge. 227.647 million bushels were crushed vs expectations of 209.5 million bushels.
-Brazil has been on the dry side lately but the 1-2-week forecasts look to bring back normal precipitation. Argentina is still on the drier side.
🐂🐻 Look for a choppy to mixed trade today.
Support/Resistance:
December corn – Support on December corn is at $4.31 1/4 which is the 20-day moving average. Resistance is at $4.42 3/4 which is the high form November 14th.
July corn – Support comes in at $4.60 which is the 20-day moving average. Resistance comes in at $4.74 1/2 which is the high from July 3rd.
January soybeans – Support comes in at $11.13 1/4 which is the 20-day moving average. Resistance is at $11.60 1/4 which is the high from November 14, 2025.
July soybeans – Support is at $11.40 1/2 which is the 20-day moving average. Resistance is at $11.77 1/2 which is the high from November 14, 2025.
December Kansas City wheat – Support is at $5.20 1/2 which is the 20-day moving average. Resistance comes in at $5.40 which is the high from November 5th.
Where do we go from Here:
December corn futures spent a little over 1 day above the 200-day moving average before pulling back. They are now testing the $4.35-$4.36 area which is also the 200-day moving average. Corn futures feel like they want to chop around this area a bit more, but I feel it is a matter of time before they get above the 200-day moving average and that should be good support. Demand continues to run very strong. The USDA did increase corn exports up to 3.075 billion bushels so we will need to see consistent strong export sales and inspections. Ethanol numbers and the feed usage numbers are the 2 number to watch going forward. If we see the national corn yield get reduced, those 2 numbers could also get reduced, keeping ending stocks above 2 billion bushels.
Just a solid 32-33c rally to start off the week. Rumors of China buying up to 14 cargoes of soybeans from the U.S. had the money chasing and pushing soybean futures higher. We are still in the dark on what the Funds position on soybeans actually is. Now, China has agreed to buy 12 MMT of soybeans from the U.S. before the end of the year. Time will tell how this plays out but that is around 440 million bushels. 14 cargoes of beans are about 30-32 million bushels. It is a solid start but still a way to go. The trend is up and technically speaking; the charts look very strong. NOPA crush number for October was released too and that was well above trade expectations. Demand for U.S. soybeans seems to be picking up.
After the big selloff last Friday, wheat futures had a nice rebound on Monday. They still had an inside trade, but we gained back most of what we lost last Friday. As Kansas City wheat futures push towards the $5.40 area, we seem to find an area that is giving us some resistance. Combination of the higher futures and the U.S Dollar trading near 100 has U.S. wheat uncompetitive. Wheat will still be a follower of corn and soybeans so if they continue to push higher, so will wheat futures.
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