November 20, 2025
At this hour:
🌽Corn market is up 0-1c,
🌱soybeans are up 1-2c,
🍞wheat is up 1-2c,
🛢️crude oil is up $.54-$.55,
💲US Dollar is down .03-.04
-S&P Global analysts projects 2026 corn acres to be at 95 million acres and soybeans at 84.5 million acres.
-CFTC released its COT report for September 30. The CFTC will take a couple months to catch up their COT report, and it will take until January 23, 2026, to get a current COT report.
-EPA’s proposal to cut renewable fuel credits to foreign-origin feedstocks was slated for January 1, 2026, but is now being considered in 2027 or 2028.
-December corn futures closed back down below the 200-day moving average with January soybeans closing just above the 10-day moving average.
-USDA did announce another flash sale of 330,000 MT of soybeans to China yesterday.
🐂🐻 Look for a choppy/mixed trade today.
Support/Resistance:
December corn – Support on December corn is at $4.25 1/2 which is the 50-day moving average. Resistance is at $4.42 3/4 which is the high form November 14th.
July corn – Support comes in at $4.52 which is the 100-day moving average. Resistance comes in at $4.74 1/2 which is the high from July 3rd.
January soybeans – Support comes in at $11.36 1/4 which is the 10-day moving average. Resistance is at $11.69 1/2 which is the high from November 18, 2025.
July soybeans – Support is at $11.47 which is the 20-day moving average. Resistance is at $11.81 1/2 which is the high from November 18, 2025.
December Kansas City wheat – Support is at $5.08 1/2 which is the 50-day moving average. Resistance comes in at $5.40 which is the high from November 5th.
Where do we go from Here:
Corn futures did not spend too much time trading above the 200-day moving average. Once corn fell below the support of the 200-day moving average, we saw some selling pick up and we closed out yesterday below the 20-day moving average as well. December options expire on Friday, and it looks like December corn is going to consolidate around $4.30. Basis levels continue to firm up in most part of the U.S. and the December/March corn spread has been firming up lately too. December corn should have good support int eh $4.20-$4.25 area with a potential move up to $4.50’s if/when we can close above the 200-day moving average more than 1 day.
Soybean market lost 17c yesterday as the EPA announced it may delay cutting renewable fuel credits on foreign-origin feedstocks until 2027 or 2028. This news sent soybean oil and meal lower and pulled soybeans with it. Now, this looks to be just a small correction in the big picture as January soybeans held above the 10-day moving average. With the Funds holding a long position now, the 10-day moving average should be a place where the Funds would look to add to their long position. On the overnight trade we did penetrate the 10-day moving average but are currently trading a little higher. If January soybeans close below the 10-day moving average today, I would look for a move back down towards $11.00-$11.10 area.
A possible peace deal between Russia and Ukraine is adding a little pressure to the wheat market especially the Kansas City and Chicago markets. The spring wheat market continues to find resistance at the 100-day moving average. If spring wheat futures can close above the 100-day moving average, this should signal the Funds to cover more of their short positions.
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