January 27, 2026
At this hour:
🌽Corn market is up 0-1c,
🌱soybeans are up 1-2c,
🍞wheat is up 0-1c,
🛢️crude oil is up $0.30-$0.31,
💲US Dollar is down 10-11 points
-The U.S. Dollar is at 4-month lows.
-Weekly export inspections out yesterday were solid again for all 3 grains.
-Private estimates for the Brazil corn and soybean crop are seen getting bigger while the Argentina crop seems to be getting a bit smaller.
-President Trump will be speaking in Iowa. Will we get some sort of comment regarding the 45Z program and/or year-round E-15?
-Congress will be voting on keeping the Government open this week.
🐂🐻 Look for a mixed/choppy trade today.
Support/Resistance:
March corn – Support on March corn is at $4.17 3/4 which is the January 13th low. Resistance is at $4.32 1/2 which is the 20-day moving average.
July corn – Support comes in at $4.33 1/2 which is the January 16th low. Resistance comes in at $4.46 3/4 which is the 20-day moving average.
March soybeans – Support comes in at $10.38 which is the low from January 2nd. Resistance is at $10.68 3/4 which is the 200-day moving average.
July soybeans – Support is at $10.81 which is the 10-day moving average. Resistance is at $11.04 which is the 100-day moving average.
March Kansas City wheat – Support is at $5.26 which is the 100-day moving average. Resistance comes in at $5.52 1/4 which is the 200-day moving average.
Where do we go from Here:
The corn market was pulled down by the wheat prices yesterday. After taking out Friday’s high, the March corn futures finished the day lower and put March corn in a vulnerable place. To keep the recent uptrend intact, we will need to close above last week’s high. Weekly export inspections were solid yesterday as the U.S. continues to sell and export corn at a blistering pace. With the Funds still carrying a decent sized short position, I would think we could see the Funds buy back a few more contracts between now and spring to get closer to a neutral position. Farmer selling has shut off again with the colder weather and a stagnant flat price action. I continue to look for March corn futures to trade between $4.15 and $4.35.
A few private analysts in South America are increasing the size of the Brazilian corn and soybean crops. On soybeans the USDA is projecting Brazil to be at 178 mmt and some private estimates are as high at 187 mmt. As harvest ramps up in Brazil, we are hearing good yield results, so the higher estimates are not too shocking and somewhat priced into the marketplace too. Soybean crush margins are good so that will help keep the basis steady while our export programs looks to slow down. March soybeans are having a lot of trouble with the 200-day moving average which comes in at $10.68 here today. If we could get a close above the 200-day moving average, that could lead to some short-term buying and push March soybeans up to $10.80 area.
Wheat futures lead the grain markets lower yesterday. Typical wheat fashion, we get a breakout to the upside with a decent move higher and then next day we give most of it back. With the winter storm and cold temps now behind us, many are feeling a bit better about their wheat crop in the southern wheat plains. Now, it will take some time to determine how much winter kill we had but wheat is pretty resilient. March Kansas City wheat is finding support here today right at the 100-day moving average.
We’re here to help. Call any of our hedging strategists at 844-4AG-MRKT.
