January 30, 2026
At this hour:
🌽Corn market is down 2-3c,
🌱soybeans are down 5-6c,
🍞wheat is up 0-1c,
🛢️crude oil is down $0.54-$0.55,
💲US Dollar is up 21-22 points
-Strong export sales report out yesterday morning.
-Funds continue to be active buyers while farmers are hedging some grain.
-Argentina is slated to get some much-needed rain next week however they will be hot and dry this weekend.
-The U.S. Senate will vote on a funding bill today to see if the Government stays open or shuts down.
-March soybeans scored a 6-week high before turning lower yesterday.
-President Trump is set to announce his new Federal Reserve Chair nominee next week.
🐂🐻 Look for a lower trade to close out the week.
Support/Resistance:
March corn – Support on March corn is at $4.17 3/4 which is the January 13th low. Resistance is at $4.34 1/2 which is the low from November 24th.
July corn – Support comes in at $4.33 1/2 which is the January 16th low. Resistance comes in at $4.48 1/4 which is the low from November 21st.
March soybeans – Support comes in at $10.59 1/4 which is the 20-day moving average. Resistance is at $10.85 which is the 50-day moving average.
July soybeans – Support is at $10.90 which is the 10-day moving average. Resistance is at $11.06 1/2 which is the 50-day moving average.
March Kansas City wheat – Support is at $5.26 1/2 which is the 100-day moving average. Resistance comes in at $5.51 which is the 200-day moving average.
Where do we go from Here:
Corn prices are starting out the day a little lower. March corn futures saw some volatility this week trading above last week’s high but will end out the week lower. It seems like the Funds are buying back some of their short positions working themselves into a neutral position. There is some concern over the Argentia crop forecast as the weather is hot and dry. Forecasts are calling for some rains next week so we will be anxiously watching to see if the rain materialize or not. We saw another strong week of export inspections and sales and that is something I expect to continue to happen. We saw March corn trade up into resistance at $4.34 and was greeted with some farmer selling and I look for a pullback here today to close out the week. My bias is we continue to trade in a $4.15 to $4.35 range on March corn.
March soybean futures etched out a 6-week high before the selling stepped in a pulled us down yet again. That is 2 days in a row we saw a good rally in March soybeans get taken away later in the day. Farmer selling was seen as active the past 2 days, limiting our upside. The fundamentals are pure bearish, yet soybeans have stabilized from the January 12th crop and posted the highest trade since late December. The Funds are holding a small net long position, and everyone is still waiting on the 45Z program details. We would expect those details released sometime in February. I continue to look for March soybeans to trade between $10.35 to $10.85.
March Kansas City wheat futures are trading up into major resistance at $5.50-$5.51. Steady demand and the U.S. Dollar breaking down to 4-year lows is causing the Funds to re-think their big, short position they have in wheat. The big test is can we trade and close above the 200-day moving average at $5.50-$5.51? If we can, I would look for more buying to surface as the Funds would likely look to get out of a good portion of their short position. For today, I would expect us to fail at the 200-day moving average and see if we can take it out next week.
We’re here to help. Call any of our hedging strategists at 844-4AG-MRKT.
