February 2, 2026
At this hour:
🌽Corn market is down 1-2c,
🌱soybeans are down 5-6c,
🍞wheat is down 4-5c,
🛢️crude oil is down $3.38-$3.39,
💲US Dollar is up 9-10 points
-Cooler temps and good chances of rain are headed for Argentina this week. There will be some heat showing up later in the week but good chances of rain all week.
-Tensions between U.S. and Iran still remain high but the U.S. and I ran could meet this week in Turkey.
-Crude oil is selling off $3.00+ this morning over the potential meeting between U.S. and Iran.
-Weekly export inspections will be out this morning. I would look for another strong week of inspections.
-U.S. Dollar is bouncing back up after hitting a 4-year low.
🐂🐻 Look for a lower trade to start out the first week of February.
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 3/4 which is the 20-day moving average. Resistance is at $10.85 which is the 50-day moving average.
July soybeans – Support is at $10.85 which is the 20-day moving average. Resistance is at $11.05 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 $5.50 1/2 which is the 200-day moving average.
Where do we go from Here:
March corn futures rallied up to $4.34 last week which is a 50% retracement back up from the selloff from the January 12th report. As March futures rose into the mid-$4.30’s area, farmer selling picked up and we stalled out. Argentina is slated to get some much-needed rains this week, and cooler temps should help stabilize their crop. The outside markets this morning are lower with the stock markets looking for a lower trade and crude oil down $3+ per barrel adding more pressure. Weekly export inspections today should be good again and that strong demand continues and will be a good underlying support. I still look for March corn to trade between $4.15 and $4.35.
Improving weather for South America is putting some pressure on the soybean market. We already know Brazil is going to have a record soybean crop but just how big could that crop be? China was very active last week buying soybeans from Brazil, and I would look for that to continue. Traders are expecting an announcement from the EPA regarding the 45Z program this month and that should keep soybean prices supported. I look for March soybeans to continue to trade between $10.35 and $10.80.
Wheat futures are following along with corn and soybeans this morning and starting out the week and a new month lower. Last week, March Kansas City wheat traded up to major resistance at $5.51 which was the 200-day moving average. The area was greeted with some selling, and we have backed off since. The U.S. Dollar is back above 97 here this morning but still under some pressure. I look for March Kansas City wheat to stabilize between $5.20 and $5.45.
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