February 20, 2026
At this hour:
🌽Corn market is up 1-2c,
🌱soybeans are down 2-3c,
🍞wheat is up 0-1c,
🛢️crude oil is down $0.30-$0.31,
💲US Dollar is down 1 point
-USDA Ag Outlook Forum did not give us any surprises.
-March options expire here today.
-30-day and 60-day weather maps are suggesting a dry pattern for the southern plains, giving support to the wheat complex.
-Weekly export sales will be out this morning at 7:30 am CST. Here are the estimates courtesy of Reuters: corn 600.000-2,200,000 metric tons, soybeans 375,000-1,200,000 metric tons, wheat 250,000-650,000 metric tons and soybean meal 220,000-450,000 metric tons.
🐂🐻 Look for a mixed trade here today to close out the week of trading.
Support/Resistance:
March corn – Support on March corn is at $4.17 3/4 which is the January 13th low. Resistance is at $4.36 1/4 which is the low from January 5th.
July corn – Support comes in at $4.33 1/2 which is the January 16th low. Resistance comes in at $4.50 3/4 which is the low from January 5th.
March soybeans – Support comes in at $11.29 which is the 10-day moving average. Resistance is at $11.44 which is the high from February 18th.
July soybeans – Support is at $11.56 which is the 10-day moving average. Resistance is at $11.72 which is the high from February 18th.
March Kansas City wheat – Support is at $5.46 1/4 which is the 20-day moving average. Resistance comes in at $5.67 which is the high from February 19th.
Where do we go from Here:
The USDA Ag Outlook Forum provided us with some pretty conservative numbers on corn. They took the planted acres down, lowered the demand and kept the carryout under 2 billion bushels. Lately, the corn complex has been searching for some fresh input to trade on and just been more of a follower. The Funds are still holding a short position of around 50,000-60,000 contracts short. Dryness expected for the southern wheat plains is giving the wheat market a little boost and spilling over to the corn market. We are hearing some chatter about Ukraine becoming more competitive for corn exports so we will keep a close eye on that. Export sales out this morning are looking for another big week of sales up to 2.2 million metric tons. Look for corn to be steady to a little higher to close out the week today.
March soybeans had their highest close since November 28th yesterday. The USDA Ag Outlook Forum made a few changes but no big surprises in the soybean complex. They are looking for an increase in soybean acres along with demand creeping higher as well. Carryout still remains around the 350-million-bushel level. The funds continue to add to their long position and are somewhere around 120,000 contracts long. There was a rumor China was in looking for some U.S. soybeans yesterday but so far that is all it is, just a rumor. Soybean prices should continue to find good support, but it will take some new Chinese purchases to push us much higher or an announcement on the RVO’s.
The 30-day and 60-day weather maps are calling for dry conditions in the southern wheat plains. With a lack of snowfall and some brutal cold temps this winter, the southern wheat plains could really use some warm spring rains. This news got the funds to start unwinding their short positions especially after we remain above the 200-day moving average on March Kansas City wheat futures. Being this is wheats 3rd higher trade in a row and on a Friday, it would not surprise me to see wheat trade choppy to a little lower today.
