July 22, 2026
At this hour:
🌽Corn market is up 4-5c,
🌱soybeans are up 2-3c,
🍞wheat is down 7-8,
🛢️crude oil is up $2.75-$2.76,
💲US Dollar is down 2 points
-Crude oil up another 3% this morning.
-Wheat prices are leading grain prices higher as tensions between Russia and Ukraine remain escalated.
-The U.S. is open to peace talks with Iran, but the U.S. says they don’t feel Tehran is serious.
-The U.S. weather has the heat hitting the NW part of the corn belt again this week with rains mostly staying in the eastern part of the U.S.
🐂🐻 Look for a higher trade on Wednesday as wheat leads grain prices higher.
Support/Resistance:
September corn – Support on September corn is at $4.44 1/4 which is 10-day moving average. Resistance is at $4.56 3/4 which is the 100-day moving average.
December corn – Support comes in at $4.66 1/2 which is the 10-day moving average. Resistance comes in at $4.80 1/4 which is the low from May 15th.
August soybeans – Support comes in at $12.03 which is the 10-day moving average. Resistance is at $12.31 which is a triple top.
November soybeans – Support is at $12.03 1/4 which is the 10-day moving average. Resistance is at $12.32 which is the high from July 20th.
September Kansas City wheat – Support is at $7.04 which is the 10-day moving average. Resistance comes in at $7.58 which is the high from May 13th.
Where do we go from Here:
September corn futures are hitting resistance at the 100-day moving average here this morning. This is an area that once we see corn trade above the 100-day and 200-day moving average we could see the Funds add to their long position. The tension between Russia and Ukraine is a story we need to watch closely. The longer the Black Sea and the Sea of Azov is shutdown; the more demand could get shifted to the U.S. as Ukraine is a major exporter of corn. This is short term friendly, but their grain supply isn’t going anywhere, and they will just be a force later down the road. The trend is still up so trade accordingly.
The soybeans are taking the back seat and being a follower here today. After the gap higher trade on Monday, soybeans had an inside day of trading yesterday and working on another inside trade today. The weather looks to be a bit on the dry side to start out the month of August. Crop condition scores are still well above the 5-year average, but we all know those conditions can change fast. Crush demand remains strong in the U.S. with crush margin very good. The farmer is basically sold out of soybeans, so a few processors are scrambling, looking for some cash soybeans and that is firming up the basis most places. The soybean market still feels strong. Weather is supportive and so is U.S. demand.
Tensions between Russia and Ukraine remain elevated. The big question is how long will this escalation last? The trade seems to think it might last longer than initially thought and if we have the Black Sea and the Sea of Azov shut down for a long period of time, this will shift trade flows of grain to other parts of the World. Initially supportive but long term, those bushels will get moved. Kansas City wheat had a brief pullback on Monday and now seem poised to test contract highs on the September contract which comes in at $7.58. The Funds are relatively neutral wheat so if they start to build a net long position, wheat futures could see a bigger move higher as harvest in the U.S. is all but over.
