August 3, 2026
At this hour:
🌽Corn market is down 1-2c,
🌱soybeans are down 4-5c,
🍞wheat is down 2-3,
🛢️crude oil is down $4.95-$4.96,
💲US Dollar is down 11 points
-U.S. and Iran peace talks look to resume today.
-Crude oil down 6% to start out the week.
-The U.S. weather forecasts continue to call for widespread rains across much of the corn belt with seasonal temps for the next 2-weeks.
-Last Friday, China bought up to 14 cargoes of new crop soybeans from the U.S.
-As of last Tuesday, Funds are net long about 127,000 contracts of corn and about 160,000 contracts of soybeans.
🐂🐻 Look for a choppy to lower trade to start out the first week of August.
Support/Resistance:
September corn – Support on September corn is at $4.39 which is 50-day moving average. Resistance is at $4.52 3/4 which is the 10-day moving average.
December corn – Support comes in at $4.59 1/4 which is the 50-day moving average. Resistance comes in at $4.75 1/2 which is the 10-day moving average.
September soybeans – Support comes in at $11.62 1/2 which is the 100-day moving average. Resistance is at $11.99 1/2 which is the 10-day moving average.
November soybeans – Support is at $11.70 which is the 100-day moving average. Resistance is at $12.14 1/4 which is the 10-day moving average.
September Kansas City wheat – Support is at $6.71 which is the 100-day moving average. Resistance comes in at $7.32 1/2 which is the 10-day moving average.
Where do we go from Here:
Corn prices are starting out the week a little lower. Continued good weather forecasts look to help this crop finish out the year. We still have a lot of questions regarding the overall size of the U.S. corn crop, but the market seems content we are not too far off of the 183 bushel per acre yield. Energy prices also down 6% to start out the week is giving a negative vibe to all commodities to start out the week. December corn futures are back trading in the $4.50 to $4.65 area which is an area we spent a lot of time trading in at the beginning of the year. Without and new fresh news to trade on, look for corn to consolidate and put in a seasonal low here later this month.
China was back in the market late last week, buying up to 14 cargoes of new crop soybeans from the U.S. However, the U.S. soybean crop is made or lost in August and the forecast across much of the U.S. looks favorable for soybeans. November soybeans have taken back right at 62% of the rally we had from June 30th until July 24 and are finding support in the $11.75 area which is also where the 100-day and the 50-day moving average are converging as well. I would look for China to continue to be in the market buying more U.S. soybeans this week and that will provide a little support for the soybeans but with the forecast as of today, rallies will be limited.
Last Friday’s selloff in the wheat market felt like more of month end selling to square up positions for the Funds. Tensions in the Black Sea region still remain volatile but the market also realizes we have plenty of wheat in the World. Wheat prices will likely follow the other grains this week as we look for a seasonal low to develop later this month.
