August 5, 2026
At this hour:
🌽Corn market is down 4-5c,
🌱soybeans are down 7c,
🍞wheat is up 1-2,
🛢️crude oil is up $.55-.60,
-Stone X released their crop estimates and its a big one – 184.8 corn and 53 beans.
-Grains are looking to test support levels ahead of Aug 12th Wasde
-USDA reported another flash sale of 132,000 metric tons of soybeans sold to China.
Support/Resistance:
September corn – Support on September corn is at $4.39 which is 50-day moving average. Resistance is at $4.53 1/2 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 $4.76 1/4 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 $11.96 1/4 which is the 10-day moving average.
November soybeans – Support is at $11.70 1/4 which is the 100-day moving average. Resistance is at $12.12 which is the 10-day moving average.
September Kansas City wheat – Support is at $6.71 3/4 which is the 100-day moving average. Resistance comes in at $7.32 1/4 which is the 10-day moving average.
Where do we go from Here:
I would like for grains to hold some important levels today/the rest of the week so at least we have a shot ahead of the USDA report. $11.70 feels important for soybeans, if we fail that I could see us testing the 200 day down at $11.34. If we could hold some technical levels I could see us chop around for the next few trading days.
Stone X estimate of 184.8 is a number that the trade will pay attention too – Last year everyone thought they were way to high and they came in very close to what the USDA had.
Alot of talks of de-escalation and rumors of a ceasefire in place between Iran/US but we’ve heard that one before haven’t we?